PitchBook News - Secondaries funds top $100B

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The Daily Pitch: VC

December 19, 2024

Presented by Fidelity Private Shares^SM

💰 Secondaries funds took in more than $100 billion this year, an all-time high that amounted to 9% of the capital raised by all private fund strategies. Secondaries buyers have been drawn to bargains, which have averaged 15% below net asset value. Read more.

📈 2024 was a lively year for take-privates, which surged in Q2 amid a lull in public stocks. PE firms shifted their focus toward tech companies, ones with stunted growth or those facing regulatory hurdles. Here's a look back.

Robinhood backer Slow Ventures lowers sights in latest fund launch

(Dan Kurtzman/Getty Images)

Slow Ventures, an early-stage VC firm led by Facebook alums Sam Lessin and Kevin Colleran, has joined the ranks of venture firms that are targeting smaller funds.

The San Francisco-based firm aims to raise as much as $165 million for its sixth flagship fund, as well as up to $110 million for its third opportunity vehicle, SEC filings show. That represents a 15% decline from the pair of funds it raised in 2022. The firm is known for its bets on Robinhood, Postmates and Slack.

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VC Deals

SandboxAQ, a quantum AI development startup, has secured a $300 million investment from T. Rowe Price, Parkway Venture Capital, US Innovative Technology Fund and others that values the company at $5.4 billion.

Biotech specialist SiteOne Therapeutics has raised a $100 million Series C led by Novo Holdings for non-opioid pain treatments.

Parafin, a San Francisco-based embedded finance-infrastructure startup, has raised a $100 million Series C led by Notable Capital at a $750 million valuation.

Cassava Technologies, a London-based cross-border fiber optic network platform, secured $90 million from investors including US International Development Finance Corporation, Finnish Fund for Industrial Cooperation and Google.

Dallas-based SpinSci has raised $53 million in new funding led by Aldrich Capital Partners for its AI patient engagement healthcare platform.

BVNK, a London-based provider of stablecoin payments infrastructure, secured a $50 million Series B led by Haun Ventures.

Dublin-based Nuitée, a travel technology startup, has raised a $48 million Series A led by Accel.

PE Deals

Stone Point Capital invested in The Ardonagh Group, valuing the insurance company at $14 billion.

Australia's Insignia Financial rejected Bain Capital's A$2.67 billion takeover bid, citing unfair value and posing a setback to Bain's Asia expansion plans.

Bain Capital is planning a $2 billion tender offer for Japanese IT company Fuji Soft, setting the stage for a bidding war with rival suitor KKR.

Bain Capital is may acquire Sizzling Platter, which oversees restaurant chains such as Little Caesar's, from CapitalSpring for more than $1 billion.

Warburg Pincus acquired a minority interest in United Trust Bank, a London-based specialist lender, at a £520 million valuation.

Singapore's GIC inked an additional $150 million for Asia Healthcare Holdings, bringing its total investment to $320 million.

CleanCapital has acquired a solar portfolio from Kendall Sustainable Infrastructure and received a $145 million investment from Manulife Investment Management.

Avenue Capital has staked Mercury/13, a company investing women's football team in Europe and Latin America.

Gemspring Capital Management made a strategic investment in Toronto-based Telna, a provider of eSIM software for mobile devices.

Intellectual property consulting firm Lumenci was acquired as a platform by VSS Capital Partners.

Avance Investment Management and AUA Private Equity backed family-owned Tropical Cheese. The founding Mendez family and current management team will retain a minority stake.

Exits

AI search engine startup Perplexity has acquired Seattle-based Carbon, a VC-backed AI data retrieval tool startup.

NXP, an automotive semiconductor company, bought VC-backed Aviva Links, a vehicle connectivity startup, for $242.5 million.

Code quality and security company Sonar has acquired Tidelift, a General Catalyst-backed cybersecurity provider for open-source software. Sonar's investors include Advent International, General Catalyst and Insight Partners.

Hexagate has been purchased by blockchain company Chainalysis. The Web3 security startup's backers include Blackstone and Plug and Play Tech Center.

Spell Capital sold Norshield Security Products, a manufacturer of security systems, to Stockholm-listed Assa Abloy.

Fundraising

New State Capital Partners is targeting $600 million for New State Capital Partners Fund IV.

Munich Private Equity Partners closed its fifth fund-of-funds on €440 million, exceeding its €300 million target.

Btomorrow Ventures launched a £200 million fund to help its parent company, British American Tobacco, transition beyond nicotine products.

Tectonic Ventures is raising $75 million for its third flagship fund, according to SEC filings.

Benchstrength secured $62 million for its first fund focused on pre-seed and seed stage companies.

Corporate M&A

Honda Motor and Nissan Motor will negotiate for a merger, Nikkei Asia reported.

Chart of the Day

Source: Deals with US investors account for over half of UK PE value in 2024

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PitchBook News - Secondaries funds top $100B

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