Numbers mean nothing without benchmarking

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The Daily Pitch: VC

December 26, 2024

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

Benchmarking: Context is everything

With more types of investors moving into private markets, understanding what is and is not appropriate for benchmarking various investment decisions has never been more critical.

Benchmarking needs differ from allocator to allocator, according to our latest analyst note. But the consequences of fund managers and limited partners alike missing benchmarks are real. Consider that in November, a local Canadian government axed the 10-person board of Alberta Investment Management when their results trailed internal expectations.

The note breaks down, plainly, the ins and outs of evaluating investment decisions, including levels of decision-making, how and why benchmarks are created and selected, and how investors can apply them appropriately.

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Funds-of-funds post worst year in fundraising in 16 years

(Sakchai Vongsasiripat/Getty Images)

Private market funds-of-funds are on track to finish 2024 with the lowest amount of capital raised in 16 years, as new products overwhelm their prospective investor base, including the private wealth channel.

While capital gathering across various private market strategies slowed this year, the decline in commitments to funds-of-funds signals a more existential threat to the strategy, which buys up shares in other private market funds.

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Hot or not: Where European VC funding went in 2024

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Europe is facing another decline in VC dealmaking this year, but some countries have shown signs of recovery.

Check out our map to see how VC capital moved across Europe in 2024.

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PE mega-funds make a comeback

(Peepo/Getty Images)

PE mega-funds are making a comeback. The performance of PE funds valued at over $5 billion bested middle-market funds for the third quarter in a row. That streak has reversed five consecutive quarters of underperformance for the category on the heels of the pandemic era.

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Ultrafast delivery drives foodtech VC deals

Foodtech VC funding remained stagnant in Q3, but new investment in the struggling ultrafast food delivery sector served up excitement, according to our recent Emerging Tech Research. Zepto secured a $340 million Series G as it reportedly plots an IPO next year, and Flink raised a $150 million round.

The report also dives into a transformative shift taking place in the arena of food intelligence—where AI, machine learning and data analytics are increasingly driving the development of food products, ingredients and personalized nutrition.

read the preview

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The Daily Benchmark:
2018 Vintage Global Debt Funds

Median IRR

9.61%

Top Quartile IRR

13.00%

0.59x

Median DPI

Select top performers

Oaktree Special Situations Fund II

PAG Enhanced Credit Fund II

Raith Real Estate Fund II

*IRR: net of fees

97 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

Chart of the Day

Source: Q4 2024 PitchBook Analyst Note: Climate Tech Software

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Also: Understanding the ins and outs of benchmarking; Where top-performing VCs place their early-stage bets; Read our latest emerging tech reports... Read online | Don't want to receive these

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