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PitchBook News - Why venture GPs keep going solo

Plus: Context in benchmarking, a survey of tech VCs, & more
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The Weekend Pitch
December 29, 2024
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
(Jenna O'Malley/PitchBook News)
"Everything falls on him or her. Their name is their brand, not the name on the door."

That's what Ankeet Kansupada, co-founder and managing partner at FirstLook Partners, a fund-of-funds, said first when I asked why he likes to invest in solo GPs.

In the last few years, solo GPs have gone from being a blip in the ecosystem—a cohort of folks often lumped together with angel investors—to a powerful force driving deals and going toe-to-toe with the titans of venture.

I'm Rosie Bradbury, and this is The Weekend Pitch. You can reach me at rosie.bradbury@pitchbook.com or on X @_RosieBradbury.

Recently, two heavyweights of legacy firms—Sequoia's Matt Miller and Two Sigma's Villi Iltchev—announced they were going solo. They're far from alone.
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Trivia
PitchBook's latest Emerging Tech Indicator examines Q3 investment activity from some of the world’s most successful VC firms. Of the $4.7 billion generated in deal value from the top VC firms, AI and machine learning continued to dominate. How much capital did the sector account for among the ETI cohort?

A) $1.3 billion
B) $899 million
C) $2 billion
D) $1.6 billion

Find your answer at the bottom of The Weekend Pitch!
 

Benchmarking: Context is everything
(Iryna Veklich/Getty Images)
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.
 

Tech wraps up 2024
with stability in VC deals
VCs are riding a wave of optimism heading into 2025, demonstrated by consistent fundraising activity and technological innovation, according to our latest VC Tech Survey.

Most investors who responded to the survey indicated that the amount of equity acquired in VC funding rounds was consistent throughout the latter half of 2024, hinting at stability in the VC investment climate.

Investors remain cautious of oversaturation in certain markets—highlighting chatbots, general-purpose AI, healthcare and fintech. But they continue to show confidence in the disruption potential of other targeted AI innovations.
 

Quote/Unquote
"Market conditions should favor VC in some areas, but the bar of improvement is low."

—PitchBook's 2025 US Venture Capital Outlook, forecasting an improved dealmaking environment for VCs and startups.
 

Trivia
(Andriy Onufriyenko/Getty Images)
Answer: C

AI and machine learning accounted for $2 billion across 42 deals among the world's most successful VC firms. The biotech vertical was far behind, raising $472.5 million. You can read more about what's driving emerging tech dealmaking.
 

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This edition of The Weekend Pitch was written by Rosie Bradbury and Jacob Robbins. It was edited by James Thorne and Clarinda Simpson.

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