PitchBook News - PE investment jumped 22% in 2024

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The Daily Pitch: VC

January 3, 2025

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👀 PitchBook’s 2024 Annual Global PE First Look—the data-only forerunner to our US and European PE Breakdown reports—shows that global PE deal value rose 22% annually and deal count was up 12%. PE exit value climbed 20%, led by a whopping 50% increase in the US. Get the data.

🙋 Solo GPs have become a powerful force in the VC ecosystem, driving deals and going toe-to-toe with the titans of venture. Unlike venture partnerships, solo GPs are accountable only to themselves and their LPs—which can give them a competitive edge on speed and proximity to founders. Full story.

Plus...
• Our micromobility market map
• Europe's top 11 VC deals in 2024

Asian PE fundraising drifts away from China

(Baona/Getty Images)

PE fundraising in the Asia-Pacific region in 2024 was unremarkable with just shy of $40 billion raised, a slight decline from the previous year.

However, what is noteworthy is where the capital is going. For the first time in more than a decade, funds in Greater China accounted for less than half of all LP commitments in the region. Is the regional center of gravity shifting?

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Since yesterday, the PitchBook Platform added:

2

VC valuations

2217

People

548

Companies

21

Funds

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The Daily Benchmark:
2014 Vintage Global Real Assets Funds

Median IRR

8.36%

Top Quartile

12.07%

0.78x

Median DPI

Select top performers

Equis Direct Investment Fund

Quantum Energy Partners VI

BCP Fund I

*IRR: net of fees

48 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Berkley-based and Bezos backed KoBold Metals, a mining startup using AI, raised a $537 million Series C led by Durable Capital Partners and T. Rowe Price at a $2.96 billion valuation.

AusperBio, a Chinese biotech startup, has raised a $73 million Series B led by HanKang Capital for work on gene therapies.

Calo, a Riyadh-based personalized meal plan startup, raised a $25 million Series B led by Nuwa Capital.

Rembrand, a Los Angeles-based marketing startup focused on product placement, has raised a $23 million Series A led by super(set).

German-based Apheris, a distributed computing platform for the life sciences industry, has raised a $20.8 million Series A led co-led by OTB Ventures and eCapital.

North Carolina-based fintech startup Infinant has raised a $15 million Series A led by Fintop Capital.

PE Deals

World Wide Technology has acquired Toronto-listed Softchoice, a technology solutions provider, in an all-cash deal valued at C$1.8 billion.

Ecommerce giant Alibaba agreed to sell its 79% stake in Hong Kong-listed Sun Art Retail Group to DCP Capital for up to $1.6 billion.

HIG Capital picked up the remaining shares of Microsoft Cloud and AI Solutions provider Quisitive for C$169.1 million.

Western Investment Company of Canada has acquired the remaining shares of Fortress Insurance Company for C$3 million.

Birch Hill Equity Partners wrapped up its acquisition of Rexall Pharmacy Group and Well.Ca from McKesson, Globe & Mail reported.

TPG's Rise Fund could buy Altus Power, a clean power company that assists businesses and households, Reuters reported.

WuXi AppTec seeks to divest its cell and gene therapy manufacturing unit and sell to US-based Altaris, Reuters reported.

Atlas Holdings acquired Lendlease's UK Construction business, including employees and leadership.

Treehouse Wealth Advisors has acquired The Humphreys Group, a San Francisco-based wealth management firm focusing on women's economic empowerment and ESG investing.

Exits

Nvidia has completed its $700 million acquisition of Run:ai, a large language model orchestration and optimization platform backed by Tiger Global and Insight Partners.

Thomson Reuters has acquired SafeSend, a Lead Edge Capital-backed tax automation company, for $600 million.

Tractor Supply Company has acquired Peninsula Capital Partners-backed online pet pharmacy Allivet.

The Riverside Company-backed DelaGet, a developer of restaurant management software, was bought by PAR Technology.

Nasdaq-listed Vivid Seats, which is backed by Eldridge Industries and GTCR, is exploring a sale, Bloomberg reported.

Watbec Corporation bought Bloom Engineering. The provider of industrial combustion products is backed by Caledonia Investments and Hilltop Private Capital.

Fundraising

Palo Alto-based Accel closed its eighth India fund on $650 million.

Helsinki-based Voima Ventures has raised €100 million for a third flagship fund focused on early-stage science startups.

Corporate M&A

In a transaction valued at $1.2 billion, DT Midstream completed its acquisition of three FERC-regulated natural gas transmission pipelines from ONEOK.

Chart of the Day

Source: VC fund extensions are LPs’ new normal—blame sluggish unicorn IPOs

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PitchBook News - PE investment jumped 22% in 2024

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