Can clean energy prosper under pressure?

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The Daily Pitch: VC

February 18, 2025

Presented by SVB

🐝 The leading alternative asset managers were busy bees in Q4. Apollo Global Management joined the S&P 500, Blackstone and The Carlyle Group saw significant deployment increases, and firms like Blue Owl, KKR and TPG continued expanding their credit platforms. Our US PE earnings dashboard provides a bird's-eye view of dealmaking, fundraising and exits. Explore the dashboard.

⚡ Clean energy tech faces further uncertainty under a Trump presidency, which could pressure a sector where deals, valuations and exits have contracted sharply, according to our latest Emerging Tech Research. It's a tough market—but the demand on the energy grid from data centers could hold the key for a rebound. Preview the report.

Plus...
• Supply chain tech's Q4 success story
• Will India's IPO streak continue after Hexaware float?
• M&A dealmaking levels up

Supply chain tech's Q4 success story

Waymo's outsized $5.6 billion round propelled a spike in deal value in the supply chain tech industry in Q4. But the sector held its own even without the Alphabet-owned company's largest funding yet.

VC dealmaking in the space hit $3.5 billion even without Waymo, the highest quarterly haul since 2022, according to our latest Emerging Tech Research. The report also covers segments including last-mile delivery, warehousing tech and supply chain management, which all held stable or grew at the end of 2024.

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A message from SVB

SVB’s innovation economy outlook

Did you know that most Series A companies didn’t increase burn in 2024? Explore this and other insights in SVB’s new State of the Markets report. Drawing on SVB's exclusive data, expert insights and network of top investors and founders, the report delivers a complete view of the innovation economy. Get the report now to benchmark your company’s financial health and potential.

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Will India's wave of IPOs roll on in 2025?

(Anton Petrus/Getty Images)

IT services specialist Hexaware, backed by The Carlyle Group, has launched its India IPO, targeting a valuation of $4.9 billion.

The high-profile listing is the latest in a wave of PE-backed IPOs that saw Asia's third-largest economy break records last year. And it is India's second major PE-backed IPO of 2025.

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M&A dealmaking levels up

M&A deal activity rebounded in 2024 after two years of subdued dealmaking brought on by volatile macroeconomic conditions.

Our 2024 Annual Global M&A Report, sponsored by Liberty GTS, RSM and Ideals, highlights the recovery across major sectors, with double-digit growth for key regions and stable valuations overall. Amid improved liquidity and lower rates, PE buyers' share of M&A value rose to 42% in 2024, from 39.5% in 2023.

PitchBook analysts anticipate further growth in 2025, as markets are back to a risk-on footing after closing out one of the most turbulent periods since the global financial crisis.

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People

Swedish PE firm EQT appointed Per Franzén as CEO and managing partner effective May 2025. Franzén replaces Christian Sinding, who will become an institutional partner.

VC Deals

Udaan, an Indian B2B ecommerce company, raised $75 million from Lightspeed Venture Partners and M&G Prudential, The Economic Times reported.

Snuggs, a Berlin-based menstrual underwear brand, closed a €5 million investment led by TripleB.

PE Deals

Bain Capital dropped its bid for Fuji Soft, ending a takeover battle with KKR, which raised its offer to 9,850 Japanese yen (around $65) per share to take the Japanese software firm private.

UK healthcare landlord Assura rejected a £1.6 billion takeover bid from KKR.

KKR raised its offer for Perpetual’s wealth management business to over A$8 (around $5.10) per share, the Australian Financial Review reported.

Exits

CD&R is exploring the sale of its stake in UK-based Motor Fuel Group which could value the petrol forecourt company at £7 billion, Sky News reported.

Fundraising

Baltic asset manager Invalda INVL Group held a €305 million first close for its second PE fund.

Berlin-based naturalX Health Ventures closed a €100 million consumer health fund.

Chart of the Day

Source: PitchBook Analyst Note: A Lack of Pathway From US CVC Investments to an Eventual M&A

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