PitchBook News - Turo's troubling signal for tech IPOs

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The Daily Pitch: VC

February 17, 2025

Presented by SVB

Car-rental marketplace Turo scraps plans to go public

(Courtesy of Turo)

Car-sharing marketplace Turo has scrapped its IPO plans, nearly three years after the company first publicly filed— a troubling signal for other tech IPOs in the works.

Turo is currently profitable, but its public reporting from 2023 shows a business that isn't continuing to scale.

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In the private markets, PE rules

PitchBook's Q3 2024 Private Capital Indexes provide a view of private capital returns across active, closed-end funds, encompassing data from $4 trillion in active fund net asset value. Insights and quarterly return benchmarks for the private markets give a snapshot of performance over the past quarter.

Our data indicates that the returns for real estate and VC have started to improve in recent quarters, but the real standout for Q3 was private equity, with a one-year return of 11.6% for the index, outperforming other private capital sources.

Indexed returns are also given for private debt, real assets, funds-of-funds and secondaries. The report highlights risk modeling data, including adjusted volatility estimates, correlations with public indexes, and peak-to-trough drawdowns over select market environments.

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People

The COO of Ardian's buyout unit, Yann Chareton, and Yann Bak, a managing director, are leaving the Paris-based PE firm, Bloomberg reported.

Blockchain.com has hired a new CFO and COO. Former head of crypto investment banking at Goldman Sachs Justin Evans has been hired as CFO, and former Velocity Global CFO Mike Wilcox has been hired as COO.

VC Deals

Elon Musk's xAI is in talks to raise a $10 billion round from investors including Sequoia, Andreessen Horowitz and Valor Equity Partners that would value it around $75 billion, Bloomberg reported.

Humanoid robotics startup Figure AI is in talks to raise a $1.5 billion round led by Align Ventures and Parkway Venture Capital at a $39.5 billion valuation, Bloomberg reported.

Austin-based ICON, a startup building homes using 3D printing, raised a $56 million Series C led by Norwest Venture Partners and Tiger Global, TechCrunch reported.

Gaorong Ventures invested $30 million in HashKey, the operator of Hong Kong's largest licensed crypto exchange, at a pre-money valuation of over $1 billion, Bloomberg reported.

Antithesis, a startup developing an autonomous software testing platform, raised a $30 million round led by Amplify Partners.

Renew Risk, a UK-based insurtech company specializing in renewable energy risk management, secured a $5 million investment led by Molten Ventures.

PE Deals

Bain Capital has agreed to acquire Apleona, a German facility management company, from PAI Partners at a valuation of around €4 billion.

Global Infrastructure Partners is in talks to acquire a 70% stake in a renewable energy unit and solar plant owned by Brazil-based Vale in a deal that could be valued between $870 million to $1.04 billion, Reuters reported.

HMC Capital is in talks to buy Healthscope, Australia's second-largest private hospital operator, currently owned by Brookfield Asset Management.

KKR is in talks to acquire real estate investment trust Assura Group, based in the UK.

The Carlyle Group is seeking a take-private of Japan-based HR services company Kaonavi in a deal worth about 50 billion yen (about $325 million).

Fundraising

KKR closed its second opportunistic real estate credit fund on more than $850 million.

Chart of the Day

Source: Bain agrees to buy 300-year-old Tanabe Pharma for $3.4B

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PitchBook News - Turo's troubling signal for tech IPOs

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