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The Daily Pitch: VC

March 4, 2025

Presented by Fidelity Private Shares^SM

🥇 The world's most active PE shop scored 378 deals last year, and the busiest VC firm notched 443. Who else set the pace? Our interactive Global League Tables for 2024 have arrived. We rank the top investors, advisers and more by region, across the full range of private market activity.

⛅ AI cloud computing provider CoreWeave filed to go public, disclosing that its revenue grew roughly 730% year-over-year to $1.9 billion in 2024. The company is still losing money and attributes 62% of its sales to just one customer: Microsoft. Go deeper

🥊 Anthropic, one of OpenAI's biggest competitors, has cinched a blockbuster $3.5 billion Series E and more than tripled its valuation. It's the latest AI company to defy a broader slowdown in valuation growth. Full story

🚢 Trump is charging ahead with imposing a 25% tariff on Canada and Mexico (and an additional 10% on China), slated to come into effect today. While VC-backed shipping company Flexport has been seeing an uptick in interest in its tariff refunds' service, catch up on what it could mean for PE and private credit.

Plus...
• Fintech company Ramp joins the tender offer party

Sign up for The Credit Pitch for weekly news and analysis of the US leveraged loan and private credit markets.

Ramp joins the tender offer party at a $13B valuation

(Anna Barclay/Getty Images)

Fintech specialist Ramp issued a $150 million tender offer to employees and investors, bumping the company's valuation to $13 billion. The move follows Stripe's tender offering last week and fits into a trend of sizable VC-backed companies offering liquidity as they stay private longer.

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February wrap-up: One month in global markets

Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt, and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.

In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as markets remain volatile.

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Dutch PE dealmaking gets a boost

PE dealmaking in the Netherlands picked up in Q4 as sponsors were again able to use leverage, benefiting from the European Central Bank's monetary easing policy. The increase is most evident in buyouts rather than growth investments and add-ons.

VC deals remained muted, with overall value at its lowest level since the pandemic, according to our latest Market Snapshot. Meanwhile, Amsterdam's Euronext exchange is increasingly seen as an attractive alternate listing venue from the London Stock Exchange, given the deeper liquidity and more favorable regulatory environment.

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Since yesterday, the PitchBook Platform added:

17

VC valuations

2232

People

681

Companies

38

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global Real Assets Funds

Median IRR

12.32%

Top Quartile IRR

20.03%

0.10x

Median DPI

Select top performers

Five Point Energy Fund III

NGP Royalty Partners

Black Bay Energy II

*IRR: net of fees

43 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Biotech startup Callio Therapeutics, based in Seattle and Singapore, raised a $187 million Series A led by Frazier Life Sciences.

Zhipu, a Chinese AI startup, raised about $140 million from investors including Hangzhou Municipal Construction Investment Group Co. and Shangcheng Capital.

Pulnovo Medical, a Shanghai-based medical device company, secured a nearly $100 million Series C led by Qiming Venture Partners and Lilly Asia Ventures.

New York-based Viam, the developer of an AI engineering platform, raised a $30 million Series C led by Union Square Ventures.

Cloudsmith, the Northern Ireland-based developer of a software supply chain management platform, raised a $23 million Series B led by TCV.

Echandia, a maritime battery system supplier, raised around $20.7 million in a round led by Klima and Industrifonden.

PitchBook webinar: Private Credit Analysis & Outlook

What can private market participants expect in the year ahead? Join our guest speakers from throughout the private credit segment and in-house analysts as they share the most impactful trends in the current market environment and their insights on possible developments throughout 2025. This webinar will also feature results from our latest proprietary private credit market survey and a Q&A with our panelists. Key topics include:

The direct lending landscape, including volume estimates, uses of proceeds and terms.

What's next in the private credit vs. broadly syndicated loan market tug-of-war.

Trends in private credit ratings, credit quality, and the Morningstar DBRS outlook for 2025.

Register now to secure your spot.

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PE Deals

Blackstone has agreed to acquire Japan-based contract research organization CMIC as the firm expands its Japanese portfolio in the healthcare services sector.

Clearlake Capital is in talks to acquire Modernizing Medicine, which develops electronic health records software, in a $5.3 billion deal, The Financial Times reported.

Investment management firm First Eagle Investments has agreed to be acquired by Genstar Capital.

Shell is considering a sale of its US and Europe-based chemicals assets, which could attract PE firms or buyers in the Middle East, The Wall Street Journal reported.

PAI Partners agreed to invest in Motel One Group, a Germany-based economy hotel chain.

TimeToAct, a Germany-based IT services provider, secured a strategic investment from HIG Capital.

Exits

Ridehailing app FreeNow is in talks to be sold by owners Mercedes-Benz and BMW and could be valued at up to €500 million in a sale, Bloomberg reported.

Tata Capital, the financial services unit of Indian conglomerate Tata Group, is seeking an $11 billion valuation in its India IPO, Bloomberg reported.

Nasdaq-listed Jamf has agreed to acquire Houston-based Identity Automation, the developer of an identity and access management platform, for about $215 million.

TA Associates partially exited its stake in Biocomposites, a UK-based medical devices maker for bone and soft tissue infections.

Fundraising

Saudi Arabia's Public Investment Fund will become an anchor investor in Goldman Sachs Asset Management's next series of vehicles focused on private credit and public equity in the GCC countries.

New York-based PE firm Garnett Station Partners closed its fifth fund on $1.2 billion.

Blue Owl Capital has raised $1 billion so far for its first Strategic Equity fund, Bloomberg reported.

Northleaf Capital Partners closed its third private credit fund on over $1 billion.

Eurazeo held a €300 million first close on its Eurazeo Planetary Boundaries Fund.

London-based Araya Ventures held a £18.2 million second close on its Araya Super Angel Fund.

Investors

Global Infrastructure Partners is opening a new office in Qatar.

Chart of the Day

Source: Quantitative Research: VC Emerging Opportunities

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PitchBook News - Ranking 2024's busiest investors

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