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In today's Daily Pitch, you'll find: - Our latest analyst note explores how placement agents can help level the playing field between established managers and firms raising first-time funds.
- Multistage-focused firm B Capital Group has closed its largest fund, a $2.1 billion venture growth vehicle.
- We take a look at what may lie ahead in the PE landscape.
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| What a placement agent can do for GPs | | Facing a harsher fundraising environment, some general partners might benefit from working with a placement agent, who can help them find the right institutional investors, prepare marketing and due diligence documents, and more.
Our latest analyst note explains the role that placement agents play in the fundraising process and how they can help level the playing field between established managers and firms raising first-time funds. Key takeaways include: - Experienced managers made up nearly 85% of the capital raised through Q3 2022.
- About 12.5% of the 2,760 funds closed through Q4 2022 involved a placement agent.
- Since the pandemic, funds that retained agents took more time to close than those that didn't. In 2021, funds working with placement agents spent more than 18 months in the market, while others spent over 16 months.
| | | | | | | | | B Capital raises $2.1B growth fund as late-stage prices slowly fall | |  | | From left, B Capital Goup co-founders Raj Ganguly and Eduardo Saverin. (Courtesy of B Capital Group) | | | Multistage-focused firm B Capital Group has closed its largest growth fund. The $2.1 billion venture growth vehicle comes even as backing for late-stage companies has dropped substantially last year from its peak in 2022.
Venture capitalists have slowed their investment pace in growth companies in large part because investors were unwilling to pay the prices entrepreneurs were expecting.
Valuations are expected to dip later this year, providing an opportunity for B Capital to invest at attractive prices. | | | | | | | |
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| A message from PitchBook Media | | |
| PitchBook's 2023 Media Kit released | | Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.
The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| Looking ahead at the PE landscape with quantitative data from 2022 | |  | | (Kwangmoozaa/Shutterstock) | | | It was a mixed bag for the US private equity market in 2022. And challenges lie ahead—including the prospect of higher interest rates, tightening financial conditions and even a recession.
Our recent Quantitative Perspectives report highlights how these uncertainties might impact the PE landscape this year. We explore four key takeaways from the report. | | | | | | | | | | VCs are betting big to disrupt the $100 billion lotto industry. [Forbes]
Time and money are running out for India's startups. [The Economist]
Uber is hoping to develop vehicles with lower top speeds and smaller footprints that could be more efficient and cost-effective for its ridehailing and delivery drivers. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 433 Deals | 2080 People | 654 Companies | 15 Funds | | | | | | |
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| 2011 Vintage Global Secondaries Funds | | | | | | |
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| PhonePe soars to $12B valuation | | | India-based payments startup PhonePe has raised $350 million at a more than $12 billion valuation, TechCrunch reported. General Atlantic led the round for the company, which has previously raised funding from prominent players like Walmart and Tencent. | | | | | | | Outrider hauls in $73M for autonomous trucks | | | Colorado-based startup Outrider has raised a $73 million Series C for its autonomous yard trucks, used at distribution centers across the US. FM Capital led the round, which included backing from chip giant Nvidia's venture arm NVentures. | | | | | | | | | | | | | | Lithium extractor Summit Nanotech secures $50M | | | Summit Nanotech, a startup specializing in clean and sustainable lithium extraction, has closed a $50 million Series A led by Evok Innovation and BDC Capital's Climate Tech Fund. Lithium is highly desired for electric vehicles, and the company has deployed its technology to Chile for testing. | | | | | | | Rx Redefined raises $8M Series A | | | | | | |
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| HGGC invests in dental services company | | | Middle-market-focused firm HGGC has invested growth capital in Dentive, a dental services organization that co-owns dental offices in the western US alongside the doctors who run them. Since its founding in 2019, Dentive has grown to more than 60 locations in nine states. | | | | | | | LLCP's Technical Safety Services makes four acquisitions | | | | | | | | Vista partially exits Zapproved with secondary deal | | | | | | |
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| Helios to sell African natural gas assets for $1B | | | London-based PE firm Helios Investment Partners has been in talks to merge some of its African natural gas and liquefied natural gas-related assets with Onyx Acquisition in a SPAC deal valued at about $1 billion. The combined company, listed on the Nasdaq, would be called Helios Energy Transition Infrastructure. | | | | | | | Possible sale could value Vice Media under $1B | | | | | | | | TriWest sells Triple M Housing to strategic buyer | | | | | | |
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| Audax closes latest private debt fund on $3B | | | Audax Group's private debt division has closed its Audax Direct Lending Solutions Fund II on $3 billion, meeting the fund's hard cap and exceeding its target of $2.25 billion. So far, the fund has committed more than half of its capital to loans, mainly to finance middle-market PE deals. | | | | | | | Courtside closes $100M fund | | | Early-stage VC investor Courtside Ventures has closed its Fund III on $100 million. The firm is targeting startups in gaming, sports and lifestyle. Its investments include The Athletic, a sports news site that was acquired by The New York Times, and online marketplace StockX. | | | | | |
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| Jefferies' Leucadia acquires stake in StemPoint Capital | | | | | | |
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