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| In today's Daily Pitch, you'll find: | | | | | |
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| Blackstone raises over $22B for world's biggest secondaries fund | |  | | (Casimiro PT/Shutterstock) | | | Blackstone Strategic Partners' record fund close underscores investors' growing need for alternative liquidity opportunities. The secondary market has come into vogue as investors and GPs navigate a difficult exit environment.
Continuation vehicles and GP-led secondaries offer exit opportunities for GPs hoping to satiate investor demand for liquidity. The Strategic Partners IX vehicle closed on $22.2 billion, surpassing Ardian's Secondary Fund VIII, which held the previous record at $19 billion. | | | | | | | | | European VC activity missed the mark in 2022 | | After years of continuous growth, European VC activity slowed last year, with both deal count and value coming in below 2021's numbers.
Some €91.6 billion was invested across an estimated 12,383 deals in 2022, representing year-over-year declines of 16% and 5%, respectively. Nevertheless, it was still the second-biggest year for European VC activity. Our 2022 Annual European Venture Report showcases the key trends that shaped the continent's VC ecosystem last year. Highlights include: - Venture growth and late-stage accounted for 65.6% of deal value, up from 2021.
- Nontraditional investor participation in European rounds remained resilient.
- Exit value saw its third-largest total despite reduced IPO appetite.
- Fund value reached a record €25.4 billion, but vehicle count fell sharply.
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| A message from PitchBook Media | | |
| PitchBook's 2023 Media Kit released | | Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 report downloads. 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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| Blue Owl beefs up its retail push for private credit strategy | |  | | (William Potter/Shutterstock) | | | Blue Owl has announced a new partnership with fintech firms Allfunds and iCapital to attract wealthy individual investors seeking access to the direct lending market.
There has been a surge of interest among alternative asset managers to cater to the mass affluent in recent years. At the same time, retail investors' appetite for private credit and other private investment strategies is growing. | | | | | | | | | Charting out European PE activity in six key trends for 2022 | |  | | (koya979/Shutterstock) | | | Private equity held up well in 2022 against a backdrop of rising inflation and interest rates, defying deteriorating macroeconomic conditions.
We pulled out six key themes from our 2022 Annual European PE Breakdown to illustrate how the asset class fared last year. | | | | | | | | | | While the public touts generative AI's seemingly miraculous progress, the story behind OpenAI's viral chatbot offers a glimpse into the hidden workforce of data labelers that the industry relies on. [Time]
Can 3D printing help solve the housing crisis? [The New Yorker]
Wall Street isn't the only one bankrolling rescue packages, investments and acquisitions, and cash-seekers are turning their attention to the new kid on the block: the Middle East. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 474 Deals | 1841 People | 657 Companies | 15 Funds | | | | | | |
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| 2012 Vintage Global VC Funds | | | | | | |
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| Pathalys Pharma secures $150M | | | | | | | | Defense tech startup Vannevar Labs grabs $75M | | | | | | | | IASO Bio nabs nearly $75M Series C1 | | | | | | | | | | Austin-based ThriveCart has secured a $35 million investment from the LTV SaaS Growth Fund. The startup helps businesses by providing tools for subscriptions, payments and marketing. In addition to the funding, the company announced it appointed Kevin McKeand as its CEO. | | | | | | | Living Carbon raises $21M for 'supertree' | | | | | | | | Scenario launches with $6M | | | | | | |
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| Don't miss our upcoming webinar | | Join LCD for a webinar exploring the trends that defined the private credit and leveraged loan landscapes in 2022, along with what lies ahead for these spaces. LCD analysts will discuss the growth in the private credit market and the increase in distressed debt last year, along with what investor demand for collateralized loan obligations looks like in 2023. Key topics include: - US leveraged loan market trends and analysis, including a look at volume, proceeds, leverage, returns, credit risk and supply vs. demand.
- The growth in private credit and direct lending in 2022, compared to the broadly syndicated market along with where opportunities in private credit might lie in 2023.
- How distressed debt hit its highest level since the pandemic onset toward the end of 2022, even as leveraged loan defaults remained scarce.
Register now to secure your spot. | | | | | | | |
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| Shein looks to close $3B fundraising haul at slashed valuation | | | Shein has been in talks to raise up to $3 billion at a reduced valuation of $64 billion, down from $100 billion, the Financial Times reported. The Chinese fashion retailer is raising funds from existing investors Mubadala, Sequoia China and General Atlantic. | | | | | | | WildFire Energy to buy $1.4B+ in assets from Chesapeake | | | | | | | | General Atlantic backs Village Pet Care | | | General Atlantic has invested growth capital in Village Pet Care, which operates boarding, grooming and training facilities. The company plans to grow through acquisitions of other pet care locations in North America. | | | | | | | Leeds Equity's 95 Percent picks up literacy program | | | Leeds Equity Partners-backed education company 95 Percent Group has made its first acquisition, buying the Hill Reading Achievement Program from nonprofit Hill Learning Center. The technology-based program is designed for students who struggle to read. | | | | | | | Trilantic's Planet Fitness franchisee acquires more clubs | | | Taymax Group, a Planet Fitness gym franchisee backed by Trilantic North America, has acquired Saber Fitness, which operates 27 locations in California. Since Trilantic's initial growth investment in 2018, Taymax has grown via acquisitions and openings to 150 Planet Fitness locations. | | | | | | | Five Elms invests $27.5M in ContractSafe | | | Five Elms Capital has invested $27.5 million in ContractSafe. The growth equity from Five Elms marks the first time the contract management platform, geared toward businesses with a high volume of third-party agreements, has raised institutional capital since it was founded. | | | | | |
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| Sequoia closes $195M fund for seed-stage startups | | | Sequoia has closed a new $195 million seed fund, Forbes reported. The firm also announced plans to run three batches of its Arc accelerator this year. | | | | | |
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