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| In today's Daily Pitch, you'll find: | | | | | |
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| Dealmaking decline levels off: US VC trends in 5 charts | |  | | (r.classen/Shutterstock) | | | Later-stage companies had a rough run in Q1 with VC capital in short supply. The sluggish exit market continues to tie up LP capital, and investors remain wary in an unforgiving tech market.
But it's not all doom and gloom: The dealmaking decline is leveling off from 2022, and seed valuations are ticking up. Five charts reveal what you need to know about the market right now. | | | | | | | | | ChatGPT's potential bedside manner a debate at conference | | Healthcare may be on the precipice of a generative AI revolution. That sense of AI optimism was tangible at the recent conference of the Healthcare Information and Management Systems Society in Chicago.
Academic medical centers are experimenting with the technology to ease physicians' administrative burdens, but privacy and security are still huge questions for the highly regulated industry, according to our latest analyst note. Amid the noise, lesser-known startups are making leaps and bounds in areas like data quality and autism diagnosis. | | | | | | | |
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| VC-backed life sciences companies experience a slow start to 2023 | | VC deal activity for life sciences companies hit a five-year quarterly low in Q1 2023, signaling an end to the surge of funding that started with the pandemic in 2020 and began to slow due to macroeconomic challenges in 2022. Earlier-stage deals took up a greater share of deal activity at the start of the year as later-stage companies contended with narrower exit opportunities and declining check sizes. Orrick's Life Sciences Snapshot provides further analysis of the US market, as well as a roundtable discussion of the trending supplements market.
Read it now | | | | | | | |
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| Ares $1.5B private debt fund underscores managers' retail push | |  | | (Nomad_Soul/Shutterstock) | | | Ares Management has launched a business development company with around $1.5 billion to make direct loans to US middle-market companies.
The fund is tailored to high-net-worth individuals, another example of asset managers tapping into the vast retail market for fundraising. Private debt stands to benefit from increased appetite among investors for yield-oriented products as well as higher interest rates, tightened underwriting standards and banks cutting back on riskier loans. | | | | | | | | | Former Salesforce co-CEO launches venture firm with $400M target | |  | Keith Block
(Joanne Rathe/Getty Images) | | | Smith Point, a new venture firm founded by former co-CEO of Salesforce Keith Block, is targeting up to $400 million for its first flagship fund to invest in enterprise software startups.
First-time funds and emerging managers have struggled to attract capital in recent quarters. Smith Point held its first close with cloud data company ServiceNow serving as an anchor investor.
Block spoke with PitchBook about why now is the right time to invest in startups, despite the difficult economic environment. | | | | | | | | | The 11 biggest global hospitality and leisure investors | |  | | (Ales Micola/Shutterstock) | | | From campgrounds to resorts, private equity investors see the potential for profits in buying out holiday destinations and the companies that serve them.
We've tallied the most active global PE investors in the restaurant, hotel and leisure industry. A specialty real estate investor tops the list, but sovereign wealth funds and familiar names from other corners of the PE universe also appear. | | | | | | | | | Surveying sustainable investing practices | | We're conducting our 2023 Sustainable Investment Survey to measure how investors and other private market participants are thinking about impact strategies and/or ESG risk factors. Please share your firm's approach to sustainable investing and what drives it.
All who complete the 10-minute survey will have the opportunity to enter a prize drawing, and for each completion, PitchBook will make a donation to World Central Kitchen. | | | | | | | | | | Why Europe's stock markets are failing to challenge the US. [Financial Times]
These companies are hoping to keep false information from triggering the next bank run. [Bloomberg]
Wes Edens, co-founder of Fortress Investment Group, wants to kickstart US high-speed rail. [Forbes] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 524 Deals | 2342 People | 663 Companies | 29 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage North American Debt Funds | | | | | | |
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| Bowmark Capital has appointed Simon Kaufman as a partner. He developed the PE firm's managed IT and software practices and joined in 2016 after eight years at KPMG. | | | | | |
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Finnish electric vehicle charging specialist Virta has raised €85 million in a round led by Jolt Capital.
Ontario-based Cyclic Materials, a metals recycling startup, has raised a $27 million Series A led by Energy Impact Partners and BMW i Ventures.
Mandatum Asset Management has led a €22 million investment in Finland-based internet-of-things startup Haltian.
PreAct, which designs sensors, has raised a $20 million Series B led by iSquared Capital.
Neteera Technologies, a Jerusalem-based medtech startup that offers patient monitoring tools, has raised around $13 million in a Series B led by Aescuvest.
Ox has raised a $12.6 million Series A co-led by BBG Ventures and MaC Venture Capital for its AI-powered healthcare platform.
Zaptic, a UK-based provider of a frontline operations platform for manufacturing companies, has secured a $10 million Series A led by Molten Ventures.
Reverion, a German producer of clean power plants, has raised €8.5 million from investors including UVC Partners, Green Generation Fund and Extantia.
London-based rail ticketing app Seatfrog has raised £6 million from investors including Pembroke, Octopus Ventures and Praetura.
Kluster, a London-based revenue strategy platform, has secured a $5 million Series A led by Foresight Group. | | | | | |
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| Don't miss our upcoming webinar | | This webinar examines the Q1 2023 PitchBook-NVCA Venture Monitor and how ongoing market turmoil, culminating in the sudden collapse of Silicon Valley Bank, may impact the venture industry in Q2 and beyond.
In partnership with NVCA and sponsored by Dentons, J.P. Morgan, and Insperity, a panel of experts will discuss the venture environment and key findings from the recently released report. Key takeaways include: - Venture growth stage pre-money valuations have fallen to roughly 2018 levels, 64% below 2021's peak.
- Crossover investors have pulled back, leaving a gap in financing needs and available equity funds.
- Preliminary data shows exit value at a low of $5.8 billion, suggesting the IPO market won't thaw in the near term.
Register now to secure your spot. | | | | | | | |
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| Solum Partners has closed its second fund on $850 million. The firm, which spun out from Harvard Management Company in 2020, invests in the large-scale agricultural production of crops including coffee, almonds, apples and berries. | | | | | |
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"The only strategy to see an increase in the amount of dollars raised was core plus, which raised $8.3 billion in 2022 versus $5.2 billion in 2021. This is likely because although the strategy is relatively low risk, there are also opportunities to add value, and thus increase the return profile, while also generating stable income returns and using lower amounts of leverage compared with other strategies, aside from core."
Source: PitchBook's H2 2022 Global Real Estate Report | | | | | |
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