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In today's Daily Pitch, you'll find: - Investors are cooling on retail fintech, but a less crowded B2C market could have its upsides.
- We've mapped out the 10 Chinese cities that attracted the largest number of PE deals between 2016 and 2022.
- VC funding for US female-founded startups has returned to pre-pandemic levels.
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| Map: 10 cities powering China's PE growth | |  | Shanghai is among the top cities for PE investment in China.
(chuyuss/Shutterstock) | | | China has long been a powerhouse for Asian private equity. Last year, the country suffered a steep decline in PE deal activity as a result of economic headwinds. Even so, it still captured over a quarter of PE investment in Asia.
However, much of this activity is concentrated in a handful of urban centers. We've mapped out the 10 Chinese cities that attracted the largest number of PE deals between 2016 and 2022. Companies in these cities accounted for nearly two-thirds of the country's total PE deal count during that time. | | | | | | | | | B2B startups steal retail fintech's thunder | | Challenges for consumer-facing fintech startups have driven investors toward B2B investment opportunities. And while PitchBook analysts expect VC investment in fintech to continue to fall, a less crowded B2C market does have its upsides.
Our latest Emerging Tech Research explores recent VC trends in the retail fintech vertical and long-term opportunities like digital financial passports and open-loop P2P payments. It also includes company highlights on Portabl and Ping. | | | | | | | |
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| A message from Founder Shield | | |
| 2023 playbook to funding success: expert advice for tech founders | | Are you an ambitious founder with an early-stage startup eager to secure funding? You should know: Private fundraising levels have declined across the US since a record-breaking 2021. Late-stage companies are the hardest hit, leaving the runway wide open for Series A and B rounds.
Founder Shield's "Founder's Playbook to Raising Funding in 2023" is your key to success. Gain invaluable insights from industry giants, including top VC firms, seasoned lawyers, and risk management experts. They reveal their tried-and-true strategies for funding success.
In this step-by-step guide, Founder Shield unravels some of the most common mistakes founders make when securing funding. Let it share its knowledge—from pitch decks to terms sheets to fundraising strategy—so that you can focus on scaling. Download your copy today | | | | | | | |
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| Mayfield closes on $955M as LPs reward restraint in investment pace | |  | | (Real Sports Photos/Shutterstock) | | | VC firm Mayfield, known for its investments in HashiCorp, Lyft and Mammoth Biosciences, closed yesterday on $955 million across two oversubscribed vehicles.
While it may have seemed that much of the VC world broke into a fundraising sprint in late 2020 and 2021, Mayfield maintained a slow but steady investment pace. The firm has consistently backed about 14 new companies every year for the last 10 years. | | | | | | | | | As exit window shrinks, secondary market grows in size—and complexity | | The volume of secondary transactions per year has nearly doubled since 2020—showcasing a growing market for manager-led deals and more individualized liquidity options. Allocators, facing a depressed exit environment and subsequent drop in capital distributions, are seeking refuge in secondaries.
At a high level, there are two types of secondary transactions: GP-led and LP-led. The former have gobbled up a significant portion of business in recent years, growing to become at least half of the total secondary transaction volume. Our recent analyst note lays out the key differences between these types of deals. | | | | | | | | | Female founders return to pre-pandemic funding levels | | US VC funding for female-founded startups remains depressed, roughly in line with the declines seen across the venture ecosystem, according to PitchBook's US VC Female Founders Dashboard.
Startups with at least one female founder have garnered $2.8 billion over 202 deals in April, in line with recent monthly totals. Dealmaking has declined for five straight quarters.
In April, software companies raised the most money among startups with at least one female founder, led by a $372 million deal for network connectivity management platform developer PacketFabric, according to a regulatory filing. | | | | | | | | | Skin in the game: Why GPs are putting more money into their own funds | |  | | (kireewong foto/Shutterstock) | | | PE firms are increasingly investing more of their own capital into their funds in order to align their interests with those of their LPs, with some committing as much as 12.5% of a fund.
But securing the capital to make these commitments isn't always as straightforward as it may seem. | | | | | | | | | | Corporate giants have been buying up primary care practices at a rapid pace. [The New York Times]
Generous return policies lured Americans to online shopping. Now, the free-returns party is over. [The Atlantic]
Company stock often makes up a sizable share of a tech employee's total wealth. Much of that has evaporated as tech stocks decline. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 467 Deals | 2054 People | 595 Companies | 28 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Funds-of-Funds | | | | | | |
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| A message from Silicon Valley Bank | | |
Trust is key to partnership, and SVB is committed to regaining yours | | With the strength and stability of First Citizens behind Silicon Valley Bank, it continues to be positioned to deliver specialized lending and financial solutions for innovation companies and investors.
Read more here | | | | | | | |
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UK-based Ascend has raised $130 million to expand production of their gene therapies in a round co-led by Abingworth and Petrichor, the Financial Times reported.
Liquido, a California-based payments platform startup that serves Latin America, has emerged from stealth with a $26 million round led by Index Ventures.
PermitFlow, a software startup that automates the construction permitting process, has raised $5.5 million in seed funding led by Initialized Capital.
Emerging from stealth, BurnerPage has secured $2 million in pre-seed funding led by LDV Capital. The company uses generative AI to optimize webpages.
MetaZ Holdings, a South Korean company that combines the sneaker resell market with NFTs, has raised a $1 million Series A from Pinewood Capital. | | | | | |
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| PitchBook webinar: What is the future of VC exits? | | Today's VC market is one of unprecedented company data and investment options. These have proven to both help and hinder investors. Despite enabling a greater range of strategies and more market awareness, the volume of information to process has greatly complicated deal sourcing.
A panel of speakers from PitchBook's product and analyst teams will share how VC investors can succeed in the current market and what tools can guide them to the best deals. Key topics include: - Learn the current trends of the exit market and what might come in 2023.
- Understand how PitchBook is creating tools that help our users win.
- Learn how the PitchBook VC Exit Predictor can make market research and deal sourcing more efficient.
Register now to secure your spot. | | | | | | | |
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Ares Management is aiming to raise $10 billion for its Senior Direct Lending Fund III, The Wall Street Journal reported.
Bain Capital has raised about $2 billion of a $4 billion target for a global special situations fund aimed at distressed investments, Reuters reported.
Sydney-based Pacific Equity Partners has raised A$1.4 billion (around $949 million) for its Secure Assets Fund II, Infrastructure Investor reported. | | | | | |
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| In its Q1 earnings report, KKR has reported a 26% year-over-year drop in its after-tax distributable earnings. Its profits from asset sales fell 70%, and its portfolio company transaction fees dropped over 60%. | | | | | |
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