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| In today's Daily Pitch, you'll find: | | | | | |
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| PE's mega-fund era is over as deal sizes shrink | | Leveraged buyouts are shrinking, and the median take-private deal size has halved. Middle-market funds—vehicles that raise between $100 million and $5 billion—are outperforming their larger counterparts. And such funds are pulling in their biggest share of PE capital commitments in a decade.
These trends, which first emerged in late 2022, crystallized in Q1 2023, and they could hold on until the market's next major shift. Our latest US PE Middle Market Report, sponsored by Antares Capital and Cherry Bekaert, covers notable deals, exit activity, fundraising and more. | | | | | | | | | Content is still king in gaming | | | According to our latest analyst note, VCs in the video gaming space are still investing heavily into content startups, looking for studios to create the next big hit. Now, attention and cash are being diverted toward startups that aid developers with new tools. Content startups dominated deal count—though development companies led in deal value as many investors believe it’s the way to outsized returns. | | | | | | | |
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| PitchBook's 2023 Media Kit released | | With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.
By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.
Our 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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| The most active investors in generative AI | |  | | (Chole Ladwig/PitchBook News) | | | Investors poured $4.5 billion into generative AI startups in 2022 across 269 deals as VCs picked winners alongside the big tech players.
Our list of the most active investors in the generative AI vertical shows who's betting on the future of AI. | | | | | | | | | Russian PE picks up post-invasion bargains | |  | | (SOPA Images/Getty Images) | | | Russian investors are continuing to pick up foreign assets at fire sale prices as companies seek to exit the last of their operations in the country.
Russian PE deal value hit a peak of €5.65 billion (about $6.18 billion) last year according to PitchBook data, driven by deals such as Société Générale's sale of its Rosbank division. | | | | | | | | | | AI startups have tons of cash, but not enough data. [The Wall Street Journal]
BlackRock's ambition is to become inseparable from asset management—as a service provider for competitors. [Institutional Investor]
As ties to China turn toxic, even Chinese companies are moving headquarters and factories and cleaving off their Chinese businesses. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 365 Deals | 1975 People | 608 Companies | 18 Funds | | | | | | |
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The Daily Benchmark:
2015 Vintage Global Real Estate Funds | | | | | | |
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Fernride, a German developer of autonomous electric trucks, has raised a $31 million Series A with backing from 10x Founders, Promus Ventures and Fly Ventures.
AI risk intelligence startup Blackbird.AI has raised a $20 million Series C led by Ten Eleven Ventures.
Elastio, a cloud data recovery startup, has raised an $18 million Series A led by Venture Guides.
Cybersecurity startup Trust Lab has raised a $15 million Series A led by Thomas Tull's US Innovative Technology Fund and Foundation Capital.
Sicona Battery Technologies, an Australia-based startup, has raised a $15 million Series A led by Himadri Speciality Chemical and Waratah Capital.
Nelly, a Berlin-based startup digitizing medical admin and payments, has raised a €15 million Series A led by Lakestar.
Soundtrack Your Brand, a Stockholm-based music streaming platform for businesses, has secured $15 million in a round led by Music.
Spanish crypto exchange Bit2Me has closed a €14 million investment led by Investcorp.
DeepChecks, a machine learning validation startup, has raised a $14 million seed round led by Alpha Wave Ventures.
Eurazeo and Griffin Gaming Partners have led a $6.5 million Series A in French mobile gaming studio Million Victories. | | | | | |
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| PitchBook webinar: Exploring the global private equity landscape | | This webinar will explore the global PE dealmaking environment, including fundraising and exit opportunities. PitchBook analysts from around the globe will share their insight into where the PE landscape stands today in the US and Europe and what we can expect in the coming quarters. Key topics include: - The macroeconomic risks shaping the global PE landscape.
- The US and European dealmaking environments.
- The dearth of exit opportunities via both acquisitions and public listings.
- A more challenging backdrop for fundraising and fund performance.
Register now to secure your spot. | | | | | | | |
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TA Associates has closed its latest global PE fund, TA XV, on $16.5 billion, exceeding its initial target.
Greywolf Capital Management has closed its latest fund, Greywolf Containership Opportunities Fund II, on $120 million. The firm plans to use the fund to invest in commercial ships that can be leased to international shipping companies.
Munich Private Equity Partners is targeting €300 million for its latest fund-of-funds.
New York-based Recharge Capital has closed a $200 million fund dedicated to women's healthcare, with backing from Peter Thiel and the Olayan Group. | | | | | |
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