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| In today's Daily Pitch, you'll find: | | | | | |
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| Floating solar, wind plants set to soar | | Offshore floating wind projects cost 176% more than traditional wind farms to operate—so why would anyone bother investing in them? Stronger and more stable wind, less land use and a burgeoning market are just a few of the reasons, according to our latest analyst note.
Historically the domain of utility giants and oil and gas companies, offshore energy production is picking up steam among solar and wind cohorts. Still, challenges abound for the new technologies. | | | | | | | | | As regional banks avoid risky loans, private lenders see opportunity | |  | | (Karen Culp/Shutterstock) | | | Private credit managers should find opportunities in the asset-based lending (ABL) market as banks retreat from lending and purchasing loans from fintech lending platforms.
"There is going to be a consistent flow of loans for sale," said Ed Cong, a partner at Marathon Asset Management, which recently closed on $1.7 billion for its latest ABL fund. | | | | | | | |
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| Beyond the hype cycle: AI dealmaking and development in focus | | The hype cycle for AI continues apace, with predictions for its true impact abound. Deloitte's latest road to next report cuts through chatter to review dealmaking trends across the sector, as well as perspectives from practitioners on utilization and actual viability. Key highlights include: - Analysis of AI & ML dealmaking and key developments across major segments like healthcare and cybersecurity
- Various application hurdles of AI in real-world scenarios as well as cases of underrated viability
- Metrics on AI & ML dealmaking at the expansion stage, including valuations, key segments and more
Read it now | | | | | | | |
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| VC funding for Israeli startups drops 74% | |  | | People gather July 3 to protest at the Ben Gurion Airport in Tel Aviv. (Anadolu Agency/Getty Images) | | | Investment in Israeli startups has plummeted as proposed changes to the country's judicial system continue to rock business confidence and spur Israeli entrepreneurs to leave for Europe and the US.
VC dollars going into startups headquartered in Israel fell 74% year-over-year in H1 2023, far outpacing global declines. And even Israeli VC firms are worried they may also have to relocate. | | | | | | | | | As exits slow, US PE is headed for a $360B pileup | | Fund commitment tallies are lower and debt's been harder to access, but the exit shortfall has been perhaps the greatest challenge to the US private equity industry in 2023. PE firms will soon be grappling with a backlog of maturing investments, weighing on fund performance and reducing distributions to LPs.
Our recent analyst note illustrates the scope of the exit shortfall and discusses the creative measures that some GPs will need to take as they hold on to aging assets. | | | | | | | | | Thoma Bravo makes healthcare play with Bluesight investment | |  | | (Tyler Olson/Shutterstock) | | | Thoma Bravo yesterday closed a growth investment in Bluesight, a software company focused on streamlining the hospital pharmacy supply chain. Thoma Bravo's backing will fund Bluesight's acquisition of Medacist, a company that provides analytics on the illegal distribution of prescription drugs, known as drug diversion.
The deal is Thoma Bravo's second healthcare IT investment announced so far this year. In March, the firm backed Logex, a European healthcare analytics company. | | | | | | | | | | A look at what happened to the once-promising Telecom Italia as KKR seeks to pick up some of its assets. [Fortune]
Fed up with AI consuming online content without consent, writers, artists and companies are rebelling. [The New York Times]
PE firms are now casting their nets beyond the Ivy League when searching for young talent. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 465 Deals | 1883 People | 642 Companies | 37 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage Global PE Funds with more than $1B | | | | | | |
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Searchlight Capital has agreed to acquire London-listed alternative asset manager Gresham House for £470 million.
Luminus Management has acquired Jaguar Transportation alongside Lilium Group and other investors. The US-based holding company, with a regional headquarters in Mexico, facilitates cross-border imports and exports between the two countries.
Bowmark Capital has invested in Lendscape, a UK company that offers lending software to the financial sector.
Kartesia and Cornerstone have acquired Ecowipes Group, a producer of personal hygiene products, and its French distribution division Hydra SAS.
Clearlake Capital-backed BBB Industries has acquired Hydraulex, which repairs and remanufactures hydraulic components for industrial uses, from Stonebridge Partners.
Short-term rental data provider AirDNA, a portfolio company of Alpine Investors-backed Predictis, has acquired Arrivalist, which uses mobile location data to deliver insights for the travel industry.
Mill Point Capital-backed Seviroli Foods, a specialty foods importer and frozen food manufacturer, has acquired Mama Rosie's, a frozen pasta maker founded in 1976. | | | | | |
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AI-powered beauty company Oddity has raised the target price range for its upcoming IPO to between $32 and $34 per share, up from $27 to $30. At the top end of the range, the listing would value Oddity at more than $1.8 billion and raise around $358 million.
Novartis has acquired DTx Pharma, a biotechnology company developing methods to deliver oligonucleotide therapeutics, for $500 million with the possibility of an additional $500 million in milestone payments. | | | | | |
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Swiss asset manager LGT Capital Partners has closed a $930 million VC fund, Crown Growth Opportunities IV. The fund will invest in other funds, secondaries and co-investments globally.
Westlake Village BioPartners has launched a $450 million fund to invest in biotech companies, with a focus on Los Angeles-based startups.
Hauser Private Equity has closed Hauser Private Equity Core Fund IV on $300 million, nearly double the size of its predecessor. The fund will invest 75% of its capital in other funds and about 25% in co-investments.
Swiss VC secondaries investor Giano Capital has launched a €50 million fund to buy shares in late-stage companies from existing investors and employees. | | | | | |
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| Ares Management has agreed to acquire Singapore-based PE firm Crescent Point Capital, which invests in consumer-facing companies in Southeast Asia and China. Crescent Point has about $3.8 billion in AUM. | | | | | |
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