PE binges on buying asset managers

VC eyes personalized nutrition deals; Astorg VIII joins Europe's big funds; ranking VC's most active players

Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily Pitch: VC, PE and M&A July 28, 2023 The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data In today's Daily Pitch, you'll find: Food-as-medicine startups are making investors salivate PE is on a record-breaking tear of buying up asset managers in 2023 Our latest PitchBook-NVCA Venture Monitor, now with league tables ranking the industry's most active players France's Astorg has reached 90% of its reduced target for its flagship eighth buyout fund   Today's Top Stories   Why are PE firms snatching up asset managers at a record clip? (Daniel Grizelj/Getty Images) In the first half of this year alone, private equity invested more capital than in any year of the past decade on deals to acquire asset management firms. Firms have spent a total of $13 billion across 39 deals—already $2.6 billion higher than the last peak in 2021. read more   Share: An apple a day keeps the doctor away How to best manage chronic health conditions has vexed doctors and patients for generations. One overlooked area of treatment is increasingly attracting more attention: healthy, medically tailored meals and personalized nutrition programs. Investors are finally taking food-as-medicine startups seriously, according to our latest analyst note. US households that include a member with a health condition that can be managed through diet spend around $270 billion in grocery sales annually—a major market opportunity. read the note   Share:   A message from PitchBook   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. Share:   Startups, VC investors tighten belts another notch The Q2 2023 PitchBook-NVCA Venture Monitor, sponsored by Insperity, J.P. Morgan and Dentons, now includes league tables ranking the industry's most active players. The report captures how investors and founders are reshuffling their priorities to buy time and identify high-impact innovations as the market tightens further. Raising capital is now markedly more difficult even at the seed stage, where quarterly deal value declined 26.3% from Q1. Trapped capital continues to build in mature startups: Just $12 billion of exit value was realized in the first half of the year, with Q2 deal value coming in at a decade low. There are now 50,000 VC-backed companies, double 2016 levels, demonstrating the risks of a prolonged capital shortage. read it now   Share: Astorg raises $4B+ for Fund VIII on revised target (Alexander Spatari/Getty Images) French PE firm Astorg has reached an interim close of €4 billion (about $4.4 billion) on its eighth flagship buyout fund. The fund received commitments of about 90% of its €4.5 billion target, which had been set at €6.5 billion when the vehicle launched in December 2021. read more   Share: Recommended Reads Here's why VC's platform teams are on the chopping block. [The Information] Airlines are going through business travel detox. [The Wall Street Journal] US office space is on track to shrink for the first time on record. [Bloomberg]   Since yesterday, the PitchBook Platform added: 452 Deals 2010 People 628 Companies 20 Funds See what our data software can do   The Daily Benchmark: 2015 Vintage Global Real Assets Funds Median IRR 10.20% Top Quartile IRR 14.95% 0.60x Median DPI Select top performers Carnelian Energy Capital Equis Asia Fund II Pearl Energy Investments *IRR: net of fees 36 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks   VC Deals   California-based AI biotech startup RapidAI has raised a $75 million Series C led by Vista Credit Partners. Seattle-based surgical tech startup Proprio has raised a $43 million Series B from undisclosed investors to bring its product to market. Bright, a solar energy startup, has raised a $31.5 million Series C led by the Danish SDG Investment Fund. GlossGenius, a business provider platform for wellness and beauty salons, has raised a $28 million Series C led by L Catterton and backed by Bessemer. Fintech startup Croissant has raised a $24 million seed round from investors including Portage and KKR co-founders George Roberts and Henry Kravis. Leaf Space, an Italian satellite communications network, has raised a €20 million Series B led by CDP Venture Capital and Neva. ScorePlay, a New York-based AI-powered media hub for sports organizations, has closed a $5 million seed round led by Seven Seven Six. Kenyan agtech startup FarmWorks has secured a $4.1 million pre-Series A led by Acumen Resilient Agriculture Fund.   PE Deals   Foundation Consumer Healthcare, the parent company of Plan B, is considering a sale of the emergency contraceptive for $4 billion, Reuters reported. Apollo Global Management has entered into exclusive discussions to offer €1.5 billion in financing to airline company Air France-KLM. Kering, a French luxury group, is buying a 30% stake in Italian fashion brand Valentino from Qatari investment fund Mayhoola. Vista Credit Partners has led a $75 million Series C in RapidAI, a healthcare AI company developing technology for stroke care, cardiac diseases and other medical conditions. Everstone Capital and Recognize have made a strategic investment in digital advertising company MediaMint. Permira is acquiring a 40% stake in Spanish private markets solutions provider AltamarCAM Partners. BGF has invested £3.4 million in UK-based carbon capture service provider Nuada. Sullivan Street Partners has completed an add-on acquisition of UK-based R&W Civil Engineering through its portfolio company Octavius Infrastructure. SK Capital has backed Ecopol, an Italian producer of biodegradable films. Existing investor Tikehau Capital will retain a minority stake.   Exit & IPOs   Palamon Capital Partners has sold Italian management training company 24 ORE Business School to Digit'Ed, a training hub owned by Nextalia.   Fundraising   Neuberger Berman has closed NB Credit Opportunities Fund II on $2.5 billion, Mergers & Acquisitions reported. European life sciences private equity firm Medicxi has launched its fourth namesake fund with $400 million.   Chart of the Day   "Down rounds have finally begun to show in the data. 14.2% of completed financings in Q2 were at a lower valuation than the previous round of the company." Source: Q2 2023 PitchBook-NVCA Venture Monitor   Who's in the newsletter today? Investors Acumen Resilient Agriculture Fund Apollo Global Management BGF Bessemer CDP Venture Capital Danish SDG Investment Fund Digit'Ed Everstone Capital Foundation Consumer Healthcare George Roberts Henry Kravis KKR Kering L Catterton Mayhoola Medicxi Neuberger Berman Neva Nextalia Octavius Infrastructure Palamon Capital Partners Permira Portage Recognize SK Capital Seven Seven Six Sullivan Street Partners Tikehau Capital Vista Credit Partners Companies 24 ORE Business School Air France-KLM AltamarCAM Partners Bright Croissant Ecopol FarmWorks GlossGenius Leaf Space MediaMint Nuada Proprio R&W Civil Engineering RapidAI ScorePlay Valentino   About PitchBook | Terms of use | Advertise with us | Contact Follow us: This email was sent to edwardlorilla1986.paxforex@blogger.com via the PitchBook Platform. Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here. © 2023 PitchBook. Win what's next. All rights reserved.