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| In today's Daily Pitch, you'll find: | | | | | |
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| What GPs, LPs really think about impact and ESG | | Opinions on impact investing and ESG frameworks in the private markets are often described as politically polarized, and there's no sign that characterization will fade anytime soon. But between the sustainable investing diehards and the anti-ESG stalwarts, there's a much bigger set of investors with nuanced views on how to balance investing for profit and investing for purpose, and why they need not be mutually exclusive.
Hundreds of private market players responded to our Sustainable Investment Survey this year, and our 2023 report provides a window into their overlapping and sometimes conflicting views on impact and ESG. | | | | | | | | | 5 big trends shaping VC investing today | |  | | (cosma/Shutterstock) | | | US startups have progressed precariously through 2023, and several signs point to more trouble ahead if dealmaking and fundraising conditions continue to tighten and exit markets remain closed, according to the recently released Q2 2023 PitchBook-NVCA Venture Monitor.
While sharp declines in both deal value and count have stabilized somewhat in recent quarters, factors including the loss of crossover investors and dismal fund performance are reminders that investors and LPs may continue to look elsewhere for returns. | | | | | | | |
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| The AI investment era: A discussion with OpenAI and Fifty Years on July 25 | | Artificial intelligence is rapidly transforming venture. VCs are using AI to automate tasks, improve decision-making, identify new investment opportunities—and more. Hear from Peregrine Badger, Instigator at Fifty Years, Adam Perelman, Engineering Manager of ChatGPT at OpenAI, and Ray Zhou, CEO at Affinity as they discuss three key ways AI impacts VC: - How AI can augment the investor
- Challenges and corresponding solutions associated with AI
- How to maximize opportunities—from internal improvements to identifying the most promising AI deals
Tune in on July 25 to learn how tools like ChatGPT are changing the private markets and the opportunities VCs can seize as the use of AI becomes commonplace. | | | | | | | |
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| Unicorns, tech stocks meet in the middle | | Valuations of billion-dollar VC-backed companies continued to converge with public markets in the first half of the year, the Morningstar PitchBook Unicorn Indexes show. - The Global Unicorn index has risen 13.3% in 2023 as tech stocks roared back and large startups continued to adapt to tighter dealmaking conditions.
- Asian unicorns were the top-performing regional index, climbing 16.3% this year compared with 12.5% in the US and 8.2% in Europe.
- Down rounds continue to rise and new unicorn formation is at a multiyear low, but an AI craze and a stock market recovery have lent much-needed support to billion-dollar valuations.
| | | | | | | | | How drugmaking tools can lock in revenue for manufacturers | |  | | (Pavel Chagochkin/Shutterstock) | | | Life science tools such as equipment, reagents and materials are often grandfathered into the manufacturing of a new drug and used throughout its production lifetime. Drugmakers tend to refrain from switching these tools to maintain batch consistency—not to mention avoiding costly, time-consuming approvals by regulators to update their manufacturing processes.
According to Morningstar analysts, as long as the resulting drug stays in demand, the companies that make these tools can have a decadeslong revenue stream. And once drug patents expire, these life science companies often gain generic and biosimilar manufacturers as new customers, making them an attractive investment. | | | | | | | | | European PE carveouts stymied by poor valuations | |  | | (voloshin311/Shutterstock) | | | The anticipated uptick in European carveouts as a share of overall European PE deal activity has yet to materialize, and potential sellers are now reluctant to shed divisions at lower valuations.
At the same time, PE buyers dealing with rising capital costs seem unwilling to engage in the lengthy and complex deal negotiations needed to secure a good deal. | | | | | | | | | | Why Meta finally went for Twitter's throat. [The Information]
China controls the supply of crucial war minerals. [The Economist]
Two writers' thoughts on why it matters whether crypto coins like Ripple's are considered securities. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 10 Deals | 112 People | 36 Companies | | | | | | |
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The Daily Benchmark:
2012 Vintage North American Real Assets Funds | | | | | | |
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Defense-tech company HawkEye 360 has raised a $58 million Series D1 led by BlackRock.
CurvaFix, a medical device company developing solutions for fractured bones, has raised a $39 million Series C led by MVM Partners.
Private school payments management startup Mattilda, headquartered in Mexico City, has raised a $19 million Series A led by GSV, FTC and Dila Capital.
EG 427, a French developer of gene therapies for chronic diseases, has closed an €18 million Series A.
Affect Therapeutics, which offers digital addiction treatment programs, has raised a $16 million Series A led by Artis Ventures.
Spline, which offers 3D design software, has raised $15 million in a seed round led by Gradient Ventures, TechCrunch reported.
Trunk Tools, a fintech startup focused on the construction industry, has raised a $9.9 million seed round led by Innovation Endeavors.
Crypto analytics company LunarCrush has raised a $5 million Series A led by Draper Round Table and INCE Capital Partners.
Delta g, a UK-based startup using quantum technology to map underground locations, has raised £1.5 million in a round led by Science Creates Ventures. | | | | | |
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| Cyrus Hodes, co-founder of Stability AI, has sued the generative AI startup, alleging that co-founder Emad Mostaque tricked him into selling his stake for $100 shortly before the company reached a $1 billion valuation. | | | | | |
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| Willis Towers Watson is considering offering its wealth management clients a long-term asset fund so they can access private equity, Citywire reported. | | | | | |
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