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| In today's Daily Pitch, you'll find: | | | | | |
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| The storm has passed for many agtech startups | | Aquaculture and farm management software companies rebounded in Q2, both scoring their second-strongest quarters in VC deal value on record. It's sunnier skies ahead for parts of agtech, as our latest Emerging Tech Research on the space forecasts a positive dealmaking outlook through the rest of the year.
Keep an eye out for sustainable fisheries, biofertilizer startups and retrofitting of farm machinery—all rapidly evolving segments. | | | | | | | | | Series A price correction halts seed-valuation ascent | |  | | (Jenna O'Malley/PitchBook News) | | | When valuations of VC-backed US companies began to reset downward in 2022, one stage bucked the trend: seed. But after climbing for nearly every quarter since Q2 2020, the median pre-money valuation of seed-stage deals dropped 17% in Q2 2023.
The pullback in seed-stage pricing comes as startups struggle to raise Series A rounds at meaningful markups, investors say. | | | | | | | |
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| A message from Allvue Systems | | |
| New data on GPs' top operating challenges | | Private capital is still enjoying growing popularity, especially as a haven from the volatility that liquid markets have been exposed to over the tumultuous last months.
But with this still-growing popularity brings heavy data and reporting demands from investors that GPs must meet, especially as they seek to hold their ground amid new manager entrants to the alternatives space.
Allvue surveyed 100 GPs on these topics to understand this new chapter in the private capital space, finding that while the same old challenges remain, new market realities are changing some GPs' plans for their strategies and operations.
Download the full report to dig into private capital managers' top challenges and how they're confronting them. | | | | | | | |
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| MetLife single-family fund close signals bullishness on rental market | |  | | (Nirian/Getty Images) | | | MetLife Investment Management announced yesterday the close of its MetLife Single Family Rental Fund with $390 million in committed capital, a sign of confidence in the shaky rental market.
The fund will focus on acquiring and developing single-family rental units across the US. It is the MIM real estate equity team's first closed-end vehicle. | | | | | | | | | Downward course: European H1 2023 VC valuations in 5 charts | |  | | (OsakaWayne Studios/Getty Images) | | | European VC valuations suffered declines across most stages in the first half of the year as market conditions put pressure on median price tags.
Check out five charts from our Q2 2023 European VC Valuations Report that show how valuations have fared. | | | | | | | | | Fund performance shows signs of improvement after a rough 2022 | | Save for real estate and real assets, fund performance across the private markets was well below historical norms last year. Through Q4 2022 and into Q1 2023, five of the seven fund strategies PitchBook tracks generated a rolling one-year horizon IRR below 5%, a stark shift from 2021, when every one of the strategies posted results greater than 15%.
Our Global Fund Performance Report explores what's driving each asset class, explains why most strategies showed weakened performance, and outlines a glimmer of hope for valuations this year. | | | | | | | | | | The White House plans to revive the US chips industry by building what team members call a startup within the government. [The Wall Street Journal]
Private equity is betting on UK healthcare as NHS waiting lists grow. [Financial Times]
Why people won't stop moving to the US Sun Belt. [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 208 Deals | 744 People | 248 Companies | 15 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage North American VC Funds | | | | | | |
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| PitchBook webinar: Why allocators should rethink manager benchmarking | | Allocators employing traditional, quartile-based benchmarking methodologies to screen private fund managers face challenges in capturing historical performance. These techniques not only fail to capture the range of performance within each quartile, but also fail to offer a simple way to aggregate performance across multiple funds within the same strategy and compare that performance against similar strategies.
In this webinar, analysts from our Quantitative Research team will discuss a new framework for analyzing manager performance and unpack its implications for the due diligence process.
Register now to secure your spot. | | | | | | | |
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Growtheum Capital Partners, a Singapore-based PE firm launched by two former GIC investors, has raised $567 million, Bloomberg reported. The firm plans to source deals across Southeast Asia and India.
Angeles Equity Partners has closed its second namesake fund on more than $540 million. | | | | | |
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| CVC Capital Partners is revisiting its plans for a European IPO, the Financial Times reported. The firm postponed previous plans to go public in May 2022. | | | | | |
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