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| In today's Daily Pitch, you'll find: | | | | | |
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| Partly sunny skies for private investing in Q3 | | Mixed signals abound: Most indicators show the economy on firmer footing, but our model finds it's still likely the US will enter a recession by 2025. Venture capital funds produce some of the strongest quarterly returns, but their performance is also the most volatile, and the ecosystem is struggling with unfavorable exit conditions.
With 50-plus pages of charts, our Q3 2023 Quantitative Perspectives: US Market Insights peers into PE, VC, real estate, real assets and debt through a macroeconomic lens. | | | | | | | | | PE, VC investors on Biden's China tech ban: We're ready | |  | | (sefa ozel/Getty Images) | | | | President Joe Biden signed an executive order banning new American investments in certain technology sectors critical to national security, part of steadily escalating tensions between the two countries. But it doesn't come as a surprise to PE and VC investors. | | | | | | | |
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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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| Has the generative AI balloon started to deflate? | | Investors are growing impatient with the lack of revenue growth from generative AI innovators, according to PitchBook's Q2 2023 Artificial Intelligence & Machine Learning Report. No longer are Big Tech stocks going up after new product or partnership announcements, putting pressure on startups to gain traction.
Still, there are opportunities within generative AI, like startups working toward automation in the legal industry and ways to make large language models better through data retrieval. | | | | | | | | | VC-backed IPOs continue ascent but trail Nasdaq | | Stocks of former startups have climbed 19.1% this year, according to PitchBook's VC-backed IPO index, a rebound that could ease constraints on companies planning to go public. But the performance of VC-backed IPOs has lagged the tech-heavy Nasdaq, which has risen 32%, an indication that investors still favor more mature companies.
Our other indexes show that PE-backed IPOs have risen 16.8% in 2023 and companies that went public through a SPAC have climbed 27% after steep declines last year. | | | | | | | | | Valuation disconnect stands in the way of secondaries dealmaking | |  | | (New Africa/Shutterstock) | | | | Global secondary market dealmaking declined roughly 25% year-over-year to $43 billion in the first six months of 2023, a product of persistent pricing gaps, lower asset supply in Q1 and easing pressure from the denominator effect, according to data from advisory firm Jefferies and dealmakers participating in the secondary market. | | | | | | | | | | This startup is working to make Nikola Tesla's dream of generating electricity out of thin air a reality. [Sifted]
Can Uber and Lyft ever make real money? [The Economist]
Robots, computers and algorithms are hunting for potential new therapies in ways humans can't. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 456 Deals | 2441 People | 597 Companies | 29 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Global VC Funds with more than $250M | | | | | | |
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Data visualization startup Virtualitics has raised a $37 million Series C led by Smith Point Capital.
Wint, a water management and leak prevention startup, has raised a $35 million Series C co-led by Inven Capital and Insight Partners.
Real estate software startup Flueid has closed its Series B1 round at $32.5 million led by Aquiline Technology Growth.
Trove, a resale and trade-in startup, has raised a $30 million Series E co-led by ArcTern Ventures and Wellington Management.
Osano, a privacy management software startup, has raised a $25 million Series B led by Baird Capital.
Stabl Energy, a Munich-based developer of battery storage systems, has raised €15 million from investors including Nordic Alpha Partners and the European Innovation Council.
S2G Ventures and Soundwaves have led a $10 million Series A in Matter, a UK-based startup focused on capturing, harvesting and recycling microplastics.
Mable Therapy, a UK-based platform for children's speech and language therapy and counseling services, has secured £3.1 million from Gresham House Ventures.
Oslo-based cybersecurity startup Pistachio has raised €3.25 million in a round led by Signals Venture Capital. | | | | | |
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| CVC Capital Partners has been considering selling a Kenyan tea plantation owned by its portfolio company Ekaterra, the Financial Times reported, after a BBC documentary showed abuse and exploitation at the site under its prior owner, Unilever. | | | | | |
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Blackstone has held the final close of Blackstone Green Private Credit Fund III on $7.1 billion, in what the firm says is the biggest energy transition-focused private credit fund ever raised.
Princeton Equity Group, which makes control investments in franchisor and multi-unit companies, has closed on $575 million for its second flagship fund. | | | | | |
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"Sponsors are always on the lookout for recession-proof companies that have the ability to pass inflation costs onto their customers or scale up whilst improving margins, especially in times of stubbornly high inflation in Europe. For example, French sneakers retailer Courir was sold by PE firm Equistone Partners Europe in Q2 after a holding period of just four years. Given that sneakers are a consumer discretionary item, Courir may struggle to grow financially in the current environment, and this could be a potential reason the sponsor exited the company to larger sports chain JD Sports Fashion."
Source: PitchBook's Q2 2023 European PE Breakdown | | | | | |
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