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| In today's Daily Pitch, you'll find: | | | | | |
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| New SEC rules could arm LPs with more negotiating power | |  | SEC Chairman Gary Gensler
(Win McNamee/Getty Images) | | | In a Wednesday open meeting, the SEC voted to approve a set of new rules and amendments to the Investment Advisers Act of 1940.
The new rules will bring more transparency into private fund negotiations, giving investors a clearer sense of what other LPs have negotiated for in the past, said Joel Wattenbarger, partner at Ropes & Gray.
"It will absolutely change the balance of power around side letter negotiations," said Wattenbarger. | | | | | | | | | AI boom comes to drone delivery | | The five largest supply chain tech deals of Q2 2023, including Getir's $475 million down round, brought in half of the $3 billion in VC deal value the sector accrued in that period across 190 deals. Still, our latest Emerging Tech Research points out signs that dealmaking in the logistics industry is stabilizing—notably an uptick in deal value from the previous quarter.
Warehouse automation and drone delivery are making remarkable headway, with companies such as Locus Robotics and Covariant, which utilizes AI learning, staying especially competitive. | | | | | | | |
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| A message from BMO Sponsor Finance | | |
| Transaction Trends: Transportation's trickle-down effect | | In the current issue of Transaction Trends, BMO Sponsor Finance examines the headwinds facing the freight industry, and why it's often a leading indicator of the broader economy's health. We also sit down with Cameron Hewes, head of BMO's Middle Market M&A, to discuss current market activity and what we can expect through the rest of the year.
To learn more, download the full issue of Transaction Trends. You can also contact Patty Weitzman, BMO Commercial Bank's Head of Financial, at patricia.weitzman@bmo.com. | | | | | | | |
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| Debt costs drag on healthcare services dealmaking | | PE dealmaking for healthcare services companies slowed further in Q2 as some heavily leveraged platforms strain under the growing cost of debt and impending maturity walls.
But as healthcare specialist firms continue successfully fundraising and the broadly syndicated loan market cracks open, PitchBook analysts expect deal activity to gradually recover in coming quarters.
Our recent industry research breaks down PE trends and investment strategies in healthcare services, with spotlights on mental health services and medical spas, two of the sector's hottest investment categories. | | | | | | | | | India bucks PE downturn as investors tap into growing economy | |  | | (Dinodia Photo/Getty Images) | | | India's expanding middle class has long attracted the attention of investors on the lookout for growth opportunities.
As private equity investors regain confidence to do big deals in this major economy, key industries like healthcare, financial services and clean energy are in the spotlight. | | | | | | | | | Lithium batteries' scorching hot summer | | Recycling technologies for critical materials—like lithium and base feedstocks—have climate-tech investors buzzing. Advanced polymer recycling, voluntary carbon markets, and building energy efficiency are three major emerging spaces, according to our Q2 2023 Carbon & Emissions Tech Report.
The transition to net-zero will transform the supply chain, upending the global economy's most in-demand resources. It's only natural that founders and investors are planning ahead. | | | | | | | | | | Private equity firms are handing over distressed companies to rivals. [Financial Times]
America's loneliest road is finally ready for electric vehicles. [Bloomberg]
The Chandrayaan-3 mission comes at a particularly important moment in India's diplomatic push as an ambitious power on the rise. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 394 Deals | 2736 People | 591 Companies | 8 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Global Debt Funds | | | | | | |
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Cellares, a cell therapy biotech company, has raised a $255 million Series C led by Koch Disruptive Technologies.
Generative AI startup Hugging Face is planning to raise an approximate $200 million round at an over $4 billion valuation led by Salesforce Ventures, The Information reported.
Cybersecurity company SpyCloud has raised a $110 million growth round led by Riverwood Capital.
Gympass, a corporate wellness company, has raised an $85 million Series F led by EQT at a $2.4 billion valuation.
FORE Biotherapeutics has raised a $75 million Series D led by SR One and Medicxi.
Dice, a London-based events discovery and ticketing platform, has raised $65 million in a round led by Music.
Anytype, a Berlin-based peer-to-peer open-source web builder, has secured $13.4 million in a round led by Balderton Capital.
Copenhagen-based digital weight management clinic Embla has closed a €10 million Series A from investors including Seed Capital and Inovo.
Accure Battery Intelligence, a German provider of battery analytics software, has raised €7.2 million in a round led by Blue Bear Capital and HSBC Asset Management.
Translucent, a London-based accounting and financial management platform, has completed a £5 million seed round led by Chalfen Ventures and LocalGlobe. | | | | | |
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| Don't miss our upcoming webinar | | In 2022, more than $200 billion in ecommerce merchandise was returned, significantly straining merchant supply chain operations. In this discussion, PitchBook analyst Eric Bellomo hosts Kyle Bertin from VC-backed Two Boxes, developer of a returns processing platform. Key topics include: - An overview of the state of reverse logistics and the current state of operations.
- Technical and strategic trends impacting reverse logistics in the near-term.
- Opportunities and challenges to designing scalable and sustainable reverse logistics processes moving forward.
Register now to secure your spot. | | | | | | | |
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