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| In today's Daily Pitch, you'll find: | | | | | |
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| Getting granular on impact investing performance | | In impact investing—seeking to create positive change while getting a bang for LPs' bucks—GPs have targeted infrastructure assets the most over the past 15 years.
But through September, GPs' fundraising for impact strategies overall was down significantly compared to 2022. Some big fund closings in Q4 could change the picture. Our latest analyst note dives deep, breaking down fund data by impact categories and exploring returns on investment. | | | | | | | | | VC, PE give insurtech startups a boost | | | The insurtech sector saw a surge in VC funding in Q3, according our latest Emerging Tech Research. Deal value was up 53% over Q2, reaching $1.7 billion raised across 115 deals—the highest value recorded over the past four quarters. Private equity is getting more involved in the space, with the total amount of PE investments now surpassing 2022's tally. | | | | | | | |
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| Energized by technology: Dealing in the cleantech revolution | | The energy sector is in a state of flux. Long a dream among engineers, renewable energy has become a reality and is creating positive cash flows among wind, solar, and hydroelectric producers. But its also coming of age in a year of multiple $50B+ acquisitions in the traditional energy space. Where do things go from here?
In conjunction with PitchBook, Datasite has released Energized by technology: Dealing in the cleantech revolution. The report looks at trends across traditional energy M&A, the private equity angle, and the blossoming VC success stories in cleantech, climate tech, and the renewable energy revolution more broadly.
To download the report and learn more, click here. | | | | | | | |
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| A barbell strategy in generative AI points to an overlooked middle | |  | | (Hector Roqueta Rivero/Getty Images) | | | Depending on where you look, deals within generative AI have been hot. A barbell is forming within the vertical, with more deals going to startups addressing vertical applications and operating underlying technologies while middleware software for audio, language and video gets left behind.
The data suggests an opportunity may exist in the underdeveloped middle for investors and startups. | | | | | | | | | Meet the AI unicorns of 2023 | | The 2023 unicorn class is projected to be the smallest since 2017, with 88 startups crossing the billion-dollar valuation threshold so far, according to our unicorn tracker. Within this thin herd, 28 are AI companies.
Among the new unicorns to know are cloud infrastructure developer CoreWeave and Canadian natural language processing software specialist Cohere. CoreWeave became a unicorn in late spring after a $421 million Series B that valued it at a reported $2 billion. | | | | | | | | | Medtech deals surge into Q4 | | Would you invest in a startup developing a cardiovascular surgical device? If yes, you're not alone: It's been the most active category for medtech investment in 2023—bringing in more than $487 million in VC funding in the third quarter alone. Cancer diagnostics and surgical robotics also led the way, according to our Q3 2023 Medtech Report.
Heading the pack are companies such as Neuralink and Beta Bionics. Both closed nine-figure deals in Q3, setting the stage for a strong finish to the year. | | | | | | | | | Germany, Austria, Switzerland face PE mega-deal drought | |  | | Hallstatt, Austria (Barbara Gindl/Getty Images) | | | While PE deals in the DACH region (Germany, Austria and Switzerland) have held up well this year considering market conditions, it is relatively small add-on deals that are driving activity.
Mega-deals, on the other hand, are on course to hit a decade low by deal value by the end of this year. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 16 Deals | 29 People | 19 Companies | | | | | | |
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The Daily Benchmark:
2014 Vintage Non-US PE Funds | | | | | | |
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| A message from Quadient Accounts Receivable by YayPay | | |
Map your AR maturity: A step-by-step framework | | Between uncertainty, supply chain issues, and a challenging labor market, the challenges faced by AR departments are at boiling point.
That's why right now, every finance leader should be focused on understanding the value of their AR processes and how they can drive reliable and repeatable cash flow.
Co-written by The Institute of Finance & Management (IOFM) and Quadient Accounts Receivable, this guide offers an AR maturity model, built from extensive research on AR automation and firms that have implemented it.
Download it to gain: - A step-by-step framework that allows you to accurately assess your company's AR maturity.
- A means to benchmark your business and identify gaps.
- An understanding of what to focus on to advance your business on its AR maturity journey.
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26North Partners, a New York-based firm founded by Apollo Global Management co-founder Josh Harris, is targeting $3 billion to $4 billion for its first PE fund, Bloomberg reported.
New York-based KKR is planning to raise up to $7 billion for its first global climate fund, with a first close targeted for the first half of 2024, Reuters reported.
Charlotte-based Falfurrias Capital Partners closed a lower-middle-market PE growth fund on $400 million. The fund will invest in software and business services.
Pennsylvania's Taurus Private Markets reached a $211 million final close of its second fund, exceeding its initial $150 million target.
Early-stage VC firm Harpoon has raised $125 million for its third fund.
Meanwhile, a crypto financial services company backed by OpenAI CEO Sam Altman, has launched a bitcoin private credit fund via its subsidiary Meanwhile Advisors. | | | | | |
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| Japanese cosmetics giant Shiseido has launched a VC arm—Shiseido Long Term Investments for the Future (LIFT) Ventures—to back early-stage companies in the beauty and wellness space. | | | | | |
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