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| In today's Daily Pitch, you'll find: | | | | | |
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| 38% of VCs disappeared from dealmaking in 2023 | |  | | (Thomas Barwick/Getty Images) | | | When venture firm OpenView abruptly collapsed in early December, it was the rare case of a VC firm making a loud exit.
Most of the time, investors leave quietly.
The number of active VC firms, defined as making two or more deals in the first three quarters of 2023, plummeted 38% compared to the same period last year, PitchBook data shows. The data suggests a deeper problem than simply investors writing fewer checks. | | | | | | | | | 6 predictions for European private capital | | Economic uncertainty weighed on PE and VC activity this year, but will the prospect of greater interest rate stability and improved market confidence bring a change of fortunes in 2024?
Read our analysts' predictions in our 2024 European Private Capital Outlook, including: - PE fundraising is expected to become even more concentrated in the region's biggest funds.
- PE mega-deals will likely remain muted.
- A recovery in VC-backed IPOs is unlikely to materialize, but there is hope for a pickup in VC fundraising.
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| 2024 PitchBook Media Kit released | | Volatility is on the rise, everywhere. Dealmakers are looking for insights, services and tools to navigate challenging, complex market environments—and you can help them. By partnering with PitchBook Media, you can reach over two million industry professionals spanning the C-suite to flagship GP offices. Customize a unique array of options from the brand-new 2024 PitchBook Media Kit, including: - Sponsorship of market-leading reports such as the PitchBook-NVCA Venture Monitor
- Placement in the most widely read industry newsletters such as the Weekend or Credit Pitch
- Sponsored columns to share your specific message or thought leadership
- Bespoke research options for unique, in-depth analysis
Talk to us | | | | | | | |
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| Controlled-environment agriculture as a sustainable investing opportunity | | As climate change creates more volatile and challenging growing conditions, controlled-environment agriculture is likely to become vital to the future of global food production. CEA—which includes greenhouse, indoor and vertical farming—will play an important part in addressing environmental and social issues around food security, while also offering the potential for strong returns for VCs.
Our latest analyst note in the Emerging Sustainable Investing Opportunities series explores how growing demand for food, increased government funding, the shift to more natural and sustainable diets and the necessity of climate-resilient agriculture are creating more opportunities for CEA companies. | | | | | | | | | Middle-market deals hit 6-year low | |  | | (Tanja Ivanova/Getty Images) | | | US PE middle-market deal activity hit a six-year low last quarter.
Following a period of resilience to headwinds in the wider PE ecosystem, deals valued below $1 billion have finally succumbed to interest rate pressures and repricing. | | | | | | | | | Landscape looking frosty for real assets fundraising | | Capital raising for real assets funds has been far from fertile in 2023, which is shaping up to be the weakest year for fresh capital in over a decade.
Data through Q3 shows just $24.4 billion committed this year to closed-end real assets funds—down nearly 80% from the same period in 2022. By contrast, natural resources fundraising, which includes oil and gas, surpassed 2022's annual total.
The latest edition of our Global Real Assets Report also looks into the dip in the strategy's recent returns—and the likelihood they could recover by the end of the year. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 526 Deals | 1812 People | 693 Companies | 31 Funds | | | | | | |
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The Daily Benchmark:
2019 Vintage Global Funds-of-Funds | | | | | | |
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Toshiba delisted from the Tokyo Stock Exchange, a product of the country's largest-ever LBO at 2 trillion yen (about $14 billion). Japan Industrial Partners spearheaded the transaction.
UK-listed software consultancy Kin and Carta has agreed to a takeover offer from Valtech, a London-based consultancy owned by BC Partners, which values the company at £239 million. The board withdrew its recommendation of a revised offer made by Apax Partners in December.
EQT has agreed to invest in two Swedish software companies serving the construction industry: HVD Group and Next One Technology.
Texas-based middle-market firm BP Energy Partners closed on its acquisition of American Industrial Machine, which offers compressor maintenance services for oil and gas customers.
Novvia, a packaging distributor backed by Kelso, acquired shipping product supplier JWJ. | | | | | |
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| General Atlantic is in talks to buy UK-based infrastructure investor Actis ahead of its planned IPO, the Financial Times reported. The deal would add $12.7 billion to General Atlantic's $77 billion AUM. | | | | | |
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"From 2018 to 2022, commitments to natural resources vehicles declined steadily, as investors shifted away from oil & gas and gravitated toward better risk-adjusted returns and investments more aligned with their sustainability commitments. This trend has reversed in 2023, as natural resources fundraising reached $6.5 billion across 12 funds through Q3 2023, surpassing 2022's annual total of $5.7 billion, although the year may still see the second-lowest amount raised in over a decade."
Source: Q3 2023 Global Real Assets Report | | | | | |
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