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| In today's Daily Pitch, you'll find: | | | | | |
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| Biopharma investments hinge on the science | | VCs are often betting that their portfolio companies will disrupt lives. But those who bet on biopharma are counting on innovations that save lives. Since investment in the sector peaked in 2021, VCs have been more discerning with their capital, keeping a closer eye on clinical trial results and making late-stage deals.
Our inaugural biopharma Emerging Tech Research report offers a comprehensive primer and an update on VC trends in the space. Our analysts spotlight traditional investment areas like chemistry and biologics, as well as cutting-edge segments like gene therapy and cell therapy, among others. | | | | | | | | | |  | | (Matt Polski/Getty Images) | | | Despite industry headwinds, limited partners are still bullish on private equity.
In a survey of 500 institutional investors who manage a combined total of $23.3 trillion in assets, 64% of respondents said they remain optimistic about PE's performance and 66% said they still believe there is a significant diversification between public and private markets. | | | | | | | |
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| 2024 M&A Outlook: Predictions from 15 leading global dealmakers | | Ansarada has launched their latest 2024 M&A Outlook report, interviewing 15 top global dealmakers for lessons learned and predictions for the evolving M&A landscape.
This past year, big-ticket M&A faced hurdles, but for adept dealmakers it remains a path to growth. A revival is anticipated, with creative deal structures gaining appeal. Geopolitical uncertainties, supply-chain risks, and elections are creating a dynamic landscape.
Macroeconomic shifts and regulations are elevating the importance of thorough due diligence, which is intensifying amid market volatility and regulatory scrutiny. ESG considerations are now integral in M&A, influencing long-term business growth.
Get expert insights from leading dealmakers at UBS, Moelis, Minter Ellison, BDA Partners, Deutsche Bank, BDO, Norton Rose Fulbright and more.
Register for early access | | | | | | | |
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| Congruent Ventures raises $275M with help from university endowments | |  | | (The Washington Post/Getty Images) | | | School endowments have been almost universally burned by the venture slowdown this year. Across the board, these LPs have slowed new commitments to the asset class until the IPO window reopens and allows money to flow back into their coffers. But Congruent Ventures managing partner Abe Yokell still managed to reel in an endowment, Northwestern University, on top of existing LPs to close today on a third flagship fund.
Yokell, who turned away over $300 million in excess LP interest in the vehicle, said school endowments are still interested in climate funds in spite of 2023 being a tough year for returns. | | | | | | | | | Top VCs stand behind biotech, AI while slowing investment overall | | | PitchBook's Emerging Tech Indicator, which shares quarterly insights on investment activity from a subset of the world's most successful VC firms, has found that biotechnology followed by AI and machine learning is top of mind for investors, dominating deal activity despite an overall decline across ETI deals in Q3. The report digs into the types of technologies and startups that top investors backed. | | | | | | | | | DACH region's PE, VC show pockets of resilience | | Against an inauspicious backdrop, VC fundraising in the DACH region—Germany, Austria and Switzerland—held up better this year than in the rest of Europe. Even with fewer closes overall, several large vehicles boosted the total, according to our 2023 DACH Private Capital Breakdown.
PE dealmaking, too, was a relative bright spot in a constrained environment. Total deal value is expected to fall only slightly compared with 2022's record, and activity has been driven by smaller add-on deals. But with exit values for PE and VC both at a record low, there is little indication that either market should expect a liquidity boost in 2024. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 483 Deals | 1614 People | 539 Companies | 11 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Global Real Assets Funds | | | | | | |
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| A message from Apex Group | | |
The Growth and Evolution of Private Markets—Research Report | | The finance industry is undergoing a significant transformation. Several major trends are reshaping the space and opening new possibilities for investors and companies.
Get ahead of the trends with Apex's latest insights report, supported by PitchBook data. Apex experts explore how these new dynamics will impact investors and the market, giving you the facts, and insights, you need to navigate challenges and opportunities for your firm.
What insights can you expect from the report? - Exploring fundraising challenges
- Ways to unlock opportunities
- Trends in changing investor bases
- ESG, fintech and new asset classes
- Practical takeaways for fund management
- Data insights from the numbers
To find out more, download the Apex Research report on the Apex Group website here. | | | | | | | |
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UK bowling center operator Ten Entertainment has agreed to a £287 million takeover offer from US-based firm Trive Capital.
Fortissimo Capital is in talks to acquire a 35.6% stake in Cellcom Israel, a wireless provider listed in Tel Aviv, from Discount Investment for 925 million shekels (about $249 million), according to reports.
Montreal-based alternative asset manager Sagard agreed to acquire Connecticut-based Performance Equity Management, a PE and VC investor with an AUM of $8.9 billion.
Andra Tech Group, a maker of high-precision components owned by Equistone, has bought Lemmens Metaalbewerking, a Netherlands-based metal processing company.
Velocity Capital Management acquired Parella Motorsports Holdings, which hosts racing festivals in the US under the name SpeedTour.
GI Partners established a new real estate platform, Arizona-based UDLR Healthcare, which will invest in and operate medical outpatient buildings.
Alpine Investors launched a new platform, Cobalt Service Partners, a roll-up of businesses that offer building access solutions, including its first acquisition: North Carolina-based Piedmont Door Solutions. | | | | | |
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Canapi Ventures closed its second flagship fund on $750 million.
California-based early-stage investor Intuitive Ventures reached a $150 million close of its second fund.
BioStar Capital, a medtech-focused VC investor, closed its fifth fund on $130.3 million.
Indian VC firm SenseAI Ventures raised 2 billion Indian rupees (around $24 million) for its fund targeting AI-first startups. | | | | | |
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"A slowdown in the venture universe has been observed across many global regions, and Japan was no exception. Through the first three quarters of 2023, $4.3 billion was deployed to VC in Japan across 899 deals. Should this dealmaking pace continue, the 2023 yearly deal count is expected to exceed the 2020 annual figure, reflecting a healthy momentum of the domestic venture ecosystem."
Source: 2023 Japan Private Capital Breakdown | | | | | |
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