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Editor's note: The Daily Pitch will not be published on Monday, Christmas Day. Happy holidays, and we'll be back on Tuesday. In today's Daily Pitch, you'll find: - What's next for generative AI? How will fintech startups fare next year? Find out in our 2024 outlooks for enterprise and consumer tech.
- As biopharma VCs refocus to invest more in gene therapy, our market map digs into the subsector
- PE exits from middle-market companies slump as firms hold on to their assets
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| The enterprising outlook for enterprise tech | | PitchBook's 2024 Enterprise Technology Outlook forecasts what's in store for the verticals under the enterprise tech umbrella. Which generative AI segment will be the next to become hot, and who will hit unicorn status? Will crypto start to shift toward centralized financial institutions, deviating from its original emphasis?
We include insights about what next year may hold for a whole host of verticals, including AI and machine learning, enterprise fintech, insurtech, and more. | | | | | | | | | Market Map: Biopharma's gene therapy pivot | |  | | (Tek Image/Getty Images) | | | Biopharma is a sector undergoing significant change as investment strategies refocus amid market challenges, regulatory oversight and scientific advances.
Investors are reprioritizing from traditional areas such as small molecules and biologics to gene therapy in the hope of tackling genetic conditions and diseases.
Our latest market map explores the gene therapy companies getting the most capital. | | | | | | | |
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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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| What 2024 holds for consumer tech | | Will AI-powered assistants help ecommerce bounce back from a record decline in deal value? How will AI tools drive foodtech investment?
Our 2024 Consumer Technology Outlook looks ahead and forecasts what's on the horizon for the verticals underneath the consumer technology umbrella. How will fintech startups fare, and what does gaming's future look like? PitchBook analysts provide insights on what 2024 has in store. | | | | | | | | | Private equity exit troubles hit the middle market | |  | | (MirageC/Getty Images) | | | | In Q3, the value of PE middle-market exits dropped to one of its lowest levels in more than a decade. And weakened exit activity has only prompted PE firms to hold their assets for even longer. | | | | | | | | | Ranking the most active lenders in PE | | Ten lenders took part in at least 20 deals each for US PE-backed companies in the third quarter, with the most active trio notching at least 30 apiece.
Which firms are on the leaderboard? See our interactive Q3 2023 PE Lending League Tables, sponsored by Twin Brook Capital Partners. Sort the data by sector, deal type, geography and more. | | | | | | | | | Ringing in big changes: PE firms weigh IPOs in 2024 | |  | | (Julia Midkiff/PitchBook News) | | | It was recently reported that General Atlantic made its first step toward going public by filing its intention with the SEC. It is a preliminary step, but it is understood that an IPO could happen as soon as early next year.
The New York-based growth equity investor joins a handful of PE fund managers that have been mulling over stock market debuts during the past two years, among them: Luxembourg-headquartered CVC Capital Partners, French asset manager Ardian and LVMH-backed luxury goods investor L Catterton.
These offerings may take time to materialize. Nevertheless, a new wave of IPOs could be in the offing for 2024: the question is which asset manager firm will be the first to take the plunge and which others will follow suit. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 561 Deals | 1674 People | 512 Companies | 30 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage Global Real Estate Funds | | | | | | |
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Vestwell has closed a $125 million Series D led by Lightspeed. The New York-based company provides a saving platform for employers and individuals.
Massachusetts-based biotech startup Lyndra Therapeutics raised a $101 million Series E led by Sarissa Capital.
Copenhagen-based Podimo, which offers a podcast and audiobook subscription service, has raised €44 million from The Danish Export and Investment Fund, HighlandX and Chr. Augustinus Fabrikker.
Dutch offshore solar energy startup SolarDuck has secured €15 million from investors including Katapult Ocean, Green Tower and Invest-NL.
AI startup Rabbit, which is based in Los Angeles, has raised a $10 million Series A round led by Khosla Ventures.
Sentante, a Lithuanian developer of an endovascular robot for minimally invasive surgery, has completed a €6 million seed investment led by Practica Capital.
Helin, a Dutch industrial edge intelligence specialist, has raised a €3 million seed round led by Forward.one. | | | | | |
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Warburg Pincus is making a €6 billion-plus bid for Altice's Portuguese telecoms assets alongside former Credit Suisse chair António Horta-Osório, the Financial Times reported.
KKR offered to buy Portuguese green energy company Greenvolt-Energias Renovaveis for €1.2 billion. The €8.30 per share offer represents an 11% premium to the company's closing price Dec. 20.
Investment bank Houlihan Lokey acquired PE placement agent and advisory Triago. The Triago team will join Houlihan Lokey's private funds group.
HIG Capital acquired Texas-based Penhall Company, a provider of demolition and construction services. | | | | | |
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"Similar to dealmaking, the PE exit market has remained remarkably steady over the past couple years. 2023 is set to reach a new high in terms of PE exit count, with Q3 being one of the most active quarters on record, with 19 completed exits. The steady exit activity has led to an investment-to-exit ratio of just over 2.0x in 2023—the lowest figure since 2015."
Source: 2023 Japan Private Capital Breakdown | | | | | |
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