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| In today's Daily Pitch, you'll find: | | | | | |
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| First look at year-end data for global VC markets | | The collapse of Silicon Valley Bank. A frozen IPO market. Down rounds galore. Venture capitalists are closing the books on a tough year, in which VC deals, exits and fundraising all plunged.
According to our First Look data packs, global VC funding fell to roughly $345 billion, down from $531 billion in 2022. The decline in VC fundraising was even steeper, with firms collecting $161 billion versus $307 billion a year ago. Dive into the details on global and European VC ecosystems, in addition to the PitchBook-NVCA Venture Monitor First Look at US data. | | | | | | | | | PE heads deeper into the storm | | Private equity just limped through its worst year since 2016 in combined deal activity. Capital deployed declined 29%, while exit value fell 26%.
Our First Look data packs precede the release of our 2023 annual US and European PE Breakdown reports, providing additional insight on how much further PE has fallen. | | | | | | | |
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| How to choose AI for private equity legal workflows | | AI has the potential to streamline private fund managers' legal activities. Unfortunately, generic AI platforms don't meet private equity's exacting standards. They often provide inaccurate information because they can't understand and generate nuanced legal language. Without meticulous human review, generic AI could incorporate inaccurate, inconsistent, and poorly worded text into documents, increasing a firm's legal, financial, and reputational risk.
To avoid implementing costly and unhelpful AI applications, firms need to understand the fundamentals of AI and how to evaluate vendors' claims. Ontra has compiled information on how AI works, the risks of generic AI, and the five most important questions to ask AI vendors. Ontra also introduces you to Ontra Synapse, AI built for private markets.
Download The Comprehensive Guide to AI for Private Equity | | | | | | | |
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| Q&A: NFX's Beller hears echoes of crypto in generative AI fever | |  | NFX general partner Morgan Beller
(Jenna O'Malley/PitchBook News) | | | Morgan Beller co-created Meta's Libra cryptocurrency before making her way back to VC as a general partner at NFX.
She now sees similarities between generative AI and cryptocurrency: wacky valuations and "fruit fly" founders flocking to the hottest thing. But she says the hype is attracting the smartest people in tech.
We spoke to Beller about this latest craze and the echoes of crypto she sees in the generative AI fever. | | | | | | | | | Heat is on for PE exits to rebound in 2024 | |  | | (Robin Hausmann/Getty Images) | | | | Advisers to private equity firms said they are optimistic about a rebound in PE exits this year. They also expect more PE sellers to adjust their valuation expectations amid mounting pressure to deal with a backlog of maturing assets. | | | | | | | | | Market rally sets PE, VC IPOs up for double-digit gains in 2023 | | Newly public companies have benefited from the recent rally in US stocks, capping an up-and-down year on a high note, according to PitchBook's IPO indexes. - Our VC-backed IPO index is up 15.4% through early December. The PE-backed IPO index has grown 14.7% in 2023.
- Companies that went public through SPACs, however, declined 12.8% during the period.
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| | Since yesterday, the PitchBook Platform added: | | 412 Deals | 1936 People | 558 Companies | 10 Funds | | | | | | |
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The Daily Benchmark:
2015 Vintage Global PE Funds | | | | | | |
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| PitchBook webinar: Biopharma VC in flux | | Though multiple biotech sub-industries showed initial promise, setbacks have pushed VC capital toward new therapeutic applications. PitchBook senior analyst Kazi Helal, who covers biotech, and a panel of biotech VC investors will unpack findings from our newly launched biopharma Emerging Tech Research and discuss key themes expected for 2024. - Remaining opportunities for investors amid the craze for weight-loss drugs.
- Why gene therapies have under-delivered—and where investors are looking next.
- What it will take for AI to transform drug discovery.
Register now to secure your spot. | | | | | | | |
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| Short-term rental provider Frontdesk laid off its 200-person workforce after failing to raise fresh capital, TechCrunch reported. The Wisconsin-based startup is backed by investors including JetBlue Ventures and Stormbreaker Ventures. | | | | | |
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| KKR-backed BrightSpring Health Services has filed for a US IPO. The healthcare services provider is hoping to raise $1 billion, Bloomberg reported in September. | | | | | |
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