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| In today's Daily Pitch, you'll find: | | | | | |
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| PitchBook Benchmarks for PE, VC and more | | | PitchBook Benchmarks offer a window on the latest data for closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q2 2023 with preliminary data for Q3. It features downloadable XLS tables, data visualizations, and PDFs that slice the data by fund type and geography. | | | | | | | | | Healthcare PE investors proceed with caution in 2024 | |  | | (David Sacks/Getty Images) | | | Healthcare-focused PE managers were less active in 2023 than years prior, and they're likely to maintain caution in 2024.
From its 2021 peak to the end of 2023, total healthcare-related PE deal value fell 60.4%—reaching its lowest point since 2016, according to our 2023 Annual US PE Breakdown. | | | | | | | |
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| A message from RBC Capital Markets | | |
| M&A poised for a 2024 resurgence—but deals will look different | | With strong signals that global interest rates are peaking, global M&A markets are regaining confidence. Since the boom period of 2020-2021, sellers' expectations have dipped, providing potential opportunities for early movers. Nevertheless, the current environment makes it harder to get deals across the line. It also encourages less traditional deal structures, such as shared ownership, as well as corporate consolidation. With geopolitical tensions and a host of major elections also in the mix, will 2024 see momentum return to M&A? Hear from RBC Capital Markets' expert bankers on the Strategic Alternatives podcast.
Listen to the Strategic Alternatives podcast here | | | | | | | |
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| 2023 snaps startup-friendly streak | |  | | (Drew Sanders/PitchBook News) | | | For more than four years, startups enjoyed the upper hand in deal negotiations with investors. That came to an abrupt end in 2023.
PitchBook's VC Dealmaking Indicator shows that startups continue to demand more capital than investors are willing to supply. Our early-stage capital demand-to-supply ratio hit a decade peak of 1.84x in Q4 2023.
But there are signs that conditions are easing for more mature companies. Q4 2023 saw this ratio drop from recent peaks for late-stage and venture-growth companies. | | | | | | | | | Foodtech stocks stand firm even as plant-based meats lose out | | Kitchen tech providers set the upper limit of median 2023 growth for public foodtech companies, and the subsegment persevered in Q4 along with food delivery marketplaces to keep pace with the wider market. For 2024, estimates are pessimistic for alternative proteins stocks, while analysts expect strong growth for the restaurant and retail tech industry.
Our Q4 2023 Foodtech Public Comp Sheet and Valuation Guide tracks stock performance, valuations and market caps—as well as forecasts for revenue, EBITDA and earnings per share—for key publicly traded companies. | | | | | | | | | Indoor farming shares end 2023 on sour note | | Public agtech companies continued to droop in the tough market, with all segments underperforming in Q4 against major indexes. Animal biotech stocks had the best returns for the quarter, while a subsection of plant biotech showed the fastest yearly growth. Indoor farming's performance bore the brunt of 2023's inflation, high interest rates, and rising energy costs.
Our Q4 2023 Agtech Public Comp Sheet and Valuation Guide tracks stock performance, valuations and market caps—as well as forecasts for revenue, EBITDA and earnings per share—for key publicly traded companies. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 732 Deals | 2693 People | 709 Companies | 25 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage North American Real Estate Funds | | | | | | |
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IK Partners has promoted Carl Jakobsson and Frederik Jacobs to partner as part of the mid-cap investment teams in the Nordics and Benelux regions, respectively.
Christopher Ailman, the CIO of CalSTRS, the second-largest pension fund in the US, will step down from his role at the end of June, Pensions & Investments reported. | | | | | |
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Finn raised a €100 million Series C led by Planet First Partners. The round values the Munich-based car subscription startup at over $600 million.
D-Orbit secured €100 million in the first close of its Series C. Marubeni Corporation led the round for the Italian space logistics specialist.
Norwegian robotics startup 1x raised a $100 million Series B from investors including EQT Ventures.
London's Hyperexponential raised a $73 million Series B led by Battery Ventures for its insurance pricing platform.
120Water, a water management startup based in New Jersey, secured a $43 million investment from Edison Partners.
Cactos, a Helsinki-based developer of smart energy storage systems, secured more than €26 million in funding led by OP Financial Group and The Finnish Climate Fund.
San Diego-based energy storage startup RedoxBlox secured $25 million across a Department of Energy grant, a Series A led by Khosla Ventures and another grant from the California Energy Commission.
Rune Labs, a San Francisco-based neurology software specialist, raised $12 million led by Nexus NeuroTech Ventures.
Rivero received a $7 million Series A led by 6 Degrees Capital and Inference Partners. The Swiss company's products digitalize and automate payment processes. | | | | | |
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| Don't miss our upcoming webinar | | Join our analysts as they recap the biggest 2023 trends in European PE and VC and help you get prepared for 2024. Whether you're interested in dealmaking considerations, exit market conditions, potential risks ahead or updates on raised capital, our experts will help you win what's next.
Register now to secure your spot. | | | | | | | |
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Ares Management is nearing a final close on a €20 billion direct-lending fund, Bloomberg reported.
The Carlyle Group has raised over $600 million for an equity fund to support collateralized loan obligation deals in the US and Europe.
Arcano Partners has launched its fifth PE secondaries fund, which will target €500 million.
Israeli VC firm Vintage Investment Partners has closed its fourth growth-stage fund on $200 million. | | | | | |
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Chesapeake Energy is buying its rival, Southwestern Energy, in a $7.4 billion all-stock deal that will create the largest natural gas producer in the US.
Thomson Reuters has offered to buy Pagero, a Swedish e-invoicing and tax solutions company, for 6.4 billion Swedish kronor (around $627 million). The offer tops an earlier one from Vertex. | | | | | |
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"US PE dealmaking finished the year similar to how it started: still struggling to find a bottom. ... For the full year, deal value declined by 29.5% to $645.3 billion, its lowest point since 2017 outside of the pandemic-induced lockdown of 2020."
Source: 2023 Annual US PE Breakdown | | | | | |
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