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| In today's Daily Pitch, you'll find: | | | | | |
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| VCs chip in less on semiconductors | | VC investment in the semiconductor market has been on a downward trajectory. Despite major policy shifts and renewed public interest, it declined in 2023 to a total of $10.3 billion, compared with 2022's $12.8 billion and 2021's peak of $16.1 billion.
With the sector's future up in the air, our latest Emerging Tech Research dives into the key trends and opportunities around semiconductors. | | | | | | | | | Carveouts, add-ons key to PE strategies in 2024 | |  | | (Nora Carol Photography/Getty Images) | | | With the headwinds of 2023 likely to carry over into this year, dealmakers expect PE firms to concentrate on portfolio management.
That means focusing on strategies such as add-ons and carveouts to grow existing portfolio businesses and bolster balance sheets. | | | | | | | |
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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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| PE holds fast on software industry | | We're far from the heydays of the pandemic lockdown-induced software boom, but conditions are ripe for another strong run by PE-backed software companies.
Software providers' margins are up, tech deal counts are better than pre-pandemic levels and SaaS business models remain compelling. As firms like Thoma Bravo and Vista Equity Partners bring in revenues rivaling that of top software corporations, our analysts dive deep on PE funding for the tech sector. | | | | | | | | | 'Soonicorns': 5 startups that could hit $1B valuation in 2024 | |  | | (zoff-photo/Getty Images) | | | Last year, Europe saw its lowest level of unicorn creation since 2018, but there are signs of VC recovery that could swell the region's herd.
Here's a look at a few European startups that could achieve a $1 billion-plus valuation—unicorn status—in the year ahead. | | | | | | | | | What's in store for fundraising in 2024? 3 predictions | |  | | (Drew Sanders/PitchBook News) | | | Private investment managers may be raising champagne glasses to better days ahead, but poor fund distributions and interest rates are likely to spoil the party.
The downtrodden exit environment has hit PE and VC investors alike with some of the lowest returns in years. Less cash leaving old funds means LPs are strapped for new commitments.
Meanwhile, those LPs are being lured by less risky bets. Higher yields on bonds and cash continue to make it easier to hit institutional investor return targets—typically 7% to 9%—with fewer alternative assets.
Our analysts have a few predictions for what's in store for fundraising in 2024. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 357 Deals | 1359 People | 536 Companies | 12 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage Global VC Funds | | | | | | |
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San Diego-based defense-tech startup Shield AI raised an additional $300 million for its Series F, bringing the round's total to $500 million.
Vestwell raised a $125 million Series D led by Lightspeed for its savings and investment platform.
Biotech startup Apollo Therapeutics raised an additional $33.5 million for its Series C, closing the round with $260 million. The financing was led by Patient Square Capital.
Indonesian electric vehicle battery startup Swap Energy secured $22 million in a Series A led by Qiming Venture Partners.
CardioMech, a Norwegian developer of therapeutic devices for heart disease, secured $13 million from new and existing investors. | | | | | |
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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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Ardian and Spanish renewable energy company Solarpack have dissolved their joint venture, allowing each to retain 100% ownership of their portfolios. Ardian now owns three solar plants in Chile and one in Peru.
Early-stage venture firm Countdown Capital is shutting down, TechCrunch reported. The firm is canceling all uncalled commitments, returning all invested capital, and ceasing operations in March. | | | | | |
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