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| In today's Daily Pitch, you'll find: | | | | | |
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| Takeaways from JP Morgan's healthcare conference | | Although relatively few major deal announcements were made last week at JP Morgan's healthcare conference in San Francisco, the mood at the event was more optimistic than in 2023.
PitchBook healthcare analysts attended private company presentations and met with market participants. AI, weight loss drugs and paths to profitability dominated conversations. We've distilled the main takeaways for VC and PE investing into our latest analyst note. | | | | | | | | | Reporter's notebook: Muted deals, weight loss drugs at healthcare event | |  | | San Francisco (Greta6/Getty Images) | | | JP Morgan's annual healthcare conference is usually accompanied by significant deal announcements, from potential IPOs to large financings.
But such activity was in short supply last week at the convention, which is the largest healthcare event of its kind. Instead, much of the conversation focused on AI and the latest breakthrough in medicine: GLP-1 weight loss drugs. | | | | | | | |
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| A message from Alter Domus | | |
| Unlock open-ended characteristics with unrivalled expertise and technology | | Funds with open-ended characteristics look set to offer asset managers significant opportunities for growth in 2024. Alter Domus is focused on unlocking those opportunities by reducing the administrative burden that comes with more investors, more transactions, multiple redemption criteria and more.
Through their extensive experience, Alter Domus' private market experts will advise on all aspects relating to the value chain of fund administration including the key developments of open-ended features. Alter Domus will also help navigate the regulatory landscape of this evolving market, including the ELTIF 2.0 regime in Europe, to drive efficiencies and manage risk.
Its hybrid technology platforms will put asset managers in control, ensuring they have the accurate and timely data needed to meet investor requirements and ultimately drive growth.
Find out more about this open-ended offering | | | | | | | |
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| BlackRock to boost private markets business with $12.5B GIP purchase | |  | BlackRock CEO Larry Fink
(Thos Robinson/Getty Images) | | | BlackRock has been on the hunt for private markets growth, and with its agreement to buy Global Infrastructure Partners for $12.5 billion, those plans get a big boost. The deal will see BlackRock's infrastructure portfolio more than triple in size.
And the firm is not alone in targeting infrastructure investment as a means of spurring returns. The GIP deal is the ninth example in the last two years of GPs investing in infrastructure-focused managers. | | | | | | | | | Private equity's top sports plays of 2023 | |  | | (Mmdi/Getty Images) | | | Private equity is a major player in the world of professional sports, and as leagues continue to ease their ownership rules, dealmakers have the opportunity to make more plays.
Following noteworthy pacts last year on both sides of the Atlantic, we took a look at five of the most prominent sports-related PE deals in 2023. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 1 Deals | 29 People | 10 Companies | | | | | | |
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The Daily Benchmark:
2012 Vintage Global Funds-of-Funds | | | | | | |
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WaveBL, a Delaware-based company that enables the electronic transfer of trade documents, has raised an additional $11 million for its Series B led by NewRoad Capital Partners, bringing the total to $37 million.
Salt Lake City-based Fullcast, a revenue operations specialist, raised a $34 million seed round led by Epic Ventures.
Prometeo, a fintech startup based in Uruguay, secured a $13 million Series A led by Antler Elevate.
Ask-AI, a generative AI startup, has raised an $11 million Series A led by Leaders Fund.
Seattle's Avante, an enterprise SaaS startup, raised $10 million in seed funding led by Fuse
Stellantis Ventures has invested in Tiamat, a French developer of sodium-ion battery technology. | | | | | |
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| L'Oréal has agreed to buy the remaining shares it did not own in Swiss water fractioning technology company Gjosa. | | | | | |
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