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| In today's Daily Pitch, you'll find: | | | | | |
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| Private markets lag historical returns. Is a catch-up in store? | | The first half of 2023 was a challenging period for private market strategies. PE, VC and private debt lagged their historical returns, and only real assets outperformed its 10-year average. In fact, PE returned only 6.6% for the year through June, a massive dip from its average return of 16.4% over the last decade.
But the surge in public market returns is a sign of optimism for PE and VC. Our Q2 2023 Global Fund Performance Report, with preliminary Q3 data, shows that private market strategies are hinting at signs of life. Last year was a surprisingly good year in the public markets, a trend that may spur private fund write-ups in Q4 2023.
Only time will tell. | | | | | | | | | Corporate influence over generative AI deals irks some VCs | |  | | (AerialPerspective Images/Getty Images) | | | Corporate investors are pouring huge sums into generative AI startups, rankling traditional VCs who are getting squeezed out of deals as they contend with soaring valuations and onerous deal terms.
CVCs were tied to 80% of VC deal value flowing into generative AI companies last year, PitchBook data shows. Some investors are wary that their influence will hinder startups in the long run. | | | | | | | |
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| An all-in-one solution for deal and relationship management | | Professional and financial services firms build their reputations and business on the relationship networks and expertise of their partners and professionals. However, the conventional CRMs they've relied on in the past have been designed to track linear relationships and exchanges for a product—not the complex ecosystem of relationships and data that contribute to pipeline and move deals forward.
With Intapp DealCloud, firms can enhance how they manage their deals and relationships in a solution purpose-built to centralize the information and workflows capital markets professionals rely on every day to grow.
Read how you can transform your business today | | | | | | | |
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| What LPs look for in a VC fund | | VC fundraising has become a brutal slog. Indeed, LPs' bar for backing a venture vehicle has risen significantly. Allocators are prioritizing funds whose predecessors converted returns into cash, remained disciplined during the 2021 market frenzy, and had a thoughtful strategy around fund size increases.
Emerging managers with unique networks and relevant industry experience can stand out from the pack. Our latest analyst note outlines expectations for smaller fund sizes, fewer new products and a shakeout of mediocre managers who struggle to adapt. | | | | | | | | | Q&A: Expect 'another epic year' for secondaries | |  | Amyn Hassanally, Pantheon's global head of PE secondaries
(Courtesy of Pantheon) | | | Although exit conditions are predicted to improve this year, few expect to see a major ramp up of M&A and IPOs. That's good news for secondaries.
We spoke to Amyn Hassanally, global head of PE secondaries at investment manager Pantheon, who told us he expects it to be "another epic year" for secondaries activity and that greater secondaries fund specialization is in the cards. | | | | | | | | | LP interest in energy transition reflected in $10B Brookfield fund | |  | | (Buena Vista Images/Getty Images) | | | Brookfield Asset Management has raised $10 billion in the first close of its second fund dedicated to the global energy transition, signaling continued investor interest in clean energy, sustainability and a net-zero economy.
The fund's predecessor closed on $15 billion with contributions from LPs like the New Jersey Division of Investment, the New York State Common Retirement Fund and the Ontario Teachers' Pension Plan. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 617 Deals | 1891 People | 852 Companies | 38 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage Global Real Assets Funds | | | | | | |
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| Don't miss today's webinar | | Join Emerging Tech Research analysts Derek Hernandez and James Ulan as they investigate Y Combinator's newest crop of CRM startups and their plans to out-innovate incumbents. Discussions with multiple founders will cover how they're building better products and their experiences in helping companies track customers, provide technical support and more. Key topics include: - Where large incumbents are falling short and how startups can break through.
- What founders are learning about customer needs.
- How AI is currently changing CRM, and predictions for the future.
Register now to secure your spot. | | | | | | | |
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HIG Capital is exploring a sale of Usalco, which provides water-treatment chemicals, that could fetch as much as $2 billion, Bloomberg reported.
EQT is reviving plans for an IPO of dermatology company Galderma, the Financial Times reported. | | | | | |
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