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| In today's Daily Pitch, you'll find: | | | | | |
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| Public GPs tap new capital sources amid fundraising dry spell | | Despite strong Q4 results, the total capital raised by the largest public PE firms declined more than 15% in 2023 compared to the previous year. These bellwether firms turned to private wealth channels and insurance capital to propel their AUM growth amid the fundraising dry spell.
Our Q4 2023 US Public PE and GP Deal Roundup covers the seven largest US-listed alternative asset managers: Blackstone, KKR, Apollo Global Management, Blue Owl, The Carlyle Group, Ares Management and TPG. | | | | | | | | | How VC powers AI data centers | | | AI and machine learning startups added over $22 billion across more than 1,600 deals in Q4, according to our latest Emerging Tech Research. Some of these companies support AI-specific data centers, whose specialized infrastructure and operations are designed to meet the rigors of AI workloads. A few upstarts are looking to challenge the likes of Microsoft and Google in the AI data center space. | | | | | | | |
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| Life sciences VC investment: 2023 declines, smaller deals, and opportunities | | In Q4 2023, life sciences venture investment saw a 25% decline from the previous quarter. This rounded out the year, resulting in a year-over-year decline of just under a quarter as well. Early-stage companies initially showed more resilience than their late-stage counterparts as the market began to turn, but now data shows median deal sizes dropping for the early stage as well. Despite this slower environment, advancements in gene therapy and new partnerships provide some momentum for dealmakers. Orrick's Life Sciences Snapshot breaks down key trends in the venture space alongside an expert discussion around women's and reproductive health.
Read it now | | | | | | | |
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| Vertical farming startup cinches $134M for designer fruit | |  | | (Courtesy of Oishii) | | | Oishii, an indoor vertical grower of organic strawberries and tomatoes, has closed a $134 million led by Japanese telecom company NTT.
The Series B defies the pullback from vertical farming, writes VC reporter Rosie Bradbury.
Selling luxury produce could be a sweet spot for an industry struggling to compete with cheaper, conventional leafy greens growers. Since 2021, Oishii's revenue has grown 10x, according to founder and CEO Hiroki Koga. | | | | | | | | | Specialist healthcare PE fundraising fueled by big vehicles | |  | | (Solskin/Getty Images) | | | | Healthcare specialist PE funds hit a peak in commitments last year, concentrated in a small number of large vehicles, PitchBook's Jessica Hamlin reports. GPs focused on areas such as digital healthcare, health technology and software had a record fundraising year, amassing $18.3 billion total by the end of 2023. | | | | | | | | | EQT raises $23B+ for its largest buyout fund yet | |  | | Stockholm (Tobias Ackeborn/Getty Images) | | | | EQT has raised €22 billion (about $23.5 billion) for its 10th flagship fund, beating its €20 billion target to raise the third largest European buyout fund on record. The new vehicle, which saw a bigger share of commitments coming from private wealth, is already around 30% deployed. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 600 Deals | 2094 People | 637 Companies | 25 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage North American Funds-of-Funds | | | | | | |
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Houston-based geothermal energy startup Fervo Energy is raising $221 million from undisclosed investors, TechCrunch reported.
Palo Alto's Glean, the developer of an AI work assistant, raised a $200 million Series D led by Kleiner Perkins and Lightspeed, bringing its valuation to $2.2 billion.
Exodigo, an underground mapping startup, raised a $105 million Series A led by Greenfield Partners and Zeev Ventures.
Indian logistics startup Shadowfax raised a $100 million Series E led by TPG NewQuest, according to reports.
Unseenlabs raised €85 million from investors including Supernova Invest, ISALT and 360 Capital. The French company provides maritime surveillance technology.
Workplace safety startup Intenseye, which is based in New York, raised a $64 million Series B led by Lightspeed.
UK-based biotech startup Curve Therapeutics closed a £40.5 million Series A led by Pfizer Ventures.
Lapse raised $30 million from Greylock Partners and DST Global Partners, according to reports. The UK-based company offers a photo-sharing app.
Embat secured a €15 million Series A led by Creandum. The Madrid-based company offers a treasury management platform. | | | | | |
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| PitchBook Tech Talks webinar: Y Combinator's second time founders | | This webinar brings together second time founders from Y Combinator's latest cohorts to discuss the advantages that their prior startup brings to their new companies. This conversation will dive deep into the impact of AI, hiring developers, go-to-market strategy, balancing product vs. sales and marketing, and more. Key topics include: - How building with AI is providing increased product functionality.
- Learnings from previous entrepreneurial endeavors.
- The founder experience today compared to years past.
Register now to secure your spot. | | | | | | | |
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California-based Ocean Avenue Capital Partners closed its Fund V on $600 million.
Renovus Capital Partners raised about $325 million for its first continuation fund, The Wall Street Journal reported.
Qatar Investment Authority is launching a fund-of-funds targeting international and regional VC vehicles. The sovereign wealth fund will invest more than $1 billion through the vehicle.
Zacua Ventures, a San Francisco-based VC firm focusing on early-stage investments in the construction industry, closed its inaugural fund with $56 million in commitments.
Dubai-based COTU Ventures raised $54 million for its debut fund. The firm will target pre-seed and seed-stage startups in the Middle East and North Africa. | | | | | |
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