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| In today's Daily Pitch, you'll find: | | | | | |
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| Ranking the busiest investors of 2023 | | | The world's most active PE firm notched 183 deals last year, and the busiest VC firm closed 397. Who else made the leaderboard? Our interactive Global League Tables for 2023 are now available, spanning the full spectrum of private market activity. We rank everything from the most active law firms in the venture universe to the busiest PE investors by region. | | | | | | | | | Survey: GPs plan to ramp up fees in show of confidence | |  | | (Cavan Images/Getty Images) | | | | Some asset managers plan to ramp up management fees in 2024—a sign of renewed confidence in the dealmaking market. In a survey of 100 GPs by Dynamo Software, about 20% expect to increase fees, a significant bump from just over 5% in 2023. | | | | | | | |
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| A message from Allvue Systems | | |
| Find out how your firm's AI adoption measures up to your peers' | | As we move into a brighter investment environment for 2024, Allvue surveyed 114 private capital managers globally about their outlook on tech adoption and current investment conditions.
Top findings include: - Nearly a quarter of private capital managers have already adopted AI and machine learning into their fund operations.
- 48% of managers expect 2024's dealmaking environment to be better than 2023's.
- Private capital managers' top three applications of AI include data collection (63%), portfolio monitoring (59%), and dealmaking (59%).
The results signal trust in emerging technology and the effects it can have on the private capital sector—not just as an investment target, but as a tool to optimize fund operations.
For the complete findings of Allvue's 2024 GP Outlook, download the full report. | | | | | | | |
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| VCs focus on the grid, hydrogen storage | | VC funding for the clean energy sector dipped by about $5 billion in 2023 compared to the previous year. But the industry has been ignited by pressure from the COP28 conference and the Biden administration's hydrogen hubs, according to our latest Emerging Tech Research.
VCs are paying more attention to the systems underpinning the clean energy revolution, with grid infrastructure and hydrogen storage joining the dealmaking spotlight. | | | | | | | | | Why early-stage biopharma valuations have surged | |  | | (MirageC/Getty Images) | | | | There's been one notable exception to the long decline in VC valuations: Investors are willing to pay up for early-stage companies developing medicines. It's a sign that biotech investors have become choosier, giving more capital and paying higher prices to fewer companies. | | | | | | | | | 37% of first-time VCs might not be able to raise a second fund | | 2021 was the heyday for new entrants in venture capital: First-time fundraising reached a peak of $14.7 billion, including to more inexperienced managers without bulletproof track records or networks. Now that LPs have retreated, those same fund managers are in trouble, according to our recent analyst note.
More than 247 first-time managers that closed funds between 2019 to 2021 won't be able to raise a sophomore fund, according to PitchBook estimates. Those particularly at risk of being incapable of raising a second VC fund will likely be managers of funds with less than $10 million in commitments and those in emerging US markets. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 12 Deals | 58 People | 44 Companies | | | | | | |
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The Daily Benchmark:
2017 Vintage Global VC Funds with more than $250M | | | | | | |
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Philly ecosystem's resilience stands out as 2023 VC volume exceeds 2021 | | VC dealmaking slowed across the entire US in 2023, and Philadelphia was no exception. But maintaining its reputation for gritty resilience, the Philly ecosystem held stronger than many other, larger venture hot spots, particularly at the pre-seed and seed stages, to notch $2.4 billion across 403 deals. In the latest report detailing key trends in all things VC for the Philly metro area, PACT, Ben Franklin, and partners identify multiple themes, including: - How robust pre-seed and seed financing activity in recent years paved the way for resilience at the early stage.
- The surprising knock-on effects of valuation trends in Philly during the recent boom.
- Resilience across diverse sectors and the contributing features of the metro area.
Read the report | | | | | | | |
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Horizon Capital has reached a final close on $350 million to support Ukrainian companies through its fourth growth vehicle.
Sequoia's Sequoia Heritage has pledged $200 million to the debut secondaries fund of investment firm RenWave Kore, The Wall Street Journal reported.
Berlin-based Earlybird Venture Capital has raised €173 million for its latest healthcare-focused fund.
Amsterdam-based GapMinder has launched its second flagship fund with a target of €80 million. It will invest in seed-stage tech startups. | | | | | |
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