Ranking 2023's busiest investors

Survey: GPs plan to ramp up fees; VC interest in hydrogen storage ignites; biopharma brings brand-name prices; first-time VCs face dropout problem

Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily Pitch: VC, PE and M&A February 26, 2024 The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data In today's Daily Pitch, you'll find: Our 2023 Global League Tables, ranking the top investors, advisers and more across PE and VC A survey of fund managers found a clue for confidence in the market VC interest in hydrogen storage has ignited in the clean energy sector Investors being choosy with biopharma bets pushed valuations up in a sea of declines   Today's Top Stories   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. see the rankings   Share: 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. read more   Share:   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. Share:   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. read the preview   Share: 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. read more   Share: 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. read it now   Share:   Since yesterday, the PitchBook Platform added: 12 Deals 58 People 44 Companies See what our data software can do   The Daily Benchmark: 2017 Vintage Global VC Funds with more than $250M Median IRR 19.70% Top Quartile IRR 26.75% 0.45x Median DPI Select top performers Flagship Pioneering Fund VI Frazier Life Sciences IX Oak HC/FT Partners II *IRR: net of fees 25 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks   A message from PACT   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 Share:   VC Deals   Robotics startup Figure AI is seeking to raise $675 million from backers like OpenAI and Jeff Bezos, Bloomberg reported. Generative AI healthcare startup Abridge, which is based in Pittsburgh, raised a $150 million Series C led by Lightspeed. Biotech company Frontier Medicines raised an $80 million Series C led by Deerfield Management Company and Droia Ventures. Orchestration and workflow management startup Orkes secured a $20 million investment led by Nexus Venture Partners. Elve, a California-based wireless connectivity specialist, raised a $15 million Series A from backers including Lockheed Martin Ventures and Yu Galaxy. UK-based battery recycling startup Altilium received a $12 million Series A from investors including SQM Lithium Ventures. SensiBel, a Norwegian developer of micro-electro-mechanical system microphones, raised €7 million in a round led by Sennheiser. Tuned, a hearing healthcare specialist based in New York, secured a $3.2 million seed round led by Unum Group. Device Authority raised $2 million from Mercato Partners. The a UK-based company develops identity and access management software for enterprise internet-of-things ecosystems.   PE Deals   EQT and the Canada Pension Plan Investment Board are considering a strategic exit from Nord Anglia, an international school operator, Bloomberg reported. Dominion Energy is selling a 50% stake in its Coastal Virginia Offshore Wind project to Stonepeak. WCAS has acquired pharmacy services software developer AssistRx for around $600 million, Axios reported. Identity governance company Fastpath has been acquired by Delinea, a cybersecurity specialist backed by Thoma Bravo, Insight Partners and Public Sector Investment Board. Nautic Partners has acquired Michigan-based SurfacePrep, which provides specialty coatings for surfaces. Mayfair Capital Partners has acquired Baseline Fitness, a North Dakota-based franchisee of Planet Fitness.   Fundraising   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.   Chart of the Day   Source: Q4 2023 PitchBook-NVCA Venture Monitor   Who's in the newsletter today? Companies Abridge Altilium AssistRx Baseline Fitness Coastal Virginia Offshore Wind Delinea Device Authority Elve Fastpath Figure AI Frontier Medicines Nord Anglia OpenAI Orkes Planet Fitness SensiBel SurfacePrep Tuned Investors Canada Pension Plan Investment Board Deerfield Management Company Dominion Energy Droia Ventures EQT Earlybird Venture Capital GapMinder Horizon Capital Insight Partners Jeff Bezos Lightspeed Lockheed Martin Ventures Mercato Partners Nautic Partners Nexus Venture Partners Public Sector Investment Board SQM Lithium Ventures Sennheiser Sequoia Sequoia Heritage Stonepeak Thoma Bravo Unum Group WCAS Yu Galaxy   About PitchBook | Terms of use | Advertise with us | Contact Follow us: This email was sent to edwardlorilla1986.paxforex@blogger.com via the PitchBook Platform. Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here. 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