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| In today's Daily Pitch, you'll find: | | | | | |
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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 recent analyst note outlines expectations for smaller fund sizes, fewer new products and a shakeout of mediocre managers who struggle to adapt. | | | | | | | | | Gaming continues leveling up | | Despite a relatively subdued year, the gaming VC ecosystem ticked upward in Q4, according to our latest Emerging Tech Research. Across 126 deals gaming startups brought in $1 billion from VCs, snapping back to the more realistic level of investment seen pre-pandemic.
As gaming continues to grow even bigger, content moderation and back-end service startups are emerging opportunities in the sector. Our Q4 2023 Gaming Report highlights the startups, trends and opportunities worth paying attention to. | | | | | | | |
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| A message from McDermott Will & Emery LLP | | |
| Healthcare investors—maximize your success with PPMs and ASCs | | Get actionable insights from senior PPM and ASC executives, chief development officers, PE investors and bankers facilitating innovative market moves during PPM-ASC 2024, May 15-16 in Nashville.
This destination conference brings together 800+ health industry leaders to address issues including value-based care models, federal and state policy developments, novel JVs and partnerships, creative deal and exit strategies, value-creation tactics and more.
Experience all the fun of Music City while networking with and learning from the decisionmakers who can help drive your next deal forward.
"Excellent content, phenomenal networking opportunities and great venue."—PPM-ASC 2023 attendee
Reserve your spot | | | | | | | |
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| PE IPO Index gets strong-Armed | | Our IPO index of formerly PE-backed companies is up 15.9% this year, thanks largely to the performance of UK-based chip designer Arm.
The SoftBank-backed company's stock soared 77% after the AI craze drove sales sharply higher in its latest earnings. Arm comprises 27.4% of PitchBook's capitalization-weighted index, owing both to its large size and the dearth of PE-backed IPOs in recent years.
Our VC-backed index has risen 9.5% in 2024, and the DeSPAC index is down 2.5%. | | | | | | | | | TPG reports decline in key profit metric | |  | | (PM Images/Getty Images) | | | | TPG posted a year-over-year drop in the firm's distributable earnings—cash that can be returned to shareholders—due to the decline in realized performance allocations and higher expenses resulting from the acquisition of Angelo Gordon, according to its fourth-quarter earnings release. | | | | | | | | | PE braces healthcare services deals as add-ons fall | |  | | (Peter Dazeley/Getty Images) | | | PE dominated the healthcare services space by announcing or closing an estimated 788 deals last year, a year-over-year decline that still surpassed pre-pandemic levels to mark the third-strongest year ever.
But, under the pressure of high interest rates and a labor shortage spurred by the mass workforce exodus in the wake of the pandemic, deal size and structure have changed fundamentally. | | | | | | | | | Social, economic trends fuel enterprise fintech's payroll innovation | | Enterprise fintech is on a roll: It's eating up more VC dollars than its retail fintech counterpart. In Q4, deal value was up 19.6%, reaching $4.7 billion across 304 deals.
According to our recent Emerging Tech Research, new innovations within payroll technology may be the next big thing in fintech. The report dives into the startups and key trends within the enterprise fintech space while touching on what new regulations may mean for the future. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 544 Deals | 2835 People | 635 Companies | 18 Funds | | | | | | |
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The Daily Benchmark:
2015 Vintage Global Funds-of-Funds | | | | | | |
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| A message from Apex Group | | |
Why funds need to raise their game on ESG reporting | | By incorporating environmental, social, and governance (ESG) factors into investment decisions, fund managers have become better at managing risks related to ESG issues. This has helped to reduce losses and protect investments over the long term. However, investors' demands for transparent ESG reporting are evolving rapidly and meeting them remains key. Read Apex's latest insights on: - Recent developments in ESG across private markets
- The impact the SFDR is having on ESG both in Europe and globally
- How the US Securities and Exchange Commission (SEC) proposal may change the way that private markets approach ESG reporting
- What managers should be focusing on in 2023 and beyond
To find out more, download eBook here. | | | | | | | |
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California-based BioAge, a biotech startup developing therapies for obesity and metabolic diseases, raised a $170 million Series D led by Sofinnova Investments.
Sudo Biosciences, an Indiana-based biopharmaceutical startup, raised a $147 million Series B led by Enavate Sciences and TPG.
ProfoundBio, a Seattle-based cancer therapy specialist, raised a $112 million Series B led by Ally Bridge Group.
Antithesis, a software testing and debugging startup based in Virginia, raised $47 million in a seed round from Amplify Partners, Tamarack Global and First In Ventures.
Intel Capital, Atlantic Bridge and Supernova led a more than $40 million round for semiconductor startup Cambridge Mechatronics.
Helsinki's Bob W raised €40 million in Series B led by Evli Growth for its short-stay apartment rental marketplace.
Satellite connectivity specialist Skylo secured $37 million led by Intel Capital and Innovation Endeavors. | | | | | |
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| Don't miss our upcoming webinar | | Despite poor public stock performance last year, our analysts say the economy performed better than anticipated, and we can anticipate a steadier trickle of IPOs in 2024 if interest rates begin to decrease. Still, intensifying hurdles like dwindling cash runways and access to capital are driving startups and investors to approach 2024 with even greater caution.
In partnership with the National Venture Capital Association (NVCA) and sponsored by J.P. Morgan, Dentons, and Deloitte, this webinar will highlight key findings from the Q4 2023 PitchBook-NVCA Venture Monitor and what investors should be aware of in 2024. Key topics include: - Later-stage companies, many of which should have exited by now, have been impacted the most by the significant slowing of deal activity YoY across all stages.
- Despite some high-profile IPOs, we are far from an IPO comeback, leaving many companies at the mercy of an investor-friendly fundraising market.
- Nontraditional investors have continued to reduce their VC appetite. Given the current interest rate environment, we don't expect many of them to return for quite some time.
Register now to secure your spot. | | | | | | | |
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| Fintech startup Bolt has cut its valuation by 97% in a share buyback transaction, The Information reported. Valued at $11 billion in 2021, the Tribe Capital buyback values the company at $300 million, according to the report. | | | | | |
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Houston-based CAZ Investments committed $1 billion to Blue Owl Capital's GP Stakes Fund VI.
The Carlyle Group has launched a new semi-liquid European private credit strategy offering individual private wealth investors access to its global credit platform.
Swiss VC firm Wingman Ventures rebranded as Founderful. It also raised $85 million for its latest Swiss AI- and tech-focused vehicle, which is targeting $120 million.
Paris-based GP stakes investor Armen bought up to 32% of deep-tech investor Jolt Capital.
Struggling UK logistics company Yodel has been acquired by YDLGP, a newly formed company backed by a consortium of investors including investment bank Solano Partners and executives from rival PE-backed company Shift. | | | | | |
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