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| In today's Daily Pitch, you'll find: | | | | | |
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| PE dealmaking in middle market bounces back | | PE middle-market deal volume rebounded in Q4 2023 after a muted Q3, which brought some optimism about an acceleration in PE dealmaking. However, the seemingly solid turnaround may be misleading, as too many deals involved rescue capital or reflected distressed valuations.
Exit activity also rebounded amid a flurry of continuation fund transactions in the middle-market space. It's a trend that's likely to continue given strong fundraising by secondary buyers.
Our 2023 Annual US PE Middle Market Report, sponsored by Stax, examines dealmaking and fundraising trends beyond what the data shows. | | | | | | | | | Spring thaws venture debt market, but not everyone is feeling the warmth | |  | | (Micha Pawlitzki/Getty Images) | | | Market participants have noticed the venture debt market gradually recovering from last year's Silicon Valley Bank ordeal, and lenders are offering attractive deal terms to their preferred borrowers amid increased competition.
However, some argue that the borrower-friendly environment only favors companies that recently raised equity financing, perform well, or are operating in buzzy fields like AI. | | | | | | | |
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| Value-based care landscape heats up | | As the US healthcare industry continues its transition to value-based care, the landscape of value-based enablement companies—which help healthcare providers adopt value-based models—has shifted along with new entrants and intensifying competition. VC and PE deal activity in the enabler space reached $902.4 million across eight deals in 2023.
Lead healthcare analyst Rebecca Springer's latest Industry Research dives into the evolving landscape, providing an update on new trends and key players. The window to successfully launch new enablers appears to be closing faster than anticipated, with more players in the space than ever before. | | | | | | | | | Fintech's Vegas meetup sets positive trajectory | | The annual Fintech Meetup conference in Las Vegas has wrapped, and senior fintech analyst Rudy Yang was on the ground, speaking to investors and founders about the state of the vertical.
Our latest analyst note highlights the core insights and takeaways from the conference, featuring notes from over 20 of our conversations with investors and founders. Despite prevailing pessimism that has gripped the industry, most stakeholders in Vegas seemed upbeat, projecting optimism about what's to come. | | | | | | | | | How big is the US leveraged loan repricing opportunity? | |  | | (Olm26250/Getty Images) | | | Leveraged loan repricing activity, which cooled in February, is back as a hot market has spurred issuers to reduce their borrowing costs.
When assessing pricing trends and the overall playing field of loans in the Morningstar LSTA US Leveraged Loan Index, it appears this opportunistic activity has plenty of room to run. | | | | | | | | | One year after SVB, the throne sits empty | |  | | (Julia Midkiff/PitchBook News) | | | One year after Silicon Valley Bank's implosion, the venture debt market has yet to crown a new king.
In the immediate aftermath of SVB's fall, many startups turned to nonbank lenders to sidestep similar risks of collapse at other banks. But after some time to digest, private companies are now turning back to banks. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 604 Deals | 2360 People | 725 Companies | 34 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage Global PE Funds with more than $1B | | | | | | |
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Ridehailing company InDrive raised an additional $150 million from General Catalyst.
German biotech startup Tubulis raised a €128 million Series B2 led by EQT Life Sciences and Nextech Invest.
San Francisco's Together AI raised $106 million in a round led by Salesforce Ventures for its open-source AI platform.
London-based payments specialist PPRO raised €85 million from investors including Eurazeo, Citi Ventures and PayPal Ventures.
Unstructured, a San Francisco-based AI startup focused on cleaning and processing large language models, raised a $40 million Series B led by Menlo Ventures.
London-based biotech startup Relation Therapeutics raised $35 million in a seed round led by DCVC and NVentures, the investment arm of Nvidia.
Netherlands-based TheyDo raised $34 million in a round led by Blossom Capital for its customer engagement platform.
Pi Health, a Massachusetts-based oncology biotech startup, secured over $30 million in its Series A led by AlleyCorp and Obvious Ventures.
NeoTaste, the developer of a German restaurant discovery app, closed a €15.1 million Series A extension led by Earlybird, bringing the round's total to €21 million.
Packfleet, a London-based carbon neutral courier, secured $10 million in a round led by General Catalyst and Voyager Ventures. | | | | | |
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KKR has agreed to acquire German renewable energy company Encavis in a €2.8 billion deal, Bloomberg reported.
Great Hill Partners has bought employee reward provider Perkbox for £130 million, Sky News reported.
UK-based growth equity firm Ampersand Capital Partners has acquired Specac, a spectroscopy accessories manufacturer.
CIBC Innovation Banking announced that it has provided growth financing to Skedda, which offers a workspace management and scheduling platform for hybrid workers.
HIG Capital has agreed to buy the thermal commercial vehicles division of Paris Stock Exchange-listed company Valeo. | | | | | |
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Nordic Capital is considering selling German regulatory software company Regnology at a valuation of up to €3 billion.
Vista Equity Partners is exploring a sale of IT infrastructure monitoring specialist LogicMonitor for approximately $1.5 billion including debt, Bloomberg reported. | | | | | |
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| Venture firm Ballistic Ventures has closed its second flagship fund on $360 million to invest in cybersecurity startups. | | | | | |
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"The number of female angel investors who are active in Europe experienced material growth for more than a decade, though it declined by nearly one-half in 2023 as investors across the board grew more cautious. ... For the past three years, female angel investors have participated in more than a quarter of all VC deals that involved both a female founder and any angel participation."
Source: 2023 European All In: Female Founders in the VC Ecosystem | | | | | |
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