How buyers assess continuation funds

The evolution of embedded insurance; the top 10 VCs in cybersecurity startups; banks gain ground in battle with private credit

Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily Pitch: VC, PE and M&A March 1, 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: A new crop of companies are attracting VC interest by shaking up how insurance is offered Manulife's co-head of secondaries on how buyers evaluate continuation funds The 10 most active VC investors in cybersecurity startups   Today's Top Stories   Q&A: Manulife exec on finding alignment in continuation funds (MirageC/Getty Images) GPs need to understand what factors influence buyer decision-making when launching a continuation fund. Jeff Hammer, global co-head of Manulife's secondaries business, recently shared how he assesses deals with PitchBook's Madeline Shi. read more   Share: VCs eye nontraditional providers as insurtech's future VC investors have poured nearly $30 billion over the past three years into the insurtech startups challenging established business models. A new crop of companies, those developing embedded insurance, are attracting investor attention—and their capital, PitchBook's Robert Le writes in our latest analyst note. Embedded insurance is a model where coverage is offered and managed by nontraditional providers and, typically, distributed via retail platforms like Amazon or American Airlines. read it now Share:   A message from PitchBook   2024 PitchBook Media Kit released Volatility is on the rise, everywhere. Dealmakers are looking for insights, services and tools to navigate challenging, complex market environments—and you can help them. By partnering with PitchBook Media, you can reach over two million industry professionals spanning the C-suite to flagship GP offices. Customize a unique array of options from the brand-new 2024 PitchBook Media Kit, including: Sponsorship of market-leading reports such as the PitchBook-NVCA Venture Monitor Placement in the most widely read industry newsletters such as the Weekend or Credit Pitch Sponsored columns to share your specific message or thought leadership Bespoke research options for unique, in-depth analysis Talk to us Share:   The VCs leading the way in cybersecurity (Boonchai Wedmakawand/Getty Images) Companies and governments are leaning on cybersecurity to help fight disinformation, deepfakes and data breaches as a busy year for global elections presents heightened threats. We tracked down the 10 most active VC investors in cybersecurity startups since 2017. read more Share: Banks eye low-rated refinancings to claw back business lost to private credit (Catherine Falls Commercial/Getty Images) In the push-and-pull between traditional Wall Street banks and private credit, banks are reclaiming market share by refinancing privately placed deals. Borrowers with single-B ratings in particular are finding favorable lending rates via the broadly syndicated loan market, where spreads hover significantly below the typical pricing of direct lending deals. read more   Share: European VC valuations largely survive corrections Europe's venture market saw many valuation corrections last year, but the median pre-money valuation still increased year-over-year across most stages. Only the seed and venture-growth stages suffered declines, according to our 2023 Annual European VC Valuations Report, and only venture growth registered a lower median deal value in 2023. While valuations aren't expected to rebound to 2021 levels any time soon, there are indications that Europe may have reached the low point of the valuation dip. Changes in interest rates will likely determine the extent of recovery in VC valuations going forward. read the report   Share:   Since yesterday, the PitchBook Platform added: 504 Deals 2134 People 680 Companies 42 Funds See what our data software can do   The Daily Benchmark: 2020 Vintage Global Secondaries Funds Median IRR 20.35% Top Quartile IRR 30.13% 0.12x Median DPI Select top performers LTO Fund III Blackstone Strategic Partners Infrastructure III RCP Secondary Opportunity Fund III Overage Fund *IRR: net of fees 21 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks   VC Deals   German solar energy startup Enviria raised over $200 million from BlackRock. Portuguese electric vehicle charging specialist Powerdot secured a €100 million investment led by Antin Infrastructure Partners. BlossomHill Therapeutics, a San Diego-based biotech startup, raised a $100 million Series B led by Colt Ventures. Kenai Therapeutics raised an $82 million Series A co-led by Alaska Permanent Fund, Cure Ventures and The Column Group. The San Diego-based company is developing cell therapies for neurological diseases. San Jose-based SaaS startup AiDash secured a $50 million investment led by Lightrock. Greek insurtech startup Hellas Direct raised €30 million in a round led by ETF Partners. Real estate equity startup EasyKnock, which is based in New York, raised a $28 million Series D backed by investors including Northwestern Mutual Future Ventures. Orbis Medicines, a Danish drug discovery startup, raised a €26 million seed round led by Novo Holdings and Forbion. Germany's Heyflow closed a $16 million Series A led by Singular for its no-code platform for building interactive websites. Paris-based cybersecurity startup Filigran completed a €15 million Series A led by Accel. Silence Laboratories, a Singapore-based developer of privacy-compliant collaboration infrastructure, secured $4.1 million in a round led by Pi Ventures and Kira Studio. Vitrue Health raised $4 million in a round led by MMC Ventures and Hambro Perks. The London-based company's digital tools help combat musculoskeletal issues in the workplace.   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. Share:   PE Deals   KKR may sell its controlling stake in Mumbai-based JB Chemicals & Pharmaceuticals, Bloomberg reported. Kester Capital has sold UK pet shop chain Jollyes to TDR Capital. IK Partners has entered exclusive negotiations to buy a majority stake in Eurofeu, a German maker of fire protection equipment and firefighting vehicles, from Capza. Swedish buyout company Pophouse Entertainment Group has purchased the music catalog of singer Cyndi Lauper, Bloomberg reported. Restoration services company Insurcomm has received a majority growth investment from Summit Partners. CIBC Innovation Banking has made a growth investment in Ohio-based Drips Holdings, a conversational outreach customer support company.     Exits & IPOs   EQT has plans to hold a Swiss IPO for Galderma as early as next month, Bloomberg reported. The skincare company could be valued at around $20 billion.   Fundraising   India's Kedaara Capital is eyeing a $1.7 billion close for its latest fund, Mint reported. The new vehicle has the potential to be the country's largest PE fund yet. Inspired Capital closed its third flagship fund on $330 million. The New York-based firm will invest from pre-seed to Series A.   Chart of the Day   Source: Financial Fusion: Fintech's M&A Landscape Unveiled   Who's in the newsletter today? Companies AiDash BlossomHill Therapeutics Drips Holdings EasyKnock Enviria Eurofeu Filigran Galderma Hellas Direct Heyflow Insurcomm JB Chemicals & Pharmaceuticals Jollyes Kenai Therapeutics Orbis Medicines Powerdot Silence Laboratories Vitrue Health music catalog Investors Accel Alaska Permanent Fund Antin Infrastructure Partners BlackRock CIBC Innovation Banking Capza Colt Ventures Cure Ventures EQT ETF Partners Forbion Hambro Perks IK Partners Inspired Capital KKR Kedaara Capital Kester Capital Kira Studio Lightrock MMC Ventures Northwestern Mutual Future Ventures Novo Holdings Pi Ventures Pophouse Entertainment Group Singular Summit Partners TDR Capital The Column Group   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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