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| In today's Daily Pitch, you'll find: | | | | | |
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| Weak fundraising figures could lend power to LPs | | Last year was far from a record moment for fundraising. Fund counts decreased by 48.4%, driven by LP concerns about a lack of portfolio exits and VC valuation fluctuations.
In the 2023 Annual Global Private Market Fundraising Report, sponsored by RSM and Adams Street Partners, we show that the difficult fundraising environment may begin to dissipate in 2024 as the on-paper denominator effect breathes its last few breaths. In 2024, LPs will hold the keys to the fundraising kingdom. | | | | | | | | | A topsy-turvy year for climate tech | | For climate-tech startups, 2023 was a year of highs and lows. VC investment fell 14.5% year-over-year, reaching a quarterly low of $7.1 billion in Q4. But there are plenty of tailwinds paving the way for a stellar 2024: favorable regulation and policy, high energy prices and consumer demand, to name a few.
Low-carbon mobility, industry and grid infrastructure are attracting particular attention from investors. PitchBook's John MacDonagh dives into the nooks and crannies of the wide-ranging world of climate startups in our latest analyst note. | | | | | | | |
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| A message from Apex Group | | |
| How to choose the right outsourced financial service provider | | Apex Group has released a new eBook that looks at the main drivers for change and how to re-evaluate your service provider.
Research shows that 67% of fund managers would benefit from a single-source provider that can deliver all their financial service needs. Apex has the results from a comprehensive and in-depth survey that covers 152 pension plans across Asia-Pacific, Europe, and North America.
Learn key industry insights on: - Attributes of a preferred service provider
- The role of technology in reshaping the administration landscape
- The ease of transitioning to a leading provider
To find out more, download the Apex eBook here. | | | | | | | |
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| Monzo's $5B valuation defies Europe's fintech slump | |  | | (Courtesy of Monzo) | | | After raising a $430 million round at an improved $5 billion valuation, UK digital bank Monzo looks set to take another crack at expanding across the pond, writes senior reporter Leah Hodgson.
Monzo is hoping to reenter the US after it had to withdraw its stalled application for a US banking license in 2021. | | | | | | | | | Germany's private markets trudge through downturn | | Europe's largest economy, Germany, had a difficult end to 2023. It registered negative GDP growth in the final three months of the year, and inflation remained stubbornly high at 3.8%, almost twice the target rate of 2%, according to our Q4 2023 Germany Market Snapshot.
A difficult economy has translated into more challenging times for the private markets. German PE deal value dipped in the last quarter of the year, reaching its lowest figure since Q3 2020. Although deal value ticked upward for VC in the final quarter, the number of rounds continued to fall to pre-pandemic levels. | | | | | | | | | Climate tech's strong performance will be tough to repeat | |  | | (Joey Schaffer/PitchBook News) | | | In 2017, climate-tech startups had the worst expected returns relative to nine other emerging tech verticals. The category now has the sixth-best outlook, according to new PitchBook research.
Within the climate category, the carbon-tech subsegment presents the most attractive opportunities for early-stage investors, the analysis found. A repeat performance will be hard to pull off, but not impossible. Poor post-IPO performance of climate-tech companies, uncooperative energy markets and VC scrutiny are just a few of the hurdles the sector now faces. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 587 Deals | 2324 People | 458 Companies | 28 Funds | | | | | | |
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The Daily Benchmark:
2015 Vintage Global VC Funds | | | | | | |
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| PitchBook webinar: Net asset value loans | | Net asset value loans have emerged in recent years as a solution to support portfolio companies in maintaining liquidity through turbulent conditions. In this on-demand webinar, our panel of experts debates the benefits and drawbacks of NAV loans from both a GP and LP perspective—covering potential tensions around alignment, interest rates and more. Key topics include: - What GPs, LPs and lenders think about use cases for NAV loan proceeds.
- What GPs should know when deliberating using a NAV facility.
- Questions LPs should prepare when GPs are contemplating these loans.
- Improving transparency around NAV loans.
Watch the webinar. | | | | | | | |
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Lithuania's Vinted, the VC-backed operator of a secondhand fashion marketplace, has acquired Danish peer Trendsales.
VC-backed Deel, the developer of a payroll platform, has bought South Africa-based peer PaySpace. | | | | | |
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Global Infrastructure Partners has closed Emerging Markets Fund I on more than $2.1 billion.
Washington, DC-based Capitol Meridian Partners has raised $1.2 billion to back US government contractors and aerospace and defense companies, Bloomberg reported.
Hamilton Lane has closed its latest flagship credit vehicle, Strategic Opportunities VIII, on $700 million.
Silas Capital, a consumer-focused VC and growth equity investor, has closed its second consumer growth fund at its $150 million hard cap.
Amsterdam-based impact investor Carbon Equity has raised €100 million for Climate Tech Portfolio Fund II, exceeding its initial target of €75 million.
Team8 has raised $500 million across three funds. All are seeking AI, fintech and digital health VC investments. | | | | | |
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