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| In today's Daily Pitch, you'll find: | | | | | |
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| Early-stage startups seeking venture debt find investor prestige isn't enough | |  | | (Noah Berger/Getty Images) | | | A term sheet from Sequoia or Khosla Ventures opens a lot of doors for a founder. But increasingly, it's no guarantee of venture debt funding.
One year on from the Silicon Valley Bank crisis and the widespread disruption to the venture lending market, more lenders have moved upmarket.
"The dynamic has completely flipped," said Zack Ellison, co-founder of private credit firm Applied Real Intelligence, which offers venture debt to startups. "It used to be that lenders would ask founders, 'Who's backing you?' If they'd raised millions from VCs like Sequoia, Andreessen and Founders Fund, that was often good enough. It no longer is." | | | | | | | | | Could top VCs be warming up to crypto—again? | | PitchBook's latest Emerging Tech Indicator, which shares quarterly insights on investment activity from a subset of the world's most successful VC firms, has found that while AI and biotech continued their reign at the top, investment in crypto had steady gains.
Deal activity was on the decline again, as were deals worth over $100 million. Check out the data, trends and startups within the key verticals top investors have backed. | | | | | | | |
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| The VC's guide to fundraising in 2024 | | Global fundraising dropped last year to its lowest level since 2017. Such a tough market demands new strategies—and this new guide has them in abundance. Learn how leading VCs are thinking about fundraising and investor relations in 2024, including topics such as sourcing diverse LPs, best practices on warm introductions, and how AI is transforming fundraising workflows.
Whether your firm is looking to raise in the near future, or you're interested in improving the LP experience, don't miss out on actionable advice from Speedinvest, Buoyant Ventures, Redalpine, and many others. Download this guide for a comprehensive exploration of fundraising strategies. | | | | | | | |
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| Public venture debt lenders post record earnings | | Public business-development companies that specialize in venture debt delivered a robust performance in the final quarter of 2023 due to higher base rates and their ability to use financing mechanisms to keep funding costs low.
These private lenders also benefited from strong deal pipelines. Sluggish VC investing and a slow exit environment left more startups underfunded, and many turned to alternative liquidity solutions such as venture debt.
Our latest analyst note, which tracks the five public BDC venture lenders, shows the number of loans provided to late-stage companies last year surpassed that of every year prior to 2021. | | | | | | | | | How-to guide: Getting your startup acquisition ready | |  | | (rob dobi/Getty Images) | | | With more buyers in the market for startups, what can founders do to improve their chances of selling?
From starting early to hiring an M&A adviser, senior reporter Leah Hodgson talks with venture investors about what steps founders can take to get their business acquisition ready. | | | | | | | | | 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. | | | | | | | | | Secondaries surge, ignoring slump in fundraising | |  | | (John Piekos/Getty Images) | | | In a generally challenging year for private capital fundraising in 2023, a couple of market strategies stood out for their ability to defy the downturn.
Total private fundraising fell about 20% compared with the previous year, but vehicles dedicated to secondaries hauled in 65% more capital, powered by a few mammoth fund closings. That performance underscored investors' ongoing emphasis on ways to ride out the market's liquidity crunch. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 707 Deals | 2202 People | 640 Companies | 44 Funds | | | | | | |
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The Daily Benchmark:
2015 Vintage European Debt Funds | | | | | | |
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Blackstone-backed ecommerce platform company Kite has shut down, The Information reported.
WM Morrison, the UK supermarket backed by Clayton, Dubilier & Rice, has posted a £1.1 billion loss on revenue of £18 billion, for the 52 weeks ending with October 2023. CD&R bought the chain for £7 billion in 2021. | | | | | |
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EQT-backed skincare company Galderma Group set the price range for its IPO and could raise roughly 2.3 billion Swiss francs (about $2.6 billion) in the listing, according to reports.
TPG-backed Airtel Money, the mobile money unit of African telecom operator Airtel Africa, is considering an IPO that could value the company at over $4 billion, Bloomberg reported.
EQT agreed to sell a stake worth €1.1 billion in German prosthetics company Ottobock back to the family of Hans Georg Näder, Bloomberg reported. | | | | | |
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KSL Capital Partners held the final close of its sixth fund, a travel- and leisure-focused vehicle, on roughly $2 billion.
Fulcrum Equity Partners, an Atlanta-based firm that invests in healthcare services and B2B companies, raised a $372 million Fund V. | | | | | |
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"Larger liquidation multiples and participating preferred shares haven't become significant inclusions in terms sheets, but cumulative dividends were more common in 2023 than any year since 2013, and those dividends increased in size."
Source: 2023 Annual US VC Valuations Report | | | | | |
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