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| In today's Daily Pitch, you'll find: | | | | | |
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| Solid returns bolster private debt fundraising | | Private debt funds have delivered a strong performance, producing an estimated net return of 8.2% for the 12-month period that ended in Q3 2023. This makes it the second-best-performing private market strategy during that span, according to our 2023 Annual Global Private Debt Report, sponsored by the American Investment Council, which explores the latest trends shaping the asset class.
Private debt was also the second-largest fundraising strategy of the year, overtaking VC. When the final numbers are in, the total value of private debt funds closed in 2023 will likely exceed $200 billion for the fourth consecutive year. | | | | | | | | | Reddit's $6.4B IPO ranks near the top of Sam Altman's angel wins | |  | | (Lionel Bonaventure/Getty Images) | | | Social media company Reddit priced at $34 per share in its IPO on the NYSE, giving the company a fully diluted market capitalization of $6.37 billion and raising $748 million.
The listing ranks as the second-largest exit from OpenAI founder Sam Altman's angel investment portfolio, according to PitchBook data. The former Y Combinator chief, who led Reddit's $50 million Series B in 2014, controls shares worth $413 million at the IPO price. | | | | | | | |
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| Compliance re-enters the spotlight as PE firms navigate macro tides | | All eyes are on the direction of federal interest rates, with major implications for the private markets in the coming quarters. Dealmakers are also facing an increased pace of regulatory action, including new private fund reporting rules adopted by the SEC. Against the backdrop of several major elections coming up in 2024, these changes have required firms' close attention to compliance practices and agility.
COMPLY's latest report maps out the dynamic landscape of PE dealmaking in response to these changes. Data highlights include debt usage within deals, fundraising activity, and predictions for the movement of interest rates.
Read it now | | | | | | | |
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| VCs target Southeast Asia's B2C startups | |  | | (Richard A. Brooks/Getty Images) | | | | B2C startups accounted for the largest share of VC deal value in Southeast Asia last year. Increasing smartphone adoption and rising consumer spending boosted the sector's allure for VC investors. | | | | | | | | | AI cloud startup Astera Labs rockets 72% in Nasdaq debut | |  | Astera Labs' leadership rings the bell on the company's
first day of trading yesterday. (Courtesy of Nasdaq) | | | | The year's first AI IPO is here, making a blockbuster debut. Astera Labs, a cloud infrastructure specialist and chipmaker, has gone public, pricing above its target range after a continuous ramp-up in the days following the IPO. Astera's success might not signal a resurgence in listings, though. | | | | | | | | | Firms ready to fight for private credit talent | |  | | (Photographer3431/Getty Images) | | | Earlier this week, US asset manager Barings launched a lawsuit against former executives and Corinthia Global Management after the upstart lured away some key players.
The case shows just how fierce the competition for specialized investing talent may become as asset managers and banks build out their private credit units. | | | | | | | | | 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 recent analyst note. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 485 Deals | 2196 People | 746 Companies | 15 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage Global Funds-of-Funds | | | | | | |
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San Diego-based biotech startup Capstan Therapeutics raised $175 million in a Series B led by RA Capital Management.
Clasp Therapeutics, a biotech startup focused on immuno-oncology, launched with $150 million in financing led by Catalio Capital Management, Third Rock Ventures and Novo Holdings.
India's Pocket FM, which offers an audio streaming platform, raised $103 million in a Series D led by Lightspeed.
Colombian buy now, pay later startup Addi raised $36 million in equity from investors including Andreessen Horowitz and Union Square Ventures and $50 million in debt from Goldman Sachs.
Canadian healthtech startup PocketHealth raised a $33 million Series B backed by Round13 Capital, Deloitte Ventures and Samsung Next, among others.
Ohio-based insurtech startup Coterie secured a $27 million investment from Hiscox, Intact Ventures, RPM Ventures and others.
Cure51 completed a €15 million seed investment led by Sofinnova Partners. The Paris-based company is developing a database for oncology research.
The CareVoice, the provider of a healthcare operating system for insurers, raised nearly $10 million for its Series B led by Apis Partners. | | | | | |
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| Don't miss our upcoming webinar | | In 2023, the European VC deal value and deal count generated by female-founded companies reached record totals, with their proportion of deal value growing by 36%. And while they represented a growing proportion of annual deal counts over the past decade, our data shows there is still progress to be made.
In this webinar, a panel of expert speakers will share insights from our inaugural European edition of the All In report, sponsored by UBS Wealth Management, Shoosmiths, and Enterprise Ireland. The discussion will analyze the current landscape for European female entrepreneurs, focusing on how female founders have fared in these challenging times. Key topics include: - Activity for female-founded companies followed a similar trend compared to the broader VC environment in 2023, slowing for the second year in a row but remaining elevated when compared to the past decade.
- Women represent 15% of all European decision-makers at VC firms with $25 million or more in AUM.
Register now to secure your spot. | | | | | | | |
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Apollo Global Management has made an $11 billion offer to buy film and TV entertainment company Paramount Global, The Wall Street Journal reported.
R1 RCM, a financial SaaS company for health systems, has told New Mountain Capital and TCP-ASC, a vehicle owned by Ascension Health Alliance and TowerBrook Capital Partners, to terminate buyout talks that would value the company at more than $5.7 billion.
BPEA EQT and ChrysCapital have purchased HDFC Bank's stake in HDFC Credila, its education finance arm, for 95.5 billion Indian rupees (about $1.15 billion).
Montagu Private Equity is purchasing the medical device components unit of London-listed Johnson Matthey for $700 million.
Actis is in talks to buy Swiftnet, Telkom SA's mast and tower business, valued at as much as 6.3 billion South African rand (about $332 million), Bloomberg reported.
Californian medical company Heritage Provider Network has reached out to several PE firms about a sale, while managed healthcare company Humana has indicated interest in taking a minority stake, Bloomberg reported.
Canadian clothing brand Gildan Activewear, which owns the American Apparel brand, is in talks with Sycamore Partners about a potential deal, Bloomberg reported. | | | | | |
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King River Capital, Immutable and Polygon Labs are joining to launch the Inevitable Games Fund with $100 million to invest in Web3 gaming startups.
San Francisco-based Zero Prime Ventures has raised $48 million for its second flagship fund, which will back early-stage AI and data startups. | | | | | |
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| Linden Capital Partners, a healthcare-focused PE firm based in Chicago, is exploring a minority stake sale, Bloomberg reported. | | | | | |
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