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| In today's Daily Pitch, you'll find: | | | | | |
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| MENA PE picks up as VC market slows down | | Unlike many other global regions, the Middle East and North Africa's PE market saw a boost in both deal value and count in 2023. Exit value and volume were also on the up and up. The only dim spot was fundraising, which fell significantly from 2022's record highs, according to our inaugural H2 2023 MENA Private Capital Breakdown.
While venture dealmaking in the region slowed, 2023 still registered the second-highest annual total for VC deal value. Between 2018 and 2022, the region's VC market grew sixfold as it continues to mature. | | | | | | | | | Can HR tech reap the rewards of AI—without the risk? | | The current limitations of generative AI make deployment tricky in human resources technology, but solutions that play to its strengths are expected to shepherd the sector's evolution through 2024. Our latest analyst note plots out the solutions up next for HR tech. - Generative AI: Models trained on a company's existing policies, documentation or marketing can multiply HR capacity with rapid generation of internal or external content.
- Virtual assistants: These streamline communication with employees while also lowering legal and compliance risks.
- Machine learning: The wealth of data generated through HR work can be mined for insights and strategies.
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| Fundraising best practices with Isomer Capital & Black Opal Ventures | | Joe Schorge, Founder and Managing Partner at Isomer Capital, has been on both sides of the fundraising table, serving as a GP and an LP. Eileen Tanghal, Founder and General Partner at Black Opal Ventures, recently completed a $58 million Fund I raise.
Both are joining Affinity to share fundraising advice on April 2.
This conversation is relevant for both emerging and established managers. Join for advice you can action—and discover more about the tech stacks that power seamless fundraising and investor relations. Save your spot for April 2 | | | | | | | |
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| Market Map: The startups helping CFOs manage their businesses | |  | | (The Good Brigade/Getty Images) | | | In recent years, chief financial officers have struggled to reconcile data across different systems, manage cashflows and develop new strategies based on vast amounts of information.
Our latest market map dives into the enterprise fintech startups working within the CFO stack. These companies create tools to help finance teams manage budgets, accounting, payroll and more. | | | | | | | | | Investors eye annuities to give insurtech a jolt | | In Q4 2023, insurtech startups generated $1.3 billion across 102 deals, representing declines of 22.3% and 15.7% from Q3.
Annuities saw record sales of $385 billion in 2023. Solutions that startups offer for annuity advisors include assisting with marketing and modernizing annuity management. PitchBook's latest Emerging Tech Research provides an overview of the space while touching on the key trends, data and startups that investors need to know. | | | | | | | | | Slowdown? PE fundraising shows surprising strength | |  | | (Sakchai Vongsasiripat/Getty Images) | | | Private equity fundraising remained surprisingly resilient last year, despite the market's concern that a lack of exits and a slower distribution pace might make it more difficult for GPs to raise new capital.
Worldwide, PE funds hauled in $554 billion in 2023, almost on par with the previous year. That was supported by a strong rebound in the back half of 2023, when GPs wrapped up a crop of mega-funds. | | | | | | | | | LBO debt-cushion layer thins, putting recoveries at risk | |  | | (Talaj/Getty Images) | | | The debt cushion—a buffer of subordinated debt—thinned dramatically in last year's buyouts that featured sponsor-owned companies. Such a dynamic historically results in lower recovery rates on senior debt in the event of a default.
More optimistically, because buyout debt last year was concentrated among higher-rated companies and the deals featured lower leverage, the likelihood of default to begin with may be lower than in past vintages. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 4 Deals | 28 People | 27 Companies | | | | | | |
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The Daily Benchmark:
2014 Vintage Global Funds-of-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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| ADQ is exploring an IPO of Gulf hub airline carrier Etihad Airways, Bloomberg reported. | | | | | |
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Infrastructure and real estate investor Stonepeak raised $3.3 billion for its Asia Infrastructure Fund.
EQT held the final close of its Future Fund on €3 billion.
Mirova, a sustainable finance-focused unit of Natixis Investment Managers, is targeting €200 million for its new growth equity fund.
The Artemis Fund raised $36 million for its second fund to invest in startups led by underrepresented founders. | | | | | |
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