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| In today's Daily Pitch, you'll find: | | | | | |
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| A better benchmark for buyout funds | | It's time to boost your benchmarking tools. Our latest analyst note uses take-private data, quarterly financial statements and historical stock prices to capture the fundamental characteristics of buyout investing in a portfolio of public equities.
Analysts learned that PE funds are no magic bullet, performing mainly in line with public equities. LPs can use this analysis to better benchmark buyout fund performance and more clearly understand their risk-return profiles. | | | | | | | | | Cracking Europe's IPO window | | If you're holding your breath for the IPO floodgates in Europe to open, you may be waiting awhile still, according to our new analyst note. Prolonged uncertainty surrounding interest rate cuts, geopolitical unrest and a slow recovery in valuations will likely push out any meaningful rebound in IPOs to 2025.
The market backlog has peaked at 300 companies, and there's a European exchange brain drain while the public market is particularly inhospitable to unprofitable listings. It looks like a slow road back to breezy times. | | | | | | | |
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| A message from Silicon Valley Bank | | |
| When you bank with Silicon Valley Bank, you get what matters | | The industry's largest, most experienced
fund banking team.
Learn more | | | | | | | |
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| These quantum computing companies have pulled in the most cash | |  | | (Julia Midkiff/PitchBook News) | | | As quantum computing inches closer to prime time, the sector is raking in record numbers of deals, despite the technological hurdles. In January, JP Morgan anchored a $300 million round for Quantinuum, giving the Honeywell-owned quantum computing business a pre-money valuation of $5 billion.
Here are the 10 VC-backed quantum computing specialists that have raised the most capital since 2019, according to PitchBook data. | | | | | | | | | 5 charts: Q1 European VC trends show sunnier skies | |  | | (Massimo Colombo/Getty Images) | | | | European venture deal value rebounded in Q1, suggesting that a recovery is on the horizon for the region's VC ecosystem. Here are five charts from our Q1 2024 European Venture Report that illustrate the key trends shaping the market. | | | | | | | | | Will ELTIF 2.0 open up private markets investing in Europe? | |  | | (Aire images/Getty Images) | | | Increasing access to private markets for non-institutional investors is one of the hottest topics in PE fundraising right now. Industry titans have talked about how private wealth is expected to become a major source of capital going forward.
But creating the right distribution channels remains a challenge. In Europe, at least, hopes are high that the revamped European long-term investment fund—ELTIF 2.0—will open the door for a wider group of investors. | | | | | | | | | Market Map: Tracking the shifting momentum in healthcare services | |  | | (Nora Carol Photography/Getty Images) | | | PE deals in healthcare services have declined amid labor crunches and high interest rates. Among the bright spots in the sector are PPMs—physician practice management companies—that operate in areas like vision, oncology and clinical trials.
Our latest market map dives into the PPM space, highlighting the segments with the highest concentration of platform companies. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 3 Deals | 44 People | 31 Companies | | | | | | |
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The Daily Benchmark:
2016 Vintage Global VC Funds with more than $250M | | | | | | |
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| VC-backed grocery delivery company Getir is considering selling or shutting down non-core assets in a bid to cut costs, Bloomberg reported. | | | | | |
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Webflow acquired VC-backed Intellimize, the developer of a website personalization platform for marketing teams.
Cultos, the VC-backed developer of a Web3 customer rewards platform, was acquired by fintech company Ov Loop.
Refinery29, a digital news and entertainment website, was purchased by Sundial Media Group from PE-backed Vice Media Group. | | | | | |
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PE firm Pamplona Capital Management is looking to US investor to help it cut ties with Russian backers, Bloomberg reported. The firm is said to have sought help from investment firm Jefferies and is in talks with Apollo Global Management.
UBS is shutting down up to 17 of its equity and bond China private funds as it cuts operating costs in the country, Reuters reported. | | | | | |
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"With dealmaking flush, PE capital calls as a percentage of dry powder reached 49.7% in 2021, well above the 35.3% historical average for the asset class going back to 2000."
Source: Surfing Turbulent Cash Flow Waves | | | | | |
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