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| In today's Daily Pitch, you'll find: | | | | | |
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| Exclusive: Patient Square Capital seeks over $6B for 2nd healthcare fund | |  | | (Volodyar/Getty Images) | | | Patient Square Capital, a middle-market investor in the healthcare services sector, is in the process of raising its second fund, this time with a target of over $6 billion, according to a person familiar with the matter.
Last year the firm led by Jim Momtazee, a KKR healthcare deal veteran, raised $3.9 billion for its inaugural fund, surpassing its original goal of $3 billion. The new fund is expected to close some time in 2024. | | | | | | | | | Hydrogen good as gold to cleantech VCs | | It's only in the last few years that geologic hydrogen, also known as white or gold hydrogen, has been considered a viable industrial-decarbonization approach. Its commercial scalability is still up in the air. But startups like Koloma, Eden and 45-8 Energy are rapidly changing the landscape of hydrogen energy, according to our latest Emerging Tech Research.
Hydrogen, along with renewable battery storage, has emerged as a particularly popular investing segment within cleantech. Its total VC deal value was up 70.6% quarter-over-quarter in Q1, driven by big raises from Sunfire, Koloma and Inocel. | | | | | | | |
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| Scale AI, Anduril drive billion-dollar checks for AI military tech | |  | Anduril founder Palmer Luckey
(Patrick T. Fallon/Getty Images) | | | Venture-backed companies serving the defense industry have had a lucrative week as global conflicts erode old taboos about investing in technology bound for the battlefield.
Accel-backed Scale AI just inked a $1 billion Series F at a $13.8 billion valuation. Meanwhile, Anduril, which is developing unmanned weapons systems, is reportedly in talks to raise $1.5 billion at a $12.5 billion valuation. | | | | | | | | | Eir Partners swiftly closes $496M sophomore PE fund | |  | | (Lourdes Balduque/Getty Images) | | | | Eir Partners Capital has hit the hard cap for its second fund, raising nearly $500 million from various investors. The close comes as middle-market PE funds started the year out strong with robust fundraising activity. | | | | | | | | | Warburg, Temasek snag SRG in big European insurance deal | |  | | (PBNJ Productions/Getty Images) | | | Warburg Pincus and Singapore state-backed investor Temasek have bought UK insurance intermediary Specialist Risk Group for about $1.3 billion, marking PE's largest European insurance sector deal this year.
There's been a wave of PE investment and consolidation in a fragmented insurance sector in recent years. Total global deal value in the sector saw three consecutive quarters of growth through the end of March, and earlier this month, the sector saw its largest PE buyout in a decade globally. | | | | | | | | | VC fuels the supply chain flow | | The collapse of logistics specialist Convoy and management shakeups at Flexport have rattled dealmaking in the supply chain tech industry.
But more than $2 billion was still raised across 129 deals in Q1—a quarter-over-quarter increase of roughly 17% and 24%, respectively, according to our recent Emerging Tech Research. Analyst Jonathan Geurkink covers the key players and trends, including how regulatory changes may affect the space. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 767 Deals | 1940 People | 708 Companies | 30 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Real Assets Funds | | | | | | |
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AltruBio, a San Francisco-based biotech startup developing cancer and autoimmune disease treatment, raised up to $225 million in a Series B led by BVF Partners.
H, a French AI startup formerly known as Holistic, raised $220 million from investors including Accel, Amazon, Samsung and UiPath, according to reports.
OneStock, a stock management software startup based in France, raised $72 million from Summit Partners.
LabGenius, a UK-based drug discovery company, raised £35 million in a Series B led by M Ventures, the VC unit of Merck.
London's Zen Educate, which offers an online marketplace that matches schools and teachers, raised $37 million in a Series B and acquired Aquinas Education.
Bay Area-based WitnessAI, a startup developing safety features around AI usage, raised a $27.5 million Series A led by GV and Ballistic Ventures.
Austin-based Expressable, which provides online speech therapy, raised a $26 million Series B led by HarbourVest Partners.
Resilience, a French healthtech company that remotely monitors cancer patients, raised $25 million in a round led by Picus Capital and Red River West.
XGS Energy, a Bay Area-based renewable energy startup, raised an additional $20 million for its Series A. The new funding was led by Valo Ventures and VoLo Earth Ventures.
Reev, a Munich-based provider of software for electric vehicle charging infrastructure, raised €10 million in a round led by Future Energy Ventures and Blue Earth Capital.
Oxford Endovascular, a UK-based medical device startup that hopes to reduce occurrences of brain hemorrhages, raised £8 million in a Series A. | | | | | |
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The Carlyle Group raised 430 billion Japanese yen (approximately $2.8 billion) for its fifth Japan buyout fund.
Dallas-based Paceline Equity Partners closed its second opportunities fund on $780 million.
London-based VC firm ETF Partners closed its fourth fund on €285 million. ETF invests in startups across Europe developing environmentally sustainable technology.
Vertex Ventures Japan has launched its debut fund with a target of 10 billion Japanese yen (about $64 million) to continue developing the startup ecosystem in Japan. | | | | | |
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