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| In today's Daily Pitch, you'll find: | | | | | |
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| PE, debt pull fund performance further into positive territory | | Some private investment funds found firmer footing at the end of Q3 2023, but the story varied significantly by strategy, data from our latest Global Fund Performance Report shows. - The good: Private equity led with a 10.4% one-year IRR, followed by private debt at 9.8%. Real assets notched 8.4% in the period, helped by steady returns in infrastructure funds.
- The bad: VC remained a laggard with a -7.7% one-year IRR as the IPO market stayed quiet. Real estate recorded a -2.6% return, hurt by distress in the office and multifamily sectors. Funds-of-funds, whose performance tends to trail behind other strategies by a quarter or two, came in at -2.1%.
| | | | | | | | | Market Map: Ecommerce plots a comeback with 'prepurchase' startups | |  | | (Alistair Berg/Getty Images) | | | After record growth, ecommerce dealmaking has slowed down substantially. Hoping to turn the tide and attract more spending, investors are betting on startups working in the prepurchase space. These companies connect consumers to new products and offerings.
Our latest market map highlights the key players and segments that investors are betting on. | | | | | | | |
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| Work smarter with the power of generative AI | | With today's fast-paced financial landscape, staying ahead means embracing the rise of new technologies such as generative artificial intelligence (AI). Gone are the days when AI was merely an option—it is a necessity for financial services firms looking to succeed in a competitive landscape.
For professionals across capital markets firms, AI has redefined day-to-day workflows, enabling firms to make smarter decisions and find new opportunities. Generative AI makes managing client relationships and transactions more intuitive, insightful, and effective.
Read this blog to learn how you can leverage generative AI to push efficiency to the next level. | | | | | | | |
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| The upside of up-and-coming managers | | Established managers have an edge in the downtrodden fundraising market—and with good reason. They have earned trust with LPs and can pin their reputation on real returns.
But there's a risk to overlooking upstarts. The top emerging managers in multiple strategies can offer higher upside potential than tried-and-true firms, according to our recent analyst note—which covers performance trends across PE, VC, real estate and private debt funds. | | | | | | | | | Francisco Partners, Clearlake to buy software carveout for $2B+ | |  | | (Dan/Getty Images) | | | Francisco Partners and Clearlake Capital Group are the winning bidders in the roughly $2 billion purchase of Software Integrity Group.
The carveout of Synopsys' security testing division is expected to become a new platform for the PE owners upon closing. | | | | | | | | | Measuring VC's role in quantum sensing | | Quantum sensing offers a way to measure the world with unparalleled precision. The sector is coming of age—going beyond atomic clocks to measure everything from chemical signals to gravitational fields, according to our recent Emerging Space Brief.
The most pressing applications are in areas like defense and medicine, where high-fidelity sensors can be a matter of life and death. The analyst note covers opportunities, limitations and recent VC dealmaking in the space. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 537 Deals | 1944 People | 714 Companies | 23 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage North American Debt Funds | | | | | | |
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The Canada Pension Plan Investment Board and Global Infrastructure Partners agreed to a $6.2 billion take-private deal for Minnesota-based energy company Allete. The all-cash deal, which includes debt, values Allete at a 19% premium to its share price on Dec. 4, 2023, when news of the potential sale was first reported.
Swedish PE firm EQT agreed to pay $3 billion in cash for Perficient, a digital consultancy based in St. Louis. The deal represented a 51% premium to the company's recent average share price.
Brookfield Asset Management plans to purchase a 51% stake in the fee-related earnings of Castlelake, an asset-based private credit firm. The approximately $1.5 billion deal includes investment in Castlelake's funds and strategies.
Lower-middle-market firm L2 Capital acquired Kosmos Q, a direct-to-consumer barbecue brand based in Oklahoma City. Scott Jensen, who co-founded Stubb's BBQ, was appointed CEO of Kosmos.
Wynnchurch Capital acquired Reagent Chemical and Research, a New Jersey-based distributor of hydrochloric acid.
Blackstone is in advanced talks to acquire a majority stake in Priority Software for up to $500 million, Calcalist reported. The Israeli business management software company is owned by TA Associates and Fortissimo. | | | | | |
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Chinese electric carmaker Zeekr, a subsidiary of Geely, plans to raise up to $367.5 million at a valuation as high as $5.1 billion in its upcoming IPO, Bloomberg reported.
Swiss drugmaker Novartis agreed to buy radiopharmaceutical company Mariana Oncology for $1 billion, with up to $750 million in additional milestone payments. Massachusetts-based Mariana was last valued at $314 million in 2023 and is backed by Deep Track Capital, Forbion and RA Capital Management, among others.
Chinese self-driving car company Beijing Momenta Technology has filed confidentially for a US IPO, Bloomberg reported. The company has raised $1.25 billion from investors including GM, Toyota and Temasek.
Docusign, the online document signing and management giant, agreed to purchase AI document management software startup Lexion for $165 million. | | | | | |
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Late-stage investment firm Iconiq Growth has raised $5.75 billion for its fifth flagship fund, TechCrunch reported.
Florida-based middle-market PE firm Palm Beach Capital raised $350 million for its sixth fund. The firm does buyout and growth equity deals in engineering services, logistics and healthcare, among other sectors.
Saga Ventures, a firm helmed partially by Sam Altman's brother, Max Altman, has raised $125 million to invest in startups founded outside of Silicon Valley.
River SaaS Capital has raised $50 million for its TruWest Fund I, which will target B2B SaaS businesses. | | | | | |
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