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| In today's Daily Pitch, you'll find: | | | | | |
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| VC-backed companies narrowly guard valuations | | Though median VC valuations rose in Q1 across all stages, those prices were only modestly higher than companies' prior valuations, according to our latest US VC Valuations Report, sponsored by Morgan Stanley at Work. - Companies are also exiting at low step-ups and occasionally taking large haircuts—as was the case in Reddit's IPO, which priced about 40% below its $10 billion valuation from 2021.
- In the growing secondary markets, shares are trading at a 28% discount on average.
- Flat and down rounds continue to rise as a share of all VC deals, hitting 27.4% in Q1.
| | | | | | | | | USC endowment chief weighs China exposure | |  | | (Mario Tama/Getty Images) | | | The University of Southern California's investment office is holding on to its private market exposure to China.
Amy Diamond, chief investment officer at the USC investment office, which manages the school's $7 billion-plus endowment, said the fund is still holding "a lot" of its exposure to the country through its private market portfolio. | | | | | | | |
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| Rising demand and resilience in HOA and property management services | | Discover why the demand for HOA management services is soaring post-Covid. Learn how increasing community associations and residents' density, along with evolving digital preferences, are reshaping the market. Explore the resilience of HOA management amidst regulatory changes and economic downturns.
Stax Director Tyler Veit identifies this sector as a prime investment opportunity due to its critical role in community operations and potential for growth. Dive into the complexities driving outsourcing trends and the surge in digital solutions adoption. Click to explore the full article and understand how these dynamics are shaping the future landscape of HOA management services. | | | | | | | |
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| Atlan's $105M Series C highlights need for AI data oversight | |  | | (Matt Anderson Photography/Getty Images) | | | Concerns over data privacy have slowed many enterprise companies from embracing generative AI.
Atlan, a data oversight and management specialist, just raised a $105 million Series C from Singapore's sovereign wealth fund GIC. The round spotlights the growing popularity of data governance startups and services as AI booms. | | | | | | | | | Agtech's big valuation reset | | Valuations in the agtech industry level-set in the first quarter as VC froth largely subsided from the past few years, according to our recent Emerging Tech Research.
The median deal size was up 35% year-over-year—an indicator that more deals are concentrated in late-stage-boon companies like indoor strawberry grower Oishii and plant breeding specialist Inari, which both closed nine-figure rounds in Q1. Agribusiness marketplaces are taking off as a way to streamline supply chains. | | | | | | | | | The weight of the emerging manager | |  | | (Joey Schaffer/PitchBook News) | | | Over the past decade, emerging fund managers' share of US private market fundraising activity has declined steadily. In 2023, this figure fell to 12.7%, the lowest share of capital raised by newer fund managers since before 2000, according to our recent analyst note, Establishing a Case for Emerging Managers.
Limited exits in PE and VC over the past two years have exacerbated this reality. With minimal distributions, LPs are working with smaller private market budgets to allocate to new and existing managers. But by allocating almost exclusively to established managers, LPs may be missing out on significant potential returns. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 616 Deals | 2283 People | 689 Companies | 32 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage Global VC Funds | | | | | | |
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Plant-based protein producer Meati Foods raised $100 million in Series C1 funding led by Grosvenor Food & AgTech.
Voyage Foods secured a $52 million Series A led by Level One Fund and Horizons Ventures. The California-based startup manufactures cocoa-free chocolate.
TXOne Networks, a Taiwan-based cybersecurity company, extended its Series B with $51 million led by TGVest Capital.
Rad AI, a startup based in San Francisco that creates generative AI tools for radiologists, raised a $50 million Series B led by Khosla Ventures.
Xtend, an Israeli defense-tech startup, raised a $40 million Series B led by The Chartered Group.
NIL Technology, a Danish developer of optical components, has raised €29 million from investors including Jolt Capital and NGP Capital.
Sesame, a Spanish provider of HR software, has secured €23 million in a round led by GP Bullhound.
Insempra, a Munich-based provider of sustainable ingredients for the beauty and food industries, has closed a $20 million Series A from investors including EQT Ventures, BlueYard Capital and Bayern Kapital. | | | | | |
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Silver Lake wrapped up its seventh flagship fund with $20.5 billion to target big tech bets. The fund's predecessor closed on $20 billion in 2020.
European PE firm Innova Capital closed its seventh fund on €407 million to invest in sectors including business and financial services, industrials, and consumer.
Arjun Infrastructure closed its latest Europe fund on €1.1 billion, with an additional €300 million allocated to its co-investment program. Launched in 2022, the fund is the successor to the €1 billion Infrastructure Alliance Europe 1. | | | | | |
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