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| In today's Daily Pitch, you'll find: | | | | | |
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| Mapping the path forward for LPs | | Shifting macroeconomic environments can make room for opportunities for LPs. To help identify some of those potential investments, we look at key risk and return drivers across private markets in the context of that wider environment and provide potential paths forward.
Our latest report, Q2 2024 Allocator Solutions: Private Market Opportunities Midyear Update, dives into the macro dynamics at play across PE, VC, private credit and real estate. | | | | | | | | | Rackhouse's $45M Fund II underscores room to run for early-stage AI | |  | | (Matt Anderson Photography/Getty Images) | | | San Francisco's Rackhouse Venture Capital has just closed its second early-stage vehicle on $45 million.
With limited dry powder, the firm is avoiding big name developers in favor of companies with a steady tech stack and definitive customer base.
"At our size, we are not typically investing at the [large language model] layer of generative AI," founder Kevin Novak said. | | | | | | | |
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| A message from M&A Science by DealRoom | | |
| Want to incorporate AI into your M&A strategy but unsure where to start? | | Join M&A Science, a leading community for M&A professionals, this Friday for the latest AI M&A Teardown. This series is designed to provide you with the knowledge and tools to leverage AI in your deal-making.
In this session, you'll join Kison Patel, Founder and CEO at DealRoom and Chief Scientist at M&A Science, and Noah Waisberg, Co-Founder and CEO of Zuva, for a discussion on how AI can streamline your M&A process, including a live demo showcasing how AI can interpret contract clauses and trigger automated actions.
Don't miss this chance to learn how AI can fit into your M&A strategy. Click here to join the conversation this Friday, June 28th. | | | | | | | |
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| Q&A: As Nvidia soars, NVentures' Sid Siddeek takes the long view | |  | | Sid Siddeek (Courtesy of NVentures) | | | Nvidia is one of the biggest winner of the AI frenzy, as its GPUs become Silicon Valley's hottest commodity.
But for the head of NVentures, the company's venture investing arm, it's business as usual.
Sid Siddeek sat down with PitchBook on the day Nvidia reached its latest milestone to speak about the firm's strategy, managing ballooning deal flow, and how the NVentures team approaches AI investments. | | | | | | | | | Turmoil lingers for the UK's private markets | | After a significant rebound in the last quarter of 2023, VC deal value in the UK once again plummeted in Q1 2024 as dealmaking got off to a slow start this year. The country's private equity market followed the same path, although the strategy has shown more resilience, according to our latest UK Market Snapshot.
The UK's economy returned to growth in Q1, but the FTSE 100 is still underperforming all other major European indexes, opening up opportunities for take-privates. The upcoming general election is likely to see significant changes in government, with far-reaching consequences for the public and private markets. | | | | | | | | | Declining fortunes: Charting Southern Europe's VC ecosystem | |  | | (Eloi_Omella/Getty Images) | | | VC dealmaking has been slow in Southern Europe this year, with deal value and count unlikely to reach 2023's levels.
Take a look at our snapshot of Southern Europe's VC market, showcasing key trends across dealmaking, fundraising and exits. | | | | | | | | | Soon you'll have a (better) conversation with your car | | Despite a slow quarter for mobility tech VC deals, generative AI continues to push its way into the sector, according to our recent Emerging Tech Research. ChatGPT and other generative AI partners are changing the way voice controls in cars work, enabling more natural interactions with your vehicle while eliminating the need for precise, explicit commands.
The largest VC deals of the first quarter were in electric vehicles. Over three times the amount invested in autonomous driving startups went to EV specialists, totaling $2.6 billion. IM Motors led the way with a $1.1 billion deal to develop solid-state batteries for EVs. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 797 Deals | 2679 People | 807 Companies | 43 Funds | | | | | | |
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The Daily Benchmark:
2019 Vintage Global PE Funds | | | | | | |
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| A message from Azurite Consulting | | |
Market intelligence strategies that move the needle in low-volume markets | | Navigating a low-volume deal environment requires firms to reimagine their approach from deal to portfolio. Drawing insights from hundreds of studies, Azurite has identified effective strategies for leveraging market intelligence to achieve results.
Azurite's guide demonstrates how custom market intelligence enables investors to: - Understand market potential to quickly assess opportunities & bolster portfolio company value
- Validate your investment thesis by calculating all angles of future growth
- Quantify investments & growth strategies by utilizing a TAM built from the ground up
Learn how top firms are thriving in a slow market through custom market intelligence. | | | | | | | |
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BillionToOne, a Menlo Park-based biotech startup specializing in molecular diagnostics, raised a $130 million Series D led by Premji Invest.
Char.gy, a UK-based electric vehicle charging startup, secured £100 million from Zouk Capital.
Klarity, an AI document review startup based in San Francisco, raised $70 million from Nat Friedman, Tola Capital, Scale Venture Partners and others, The Information reported.
Rapafusyn Pharmaceuticals, a drug discovery startup based in Baltimore, raised a $28 million Series A led by 3E Bioventures Capital and Proxima Ventures.
FirstVet, a Stockholm-based provider of online pet health services, closed a €20 million Series C led by Telus Global Ventures.
Net Zero Company, a Stockholm-based carbon removal startup, raised a $5.5 million seed round from investors including Oilinvest and Varo Energy. | | | | | |
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| Don't miss our upcoming webinar | | What are the benefits of a larger, more diverse, venture portfolio compared to a more concentrated focus? Our live discussion with professionals from Screendoor and Pioneer Fund will explore strategies around seed-stage portfolio construction.
Register now to secure your spot. | | | | | | | |
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KKR has agreed to buy Superstruct Entertainment, a UK-based events company that runs music festivals such as Wacken Open Air in Germany and Sziget in Hungary, for €1.3 billion.
Apollo Global Management and Platinum Equity are among potential buyers that have submitted an offer for Evri, a UK parcel delivery group that's valued at around £2 billion, Sky News reported.
Bregal Unternehmerkapital has agreed to acquire Relatech, an Italian company providing b2b digitalization services.
Trive Capital and 808 Capital Partners have invested in JF Fitness, a franchisee of Crunch Fitness, resulting in the company expanding its gym locations in the US Southeast.
Dutch pension fund APG has made a $400 million equity investment in Doral Renewables , an operator of renewable energy projects, in an effort to build an energy pipeline, while also providing a pro rata share of up to $185 million in capital over time.
Advent International and Aareal Bank have agreed to sell Aareon, a property-focused SaaS company, to TPG and Caisse de dépôt et placement du Québec for around €3.9 billion.
CVC Capital Partners is in advanced talks to buy M Group, an infrastructure services provider backed by PAI Partners, Sky News reported.
Blackstone is in talks to buy Ambassador Theatre Group, which owns several theaters in London's West End, from Providence Equity Partners. PEP has owned the company since 2013.
Macquarie Capital acquired Kalkomey, an online safety education provider, from Boston-based PE firm Cove Hill Partners. | | | | | |
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London Tunnels, a UK-based company redeveloping subterranean wartime tunnels, will list in Amsterdam instead of London. The company is seeking to raise £30 million at a £130 million valuation.
Quebec-based Desjardins has sold its C$53 million (approximately $39 million) stake in Canadian asset manager Fiera Capital.
ABM Industries has acquired power supply and maintenance provider Quality Uptime Services, previously backed by Seaport Capital, for $119 million in cash. | | | | | |
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Trive Capital, a Dallas-based PE firm, raised $1.5 billion for its fifth flagship fund, according to a regulatory filing.
8-Bit Capital is targeting $60 million for its second flagship fund, according to SEC documents.
Andreessen Horowitz is planning to raise its first private equity fund, called a16z Perennial Private Equity Fund, Fortune reported. | | | | | |
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| Switzerland-based Partners Group has opened a new office in Hong Kong to meet a growing demand for private markets exposure from wealthy investors. | | | | | |
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| RXO agreed to acquire Coyote Logistics, an asset-light freight brokerage business, from UPS for $1.025 billion. | | | | | |
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