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| In today's Daily Pitch, you'll find: | | | | | |
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| Exits multiply for PE continuation funds | |  | | (C.J. Burton/Getty Images) | | | | PE firms have leaned into continuation funds as their quarterly exit activity roughly doubled year-over-year in Q1. Although the structure provides liquidity benefits, fund managers may still experience obstacles in constructing and exiting these deals. | | | | | | | | | Sequoia, a16z top list of most active generative AI investors | |  | | (Joey Schaefer/PitchBook News) | | | Despite a broader VC slowdown, investors can't get enough of generative AI. And while the hype cycle may be past its peak, the sector has far outperformed others.
We've updated our tracker of the 10 most active VC investors in generative AI, which is headlined by Sequoia and Andreessen Horowitz. | | | | | | | |
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| The Cost of Worker Misclassification | | Misclassifying workers as independent contractors instead of employees can result in significant financial penalties for companies, particularly in countries with high taxes like France. Misclassification occurs when a worker legally qualifies as an employee due to the nature of their work and relationship with the company but is incorrectly labeled as a contractor. This can lead to unpaid payroll taxes, benefits, penalties, and interest.
G-P's guide, The Cost of Worker Misclassification, provides a framework for identifying workers as employees or contractors, advice on what type of worker an organization might need, and the financial impact associated with misclassification. | | | | | | | |
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| Biopharma leads unicorn performance | | VC-backed biopharma unicorns have far outperformed other emerging tech verticals this year, rising 14.9% according to the Morningstar PitchBook Global Unicorn Indexes.
AI unicorns rose 5.4% this year for the second-strongest performance of any vertical. Some weaker sectors include climate tech (-2.9%) and cybersecurity (-2.5%). | | | | | | | | | Survey: Signs of increased optimism in VC | | Overall, venture GPs are more optimistic about fundraising and the IPO market than they were a year ago, according to our H1 2024 Tech Survey. GPs are mostly expecting asset valuations to get more attractive over the next month—which is supporting market activity, though still at subdued levels. While AI remains a top area of focus, investors have expressed concern of overinvestment.
Interest rates remain a key determiner of market activity, as well as the need for founders to temper their valuation expectations. While several managers have pushed out fundraising plans or ruled out opening another fund, the majority cited no changes to current fundraising plans. | | | | | | | | | Partners Group close bolsters Europe's mega-fund haul | |  | | (Juanma Hache/Getty Images) | | | Partners Group has raised $15 billion for its PE program as European mega-funds continue to dominate the fundraising landscape.
With EQT, Cinven and Apax Partners all securing significant capital commitments recently, and more outsized fund closes on the way, the year's fundraising landscape looks set to be just as concentrated as it was in 2023. | | | | | | | | | Gen AI's prompt for GPs: Are you a disruptor or a disruptee? | |  | | (Jenna O'Malley/PitchBook News) | | | For investors, the conversation around generative AI has rapidly changed.
Questions about the technology's impact that seemed abstract and distant 18 months ago—"Will AI impact the value of my portfolio?" or "How will it shape investment decisions?"—are now real and present.
For fund managers, particularly VCs, the gen AI boom has surely created new investment opportunities. But it also has spawned a whole new set of risks for business models that face being upended by a radical wave of innovation. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 707 Deals | 2489 People | 847 Companies | 36 Funds | | | | | | |
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| The Daily Benchmark: 2016 Vintage Global VC Funds with less than $250M | | | | | | |
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Milan-based AI startup iGenius is looking to raise €650 million at a €1.7 billion valuation, Bloomberg reported.
AlphaSense raised $650 million at a $4 billion valuation in a round led by Viking Global Investors and BDT & MSD Partners, as part of a deal to acquire private market data specialist Tegus for $930 million.
Kardium, which is developing treatment for irregular heartbeats, raised a $104 million round led by Fidelity Management & Research.
Cognigy, a German startup using AI to develop automated customer communication tools, raised a $100 million Series C led by Eurazeo Growth.
Bright Peak Therapeutics, a biotech company developing treatment for cancer and autoimmune diseases, raised a $90 million Series C led by JJDC.
Adcytherix, a French biopharmaceutical startup, closed a €30 million seed investment led by Pontifax.
YesWeHack, a Paris-based cybersecurity startup, completed a €26 million Series C led by Wendel.
Zeliq, a Paris-based AI sales specialist, secured a $10 million seed investment led by Exor.
CampusAI raised $10 million in a round led by angel investor Maciej Zientara for its AI training platform.
Pente, a New Jersey-based wireless communication service provider, received a strategic investment from a corporate venture capital fund operated by Mitsubishi Electric and Global Brain. | | | | | |
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Paris' Voodoo, a mobile games company, acquired social media app developer BeReal for €500 million, less than BeReal's reported €600 million valuation in 2022.
Actuate Therapeutics plans to sell 5.56 million shares priced between $8 and $10 in its upcoming IPO. At the midpoint price, the company would raise $50 million at a fully diluted market capitalization of $207 million, Renaissance Capital reported.
United Fiber & Data, which operates a fiber and broadband network on the US East Coast, will be acquired by Lightpath.
Shopko Optical, a Wisconsin-based vision service provider, has been acquired by Germany-based Fielmann Group from Monarch Alternative Capital. | | | | | |
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L Catterton has launched a new Asia-Pacific fund targeted at $800 million, Private Equity International reported.
InTandem Capital Partners, a healthcare-focused PE firm, has closed on $715 million.
1infinity Ventures, a VC firm focused on responsible investments in AI technology, has launched a new fund targeted at $500 million to support ethical and environmentally friendly AI.
Accession Capital Partners has reached a final close for its fifth fund on €336 million. The vehicle is around 30% bigger than its predecessor.
Munich-based Vsquared Ventures has closed its second fund on €214 million to back early-stage deep-tech startups.
Day One Ventures, an early-stage VC firm founded by Masha Bucher, has raised $150 million for its third fund, Fortune reported.
Collaborative Fund, a VC firm investing in climate, food and health technology, has raised $125 million. | | | | | |
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