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| In today's Daily Pitch, you'll find: | | | | | |
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| PE steps up from the bench in Q2 M&A dealmaking | | M&A's path to recovery has been solidly tracking upward as private equity's share of M&A dealmaking has rebounded.
PE's slice of total M&A deal value hit 41% in Q2, up from 33.5% in the first quarter. With banks lending again for leveraged buyouts, this has helped lower borrowing costs and large take-privates have surged.
Our Q2 2024 Global M&A Report, sponsored by Liberty GTS and Clear Street, covers the trends shaping M&A dealmaking by region and sector—and how these developments may set the stage for an active second half of the year. | | | | | | | | | Exclusive: Ex-Thrive Capital partner in talks to raise $30M seed fund | |  | | (VW Pics/Getty Images) | | | Gaurav Ahuja, a partner at Joshua Kushner's Thrive Capital, has left the VC shop after seven years as partner to launch his own seed fund, according to two people with knowledge of the fundraise.
Ahuja is targeting between $30 million and $40 million for his debut fund, dubbed Timeless Ventures, which would make seed and early-stage investments across multiple industries, sources say.
Timeless Ventures will join a growing list of emerging VCs jumping ship from mainstay funds, as many GPs predict that the 2024 vintage will generate exceptional returns for seed investments. | | | | | | | |
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| A message from Oracle NetSuite | | |
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Get a copy | | | | | | | |
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| Secondary market deal value spikes | |  | | (Skodonnell/Getty Images/iStockphoto) | | | Secondary deal value reached an all-time high in the first half as more allocators—stressed by slow distributions from portfolio exits and motivated by higher valuations for secondary assets—turned to the secondary markets for liquidity.
The total value of secondary deals spiked to $68 billion in H1, up 58% from the same period last year, and experts expect a strong finish to the 2024. | | | | | | | | | Calpers' climate-crisis pitch deck | |  | | (Julia Midkiff/PitchBook News) | | | Calpers, the behemoth pension fund for California's public employees, is all-in on climate investing, if its pitch deck is anything to go by.
At its July board meeting, Peter Cashion, managing investment director of sustainable investments, laid out the fund's progress toward its $100 billion earmarked for climate investing.
But while pension plans like Calpers are outspoken about their climate targets, some LPs in states with anti-ESG laws are having to keep their climate commitments in the shadows: They're "greenhushing." | | | | | | | | | European PE fundraising defies tough deal market | |  | | (Malte Mueller/Getty Images) | | | PE fundraising in Europe is on pace for a record year for capital raised, thanks to a few mega-fund closes in the first half of the year.
However, GPs of all sizes are impacted by lengthened fundraising processes due to a lack of capital caused by increases in interest rates, falling stock markets and a lack of exits. Fundraising bottlenecks are expected to ease into 2025. | | | | | | | | | Carveout deals stage a comeback | |  | | (Piotrekswat/Getty Images) | | | Carveouts saw a significant spike in Q1, accounting for 15.5% of buyout deals in the middle market.
These transactions, which offer sellers flexibility and liquidity while providing PE buyers with acquisition opportunities, have proven to be a useful tool in the current market environment. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 640 Deals | 2310 People | 780 Companies | 25 Funds | | | | | | |
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The Daily Benchmark:
2019 Vintage Global VC Funds | | | | | | |
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| Stefan Bollinger has been appointed as the next CEO of Switzerland-based firm Julius Baer. Bollinger is currently the co-head of private wealth management for Europe, the Middle East and Africa at Goldman Sachs. | | | | | |
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Waymo a Bay Area-based self-driving vehicle company, will receive up to $5 billion in a multiyear investment from Alphabet.
Helsing, a Munich-based startup that develops AI software for the defense sector, raised €450 million in a Series C led by General Catalyst.
Vanta, a company developing automated software for compliance and risk management, raised a $150 million Series C led by Sequoia. The round values Vanta at $2.45 billion.
Exoticca, a Spanish tour package specialist, raised €60 million in a Series D led by Quadrille Capital.
Pearl, a startup creating AI-powered diagnostic tools for dentists, raised a $58 million Series B led by Left Lane Capital.
Dazz, a cybersecurity startup specializing in risk prioritization and remediation for cloud-based services, raised a $50 million round from Greylock, Cyberstarts, Insight Partners and Index Ventures.
Level AI, which is developing AI-powered customer interaction technology for businesses, raised a $39.4 million Series C led by Adams Street Partners.
Clarapath, a startup developing medical robotics for use in processing tissue for analysis, raised a $36 million Series B1 led by Northwell Ventures.
Star Catcher, which is developing technology to generate energy from space, raised a $12.25 million seed round led by Initialized Capital and B Capital.
Payflow, the Barcelona-based provider of a payments and employee benefits app, raised €6 million from investors including Seaya Ventures and Cathay Innovation. | | | | | |
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| Don't miss our upcoming webinar | | Join PitchBook senior analyst Aaron DeGagne for an in-depth discussion with founders and investors in the emerging food-as-medicine space. This conversation will provide an overview of the food-as-medicine landscape and touch on the sector's momentum driven by an expanding roster of high-quality startups, growing body of supporting research, and support from government and nonprofit entities. Key topics include: - Evolution of food-as-medicine and the current market opportunity.
- The future state: improving access to nutrition services, impact on chronic disease management, and how food-as-medicine companies can scale up.
- Key considerations for investors—and what is most misunderstood about food-as-medicine.
Register now to secure your spot. | | | | | | | |
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Clayton, Dubilier & Rice and Permira have made a bid for Paris-listed cybersecurity company Exclusive at a €2.2 billion valuation.
Metronet, an Indiana-based provider of fiber internet and other telecommunications services, will be acquired through a joint venture formed by T-Mobile and KKR.
Morgan Stanley Expansion Capital invested $31 million in London-based international payments company Sokin alongside Aurum Partners.
InfraRed Capital Partners acquired a majority stake in Voltan Energy, a decentralized energy company based in Finland, for an undisclosed amount, with a growth equity allocation of up to €75 million being made available.
Antin Infrastructure Partners canceled its planned acquisition of French medical imaging group Excellence Imagerie, citing unfulfilled regulatory conditions.
Doppel Farmaceutici and Mipharm, Italian portfolio companies of Trilantic Europe and Alto Partners, respectively, have merged to form a drug development and manufacturing company. Trilantic and Alto will each own a 50% stake in the new entity.
Partners Group agreed to acquire Eteck, a Netherlands-based provider of sustainable decentralized heating and cooling products, from Infracapital and others.
SkyLake Equity Partners agreed to buy BusinessOn Communication, valuing the South Korean SaaS business at nearly $260 million, Bloomberg reported. | | | | | |
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OneStream, a company backed by KKR that develops financial software for organizations, is set to raise $490 million in its IPO, Reuters reported.
Minneapolis-based PE firm Castlelake is exploring a sale of Concora Credit, a consumer lending company, Bloomberg reported. Concora could be valued at around $1 billion.
Fold, a startup developing a platform for bitcoin financial services, will go public via a SPAC merger with FTAC Emerald Acquisition.
Brick Technology, a charging technology company, has acquired its VC-backed peer Volt.
Abris Capital Partners agreed to sell salmon products producer Koral to Indian fish and seafood supplier Captain Fresh.
Together Senior Health, which provides healthcare services for people with dementia, was acquired by Linus Health, a company that specializes in early detection of cognitive disease. | | | | | |
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| Agellus Capital, a Missouri-based PE firm, raised $400 million for its debut fund targeted at essential and non-discretionary service companies. | | | | | |
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| Singaporean sovereign wealth fund GIC stated it will continue to invest in Chinese companies if Western businesses exit the country by buying stakes in their China-based units. | | | | | |
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| UK-based publishing company Informa has agreed to buy Ascential, the events company that owns the international advertising festival Cannes Lions. The offer values Ascential at roughly £1.2 billion. | | | | | |
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