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| In today's Daily Pitch, you'll find: | | | | | |
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| Private equity giants enter a new era | | Among the seven largest US-listed altnerative managers, a new era is being ushered in as GPs increasingly target other GPs—with such deal counts up 84% in 2024 and on track to set an all-time record.
In the thick of the hunt was Blue Owl, which completed its acquisition of Kuvare Asset Management in early July, effectively adding $20 billion in AUM.
Along with the increase of GP mergers, our Q2 2024 Public PE and GP Deal Roundup covers the rise in fundraising—43.7% year-over-year in H1 across all strategies, driven primarily by private credit. | | | | | | | | | The return of VC Returns by Series | | It has been nearly three years since we last published an entry in our VC Returns by Series, notes that explore the dynamics between an investor's entry point and eventual return. The research series is now back with updated methodology and a renewed focus.
VC Returns by Series: Part IV focuses on the US market and spotlights the life sciences and SaaS sectors, analyzing annualized returns from startups across all stages of the venture life cycle. Within life sciences, returns at the seed-stage land at a staggering 29.8%, vastly outperforming the SaaS vertical and the overall venture market as a whole. | | | | | | | |
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| A message from PitchBook Data | | |
| 2024 advertising opportunities with PitchBook | | Clients trust PitchBook Media for top-tier ad placements in our seven specialized newsletters that connect with 2.1 million highly engaged PE and VC professionals. Backed by our robust global market data, we craft custom research reports and amplify clients' existing thought leadership through partnerships on PitchBook's asset class reports or native sponsored content columns.
Explore our Media Kit for more information or email us at mediasales@pitchbook.com. | | | | | | | |
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| The NFL's new private equity rules benefit a select few firms | |  | | (Ron Jenkins/Getty Images) | | | The NFL voted yesterday to approve PE ownership of minority stakes in its teams, making it the last of the major US-based leagues to allow this kind of ownership structure and establishing fertile—yet insular—ground for select PE fund managers to get deals done.
The parameters are the most rigid of any league's rules around financial sponsor ownership and place a de facto limit on the types of firms that have the ability to acquire one or more of these stakes, industry players argue. | | | | | | | | | Market Map: The startups investors are betting on as gaming's next hitmakers | |  | | (Drew Sanders/PitchBook News) | | | As the gaming sector bounces back, investors are looking to find the startups creating the next big hit.
Our latest market map explores the content segment within the gaming market, which has been a strong driver of growth. We highlight the VC-backed companies investors think are poised to be the next hitmakers. | | | | | | | | | VC drives the future of freight tech | | VC funding for the supply chain tech industry is steadily gaining traction after a few bumpy years. Startups brought in $2.4 billion across 167 deals in Q2 2024, with the latter figure rising for the third straight quarter, according to our recent Emerging Tech Research.
The report also highlights freight-tech specialists, which are paving the way for autonomous trucking. Our analysts focus on companies like Waabi—backed by Uber as well as Volvo and Volkswagen's VC arms—that are making strides in the space. | | | | | | | | | Nearly 30% of VC deals are flat or down rounds | |  | | (Sebastien Bozon/Getty Images) | | | The pandemic-era highs are long gone, and for many startups that means finally coming to grips with a cut to their valuation.
Flat and down rounds for VC-backed companies hit a decade-high in the first half of 2024, comprising nearly 30% of all deals, according to PitchBook's latest US VC Valuations Report. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 547 Deals | 2260 People | 566 Companies | 36 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global Real Assets Funds | | | | | | |
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Cribl raised $319 million—$200 million in equity and a $119 million secondary offering—in a Series E led by GV. The round values the startup, which organizes IT and security data, at $3.5 billion.
Navigator Medicines, a startup developing treatments for autoimmune diseases, raised a $100 million Series A led by RA Capital Management and Forbion.
Fintech SaaS company nOps raised a $30 million Series A led by Headlight Partners.
OpusClip, a startup developing AI-powered video editing tools, raised a Series A led by Millennium New Horizons that brings the company's total funding to $30 million.
Supio, which offers an AI-powered tool for law firms to analyze case-relevant data, raised a $25 million Series A led by Sapphire Ventures.
Planera, a startup creating a tool for construction project management, raised a $13.5 million Series A led by Sierra Ventures.
Zbiotics, a company creating probiotics using genetic engineering, raised a $12 million Series A led by Springtide Capital.
Gameplay Galaxy raised an $11.17 million seed round led by Blockchain Capital and Merit Circle. It values the Web3 game developer at $71 million.
India's Convin, an AI-powered conversation intelligence platform, secured a $6.5 million Series A led by India Quotient.
Jobilla, a Helsinki-based digital recruitment startup, raised €6 million from investors including Juuri Partners, Trind VC and Business Finland. | | | | | |
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South Korea's LG Electronics is mulling an IPO for its India business, Bloomberg reported.
Resourceful Automobile, a motorcycle dealership based in India, is looking to raise 120 million rupees (about $1.4 million) in an IPO. | | | | | |
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SeaTown Holdings International, an Asia-focused investment firm owned by Singapore's Temasek, closed SeaTown Private Credit Fund II on $1.3 billion.
Dutch Operator Fund raised €2 million for its first fund, which will invest in early-stage startups in the Netherlands.
Redalpine, a Swiss VC firm, closed its seventh flagship fund on $200 million and announced plans to open a London office.
Taiwania Capital and Axil Capital launched the TaiAx Life Science Fund, a VC vehicle focused on biotech, biopharma and other healthcare companies with a target of $200 million. | | | | | |
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