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⚡ US PE powerhouses are staking out their strategies in a new tariff regime. Some are turning outward in search of investments overseas, while others are doubling down on their home turf. Read more
đź‘‹ As OpenAI's new applications chief, Fidji Simo will free up Sam Altman to focus on research. As the CEO of Instacart, she led the company's IPO in 2023. Learn more
🎓 West Virginia University's endowment has a new chief investor. He steps in at what he says is a "difficult time to allocate" endowment capital. Full story
Plus...
• Global investors are doubling down on India as it emerges as a key PE destination
• Mubadala Capital forms an alliance to chase US AI and financial services | | | | | |
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| VC supply chain tech dealmaking normalizes in Q1 | | The supply chain tech industry recalibrated in the first quarter, with VC funding falling sharply to $2.4 billion—down from Q4 2024's spike caused by Waymo's outsized deal.
Despite a drop in deal count across earlier-stage investments, venture-growth deal count surged by 45% quarter-over-quarter, highlighting sustained investor appetite for scaling startups, according to our latest Emerging Tech Research.
Exit count climbed by 50% QoQ, propelled by a doubling in acquisitions. Freight-tech deal value remained elevated, enterprise supply chain tech showed modest growth, and last-mile delivery and warehousing tech retreated. | | | | | |
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| A message from New York Life Investments | | |
| All-weather-proofing institutional portfolios: The lower middle market edge | | In today's complex environment, institutional investors are rethinking how to generate resilient, diversified returns from private markets.
Apogem Capital, a New York Life Investments company with over 30 years' experience in the middle market, believes the lower middle market—comprising more private funds and companies—provides a compelling opportunity often overlooked in private equity and private credit allocations.
According to Apogem, the lower middle market's historically lower leverage, correlation to public markets, stronger structural protection potential, and generally less crowded deal flow may provide a more attractive risk-return profile than the upper middle market or large-cap segments.
In a new insights piece, Apogem's investment professionals outline why they believe the lower middle market deserves a place in institutional private markets portfolios.
Explore the full perspective | | | | | | | |
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| As tariffs shake things up, India may emerge as an APAC champ | |  | | (Kriangkrai Thitimakorn/Getty Images) | | | Global investors are doubling down on India, lured by its booming digital economy, resilient domestic demand and relative insulation from the US-China trade war. From Blackstone to Bain Capital and Permira, international firms are rapidly redirecting capital and strategy toward the subcontinent.
PE deal value in India has remained above $20 billion a year since hitting that mark in 2020. Robust exit routes, growing foreign investor confidence and the rise of digital-first businesses are key drivers making the country one of the top destinations for PE in Asia. | | | | | | | Europe's healthtech scene heats up as LSX spotlights startup momentum | | The 11th Annual LSX World Congress in London brought together 1,500 global leaders in medtech, healthtech and biotech to focus on efficiency in capital deployment, startup strategic partnerships and pathways to accelerate global expansion.
The conference surfaced key trends shaping the European healthtech landscape—from the rise of consumer-facing unicorns such as Flo Health and Oura to AI applications in medtech to growing investor interest in women's health. With more than $12.3 billion in VC funding in 2024, Europe's healthcare ecosystem is emerging as a hub for global innovation. | | | | | | | Mubadala Capital forms alliance to chase US AI, financial services | |  | | (Ugurhan/Getty Images) | | | Mubadala Capital, the asset management arm of Abu Dhabi's oil-rich sovereign wealth fund, formed a powerful alliance to tap into US AI and financial services.
The $15 billion-plus deal marks one of Mubadala's most significant commitments to capitalize on the fastest-growing segments of the US economy. | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 594 Deals | 1944 People | 702 Companies | 34 Funds | | | | | | |
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The Daily Benchmark:
2019 Vintage Global Funds-of-Funds | | | | | | |
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Clay, a developer of sales automation technology, is launching an employee tender offer led by Sequoia at a $1.5 billion valuation.
India-based online logistics marketplace startup Porter raised a $200 million Series F co-led by Kedaara Capital and Wellington Management at a valuation of around $1.2 billion.
Switzerland-based biotech Haya Therapeutics raised a $65 million Series A co-led by Sofinnova Partners and Earlybird Venture Capital.
Fastino, a startup developing small, task-specific AI models, secured a $17.5 million seed round led by Khosla Ventures, TechCrunch reported.
Ravio, a London-based compensation management platform provider, raised a $12 million Series A led by Spark Capital.
Doubleword, a London-based self‑hosted AI inference platform provider, raised a $12 million Series A led by Dawn Capital.
Securitize, a startup that uses blockchain technology for tokenizing real-world assets, received an investment from Jump Crypto. | | | | | |
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| Don't miss our upcoming webinar | | Private markets are evolving faster than ever before, presenting both challenges and opportunities for investors managing portfolios in an increasingly complex landscape. Understanding these dynamics is essential for allocators looking to stay ahead in a rapidly changing market. Join us for an in-depth webinar featuring PitchBook analysts as they discuss the most pressing themes in private markets. Gain data-driven insights and expert perspectives to help navigate uncharted waters.
Register now to secure your spot. | | | | | | | |
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TPG and Corpay are taking accounts payable software provider AvidXchange private in a deal that values the company at $2.2 billion.
A TPG-led consortium withdrew the acquisition of Germany-based energy billing services provider Techem. | | | | | |
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