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| In today's Daily Pitch, you'll find: | | | | | |
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| 3 charts explain Tiger Global's downsized $2.2B fund | |  | | (Angelina Bambina/Getty Images) | | | Tiger Global closed its latest VC fund with $2.2 billion, its smallest in a decade and the latest sign of shrinking ambitions among large investors.
Tiger's downsized ambitions come at a time of strain for LPs, whose VC bets have returned little cash due to a lack of IPOs. The smaller fund also reflects declining capital requirements for growth-stage investing. | | | | | | | | | AXA Investment Managers to pick up PE secondaries specialist | |  | | (John Keeble/Getty Images) | | | Major European asset manager AXA Investment Managers has agreed to acquire PE secondaries specialist W Capital Partners.
The transaction comes as interest grows in secondaries as both an investment strategy and a liquidity tool. | | | | | | | |
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| A message from Clear Street | | |
| 3 key benefits of personalized corporate access | | Pressure across financial services has led to the commoditization of corporate access, leading to strategic misses arising from the sell-side's reduced drive to provide bespoke services to corporates.
Discover how personalized corporate access addresses the three key areas investor relations professionals struggle with when marketing with the sell-side. | | | | | | | |
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| Alternative protein commercialization a key focus at foodtech conference | | Senior analyst Alex Frederick shares key takeaways from the Bay Area's Future Food-Tech conference in our latest analyst note, including: - Alternative proteins took center stage, with a focus on scaling and commercialization in a challenging fundraising environment.
- The adoption of GLP-1-boosting drugs like Ozempic and Wegovy will have widespread implications for the food industry as diets and shopping habits shift.
- VCs and large food companies are taking a more cautious approach to spending, according to a panel on investor projections and predictions.
| | | | | | | | | Leveraged loan defaults drop as outlook brightens | |  | | (ImageFlow/Shutterstock) | | | The leveraged loan default rate fell in March, adding to improving indicators this year. Fewer loans are priced at distressed levels, and the downgrade-to-upgrade ratio is also declining.
LCD breaks down the data on distressed exchanges, which have accounted for a rising share of overall default activity. The exchanges are more likely to preserve the equity stake held by PE owners. | | | | | | | | | Will private capital's soccer frenzy continue with Tottenham Hotspur? | |  | | (Visionhaus/Getty Images) | | | English Premier League soccer team Tottenham Hotspur is in talks to sell a stake as private capital dealmaking in the sport ramps up.
Financial pressures stemming from the pandemic and booming private markets have led to a rise in European soccer-related deals. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 543 Deals | 2234 People | 613 Companies | 24 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage Global Real Estate Funds | | | | | | |
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| PitchBook Tech Talks Webinar: Tracking the LLM app stack | | PitchBook research finds that large language model pilot projects can take up to six months to deploy even in successful cases. Buyers must compare a variety of models, orchestration frameworks and deployment services to balance cost and performance.
In addressing this opportunity, companies in our large language model operations market map have nearly closed more VC deals in the last 14 months than in the prior three years combined. To track how these new products fit together, PitchBook senior analyst Brendan Burke will discuss the structure and state of the large language model app stack with AI developer community leader Yujian Tang, a senior developer advocate at Zilliz. Key topics include: - How software engineers select orchestration tools to build for the two biggest use cases: retrieval-augmented generation and AI agents.
- Data preparation techniques to bring unstructured, multimodal data to large language model applications.
- Deployment tradeoffs with new, small models and hardware constraints.
Register now to secure your spot. | | | | | | | |
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European enterprise software investor Main Capital Partners has closed its two latest buyout funds, Main Capital Fund VIII and Main Foundation II, on a combined hard cap of €2.44 billion.
Crypto-focused VC firm Paradigm is in talks to raise up to $850 million for a new fund, Bloomberg reported.
Mauritius-based Adenia Partners, a PE firm investing in growth opportunities in Africa, has closed its fifth fund on a hard cap of $470 million.
Amsterdam-based gaming-focused VC firm Laton Ventures has raised $35 million for its debut fund.
Maniv has raised $140 million for its third flagship fund focused on seed- and early-stage investing. | | | | | |
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"Lately we are seeing signs of distressed selling. As recently as Q3, the trailing 12-month (TTM) median multiple seemed to be holding firm at 2.4x revenue, but that collapsed to 2.0x for all of 2023."
Source: 2023 Annual US PE Middle Market Report | | | | | |
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