| |
| In today's Daily Pitch, you'll find: | | | | | |
| |
| |
| PE giants search for greener pastures | | The largest publicly traded PE firms generated strong fund inflows year-over-year, driven primarily by private credit. However, the weak exit environment carried into 2024, impacting realizations in buyouts and other core PE strategies, our Q1 2024 US Public PE and GP Deal Roundup finds. - Firms continue to flock to private credit, which drew 69.8% of fund inflows.
- Private wealth and insurance remain major fundraising channels, after accounting for an estimated 47.8% of credit fundraising in 2023.
- Deals where GPs targeted other GPs rose 58.2% as of May 1 from the same period last year, a trend headlined by BlackRock's $12.5 billion acquisition of Global Infrastructure Partners in January.
| | | | | | | | | Alaska's sovereign fund ups PE exposure | |  | | (Zihao Chen/Getty Images) | | | Trustees of the Alaska Permanent Fund, the state's nearly $80 billion sovereign wealth fund, acted on Wednesday to raise their allocation to private equity by 3 percentage points to 18% as part of a rebalancing to catch up with a rebound in the stock market.
The fund's portfolio underperformed its own benchmark over the past year. In 2023 chief investment officer Marcus Frampton made headlines when the fund lowered its two-year PE target allocation by 4 percentage points. | | | | | | | |
| |
| A message from M&A Science by DealRoom | | |
| The #1 M&A podcast in the world | | Looking for a place to learn and connect with the M&A Community?
Check out the M&A Science Podcast. Episodes are released weekly and feature M&A experts from leading brands such as Xerox, FastLap, and Cisco and provide valuable insights and practical takeaways that you can apply to optimize your M&A practice.
Each episode digs into the details to help you streamline your M&A processes. Click here to access almost 300 episodes, with topics ranging from diligence, divestitures, integration, and more. Don't wait to uplevel your M&A skill set—start now with M&A Science. | | | | | | | |
| |
| ExxonMobil board reappointed despite investor pushback | |  | | (Chunyip Wong/Getty Images) | | | A group of the world's largest institutional investors have failed in their attempt to remove board members at ExxonMobil after a spat over shareholder rights.
At an annual meeting Wednesday, 95% of shareholders voted in favor of the keeping the board in place, against the wishes of a shareholder group that included Calpers and Norway's Norges Bank Investment Management. | | | | | | | | | Taking a deeper dive into EV charging's distinctive categories | | Electric vehicle adoption is facing a chicken-and-egg problem: Prospective drivers are deterred by range anxiety, in turn leading to a lack of investment in EV charging infrastructure. Solving the problem may be as simple as looking toward other countries.
PitchBook's latest Emerging Tech Research provides a detailed look at the EV charging space—which is not monolithic—and its distinct segments and opportunities. It also provides an overview on what other countries like Norway, where plug-in EVs account for 91.5% of new vehicle purchases, are doing to build out charging infrastructure and further supercharge adoption. | | | | | | | | | Meet the cyber trust and safety startups that have raised the most VC | |  | | (Anyaberkut/Getty Images) | | | | The threats of disinformation and deep fakes loom large over the AI boom. As generative AI becomes increasingly sophisticated, the need to safeguard against bad actors is spurring founders to build solutions. We looked at the 10 trust and safety startups that have raised the most venture capital. | | | | | | | | | Hardware acceleration drives VC returns in AI | | Investors are scattering bets widely in the AI market, but only one category has been a reliable producer of exits for VC-backed companies, our recent Emerging Tech Research explains.
The IPO of Astera Labs, which makes AI hardware for data centers, continued that trend in the first quarter with a towering revenue multiple. That debut followed last year's blockbuster IPO of semiconductor specialist Arm. And there's more to come: Chipmaker Cerebras, last valued at $4 billion, is readying an IPO. | | | | | | | |
| |
| |
| | Since yesterday, the PitchBook Platform added: | | 509 Deals | 2002 People | 824 Companies | 23 Funds | | | | | | |
| |
The Daily Benchmark:
2020 Vintage European Debt Funds | | | | | | |
| |
| |
Solutions by Text, a Dallas-based startup developing technology to pay bills via text messaging, raised a $110 million growth round led by Edison Partners and StepStone Group.
Copenhagen-based biotech startup Adcendo extended its Series A with €16 million, bringing the round's total to €98 million. The investment was led by Dawn Biopharma.
Sweden's Natural Cycles, the developer of a birth control app, closed a $55 million Series C led by Lauxera Capital Partners.
Gameto, a biotech startup specializing in women's reproductive health, raised a $33 million Series B led by Two Sigma Ventures and RA Capital Management.
ExpressionEdits, a UK-based biotech startup, secured a $13 million seed investment led by Octopus Ventures and Redalpine.
Iris.ai, an Oslo-based provider of an AI engine for scientific text understanding, secured €7.64 million in a round led by Silverline Capital.
London-based travel-tech startup Swiipr received a £6 million Series A led by Octopus Ventures. | | | | | |
| |
| |
| |
| |
| |
| |
German pharmaceutical group Merck is nearing a $1.3 billion deal to buy London-based ophthalmology biotech startup EyeBio, The Wall Street Journal reported. EyeBio is backed by investors including SV Health Investors and Jeito Capital.
Cloud computing startup CoreWeave is preparing an IPO for early 2025, The Information reported. On May 1, CoreWeave raised a $1.1 billion Series C.
Aerospace technology manufacturer Raptor Scientific agreed to be acquired by TransDigm Group for $655 million in cash. | | | | | |
| |
| |
Goldman Sachs Asset Management has raised a $20 billion fund targeting the private credit industry, according to reports.
BPEA EQT has closed on $1.6 billion for middle-market buyouts in Asia, beating its $750 million target for the fund.
Paris-based Ardian has raised €530 million for Ardian Growth Fund III, beating its €500 million target.
India's Avendus Capital is looking to raise $350 million for a new PE vehicle, Future Leaders Fund III, which will target growth-stage companies in the country.
Wisconsin Economic Development has launched a new VC-focused fund of $100 million targeted at startups across the state. Half of the fund has been raised by private investors, while the other half is federal funding. | | | | | |
| |
| |
| Parent company International Distribution Services has agreed to sell Royal Mail to Czech billionaire Daniel Kretinsky for £3.6 billion in a deal that values the British postal service at £5.3 billion, including debt. | | | | | |
| |
| |
| |
| |
No comments:
Post a Comment