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| In today's Daily Pitch, you'll find: | | | | | |
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| Green steel dominates climate-tech deals in Q1 | | Even accounting for H2 Green Steel's mega-financing round of over $5 billion, climate-tech deals grew nearly 38% in Q1, buoyed by US federal investment in industrial decarbonization.
Infrastructure, industry and renewable battery deals are hot commodities and median pre-money valuations appear to be rising across the board, according to our latest Carbon & Emissions Tech Report. Climate-tech startups are rapidly developing more sophisticated approaches to permanent carbon-storage solutions, and investors are paying attention. | | | | | | | | | Founder of fintech's newest unicorn says he'd 'never sell' | |  | | (Dowell/Getty Images) | | | Altruist, the developer of a fintech platform for financial advisers, just secured unicorn status—but M&A is off the table, according to founder Jason Wenk.
Altruist raised a $169 million Series E led by Iconiq Growth at a valuation of over $1.5 billion, a step-up of more than 1.5x from its previous round.
The startup is a rare example of a growth-stage fintech company that hasn't had to take a down or flat round during a fintech dealmaking freeze. | | | | | | | |
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| A message from Pillsbury Winthrop Shaw Pittman | | |
| Megadeals bolster climatetech investment amid complex dealmaking environment | | Global climatetech investment exceeded $25 billion for just the third time ever in 2023, with data showing signs of growing diversification across both market segments and investor types. Pillsbury's latest report on key trends shaping the climatetech sector explores: - How large IPOs signal liquidity prospects may be rosier in climatetech than in other sectors.
- What resilient VC metrics, such as steady median deal sizes and valuations, imply for climatetech startups.
- Which climatetech verticals saw spikes in deal flow.
Read the full report for more | | | | | | | |
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| Meet the latest crop of AI unicorns | | April showers bring May flowers. They also bring billion-dollar AI startups. Five of the 12 companies captured in our global unicorn tracker last month are building AI tools. - AI drug discovery startup Xaira launched with $1 billion in funding from Arch Venture Partners and Foresite Labs.
- Cognition, which is building an AI coding assistant, was reportedly valued at $2 billion in a $175 million round led by Founders Fund.
- Investors put a $1.2 billion price tag on Hailo, which makes processors that can run AI on devices outside data centers.
| | | | | | | | | Secondary deals grow as share of PE exits | |  | | (Tadamichi/Getty Images) | | | | Secondaries have accounted for a larger share of overall PE deals in recent quarters and have the potential to see an active, or even robust, 2024 as managers grapple with quick alternatives to exit investments. | | | | | | | | | A better benchmark for buyout funds | | It's time to boost your benchmarking tools. Our latest analyst note uses take-private data, quarterly financial statements and historical stock prices to capture the fundamental characteristics of buyout investing in a portfolio of public equities.
Analysts learned that PE funds are no magic bullet, performing mainly in line with public equities. LPs can use this analysis to better benchmark buyout fund performance and more clearly understand their risk-return profiles. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 621 Deals | 2207 People | 891 Companies | 31 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage Global Debt Funds | | | | | | |
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Alternative asset manager HighVista Strategies has closed its Private Equity X fund on $675 million.
Centana Growth Partners is targeting $475 million for its Fund III, according to a regulatory filing.
Healthcare-focused growth investor Latticework Capital Management closed its Fund II on $345 million.
Belgian VC firm Imec.xpand launched a €300 million fund targeting semiconductor and nanotechnology companies.
Netherlands-based Infinity Recycling, an impact investor focused on backing startups in the recycling space, closed its first fund on €175 million.
Austin-based Scout Ventures raised $94 million for its fourth flagship fund. | | | | | |
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"What went up came back down, and unfortunately for LPs, distributions came down hard. The exit environment turned over quickly toward the end of 2021 and early 2022, but VCs were still putting significant capital to work. 69 cents per dollar of dry powder available at the start of Q2 2021 was called down over the subsequent four quarters, while only 13.3% of NAV was realized."
Source: Surfing Turbulent Cash Flow Waves | | | | | |
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