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| In today's Daily Pitch, you'll find: | | | | | |
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| PitchBook Benchmarks for private markets | | | PitchBook Benchmarks provide a detailed snapshot of the latest data for closed-end fund returns across strategies. The new edition is now available, updated through Q4 2023 with preliminary data for Q1 2024. It features PDFs and visualizations that break down the data by geography and fund type. Additional data and vintage years are available in Excel data packs for PitchBook clients. | | | | | | | | | GHO Capital targets billions for latest healthcare buyout fund | |  | | (SeventyFour/Getty Images) | | | GHO Capital is in the market to raise $3.25 billion for its latest healthcare buyout fund.
The London-based healthcare specialist is riding high on the back of a lucrative exit from FairJourney Biologics, a contract research group it had backed since 2020. | | | | | | | |
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| A message from CFA Institute | | |
| Advance your private markets career with CFA Institute learning options | | CFA Institute offers specialized learning opportunities to equip you with the practical knowledge and skills you need in private markets. The foundational Private Markets & Alternative Investments Certificate and the intermediate Private Equity Certificate combine CFA® Program content with practitioner insights. Gain essential skills and knowledge, from core concepts to advanced financial analysis. A certificate can be completed in as little as 70 hours of self-paced study.
Coming in August 2025, the Advanced Private Markets Certificate will deepen your expertise and further your career growth. The intermediate Private Equity Certificate is a prerequisite, so get started now.
These three certificates offer a comprehensive learning pathway to build your expertise in private markets.
Ready to get started? Explore CFA Institute certificates and elevate your career. | | | | | | | |
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| PE-backed IPOs lead the pack | | Halfway through 2024, the performance of recent PE-backed IPOs is outpacing that of VC-backed IPOs and major indexes.
PitchBook's PE-backed IPO index is up 28.6% this year, thanks largely to SoftBank-backed chip designer Arm, which has risen more than 150%. The VC-backed IPO index climbed 13.2%, while our index of SPACs is down 17.8%. For context, the S&P 500 has risen about 18% and the Nasdaq jumped 24%. | | | | | | | | | Envestnet fetches $4.5B in take-private deal with Bain Capital | |  | | (Nuttapong punna/Getty Images) | | | Envestnet, a financial software provider that caters to wealth management firms, has agreed to go private in a deal with Bain Capital in a transaction valued at $4.5 billion.
The company will seek to enhance its wealth management platform and features BlackRock, Fidelity Investments, Franklin Templeton and State Street Global Advisor as strategic partners. | | | | | | | | | UK hopes to lure IPOs in major listing rules overhaul | |  | | (Image courtesy of the FCA) | | | The UK's financial regulator has simplified listing rules in the hope that more tech startups will list in London.
Calling it the "biggest overhaul in three decades," the Financial Conduct Authority is offering more flexibility around enhanced voting rights and removing the need for votes on significant transactions. | | | | | | | | | China leads in Asia-Pacific biopharma dealmaking | | With VC deals down across the US and Europe, it's no surprise that the Asia-Pacific region has also fallen well below 2021's highs. Healthcare VC deal value in the region has remained consistent, at $2.6 billion in the first quarter—with companies in the sector attracting 16.4% of VC investment, according to our recent analyst note on the APAC market.
PE dealmaking continues to be highlighted by firms such as MBK Partners, Blackstone and The Carlyle Group finding opportunities in the region. China has become a top target for healthcare investors as companies capitalize on opportunities for more affordable medicine. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 506 Deals | 2242 People | 672 Companies | 30 Funds | | | | | | |
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| The Daily Benchmark: 2013 Vintage Global PE Funds between $250M-$500M | | | | | | |
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Helsing, a startup developing AI software for the defense sector, has raised €450 million at a €5 billion valuation. The round includes new investors Accel and Lightspeed.
Element Biosciences, a healthtech company developing a DNA sequencing platform, raised a $277 million Series D led by Wellington Management.
Regard, which is using AI to develop a platform for clinicians to analyze patient data, raised a $61 million Series B led by Oak HC/FT.
Fireworks AI, a California-based startup developing an inference engine for AI, raised a $52 million Series B led by Sequoia. The round values Fireworks AI at $552 million.
Armada, a startup developing software to decentralize front-end applications, raised a $40 million round led by M12.
Adona Medical, a developer of medical treatments for heart failure, raised a $33.5 million Series C led by Cormorant Asset Management and TCP Health Ventures.
Lemon.markets, a Berlin-based digital brokerage specialist, has raised €12 million led by CommerzVentures.
Dynelectro, Danish sustainable energy solutions startup, has raised €11 million led by Denmark's Export and Investment Fund. | | | | | |
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| Don't miss our upcoming webinar | | Elevated interest rates have limited the debt that sponsors are able to raise and, by extension, the number of LBOs they are able to support. Despite this, recent spread compression and a wave of refinancing and extension activity have opened the door for a potential M&A issuance revival.
Join our panel of credit experts as they discuss the factors influencing the US leveraged loan and private credit markets and look at what's to come in 2024. Key topics include: - Are markets ripe for meaningful M&A issuance?
- Is the end of the repricing wave finally in sight for weary lenders?
- Will CLOs maintain a record pace of issuance?
Register now to secure your spot. | | | | | | | |
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Blackstone has agreed to acquire a larger stake in Tallgrass Energy, a Colorado-based oil and gas transportation company, after Spain's Enagás sold its stake for $1.1 billion.
Benchmark Analytics, a Chicago-based company developing an enterprise analytics platform, has received an investment from PSG Equity.
Earned Wealth, which offers advisory services to help doctors manage their finances, raised $200 million in growth financing led by Summit Partners and Silversmith Capital Partners.
Skerritts, a UK-based independent financial advisory backed by Sovereign Capital Partners, has made two add-on acquisitions: Black Swan Financial Planning and KMG.
AffiniPay, a company providing payment processing software to businesses like law firms and accounting firms, is in talks to sell a stake to Genstar Capital, Reuters reported.
Aprio, an accounting and business advisory firm, received an investment from Charlesbank Capital Partners.
Héroux-Devtek, a Canadian publicly listed company that manufactures landing gear for planes, agreed to be acquired by Platinum Equity Advisors in a deal valuing the company at about $1.35 billion.
EmpowerMX, a provider of aviation maintenance software, was acquired by PE-backed IFS. | | | | | |
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Silo AI, a company developing and deploying AI solutions to businesses, agreed to be acquired by Nasdaq-listed AMD for about $665 million.
GMM Music, a Bangkok-based music publishing company, is planning an IPO. The company was last valued at about $700 million.
Acumen, a consulting company, and Albanero, a data management company, have been acquired by Infor. | | | | | |
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AXA IM Alts, the alternatives unit of French insurer AXA, has raised over $2.5 billion for a new vehicle targeting bank risk transfers.
RCP Advisors, a Chicago-based PE firm, is launching its latest fund with a target of $800 million, according to SEC filings. | | | | | |
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