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| In today's Daily Pitch, you'll find: | | | | | |
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| AI helps boost European VC in Q2 | | European VC dealmaking ticked upward in the second quarter amid a recovery in valuations. AI deals saw notable growth, doubling in total value from Q1 to €4.2 billion, according to our Q2 2024 European Venture Report, sponsored by J.P. Morgan. In all, AI companies pulled in €6.3 billion in H1, making it the most-active sector after SaaS.
While there were some bright spots in the IPO market—including the listing of Dutch robotics company RanMarine Technology and Swedish fintech specialist GreenMerc—the exit market remains mixed. So far this year, acquisitions have accounted for 85.6% of VC-backed exit value.
Fundraising in H1 totaled €9.4 billion, with the France and Benelux region accounting for the largest share of capital raised, displacing the UK and Ireland for the first time since 2018. | | | | | | | | | Carlyle, KKR team up for $10B student loan acquisition | |  | | (Pla2na/Getty Images) | | | | The Carlyle Group and KKR have agreed to join forces to acquire a roughly $10 billion portfolio of prime student loans from Discover, a prominent example of PE firms' eagerness to expand their presence in the asset-based finance space. | | | | | | | |
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| A message from Golub Growth | | |
| Fresh perspectives and insights from across the software ecosystem | | Feeling the summer heat? Take a break and catch up on insights and advice from SaaS founders, CEOs, CFOs, VCs and others.
The Golub Growth SaaS Talk series probes leaders from across the industry for comments on navigating complex market conditions, weighing the various factors related to raising capital, managing a growing business through different stages and more.
Explore the Golub Growth SaaS Talk series | | | | | | | |
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| Weak revenue growth for enterprise SaaS stocks eases slightly | | While revenue growth for public enterprise SaaS companies maintained its downward trajectory in Q2, the angle has flattened out somewhat. Looking ahead, the sectors expected to fare worst are analytics, HR and collaboration. IPOs hit a low in Q2, dampening progress seen in recent quarters.
On the positive side, all sectors had a small percentage of breakaway stars with revenue multiple increases across recent quarters: Wix, Informatica, SAP, Elastic and AvidXchange led the way.
Our Q2 2024 Enterprise SaaS Public Comp Sheet and Valuation Guide tracks stock performance, valuations and market caps for key publicly traded companies. | | | | | | | | | CCMP secures $500M+ for PE fund as middle-market vehicles shine | |  | | (Pascal Preti/Getty Images) | | | CCMP Growth Advisors has raised over $500 million for CCMP Capital Investors IV, which invests in high-growth middle-market companies in North America in the consumer and industrial sectors.
New York-based CCMP Growth, which was formed in 2022 as the successor to CCMP Capital Advisors, rides the wave of success for middle-market fundraising, which accounted for 52.1% of all capital raised in the first half of the year. | | | | | | | | | In the sky and on the ground, mobility stocks lose speed | | Large-cap tech companies continued to outperform within public mobility tech in Q2, but the sector's performance was generally mixed. Even Tesla's share prices leapt despite sales decreasing for the second quarter in a row.
Boeing, Airbus and their peers lost altitude for a Q2 air mobility decline of 5%. Lockheed Martin's performance lifted slightly, driven by a stronger outlook for defense spending. Our Q2 2024 Mobility Tech Public Comp Sheet and Valuation Guide tracks stock performance, valuations and market caps for key publicly traded companies. | | | | | | | | | Surveying ESG and impact investing practices | | We've launched our revamped 2024 Sustainable Investment Survey to take a closer look at what investors are doing and why—including the current events influencing sustainable investing practices.
We would also like to hear what the term "ESG" means to private market participants and whether concessionary returns are implicit in impact investing. We invite you to share your firm's approach.
All who complete the roughly 10-minute survey will have the opportunity to enter a prize drawing, and for each completion, PitchBook will make a donation to World Central Kitchen. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 619 Deals | 2282 People | 745 Companies | 34 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Real Estate Funds | | | | | | |
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| Jeffrey Perlman has been named CEO of PE firm Warburg Pincus, succeeding Chip Kaye. Perlman has held the positions of president and head of Southeast Asia and Asia-Pacific real estate at the firm. | | | | | |
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Aven, which provides credit cards using home equity, raised a $142 million Series D led by Khosla Ventures and General Catalyst.
NGM Biopharmaceuticals received a $122 million Series A led by The Column Group, which initially took NGM private in February.
Kandji, a company developing a management and security platform for Apple devices, raised $100 million from General Catalyst. Kandji is now valued at $850 million after its Series D.
Again, a Copenhagen-based carbon capture startup, has raised a €39.4 million Series A co-led by GV and HV Capital
Xapien, a London-based AI due diligence provider, has received an £8 million Series A led by YFM Equity Partners.
CultureAI, a Manchester-based human risk management specialist, has raised a €9.1 million Series A led by Mercia Ventures and Smedvig Ventures.
VARM, an insulation startup based in Germany, has secured €5.7 million in seed funding led by Emerge and Pale Blue Dot. | | | | | |
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| PitchBook webinar: The Allocator's Atlas | | The Allocator's Atlas is a specialized webinar series designed for LPs, where you'll gain valuable insights and expert perspectives to effectively navigate your investment strategies and portfolio management.
PitchBook analysts Zane Carmean and Hilary Wiek will provide private market insights based on PitchBook research as well as fundraising, cash flow, and fund performance data important to LP workflows. This webinar will also feature Brian Hoehn of ILPA, who will discuss SEC private fund development rules and ILPA's advocacy on behalf of LPs for best practices, including in areas such as NAV loans and continuation vehicles.
Register now to secure your spot. | | | | | | | |
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CVC Capital Partners has made a bid to buy listed Polish software company Comarch, Bloomberg reported. The deal could value the business at 2.57 billion Polish zloty (about $654 million).
Waterland Private Equity invested in Beyond Law Group, which offers corporate and consumer legal services.
Mayfair Equity Partners has acquired VG, a provider of private wealth, corporate and fund administration services.
Tekion, a company developing cloud-built technology for automotive retailers, secured $200 million in financing from Dragoneer Investment Group. Tekion is now valued at over $4 billion.
Matera, a Brazil-based company developing financial software, received a $100 million growth investment from Warburg Pincus.
National Arbitration and Mediation, a company providing dispute resolution services as an alternative to a traditional courtroom process, received a growth investment from Thompson Street Capital Partners.
Ellit Groups, an IT consulting firm in the healthcare industry, has formed a strategic partnership with PE firm Lumerity Capital, a new investor.
Imker Capital led an acquisition of the subsidiaries of Dutch IT services group Centric Holding.
Chappal Energies, a Mauritius-based investment firm, has bought a minority share worth $860 million in the Shell Petroleum Development Company of Nigeria from TotalEnergies. | | | | | |
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Italian investor Nextalia has closed Nextalia Ventures on its €150 million hard cap six months after launch. The fund focuses on technology companies in Europe and the US.
13books Capital, a UK-based firm focused on late seed and Series A investments, has reached a £121 million close on its fintech fund.
Menlo Ventures has partnered with AI research specialist Anthropic for a $100 million VC fund targeted at AI companies. | | | | | |
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| EssilorLuxottica, a French eyewear manufacturer, has agreed to acquire clothing brand Supreme from VF Corporation for $1.5 billion in cash. The deal is EssilorLuxottica's first pivot from the eyewear and lenses industry. | | | | | |
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