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| In today's Daily Pitch, you'll find: | | | | | |
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| Bill Gates' climate VC raises $839M toward new fund | |  | | (Kevin Dietsch/Getty Images) | | | Bill Gates-backed climate VC Breakthrough Energy Ventures has gathered $839 million in its effort to raise the firm's third flagship fund, according to a regulatory filing, making it the largest climate fund raised so far this year.
Breakthrough first launched the fund in July 2023, having closed its 2021 vintage second fund on $1 billion. | | | | | | | | | Global payments highlight enterprise fintech's upswing | | VC funding for the enterprise fintech industry broke a downward trend with modest growth in Q2 2024. According to our latest Emerging Tech Research, startups in the sector raised $4.6 billion, up more than 27% quarter-over-quarter, across 315 deals.
Among the sector's most notable companies are startups focused on B2B cross-border payments models, simplifying global transactions between companies. A spotlight on Airwallex provides a taste in our recent cross-border payments deep dive. | | | | | | | |
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| A message from PitchBook Data | | |
| 2024 advertising opportunities with PitchBook | | Clients trust PitchBook Media for top-tier ad placements in our seven specialized newsletters that connect with 2.1 million highly engaged PE and VC professionals. Backed by our robust global market data, we craft custom research reports and amplify clients' existing thought leadership through partnerships on PitchBook's asset class reports or native sponsored content columns.
Explore our Media Kit for more information or email us at mediasales@pitchbook.com. | | | | | | | |
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| Ares closes $34B for US private debt fund | |  | | (NurPhoto/Getty Images) | | | Ares Management has closed its largest direct lending fund with $15.3 billion in commitments, exceeding its $10 billion target. Combined with commitments to related vehicles and leverage, the capital base is expected to be around $33.6 billion.
Private credit overtook venture capital last year as the second largest private market strategy by annual fundraising. Direct lending remains the most popular sector, representing nearly 32% of private debt fundraising last year. | | | | | | | | | PE comes to the aid of enterprise SaaS M&A | | Our recent Emerging Tech Research covers the primary drivers of M&A's recovery in the enterprise SaaS industry. Kicking off regular updates on M&A activity across the sector, analyst Derek Hernandez highlights the stabilizing factors as dealmaking settles into a new normal, starting with PE and leveraged buyouts.
The analyst note also covers key segments in the space and maps trends across six years of data—providing a view of where M&A activity has been and where it may be going. | | | | | | | | | Crypto's next big question: What would Harris or Trump do as president? | |  | | (Joey Schaffer/PitchBook News) | | | After a wild few years for digital currencies, the sector has been less financially mercurial this year. According to PitchBook data, January through March brought the first quarter-over-quarter uptick in total crypto venture deals since 2021.
Now the crypto world is looking ahead to the US presidential election—and the ways a Kamala Harris or Donald Trump administration would look to mold the country's uneven crypto regulation. | | | | | | | | | Charting digital infrastructure's rise and future | | Investment in the digital infrastructure market is on the rise. About $800 billion in commitments have been made to private funds with exposure to data centers and telecom infrastructure over the past decade—with specialist digital infrastructure funds representing a larger share in recent years.
Government initiatives, coupled with digitalization of the global economy, have paved the way for growth in the sector—and with AI energizing the need for data centers, the space is poised for greater expansion. Our recent analyst note covers the key drivers and what may be on the horizon. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 611 Deals | 2331 People | 1017 Companies | 31 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global Funds-of-Funds | | | | | | |
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Spring Health, which offers a personalized mental health platform for employees and health plans, raised a $100 million Series E led by Generation Investment Management. The round values the company at $3.3 billion.
Thumbtack, a startup creating a platform for home maintenance and improvement, raised $75 million from Silicon Valley Bank and Hercules Capital.
Airna, a biotech company developing RNA editing therapeutics, raised $60 million led by Forbion, to bring its Series A total to $90 million.
Rhombus, a Sacramento-based startup that develops security hardware like cameras and sensors, raised a $45 million Series C led by NightDragon.
Ema, a San Francisco-based startup AI technology specialist, raised $36 million led by Accel and S32, bringing its Series A to a total of $50 million.
Perchwell, whose platform streamlines workflows in the real estate industry, raised a $25 million Series B led by Lux Capital.
Applied Carbon, a company developing technology to transform agricultural waste into a resource for CO2 removal, raised a $21.5 million Series A led by TO:VC.
Haus, a marketing sciences platform developer, raised $20 million in funding led by 01 Advisors.
Lineaje, a software startup for chain-security technology, raised a $20 million Series A led by Prosperity7 Ventures, Neotribe Ventures and Hitachi Ventures.
Leanpay, a London-based buy now, pay later startup, closed a €10 million Series B led by BlackPeak Capital and Catalyst Romania. | | | | | |
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AutoDS, a company creating tools for managing dropshipping processes, has been acquired by NYSE-listed Fiverr.
Accounting and advisory firm Marcum's non-attest business has been acquired by NYSE-listed CBIZ in a transaction valued at around $2.3 billion.
Forgital Group, an Italian company developing industrial parts for aerospace and other sectors, is in talks to be sold by The Carlyle Group in a deal that could value Forgital at up to €2 billion, Bloomberg reported.
Parques Reunidos, a Madrid-based company that operates amusement parks, is in talks to have its US operations sold by EQT for up to €1 billion, Reuters reported.
WeTransfer, an Amsterdam-based file-sharing service developer, has been acquired by Milan-based mobile app developer Bending Spoons.
Dopt, a Bay Area-based startup developing software to help companies onboard customers, has been acquired by Airtable in the company's push toward AI tools.
Elemica, a company developing software to streamline supply chain processes, could be sold by PE firm Eurazeo, Bloomberg reported. | | | | | |
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Platinum Equity has raised $12.6 billion for its sixth buyout fund, Buyouts Insider reported. The vehicle is the largest in the firm's history.
Silver Hill Energy Partners has closed its latest fund on $1.13 billion. Silver Hill primarily invests in natural gas, oil and other energy assets.
Gaia Fund Managers, a South Africa-based firm, is raising $200 million for a new fund focused on renewable energy infrastructure in Africa. | | | | | |
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