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| In today's Daily Pitch, you'll find: | | | | | |
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| Fertility investors look to ancillary services amid limited opportunities | |  | | (John Fedele/Getty Images) | | | A growing market for fertility services like in vitro fertilization has private equity investors eager to enter the space.
But with few sizeable platform opportunities available, some sponsors are taking a back-door approach. They're shifting focus to ancillary assets—companies that support core fertility services. | | | | | | | | | PE dealmaking in consumer sector is poised for a comeback | | Buyout activity in the consumer retail and services industry is staging a rebound in the wake of the Federal Reserve's interest rate cut. Total PE deal count in the space reached 461 in Q2 2024, marking a 31% year-over-year increase, according to our debut Consumer Retail & Services Report.
But the sector is still grappling with challenges. Financial buyers are hesitant to make acquisitions, citing elevated borrowing costs and unfavorable valuations. | | | | | | | |
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| Get SVB's take on the private fund trends CFOs and COOs need to know | | Find out how PE and VC funds are navigating LP relationships—among other factors—in the face of macro headwinds.
Read the report | | | | | | | |
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| Perpetual capital funds rise as GPs tap private wealth | | Private fund managers are searching for new pools of capital to grow as institutional investors pump the brakes on further allocations to private capital. Private wealth presents a $450 trillion opportunity, but regulations on closed-end funds have hindered access for individual investors.
Evergreen fund structures have become more popular as a result, our latest analyst note explains. These vehicles let money move in and out more freely, appealing to private wealth investors and their advisers. GPs benefit from the wider pool of investors.
Brand-name firms have been the biggest winners so far, but tech platforms are bridging the divide between investment advisers and smaller GPs. | | | | | | | | | Washington beats Seattle, Austin as startup hub | |  | | (J. David Ake/Getty Images) | | | Washington has long held a reputation as an industry town: a watering hole for politicians, lobbyists and white-shoe lawyers.
Add startup founders and VCs to that list. Since Q3 2018, DC has seen more homegrown startup financing and LP capital raised than either Seattle or Austin, two cities more typically associated with the tech universe.
Behind this growth is the proximity to federal agencies and their deepening pockets for startups in regulated industries. | | | | | | | | | StepStone's bet on a lasting liquidity crunch | |  | | (Photobank Kiev/Getty Images) | | | StepStone Group closed its fifth secondaries-focused flagship fund on $4.8 billion in commitments, more than double that of its predecessor fund.
The vehicle signals limited partners' persistent appetite for large-cap products capitalizing on the exponential deal flow in the secondary market in recent years, as the world's largest institutional investors face mounting liquidity needs. | | | | | | | | | Bridging the Gulf: Region's top 10 asset managers | |  | | (Buena Vista Images/Getty Images) | | | Nuveen and PGIM's recent moves to start up major operations in the Middle East show the region remains attractive for overseas managers.
Now there are more than 1,100 managers with offices in the region. We looked at the top 10 global players in the Middle East and North Africa. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 44 Deals | 386 People | 229 Companies | 20 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage Global Secondaries Funds | | | | | | |
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Italy's D-Orbit, which is developing space logistics technology including cloud computing and satellite servicing, raised a total of €150 million in a two-part Series C led by Marubeni.
Washington-based fusion power company Zap Energy raised $130 million led by Soros Fund Management.
Observe, a Bay Area-based startup developing an AI tool for observability and incident management, raised a $145 million Series B led by Evolution Equity Partners and Madrona Venture Group.
Lithuania's Ovoko, which operates a car-parts marketplace, raised a €20 million Series B led by Smash Capital.
Anaphite, a UK-based battery startup, received a $13.7 million Series A led by World Fund and Maniv, Tech Funding News reported. | | | | | |
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KKR and others are in talks with energy group Eni to buy up to 25% of the company's biofuel unit Enilive, Reuters reported.
Bowmark Capital invested in Transparity, a Microsoft technology partner, providing an exit for Beech Tree, which invested in the company in 2020.
Insight Partners invested in Flightkeys Group, an Austrian company offering cloud-based flight planning and optimization software.
GeoStabilization International, a specialist in geological hazards and road safety, has been sold to Leonard Green & Partners by KKR.
Loco, an India-based developer of a game streaming platform, has been acquired by UAE-based investment firm Redwood in a $65 million deal. | | | | | |
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| Amazon's $4 billion investment into AI startup Anthropic was cleared by the UK's Competition and Markets Authority. Anthropic will use AWS and Amazon's computer chips in future development. | | | | | |
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Ardian agreed to sell Corob, an Italy-based manufacturer of automated paint dispensers, to paint sprayer-maker Graco.
Dipsea, which offers a platform for romance audiobooks, has been acquired by subscription management startup RevenueCat.
LeapPoint, a digital marketing advising agency, has been acquired by NYSE-listed Omnicom Group's precision marketing division.
Singaporean energy firm Senoko Energy is in talks to be acquired by Jakarta-based Medco Energi in a deal that could value the company at up to $1 billion, Bloomberg reported.
Peak XV Partners has sold its 47% stake in Prataap Snacks, an India-based snacks manufacturer, to Authum Investment for 8.5 billion rupees (about $102 million).
Advertising platform provider MNTN, where actor Ryan Reynolds is the chief creative officer, is planning a 2025 IPO, Bloomberg reported. | | | | | |
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