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| Aerospace, defense now a hotbed for PE | | We're launching coverage of private equity investment in aerospace and defense, a sector that has thrived despite headwinds in the broader market. An estimated 249 PE deals were inked in this year's first three quarters, on pace to set an annual record, according to PitchBook senior analyst Jim Corridore's inaugural report.
Boeing's production crisis and supply chain issues created opportunities and spurred consolidation in airline maintenance, aerospace parts and components, and other areas. Meanwhile, strong military funding—which many expect to grow under the Trump administration—has emboldened PE firms to invest in defense. Dive in. | | Also...
⚡ Who has the most to lose from Northvolt's failure? The Swedish battery maker was Europe's best-funded VC-backed company before it filed for Chapter 11 bankruptcy protection last week. Its collapse will leave many investors out of pocket, including Volkswagen, Goldman Sachs and Baillie Gifford. Read more.
🛢️ Blackstone and natural gas producer EQT formed a $3.5 billion joint venture involving key pipelines. EQT will use the funds to reduce its debt, while Blackstone leverages the opportunity to invest in energy infrastructure as AI drives increased demand for power. Full story.
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| GP-to-GP dealmaking hits annual high | | A key component of this year's M&A market has been the pronounced uptick in GP-to-GP transactions. GP deal activity reached 124 majority or minority deals through Q3, a record annual high with three months to go.
In PitchBook's Q3 2024 US Public PE and GP Deal Roundup, our analysts explore this trend, exemplified by Blue Owl, which completed its fourth acquisition of a GP this year, effectively adding $44 billion to its AUM.
On the deployment front, private equity activity accelerated by 37.7% from Q2 across the six largest publicly traded PE managers. In the post-election environment, the momentum is expected to persist with a likely uptick in M&A come December. | | | | | | | |
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| What's in store for private capital in 2025 | | With ongoing economic challenges, many investors took a more cautious approach to dealmaking in 2024. However, data from Affinity's private capital predictions report reveals a brighter picture for the year ahead. Over 70% of the investors they surveyed expect to close more deals in 2025, with many ramping up their focus on outbound sourcing. Find out what's fueling this optimism and the strategies you can use to snap up more high-quality deals.
View the report | | | | | | | |
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| Key players in OTPP's European airport sell-off | |  | | (Ross Rappaport/Getty Images) | | | The Ontario Teachers' Pension Plan is looking to divest its stake in five European Airports—London City, Birmingham, Bristol, Brussels and Copenhagen—which together have a valuation of over £10 billion (about 12.5 billion).
Here's a list of existing private market shareholders who could look to increase their share. | | | | | | | | | Funding for decentralized AI startups triples to $436M | |  | | (MF3d/Getty Images) | | | Driven by a demand for faster and more secure computing resources, investors are turning to decentralized AI startups as a novel solution. These companies, which use infrastructure like blockchain and cryptography to handle AI workloads, have seen a rapid rise in VC funding.
Decentralized AI specialists have raised more money this year than the previous three years combined, according to PitchBook data. Investment has been concentrated in companies trying to ease the burden of intense AI workloads by creating networks where unused computing resources can be rented out. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 613 Deals | 2111 People | 697 Companies | 50 Funds | | | | | | |
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The Daily Benchmark:
2019 Vintage Global VC Funds | | | | | | |
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Copenhagen-based Adcendo, a biotech startup developing cancer treatments, raised a $135 million Series B led by TCGX.
Halcyon, a cybersecurity startup developing a platform to fight ransomware, raised a $100 million Series C led by Evolution Equity Partners.
ID.me, a startup developing a virtual identification platform, completed a tender offer led by Ribbit Capital that valued the company at $1.8 billion, Bloomberg reported.
Crypto startup bank Singapore Gulf Bank is in talks to raise over $50 million in a new round which would include an unnamed sovereign wealth fund in the Middle East as an investor, Bloomberg reported.
Kanglin Biotechnology, a Hangzhou, China-based biotech startup developing treatments for disorders including sickle cell disease, raised a $20 million Series A.
PlayAI, a startup creating AI voice software for text-to-speech implementation, raised a $20 million seed round led by led by 500 Startups and Kindred Ventures.
Emma, a Luxembourg-based cloud management platform, closed a $17 million Series A led by Smartfin. | | | | | |
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Mediq, a medical supply company based in the Netherlands and backed by Advent International could be valued at around €1 billion in a sale, Bloomberg reported.
EQT-backed Indira IVF, a fertility clinic chain in India, is considering a Mumbai IPO at a $2.5 billion valuation, Bloomberg reported.
Apollo Global Management-backed Global Schools Foundation, a Singapore-headquartered private school operator, is shopping a minority stake, Bloomberg reported.
Eurazeo established a €180 million continuation fund for its stake in I-Tracing, a French cybersecurity services provider. Five Arrows and TPG are co-lead investors in the vehicle.
Tecta America, a roofing company owned by Altas Partners and Leonard Green & Partners, is in talks for a sale that could value it at up to $4 billion, Bloomberg reported. | | | | | |
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| Bay Area-based accelerator and VC firm Neo launched its fourth fund with a target of $250 million in commitments, according to SEC filings. | | | | | |
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