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🔥 The AI infrastructure arms race is heating up. Billion-dollar deals for foundation model startups like OpenAI and Safe Superintelligence drove VC funding to $31.1 billion in Q3, according to our latest Artificial Intelligence & Machine Learning Report.
The report dives into areas of opportunity including AI for the slow-to-change legal field and tech that acts as a conductor for multiple large language models. Read more.
💸 Blackstone is tapping a $1 billion Santander loan portfolio to beef up its infrastructure credit strategy. These assets make a sensible marriage for money from the asset manager's fast-growing insurance channel. Full story
🖥️ PE firm GTCR took a $1.3 billion minority stake in Tricentis, a software developer that tests enterprise applications. The deal, which valued the Insight Partners-backed company at $4.5 billion including debt, follows a robust Q3 for software PE investments. Go deeper.
🥡Food delivery group JustEat is to delist from the London Stock Exchange. The bourse has hemorrhaged companies being lured away by better valuations and more favorable regulation elsewhere. Read more
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| UK private-market deal value dips in Q3 | |  | | (Julia Midkiff/PitchBook News) | | | Private market dealmaking in the UK was sluggish in the third quarter of the year, PitchBook's Q3 2024 UK Market Snapshot shows, with private equity and venture capital seeing dips in deal value. Fundraising for both asset classes has noticeably improved and is currently pacing higher than last year.
The UK's economy showed strength in the quarter as inflation fell below the Bank of England's 2% target. FTSE 100 returns slightly outperformed the Stoxx Europe—a broad measure of the European equity market—boosted by outperformance in basic materials. | | | | | | | |
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| A message from PitchBook Data | | |
| Ready to engage top PE and VC audiences? | | Our 2025 PitchBook Media Kit offers service providers direct access to 2.1 million engaged professionals through our targeted newsletters and exclusive reports. Backed by PitchBook's trusted global data, our sponsorships amplify your brand via custom reports, asset class insights, website and native content partnerships.
See what's new for 2025 | | | | | | | |
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| Gummy candy maker Yupi sold in year's biggest SE Asia buyout | |  | | (Dusica Marjanovic/Getty Images) | | | Hong Kong-based Affinity Equity Partners has bought Indonesian gummy candy maker Yupi for $1.2 billion, making it the biggest buyout deal in Southeast Asia this year.
Southeast Asia's private market has been regaining momentum. PE buyout deal value took a hit during the wider market downturn in 2023, but it's up 50% this year. | | | | | | | | | Decline in VC dealmaking for crypto intensifies in Europe | |  | | (Dan Kitwood/Getty Images) | | | European cryptocurrency startups are heading for another disappointing year of venture capital dealmaking, but new regulation could give the sector a boost.
With just over a month left in the year, VCs have invested €1.7 billion (around $1.8 billion) in European crypto startups, according to PitchBook data, with deal value expected to land at around €1.9 billion for the year. This would represent a decline of 26.9% from last year and only a third of the amount invested during 2021's peak. | | | | | | | | | US CLO market sets record with $187B of new issuance in 2024 | |  | | (Philippe Lejeanvre/Getty Images) | | | The US CLO market, which represents roughly 70% of the $1.4 trillion leveraged loan asset class, has set a record with more than $187 billion of issuance in 2024.
Issuance is up 71% on a year-over-year basis and tops the prior record set in 2021, per PitchBook LCD data. CLO managers have benefitted this year from ongoing spread tightening and the highest annual BSL equity returns in eight years for majority stakeholders. | | | | | | | | | Corporate buyers keep the upper hand in M&A market share | | Over the last two years, corporate-led deals have claimed a growing share of global M&A dealmaking as PE has struggled to regain its position, according to our recent analyst note.
PE's share of total M&A deal count slipped from a record 36.4% in 2021 to 33.5% in 2023. Its portion of deal value declined from nearly 45% in 2022 to around 40% in 2023.
Headwinds to PE dealmaking appear to persist. GPs' dry powder is shrinking amid a tepid exit environment and a slowing fundraising market, while corporate buyers have maintained liberal cash reserves, PitchBook's Jinny Choi writes. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 643 Deals | 2334 People | 821 Companies | 55 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage Global Real Assets Funds | | | | | | |
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Yubi, an Indian fintech startup backed by investors including Insight Partners, seeks up to $200 million in fresh funding, Bloomberg reported.
Amsterdam-based Cradle, which develops an AI-powered protein programming platform, received a $73 million Series B led by IVP.
Cloud backup specialist Eon raised a $70 million Series C led by Bond that values the company at $1.4 billion.
San Francisco-based /dev/Agents, which develops an operating system for AI agents, raised a $56 million seed round led by Index Ventures and CapitalG.
Fintech startup Cardless, which operates credit card and loyalty programs, raised a $30 million round led by Activant Capital.
Range, a startup developing AI for wealth management services, raised a $28 million Series B led by Cathay Innovation.
Ampeco, a Bulgarian EV charging management company, raised a $26 million Series B led by Revaia.
Wherobots, which specializes in geospatial technology, raised a $21.5 million Series A led by Felicis. | | | | | |
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| Key trends shaping the future of Impact and ESG | | Our fifth annual Sustainable Investment Survey reveals a compelling shift in the investment landscape: Despite the controversies surrounding ESG and Impact, practitioners are not just adapting but innovating. With insights from over 1,000 global respondents, including asset owners, VCs and family offices, this survey uncovers the strategies and motivations driving ESG and Impact practitioners. We also delve into the perspectives of those who have opted not to incorporate ESG into their investment programs, shedding light on their rationale and decision-making processes.
Our Sustainable Investment Survey is just one of many ESG and Impact research efforts we provide to help investors create a double bottom line of financial returns and positive social or environmental impact. PitchBook Research helps our customers navigate complexity across the entire investment cycle, including contextualizing sustained trends in evolving spaces such as ESG.
Download our report. | | | | | | | |
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Stahl Holdings, manufacturer of chemical coatings, maybe be sold by Wendel at a valuation of up to €2 billion, Bloomberg reported.
Apotea, an online pharmacy operator backed by Creades and Beijer Ventures, is looking to raise 1.64 billion Swedish kronor (about $149 million) in its IPO.
Texas-based Mercury Financial, a credit card platform developer owned by Värde Partners, is in talks for a sale, Bloomberg reported.
EQT-owned Indira IVF, the largest IVF provider in India, may pursue an IPO in which the company could raise around $400 million, Bloomberg reported.
CVC Capital Partners is in talks to sell its majority stake in Italian drug manufacturer Recordati, Reuters reported. | | | | | |
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UK-based impact investor LeapFrog held a $1.02 billion close for its fourth fund, beating its initial target of $1 billion.
RCG Ventures is targeting $650 million in commitments for its eighth fund, according to SEC filings. | | | | | |
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