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| Sequoia marks up flagship fund 25% | | Sequoia Capital, one of the world's largest venture firms, marked up its 2020 flagship US venture fund by nearly 25% in the 12 months ended in June, according to a PitchBook analysis of a report by the Regents of the University of California, one of Sequoia's LPs.
The markups defy expectations for funds that deployed capital at the height of the 2020-2021 tech bull market and could be a sign of Sequoia's many AI bets paying off.
One caveat: The US Venture XVII fund hasn't returned any cash to LPs. Full story. | |  | | (Smith Collection/Gado) | | | Also...
👋 Accel-KKR marked its official entrance into the secondaries game. The tech-focused PE shop closed its AKKR Strategic Capital fund with over $2.2 billion in commitments, joining a long list of multi-billion-dollar secondaries funds that have closed over the past few years. Read more
🏛️ SEC Chair Gary Gensler will resign when Donald Trump takes office on Jan. 20, opening the door for the president-elect to name a replacement. | | | | | |
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| Medtech's VC exits get a clean bill of health | |  | | (Julia Midkiff/PitchBook News) | | | Exits in Medtech picked up in Q3 after a slow, tough period. The number of acquisitions has also seen a rise, with companies like Endomag and Paragonix getting bought for more than $100 million. The quarter also saw the largest VC deal to date, Element Biosciences $277 million Series D, in July. And despite a dip in Q3, deal flow is still on track to surpass 2023's figure by 17%.
PitchBook's latest Emerging Tech Research lays out what's next for the vertical. Touching on the trends and segments generating excitement and capital, the Q3 Medtech Report also examines companies experimenting with smart implant and wound care technology, two areas seeing a wave of investment. | | | | | | | |
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| 6 charts: Market conditions continue to fuel European VC valuations recovery | |  | | (We Are/Getty Images) | | | European venture capital is regaining momentum, with pre-seed and seed-stage valuations showing significant growth through Q3 2024.
Fintech remains the frontrunner, boasting the highest median valuations across all stages, while AI valuations struggle to keep pace. | | | | | | | | | PitchBook LCD survey: Credit spreads expected to tighten in 2025 | |  | | (Mutlu Kurtbas/Getty Images) | | | The red-hot private credit asset class is expected to pick up even more steam in 2025, with investor appetite for deals likely to outpace what's anticipated to be increased loan activity.
So say a broad swath of credit providers, PE shops, advisory firms and other market pros across the US and Europe, in PitchBook LCD's inaugural quarterly Global Private Credit Survey. | | | | | | | | | Cinven wins Grant Thornton's UK business in $1.5B+ deal | |  | | (JustinHMoss/Getty Images) | | | Cinven has acquired a majority stake in Grant Thornton UK after beating rival bids from other firms including EQT and New Mountain Capital.
Private equity firms have invested more than €79 billion (about $82.8 billion) across 1,580 deals in Europe's professional services sector this year.. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 870 Deals | 2564 People | 855 Companies | 48 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage Global Funds-of-Funds | | | | | | |
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Lighthouse, a London-based commercial intelligence platform for the travel & hospitality industry, secured a $370 million Series C led by KKR.
Enveda, a Boulder-based biotech startup specializing in using AI to develop new medicines, raised a $130 million Series C led by Kinnevik and FPV
Pickle Robot Company a startup based in Cambridge, Mass., developing AI-driven autonomous robotic systems, has raised a $50 million Series B from Toyota Ventures, Teradyne Robotics Ventures, Ranpak and others.
Cambridge, Mass.,-based Lightning AI, an AI infrastructure and development tool, has secured $50 million in new funding from Cisco Investments, Nvidia, JP Morgan and others.
Colorado-based Iontra, a battery charging technology startup, has raised a $45 million Series C led by Volta Energy Technologies.
Inversion, a Los Angeles-based space-tech startup focusing on precision delivery, has raised a $44 million Series A co-led by Spark Capital and Adjacent.
Magma Math, a New York-based K-12 instructional math platform startup, has raised a $40 million Series A led by Five Elms Capital.
Monkey Tilt, a Las Vegas-based online entertainment and gambling platform, has raised a $30 million Series A led by Pantera Capital. | | | | | |
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Manufacturing and industrial investor Saothair Capital Partners bought Pioneer Window Holdings, a company that specializes in aluminum and glass facade systems.
Middle-market firm Quad-C Management staked Flow Service Partners, a company that provides heating, ventilation, air conditioning and refrigeration services.
Toscafund and Penta Capital invested $30 million in CellPoint Digital, which provides fintech software for the airline and travel industries.
General Atlantic has invested in Technosylva, a company that provides wildfire risk-mitigation solutions.
Silfab Solar has secured $100 million in new financing, with $50 million from ARC Financial Corporation.
Sunstone Partners, has made a strategic investment in KMS Technology. The company offers software development, testing services and technology consulting.
Lancium, develops software and tech for large-scale data centers, has received over $500 million from Blackstone, Bloomberg reported.
Bain Capital has provided capital to strategically integrate BW Fusion, Biodyne and Agronomy 365 as one crop-nutrition platform under BW Fusion. | | | | | |
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Kioxia, a Japanese memory chip-maker backed by Bain Capital, is planning an IPO in the Tokyo Stock Exchange at a $4.8 billion valuation, Reuters reported.
HIG exited Deenova, an Italy-based specialist in traceability of drugs and medical devices, to Ersel Asset Management SGR and Amundi Private Equity Italia.
Mews, a hospitality technology company, is acquiring revenue management software startup Atomize for an undisclosed amount.
The cybersecurity giant Wiz is buying Dazz, a risk management and remediation startup, for $450 million.
Serent Capital has exited KORE to Two Circles, a data marketing company specializing in global sports and entertainment businesses. | | | | | |
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Hong Kong-based Trustar Capital raised $1 billion for a continuation fund to hold the controlling stake in McDonald Corp's China and Hong Kong operations, Reuters reported.
Italian PE firm Quadrivio Group is looking to raise €300 million for its Artificial Intelligence PE Fund to invest in SMEs in the B2B sector.
Zürcher Kantonalbank Asset Management held the final close of Swisscanto Fund Private Equity World Carbon Solutions at $150 million.
Blue Bear Capital has raised $160 million for its third flagship fund focused on bringing AI technology to sustainable energy production.
Neos Partners closed Neos Partners II at $1.37 billion, alongside a $350 million co-investment. The fund focuses on energy transition and crucial infrastructure sectors. | | | | | |
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| In an article from yesterday's newsletter, ring-maker Oura's valuation jumped over 100% from its last round, not 50%. | | | | | |
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