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🐘 PE mega-funds are making a comeback. The performance of PE funds valued above $5 billion bested middle-market funds for the third quarter in a row. That streak has reversed five consecutive quarters of underperformance for the category on the heels of the pandemic. Full story.
🌾 VCs want more time to harvest returns and are pressuring their LPs to grant fund extensions. They often cooperate, but the data shows these extensions don't necessarily translate into the expected distributions. Read more.
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| Life sciences sector awaits new US administration | | An evolving regulatory and political landscape could introduce new levels of uncertainty in the life sciences sector. Our latest analyst note recaps the MWE Life Sciences Dealmaking Symposium, where industry experts, investors, startup founders and others weighed in on the sector's outlook. The note discusses regulatory adjustments, alternative financing methods, capital market dynamics, strategic partnerships and more, examining their impact on life sciences companies and investors.
Potential Trump administration policies may introduce change for pharmaceutical companies. However, healthcare IT and pharma services continue to be bright spots for the sector, holding on to investor enthusiasm. | | | | | | | |
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| A message from Intralinks | | |
| Is a PE dealmaking renaissance forthcoming? | | Private equity dealmaking has faced considerable volatility in recent years. However, contrary to headlines, many PE firms have demonstrated resilience. Now, in the wake of many key macro factors' resolution in 2024, there's a sense of cautious optimism for 2025. SS&C Intralinks' latest PE-focused report explores why PE's adaptability in the past few years foreshadows how dealmaking will proceed next year, including: - Which types of deals PE firms will increasingly pursue, such as increased minority stakes in still-private major tech companies
- How shifts in the pace of dealmaking reflect a renewed refocus on organic value creation
- What record financing metrics, even in a slower-paced environment, explain about PE strategy shifts
Read it now | | | | | | | |
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| Meet the startups bringing green thermal batteries to market | |  | | (Courtesy of Antora Energy) | | | How do we make industry greener? One answer is renewable thermal batteries, a relatively young technology that harnesses and stores renewable energy—often in carbon blocks or molten salt—that can power industrial operations.
Here are 10 startups developing renewable thermal battery technology that have raised the most VC funding. | | | | | | | | | Japan could be the next hot spot in supply chain tech | | There were few bright spots in supply chain tech dealmaking over the past quarter. Startups raised $2.3 billion across 126 deals in Q3, which marks a quarter-over-quarter decline of more than 15% and over 32%, respectively. Our latest Emerging Tech Research highlights factors that are contributing to heightened caution in the sector.
Japan's aging trucker population and new regulations have sparked concerns related to the country's dependence on road freight. For supply chain tech companies, this might not be a bad thing. While Japan may not have enough people willing to drive trucks, companies are starting a promising new wave of innovation in autonomous vehicles and other last-mile delivery services instead. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 10 Deals | 21 People | 16 Companies | | | | | | |
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The Daily Benchmark:
2020 Vintage Global Funds-of-Funds | | | | | | |
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Italian growth investor 21 Invest held a €70 million first close for 21 Invest Healthcare Fund. The fund has a €150 million hard cap.
South African investor Ninety One held a $260 million first close for ACO Fund 3 which invests in Africa and emerging market-focused credit opportunities.
Indian early-stage investor Stellaris Venture Partners closed its third fund on $300 million.
Apheon launched a €435 million continuation fund to acquire Dutch technology consultant TMC and French food producer Haudecoeur from Apheon MidCap Buyout IV. | | | | | | GLP, a Singapore-headquartered real estate investment firm, is considering a Hong Kong IPO eight years after being taken private from the Singapore Stock Exchange, Reuters reported.
Norwegian buyout firm Orkla is considering a $400 million IPO in Mumbai for its Indian business, Bloomberg reported.
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