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🗽 Is a US IPO really the best path for European startups? The continent's VC-backed companies often favor a US listing in the hope of better valuation, but the data shows that staying closer to home has advantages for founders and investors. Read more
🌡️ Our latest Emerging Tech Indicator shows that the most successful VC firms scaled back investment slightly and continued to favor supersized deals. AI and machine learning remained the top investment vertical, while climate tech and biotech had strong showings. Nuclear startup Pacific Fusion's $900 million Series A was Q4's biggest deal. Get the report
🌳 Dollar Tree sold Family Dollar for $1 billion to Brigade Capital and Macellum Capital, marking another PE-backed corporate divestiture after an active Q4. The sale comes as Dollar Tree refocuses on expanding its store footprint and PE firms ramp up carveout activity. Read more | | | | | | | | | | |
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| Smaller private debt firms squeezed as big GPs top fundraising | |  | | (EAlisa/Getty Images) | | | Private credit continues to grow in popularity, but only the larger funds are reaping the rewards of this rising investor interest.
In 2024, the industry closed 158 private debt funds, marking the fewest vehicles raised since 2011. Yet these funds collectively raked in nearly $200 billion in committed capital from institutional investors.
The sharpest decline in fund count came from the smallest segment of the market—vehicles under $100 million. | | | | | | | |
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| Due diligence in early-stage investing with former NEA Partner | | What does the future hold for early-stage investing? Vanessa Larco, a former Partner at NEA, will share her expert perspective with Affinity on April 3.
At a time when traditional due diligence approaches are being tested, Larco is rethinking how investors assess the deals in their pipeline—combining a deep understanding of first principles and universal truths with a strategy that pushes new technologies to their limits.
Balancing the investor's instinct with technology that promises to streamline due diligence is a challenge that many firms face. Larco offers a way to approach this question. Learn how her due diligence process has evolved, its impact on the new fund, and recommendations to help other firms strengthen their due diligence practices.
Register now | | | | | | | |
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| Co-investment opportunity? Call Liberty, Liberty, Liberty | |  | | (JHVEPhoto/Getty Images) | | | Today's LPs want to be direct dealmakers, too.
It's a bargain GPs are willing to strike, granting co-investment rights to win fund commitments. But stiff competition among co-sponsors is forcing institutional investors to staff up their dealmaking ranks and move faster.
One big example: Liberty Mutual's $100-billion-plus investment arm, which is transitioning its platform from fund commitments to direct and co-investments. | | | | | | | | | Bain Capital acquires Italian software provider for nearly $1.2B | |  | | (anyaberkut/Getty Images/iStockphoto) | | | Bain Capital has acquired a controlling stake in Namirial, an Italian digital trust and e-signature software provider, from Ambienta in a deal reportedly valuing the company at €1.1 billion (nearly $1.2 billion).
The investment comes as EU regulations like eIDAS 2.0 fuel demand for secure digital identity tools and Italy emerges as Europe's fastest-growing PE market. | | | | | | | | | Startups enter the M&A big leagues | | Startups are making acquisition offers that five years ago were only considered the domain of corporates. In 2024, over one-third of the startup acquisitions closed were by a fellow VC-backed buyer, according to our recent analyst note.
As startup buyers make bigger swings, Big Tech has shied away. Regulatory changes and market dynamics have curtailed many larger corporates' M&A bidding. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 613 Deals | 3033 People | 722 Companies | 30 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage Global VC funds | | | | | | |
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Mercury, operator of a digital banking platform for startups, raised $300 million in funding at a $3.5 billion valuation. The round was led by Coatue and Andreessen Horowitz.
Dallas-based Island, a startup developing an enterprise browser, raised a $250 million Series E led by Coatue, bringing its valuation to $4.8 billion.
Tennessee-based Type One Energy is preparing to raise over $200 million in a Series A to advance its fusion energy technology, Axios reported.
Supira Medical, which is developing devices for cardiac procedures, raised a $120 million Series E led by Novo Holdings and the Qatar Investment Authority.
Also, a micromobility startup spun off from electric vehicle maker Rivian, raised $105 million from Eclipse Ventures.
Underdog, a Brooklyn-based company running a fantasy sports and sports betting app, raised a $70 million Series C led by Spark Capital. The round values the company at $1.2 billion.
Epicrispr Biotechnologies, a Bay Area-based company developing genetic therapies, raised a $68 million Series B led by Ally Bridge Group.
GravitHy, a French low-carbon iron producer, secured €60 million from investors including Siemens, Engie New Ventures and InnoEnergy.
Rogo, a New York-based developer of AI software for financial institutions, is raising at least $40 million in a round led by Thrive Capital at a valuation of up to $350 million, The Information reported. | | | | | |
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| Don't miss our upcoming webinar | | In this webinar, PitchBook senior analysts Annemarie Donegan and Navina Rajan will be joined by Jenny Melia, executive director of Enterprise Ireland, to discuss findings from the 2024 All In: Female Founders in the European VC Ecosystem report.
Female-founded companies in Europe collectively raised over €10 billion for the fourth year in a row, while a notable drop in deal count for the period reflects continued headwinds across venture markets. Join our webinar as we share PitchBook data that provides additional insights into how female-founded companies are navigating the VC landscape.
Register now to secure your spot. | | | | | | | |
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Olympus Partners raised $3.5 billion for its eighth growth fund, 15% more than its predecessor, The Wall Street Journal reported.
Norvestor closed Norvestor Nova I on €500M, beating its €350M target less than three months since its launch.
Van Lanschot Kempen Investment Management closed its third Europe-focused PE fund on €374 million.
Golding Capital Partners closed its first PE impact fund on €115.5 million.
Tactile, a new consumer-focused VC firm, is raising $100 million for its debut fund targeting early-stage startups.
Roc Partners launched an evergreen PE fund for Australia and New Zealand investments. | | | | | |
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