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⏳ Real estate funds took a record 21.8 months to close in 2024, a nearly 65% increase from their historical average. Fund performance is starting to improve, but real estate GPs have yet to recover from years of negative returns. Go deeper
💓 Checking in on PE's pulse: After a turbulent start to 2025, our analysts have revisited their expectations for the PE landscape. Macroeconomic headwinds, rising consumer and business credit delinquencies, and federal budget imbalances pose challenges. But GPs are actively deploying capital with hopes of exploiting market dislocations, and sectors like healthcare offer bright spots. Read the note
Asset management giant Vanguard is exploring a private market move with The Carlyle Group and Blackstone. Read more | | | | | | | | | | |
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| Q&A: Thomson Reuters Ventures' Tamara Steffens on selling AI better | |  | | (Chole Ladwig/PitchBook News) | | | Tamara Steffens is a veteran of the startup world. Formerly the leader of Microsoft's CVC M12, she's now managing director of Thomson Reuters Ventures, the CVC arm of the Canadian conglomerate.
Steffens thinks early-stage AI startups are struggling to sell themselves effectively. She sat down with PitchBook to discuss the relatively nascent firm's strategy, what she looks for in potential investments and how startups can better sell AI. | | | | | | | |
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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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| DOGE takes on some of private credit's favorite sectors | |  | | (Samuel Corum/Getty Images) | | | The newly created Department of Government Efficiency, the government cost-cutting entity headed by Elon Musk, has private credit darlings in its crosshairs: enterprise software and business services companies.
Among DOGE's roster of contracts gutted in recent weeks were providers of cybersecurity tools, data and research subscriptions, HR software, legal software and managed IT services, a PitchBook LCD analysis found. | | | | | | | | | VC secondaries dry powder is growing—but deals remain concentrated | |  | | (Jenna O'Malley/PitchBook News) | | | While dry powder earmarked for secondaries has risen, outpacing the broader market's stockpile, dealmaking remains heavily focused on a handful of the most in-demand startups, particularly in sectors like AI.
Despite hopes that secondaries could serve as a broader liquidity solution for VCs, the market's growth potential appears constrained by investor preferences. | | | | | | | | | Ranking 2024's busiest lenders in PE | | The full-year numbers are in: Six lenders took part in at least 300 deals each for US PE-backed companies during 2024, with the most active two notching more than 400 apiece.
Which firms made the leaderboard? See our 2024 Annual PE Lending League Tables, sponsored by TPG Twin Brook Capital Partners. The interactive tables can be sorted by deal type, sector, geography and more. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 620 Deals | 2449 People | 716 Companies | 39 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage European PE Funds | | | | | | |
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Marvel Fusion, a Munich-based fusion energy startup, raised a €50 million Series B extension from investors including EQT Ventures, Siemens Energy and the European Innovation Council.
Virginia-based GridPoint raised $45 million for its energy management technology in a round led by Marunouchi Innovation Partners.
MemryX, a Michigan-based developer of Edge AI chips, secured a $44 million Series B from investors including HarbourVest, M Ventures and eLab Ventures.
Nanoprecise, a Canadian provider of AI-driven industrial diagnostics, raised a $38 million Series C led by Yaletown Partners and BDC's Industrial Innovation Venture Fund.
Mexico City-based Mendel, which runs a corporate spend management platform, raised a $35 million Series B led by Base10 Partners.
DeepIP, a New York- and Paris-based AI company focused on patents, secured a $15 million Series A led by Resonance. | | | | | |
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ProSite Services, which is backed by RF Investment Partners, has acquired Potter's Potties, a peer within portable sanitation.
PE-backed Pryor Learning has acquired PeopleKeys, enhancing the company's capabilities in DISC assessments as well as training and learning curricula.
Incline Equity Partners has acquired Command Investigations, which specializes in insurance investigation services.
Discount retailer Heartland America has been acquired by S5 Equity. The deal serves as an add-on to another portfolio company, Hammacher Schlemmer.
An affiliate of Cross Rapids Capital has provided an equity recapitalization to All Glass & Windows.
Commercial real estate lender 3650 Capital has secured a re-up investment of $215 million from Calstrs and Mubadala.
Houston-based SCF Partners has invested in Phoenix Service Partners, a provider of natural gas compression services.
TPG-led consortium agreed to acquire a majority stake in the Indian and Sri Lankan wind turbine business of Siemens Gamesa, a Spanish wind turbine maker.
CVC, Nordic Capital and Platinum Ivy completed their acquisition of retail investment platform Hargreaves Lansdown, delisting it from the London Stock Exchange. | | | | | |
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Insight Partners is exploring its options for a sale of PDI Technologies, which could be worth $4.5 billion, Bloomberg reported.
SoftBank Group has agreed to exit Alto Pharmacy in a deal with Paulus Holdings that would value the company between $1 billion and $1.5 billion, Bloomberg reported.
Nvidia is in talks to acquire Lepton AI, a server rental startup powered by Nvidia chips, in a deal valued at several hundred million dollars, according to reports.
Ascend Learning, based in Kansas, acquired Clover Learning, a provider of an online diagnostic imaging education platform, for an undisclosed amount. | | | | | |
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Madison Dearborn Partners is on the fundraising trail seeking to raise $3 billion, the smallest amount collected by the firm since 1999, Bloomberg reported.
Align Capital Partners closed Align Collaborate Fund I on $233 million, surpassing its $150 million target.
UK mid-market PE house CBPE held a £714 million final close of CBPE Fund XI, four months after launch.
Tokyo-based Japan Activation Capital closed its second fund on $512 million.
PAG closed a $1.25 billion fund targeting Significant Risk Transfer deals, allowing banks to offload loan risk and free up capital for further lending or shareholder returns, Reuters reported. | | | | | |
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Vitol is exploring its options to divest its VTX Energy Partners business, which could fetch a valuation of up to $3 billion, Reuters reported.
Global Eggs has acquired Hillandale Farms in a deal valued at $1.1 billion, the Financial Times reported. | | | | | |
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