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⛹️ Private credit could be drafted into a new ballgame following NCAA rule changes on compensating players. Not all college athletics programs will have the cash to fund these revenue-sharing agreements, giving direct lenders an open shot with billions of dollars at play. Go deeper
🚑 Healthcare IT PE activity reached near-record levels in Q4, headlined by TowerBrook and CD&R's completion of the R1 RCM buyout, which continued a streak of revenue cycle management exits. The segment's strength was further validated by Waystar's impressive post-IPO performance, with shares up more than 80% since its June listing—suggesting more offerings could be on the horizon. Read the analyst note
🍓 Indoor farm Plenty entered into Chapter 11 bankruptcy protection after its last-ditch pivot to strawberries crumbled. The SoftBank- and Jeff Bezos-backed unicorn will continue to operate its vertical strawberry farm in Virginia and plant science R&D facility in Wyoming as it undergoes its restructuring process. Plenty had raised over $900 million in VC funding. Full story
Plus...
• European PE deals still favor add-ons
• Gaming VC activity fell 40% in Q4 | | | | | | | | | | |
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| VC secondaries: A $50B market, but still a drop in the bucket | | The venture secondary market is gaining momentum, but just how big is it—and how much can it grow? Our latest analyst note covers the complexities of this opaque market.
While secondaries offer liquidity to investors as companies stay private longer, they remain a fraction of the broader VC landscape. Our analysts estimate the current total US VC direct secondary market ranges from nearly $42 billion to around $60 billion, representing only 2% of unicorn valuations.
Despite growing dry powder and increased investor interest, secondaries are unlikely to fundamentally reshape VC. But with anticipated pricing transparency and structural improvements, they could see meaningful growth in the coming years. | | | | | | | |
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| A message from AlixPartners | | |
| Leadership under pressure: Aligning growth and efficiency | | AlixPartners' 10th annual PE Leadership Report reveals the critical role of leadership, the importance of strategic alignment, and the top challenges faced by both PE firms and portcos. Private equity firms and portfolio companies are typically aligned during goal setting. Misalignment shows up, however, when determining the execution phase.
One of PE executives' most significant challenges in the coming year is senior portco leadership, its quality, retention and succession planning. However, portco executives disagree and place it as one of the lowest concerns. That's a problem.
Don't miss out on key insights to help close the gap. Read the full report to understand how aligning at the leadership positions can drive value creation and overcome misalignment.
Read the full report now | | | | | | | |
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| The year of the $1B+ secondary | |  | | (Steve Lewis Stock/Getty Images) | | | Investment portfolios at pension funds, endowments, sovereign wealth funds and foundations are getting bigger and bigger. So are their secondary stake sales.
Just a few years ago, an LP-led secondary sale valued over $1 billion was relatively rare. But deals of this size surged last year, jumping from 19 in 2023 to 27 in 2024, according to Jefferies data. | | | | | | | | | Gaming VC activity fell 40% in Q4 | | Gaming VC activity took a tumble in Q4 2024, with deal value dropping over 40%. VC-backed exits remained sluggish, with SuperPlay's $700 million acquisition by Playtika accounting for nearly all disclosed value.
AI-native platforms, however, posted a strong quarter, our latest Emerging Tech Research shows. Investors funneled capital into startups tackling game development efficiency, multimodal content creation and more. Meanwhile, gaming moderation and safety solutions also gained traction. Looking ahead, the industry faces mounting pressures, with AAA game development costs soaring to unprecedented levels. | | | | | | | | | Add-on deals remain core strategy in Europe | |  | | (Constantine Johnny/Getty Images) | | | European PE dealmakers increased their add-on acquisitions in 2024, with 4,150 such deals recorded—an 8% increase from 2023 and 22% above the previous five-year average.
The growth underscores the enduring appeal of buy-and-build strategies as firms navigate a recovering financing environment, inflation and geopolitical uncertainty. | | | | | | | | | IPO Watchlist: Crypto's hopes may hinge on US regulation | |  | | "AI and Crypto Czar" David Sacks, from left, speaks with President Donald Trump. (Anna Moneymaker/Getty Images) | | | Stablecoin issuer Circle, which booked a $15 billion valuation in its first attempt to go public in 2022, is one of the most closely watched VC-backed crypto IPO candidates this year. Crypto investors say its prospects hinge, in part, upon ongoing stablecoin legislation in the US.
The Trump administration is expected to provide a friendlier regulatory environment for crypto companies to go public this year and beyond. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 692 Deals | 3201 People | 713 Companies | 20 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Secondaries | | | | | | |
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Fleetio, an Alabama-based fleet-management software specialist, has raised $450 million in new funding co-led by Elephant VC and Goldman Sachs Alternatives.
Amboss, the Berlin-based provider of a medical knowledge platform, raised €240 million from investors including Kirkbi, M&G Investments and Lightrock.
Walrus Foundation, a part of Mysten Labs that develops data storage methods using cryptocurrency, secured $140 million in funding from a token sale led by Standard Crypto and backed by Andreessen Horowitz.
Nexthop AI, a Bay Area-based startup developing AI infrastructure for hyperscale cloud providers, launched from stealth with $110 million in funding led by Lightspeed.
Character Biosciences, a New Jersey-based startup creating treatments for degenerative eye diseases, raised a $93 million Series B co-led by aMoon and Luma Group.
Boston-based Hillstar Bio, a biotech startup developing treatments for autoimmune diseases, has raised a $67 million Series A co-led by Droia Ventures, Frazier Life Sciences, Novo Holdings and others.
Berlin-based n8n, which offers an AI workflow automation platform for technical teams, secured a €55 million Series B led by Highland Europe.
New York-based Navina, a startup developing AI assistants for clinicians, has raised a $55 million Series C led by Goldman Sachs Alternatives.
Sunday, a Colorado-based startup creating environmentally friendly lawn care products, has raised $25 million in new funding from S2G Investments. | | | | | |
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Blackstone has made a final £489 million all-cash bid to acquire London-listed industrial property landlord Warehouse REIT.
Ardian is acquiring wind, solar, and storage energy producer Akuo to scale its capacity to 5 gigawatts by 2030.
Platinum Equity-backed McGraw Hill has acquired Essaypop, whose cloud software simplifies writing for educators and students.
Cerberus Capital Management has acquired Votaw Precision Technologies, a precision manufacturing company.
Audax Strategic Capital has invested in Riverarch-backed TCP Analytical, a manufacturer and distributor of life sciences and general industrial products.
Patient Square Capital is set to fund its $4.1 billion leveraged buyout of Patterson Companies with a $2.35 billion debt package led by UBS and Citigroup, Bloomberg reported.
Boston-based CW Advisors has acquired Delta Financial Group, which has $1.3 billion in AUM.
Richmond National Group, an insurance company focused on small and midsized business, has received $55 million in growth funding from existing investors including HF Capital, Bonhill Capital, and WT Holdings. | | | | | |
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eToro, which offers a stock and crypto-trading platform, has filed to go public, according to SEC filings.
Blu Digital Group, a startup offering cloud and automation services for media companies, has been acquired by TransPerfect, a media company helping market products globally, for an undisclosed amount.
Sumero-backed 3GTMS has been acquired by Descartes Systems Group in a cash deal valued at $115 million.
EnrollHere, which offers a Medicare technology distribution platform, has acquired Thomas H. Lee-backed MyMedicareBot in effort to simplify the Medicare enrollment process. | | | | | |
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Advent International is close to securing a single asset continuation vehicle for its portfolio company Xplor Technologies, valuing it between $3 billion and $4 billion, Bloomberg reported.
Falfurrias Management Partners has closed the sixth iteration of its middle-market fund on $1.35 billion.
Emergence Capital has raised $1 billion for its seventh flagship fund, Fortune reported.
Paris-based VC Daphni held a €200 million first close for its latest climate transition fund. | | | | | |
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| The billionaire Dassault and Saade families agreed to buy a 25% stake in Paris-based VC firm Founders Future, alongside health insurer MACSF, Bloomberg reported. | | | | | |
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