Q1 PE data is here

Stablecoin giant Circle files for IPO; can US volatility boost Europe's IPOs?; Lux Capital eyes $200M defense-tech fund; space-tech dealmaking shifts

Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily Pitch: VC, PE and M&A April 2, 2025 The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data 👀 Our Q1 2025 Global PE First Look—the data-only forerunner to our quarterly US and European PE Breakdown reports—shows that global PE dealmaking is hanging tough after 2024's rebound. Q1 deal value shot past the first-quarter results for each of the previous two years, and large PE-backed IPOs handed the industry its best quarter for exit value since Q1 2021. Get the data 🛡️ Lux Capital wants $200 million for its first industry-specific fund, according to a regulatory filing. The chosen sector? Defense tech, suggesting the firm is seeing an outsized opportunity in the space right now. And Lux isn't alone. Full story 👛 Stablecoin giant Circle filed to go public on the NYSE Tuesday. The closely watched IPO could be a litmus test for crypto's footing in traditional markets. Read more Plus... • IK Partners' $3.6 billion close for its latest mid-cap vehicle is its largest fundraise so far • Space-tech VC funding shifts to scalable, revenue-ready models Was this newsletter forwarded to you? Sign up here.   Is US volatility Europe's tech IPO opportunity? (Eric Piermont/Getty Images) European VC-backed companies are increasingly migrating toward the US for their listings, but current market conditions could push more to stay local. Increased volatility in US stock markets combined with listing reform in Europe may be enough for the region to keep hold of more tech IPOs. read more   Share:   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 Share:   Space-tech VC funding shifts to scalable, revenue-ready models Space tech is entering a new era of maturity, as 2024's VC trends show a decisive shift toward later-stage, revenue-generating ventures. While overall investment dipped slightly, capital deployment held strong. Satellite communications and geospatial intelligence were standout categories, according to our latest analyst note. Exits rebounded thanks to a wave of acquisitions, though all eyes are on Voyager and Karman Space & Defense as IPO market openers in 2025. Meanwhile, investors are flocking to near-term revenue bets, leaving speculative moonshots behind. Space tech is no longer just about rockets—it is about returns. read it now   Share: IK Partners closes its largest fund yet on $3.6B (Andriy Onufriyenko/Getty Images) IK Partners held a €3.3 billion (around $3.6 billion) final close for the latest fund in its mid-cap series, marking the firm's largest fundraise so far. The vehicle is at least the fourth to have closed in the last two weeks that targets mid-market opportunities in Europe. Deal value, however, is telling a less optimistic story. read more   Share: March wrap-up: One month in global markets Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets—tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation. In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as markets remain volatile. read it now   Share:   Since yesterday, the PitchBook Platform added: 622 Deals 1992 People 715 Companies 36 Funds See what our data software can do   The Daily Benchmark: 2017 Vintage North American Funds-of-Funds Median IRR 18.36% Top Quartile IRR 21.18% 0.41x Median DPI Select top performers HighVista Private Equity VII Top Tier Venture Velocity Fund 2 Top Tier Venture Capital VIII *IRR: net of fees 26 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks   People   Joshua Schachter has been appointed as chief investment officer of Easterly Snow at Easterly Asset Management.   VC Deals   Humanoid robotics specialist Agility is raising $400 million at a $1.75 billion valuation in a round led by WP Global Partners, The Information reported. Sesame AI, a developer of AI voice assistants, is in talks to raise over $200 million in a round led by Sequoia and Spark Capital at a valuation exceeding $1 billion, Bloomberg reported. Biotech specialist AIRNA secured a $155 million Series B for its RNA-editing therapies. The round was led by Venrock and Forbion. Focused Energy, a startup using laser-driven fusion to generate energy, raised a $150 million Series A, Axios reported. Spinny, the India-based operator of a used-car marketplace, raised $131 million in a round led by Accel. AttoTude, a startup developing data center technology, secured a $50 million Series B led by Mayfield. Paris-based WeeFin, which offers a data management platform for financial institutions, raised a €25 million Series B led by BlackFin Capital Partners. Tomorro raised €25 million for its AI-powered contract management platform. The round was led by XAnge and Acton Capital. InfiniLink, a Cairo-based semiconductor startup, secured $10 million in a seed round from investors including MediaTek, Sukna Ventures and Egypt Ventures.   PE Deals   Brookfield Asset Management has agreed to acquire a majority stake in mortgage lender Angel Oak. EQT has acquired Eagle Railcar Services, a provider of railcar repair and maintenance services. ReliaQuest has received a $500 million growth investment from KKR and EQT, giving the cybersecurity company a $3.4 billion valuation. Infravia Capital Partners is considering a sale of Swiss data center operator Green, with PE firms—including KKR—among the bidders, Bloomberg reported. Providence Equity Partners has acquired Tax Systems, a provider of tax and accounting software, from Bowmark Capital. AIP Management agreed to make a $200 million investment in Pine Forest, a Texas-based battery energy storage system project. Rava Partners invested up to $150 million in Hong Kong-based rental housing provider Dash Living.   Exits   Lantheus Holdings, based in Massachusetts, has completed its acquisition of Evergreen Theragnostics, a VC-backed clinical-stage radiopharmaceutical company. Comcast completed its acquisition of Nitel, a network-as-a-service provider, from Cinven.   Fundraising   Crestview Partners raised $600 million for a continuation fund that holds two portfolio companies from Crestview Partners III. Freeport Financial Partners closed the sixth iteration of its direct lending fund on $2 billion.   Corporate M&A   Advertising specialist Clear Channel Outdoor Holdings has completed the $625 million sale of its Europe-North Segment to a subsidiary of Bauer Media. TG Natural Resources has agreed to acquire Texas natural gas assets from Chevron in a deal valued at $525 million, Reuters reported. DuPont is exploring a potential $2 billion sale involving its Kevlar and Nomex heat-resistant fiber brands, Bloomberg reported.   Chart of the Day   Source: Ever-changing tariffs keep PE firms on edge   Who's in the newsletter today? Investors AIP Management Accel Acton Capital BlackFin Capital Partners Bowmark Capital Brookfield Asset Management Cinven Crestview Partners EQT Easterly Asset Management Egypt Ventures Forbion Freeport Financial Partners Infravia Capital Partners KKR Mayfield MediaTek Providence Equity Partners Rava Partners Sequoia Spark Capital Sukna Ventures Venrock WP Global Partners XAnge Companies AIRNA Agility Angel Oak AttoTude Bauer Media Chevron Clear Channel Outdoor Holdings Comcast Dash Living DuPont Eagle Railcar Services Evergreen Theragnostics Focused Energy Green InfiniLink Lantheus Holdings Nitel Pine Forest ReliaQuest Sesame AI Spinny TG Natural Resources Tax Systems Tomorro WeeFin     About PitchBook | Terms of use | Advertise with us | Contact Follow us: This email was sent to abdulkerim.bosnia.business@blogger.com via the PitchBook Platform. Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here. 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