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⚡ PE is putting record investment to work in European clean energy—not because of subsidies, but because the economics now stack up. From data centers to energy efficiency tech, here's how firms are targeting the next phase of the energy transition. Go deeper
🏭 VC investment in carbon and emissions tech was solid in Q1 despite the weight of impending US tariffs and wavering federal support, according to our latest Carbon & Emissions Tech VC Trends report. Major deals included $624.3 million for Reneo's real estate decarbonization efforts and $537 million for KoBold Metals' AI-powered mineral exploration. Preview the report
💰 ID verification startup Persona is the latest to cash in on a 166% surge in funding for companies fighting a new wave of AI-generated attacks. Founders Fund and Ribbit Capital led the $200 Series D at a $2 billion valuation. Read more
Plus...
• TWG Global snags a rare 5% stake in Mubadala Capital
• Our analysts dig into how UK markets fared in Q1 | | | | | |
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| Retail fintech funding stalls despite hopes of regulatory easing | | VC funding for the retail fintech market hit a speed bump in Q1—plummeting nearly 38% from the previous quarter to $1.9 billion, despite expectations around the Trump administration's regulatory softening. Concerns about tariffs and inflation drove the decline, according to our latest Emerging Tech Research on the sector.
The credit and banking segment dominated with $1.3 billion in funding, and the venture-growth stage appeared to buck the overall trend with a more than 67% increase in its median deal size. Meanwhile, the IPO window may be shut again, with high-profile players Klarna and eToro suspending their public offerings amid mounting volatility. | | | | | | | |
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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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| TWG Global snags rare 5% stake in Mubadala Capital | |  | | (Igor Shaposhnikov/Getty Images) | | | TWG Global, the holding company founded by Guggenheim Partners chief executive Mark Walter, will acquire a 5% stake in Mubadala Capital, the investment managers for Abu Dhabi's sovereign wealth fund.
In addition to the strategic stake, TWG will invest $2.5 billion in Mubadala Capital's products, with the goal of investing up to $20 billion over time. In exchange, Mubadala will anchor and lead a $10 billion syndicated investment as part of TWG's $15 billion equity raise. | | | | | | | | | Healthcare, finance lead VC resilience in UK; PE faces challenges | | 2025 started with a mixed landscape for the UK economy and private markets, with some interesting shifts in valuations and sector performance, our Q1 2025 UK Market Snapshot shows. - Despite a downgraded growth forecast from the IMF, the UK VC ecosystem remained resilient, particularly in the healthcare and finance sectors.
- PE experienced a decline in activity, though large buyouts and strong fundraising efforts provided some optimism.
- The upcoming launch of the PISCES platform is designed to boost liquidity for private companies, which will be key as global trade tensions weigh on exit markets.
| | | | | | | | | NYC puts asset managers on notice | |  | New York City Comptroller Brad Lander
(Michael M. Santiago/Getty Images) | | | New York City Comptroller Brad Lander has announced that his office will recommend dropping asset managers from the city's pension plans if they fail to submit adequate Net Zero plans by the end of June.
The move counters Trump-era rollbacks on climate infrastructure and underscores the growing political divide around ESG investing, as some LPs continue to call for sustainable strategies while others retreat under growing political pressures. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 551 Deals | 2752 People | 1003 Companies | 40 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global VC Funds | | | | | | |
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Colorado-based True Anomaly, a defense-focused aerospace startup, raised $260 million in a round combining equity led by Accel and debt financing from Stifel Bank.
Miami-based Cast AI raised a $108 million Series C co-led by G2 Venture Partners and SoftBank's Vision Fund 2 for automating cloud infrastructure management.
Canopy, a Utah-based provider of cloud-based accounting practice management software, secured a $70 million Series C led by Viking Global Investors.
Supio raised a $60 million Series B led by Sapphire Ventures. The Seattle-based legal AI startup focuses on data collection and analysis for personal injury and mass tort litigation.
IndiGOtech, a Boston-based electric mobility startup, raised a $54 million Series B from FedEx, Foxconn and FM Capital.
San Francisco-based Plenful, which offers AI-powered workflow automation for healthcare and pharmacy operations, secured a $50 million Series B from investors including Mitchell Rales, Bessemer Venture Partners and TQ Ventures.
Rogo, a New York-based startup developing AI tools for investment banking, raised a $50 million Series B led by Thrive Capital.
Nuvo, a San Francisco-based B2B trade infrastructure startup, raised $45 million from investors including Sequoia, Spark Capital, Founders Fund and Index Ventures.
Navro, a London-based payments infrastructure startup, received a $41 million Series B led by Jump Capital.
Hybrid-electric airplane-maker Heart Aerospace landed $40 million and is winding down its main office in Sweden to relocate to the US. | | | | | |
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Hopes were high for the VC markets entering 2025, but volatility has shifted the economic landscape with tariffs inducing uncertainty around growth and inflation. At the same time, there have been high-profile IPO filings, and Google announced its acquisition of Wiz.
This webinar will highlight relevant data from the past quarter and zero in on our analysts' outlook for the rest of 2025. Join us to hear our panel of experts from NVCA, J.P. Morgan, Dentons, and Deloitte discuss how these market developments impact VC.
Register now to secure your spot. | | | | | | | |
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| DN Solutions, a Korea-based machine tools maker and a subsidiary of DN Automotive, pulled its $1.1 billion IPO plan due to market uncertainty. | | | | | |
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Blackstone is exploring a sale of sustainability and risk management platform developer Sphera, which could be valued at $3 billion, Reuters reported.
Ghost kitchen startup CloudKitchens, which is backed by Saudi Arabia's PIF, is considering an IPO of its operations in the Middle East, Bloomberg reported.
Fidus Global has acquired Fulfilld, a VC-backed startup making warehouse management software, for an undisclosed amount.
Sun Nuclear, a Florida-based radiation oncology quality assurance provider, acquired Oncospace, a Baltimore-based developer of AI-powered radiation therapy planning software. | | | | | |
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Blackstone raised $10.2 billion for its Private Equity Strategies Fund, a vehicle for wealthy individuals.
Apera Asset Management closed its third private debt fund on €2.9 billion.
Pioneer Point Partners held a €1.1 billion final close for its second sustainable infrastructure fund.
Franklin Templeton launched a semi-liquid secondaries fund for private investors outside the US, starting with $875 million.
DCVC is targeting $750 million for its seventh flagship fund, according to SEC filings.
Amsterdam-based Revo Capital closed its third fund on $86 million.
Early-stage investing firm Optimist Ventures is raising $10 million for its first fund, according to SEC filings. | | | | | |
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State Street's asset management arm and The Carlyle Group are exploring a partnership to create a product targeted at giving individual investors access to both public and private markets, Bloomberg reported.
China Investment Corporation plans to sell $1 billion of PE investments in the secondary market, Reuters reported. | | | | | |
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