| | | | | The Daily Pitch: VC, PE and M&A | | June 27, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | 💼 Though VC pioneered the idea of access for individual investors, it's now far eclipsed by other private market strategies—like private credit and real estate—as the wealth channel pours into alternatives. VC's illiquidity and higher risk make it a tougher sell, but firms like Coatue, Hamilton Lane and StepStone are rolling out new products to make VC more accessible through semi-liquid, wealth-friendly vehicles. Full story
Plus...
• Uber's ex-CEO is reportedly out to buy the US subsidiary of Pony AI, one of the leading rivals of Waymo
• Hg's Visma is leaning toward London over Amsterdam for its IPO, in a needed boost to the UK's flagging stock market | | | | | | | | | | | | | | BlackRock expands 401(k) reach through Great Gray target-date fund | |  | | (Catherine Delahaye/Getty Images) | | | BlackRock is gaining access to 401(k) investors through a new target-date fund launched by Great Gray that incorporates the firm's PE, index equity and index fixed-income offerings.
The move aims to improve retirement account holders' limited exposure to private markets, which BlackRock believes could boost long-term returns. | | | | | | | | | | | | Some questions can't be answered with off-the-shelf data. That's where we come in.
We work with PitchBook's Custom Research Group to design custom research projects that uncover trends, surface opportunities, and support strategic decision-making. Whether it's a deep dive into a specific asset class or insights tailored to a niche audience, we build each bespoke project from the ground up—using PitchBook's proprietary data, expert analysts, and specialized publishing team.
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Get in touch | | | | | | | | | Hg's Visma targets London for IPO | |  | | (Karl Hendon/Getty Images) | | | | Hg-backed Visma, a cloud enterprise specialist, is targeting London over Amsterdam for its IPO, expected as early as next year. The plan is not final, but the listing would be a boon for the London Stock Exchange, where the number of traded companies has fallen. | | | | | | | South Korea's startup ecosystem stuck in a holding pattern | |  | | (SeanPavonePhoto/Getty Images) | | | South Korea's private markets are entering a period of recalibration, according to our recent country snapshot. VC dealmaking remains subdued, with early-stage activity constrained by founder fatigue, capital concentration and a muted exit environment. While government initiatives signal momentum in supportive policies, investor risk appetite has yet to recover.
On the PE side, corporate restructuring is emerging as a bright spot. Dealmaking rebounded in Q2 2024, driven by carveouts and succession-led buyouts. As conglomerates offload non-core assets and mid-market portfolio strategies evolve, PE funding could maintain momentum even as macro conditions remain challenging. | | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 683 Deals | 2550 People | 843 Companies | 41 Funds | | | | | | | | | | The Daily Benchmark: 2015 Vintage Global Debt Funds | | | | | | | | | | | | | | | | | VC-backed European digital banking startup Revolut has agreed to acquire Argentina-based Banco Cetelem, a small bank owned by BNP Paribas, Bloomberg reported.
Indian drone-maker Raphe mPhibr raised $100 million in a round led by General Catalyst.
Satellite navigation startup Xona raised $92 million, which includes a Series B led by Craft Ventures and a $20 million award from US government investor SpaceWERX.
Florida-based Beep, a mobility tech startup, raised a $52.7 million round led by Intel Capital and Blue Lagoon Capital.
Certify, a New York-based healthcare data startup, raised a $40 million Series B led by Transformation Capital.
AI music startup Suno, which is backed by investors including Lightspeed, acquired digital audio workstation developer WavTool.
Boost, a Zurich-based vending machine startup, received a €16 million Series B led by Direttissima Growth Partners.
Milan-based Sibill raised a €12 million Series A led by Creandum for its financial and administrative management platform. | | | | | | | | | We're Hiring: Senior Editor, Private Equity | | | | PitchBook's News team is looking for a seasoned editor to lead our private equity coverage. This role involves mentoring reporters, shaping editorial strategy, and driving in-depth reporting on PE dealmaking, fundraising, and performance. If you're an experienced financial journalist ready to lead, check out the job posting. | | | | | | | | | | | | | | | | Public Sector Pension Investment Board and the Ontario Teachers' Pension Plan have decided not to sell wind and solar farm operator Cubico Sustainable Investments, which had an estimated $6 billion value, Reuters reported.
EQT agreed to sell Pioneer, a Japan-based in-car multimedia products maker, for $1.1 billion.
Intel Capital-backed Reconova Technologies, a China-based facial recognition-focused AI company, is planning an IPO in Hong Kong, Bloomberg reported.
Meta is in talks to acquire California-based AI voice technology startup PlayAI, Bloomberg reported.
Pine Labs, an India-based digital payments company backed by investors including PayPal and Peak XV Partners, filed for an India IPO and is seeking to raise up to 26 billion rupees ($303 million).
JC Flowers-backed bankruptcy receivables servicer Jefferson Capital raised $150 million in its IPO. | | | | | | | | | | Ambienta raised €500 million for its small-cap strategy.
Hong Kong-based PE firm PAG raised 3.1 billion yuan (about $432 million) for its first yuan-denominated buyout fund targeting investments in China, Reuters reported.
Galaxy Digital affiliate Galaxy Asset Management raised over $175 million at the close of Galaxy Ventures Fund I. | | | | | | | | | | | UBS Group is combining its M&A business with its sponsor advisory business, and will dismantle its alternative capital group. | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | | | | |
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