Tuesday, June 10, 2025

Charting healthcare fund manager performance

PE gets rolling in transportation, logistics; private credit fundraising's past lends hope; Meta eyes $10B+ bet on Scale AI
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The Daily Pitch: VC, PE and M&A
June 10, 2025
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💪 Private credit managers are taking longer to close their funds, highlighting continued challenges with raising capital from LPs. But the strategy's resilient past could lend hope for its future. Dive deeper

💸 Meta is in talks to drop $10 billion into Scale AI, the data-labeling startup powering LLMs for clients like OpenAI and Microsoft. The move would fall in line with a broader trend: Corporate VCs are now responsible for nearly 75% of VC funding for AI deals. Read more

Plus...
Our debut report on the transportation and logistics industry finds PE funding is rolling in again
Charting manager performance for healthcare and life sciences funds
• Can the UK pension bill deliver on its private market promises?

Sign up for The Credit Pitch for weekly news and analysis of the US leveraged loan and private credit markets.
 
PE gets rolling again in transportation, logistics
 
PE dealmaking in the transportation and logistics industry is showing signs of a rebound, after several years of decline since 2021's peak, according to our debut report on the space.

PE-backed companies in the sector hauled in $3.7 billion across 43 deals in Q1. Marine and air freight specialists led in total deal value, while trucking and warehousing topped deal counts—pointing to renewed investor interest across the supply chain.

The report also covers the crosscurrents shaping the transportation and logistics market, from trade tensions and inflation risks to sustainability imperatives and tech adoption.
Read the preview
 
 
A message from AlixPartners  
AI playbook for operating partners: From readiness to results
 
Operating partners must address four critical challenges as they explore value-creating AI solutions. AI readiness and opportunity mapping are critical places to start.

Opportunity mapping allows operating partners to identify high-impact cases tied to EBITDA, ROIC, and strategic differentiation. This allows OPs to monetize data, optimize value, and drive decision-making. These use cases can help reduce customer churn and identify repeatable use cases that can be scaled.

The result of opportunity mapping is a focused roadmap to help you know where, and where not, to invest in AI.

Want to see the full framework and examples? Read the full article.
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Charting healthcare fund manager performance
 
Healthcare fund managers are standing out in a tough fundraising environment.

Our latest Healthcare Funds Report covers the performance of over 500 healthcare and life sciences managers across PE and VC through 2024. In PE, these specialists represented a record 5% of all private equity vehicles closed last year.

On the VC side, life science funds accounted for an elevated share of all VC commitments, but fund counts dropped to multi-year lows as capital concentrates among larger managers.
Read the preview
 
Can UK pension bill deliver on its private market promises?
(Jenna O'Malley/PitchBook News)
The UK government has published the Pensions Schemes Bill, which would empower regulators to force workplace defined-contribution pension plans to invest in private markets. Industry players are worried about the potential breach of fiduciary duty that could result from those mandates.

UK pension funds' appetite for private markets seems to have dwindled in the last decade, with only 33 fund commitments made so far this year.
Read more
Liquidity crunch drives M&A surge among VC-backed startups
 
In the evolving landscape of VC-backed M&A, mega-deals remain elusive due to macroeconomic headwinds and regulatory pressures. But smaller acquisitions are thriving—driven by falling valuations, urgent liquidity needs and a challenging fundraising environment.

Our recent analyst note covers how acquirers are shifting strategies and how GPs are triaging portfolios in search of timely returns. With IPO windows narrowing, M&A has become the most viable path to liquidity for many startups. So where is deal momentum building, and where it is still stuck in neutral?
Read it now
 
 
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Since yesterday, the PitchBook Platform added:
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People
745
Companies
24
Funds
See what our data software can do
 
The Daily Benchmark: 2017 Vintage Global Real Assets Funds
Median IRR
10.90%
Top Quartile IRR
14.70%
0.56x
Median DPI
Select top performers
Hawke's Point Capital
Ridgemont Equity Partners Energy Opportunity Fund
First Infrastructure Capital
*IRR: net of fees
60 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
People  
Founder and CEO Ken Moelis will step down as head of investment bank Moelis & Co in October. Navid Mahmoodzadegan will become the company's CEO.
 
VC Deals  
Sweden-based Lovable, an AI vibe coding startup, is in talks to raise a $100 million in a round that could value the company at over $1.5 billion, Bloomberg reported.

Carbyne, which develops cloud-based systems for emergency call centers, raised a $100 million round led by AT&T Ventures, Calcalist reported.

Cybersecurity startup Guardz raised a $56 million Series B led by ClearSky.

Runwise, a startup developing software for building heating and cooling operating systems, raised a $55 million Series B led by Menlo Ventures.

Estonia-based AI enterprise procurement startup Pactum raised a $54 million Series C led by Insight Partners.

Beewise, a climate-tech startup focused on preserving bee populations, raised a $50 million Series D from investors including Fortissimo Capital, Insight Partners and APG Asset Management.

Definely, a London-based AI-powered legal-tech startup, raised a $30 million Series B led by Revaia.

Crypto infrastructure startup Turnkey raised a $30 million Series B led by Bain Capital Crypto.
 
PE Deals  
Advent International is in talks for a £4.4 billion bid for UK-listed industrial group Spectris, the Financial Times reported.

General Atlantic, Energy Capital Partners and Neuberger Berman have expressed interest in Green Infrastructure Partners, the infrastructure arm of Canada-based GFL Environmental, which could be valued at up to C$5 billion (around $3.7 billion) in a sale, Bloomberg reported.

KKR and Oakley Capital are among potential buyers for a stake in corporate intelligence firm G3 in a deal that could value the company at up to £250 million, Sky News reported.

Eurazeo and Nordic Capital are both in talks to acquire Denmark-based credit manager Capital Four.

BCI is acquiring a minority stake in Pinnacle Towers, an Asia-based digital infrastructure specialist backed by KKR.

Argosy Private Equity acquired Heavy Equipment Colleges of America, which provides training programs for specialized construction equipment operators.

Sojourner Consumer Partners acquired several assets from Lornamead North America, the owner of various brands of personal products and cosmetics.
 
Exits  
IonQ agreed to buy UK-based quantum computing startup Oxford Ionics in a deal valuing the company at over $1 billion.

Diagnostic technology developer Caris Life Sciences, which is backed by Sixth Street Partners, is seeking to raise $423.5 million in its IPO.

Inflexion exited the majority of its investment in British skincare brand Medik8 to L'Oréal Groupe. It will retain a minority stake.
 
Fundraising  
BharCap Partners, a PE firm specializing in financial services investments, raised over $1.1 billion: $652 million for its latest flagship fund and about $460 million for other investments, The Wall Street Journal reported.

Mekong Capital, which focuses on investments in Vietnam-based companies, is planning a $200 million fund targeting regenerative agriculture investments.
 
Corporate M&A  
Alphawave, which develops semiconductor technology for data centers, has been acquired by Qualcomm for $2.4 billion.
 
Chart of the Day  
 
Source: Q1 2025 US Public PE and GP Deal Roundup
 
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