| | | | | The Daily Pitch: VC, PE and M&A | | June 19, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | | Europe's surging continuation funds raise caution on asset quality | |  | | (VAWiley/Getty Images) | | | Continuation funds are on the rise in Europe, with €5.3 billion (around $6.1 billion) raised so far this year—already two-thirds of 2024's total. But as GP-led secondaries boom, experts caution about asset quality and GP-LP alignment.
As the asset class matures, discipline, transparency and rigorous asset selection are some considerations for best practices that industry veterans suggest. | | | | | | | Ranking the most active lenders in PE | |  | | (Yuichiro Chino/Getty Images) | | | Nine lenders took part in at least 50 deals each for US PE-backed companies in the first quarter, with the most active three recording at least 70 apiece.
Which firms made the leaderboard? See our Q1 2025 PE Lending League Tables, sponsored by TPG Twin Brook Capital Partners. The interactive tables can be sorted by geography, deal type, sector and more. | | | | | | | | | | | A message from the American Investment Council | | | | PE backing American workers | | Given its potential for strong returns, PE investment can bring a host of benefits to a wide array of stakeholders, from company employees to investors in PE funds. However, the extent to which PE backing can help employees of portfolio companies is underappreciated. The latest report from the American Investment Council explores multiple case studies and related market datasets to reveal key insights, including: - How PE-backed portfolio companies invest in training to improve employee retention and career growth.
- The role of PE growth investment, which set a record with $122.8 billion in deal value last year, in accelerating technological improvements for middle-market enterprises.
- Multiple examples of PE funds expanding company ownership and facilitating life-changing payouts to employees.
Read it now | | | | | | | | | | | Women's sports are a PE growth play | |  | | Angel Reese of the Chicago Sky handles the ball against Alyssa Thomas of the Phoenix Mercury. (Christian Petersen/Getty Images) | | | The WNBA shattered viewership records this season, and merchandise sales surged 236% year-over-year. For private market investors, the combination of fast-growing fan engagement and comparatively low valuations makes women's pro sports an increasingly attractive frontier.
"The messaging amongst our clients has been 'get in now,' " said one lawyer who advises PE sponsors. | | | | | | | Charting healthcare fund manager performance | | Healthcare fund managers are standing out in a tough fundraising environment.
Our 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. | | | | | | | Zombie fund era pushes VC career pivots | |  | | (Jenna O'Malley/PitchBook News) | | | A decade-long market boom propelled VC's cultural status, luring droves of young finance workers whose jobs the industry can no longer afford. As liquidity remains elusive, more junior investors are seeing the writing on the wall and exploring new directions for their careers.
The VC job market is excruciating: Promotions are taking longer, compensation rates are flatlining, and firms are even deflating titles, said Will Champagne, founder of SCGC, a boutique headhunting firm for VC funds. "Many [junior investors] are lucky that their GPs will continue to let them be on the payroll, with the common understanding that they will be looking for something new," Champagne said. | | | | | | | VC dishes out a breakout quarter for 'functional' food funding | | VC funding for the foodtech industry fell sharply in Q1, with total deal value down nearly 50% quarter-over-quarter. While investors have been more selective, which has slowed dealmaking, bright spots emerged in specific segments, according to our recent Emerging Tech Research.
The "functional" food segment stood out as a significant opportunity, evidenced by PepsiCo's $1.7 billion acquisition of Poppi and Olipop's nearly $2 billion valuation. Alt-proteins, particularly fermentation, remained active as well, despite broader headwinds for the space. | | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 672 Deals | 2143 People | 618 Companies | 29 Funds | | | | | | | | | | The Daily Benchmark: 2020 Vintage Global VC Funds | | | | | | | | | | | Nuclear energy startup TerraPower raised $650 million in a round from investors including NVentures, Bill Gates and HD Hyundai.
UK-based Draig Therapeutics, a neuropsychiatry-focused biotech, launched with $140 million in funding led by Access Biotechnology.
Tennr, a healthtech startup specializing in patient referrals, raised a $101 million Series C led by IVP at a $605 million valuation.
Animaj, a Paris-based AI-powered family entertainment company, raised $85 million in a round led by HarbourView Equity Partners, Variety reported.
Actio Biosciences, which focuses on treatment for epilepsy and other genetic disorders, secured a $66 million Series B co-led by Regeneron Ventures and Deerfield Management.
Maven AGI, the developer of an enterprise AI platform for customer support, raised a $50 million Series B led by Dell Technologies Capital.
Traversal, which develops an AI agent lab for enterprises, raised $48 million across seed and Series A rounds co-led by Sequoia and Kleiner Perkins.
Mercanis, a Berlin-based procurement software specialist, secured a $20 million Series A led by Partech. | | | | | | | | | | | | | | | | Coding startup Base44 has been acquired by Nasdaq-listed Wix in an $80 million deal.
China-based AI startup MiniMax, which is backed by Alibaba and Tencent, is considering a Hong Kong IPO, Bloomberg reported.
Blackstone-backed Cirsa, a Spanish casino operator, is planning an IPO.
Star Capital is considering an IPO for Germany's Vincorion, a defense-tech company. | | | | | | | | | | | Macquarie Asset Management closed its latest infrastructure fund on more than $6.8 billion and raised an additional $1.3 billion in co-investment capital, The Wall Street Journal reported. | | | | | | | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | | | | | | | | | |
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