| | | | | The Daily Pitch: VC, PE and M&A | | June 25, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | 🧘 Wisdom Ventures just raised $16 million in initial funding for its second VC fund to focus on wellness startups—betting in part on tech specialists working to curb technology addiction. Read more
🔮 Our analysts dust off their crystal ball to review their 2025 predictions for US PE and private markets in the EMEA region.
Plus...
• European mega-funds gave the region a strong lead in global PE infrastructure fundraising | | | | | | | | | | | | | | PE adapts amid a fuzzier outlook | | The PE ecosystem entered 2025 with strong momentum that was halted by broad market uncertainty at the beginning of Q2. Investors must now balance these new market headwinds with the desire to reignite that momentum.
Despite the hiccups, IPO activity has gotten off to a healthy start this year, according to our 2025 US Private Equity Outlook: Midyear Update. But the challenge is whether the IPO window will remain open for PE-backed companies. Similarly, the recent market slowdown will likely stall overall exit activity, further limiting distributions to LPs and hampering fundraising in the back half of the year. | | | | | | | | | | | The 2025 European venture capital benchmark report | | Top European VC firms worked on more than twice as many deals as their peers last year, despite operating in the same challenging market.
Affinity's 2025 European VC benchmark report analyzes data from over 640 VC firms across the continent to reveal what's driving performance. The report shows how leading European VCs are approaching dealmaking, networking, and portfolio support.
Benchmark your firm against Europe's top VCs and learn actionable strategies to strengthen your firm's competitive position.
Download the report. | | | | | | | | | Europe expands share of global PE infrastructure fundraising | |  | | (Jenna O'Malley/PitchBook News) | | | European infrastructure fundraising surged to nearly €40 billion (around $46 billion) so far this year, reaching 63% of 2021's peak levels, led by mega-funds from EQT and Copenhagen Infrastructure Partners.
Favorable policy conditions and investor sentiment may continue to give Europe a strong edge over North America. | | | | | | | How are EMEA private markets holding up? | | As we reach the midyear mark, our analysts revisit their 2025 forecasts for Europe, the Middle East and Africa in light of tariff-induced volatility and other developments.
The report provides an updated perspective on private markets in the EMEA region—covering topics ranging from fundraising and venture debt to IPOs and AI. | | | | | | | How Asia-Pacific IPO markets are being rebuilt | | Asia-Pacific IPO markets are entering a new era, one that is narrower and more selective but far from closed. Our recent analyst note covers how public listings have evolved from a default exit path to a strategic liquidity tool in the region's private capital markets.
The note explores which countries and sectors are still supporting meaningful exits—from India's surge in VC-backed IPOs to China's policy-driven constraints and Southeast Asia's persistent scalability gaps. Backed by PitchBook's IPO Predictor, it also identifies where the next wave of listings is likely to come from. | | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 705 Deals | 2223 People | 715 Companies | 35 Funds | | | | | | | | | | The Daily Benchmark: 2021 Vintage North American PE Funds | | | | | | | | | | | | | | | | | Enterprise healthtech startup Abridge raised a $300 million round led by Andreessen Horowitz at a $5.6 billion valuation.
Cryptocurrency-based betting platform developer Polymarket is in talks to raise a $200 million round led by Founders Fund at a valuation over $1 billion, according to reports.
New York-based Digital Asset, a blockchain technology startup, raised a $135 million round led by DRW Venture Capital and Tradeweb Markets.
Medtech startup ForSight Robotics, which develops robotic devices for eye surgery, raised a $125 million Series B led by Eclipse.
New Zealand-based Halter, an agtech startup developing a platform for dairy farmers to manage cattle, raised a $100 million Series D led by Bond at a $1 billion valuation.
Wispr Flow, a startup developing an AI dictation app, raised a $30 million Series A led by Menlo Ventures.
Medication optimization platform developer Arine raised a $30 million Series C led by Town Hall Ventures.
Paris-based digital insurer Orus received a €25 million Series B led by Singular.
Zeelo, a London-based smart-bus platform, raised a $23 million Series B led by Blue Earth Capital.
Recruiting platform developer Paraform raised a $20 million Series A led by Felicis.
Aedifion, a German AI-powered energy management SaaS provider for real estate operators, secured a €17 million Series B led by Eurazeo. | | | | | | | | | 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. | | | | | | | | | | | | | | | | Fintech startup Melio Payments, which is backed by investors including General Catalyst and Thrive Capital, is in talks to be acquired by Sydney-listed Xero in a $2.5 billion deal, Bloomberg reported.
Germany-based automotive parts retailer Autodoc, which is backed by Apollo Asset Management, pulled its Frankfurt IPO on the eve of its expected market debut.
India-based non-banking financial institution Tata Capital gained approval for a $2 billion IPO, Bloomberg reported.
EQT sold its stake in Scandinavian property remediation specialist Recover to VC-backed Pangea. | | | | | | | | | | Marlin Equity Partners closed Marlin Heritage Europe III on a hard cap of €1 billion.
Project A, a Berlin-based early-stage VC firm, has closed its fifth flagship fund on €325 million.
San Francisco-based VC firm Sentinel Global closed its first fund on $213.5 million. The vehicle will target investments in enterprise technology companies. | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | | | | | | | | | |
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