Business Blog: PE's IPO hopefuls wait out lull

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The Daily Pitch: VC, PE and M&A

June 23, 2025

The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data

🐢 PE-backed IPO activity has taken a notable downturn in Q2, with just three deals totaling around $2 billion to date. Managers have been cautious amid continued market uncertainty, but a potential resurgence in listings from AI, robotics and tech-enabled companies is expected in the coming months. Dive deeper

🤖 Thinking Machines, the AI startup founded by OpenAI's former chief technology officer, reportedly raised $2 billion at a $10 billion valuation. The large round is another sign that VCs are focused on investing in AI projects at the earliest stages. Read more

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Middle market powers back into PE lead

Middle-market managers have reclaimed the top performance spot in the wider PE industry, posting a 10.8% IRR. Total deal value was also up year-over-year in Q1, according to our US PE Middle Market Report, sponsored by Cherry Bekaert and CIL Management Consultants.

Take-private pacts are getting larger, and healthcare dealmaking is rebounding. As valuations normalize and dry powder remains abundant, PE firms are positioning for what's next.

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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.

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Europe's direct lending dealmaking rises

While US tariff policy announcements in April resulted in severe market dislocation, direct lenders moved quickly to take advantage of the pause in syndicated markets, letting companies and sponsors know they were open for business.

According to PitchBook LCD's European Private Credit Monitor, estimated direct lending activity is up in the region, with April being the most active month for estimated deal volume so far this year.

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Vista Equity Partners has hired former KKR executive Andre Lennon-Smith as its new head of international wealth.

VC Deals

German humanoid robotics company Neura Robotics is seeking up to €1 billion in funding, Bloomberg reported.

Copenhagen-based To Good To Go, the developer of a marketplace app for nearly-expired food from retailers, is in talks to raise a round of up to €300 million at a valuation over $1 billion, Bloomberg reported.

Germany's Ostrom received a €20 million Series B led by Eneco Ventures for its digital energy management platform.

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PE Deals

UK-listed NHS landlord Assura has walked away from a £1.7B take-private deal with KKR and Stonepeak, instead agreeing to merge with Primary Health Properties in a £1.79B transaction.

Apollo Global Management is investing £4.5 billion in debt financing for the Hinkley Point C nuclear power plant owned by Electricite de France.

The Carlyle Group and Apollo Global Management-backed software developer ION Group is in talks to acquire a minority stake in TNB, an Italy-based digital banking company backed by FSI and Azimut Holding, Bloomberg reported.

Haveli Investments acquired data platform provider Couchbase for $1.5 billion.

Morgan Stanley Investment Management invested $30 million in methane emissions management company Insight M.

Weinberg Capital Partners acquired a majority stake in The Summa Group, a newly formed accounting firm created from the merger of six Paris-based peers.

Exits

TDK, the Tokyo Stock Exchange-listed electronics company, acquired San Diego-based SoftEye, a VC-backed startup developing technology for smart glasses.

Saturn, the developer of a calendar app for high school students backed by General Catalyst and Coatue, has been acquired by Snap.

Penta Capital is considering exiting its investment in London-based financial planning specialist Amber River, Reuters reported.

Billionaire Jaime Gilinski Bacal has drawn investor interest after saying he is open to selling his 52.87% stake in the UK-based retail banking chain Metro Bank, Reuters reported.

Fundraising

Intermediate Capital Group is raising a new flagship flexible capital fund, ICG Europe IX, with a target of €10 billion, Bloomberg reported.

Cinven is looking to raise up to €2 billion for a new middle-market fund, Bloomberg reported.

Accent Equity closed Accent Equity VII on 2.25 billion Swedish kronor (about $232 million).