| | | | | The Daily Pitch: VC, PE and M&A | | June 18, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | 🎢 Ramp's $200 million Series E at a $16 billion valuation is the company's fifth round led by Founders Fund. It underscores how VCs are doubling down on their hottest portfolio companies as insider-led deals remain on the rise. Read more
Plus...
• The comptroller of New York City's $280 billion-plus public pension system was detained and released by ICE agents
• The "Big Four" PE firms are poised to double down on Europe
• Defense-tech specialist Helsing joins Europe's most valuable VC-backed companies | | | | | | | | | | | | | | Infrastructure leads as real assets fundraising builds | | Real assets managers collected $52 billion across 18 funds in the first quarter, matching nearly half of last year's total haul for the strategy. This momentum—largely due to a handful of outsized closes—may not be sustainable for the rest of 2025. But real assets funds are still forecast to reach up to $3 trillion in AUM by 2029, according to our latest report on the market.
Digging deeper, three trends could continue to drive infrastructure investors in the space: decarbonization, digitalization and deglobalization. The report also covers fundraising for the energy transition and digital infrastructure sectors, oil and gas dealmaking, and North American and European infrastructure performance. | | | | | | | | | A message from PitchBook Data | | | | | 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 | | | | | | | | | | | US PE giants look poised to double down on Europe | |  | | (Grant Faint/Getty Images) | | | US private equity giants are doubling down on their long-term commitment to Europe—but the numbers suggest otherwise.
Despite bold pledges from Blackstone and Apollo Global Management, 2025 dealmaking is sharply down, with The Carlyle Group standing out as the only firm gaining ground. | | | | | | | Defense tech Helsing joins Europe's most valuable VC-backed companies | |  | | (Courtesy of Helsing) | | | Defense tech specialist Helsing has raised a €600 million (around $690 million) Series D at a €12 billion valuation, making it one of Europe's most valuable VC-backed companies.
Germany-based Helsing has benefited from increased investor appetite for defense tech, particularly drones. | | | | | | | Oil, gas loans buckle amid Israel-Iran conflict | |  | | (Cylonphoto/Getty Images) | | | The escalating Israel-Iran conflict has rattled the markets, raised oil prices and whipped up volatility in the oil, gas and consumable fuel segment of the Morningstar LSTA US Leveraged Loan Index.
In a recent research note, JP Morgan raised the probability of an impact on prices that is "exponential rather than linear." The bank noted that the Trump administration has prioritized combating inflation and keeping a lid on energy prices. | | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 754 Deals | 2450 People | 670 Companies | 38 Funds | | | | | | | | | | The Daily Benchmark: 2018 Vintage Global Real Estate Funds | | | | | | | | | | | VC-backed Canva agreed to acquire Australia-based MagicBrief, the Blackbird Ventures-backed developer of an analytics tool for ad performance.
Applied Intuition, which develops technology for autonomous vehicles, raised a $600 million Series F and tender offer co-led by BlackRock and Kleiner Perkins at a $15 billion valuation.
Teamworks, which offers software for professional and college sports programs, raised a $235 million Series F led by Dragoneer Investment Group at a valuation of over $1 billion.
Israeli observability and security startup Coralogix secured a $115 million Series E at a valuation of over $1 billion led by NewView Capital.
Mach Industries, a defense-tech company, raised a $100 million round co-led by Khosla Ventures and Bedrock Capital at a $470 million valuation.
Filipino fintech startup Salmon raised $88 million in a round led by Spice Expeditions.
Nabla, the developer of an AI platform for healthcare clinic workflows, secured a $70 million Series C led by HV Capital.
Sword Health, which offers virtual healthcare services like physical therapy and mental health treatment, raised a $40 million round led by General Catalyst at a $4 billion valuation.
Miami-based Payabli, the developer of an embedded payments platform, raised a $28 million Series B co-led by Fika Ventures and QED Investors, Axios reported.
Bigger Games, an Istanbul-based mobile gaming startup, secured a $25 million Series A led by Goodwater Capital. | | | | | | | | | | | | | | | | | | | | | | PE firm Aurelius has raised over €800 million for its fifth flagship fund, Bloomberg reported.
Post Oak Energy Capital raised $734 million across Post Oak Energy Partners V and a co-investment vehicle.
Endeavor Global's Endeavor Catalyst is raising $300 million for its fifth fund focused on global investments, TechCrunch reported.
Partners Group launched its first evergreen ELTIF 2.0 fund in Italy. | | | | | | | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | | | | |
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