| | | | | The Daily Pitch: VC, PE and M&A | | July 10, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | 💎 New fund returns data: PitchBook Benchmarks offer a window on the latest data for closed-end fund returns across strategies and vintage years. The latest update has data through Q4 2024, with preliminary returns through Q1. Get the data
⬅️ Andreessen Horowitz is moving its state of incorporation from Delaware to Nevada, citing more business-friendly policies and stronger legal protections. While some public companies have made the move west, a16z is one of the first VC players. Whether this sparks a trend remains to be seen. Read more
☕Starbucks' China business has attracted dozens of bids that value the unit at as much as $10 billion, CNBC reported. Nearly 30 PE firms have submitted nonbinding proposals, including Asia-based PE firm Centurium Capital—backer of a local competitor—and The Carlyle Group and KKR. Full story | | | | | | | | | | | | | | European PE hit a bump in Q2 but continues on | | European PE dealmaking slowed in Q2 as sponsors across the globe hit the brakes amid heightened volatility and uncertainty following US tariff announcements. In response, activity skewed toward smaller add-ons, reflecting cautious but tactical deployment. Still, green shoots emerged late in the quarter with several sizable deals, according to our Q2 2025 European PE Breakdown.
Exit activity remains subdued, with the IPO window largely shut, pushing GPs to rely on sponsor-to-sponsor transactions. Fundraising held steady, with a diverse spread of closings across Europe, including in the Netherlands and Spain. Middle-market buyout follow-on funds continue to dominate in 2025, underscoring LPs' preference for proven strategies in uncertain times. | | | | | | | | | | | How VC is evolving beyond specialist versus generalist | | Which approach is superior for VCs—a generalist, multisector fund that can emphasize portfolio construction, or a specialist approach? The latest edition of Road to Next explores this question in depth, examining how there are not only no simple answers to that question, but also that the future of much of the venture industry may well be both. Highlights include: - Analysis of how specialist participation shifts deal metrics
- An in-depth review of key fund return metrics between generalists and specialists
- How firms may adopt a convergent approach, with insights from Deloitte industry experts
Read it now | | | | | | | | | $1B-plus PE deals are ticking up | |  | | (Wong Yu Liang/Getty Images) | | | | US PE deals valued at $1 billion or higher are trending upward in 2025, even as overall quarterly deal activity declines. Investors this year are on pace to sign 130 transactions valued at $1 billion or more, up from just over 100 in 2024. | | | | | | | AI startups hit all-time quarterly record for capital raised | | AI and machine learning startups raised a record-breaking $73.6 billion across 1,603 deals in Q1, marking the highest quarterly total on record by deal value. Deal counts were at their highest level since Q1 2024, according to our latest Emerging Tech Research. Horizontal AI platforms captured the lion's share, accounting for nearly 70% of total sector deal value.
In contrast, vertical application startups led in deal volume, notching 1,025 transactions, roughly 60% of all deals, with an aggregate deal value of $19.2 billion. | | | | | | | Hong Kong Jockey Club looks to offload up to $1B in US assets | |  | | (Christian Riethmueller/Getty Images) | | | The Hong Kong Jockey Club is considering a $1 billion pullback from US PE, looking to exit funds run by Blackstone, Warburg Pincus and others.
The move comes amid rising US–China trade tensions, with Beijing warning against renewed tariffs and signaling potential retaliation. | | | | | | | X CEO Linda Yaccarino steps down after 2-year run | |  | | (Alex Wong/Getty Images) | | | Linda Yaccarino is stepping down as CEO of X after a rocky two-year run. The announcement comes just months after the company was absorbed by Elon Musk's xAI and valued at $33 billion.
News of Yaccarino's departure sent xAI's debt prices sliding, according to PitchBook LCD. Investors had already balked at the lack of transparency around business financials during the company's recent bond sale. | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 614 Deals | 2516 People | 847 Companies | 42 Funds | | | | | | | | | | The Daily Benchmark: 2019 Vintage Global Real Asset Funds | | | | | | | | | | | Also, an electric vehicle startup spun out of Rivian, raised $200 million from Greenoaks Capital Partners at a $1 billion valuation, Bloomberg reported.
MaintainX, a startup developing a machine and equipment monitoring platform, raised a $150 million Series D from investors including Bessemer Venture Partners, Bain Capital Ventures and DE Shaw Ventures.
French chip designer SiPearl raised an additional €32 million for its Series A, bringing the total to €130 million. Investors included Cathay Venture and the European Innovation Council Fund.
Oslo-based radiopharmaceutical startup Actithera raised a $75.5 million Series A from investors including M Ventures, Hadean Ventures and Sofinnova Partners.
Neuros Medical, a medtech startup specializing in post-amputation pain treatment, raised a $56 million Series D led by EQT Life Sciences.
Vehicle repair logistics platform developer ServiceUp raised a $55 million Series B led by PeakSpan Capital.
San Francisco-based Centivax, which specializes in vaccine engineering, raised a $45 million Series A led by Future Ventures.
Nominal, a New York City-based startup developing a financial operations platform for enterprises, raised a $20 million Series A led by Next47 and Workday Ventures.
Wrisk, a London-based insurtech company, raised a £12 million Series B led by Mundi Ventures and Opera Tech Ventures.
Novenda Technologies, a Dutch dental tech startup, secured a €5.2 million Series A led by Brightlands Venture Partners. | | | | | | | | | Don't miss our upcoming webinar | | Join our discussion of the Australian VC landscape—including why Australia punches above its weight in VC and how you can effectively navigate distinct market challenges.
Australia's global unicorns could drive the next phase of venture growth with their anticipated exits, despite the market's unique size and location. Yet unlocking these returns has proven difficult. Our expert analysts alongside a fantastic panel share their thoughts on why this is, and what you can expect in the coming years
Register now to secure your spot. | | | | | | | | | | | | | | | | | | | | | | Los Angeles-based PE firm Levine Leichtman Capital Partners closed on over $3.6 billion for its latest fund.
OnePrime Capital, which specializes in technology secondary investments, raised $305 million at the close of OnePrime Secondary Fund III. | | | | | | | | | | | Cyberstarts, an Israel-based VC firm, raised $300 million in order to buy shares from employees of its portfolio companies. | | | | | | | | | | | Nasdaq-listed Verona Pharma, a pharmaceutical company focused on respiratory treatments, will be acquired by Merck in a $10 billion deal. | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | | | | | | | | | | | | | | | | | |
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