Business Blog: How Trump's big bill affects VC

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The Daily Pitch: VC, PE and M&A

July 8, 2025

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🚀Our VC-backed IPO index jumped 72% in Q2, a sign of improving conditions for tech companies looking to jump into public markets. The post-IPO performance of cloud computing company CoreWeave and stablecoin issuer Circle drove the recent rise. Explore our indexes

👀 In case you missed them, our first looks at Q2 data across VC and PE are available now. PE dealmaking continued its robust pace, while the VC market saw the value of exits reach the largest total in nearly three years. See the first looks for PE and VC.

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What Trump's 'Big Beautiful Bill' means for venture

(Samuel Corum/Getty Images)

President Trump's joint domestic spending and tax package, dubbed "One Big Beautiful Bill" and now signed into law, has wide-ranging implications for the VC world.

From tax breaks to tax hikes and much more, PitchBook News has broken down the details on how the bill might be felt inside the venture ecosystem. Read the details

Also: Trump's bill hits largest endowments with an 8% tax

A message from Clearwater Analytics

The Rise of Alternatives: Access, Liquidity, and Opportunity

With investors looking for higher yields, greater diversification, and enhanced liquidity, the demand for alternative assets continues to grow.

This report examines the key factors contributing to that growth, the sources of investable capital for alternatives, the impact of longer investment horizons on portfolios, and the importance of varied liquidity options.

The increase of allocations to alternatives also highlights the need for scalable and sophisticated risk management infrastructure that can aggregate a broad range of data, deliver insights across both public and private assets, and enable more complex modeling and analysis.

Read the report to see how alternatives are accelerating the move to data-driven visibility, real-time risk and exposure awareness, and greater transparency for all stakeholders.

Africa's VC market slows while focus shifts to local capital

(Adam Gault/Getty Images)

VC activity across Africa cooled significantly in 2025, with deal value and fundraising both falling sharply.

But Ghana's bold pension mandate signals a shift towards unlocking local capital to support homegrown innovation.

BlackRock buys $7.3B real estate investor

(Tim Grist Photography/Getty Images)

BlackRock has agreed to acquire ElmTree Funds, a real estate PE firm with $7.3 billion in total assets under management that invests in commercial properties.

With ElmTree Funds' LP base of institutional and private investors, the acquisition brings BlackRock a step closer to its goal of raising $400 billion in private capital commitments by 2030.

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.

See the rankings

Since yesterday, the PitchBook Platform added:

472

Deals

1890

People

610

Companies

Funds

See what our data software can do

The Daily Benchmark: 2022 Vintage Global Real Estate Funds

Median IRR

1.50%

Top Quartile IRR

8.20%

0.04x

Median DPI

Select top performers

Colorado RV and MH Fund

NREP Nordic Strategies Fund V

Prosperus Real Estate Fund IV

*IRR: net of fees

59 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Apollo Global Management hired Brian Chu as a partner and head of Apollo Portfolio Performance Solutions, where he will lead operational support efforts across the firm's PE portfolio.

Catch our next series of webinars

Hear our expert analysts break down shifts in private market expectations at the halfway mark of 2025. From increased uncertainty to volatile global markets, get the timely coverage you need to make informed decisions.

Register now to secure your spot.

PE Deals

Sunil Mittal's family office and Warburg Pincus have submitted a joint bid to acquire a 49% stake in Haier India at a valuation of $720 million, The Business Standard reported. The proposed deal values the company significantly below the $2 billion valuation initially sought by parent company Haier Group.

Blackstone agreed to acquire Sunseeker Resort Charlotte Harbor, a 785-room waterfront resort in Florida, from Allegiant Travel Company for $200 million.

CVC Capital Partners, Permira and EQT are in discussions to acquire a controlling stake in Nuvama Wealth Management, from Asia-Pacific-focused firm PAG, in a potential $1.6 billion buyout, The Economic Times reported.

Linden Capital Partners and GIC invested in Klick Group, a life sciences commercialization company. The growth investment follows Klick Group's five-year partnership with GTCR.

Ashe Beach Companies acquired Superior Petroleum Equipment, an Ohio-based provider of fueling system services including installation, maintenance and compliance.

Blackstone-backed Chamberlain Group agreed to acquire Arrow Tru-Line, an Ohio-based manufacturer of overhead garage door hardware components.

Development Partners International bought a $190 million minority stake in Alameda, an Egyptian private healthcare group.

Anacacia Capital acquired Procal Dairies, an Australian producer of yogurt and milk products, from the founding Thyssen family.

Altor agreed to buy a majority stake in Imbox Protection, a Denmark-based provider of footwear protection treatments.

Verdane agreed to take a significant majority investment in Natlink, a Sweden-based hunting software developer.

Portfolio Companies

Seraphine, a Mayfair Equity Partners-backed maternity wear group, has collapsed into administration, the Financial Times reported.

Fundraising

One Rock Capital Partners raised $3.97 billion across two new funds, including its flagship One Rock Capital Partners IV and the lower middle market-focused One Rock Emerald Fund. This marks the firm's largest fundraise to date, bringing its total assets under management to over $10 billion.

Sweetwater Private Equity is targeting $100 million for Sweetwater Select Growth Fund I, according to regulatory filings.

Global Infrastructure Partners raised $25.2 billion for Fund V, Infrastructure Investor reported.

Red Dot Capital Partners closed a $320 million fund to invest in early-growth Israeli tech companies.

Tikehau Capital-backed French engineering group Egis secured €1 billion in a funding round that included Apollo S3, ADIA and Neuberger Berman.

Corporate M&A

CoreWeave agreed to acquire Core Scientific, a US-based data center operator, in a $9 billion all-stock deal.

Royal Gold agreed to acquire Sandstorm Gold, a gold royalty company, in an all-share deal valued at approximately $3.5 billion.