| | | | | The Daily Pitch: VC, PE and M&A | | July 14, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | 🌥️ Economic uncertainty continues to cloud the outlook for PE. Despite this, deal activity remains elevated and is on pace for another strong year. However, the same cannot be said for exit and fundraising activity, which are struggling to keep pace.
Prolonged uncertainty has hampered sentiment in the space, according to our Q2 2025 US PE Breakdown, though if that begins to change, a rebound in exits could prove to be the spark PE needs to recapture the momentum seen in 2024. | | ✈️ Amid delays in new aircraft deliveries and concerns that tariffs will raise costs, some airlines are accelerating their efforts to buy back used planes. Private credit manager BC Partners has spotted a lucrative opportunity in this shift. Full story
Plus...
• PE shop Haveli raised $4.5 billion for a software buyout fund
• Ex-Sequoia partner Matt Miller's Evantic Capital nears a $400 million close for its maiden fund. | | | | | | | | | | | | | | North America's VC AUM growth hinges on liquidity | | Our AUM forecast projects North American VC AUM to grow from $1.36 trillion in 2024 to $1.81 trillion by 2029—a modest 38% increase, following years of post-2021 stagnation. Liquidity constraints, weak distributions and regional disparities continue to weigh on fundraising.
Our model highlights the rising impact of AI as a long-term catalyst and suggests that without improved exits and broader capital rotation, growth may remain muted. Yet, with high investor interest and AI-led innovation, upside remains. Our latest analyst note explores where the next surge in venture capital could emerge—and what it will take to unlock it. | | | | | | | | | 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.
If you're curious what a custom project could look like for your team, we're happy to share examples.
Get in touch | | | | | | | | | GPs seek to add value with AI-powered portfolios | |  | | (Josie Doan/PitchBook News) | | | | PE firms are racing to turn AI from a buzzword into bottom-line value—but implementation is proving far from easy. From Apollo Global Management's centralized AI blueprint to Eurazeo's opt-in accelerator, leading firms are rethinking value creation across their portfolios. | | | | | | | Mapping the returns of evergreen, semi-liquid funds | | The evergreen, semi-liquid private fund universe has grown rapidly—crossing $427 billion in AUM, with expectations to surpass $1 trillion within five years. But what are these funds actually delivering in terms of performance?
Our recent analyst note covers the returns, risks and realities of interval and tender-offer funds across strategies like private credit, PE, real estate, infrastructure and multi-asset portfolios. It also provides preliminary versions of a new suite of evergreen fund indexes, designed to bring benchmarking consistency to a category that has lacked clear performance standards. | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 21 Deals | 119 People | 27 Companies | 1 Funds | | | | | | | | | | The Daily Benchmark: 2014 Vintage Global PE Funds | | | | | | | | | | | | Goldman Sachs promoted Ben Wallace to co-head of M&A in the Americas. Wallace will continue to serve as global head of healthcare M&A. | | | | | | | | | | XAI, Elon Musk's AI business, has secured a $2 billion investment from his space technology company SpaceX, The Wall Street Journal reported.
Consumer fintech startup Bilt, which offers rewards programs for rent and mortgage payments, raised a $250 million round led by General Catalyst and GID at a $10.75 billion valuation.
Virtru, a data security startup, raised a $50 million round led by Iconiq at a $500 million valuation.
Stablecoin startup Agora raised a $50 million Series A led by Paradigm, Fortune reported.
RealSense, a computer vision startup spun out of Intel, raised a $50 million Series A from investors including Intel Capital and MediaTek Innovation Fund.
Tokyo-based fusion energy startup Helical Fusion raised a $15 million Series A from investors including SBI Investment and Keio Innovation Initiative.
Two, an Oslo-based B2B payments startup, raised €13 million in a round led by Idékapital and Shine.
Creal, a Swiss developer of light field display technology, secured $8.9 million in a round led by Zeiss. | | | | | | | | | 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. | | | | | | | | | | Brookfield, Stonepeak and Air Liquide are on the shortlist to acquire South Korean firm DIG Airgas from Macquarie for $3.6 billion, Reuters reported.
EIG and Saudi Aramco-backed MidOcean Energy are in talks to acquire a several-billion-dollar minority stake in the Canadian unit of Petroliam Nasional, a Malaysian energy company, Bloomberg reported.
Pacific Equity Partners agreed to buy Johns Lyng Group, an Australia-based building services provider, for $723 million.
Apollo Global Management-backed Legendary Entertainment is in talks to acquire NYSE-listed Lionsgate Studios, Bloomberg reported.
Ardian has acquired a further 10% stake in London's Heathrow Airport Holdings, bringing its total stake to 32.6%.
Qatar Holding acquired a 10% stake in China Asset Management Co.
Blackstone gained backing from Warehouse REIT, a UK-based real estate investment trust, for an acquisition after a sweetened offer.
FountainVest Partners is in talks to acquire the airbag and seat belt unit of ZF Friedrichshafen, Bloomberg reported. | | | | | | | | | | China-based AI startup Zhipu, which is backed by Tencent and Alibaba, is considering moving its IPO to Hong Kong and could raise about $300 million, Bloomberg reported.
Bain Capital and Cinven-backed Stada Arzneimittel, a Germany-based pharmaceutical company, has resumed talks of pursuing an IPO this year, Bloomberg reported. | | | | | | | | | | Healthcare-focused PE firm Lorient Capital, based in Miami, closed its latest fund on $500 million.
Avatar Capital Partners held a final close of ACP Real Estate Fund I on $105 million within one year of launch. | | | | | | | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | | | | | | | | | | | | |
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