| | | | | The Daily Pitch: VC, PE and M&A | | July 3, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | 👀 Our first looks at Q2 data across VC and PE are here. Stay tuned for the full reports next week.
PE dealmaking continued its robust pace, as sponsors seized a period of economic uncertainty caused by US trade policy that created pockets of opportunity.
But that same uncertainty caused firms to hold off on selling assets, leading to a decline in exit value. Fundraising fell 34% year-over-year to $223 billion in the first half of 2025.
See the US and European data.
The VC market saw the value of exits rise to $114.9 billion globally in Q2—the largest total in nearly three years. Big acquisitions are boosting the numbers: OpenAI paid $6.5 billion for Jony Ive's AI hardware startup IO, and Pepsi shelled out $1.95 billion for soda upstart Poppi.
AI continues to dominate dealmaking, with ScaleAI's $14.3 billion raise fueling nearly one-third of US VC funding. Billion-dollar-plus deals for Safe Superintelligence, Thinking Machine Labs and Anduril helped push capital invested above $100 billion globally. But a soft IPO market and continued declines in VC fundraising signal a cautious outlook.
The first look includes US and European data packs. | | | | | | | | | | | | | | Senate passes tax bill that gives US renewables sector temporary relief | |  | | (Daniel Bosma/Getty Images) | | | Investors in the renewable energy industry let out a small sigh of relief this week as a revised version of President Donald Trump's "big, beautiful bill" passed the US Senate with conditions more favorable to the sector than its original draft.
But the sector still faces challenges. The bill reduces key tax incentives, and trade policy and interest rate uncertainties continue to weigh on this market.
Non-domestic institutional investors, who have long supported the US renewable infrastructure sector, are pulling back. Many had already paused their US investments before the bill's passage. | | | | | | | | | A message from PitchBook Data | | | | | Some questions can't be answered with off-the-shelf data. That's where we come in.
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Get in touch | | | | | | | | | Hamilton Lane kicks off industry's 1st Asian PE-focused evergreen fund | |  | | (ASKA/Getty Images) | | | | Hamilton Lane has launched a pioneering evergreen fund targeting Asian private markets. Asia Private Assets Fund aims to fill a market gap in response to rising demand for more specific, region-focused exposure. | | | | | | | With lenders galore, life science companies find debt cheaper | |  | | (Rafa Fernandez Torres/Getty Images) | | | In the face of increased competition for deals, lenders to biotech and life sciences companies are sweetening the pot for borrowers, a trend that is also playing out in other areas of private credit. It comes amid a rising demand for venture debt among startups.
Investors like the biotech and life sciences space, since the performance of those loans typically does not move in lockstep with the traditional direct lending market. | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 818 Deals | 2444 People | 1057 Companies | 32 Funds | | | | | | | | | | The Daily Benchmark: 2020 Vintage Global Secondaries Funds | | | | | | | | | | | Medtech company Kardium, which makes a device for heart conditions, raised $250 million from investors including Eventide Asset Management, Janus Henderson Investors and Qatar Investment Authority.
Climeworks, a Swiss carbon removal startup, raised $162 million led by BigPoint Holding and Partners Group, bringing its total funding to over $1 billion.
Sweden-based Lovable, an AI coding startup, is in talks to raise a $150 million round led by Accel at a valuation around $1.8 billion, the Financial Times reported.
Terra CO2, a startup creating low-carbon construction materials, raised a $124.5 million Series B co-led by Breakthrough Energy Ventures, Eagle Materials, GenZero and Just Climate.
Talon.One, a Berlin-based loyalty and promotion specialist, raised €114 million from Silversmith Capital Partners, Meritech Capital and CRV.
AI financial advice startup Savvy Wealth raised a $72 million Series B led by Industry Ventures.
Wonderful, a Tel Aviv-based startup that develops AI-powered customer support agents for non-English speaking markets, secured $34 million in seed funding led by Index Ventures.
Dexter Energy, an Amsterdam-based climate-tech company, raised a €23 million Series C led by Alantra's Klima fund.
Yaspa, a London fintech specializing in AI-driven payments and identity services, raised a $12 million round led by Discerning Capital.
Circulate Health, a startup developing technology to extend human lifespans, raised a $12 million seed round led by Khosla Ventures.
TuringDream, a Madrid-based agentic AI platform provider, raised €6 million in seed financing co-led by Adara Ventures and HWK.
Vok Bikes, an Estonian mobility company, raised a $6 million Series A led by SQM Lithium Ventures. | | | | | | | | | We're Hiring: Senior Editor, Private Equity | | | | PitchBook's News team is looking for a seasoned editor to lead our private equity coverage. This role involves mentoring reporters, shaping editorial strategy, and driving in-depth reporting on PE dealmaking, fundraising, and performance. If you're an experienced financial journalist ready to lead, check out the job posting. | | | | | | | | | | Abu Dhabi Investment Authority, KKR and CVC Capital Partners are among firms considering buying a minority stake in portable power generator company Aggreko, which is currently owned by TDR Capital and I Squared Capital and could be valued around $12 billion, Bloomberg reported.
Vista Equity Partners agreed to sell its remaining minority stake in event-software developer Cvent to Blackstone in a $1.3 billion deal, Bloomberg reported.
Thoma Bravo is in talks to acquire Verint Systems, a New York-based call center software maker, Bloomberg reported.
KKR agreed to acquire ProTen, an Australian poultry production company, from pension fund Aware Super.
SURJ Sports, the sports investment arm of Saudi Arabia's Public Investment Fund, is in talks to invest in Professional Triathletes Organisation, the organizers of Michael Moritz-backed T100 Triathlon World Tour, Bloomberg reported.
Oaktree Capital Management acquired digital streaming content company FilmRise and merged it with Shout! Studios to create a new content distribution company, Radial Entertainment. | | | | | | | | | | | Moove, a Nigeria-based mobility startup backed by Uber, is in talks to raise a $1.2 billion debt round to expand in the US, Bloomberg reported. | | | | | | | | | | | | | | | | Khosla Ventures is raising $3.95 billion across three new funds, according to SEC filings.
Generation raised $800 million for its second private equity fund.
Biotech-focused VC firm AN Venture Partners closed its first VC fund on $200 million. | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | | | | | | | | | | | | | |
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