| | | | | The Daily Pitch: VC, PE and M&A | | July 1, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | 🌲 VC climate-tech funding has declined for three years running. While Q1 brought some signs of stabilization, especially in large nuclear fusion deals, an unsteady US macro environment is complicating the outlook for the sector. Read more
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• PE dealmaking in Europe is all but on hold due to tariff-led economic uncertainty | | | | | | | | | | | | | | 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 latest 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. | | | | | | | | | 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 | | | | | | | | | VC pumps $4B+ into medtech startups | | The pulse of VC funding in the medtech industry is quickening. Startups collected over $4 billion in Q1—the highest quarterly figure since early 2022, according to our recent Emerging Tech Research.
Growing investor interest in whole-body screening, smart diagnostics and longevity tech helped boost the sector. PE dealmaking also surged, with Q1 tracking well ahead of last year's pace. On the exit front, M&A is alive and well, but IPOs remain more limited amid a murky regulatory environment. | | | | | | | European dry powder on hold amid tariff uncertainty | |  | | (Aire Images/Getty Images) | | | | PE dealmaking in Europe remains sluggish due to geopolitical and financial uncertainty, especially around trade tariffs, despite investors' eagerness to deploy capital. A July 9 tariff decision will be a key inflection point, as current instability has led to renegotiations and withdrawn deals. | | | | | | | Surveying ESG and impact investing practices | | We've launched our 2025 Sustainable Investment Survey and would like to hear what challenges private market ESG and impact investors face. We invite you to share your views on topics including: - Are concessionary returns really the expectation of impact investors?
- Are your clients advocating for the use of ESG or against, or are you stuck in the middle with both?
- What sustainable investment themes are most financially attractive right now?
All who complete the survey will have the opportunity to enter a prize drawing, and for each completion, PitchBook will make a donation to World Central Kitchen. | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 645 Deals | 2267 People | 860 Companies | 52 Funds | | | | | | | | | | The Daily Benchmark: 2018 Vintage Global Funds-of-Funds | | | | | | | | | | | | | | | | | Israel-based cybersecurity company Cato Networks raised a $359 million Series G led by Vitruvian Partners and ION Crossover Partners at a valuation over $4.8 billion.
Clio, a developer of legal administrative software, has acquired research and data company vLex from Oakley Capital in a $1 billion deal.
Jumbotail, an India-based B2B ecommerce startup, raised a $120 million round led by SC Ventures at a valuation over $1 billion.
Sweden-based Tandem Health, a startup developing an AI healthcare assistant, raised a $50 million Series A led by Kinnevik.
Campfire, a developer of AI accounting software, raised a $35 million Series A led by Accel.
Gallant, a biotech startup focused on stem cell therapies for animals, raised an $18 million Series B led by Digitalis Ventures.
San Francisco-based predictive intelligence startup Cred raised a $15 million seed round led by defy.vc. | | | | | | | | | 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. | | | | | | | | | | Atlas Holdings is set to acquire the North America-based businesses of Evraz, a steelmaker that is majority-owned by Roman Abramovich, in a $500 million deal, The Wall Street Journal reported.
NPM Capital agreed to acquire a majority stake in Elbfrost, a Germany-based frozen food supplier.
Triton agreed to acquire Prenax, a France-based outsourced procurement and management service provider.
Modella Capital renegotiated the sale price for WHSmith, with the UK stationer chain to sell for £40 million (about $55 million) rather than the £52 million originally expected in March.
TA Associates agreed to invest in Viridian Financial Group, an Australia-based financial adviser.
JLL Partners invested in surgical device company Vascular Technology.
ImmersiveTouch, the developer of an augmented and virtual reality platform for surgical planning, was acquired by HealthpointCapital.
CenterOak Partners acquired NOW CFO, a provider of financial services to businesses. | | | | | | | | | | | Shareholders of TACE, a South Korea-based power plant, are seeking to raise 500 billion South Korean won ($370 million) to oust KKR and Lantern Advisory & Investments, The Korea Economic Daily reported. | | | | | | | | | | | | | | | | New York-based PE firm Recognize Partners closed its second fund on $1.7 billion.
Menlo Ventures is looking to raise about $1.5 billion for a new set of funds aimed at AI investments, The Wall Street Journal reported.
Seven2 held a €400 million final close for a continuation fund for French satellite communication services provider Marlink and financial adviser Groupe Crystal.
Motion Equity Partners held a €215 final close at its hard cap for a continuation fund for Olyos, a France-based food supplement maker. | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | | | | |
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