| | | | | The Daily Pitch: VC, PE and M&A | | July 4, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | | Veteran-focused VC targets $50M for new fund as defense tech takes off | |  | | (Nicolas Economou/Getty Images) | | | The Veteran Fund—run by GPs with military experience who invest exclusively in early-stage veteran founders—is targeting $50 million for its second VC fund, the firm told PitchBook exclusively. The firm expects to hold a first close of around $20 million by Veterans Day in November.
The capital raise comes as VCs pile into "dual-use" startups that make money from both the private and public sectors. GPs are eyeing opportunities coming out of rising Department of Defense spending under the Trump administration. | | | | | | | Reaching the goalpost is getting harder for PE mega-funds | |  | | (Owaki/Kulla/Getty Images) | | | Mega-funds are succumbing to the headwinds facing PE fundraising, with fewer managers holding a final close on their largest vehicles.
From KKR to Bain Capital, managers of supersized PE funds in the market today are likely to have a tough time closing this year. Fundraising for the entire asset class is tracking toward $300 billion by year-end, which would be its worst year since 2020. | | | | | | | | | 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 | | | | | | | | | Tariff and recession risks put US PE mid-market exits on the back foot | |  | | (C. Morgan Engel/Getty Images) | | | US PE middle-market exits lost momentum in early 2025, disrupting the temporary rebound seen last year and struggling to keep pace with the broader PE industry.
In Q1 2025, this segment's exit value declined by 14.3% quarter-over-quarter, reaching $29.6 billion, according to PitchBook data. The figure remains below pre-pandemic quarterly averages.
Conversely, exit activity in the broader PE industry grew both quarter-over-quarter and year-over-year, exceeding its pre-pandemic averages. | | | | | | | Top VCs are ushering in the era of AI agents | | Early-stage investments by the top VC firms in Q1 consolidated around AI agents and the underlying infrastructure to deploy them. With these high-profile backers, emerging AI startups are set to usher in a new era of enterprise operations.
While top VCs closed the fewest seed and early-stage deals since 2020, total deal value remained elevated—with large bets on AI, alternative energy and biotech, according to our Emerging Tech Indicator. The report covers the products and technologies these firms are funding and what that says about where VC is headed next. | | | | | | | MML raises $1B+ for B2B-focused fund | |  | | (Sylvain Sonnet/Getty Images) | | | London-based mid-market investor MML Capital Partners has closed its eighth B2B-focused fund on €1 billion (around $1.2 billion), nearly 50% more than its predecessor vehicle.
The firm made eight exits in the past 12 months despite the difficult market. | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 704 Deals | 2474 People | 874 Companies | 42 Funds | | | | | | | | | | The Daily Benchmark: 2017 Vintage Global PE Funds | | | | | | | | | | | Castelion, a defense-tech startup, is raising a $350 million Series B led by Lightspeed and Altimeter Capital, TechCrunch reported.
London-based Hived raised a $42 million Series B led by NordicNinja for its AI-driven electric parcel delivery service.
The Open Platform, a startup developing infrastructure and apps on Telegram's blockchain, raised a $28.5 million Series A led by Ribbit Capital at a $1 billion valuation.
Israel-based quantum computing startup Qedma raised a $26 million Series A led by Glilot Capital Partners.
AssetCool, a UK-based robotics company specializing in grid upgrade technology, secured a €11.5 million Series A led by Energy Impact Partners.
MediShout, a London-based healthcare workflow platform developer, raised a $9 million Series A led by Heal Capital.
Berlin-based Peec AI, operator of an AI search and analytics platform, raised €7 million in a round led by 20VC. | | | | | | | | | 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. | | | | | | | | | | Apollo Global Management-backed Athora is in advanced talks to acquire Pension Insurance Corporation, a UK-based retirement savings group, for £5.7 billion.
Thoma Bravo will acquire NYSE-listed Olo, the developer of digital ordering and payment software for restaurants, in a $2 billion take-private deal.
Advent International and Platinum Equity are considering purchasing $2 billion in assets from chemical-maker DuPont, including the Kevlar and Nomex brands, the Financial Times reported.
EQT agreed to acquire Europa Biosite, a Swedish distributor of life science research products.
Verdane invested in Guardsquare, a Belgium-based security software developer.
Norvestor and Kirk Kapital have sold Globeteam, a Denmark-based technology consultancy, to Polaris.
FSN Capital agreed to acquire Volue Infrastructure, a Norway-based infrastructure software developer. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | | | | | | | | | | | | | |
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