How did our PE benchmarking tool perform?; tracking public digital health valuations; Harvard's endowment returns lag Columbia, Brown

Don't want to receive these emails? Manage your subscription. Log in The Daily Pitch: Europe October 21, 2024 Presented by Datasite In today's Daily Pitch, you'll find: Europe's defense-tech rush has hatched a brood of specialist VCs See how our benchmark for buyout funds performed in Q3 Harvard's endowment returned 9.6% for fiscal year 2024, trailing rivals Columbia and Brown Check out Q3 valuations data for public companies in the digital health and healthcare IT sector Our expanded Private Capital Barometers go beyond PE funds to cover VC, private debt, infrastructure and natural resources   Today's Top Stories   Defense-tech boom spawns wave of new European GPs (Dragos Condrea/Getty Images) Europe has seen record levels of VC investment in the defense-tech sector this year while conflicts and success stories increase appetite. As funding grows, so too has the number of emerging managers targeting the sector. Tech investors historically shied away from the defense-tech market. But their interest has been piqued by dual-use technology—any product or software that can be used for both civilian and military purposes—which has also become more of a focus for startups in the sector. read more   Share: Strong performance from our buyout replication portfolio in Q3 PitchBook's buyout replication portfolio—a proxy for buyout fund performance—notched another solid quarter. These returns were powered by a strong performance from small-cap stocks, propelled by expectations of more interest rate cuts. The BRP outperformed the sector- and leverage-adjusted Russell 2000 Index, returning 10.3% and 9.4%, respectively. The Russell 2000 Index outperformed the S&P 500 Index by more than three percentage points. Three of the companies in the BRP—Bally's, Instructure and Envestnet—announced take-private acquisitions during the quarter. Looking ahead, one of the BRP's current top take-private targets, SecureWorks, might soon be taken private, according to media reports. explore the dashboard   Share:   A message from Datasite   As liquidity remains complex, will rate cuts eventually help? Datasite’s latest report examines the private equity liquidity landscape ahead of the last months of 2024, especially in the context of recent rate cuts by the European Central Bank and others. The report utilizes multiple PitchBook datasets to examine different aspects of liquidity trends, unearthing findings such as: PE exit rates have been surprisingly stable, even across regions, despite protracted liquidity, e.g. Europe has seen a slew of PE-backed IPOs that generated substantial exit value. The median acquisition size has hit a record in 2024. Holding times by sector have begun to spread out, suggesting industry-specific pressures are at play. For more insights into liquidity for PE players, as well as what rate cuts may portend for exit prospects and rare datasets on continuation fund activity, read the full report. Share:   Demand for virtual-first care declines, taking share prices with it