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14 Mar, 2025
By Dylan Thomas and Karl Angelo Vidal
S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
The world's largest unicorn is a Chinese mobile app developer with a $180 billion post-money valuation.
TikTok Inc. owner Beijing Byte Dance Telecommunications Co. Ltd. topped a ranking of the 15 most valuable global unicorns as of mid-February, according to S&P Global Market Intelligence data. A unicorn is a privately held company valued at $1 billion or more.
ByteDance was one of four China-headquartered unicorns in the global top 15. Eight unicorns were headquartered in the US, led by AI company OpenAI LLC at a post-money valuation of $157 billion.
Globally, North America held the largest concentration of unicorns: 748 companies with a combined post-money valuation exceeding $3.1 trillion.
Read more about the top 15 global unicorns.
CHART OF THE WEEK: Funding rounds fell in February
⮞ The value of private equity- and venture capital-backed rounds of funding declined 26% month over month in February to $15.9 billion globally, according to Market Intelligence data.
⮞ The number of rounds totaled 1,014 in February, down 23% from 1,322 rounds in January.
⮞ February's totals for both the number and the value of those rounds were the lowest recorded in more than two years.
TOP DEALS
– TPG Capital LP, along with new backers, invested $1 billion in Beaver-Visitec International Inc., an ophthalmic device company doing business as BVI Medical.
– Apax Partners LLP offered to buy Norva24 Group AB (Publ) in an all-cash deal, valuing the underground infrastructure maintenance company at about 6.63 billion Swedish kronor. The 36.50-kronor-per-share offer represents a 58.7% premium to Norva24's March 7 closing stock price.
TOP FUNDRAISING
– Pamlico Capital Management LP raised $1.7 billion at the close of its Pamlico Capital VI fund. The vehicle will make equity and buyout investments in the communications, healthcare IT, information services and software sectors across North America.
– Brookfield Corp. secured roughly $1 billion for its Brookfield Infrastructure Structured Solutions Fund, The Wall Street Journal reported. The fund will make structured equity and minority equity investments in smaller infrastructure companies.
– Axiom Asia Pvt. Capital raised $1.28 billion at the close of Axiom Asia VII, its seventh flagship fund of funds, the firm said in a LinkedIn post. The firm invests solely in Asia-Pacific, according to the firm's website.
– Capitala Group secured more than $1 billion in commitments at the close of its latest fund. The vehicle seeks to make equity coinvestments and provide debt capital to small businesses across the US.
MIDDLE-MARKET HIGHLIGHTS
– J.F. Lehman and Co. LLC sold subsea telecom maintenance and installation services provider Global Marine Group in a deal with Keppel Infrastructure Fund Management Pte. Ltd.
– Performant Capital made a strategic investment in OrderPort LLC, a winery and alcoholic beverage software provider.
FOCUS ON: BESSEMER VENTURE'S INDIA ACTIVITY
Bessemer Venture Partners raised $350 million for its second fund dedicated to early-stage technology companies in India.
The fund underscores Bessemer's recent technology investments in India. The firm participated in Rupifi Technology Solutions Pvt. Ltd.'s pre-series B round earlier in March and in Blitzscale Technology Solutions Pvt. Ltd.'s series B round in November 2024, according to Market Intelligence data.
Bessemer has two India-focused funds that are already deploying capital. Bessemer Venture Partners India LP secured $220 million at its final close in November 2021. The vehicle's limited partners include John D. and Catherine T. MacArthur Foundation.
Bessemer Venture Partners India 2 Institutional LP was launched in January 2024.
India accounts for 88.7% of Bessemer's total investments across Asia-Pacific's emerging markets, according to Market Intelligence data. The firm has 55 current direct investments in India totaling $1.03 billion.
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For further private equity deals, read our latest "In Play" report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
For private credit news, see our latest private credit newsletter