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| 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 |
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| Veteran-focused VC targets $50M for new fund as defense tech takes off |
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| (Nicolas Economou/Getty Images) |
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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. |
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| Reaching the goalpost is getting harder for PE mega-funds |
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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. |
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| Tariff and recession risks put US PE mid-market exits on the back foot |
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| (C. Morgan Engel/Getty Images) |
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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. |
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| Top VCs are ushering in the era of AI agents |
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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. |
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| MML raises $1B+ for B2B-focused fund |
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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. |
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