Greetings, term sheet. This is financial journalist Luisa Beltran, a replacement for Allie.
Now it’s time to adopt the temperature of joint ventures and private equity, and we have some new numbers.
Enterprise data and forecast intelligence company data display crunchbase. $91 billion in the second quarter fell 20% from the first quarter when it raised $114 billion in the first quarter. However, Q1 was the strongest quarter for venture capital since Q2 2022. (The first quarter also included Openai’s $40 billion USD in the Financingthe largest private round ever. )
Nearly half of the $91 billion in the second quarter came from one industry: AI, which is $40 billion. (Yuan $14.3 billion investment AI scale in June AI generated more than one-third of the AI department’s funding. )Healthcare and biotech ranked second with $14.8 billion in funding, while Financial Services ranked third with $11.3 billion.
“Over the past four quarters, global funding has increased year by year over year in the past four quarters, driven mainly by AI research labs in the industry and data and infrastructure providers,” Crunchbase said in the report.
Nearly one-third of the capital in the second quarter belongs to 16 companies – including Anduril Industries’ $2.5 billion round, a separate $2 billion fund round Thinking Machine Laboratory and Safe and super smart.
It is also very active to start mergers and acquisitions. The exit value in the second quarter was $50 billion, the second strongest quarter since 2021. The total is below $71 billion in the first quarter, including Google’s $32 billion purchase of Wiz. Openai was the most active, largest startup acquirer in the second quarter, snapping up four companies, including Jony Ive’s IO There are $6 billion and Surfing $3 billion.
PE is off the field
In terms of private equity, fundraising between PE companies continues to drag down. Global PE funds have raised $223 billion so far in 2025, no faster than last year’s performance, when the PE pool accumulated $551 billion in full year 2024, according to research and data company PitchBook. U.S. funds have raised $149 billion in 2025, also lower than last year’s pace, when PE Pools collected $333.4 billion.
The slowdown in PE fundraising is due to fewer mergers and declines in IPOs. Sports companies have been working hard to sell their investments, which means they can’t send money back to investors, which can lead to lower fundraising activities for their own. PE companies enter 2025 and expect a strong year during the merger, or at least rebounds. But fluctuations caused by President Trump’s Liberation Day tariffs have caused many transactions and IPOs Shelved In April. When a new problem begins Rebound In June, the merger and acquisition remained dull.
US private equity managers have over $1 trillion Dry powderKyle Walters, a private equity research analyst at PitchBook, said, or not investing in, promised capital. Walters said many sports companies “sit (sitting) on the scene and choose not to sell most of their assets in the export market they consider to be unfavorable.” (Walters said that since September 30, 2024, the total number of PE dry powders is September 30, 2024, which may have fallen.
So far, the total exit value of PE funds is $339.8 billion in 2025, which has reached a rate of $384.2 billion last year. A handful of big deals, including natural gas exporter Venture Global’s $58.7 billion IPO and WorldPay $24.3 billion in sales arrive Global paymenthelps increase the value of exit this year.
“If we want to see a fundraising slowdown approaching the end, we need to see a strong pick-up and drop-off in terms of the number of exits. Given that most exit activities are in a to-see mode, you probably won’t see fundraising until 2026,” Walters said.
See you on Wednesday
Luisa Beltran
X: @luisarbeltran
e-mail: luisa.beltran@fortune.com
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Risk Trading
– Talon,,,,, A Berlin-based corporate loyalty and promotional software company raised $135 million. Silversmiths Capital Partners and Meritech Partners Lead this round and join by existing investors CRV.
– CarronsIt is B2B used car trading market in Berlin, raised €70 million (USD 82 million) of Series C funding. North District Lead this round and join with existing investors HV Capital,,,,, Insights Partners,,,,, stripeand create.
– eraA Tel Aviv-based quantum computing company raised $26 million in Series A funds. Glilot Capital Partners Lead the tour, joined IBM,,,,, South Korean investment partnersexisting investors tpy CapitaL, others.
– bumoNursery in Pasadena, California, raised $10 million in seed funding. Offline adventure and Real adventure Lead the fund and join Goodwater Capital,,,,, Market capitaland others.
– Fantasy life, A New York City-based online sports and gaming company raised $7 million in seed funding. LRMR Adventure and SC Hold Lead the tour, joined Eberg Capital,,,,, Bolt adventure, Wasserman venture capitaland others.
– Bridgeport,,,,, New York City-based middleware software providers used for cryptocurrency transactions, raising $3.2 million in seed funding. Further adventure Lead the tour, joined VIRTU,,,,, XBTO,,,,, Blockchain Founder Fund,,,,, Fun fair adventureand Humla Adventure.
Private Equity
– Thoma Bravo Agree to obtain OloIt is a New York-based SaaS restaurant platform that evaluates the company for about $2 billion in an all-cash transaction.
–The capital of Tikao grow up Its portfolio company 1 billion euros (USD 1.17 billion) Protectis a Paris-based architectural and civil engineering company.
–Development Partner International, Agree to $190 million in minority shares Alameda Healthcarea private medical group located in Cairo.
– Team Technology,Depend on Arlington Capital Partners,get Duke Experiencelocated in Morgan Hill, California, a developer and manufacturer of cardiovascular medical devices. Financial terms are not disclosed.
–Orix USAa subsidiary of Japan Orix Corporation, Agree to acquire a majority stake Shirco Globala diversified financial services company based in Northbrook, Illinois. Financial terms are not disclosed.
quit
– Chamberlain Group, Depend on Black Stone,,,,, Agree to obtain Arrow tru-linelocated in Archbold, Ohio, a manufacturer and supplier of garage door hardware, Middleground Capital. Financial terms are not disclosed.
other
-TPG Capital Acquired 70% of the shares DirectVa satellite TV company based in El Segundo, California, from California AT&T For $7.6 billion in cash.
– Light broadcast get rhetorica UK-based B2B organization intelligence and data provider. Financial terms are not disclosed.
Funds + Funds
–Red Dot Capital PartnersA Tel Aviv-based venture capital firm that raised $320 million for its third fund, focusing on early-stage growth companies across sectors.
people
–Olympus Partnersa private equity firm based in Stanford University, Connecticut, promoted Matt Bujor To the principal Connor Wood To the principal Courtney Dunn Vice President, Marty Durkin Vice President.
–Parttechis a Paris-based venture capital firm Alison Imbert To your partner, Moritz Steinbrecher To the principal and Ariadne Lemieux-Cumberlege Give to the senior assistant of the seed team. Company promotion Simone Riva With a partner and Julia Najman Ask senior assistant to the risk group.
–Stoneholea New York City-based private equity firm, added Cindy Marrs As a senior consultant. Previously, she was in Wellington management.
