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In today's Daily Pitch, you'll find: - Direct lenders are tapping dry powder and sweetening deal terms in hopes of financing ever-bigger private equity buyouts.
- US startups founded solely by women raised nearly $1.5 billion in Q1, down 34% from the previous quarter.
- Our Allocator Solutions report introduces methodologies to help LPs forecast cash flows and pace capital commitments.
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| Direct lenders get aggressive, capturing bigger share of buyouts | |  | | (MicrovOne/Getty Images) | | | In the race to finance a boom in private equity-driven buyouts, more business is heading to direct lenders, who are tapping dry powder at an ever-faster clip and sweetening deal terms to attract borrowers. - Unitranche debt over $1 billion is more common than several years ago. PE firms such as Thoma Bravo have been constantly tapping into the private debt market to finance large deals.
- Deals with direct lenders have been appealing to sponsors and borrowers because of their ability to close rapidly and provide greater confidentiality and certainty in execution. Direct lenders also offer certain debt facilities that are difficult to obtain in the syndicated loan market.
- In order to access some large deals, direct lenders have had to relax covenants, including structuring deals as covenant-lite to be considered competitive, private debt lawyers say.
| | | | | | | | | | Cash Flow Forecasting and Commitment Pacing: Introducing Allocator Solutions | | While the prospect of differentiated returns is enticing, introducing private fund structures to a portfolio can leave allocators with many unanswered questions. Pacing commitments and managing liquidity are just two of the complications LPs must navigate.
In our new Allocator Solutions report, we provide an answer to these challenges through the introduction of the Cash Flow Forecasting and Commitment Pacing methodologies. The report features a deep dive from PitchBook analysts into the models they use to help LP clients build and maintain private market allocations, leveraging historical data to build probabilistic forecasts and scenario analysis tailored to unique portfolios. | | | | | | | |
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| A message from SS&C Intralinks | | |
| Gender diversity update: How female leaders are challenging the M&A status quo | | This just-published report, Gender Diversity and Dealmaking 2022, shows how female CEOs are driving more M&A innovation and outperforming their male counterparts.
A follow-up to Intralinks' widely cited 2020 report, Gender Diversity and M&A Outcomes, this update draws on new data from 11,000 deals and reveals how innovative women-led M&A strategies that blossomed during the pandemic are delivering superior post-M&A performance—but cautions that female CEOs of acquiring firms are still facing greater perceptual challenges than their male counterparts.
Read the report to learn: - Why female CEOs outperformed men during the pandemic
- How investor reaction to women-led deals has tracked
- Innovative female CEO M&A strategies and decision-making
- Gender-based differences in targets and deal processes
Download this new report. Learn why women are driving better deals. | | | | | | | |
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| Female founders wrap Q1 with nearly $1.5B in VC funding | |  | | (Ponomariova_Maria/Getty Images) | | | US startups founded by women raised $1.47 billion of venture funding in the first three months of 2022, according to PitchBook data.
A turbulent market for overall VC funding is driving down deal sizes and valuations in 2022. For female founders, it is marked by a 34% slump in capital investment from the highs of Q4 2021. | | | | | | | | | | Getting a census count wrong can cost communities a lot, yet each decade overcounts and undercounts abound. Can AI help fix the broken system? [Wired]
Consumers love to get their orders in a hurry, but the ultrafast-delivery business model is under strain. [Bloomberg]
How the pandemic has helped more Americans make the leap from blue-collar jobs to tech and upwardly mobile careers. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 22 Deals | 168 People | 67 Companies | | | | | | |
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| 2012 Vintage Global Real Assets Funds | | | | | | |
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| | | Madrid-based Ritmo has raised $200 million in debt funding led by i80 Group and Avellinia Capital. The startup's platform offers revenue-based financing for ecommerce startups. | | | | | | | | Covr Financial lands $15M | | | | | | | | | Truora nabs $15M Series A | | | Truora, a provider of user authentication software, has raised $15 million in a round co-led by Propel Venture Partners and Accel, TechCrunch reported. The round values the startup at $75 million. | | | | | | | | | Conceive has raised $3.7 million in seed financing led by Kindred Ventures. The New York-based company helps patients learn about fertility offerings and diagnoses via evidence-based education, coaching and more. | | | | | | | | Aclarity collects $3.3M seed round | | | Aclarity has raised $3.3 million in a seed round led by Burnt Island Ventures. The startup is a developer of technology for destroying cancer-causing chemicals in water. | | | | | | | | GoImpact valued at $22M with Series A | | | ESG and sustainable finance startup GoImpact has raised a Series A from investors including Oriental Watch Holdings. The round amount was undisclosed but values the Hong Kong-based company at $22 million. | | | | | |
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| Fiber network provider Netomnia raises $384M | | | Netomnia, alongside internet service provider YouFibre, has raised £295 million (about $384 million) in funding led by DigitalBridge Investment Management. UK-based Netomnia provides full fiber broadband infrastructure; the company is seeking to roll out a multi-gigabit broadband network across the country. | | | | | | | | Sentinel Capital lands SPL | | | Sentinel Capital Partners has acquired SPL, a testing, inspection and certification services provider for energy and environmental markets. SPL serves more than 1,700 customers and operates 22 lab testing and service centers. | | | | | | | | PE-backed Peak Technologies acquires Graphic Label | | | | | | | | | Crossplane Capital purchases Hunter Leasing | | | Crossplane Capital has acquired Hunter Leasing, the rental division of Hunter Buildings. Founded in 1999, Hunter Leasing rents blast-resistant modular buildings to petrochemical companies in the US Gulf Coast. | | | | | |
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| KKR plans Kokusai Electric IPO | | | KKR is planning to take Japanese chip equipment maker Kokusai Electric public in a Tokyo IPO as early as June, Reuters reported. The company could be listed with a market value of around $5.67 billion, which would be one of Tokyo's largest listings in recent years. | | | | | | | | Blackstone, Bluewater, GIC to exit Siccar Point in $1.1B+ deal | | | | | | | | | Sun Capital to offload C&K in $540M deal | | | Sun Capital Partners has agreed to sell electromechanical switches manufacturer C&K to Littelfuse at an enterprise value of $540 million. Sun Capital acquired C&K in 2017. | | | | | | | | Tencent-backed G7 considers $500M Hong Kong IPO | | | Tencent-backed trucking fleet management company G7 is considering a Hong Kong IPO this year that could raise around $500 million, Bloomberg reported. G7 uses AI and internet-of-things technology to manage dispatch, route planning, goods tracking and more. | | | | | |
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| I Squared closes $15B fund | | | I Squared Capital has closed its third and largest global infrastructure fund to date on $15 billion. The vehicle received commitments from over 200 institutional investors across 27 countries. | | | | | |
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"In 2021, both median and average fund sizes hit all-time highs. In addition, 85.1% of funds that closed in 2021 were larger than their predecessor, and the median step-up was 60.4%. Real estate appears to be consolidating into fewer and much larger funds."
Source: PitchBook's H2 2021 Global Real Estate Report | | | | | |
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