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| In today's Daily Pitch, you'll find: | | | | | |
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| On the podcast: Leveraged loan warning signs | | Will companies be able to continue kicking their debt down the road, or will they struggle to refinance as hundreds of billions in loans come due in the next few years?
In the first episode of Season 7, LCD researchers Rachelle Kakouris and Taron Wade join the show to explain why a low default rate doesn't necessarily make for sunny skies.
Check out the episode to hear more about rising levels of distress in software and healthcare, LCD's restructuring watchlist, why Wade has her eye on direct lending, and much more. | | | | | | | | | More on VC's dizzying year | | In case you missed it, be sure to check out our year-end PitchBook-NVCA Venture Monitor. The report, sponsored by Insperity, J.P. Morgan and Dentons, now includes league tables ranking the industry's most active players. Plus details on these storylines in 2022: - Exits in Q4 totaled $5.2 billion, the lowest quarterly figure in more than a decade, capping a 90% decline in annual exit value.
- VC firms' fundraising topped $160 billion for the year, despite a lull in Q4.
- Early- and late-stage dealmaking continued their slides in Q4, while venture debt remained high.
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| A message from the American Investment Council | | |
| | If you've ever had one of Popeyes' famous chicken sandwiches, you might not have guessed it was the result of a menu overhaul spurred by private equity investors. Popeyes is one of hundreds of examples of PE sponsors improving, reviving or completely reinventing consumer brands. Moreover, today's PE investors are leaning on "operating partners"—former CEOs and CFOs who are now vital to PE's value creation process—to further innovate consumer brands.
In partnership with PitchBook, AIC has released In-house expertise: How private equity is modernizing consumer brands. More than $1 trillion in private equity has been invested in consumer brands over the past decade, with hundreds of success stories behind the datapoints.
To download the report, click here | | | | | | | |
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| Arch Ventures-incubated clinical trials startup leaves stealth with $203M | |  | | (Scott Cornell/Shutterstock) | | | Paradigm, a clinical trial technology startup, launched out of stealth with a $203 million Series A Friday with hopes to bring research trials to all US patients. The funding slots in as the eighth-largest early-stage healthtech VC deal ever, PitchBook data shows.
Paradigm is creating technology to match patient records with clinical trial criteria, putting it toe-to-toe with healthcare records giant Epic. | | | | | | | | | ESG risks threaten profitability of freight and logistics companies | |  | | (Avigator Fortuner/Shutterstock) | | | Carbon and non-greenhouse gas emissions. Occupational health and safety. Human capital. Data security.
Freight and logistics stocks face a broad range of ESG risks, but exposure to these risks varies from one industry to the other—especially depending on how asset-intensive a company's business model is.
Morningstar analysts delve into how competitive advantages can shield the profitability of freight and logistics stocks from the range of ESG risks they face. | | | | | | | | | CVCs take part in more than a fifth of European VC deals | |  | | (picture alliance/Getty Images) | | | More than 1 in 5 European venture deals involved corporate venture capital in 2022—a new record for CVC participation.
Late-stage startups were the main targets; CVCs invested in some of the continent's largest venture deals. | | | | | | | | | Ionos deal could ease European IPO drought | |  | | (picture alliance/Getty Images) | | | Europe's long dry spell in public listings may have an end in sight. PE-backed web hosting company Ionos is seeking a valuation of up to €3.15 billion (about $3.42 billion) as it looks to go public on the Frankfurt exchange—potentially making it the largest European IPO so far this year.
This move follows a difficult year for PE-backed public listings in Europe, with just 17 offerings in 2022 compared to 143 the previous year, due to public market volatility caused by inflation and the war in Ukraine. | | | | | | | | | | Insurers have been swapping public assets for private ones. Higher interest rates aren't reversing that trend—just changing it. [Institutional Investor]
Visualizing the roughly 39,000 pounds of minerals and fossil fuels each American needs annually to maintain their standard of living. [Visual Capitalist]
Ticketmaster's woes go far beyond Taylor Swift. [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 6 Deals | 105 People | 53 Companies | | | | | | |
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| 2009 Vintage Global Real Estate Funds | | | | | | |
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| Boston Metal forges $120M Series C | | | Steel decarbonization startup Boston Metal has raised a $120 million Series C led by steel giant ArcelorMittal. Microsoft's Climate Innovation Fund also joined the investment in the startup, which spun out of the Massachusetts Institute of Technology. | | | | | | | Grey Wolf Therapeutics lands $49M | | | | | | | | Miach Orthopaedics nabs $40M | | | | | | | | | | Inscribe has secured a $25 million Series B led by Threshold Ventures. The company's software helps financial companies detect fraudulent documents. | | | | | | | Fraud prevention specialist Hawk AI pockets $17M | | | Sands Capital has led a $17 million Series B in Munich-based Hawk AI. The startup's anti-money laundering technology helps banks and payment companies prevent fraud. | | | | | | | Generative AI startup Supernormal raises $10M | | | | | | |
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| Qiagen unit sale could draw PE firms | | | Netherlands-based Qiagen has been considering selling a minority stake in its bioinformatics division, Bloomberg reported. A deal could attract private equity buyers and value the division at more than $1 billion, according to the report. | | | | | | | Messer eyes sovereign wealth financing | | | German industrial gas company Messer is exploring options to buy out CVC Capital Partners' stake in their joint venture, Messer Industries, which could be worth up to $7.6 billion, Bloomberg reported. Firms such as GIC, the Abu Dhabi Investment Authority or EQT could be looped into the financing for the buyout. | | | | | | | Trive Capital invests in Kittyhawk | | | Middle market-focused Trive Capital has invested in Kittyhawk, which strengthens metal parts for manufacturers in the space, aerospace, defense and medical device industries. | | | | | | | Gemspring's Shrieve Chemical makes acquisition | | | | | | |
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| NEA raises $6B+ across two funds | | | NEA has raised roughly $6.2 billion across two funds, one targeting early-stage companies and the other dedicated to venture growth-stage opportunities. The firm now has $25 billion in AUM. | | | | | | | Tritium raises $684M for third fund | | | Tritium Partners has held the final close of Tritium III on $684 million, surpassing the firm's previous fund by nearly 50%. Tritium has made three investments from the fund, which targets growing tech-related companies, among others. | | | | | |
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