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| In today's Daily Pitch, you'll find: | | | | | |
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| The sun's coming out for middle-market PE | | Some firms are still shelling out billions on single buyout deals, but by several metrics, PE deals got smaller in 2022.
In Q4, middle-market deals—between $25 million and $1 billion in size—accounted for their largest quarterly share of PE deal count in five years, showing early signs of sponsors shifting down market. Add-on deals, the building block of inorganic platform growth, captured their largest-ever portion of overall PE deal activity in 2022. Even take-private deals shifted into middle-market territory as public valuations deflated.
Our 2022 US PE Middle Market Report, sponsored by Antares Capital and the American Investment Council, looks at a full year's worth of deals, exits, valuations and fundraising, outlining the ways that middle market funds are outperforming mega-funds. | | | | | | | | | Nonbank lenders pounce on venture debt market after SVB collapse | |  | | (Drew Sanders/PitchBook News) | | | Following the demise of Silicon Valley Bank's lending business, nonbank lenders are poised to increase their market share.
Sensing the opportunities, these dealmakers are hoping to lend to venture-backed companies at a premium. | | | | | | | |
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| PitchBook's 2023 Media Kit released | | With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.
By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.
Our brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| Fintech startups race to serve LatAm founders left behind by SVB | |  | | (Diego Grandi/Shutterstock) | | | Digital bank platforms have spent the last few days scrambling to capture a share of the thousands of startups fleeing SVB. In emerging markets with few international lenders, SVB's collapse has left a gaping hole.
One Brazilian seed-stage fintech, Trace Finance, has initiated deposit requests from over 400 startups totaling over $1 billion in Latin America since Thursday. | | | | | | | | | SVB collapse puts spotlight on loans to tech industry | |  | | (ioda/Shutterstock) | | | The collapse of Silicon Valley Bank has raised a number of questions about market vulnerabilities, including in the tech sector.
A frenzy of pandemic-era dealmaking involving technology companies has driven a surge in lending to software and data specialists—the largest industry in the institutional loan market, LCD data shows.
Leveraged loans to borrowers from the software sector currently total a record $170 billion, or 12% of the $1.4 trillion leveraged loan asset class, as tracked by the Morningstar LSTA US Leveraged Loan Index. And 52% of these loans are rated B-minus by S&P Global Ratings, putting them at the lower end of the credit quality distribution.
Between 2015 and 2022, only six companies from the technology sector defaulted on term loans tracked by the index, but software names have been declining in the secondary market. | | | | | | | | | Ripple effect: The global impact of SVB's collapse | |  | | (Aleksandra Pikalova/Shutterstock) | | | The collapse of Silicon Valley Bank is naturally having an outsize impact on US startups and the country's economy, but SVB's international reach means its collapse has sent shock waves around the world.
While other countries have remained relatively insulated from the initial fallout, SVB's overseas partners have also felt the pain. And the long-term ramifications are yet to materialize. | | | | | | | | | Tough times for late-stage startups as Y Combinator shies away | |  | Garry Tan, president and CEO of Y Combinator
(Harry Murphy/Getty Images) | | | Y Combinator is shelving its later-stage startup investing and laying off nearly 20% of its staff in another sign of the chillier conditions for VC fundraising for mature startups.
We spoke with PitchBook analysts to break down the implications of YC's decision. | | | | | | | | | | For Europe's startups, Silicon Valley Bank filled a role that no one else could—or would. [Wired]
An inside look at Northvolt, the Swedish startup charging Europe's battery ambitions. [Financial Times]
How social media is amplifying anxiety over SVB's collapse. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 481 Deals | 2409 People | 654 Companies | 27 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage Global Secondaries Funds | | | | | | |
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| PitchBook's 2023 Pick-the-Bracket Battle | | Don't forget to join our Pick-the-Bracket Battle and build your brackets!
The year's biggest NCAA basketball tournament is fast approaching—don't miss your chance to participate in PitchBook's Pick-the-Bracket Battles. It's free, fun, and easy! Winning will secure you a travel voucher to the airline of your choice and second place will receive a gift card to Fanatics, the official online store for licensed NCAA gifts and apparel.
Anyone from your firm is eligible to enter, so be sure to invite your co-workers and finalize your brackets. The men's bracket is due by March 16 at 9:15 a.m. PST | 12:15 p.m. EST, and the women's bracket is due March 17 at 8:30 a.m. PST | 11:30 a.m. EST.
Sign up below!
Men's Pick-the-Bracket Battle
Women's Pick-the-Bracket Battle | | | | | | | |
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| Mobile bank FairMoney has acquired PayForce, a subsidiary of VC-backed CrowdForce. PayForce offers a payment collection and financial services platform for merchants in Nigeria. FairMoney is backed by investors including Tiger Global and Speedinvest. | | | | | |
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| Rethink Ventures has launched its debut fund with a target of €50 million. The vehicle will be used for seed to Series A investments in sectors including mobility, automotive and logistics. | | | | | |
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Kering Eyewear has agreed to acquire French luxury eyewear components manufacturer UNT.
UK-listed betting company Entain has acquired Canadian esports gambling company Sportsflare from Tiidal Gaming. The deal is subject to Tiidal shareholder approval. | | | | | |
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