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| In today's Daily Pitch, you'll find: | | | | | |
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| As PE healthcare deals slow, cardiology attracts buzz | | PE dealmaking in healthcare services slowed for a fifth quarter as firms dealt with lower valuation multiples, harder-to-access leverage and rising debt services costs. But the 200 deals struck in Q1 still marked a 20% increase on the average quarter in 2018 and 2019.
Cardiology is gaining attention from PE investors, who see potential returns in migrating some practices into an outpatient setting and billing insurance under value-based care schemes. Our Q1 2023 Healthcare Services Report lays out how deals are getting closed—more seller earnouts, for example—and how still-looming recession risk could influence activity this year. | | | | | | | | | GPs quench thirst with NAV financing as liquidity dries up | |  | | (VladKK/Shutterstock) | | | | Diminished liquidity across the PE landscape in recent months and the rising cash needs of PE-backed companies has led to a greater appetite among GPs for NAV facilities, an atypical type of tool for fund financing. | | | | | | | |
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| Payments: Speed, security and costs savings accelerate adoption of new tech | | The payment space continues to change, with companies increasingly adopting emerging technologies. The speed, security and convenience of digital innovations like virtual cards, social tokens and real-time payments have a wider appeal, but traditional methods like checks, ACH and physical credit cards don't seem to be going anywhere soon.
The Citizens 2023 Payment Trends Survey of C-level executives and financial decision-makers reveals which payment methods middle-market companies are using and why. You'll learn: - How you stack up against your peers in going digital
- What emerging technologies are growing the fastest
- Actions to consider when changing your payment methods
Is it time to reconsider your payment mix? | | | | | | | |
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| Tighter bank lending opens the way for private debt firms | |  | | (christianthiel.net/Shutterstock) | | | Corporate borrowers are facing more scrutiny from banks that have tightened lending standards to defend their liquidity positions in recent months, according to a Federal Reserve survey released Monday.
This pullback in bank lending has been a drag on demand for new loans and has strengthened the hand of private debt firms looking to grow market share in segments typically dominated by banks. | | | | | | | | | Lightrock CEO: Sustainable companies will deliver better returns 'long term' | |  | | (jaroslava V/Shutterstock) | | | Even during a market downturn, sustainable investing has remained a priority for many investors and emerged as a key driver of economic growth. But do you sacrifice returns for sustainability?
We spoke to Pal Erik Sjatil, CEO of Lightrock, about opportunities in renewables and the intersection of sustainable investing and economic development. | | | | | | | | | Synthetic bio is a game changer for agtech | | Modifying a plant's genetic code sounds like the experiment of a mad scientist, but it could in fact be the key that unlocks the future of farming. That's according to our recent analyst note, which explains how synbio startups are revolutionizing the agriculture industry.
Decreasing crop yields and global food shortages are major crises for farmers, but advances in synthetic biotechnology could reverse those trends by developing new plant varietals, tackling climate change, boosting soil health and cleaning up contaminated fields.
However, it won't be an easy ride: Public companies in the vertical have recorded lackluster revenue, stock performance has suffered, and there's been a string of M&A and buyout activity. | | | | | | | | | In a capital-constrained market, should more startups play it SAFE? | |  | | (Jenna O'Malley/PitchBook News) | | | For many startups in the current market, raising money while preserving valuations will not be easy.
Enter SAFE notes. Created by accelerator Y Combinator in 2013, the simple agreement for future equity note was designed for very early-stage startups looking to raise funds. Essentially, investors agree to give capital on the condition they will receive equity in the future.
In this climate of uncertainty, investors predict SAFE notes will only grow in popularity—and not just at the earliest stages. | | | | | | | | | | Across the US, wireless carriers are tearing out Chinese telecom equipment—but the process isn't cheap. [The New York Times]
How does today's spate of interest rate hikes compare to other cycles of inflation fighting over the past 35 years? [Visual Capitalist]
As institutional buyers hold on to dry powder, rich families are hunting for bargains in New York's real estate markets. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 433 Deals | 2104 People | 580 Companies | 40 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage Global Debt Funds | | | | | | |
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8fig, which offers funding and financial management tools to ecommerce businesses, has raised a $40 million Series B led by Koch Disruptive Technologies and a $100 million credit facility from Silicon Valley Bank, Axios reported.
UVeye, which develops automated vehicle inspection systems, has raised a $100 million Series D led by Hanaco VC and joined by GM Ventures and CarMax, among others.
Prewave, which offers a supply chain risk intelligence platform, has secured $20 million from investors including Creandum, Speedinvest and Ventech.
Crypto-focused news outlet Blockworks has secured $12 million at a $135 million valuation in a round led by 10T Holdings.
Climate-tech startup Improvin' has secured €3.5 million in a seed round led by Pale Blue Dot and Dynamo Ventures.
Tenon, an enterprise SaaS startup, has raised a $3 million seed round led by High Alpha and ServiceNow Ventures. | | | | | |
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KKR and Macquarie are among those bidding for SembWaste, the waste and recycling management division of Singapore's energy group Sembcorp. The deal is said to be worth $500 million.
Advertising firm Stagwell is buying back 23.3 million shares worth nearly $150 million from The Carlyle Group-backed private equity firm AlpInvest Partners, Bloomberg reported.
Vista Equity has made a strategic investment in Resilinc, a logistics software company that maps and logs supply chains and disruptions.
Nexa Equity has made a majority growth investment in grocery store software provider Storewise.
Eagle Merchant Partners has made an investment in Impact Home Services, a franchise operator of Neighborly that serves Georgia. | | | | | |
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RX3 Growth Partners, a private equity firm founded by NFL quarterback Aaron Rodgers, has closed its second fund on $150 million, the Wall Street Journal reported. The fund will invest in consumer brands.
Ivy Ventures, a new VC firm based in Indianapolis, has launched with $20 million. The firm will invest in early-stage startups.
Palatine has launched a growth credit strategy with a new fund to back B2B tech and software companies in the UK. The fund will target maturing companies. | | | | | |
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Actis has launched a $500 million Japanese renewables platform dubbed Nozomi Energy. The initiative will target 1.1 gigawatts of power generated from onshore wind and solar by 2027.
Apollo Global Management reported that its adjusted net income in Q1 fell 8% year-over-year, following a trend of lower results for PE giants as asset sales have dried up. | | | | | |
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