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| In today's Daily Pitch, you'll find: | | | | | |
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| Turning credit cycle poses fresh test for private debt | |  | | (Yuriy K/Shutterstock) | | | As investors bask in private credit's "golden moment," market participants are watching for signs of stress in loan portfolios.
In recent years, private credit providers have stepped up to finance deals that may have been done in the syndicated loan market or the bond market in the past.
Now, borrower companies of private credit loans are feeling increasing strain due to higher interest costs. Loans placed in 2018-19, in particular, are being watched, as credit market conditions were strong at the time. | | | | | | | | | A tipping point for climate tech | | The median venture-growth pre-money valuation for climate-tech companies jumped from $96.1 million to $172.7 million between 2021 and 2022, but can the industry sustain that momentum?
Find out in our latest analyst note, which delves into emerging opportunities and spotlights key players, from fledgling seeds to venture-growth behemoths like TerraPower and Climeworks. | | | | | | | |
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| A message from CSC Upshot Ventures | | |
| The bridge between seed and Series A | | Seed-stage investing has matured and become institutionalized over the past two decades. What ripple effects did that have on the rest of the venture industry? Several, it turns out. Compared to a decade ago, the data shows that seed-stage companies are older, the delay between seed and Series A rounds has become longer, and more equity is being acquired at the seed stage.
In conjunction with PitchBook, CSC Upshot Ventures has released The Bridge Between Seed and Series A. The report, which examines an understudied part of the market, looks at seed investing from multiple angles, including founders, Series A graduation rates, and more.
To download the report and learn more, click here. | | | | | | | |
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| Foreign investment in European PE stalls | |  | | (IR Stone/Shutterstock) | | | | Europe has seen a dip in PE investment from outside the region as investors, particularly in the US, focus more on their home markets. This year is on track to see the lowest level of foreign investment in European PE deals in five years. | | | | | | | | | Crypto fans: Hold on for dear life as rules pile up | |  | | (Drew Sanders/PitchBook News) | | | With all the excitement around AI, one could be forgiven for forgetting another great tech innovation that promised to change the world: crypto.
The sector has stumbled into yet another rough patch after two of the biggest exchanges, Coinbase and Binance, were accused by the SEC of—among other things—failing to register as brokers. The brouhaha is casting a pall over the crypto markets and the decentralized finance sector as a whole.
But even as regulators take steps like these to tighten the screws on exchanges, some investors remain focused on the long-term prospects of crypto. | | | | | | | | | | A slowdown in the junk-rated loan market is hitting US corporate borrowing plans. [Financial Times]
Rising interest rates caught private equity firms by surprise, and their debt-laden companies are paying the price. [Bloomberg]
Can Australia break China's critical-minerals monopoly? [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 445 Deals | 2110 People | 659 Companies | 24 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage North American Real Assets Funds | | | | | | |
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| KKR has named Gaurav Trehan, the current CEO of KKR India, as its new head of private equity for Asia-Pacific, according to reports. | | | | | |
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Mining company KoBold Metals has raised $195 million. T. Rowe Price led the round, The Wall Street Journal reported.
Cloud infrastructure provider Render has raised a $50 million Series B led by Bessemer Venture Partners.
SaaS logistics startup Rose Rocket has raised a $38 million Series B led by Scale Venture Partners.
Text-to-speech software specialist ElevenLabs has raised $19 million in a Series A led by Nat Friedman, Daniel Gross and Andreessen Horowitz.
Caraway, a telehealth provider offering mental, physical and reproductive health services, has raised a $16.75 million Series A led by Maveron and GV, Axios reported.
Parrot, which offers an AI-powered transcription platform for the legal and insurance industries, has raised an $11 million Series A led by Amplify Partners and XYZ Venture Capital.
Biopharma company Turbine has raised an additional €5.5 million for its Series A from MassMutual Ventures, bringing the round's total to €25.5 million.
Cooko, a Berlin-based agtech startup that supports cacao farmers, has raised €800,000 in a pre-seed round. | | | | | |
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| Don't miss our upcoming webinar | | With fewer avenues available, PE and VC exits through H1 2023 have remained slow. As a result, allocators are continuing to turn to the secondary market through LP-led transactions. GPs with seasoned portfolios are approaching LPs with opportunities, too.
In this webinar, our panel of industry experts will discuss the increasingly creative liquidity solutions that provide capital to market participants. Key topics include: - The overall secondary market volume through H1 2023, expectations for H2, and factors that are driving these trends.
- Specific dynamics, such as pricing, facing both the LP- and GP-led secondary markets.
Register now to secure your spot. | | | | | | | |
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KKR has agreed to purchase up to $44 billion in PayPal's European buy now, pay later loans as part of a multiyear replenishing loan commitment agreement.
Blackstone's infrastructure group has acquired a 19.9% stake in NiSource's NIPSCO, a vertically integrated electric and gas distributor in Indiana, for $2.15 billion.
The Investment Management Corporation of Ontario has made a $400 million investment in Northvolt—a VC-backed, Sweden-based battery producer—with convertible notes.
Scopia Capital, Jefferson River Capital and others have contributed $50 million in new equity funding to PM Pediatric Care, a New York-based urgent care network with 78 locations.
BPEA EQT and ChrysCapital have agreed to buy a majority stake in HDFC Credila, the education finance unit of India's Housing Development Finance Corporation, for 90.6 billion rupees (about $1.1 billion).
BGF has invested £9 million in Bristol-based healthcare infrastructure company Archus.
The Vistria Group has acquired a stake in MGT from Trivest Partners, which made a non-control investment in the company in 2020. MGT offers consulting services to local governments and school districts.
Serengeti Asset Management has acquired a 30% stake in the broadcast and commercial rights for Liga 1, the Peruvian football league, alongside 1190 Sports and other investors.
Sullivan Street Partners-backed UK grounds maintenance provider Tivoli Group has acquired sector peer Greenfingers Landscape.
Neptune Retail Solutions, a retail marketing firm backed by Charlesbank Capital Partners, has agreed to acquire NYSE-listed Quotient Technology, the parent company of Coupons.com, for $430 million. | | | | | |
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| Bahrain-based alternative asset manager Investcorp hopes to raise up to $600 million through an IPO of the firm's private market co-investments, which include credit, real estate and PE, Reuters reported. | | | | | |
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"Exit activity continues to be muted. TTM (trailing twelve-month) exit value for the ecosystem amounted to $637.1 million and this decline is closely coupled with elevated interest rates and a closure in the IPO window."
Source: Gaming VC Trends Deep Dive | | | | | |
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