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| In today's Daily Pitch, you'll find: | | | | | |
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| Leveraged loan wrap: Investors gain upper hand as market sentiment sours | |  | | (KeyFame/Shutterstock) | | | The US leveraged loan asset class limped through May, posting its worst return in eight months—as would-be borrowers increasingly accepted price hikes and tighter terms to complete new deals.
The sour mood is evident in the overall size of the asset class, which dipped below $1.4 trillion for the first time since March 2022, according to LCD's monthly Leveraged Loan Market Wrap. Retail investors continue to retreat from the segment.
LCD's analysis also covers the Morningstar LSTA Loan Index, yields for riskier single-B issuers and the leveraged loan maturity wall. | | | | | | | | | What's driving logistics tech? | | The ecommerce boom is here to stay, but in the world of dealmaking, supply chain tech companies are struggling just to hold on. The logistics industry saw an 81.8% year-over-year decline in VC deal value in Q1, our 2023 Supply Chain Tech Overview found.
For funds with capital to deploy, there's a whole array of opportunities. From trucking logistics to ultrafast delivery, check out the industry's budding subsegments and explore the landscape of over 1,900 companies with our market maps. | | | | | | | |
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| The next stage for AI & ML after billions in investment | | Since 2017, over $130 billion in dealmaking at the expansion stage occurred across the AI & ML landscape. Although the pace of investment has slowed thus far in 2023, it remains resilient. Deloitte's latest edition of the road to next report series explores why this deceleration is more indicative of a key phase of the sector's evolution than of market tremors. Other highlights include: - Analysis of AI & ML dealmaking and key developments across major segments like healthcare and cybersecurity
- Perspectives from Deloitte partners on the variances in AI adoption across practice areas
- Metrics on AI & ML dealmaking at the expansion stage including valuations, key segments and more
Read it now | | | | | | | |
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| Calpers ups VC allocation after 'lost decade' | |  | | (Max Whittaker/Getty Images) | | | America's largest public pension scheme, Calpers, is leaning into venture—even as many other LPs lean away.
After years of bringing down its VC exposure to a 1% target, the institutional investor is now looking to increase its allocation to venture by more than sixfold, from $800 million to $5 billion, the Financial Times reported.
The pension manager suffered a "lost decade" coinciding with the venture boom, according to a new review of the program by managing investment director Anton Orlich. | | | | | | | | | How Goldman Sachs invests for an AI-driven world | |  | | (Daniel Paik/Forbes) | | | AI is changing how Goldman Sachs Asset Management invests.
At the Forbes Iconoclast Summit on Monday, Julian Salisbury, chief investment officer of Goldman Sachs Asset and Wealth Management, said that developments in AI are influencing how investment decisions are made at the firm. | | | | | | | | | Market map: Investors bet on the chips powering AI and machine learning | |  | | (IM Imagery/Shutterstock) | | | Investors keep chipping into artificial intelligence and machine learning (ML) semiconductors.
Investors and founders are fixated on AI, pouring resources and time into the hot vertical. Our latest market map lays out the companies creating the next generation of chips to power the new age of AI and ML. | | | | | | | | | A16z picks crypto-friendly London for first non-US base | |  | | (QQ7/Shutterstock) | | | Andreessen Horowitz is set to open a London office later this year to focus on crypto and blockchain investments.
The news comes amid a global downturn in VC dealmaking in the crypto industry and a crackdown on companies in the US. | | | | | | | | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 410 Deals | 2018 People | 644 Companies | 14 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage Global PE Funds | | | | | | |
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| PitchBook webinar: Exploring generative AI trends and opportunities | | This webinar will explore the dramatic arrival of generative AI. Panelists from the AI industry will join senior emerging technology analyst Brendan Burke to discuss generative AI applications, startup trends, opportunities and alternatives to ChatGPT. Key takeaways include: - Startup funding is shifting from generative applications to infrastructure as enterprises build internal tools.
- New startup categories are forming, but winners are not yet clear.
- Open-source projects are catching fire, yet they may confer limited benefits to startups and be replicated by incumbents.
Register now to secure your spot. | | | | | | | |
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| Livingbridge has exited its investment in London-based travel company Direct Ferries via its 2012 vintage fund, Livingbridge 5. The transaction includes a follow-on investment alongside new investor ICG. | | | | | |
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UBS has completed its takeover of beleaguered Swiss bank Credit Suisse, creating a combined bank with $1.6 trillion on its balance sheet.
Swiss pharma giant Novartis has agreed to acquire US-based biotech firm Chinook Therapeutics for $3.2 billion. | | | | | |
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"The number of funds raised by PRI (Principles for Responsible Investment) signatories did slow in 2022, with 414 closed, a 32.7% drop from the previous year. ... The fundraising drop for PRI signatory funds was also proportionally smaller than that of non-signatory funds, which experienced a 42.2% drop."
Source: Are "ESG Investors" Underperforming? | | | | | |
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