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| In today's Daily Pitch, you'll find: | | | | | |
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| Pandemic-propelled public medtechs lose wind in sails | | 2023 has been a mild year for public medtech companies. Share prices are either keeping pace with major indexes or, in the case of sectors that boomed during the COVID-19 pandemic, running below. Earnings estimates show a recovery in 2024 and 2025.
Our new Q2 2023 Medtech Public Comp Sheet and Valuation Guide tracks stock performance, valuations and market caps—as well as forecasts for revenue, EBITDA and earnings per share—for key publicly traded companies. For this quarter's guide, all tables and charts are presented in spreadsheets for ease of use. | | | | | | | | | After sharp rise, US leveraged loan default rate nears historical average | |  | | (Monster Ztudio/Shutterstock) | | | Experts anticipated an increase in defaults by riskier corporate loan issuers and their predictions are proving correct, with four such bankruptcies in June, according to the Morningstar LSTA Leveraged Loan Index.
This brings the default rate to 1.71%, its highest level in roughly two years, as some loan issuers struggle with sharply higher debt costs brought about by the recent spate of interest rate hikes. Market pros expect the default rate to rise even higher. | | | | | | | |
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| New payment technologies can help optimize working capital | | After 15 years of low interest rates, treasury professionals are entering a new economic reality—and it's affecting how they manage working capital. As costs rise and an economic slowdown looms, new tools and technologies can help businesses improve their bottom line.
Citizens article explains how companies can: - Improve reconciliation processes with virtual cards and integrated payables
- Avoid the hidden costs of paying by check
- Gain efficiencies in accounts payable processes
- Reduce administrative costs with commercial card programs
Take advantage of new payments tools to optimize your working capital | | | | | | | |
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| LP-led secondaries volume is expected to overtake GP-led volume this year | | LP-led deals are poised to lead the secondary market in 2023. Fueled by more favorable pricing agreements, LP-led deals could overtake GP-led deal volume by a 60/40 (or maybe even a 70/30) split.
Our latest analyst note recaps PitchBook's recent webinar. We spoke to three experts in the world of private fund secondary transactions—Greenhill, Pantheon and the Washington State Investment Board—and dug into the dynamics shaping the secondary market today. | | | | | | | | | Today's PE exit shortfall could create asset pileup | |  | | (Natalya Erofeeva/Shutterstock) | | | | Rather than be forced to sell at unfavorable prices, many PE firms are biding their time by holding onto portfolio companies for longer than usual. The exit slowdown—by some measures, an even steeper activity decline than during the global financial crisis—could have long-term impacts as today's new funds try to wind down a decade down the line. | | | | | | | | | VC investor-friendliness hits a 12-year high | |  | | (Drew Sanders/PitchBook News) | | | In late 2021, startups enjoyed some of the best conditions on record to raise funding. Now, the dealmaking environment is the least founder-friendly it's been in more than a decade, according to the PitchBook VC Dealmaking Indicator.
Capital remains hard to come by, and valuation step-ups are substantially depressed relative to recent years. Moreover, the amount of time since VC-backed companies raised their last round keeps ticking up, adding a sense of urgency to raise funds for startups that have had a tough time reducing their burn rate. | | | | | | | | | | America's biggest banks are going to need more capital. [The Wall Street Journal]
The construction industry is often maligned as old-fashioned and resistant to change, but that isn't the whole story. Here's a look at what kind of tech takes root in construction. [Harvard Business Review]
Leaders may be optimistic about AI, but frontline employees have their fair share of concerns. [Visual Capitalist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 474 Deals | 1944 People | 606 Companies | 25 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage European Debt Funds | | | | | | |
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| Don't miss our upcoming webinar | | With soaring interest rates and investors weighing the possibility of a recession, the credit markets have slowed precipitously in 2023. In our upcoming webinar, LCD experts will examine recent trends, along with what lies ahead. Key topics include: - Loan issuance is down across the board, prompting investors such as CLOs to scramble for assets.
- Leveraged loan defaults are emerging at a pace not seen since the COVID-19 pandemic onset, due to rising rates.
- Signs of stress have emerged as the private credit sector—which still commands a large slice of the lending market—has not proven immune to challenging economic conditions.
Register now to secure your spot. | | | | | | | |
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Marathon Asset Management has closed its third closed-end asset-based lending fund, Marathon Secured Private Strategies Fund III, on $1.7 billion.
Long Ridge Equity Partners has closed its fourth fund on $730 million, including $650 million committed by LPs and $80 million from the firm as well as its advisors and executives.
Japanese bank Sumitomo Mitsui Financial is launching a venture fund that is expected to raise $210 million and target later-stage companies, Nikkei reported. | | | | | |
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| SVB Financial, the parent company of the failed Silicon Valley Bank, is suing the US Federal Deposit Insurance Corp. to recover $1.93 billion of its own deposits that the regulator seized in March, according to a legal complaint. SVB Financial said the refusal to return the funds violates bankruptcy law and is preventing the company from reorganizing. | | | | | |
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"Looking at the 20 largest infrastructure funds raised every year going back to 2008, it is evident that the number of top funds investing in sustainable infrastructure has increased over time. ... The number of top infrastructure funds dedicated to sustainable infrastructure has had a less linear upward trend, with 2013 to 2017 showing a decrease."
Source: PitchBook's Q1 2023 Global Real Assets Report | | | | | |
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