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| In today's Daily Pitch, you'll find: | | | | | |
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| Banks poised to rebound in venture debt market | |  | | (Chesnot/Getty Images) | | | Private venture debt funds took market share from banks after Silicon Valley Bank's collapse, but their dominance will likely be temporary.
As the SVB bank run and its aftermath fade further into the past, venture debt from existing banks and new entrants such as HSBC may give startups a bevy of fresh new alternatives for less expensive debt financing. | | | | | | | | | Lithium batteries' scorching hot summer | | Recycling technologies for critical materials—like lithium and base feedstocks—have climate-tech investors buzzing. Advanced polymer recycling, voluntary carbon markets, and building energy efficiency are three major emerging spaces, according to our Q2 2023 Carbon & Emissions Tech Report.
The transition to net-zero will transform the supply chain, upending the global economy's most in-demand resources. It's only natural that founders and investors are planning ahead. | | | | | | | | | Towering cash piles encourage global M&A growth | | Between PE sponsors and corporations, trillions of dollars of dry powder and cash on hand—near all-time highs—are primed for spending on M&A. Ready capital has kept the M&A deal count close to last year's levels, while the value of those deals is falling much faster.
Our Q2 2023 Global M&A Report, sponsored by Liberty GTS and RBC Capital Markets, explains the tug-of-war between the dry powder and cash reserves ready to strike M&A deals and the interest rates making them expensive, with deal multiples broken down by region and sector. | | | | | | | | | M&A offers path for healthcare services as stocks sag | | Despite the industry's reputation for countercyclicality, healthcare services stocks generally underperformed against major indexes in Q2. However, the hospitals, rehabilitation, and long-term care segment rose above despite an increase in labor costs in 2022. UnitedHealth Group's unsolicited bid for publicly listed Amedisys, an at-home health provider, shows M&A is a viable exit for PE-backed peers.
Our Q2 2023 Healthcare Services 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. | | | | | | | | | US diesel margins hold relatively strong | |  | | (Hal Bergman/Getty Images) | | | US diesel margins have fallen compared to Q2 2022's record earnings, but they remain well above historical levels. Even though the market environment for US refiners isn't as strong as it was last year, it still looks favorable, Morningstar analysts say.
Meanwhile, an increase in gasoline margins has contributed to a rosy outlook for refiners. And US refiners' low-cost competitive advantage from lower domestic natural gas prices remains intact despite lower European natural gas prices, which fell because of high inventory and reduced concern over the loss of Russian supply. | | | | | | | | | | Why ChatGPT is getting dumber at basic math. [The Wall Street Journal]
Interest groups tied to the meat industry have been maligning plant-based meat companies for years. Now, Beyond Meat is striking back. [Fast Company]
The AI frenzy is testing Big Tech's newfound cost discipline. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 5 Deals | 36 People | 12 Companies | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Funds-of-Funds | | | | | | |
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| Don't miss our upcoming webinar | | US venture capital has remained under pressure. Join our panel of industry experts from PitchBook, Insperity, J.P. Morgan, and Dentons for a discussion on key findings from the Q2 2023 PitchBook-NVCA Venture Monitor. - Preliminary data shows that median seed deal size reached $2.9 million—however, this elevated figure conceals a survivorship bias.
- A liquidity crunch, frozen avenues to public listings and pullback of nontraditional investors has led to a self-feeding cycle with exits unlikely to pick up.
- The intentional overcapitalization of late- and venture growth-stage companies during 2021 and early 2022 has allowed many of them to delay financing in a market downturn.
Register now to secure your spot. | | | | | | | |
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Sixth Street is in talks to invest in the commercial rights of Florida State University's athletics department. The deal would mark the first PE investment in US collegiate sports, Sportico reported.
Blackstone is planning to submit a bid to acquire a 33.47% stake in Cipla, an Indian drug manufacturer, The Economic Times reported.
AXA IM Alts—a subsidiary of AXA Investment Managers—has agreed to acquire a 25% stake in Finerge, a Portuguese renewable power operator, from Igneo Infrastructure Partners.
Bain Capital and Indra, a Madrid-based aerospace and defense systems maker, have agreed to acquire a 9.5% stake in ITP Aero, a Spanish manufacturer of aeronautical engine components, for €175 million.
The Ontario Teachers' Pension Plan is exploring a $100 million investment in Xpressbees, an Indian ecommerce logistics startup, Bloomberg reported. The deal could value Xpressbees at $1.4 billion. | | | | | |
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Ribbit Capital, a fintech-focused VC firm, is nearing the $800 million target for its tenth flagship fund.
India's Elev8 Venture Partners has held a $67 million first close for Elev8-Capital Fund 1. It will target Series B and C investments in up to 14 startups with valuations between $100 million and $500 million.
Shara Senderoff and Aaron McDonald, the founders of metaverse startup Futureverse, have launched Born Ready with $50 million. | | | | | |
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