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In today's Daily Pitch, you'll find: - LCD data shows that leveraged loans lacking a "debt cushion" recover less in cases of default
- Infosec VC funding has stayed flat and low since Q3 2022, but there are reasons for optimism
- Silicon Valley Bank's owner, First Citizens Bank, is clawing back the lender's client base
- The middle market gets crowded as larger GPs hunt downstream
- Over a third of the clubs in Europe's five biggest soccer leagues are backed by private capital
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| As interest rates soar, leveraged loans' loss-absorbing debt cushion thins | |  | | (Number1411/Shutterstock) | | | Companies with debt taken on during an LBO might present another problem for their private equity owners, aside from what suddenly are steeper costs of servicing that debt.
Many of those buyout loans were structured with little or no subordinated debt beneath the loans. This lack of a "debt cushion" is important. LCD data shows that leveraged loans lacking a debt cushion recover less, in cases of default. | | | | | | | | | Infosec waits for the M&A flood | | Information security remains a top spending priority for businesses, despite VC funding remaining flat in Q2 2023 with 157 deals totaling $2.2 billion—nearly identical to the three previous quarters.
According to PitchBook's Q2 2023 Information Security Report, however, M&A is likely to pick up in the second half of the year. Discover opportunities within the space in the latest Emerging Tech Research report. | | | | | | | | | M&A dealmakers rely on structured deals to close transactions | |  | Panelists speak at the ACG Seattle conference
(Madeline Shi/PitchBook News) | | | As lending remains tight, middle-market buyers are relying on private debt funds and structured deals to fund transactions.
Meanwhile, fierce competition for high-quality assets has put heightened pressure on middle-market PE firms, as larger funds hunt down market for smaller deals.
Those were two of the main takeaways from a group of panelists discussing M&A financing for middle-market deals at an event yesterday held by the Association for Corporate Growth. | | | | | | | | | 1,500 SVB clients make fresh deposits under First Citizens | |  | | (AaronP/Getty Images) | | | "SVB is not going anywhere."
That's according to Peter Bristow, president of First Citizens Bank, which is the new owner of Silicon Valley Bank. First Citizens' effort to hold onto the lender's equity-rich client base seems to be paying off.
Around 1,500 companies that withdrew their deposits from SVB during the March bank run have returned at least a portion of their funds, even as rival banks race to capture clients. | | | | | | | | | US private capital scores big in European soccer | |  | Raheem Sterling of Chelsea FC
(Justin Casterline/Getty Images) | | | US private capital is flooding into European soccer clubs. More than a third of the continent's big league clubs are now backed by private equity, venture capital or other forms of private capital.
With the sport gaining popularity in the US and the growth of sports-focused investment strategies, it's a trend that seems set to continue. | | | | | | | | | | Private equity's deal rut is spurring firms to raise cash creatively. [Bloomberg]
Is a £20 billion subsea cable the answer to Britain's renewable future? [Sifted]
"There is no cloud. There is just someone else's computer.": Why some developers are embracing local-first software. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 405 Deals | 2183 People | 603 Companies | 25 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Global Secondaries Funds | | | | | | |
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Toss Bank, a South Korean neobank, is close to raising another $154 million round, catapulting its valuation to $2.1 billion, according to TechCrunch.
Tenstorrent, which builds computers for AI, has raised $100 million in strategic financing led by Hyundai Motor Group and Samsung Catalyst Fund.
Cell therapy biotech company Kyverna Therapeutics has raised $60 million to extend its Series B to $145 million. Participating investors include Bain Capital Life Sciences, PE firm GordonMD Global Investments and drugmaker Gilead Sciences.
TytoCare, a virtual care startup, has raised a $49 million growth round led by Insight Partners.
SaaS startup Transcend has raised a $20 million Series B to automate infrastructure design in a round backed by investors including Autodesk and HG Ventures.
Knot, a fintech payment platform, has raised a $10 million Series A led by Nava Ventures, with Amex Ventures among participating investors.
Munich-based immersive media startup Hologate has closed an €8.3 million Series A led by Bolero Holdings and Vester Partners, Tech.eu reported.
Rolla, a social fitness platform based in Bosnia and Herzegovina, has raised €6.3 million in a round led by Hellen's Rock and entrepreneur Mate Rimac.
Orbital, a London-based finance and crypto platform, has secured £5 million in a round led by Golden Record Ventures.
BP Ventures has invested £4 million in Dynamon, a UK-based startup providing data analytics and simulation tools for commercial transport and logistics companies. | | | | | |
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Apollo Global Management reported a record $1 billion profit in its Q2 earnings call, a 75% jump year-over-year powered by high interest rates and gains in its annuities business.
The Carlyle Group recorded a 26% year-over-year decline in distributable earnings in its Q2 earnings call. Its net profit from asset sales fell by over 35% in the second quarter. | | | | | |
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