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| In today's Daily Pitch, you'll find: | | | | | |
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| VC valuations start to stabilize in Q2 | | In Q2, US VC valuations were considerably below the peaks of 2021 and early 2022. But there are signs that prices may be stabilizing. The median valuations for all stages, except for seed, registered an uptick from the previous quarter.
Although prices are no longer in a free-fall, the VC valuation glass may still be less than half full amid the near-frozen IPO market, reduced risk appetite from VCs and a continued pullback from nontraditional investors. Other key takeaways from the Q2 2023 US VC Valuations Report, sponsored by Morgan Stanley at Work, include: - Seed-stage deal sizes have started to stagnate, indicating that the capital that VCs are willing to give to the youngest companies may have reached a ceiling.
- The median valuation step-ups for early-stage companies have hit a near-decade low, a challenge for seed-stage investors looking for markups.
- Insiders have led 9.4% of late-stage rounds year-to-date, the highest proportion in nearly a decade.
| | | | | | | | | Leveraged loans extend rally in July, roll toward best year since financial crisis | |  | | (Lyubimova Tatiana/Shutterstock) | | | The $1.4 trillion US leveraged loan market continues to find its footing as CLO managers and other institutional investors cautiously approach riskier assets again.
This increased appetite for debt has sent returns in the segment sharply higher, and has even opened the door for "opportunistic" loans such as dividend deals—where a private equity sponsor adds debt to a portfolio company, then uses the loan proceeds to pay itself a dividend. | | | | | | | |
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| PitchBook's 2023 Media Kit released | | With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.
By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.
Our 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| PE Barometer turns positive for the first time since late 2021 | | PitchBook's Private Equity Barometer turned positive in Q2 for the first time since the end of 2021. The implied quarterly return of 4.99% is a marked increase from the previous quarter's return of 1.51%.
The PE Barometer provides insights one quarter ahead of preliminary fund returns data. Factors that influenced the reading in Q2 include: - Indicators of public market volatility and financial stress remain low in the face of tightening lending standards.
- High-yield bond spreads moved in an encouraging direction over the course of Q2, boosting PE return prospects.
| | | | | | | | | Market Map: Can AI help supply chain tech snap a bearish trend? | |  | | (Busakorn Pongparnit/Getty Images) | | | As companies look to navigate the post-pandemic world, technology dealing with global supply chains remains paramount amid new regulations and industrial policy in the US, increased competition between China and the US, and sanctions on Russia.
Our latest market map explores the warehouse tech segment, as investment keeps coming in with companies shifting away from the just-in-time principles that were in place before COVID-19. | | | | | | | | | Softbank slowly ramps up Vision Fund investments again | | SoftBank's Vision Funds are once again deploying capital and experiencing valuation growth after five consecutive quarters of losses.
Our dashboard tracks how those startup bets are playing out, the investor's largest deals and exits this year, and other key metrics. | | | | | | | | | OMERS Ventures joins North American retreat from European VC | |  | | (Karin Slade/Getty Images) | | | | OMERS Ventures, the VC unit of Canadian pension fund OMERS, is shuttering its London office and winding down its European operations. The move comes as North American investor participation in European VC deals has declined in tandem with the appetite for cross-border deals. | | | | | | | | | | A survey has found that PE firms aren't yet willing to temper their expectations for 2023 returns. [Institutional Investor]
Startup EverestLabs is using robotic arms and AI to make recycling more efficient. [CNBC]
Iron and rust could be the secret to storing clean power for days. [Forbes] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 332 Deals | 2086 People | 625 Companies | 27 Funds | | | | | | |
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The Daily Benchmark:
2015 Vintage US PE Funds | | | | | | |
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Credgenics, an Indian SaaS-based debt collections platform, has closed a $50 million Series B from investors including Westbridge Capital, Accel and Tanglin Ventures.
Singaporean digital wealth adviser Endowus has raised $35 million from backers including Citi Ventures and MUFG Innovation Partners.
Bactolife, a Copenhagen-based developer of technology to improve gut health, has raised €30 million in a round led by Athos.
Balderton Capital has led a $30 million investment in Berlin-based large language model developer Deepset.ai.
Diality, a medical technology company, has raised $28 million from undisclosed investors.
Kraftblock, a German provider of energy storage systems, has closed a €20 million Series B from investors including Finindus, TechEnergy Ventures and Shell Ventures.
AI-powered security startup Symmetry Systems has raised $17.7 million from investors including ForgePoint Capital, Prefix Capital and W11 Capital Management.
Searact, a German developer of autonomous robotics for warehouses, has raised $5 million in a round led by Point Nine and Air Street Capital.
Home EV charging startup Treehouse has raised $10 million led by Montage Ventures and Trucks Venture Capital. | | | | | |
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| PitchBook webinar: Improving behavioral health outcomes | | The demand for behavioral healthcare has never been greater. Providers and payers are turning to measurement-based care to capture and manage clinical outcomes to improve the delivery of behavioral healthcare and generate financial ROI.
In this webinar, PitchBook lead healthcare analyst Rebecca Springer will speak with representatives from Aurora Mental Health & Recovery, Colorado Access, and Owl Health about the transformation of treatment and business models in the behavioral health industry.
Register now to secure your spot. | | | | | | | |
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| CVC Capital Partners is considering a 2024 IPO for German perfume retailer Douglas, which could be valued at more than €7 billion, Bloomberg reported. | | | | | |
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Japan's Longreach Group has launched its fourth flagship fund targeting $800 million, according to reports.
GEF Capital Partners has closed GEF LatAm Climate Solutions Fund III on 1.05 billion Brazilian reais (about $210 million). The fund targets lower-middle-market investments addressing climate change and pollution control.
HealthEdge Investment Partners, which invests in lower-middle-market healthcare companies, has closed its fourth fund on more than $160 million.
South Africa-based Knife Capital has closed its third fund, which will make growth-stage investments, on $50 million, TechCrunch reported.
London's Pretiosum Ventures has held a first close of its $20 million second fund, TechCrunch reported. The vehicle will back infrastructure startups and focus on pre-seed, seed and Series A investments. | | | | | |
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