PitchBook News - Betting on recession

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The Daily Pitch: VC

July 13, 2022

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

The credit markets are bracing for a recession, according to the newest LCD Leveraged Finance Survey, and most respondents expect the worst is yet to come.

Investors are hunting for higher yields in Asia's relatively untapped private debt market.

As economic downturn looms, the US' largest VC firms are still amassing unprecedented commitments, such as Lightspeed's newly raised $7.1 billion.

Today's Top Stories

Credit markets brace for recession: LCD survey

(Spencer Platt/Getty Images)

Our colleagues over at LCD, PitchBook's platform for credit market news and data, just completed the latest quarterly Leveraged Finance Survey of buy-side, sell-side and advisory professionals. The survey indicates a significant decline in market sentiment, with a majority of market players bracing for an even rougher road ahead.

Some of the main findings in the survey:

The percentage of respondents forecasting a recession has skyrocketed.

Leverage multiples of buyouts are set to decline.

The worst of the volatility is yet to come.

Institutional investors are maintaining PE allocations.

Recommended Reads

Elon Musk's decision to pull out of the $44 billion Twitter deal plunged the company into chaos—and its employees are fed up. [Wired]

One writer's thoughts on why betting on small funds over large managers could give investors better odds of outperformance. [Institutional Investor]

Charting the $100 trillion global economy. [Visual Capitalist]

Since yesterday, the PitchBook Platform added:

16

VC valuations

1664

People

453

Companies

32

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2015 Vintage Global Debt Funds
	VC Deals
	Insurtech startup Wefox worth $4.5B with Series D
	SingleStore brings in $116M
	May Mobility rides off with $111M
	AI21 lands $64M Series B
	Scale Computing raises $55M
	Terra CO2 secures $46M to decrease carbon footprint of cement
	Fifth Wall leads $38M round for Assembly OSM
	Tiger Global leads $25M round for Fort Robotics
	Milk Moovement scores $20M

The Daily Benchmark

2015 Vintage Global Debt Funds

Median IRR

9.12%

Top Quartile IRR

11.32%

1.22x

Median TVPI

Select top performers

ICG Europe Fund VI

Contrarian Distressed Real Estate Debt Fund III

TA Subordinated Debt Fund IV

*IRR: net of fees

74 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Insurtech startup Wefox worth $4.5B with Series D

Berlin-based Wefox has raised $400 million in a round led by Mubadala, valuing it at $4.5 billion. The startup's platform connects insurance companies, distributors and customers.

View round

View 18 competitors »

SingleStore brings in $116M

SingleStore has raised $116 million in a round led by Goldman Sachs Asset Management. Based in San Francisco, the company is the developer of a cloud-native relational database for data-intensive applications.

View round

View 69 competitors »

May Mobility rides off with $111M

May Mobility has raised a $111 million Series C from investors including SoftBank, State Farm Ventures and Tokio Marine. The Michigan-based company is a developer of autonomous vehicle technology.

View round

View 11 competitors »

AI21 lands $64M Series B

AI21 has raised $64 million in a round led by Ahren. Based in Tel Aviv, the company develops AI-based language services designed to understand context and meaning.

View round

View 18 competitors »

Scale Computing raises $55M

Scale Computing has raised $55 million in a round led by Morgan Stanley Expansion Capital. The Indianapolis-based company's cloud-based data storage platform automates data management.

View round

View 53 competitors »

Terra CO2 secures $46M to decrease carbon footprint of cement

Terra CO2 has raised a $46 million Series A co-led by Breakthrough Energy Ventures and LENx. Based in Colorado, the company is developing a low-carbon alternative for cement production.

View round

View similar company »

Fifth Wall leads $38M round for Assembly OSM

Assembly OSM has raised a $38 million Series A led by Fifth Wall. Based in New York, the company is a provider of modular construction technology for high-rise buildings.

View round

View similar company »

Tiger Global leads $25M round for Fort Robotics

Fort Robotics has raised $25 million led by Tiger Global. Based in Philadelphia, the company makes wireless functional safety systems for autonomous machines.

View round

View similar company »

Milk Moovement scores $20M

Milk Moovement has raised a $20 million Series A led by VMG Catalyst. The Canadian company's dairy supply chain software offers transportation monitoring, production tracking, quality monitoring and producer payment.

View round

View 6 competitors »

Chart of the Day

Source: PitchBook's Q1 2022 European VC Valuations Report

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