PitchBook News - Private debt funds raise $82B in H1

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The Daily Pitch: VC

September 28, 2022

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

Our Global Private Debt Report explores what the macro environment means for lenders.

Cathie Wood's new fund aims to help individuals invest in venture capital.

Today's Top Stories

How the macro environment is a double-edged sword for private debt

Private debt fundraising has slowed in 2022. While the year ended June 30 is still in line with 2021's record-setting activity, H1's total of $82 billion in commitments accounts for less than 40% of that trailing 12-month figure.

The current macro landscape is a double-edged sword for private debt funds, according to our H1 2022 Global Private Debt Report, as floating-rate loans become more lucrative and fixed-rate loans more attractive. Highlights from the report include:

Direct lending remains the standout strategy, garnering more than a third of the private debt capital allocated in H1.

The private equity market's growth is expected to spur private debt fundraising, as increasingly large PE deal sizes and purchase price multiples provide opportunities for direct lenders.

North America has accounted for more than 88% of the capital raised this year, reclaiming ground from Europe-headquartered funds, which held a 31% share in 2021.

The leveraged loan and high-yield bond markets have struggled in 2022, according to LCD, with direct lenders stepping up in both the US and Europe to provide liquidity.

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Cathie Wood's Ark courts retail investors with new VC fund

Cathie Wood (Marco Bello/Getty Images)

Cathie Wood is hoping to use her fame from hotshot tech-stock bets to help individuals invest in venture capital.

The star investor has launched Ark Venture Fund, which will invest in public tech stock, early- and late-stage startups and select venture funds.

Wood is the most high-profile investor to try to democratize venture capital, an asset class normally restricted to institutional investors and wealthy individuals. The minimum initial investment in the new fund is just $500.

Recommended Reads

Alex Mashinsky, CEO of crypto company Celsius Network, is resigning while the company still owes customers billions. [The New York Times]

Companies downplayed their earnings in H1—here's why. [Institutional Investor]

How companies are cutting back on customer feedback surveys. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

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VC valuations

1971

People

553

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21

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2010 Vintage Global Real Assets Funds
	A message from CohnReznick
	Embracing changes in consumer behavior
	VC Deals
	Bending Spoons locks down $340M
	Wasabi bags $250M in equity and debt
	Monolith Brands picks up $230M
	Strike secures $80M
	Avidbots nabs $70M for cleaning robots
	Third Point leads $50M round for Unravel Data
	Flatfile brings in $50M
	Arthur raises $42M to fight AI bias
	Tray.io extends Series C with $40M
	De-extinction company Colossal launches Form Bio
	GlossGenius scores $25M
	Sinai Technologies picks up $22M
	Microsoft's M12 backs Space and Time
	Portfolio Companies
	FTX US to take Voyager Digital private for $1.4B+
	VC-backed Calendly acquires Prelude
	Fundraising
	Theta Capital raises $500M to invest in crypto-native VC funds

The Daily Benchmark

2010 Vintage Global Real Assets Funds

Median IRR

2.64%

Top Quartile IRR

8.93%

1.36x

Median TVPI

Select top performers

4D Global Energy Investments

Waterton Global Value I

Brookfield Americas Infrastructure Fund I

*IRR: net of fees

26 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from CohnReznick

Embracing changes in consumer behavior

The consumer sector is facing an inflection point. The past two years ushered in new challenges to maintaining margins and customer loyalty, and consumer brands need to offer quality products and services to counteract inflationary pressures and consumer uncertainty. Private equity firms are paying close attention to the brands that can succeed in this market. Investors are focusing on detailed consumer data that sheds light on these shifting consumption patterns.

In conjunction with PitchBook, CohnReznick has released Consumer Sector Investment Report: Capital Flows to Those Who Expand Margins and Embrace Changes in Consumer Behavior.

To download the report and learn more, click here.

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VC Deals

Bending Spoons locks down $340M

Bending Spoons has raised $340 million from investors including Maximum Effort and Creator Partners. The Italian company develops mobile apps for content creators.

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Wasabi bags $250M in equity and debt

Wasabi Technologies has raised $250 million, comprising a $125 million Series D led by L2 Point Management and $125 million in debt from MGG Investment Group. The cloud storage company is now valued at more than $1.1 billion.

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Monolith Brands picks up $230M

Hayfin Capital Management and Ares Management have led a $230 million round for Monolith Brands, a consumer products company and owner of a portfolio of omnichannel brands. The Series A round comprises $50 million in equity and $180 million in debt.

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Strike secures $80M

Digital payments provider Strike has raised $80 million in a round led by Ten31. Investors including Washington University in St. Louis and University of Wyoming also participated.

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Avidbots nabs $70M for cleaning robots

Avidbots has raised a $70 million Series C led by Jeneration Capital. The Canadian company is the developer of Neo, an autonomous floor-scrubbing robot for commercial spaces.

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View 1 competitors »

Third Point leads $50M round for Unravel Data

Third Point Ventures has led a $50 million Series D for Unravel Data, the Palo Alto-based provider of a data operations observability platform.

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View 82 competitors »

Flatfile brings in $50M

Tiger Global has led a $50 million Series B for Flatfile. The Denver-based company's platform enables data exchange between companies.

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View 53 competitors »

Arthur raises $42M to fight AI bias

Acrew Capital and Greycroft Ventures have co-led a $42 million Series B for Arthur, which helps companies monitor and optimize their AI systems.

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View 49 competitors »

Tray.io extends Series C with $40M

SaaS startup Tray.io has raised a $40 million Series C extension from the Canada Pension Plan Investment Board and existing investors, bringing the round's total to $90 million.

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View 79 competitors »

De-extinction company Colossal launches Form Bio

Form Bio has raised a $30 million Series A led by JAZZ Venture Partners. The new company was spun out of Colossal Biosciences, a genetics company working to restore extinct species such as the woolly mammoth. Form Bio offers a research and discovery platform for the life sciences sector.

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GlossGenius scores $25M

GlossGenius has raised a $25 million round led by Imaginary Ventures and Bessemer Venture Partners, TechCrunch reported. GlossGenius' platform helps beauty and wellness professionals manage all aspects of their businesses, including booking, payments processing and inventory management. The funding is said to have tripled the startup's valuation.

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Sinai Technologies picks up $22M

Sinai Technologies has raised $22 million in a Series A led by Energize Ventures for its decarbonization intelligence platform.

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View 2 competitors »

Microsoft's M12 backs Space and Time

Decentralized data analytics company Space and Time has raised $20 million in a round led by Microsoft's VC fund M12, TechCrunch reported.

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Portfolio Companies

FTX US to take Voyager Digital private for $1.4B+

Crypto exchange operator FTX US has agreed to take peer Voyager Digital private for more than $1.4 billion. FTX US is backed by investors including Lightspeed, SoftBank and Sequoia.

View details

View 40 competitors »

VC-backed Calendly acquires Prelude

Cloud-based meeting scheduler Calendly has acquired Prelude, which offers a platform for scheduling panel interviews as part of the employee recruitment process. Calendly is backed by Accel and Iconiq Capital.

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View 9 competitors »

Fundraising

Theta Capital raises $500M to invest in crypto-native VC funds

Amsterdam-based Theta Capital has raised $500 million to invest in crypto-native venture capital funds. The investment is structured as a fund-of-funds and will seek exposure to the Web3 projects around the world.

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View 3 investments »

Chart of the Day

Source: PitchBook's 2022 UK & Ireland Private Capital Breakdown

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PitchBook News - Private debt funds raise $82B in H1

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