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The Daily Pitch: VC

January 30, 2023

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 "In Visible Capital" podcast returns with an episode on the US and European leveraged loan markets.

Our PitchBook-NVCA Venture Monitor, now with league tables ranking the industry's most active players.

The competitive advantages that can shield freight and logistics stocks from ESG risks.

Today's Top Stories

More on VC's dizzying year

In case you missed it, be sure to check out our year-end PitchBook-NVCA Venture Monitor. The report, sponsored by Insperity, J.P. Morgan and Dentons, now includes league tables ranking the industry's most active players. Plus details on these storylines in 2022:

Exits in Q4 totaled $5.2 billion, the lowest quarterly figure in more than a decade, capping a 90% decline in annual exit value.

VC firms' fundraising topped $160 billion for the year, despite a lull in Q4.

Early- and late-stage dealmaking continued their slides in Q4, while venture debt remained high.

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On the podcast: Leveraged loan warning signs

Will companies be able to continue kicking their debt down the road, or will they struggle to refinance as hundreds of billions in loans come due in the next few years?

In the first episode of Season 7, LCD researchers Rachelle Kakouris and Taron Wade join the show to explain why a low default rate doesn't necessarily make for sunny skies.

Check out the episode to hear more about rising levels of distress in software and healthcare, LCD's restructuring watchlist, why Wade has her eye on direct lending, and much more.

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A message from the American Investment Council

In-house expertise

If you've ever had one of Popeyes' famous chicken sandwiches, you might not have guessed it was the result of a menu overhaul spurred by private equity investors. Popeyes is one of hundreds of examples of PE sponsors improving, reviving or completely reinventing consumer brands. Moreover, today's PE investors are leaning on "operating partners"—former CEOs and CFOs who are now vital to PE's value creation process—to further innovate consumer brands.

In partnership with PitchBook, AIC has released In-house expertise: How private equity is modernizing consumer brands. More than $1 trillion in private equity has been invested in consumer brands over the past decade, with hundreds of success stories behind the datapoints.

To download the report, click here

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Arch Ventures-incubated clinical trials startup leaves stealth with $203M

(Scott Cornell/Shutterstock)

Paradigm, a clinical trial technology startup, launched out of stealth with a $203 million Series A Friday with hopes to bring research trials to all US patients. The funding slots in as the eighth-largest early-stage healthtech VC deal ever, PitchBook data shows.

Paradigm is creating technology to match patient records with clinical trial criteria, putting it toe-to-toe with healthcare records giant Epic.

Recommended Reads

Insurers have been swapping public assets for private ones. Higher interest rates aren't reversing that trend—just changing it. [Institutional Investor]

Visualizing the roughly 39,000 pounds of minerals and fossil fuels each American needs annually to maintain their standard of living. [Visual Capitalist]

Ticketmaster's woes go far beyond Taylor Swift. [The Atlantic]

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Quick Takes

	The Daily Benchmark
	2009 Vintage Global Real Estate Funds
	VC Deals
	Boston Metal forges $120M Series C
	Grey Wolf Therapeutics lands $49M
	Miach Orthopaedics nabs $40M
	Inscribe raises $25M
	Fraud prevention specialist Hawk AI pockets $17M
	Generative AI startup Supernormal raises $10M
	Fundraising
	NEA raises $6B+ across two funds

The Daily Benchmark

2009 Vintage Global Real Estate Funds

Median IRR

10.00%

Top Quartile IRR

11.88%

1.38x

Median TVPI

Select top performers

LBA Realty Fund IV

Lubert-Adler Fund VI A

GEM Realty Fund IV

*IRR: net of fees

28 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Boston Metal forges $120M Series C

Steel decarbonization startup Boston Metal has raised a $120 million Series C led by steel giant ArcelorMittal. Microsoft's Climate Innovation Fund also joined the investment in the startup, which spun out of the Massachusetts Institute of Technology.

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View 6 competitors »

Grey Wolf Therapeutics lands $49M

Grey Wolf Therapeutics, based in the UK and Australia, has raised $49 million in a Series B led by Pfizer Ventures and Earlybird. The startup develops immunotherapies meant to combat tumors.

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View 118 competitors »

Miach Orthopaedics nabs $40M

Miach Orthopaedics, which is developing an implant to treat ACL tears, has raised $40 million in equity and debt. Sectoral Asset Management and Endeavour Vision led the $30 million Series B, while Silicon Valley Bank provided the $10 million in venture debt.

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View similar company »

Inscribe raises $25M

Inscribe has secured a $25 million Series B led by Threshold Ventures. The company's software helps financial companies detect fraudulent documents.

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View 37 competitors »

Fraud prevention specialist Hawk AI pockets $17M

Sands Capital has led a $17 million Series B in Munich-based Hawk AI. The startup's anti-money laundering technology helps banks and payment companies prevent fraud.

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View 7 competitors »

Generative AI startup Supernormal raises $10M

Supernormal, which uses generative AI models to create meeting notes, has raised a $10 million seed round led by Balderton Capital.

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View similar company »

Fundraising

NEA raises $6B+ across two funds

NEA has raised roughly $6.2 billion across two funds, one targeting early-stage companies and the other dedicated to venture growth-stage opportunities. The firm now has $25 billion in AUM.

View details

View 1,308 investments »

Chart of the Day

"Big names are jumping in to take advantage of the growing opportunities in private debt. In Q3 alone, Apollo, KKR, BlackRock and Credit Suisse all closed new private debt strategy funds for a combined $8.2 billion."

Source: PitchBook's Q3 2022 Global Private Market Fundraising Report

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PitchBook News - Ranking VC's most active players

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