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PitchBook News - Where will SVB's assets end up?

Plus: What ESG critics get right and wrong, pros and cons of venture debt & more
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The Weekend Pitch
March 12, 2023
Presented by Masterworks
(Jenna O'Malley/Pitchbook)
SVB is everywhere, but also … nowhere?

Like the rest of you, I’ve been immersed in the unfolding collapse of Silicon Valley Bank.

After a frantic 24 hours of calls with investors and founders, and a deep and unredeemable spiral down several VC Twitter rabbit holes, my team and I have surfaced with an outline of the potential next steps for SVB’s business.

Welcome back to The Weekend Pitch. I'm Jessica Hamlin, and you can reach me at jessica.hamlin@pitchbook.com or on Twitter @jessicaAhamlin.

The assets of now-defunct Silicon Valley Bank are up for grabs, specifically its roughly $73 billion loan book, around 20% of which is venture debt. This situation could move in several directions.
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A message from Masterworks  
The surprising asset that (handily) beat 94% of the S&P 500
In just 604 days, a $10,000 investment in this alternative would have secured an eye-popping $4,900 profit. That's a 27.3% net annualized return—better than 470 of the world's 500 largest stocks over the same time period.

What was it? A securitized painting from Masterworks, the blue-chip art investing platform. While not every painting will see those gains, every one of Masterworks' 11 exits has returned a profit to investors, totaling more than $30 million in payouts.

That's not in the go-go era of meme stocks and bitcoin at $60,000, but while inflation soared to decade highs, and financial markets plummeted.

New offerings are launching every week and tend to sell out fast, but PitchBook readers can skip the waitlist to join.
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Trivia
Overall consumer food prices—also known as "food at home"—increased 11.3% from January 2022 to January 2023. But egg price inflation has been far more oppressive, mainly due to a devastating avian flu outbreak. How much did egg prices surge in that window of time?

A) 18.6%
B) 20.9%
C) 70.1%
D) 103.4%

Find your answer at the bottom of The Weekend Pitch!
 

How valid are ESG criticisms?
(SWKStock/Shutterstock)
Depending on which critic you ask, ESG investing is virtue signaling, redundant, impossible to measure or even unethical. But like it or not, investing with an ESG strategy – which looks at material environmental, social and governance risks within companies – is widely accepted and picking up steam.

In our analyst note Concerns About and Criticisms of ESG, we identify the five most common concerns and criticisms of ESG and sort them into two categories: reasonable, or rooted in misinformation.
 

Pros and cons of venture debt
More and more founders are turning to venture debt to help extend their runways and avoid significant dilution. But what are the downsides?

For one thing, loans eventually need to be paid back. In addition, financing costs have risen across the board over the past year, and venture debt isn't an exception.

Check out our recent analyst note Venture Debt as theMarket Turns to read more about the pros and cons founders and lenders need to consider when it comes to debt financing.
 

Emerging tech roundup
(Jirsak/Shutterstock)
Catch up on our latest emerging tech quarterly reports with data through the end of 2022.
 

Quote/Unquote
(Skycolors/Shutterstock)
"Companies in every industry should understand by now that this Justice Department will not hesitate to enforce antitrust laws and protect American consumers."

—US Attorney General Merrick Garland, speaking March 7 at a news conference announcing the Department of Justice's lawsuit attempting to block JetBlue Airways' proposed $3.8 billion merger with Spirit Airlines.
 

Stay tuned
Keep an eye out for these fresh insights and research reports coming out this week
  • Q4 2022 Digital Health Report
  • Q1 2023 Quantitative Perspectives: Putting the Pieces Back Together
  • 2022 US PE Middle Market Report
  • 2022 US PE Lending League Tables
  • 2022 Global Private Debt Report
 

Recommended Reads
Reinventing Penn Station: Can New York still do big things? [Financial Times]

The alarming rise of India's pay-to-breathe industry. [Wired]

Why poverty persists in America. [The New York Times]
 

Trivia
Answer: C)

According to the Bureau of Labor Statistics, egg prices rose 70.1% from January 2022 to January 2023, creating opportunities for egg alternative startups. Read more in our Q4 2022 Foodtech Report.

This edition of The Weekend Pitch was written by Leah Hodgson, Emily Burleson and Sam Steele. It was edited by James Thorne and Ron Prichard.

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