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PitchBook News - Direct lenders jump on PE buyouts

Wrapping up female founders' Q1; helping LPs forecast cash flow and pacing; Ritmo pockets $200M; Covr Financial lands $15M
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The Daily Pitch: VC
April 11, 2022
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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In today's Daily Pitch, you'll find:
  • Direct lenders are tapping dry powder and sweetening deal terms in hopes of financing ever-bigger private equity buyouts.

  • US startups founded solely by women raised nearly $1.5 billion in Q1, down 34% from the previous quarter.

  • Our Allocator Solutions report introduces methodologies to help LPs forecast cash flows and pace capital commitments.
Today's Top Stories
Female founders wrap Q1 with nearly $1.5B in VC funding
(Ponomariova_Maria/Getty Images)
US startups founded by women raised $1.47 billion of venture funding in the first three months of 2022, according to PitchBook data.

A turbulent market for overall VC funding is driving down deal sizes and valuations in 2022. For female founders, it is marked by a 34% slump in capital investment from the highs of Q4 2021.
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Direct lenders get aggressive, capturing bigger share of buyouts
(MicrovOne/Getty Images)
In the race to finance a boom in private equity-driven buyouts, more business is heading to direct lenders, who are tapping dry powder at an ever-faster clip and sweetening deal terms to attract borrowers.
  • Unitranche debt over $1 billion is more common than several years ago. PE firms such as Thoma Bravo have been constantly tapping into the private debt market to finance large deals.

  • Deals with direct lenders have been appealing to sponsors and borrowers because of their ability to close rapidly and provide greater confidentiality and certainty in execution. Direct lenders also offer certain debt facilities that are difficult to obtain in the syndicated loan market.

  • In order to access some large deals, direct lenders have had to relax covenants, including structuring deals as covenant-lite to be considered competitive, private debt lawyers say.
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A message from SS&C Intralinks
Gender diversity update: How female leaders are challenging the M&A status quo
This just-published report, Gender Diversity and Dealmaking 2022, shows how female CEOs are driving more M&A innovation and outperforming their male counterparts.

A follow-up to Intralinks' widely cited 2020 report, Gender Diversity and M&A Outcomes, this update draws on new data from 11,000 deals and reveals how innovative women-led M&A strategies that blossomed during the pandemic are delivering superior post-M&A performance—but cautions that female CEOs of acquiring firms are still facing greater perceptual challenges than their male counterparts.

Read the report to learn:
  • Why female CEOs outperformed men during the pandemic
  • How investor reaction to women-led deals has tracked
  • Innovative female CEO M&A strategies and decision-making
  • Gender-based differences in targets and deal processes
Download this new report. Learn why women are driving better deals.
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Cash Flow Forecasting and Commitment Pacing: Introducing Allocator Solutions
While the prospect of differentiated returns is enticing, introducing private fund structures to a portfolio can leave allocators with many unanswered questions. Pacing commitments and managing liquidity are just two of the complications LPs must navigate.

In our new Allocator Solutions report, we provide an answer to these challenges through the introduction of the Cash Flow Forecasting and Commitment Pacing methodologies. The report features a deep dive from PitchBook analysts into the models they use to help LP clients build and maintain private market allocations, leveraging historical data to build probabilistic forecasts and scenario analysis tailored to unique portfolios.
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Recommended Reads
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Consumers love to get their orders in a hurry, but the ultrafast-delivery business model is under strain. [Bloomberg]

How the pandemic has helped more Americans make the leap from blue-collar jobs to tech and upwardly mobile careers. [The Wall Street Journal]
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Quick Takes
  The Daily Benchmark  
  2012 Vintage Global Real Assets Funds  
  VC Deals  
  Ritmo pockets $200M  
  Covr Financial lands $15M  
  Truora nabs $15M Series A  
  Conceive picks up $3.7M  
  Aclarity collects $3.3M seed round  
  GoImpact valued at $22M with Series A  
 
 
The Daily Benchmark
2012 Vintage Global Real Assets Funds
Median IRR
7.69%
Top Quartile IRR
10.68%
1.33x
Median TVPI
Select top performers
Aberdeen UK Infrastructure Partners
EnCap Flatrock Midstream Fund II
Post Oak Energy Partners
*IRR: net of fees
29 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
Ritmo pockets $200M
Madrid-based Ritmo has raised $200 million in debt funding led by i80 Group and Avellinia Capital. The startup's platform offers revenue-based financing for ecommerce startups.
View round
 
View similar company »
 
Covr Financial lands $15M
Covr Financial Technologies has raised a $15 million Series B from investors including Stone Point Ventures and Aflac Ventures. The company operates a digital insurance platform for life insurance products.
View round
 
View 38 competitors »
 
Truora nabs $15M Series A
Truora, a provider of user authentication software, has raised $15 million in a round co-led by Propel Venture Partners and Accel, TechCrunch reported. The round values the startup at $75 million.
View round
 
View 26 competitors »
 
Conceive picks up $3.7M
Conceive has raised $3.7 million in seed financing led by Kindred Ventures. The New York-based company helps patients learn about fertility offerings and diagnoses via evidence-based education, coaching and more.
View round
 
View similar company »
 
Aclarity collects $3.3M seed round
Aclarity has raised $3.3 million in a seed round led by Burnt Island Ventures. The startup is a developer of technology for destroying cancer-causing chemicals in water.
View round
 
View similar company »
 
GoImpact valued at $22M with Series A
ESG and sustainable finance startup GoImpact has raised a Series A from investors including Oriental Watch Holdings. The round amount was undisclosed but values the Hong Kong-based company at $22 million.
View round
 
View similar company »
 
Chart of the Day
"In 2021, both median and average fund sizes hit all-time highs. In addition, 85.1% of funds that closed in 2021 were larger than their predecessor, and the median step-up was 60.4%. Real estate appears to be consolidating into fewer and much larger funds."

Source: PitchBook's H2 2021 Global Real Estate Report
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Who's in the newsletter today?
Companies
Aclarity
Conceive
Covr Financial Technologies
GoImpact
Oriental Watch Holdings
Ritmo
Truora
Investors
Accel
Aflac Ventures
Avellinia Capital
Burnt Island Ventures
Kindred Ventures
Propel Venture Partners
Stone Point Ventures
i80 Group
 
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