In Visible Capital with PitchBook

In the first episode of Season 7, we take a look at the clouds gathering in the US and European leveraged loan markets. In the US market, we discuss sector-specific stress (3:00), our restructuring watch list (4:52), the near-term maturity wall (6:30), the CLO market (9:11), and secondary market gains in 2023 (10:35). We then discuss the European market (11:34), looking at the maturity wall (11:59), loan issuance (13:10), our loan market survey (14:30), and the credit quality of loans in the European Leveraged Loan Index (21:07). Our research analysts cap the episode with key indicators to track going forward (24:00).

Additional resources

• PitchBook/LCD webinar: 2022 US leveraged loan and private credit market analysis and 2023 outlook
• LCD US Leveraged Finance Survey infographic
• LCD European Leveraged Finance Survey infographic
• 2023 US Leveraged Finance Survey: Stress may be less severe, but longer-lasting
• US high-yield distressed ranks soar in 2022, highlighting evolving market stress
• Credit quality declines for European leveraged loans amid ratings shift

As the markets have turned south, venture debt seems to have become all the rage. But how many startups are actually raising it?

This week, Armentum managing partner John Markell joins the podcast to unpack the world of venture debt. Markell shares his thoughts on how venture lenders go about underwriting young companies, why investors are souring on the consumer market, how venture debt differs from structured equity, and which types of startups should—or really shouldn't—raise debt. Plus, PitchBook financial writer Marina Temkin and PitchBook senior editor James Thorne discuss their latest coverage of VC valuations and the fallout at FTX.

In this episode of Sapphire Ventures' series "GameChangers," Sapphire partner and Head of Revenue Excellence Karan Singh speaks with Forter's Chief Revenue Officer Marcus Holm about unlocking seller productivity and repeatability through value realization methodologies.

Listen to all of Season 6, presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

Maëlle Gavet, CEO of Techstars, joins the podcast live from Web Summit 2022 in this bonus episode of the "In Visible Capital" podcast. Gavet unpacks Techstars' approach to pre-seed investing and talks investing in the Middle East and Africa, opportunities in the farm-to-fork supply chain, and why she expects VCs to start disappearing as LPs concentrate their capital. Check out the episode to hear why Gavet is optomistic about the early stage, despite a daunting geopolitical landscape.

Listen to all of Season 6, presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

What looked like a recession at the onset of the pandemic turned out to be anything but: valuations inflated, funds grew and capital poured into the private markets. But, it couldn't last forever. In this week's episode of the "In Visible Capital" podcast, SignalFire founder and CEO Chris Farmer discusses why the venture capital balloon burst. Farmer also touches on how SignalFire leverages data to find and support entrepreneurs, why the firm turned to seed deals as a means of countering unsustainable valuations, corporate M&A and much more. Plus, PitchBook senior analyst Kyle Stanford joins to discuss key takeaways from the Q3 2022 US VC Valuations report.

In this episode of Sapphire Ventures' series "GameChangers," Sapphire Partner and Head of Revenue Excellence Karan Singh speaks with former Mulesoft CMO and SVP of Corporate Strategy Mahau Ma, now Sapphire Operating Partner, about the transformation from a tactical product-led sale to a strategic vision-led sale and the differentiating factors necessary to stand out in a heavily competitive category.

Listen to all of Season 6, presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

Venture capital firm G Squared was founded with one idea in mind: venture-backed companies are staying private longer. And with the IPO market now frozen over, that thesis is proving true.

In the latest episode of "In Visible Capital," G Squared founder and managing partner Larry Aschebrook checks back in with PitchBook senior editor James Thorne to discuss why his firm is pressing pause on the secondary market as primary investors load up deals with downside protection, and what those protections look like in an uncertain market.

Aschebrook also touches on the consolidation of capital with consistent GPs, the uncertain future of the SPAC market, and how founders are coming to terms with the current fundraising environment.

Plus, PitchBook lead analyst Nalin Patel chats with host Alexander Davis about insights from the Q3 2022 European Venture Report and 2022 UK & Ireland Private Capital Breakdown.

In this episode of Sapphire Ventures' series "GameChangers," Sapphire partner and Head of Revenue Excellence Karan Singh speaks with Unity Global VP of Sales Laura Palmer about how to solve real problems in a category creation environment. Laura will speak to how she drove her teams towards business outcomes and use cases to bring theoretical concepts like the metaverse into practical reality, both in her tenure at Google and now at Unity.

Listen to all of Season 6, presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

Interplay managing partner Mark Peter Davis joins the podcast to discuss the advantage and disadvantages of being a VC in New York, the ins and outs of entrepreneurship, and how Interplay approaches investments in the blockchain space—while avoiding the crypto hype. Plus, PitchBook senior news editor James Thorne shares insights from his reporting on the exodus of executive leadership at Softbank.

In this episode of Sapphire Ventures' series "GameChangers," Sapphire partner and Head of Revenue Excellence Karan Singh speaks with Figma VP of Growth Marketing Jesus Requena about how to define and redefine your ICP to unlock the revenue engine. As a proven marketer at Algolia, Unity and now Figma, Jesus walks through steps of how he has achieved highly prioritized ABM motions at each of the companies.

Listen to all of Season 6, presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

Lux Capital co-founder and managing partner Josh Wolfe joins the podcast to discuss why it's always a good time to be investing in the future. From nuclear power to computers that can smell, Wolfe shares which technologies and sectors he is most bullish on and dives into his skepticism of the recent Inflation Reduction and CHIPS acts. Check out the episode to hear more about Lux's strategies and which kind of companies—and investors—Wolfe expects to see survive the downturn. Plus, PitchBook analyst of fund strategies and sustainable investing Anikka Villegas shares insights from the latest PitchBook Sustainable Investment Survey and her recent analyst note ESG and Impact Investing in Private Market Real Estate.

In this episode of Sapphire Ventures’ series “GameChangers,” Sapphire Partner and Head of Revenue Excellence Karan Singh speaks with Procore Head of Corporate Strategy & Execution Ryan Butler about “unlocking the box” – how he has executed on go-to-market entry strategies, inclusive of new markets, product launches and segments or verticals. 

PitchBook senior editor James Thorne sits down with Brad Feld, partner and co-founder of early-stage VC firm Foundry, to discuss how venture investors behave in a downturn, why entrepreneurs may want to steer clear of structured deals, and why so many good companies are born in such bad times. Plus, PitchBook senior analyst Kyle Stanford joins to discuss key takeaways from the Q3 2022 PitchBook-NVCA Venture Monitor and Quantitative Perspectives: Silver Linings on the Time Horizon.

In this episode of Sapphire Ventures' series "GameChangers," Sapphire partner and Head of Revenue Excellence Karan Singh speaks with Forter's Chief Revenue Officer Marcus Holm about unlocking seller productivity and repeatability through value realization methodologies.

Listen to all of Season 6, presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

Investment in behavioral health companies has exploded in recent years, with a notable uptick in private equity activity since the beginning of the pandemic. PE firms closed over 70 buyouts in behavioral health in 2020, more than double 2016's number, according to PitchBook data.

In this episode, PitchBook PE and healthcare senior analyst Rebecca Springer welcomes Avi Jayaraman and Dexter Braff for a discussion about the rapidly evolving behavioral health industry and how private equity is helping to drive innovation in the space. Jayaraman co-founded Sonara, which provides a remote solution for medication-assisted opioid addiction treatment. Braff is president of The Braff Group, an M&A advisory firm specializing in healthcare. They share their thoughts on growth and greenfield opportunities in behavioral health, the advantages and challenges that PE firms face when operating in healthcare, how technology can bridge staffing shortages and more. Plus, PitchBook senior manager of publishing joins discuss the 2021 Annual Interactive PE Lending League Tables and PitchBook's exclusive coverage of venture debt deal terms. 

In the Upwork segment of "Innovations in Private Equity," Tim Sanders is joined by Dave Stangis, chief sustainability officer and partner at Apollo Global Management. Dave discusses how private equity firms can bring strong sustainability practices to life internally as well as across the portfolio companies they're invested in.

Listen to all of Season 5, presented by Upwork, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

PitchBook financial writer Marina Temkin interviews Union Square Advisors' Emily Anderson, who leads the firm's private equity practice. Anderson shares her thoughts on the current M&A environment in a time of declining valuations and rising interest rates and how it could affect private equity activity. Plus, host Alexander Davis shares some insights from his recent reporting at SXSW, as well as the PitchBook news team's two-year retrospective on the pandemic.

In the Upwork segment of "Innovations in Private Equity," special guest host Tony Buffum talks to TPG's Anilu Vazquez-Ubarri about diversity, equity and inclusion. Anilu discusses the impact and contribution diverse teams with varied perspectives have on innovation within PE firms.

Listen to all of Season 5, presented by Upwork, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

After some of the largest private equity firms—including Blackstone, Apollo Global Management, KKR, The Carlyle Group and Ares—went public nearly a decade ago, a new wave of US and European PE firms is hitting the public markets.

In this episode of "In Visible Capital," private equity reporter Ryan Prete sits down with Wylie Fernyhough, PitchBook lead PE analyst, to discuss the performance of these publicly traded PE firms, how they have adapted to having public shareholders, the impact of current market volatility and more. Also, PitchBook PE analyst Jinny Choi shares key takeaways from her recent analyst note on the growing prominence of US PE mega-deals and exits.

In the Upwork segment of "Innovations in Private Equity," Tim Sanders is joined by Jon Finger, partner at McGuireWoods, an international law firm with expertise in private equity. Jon covers topics from M&A to ESG goals and which innovations in private equity are standing out right now.

Listen to all of Season 5, presented by Upwork, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

Tom Eveson, Sustainalytics' director of sustainable finance solutions and ESG for the Americas, joins PitchBook lead analyst Hilary Wiek to share his thoughts on how PE firms can support their portfolio companies in managing ESG risk, nonobvious factors that contribute to assessing that risk, what capital pressures are mainstreaming ESG and more. Plus, Ryan Prete joins to discuss his recent reporting on how major players in private equity are making sustainable investments.

In the Upwork segment of "Innovations in Private Equity," Tim Sanders is joined by Jody Greenstone Miller of Business Talent Group. Jody reveals why PE firms are gravitating toward high-end freelance consultants and contractors to unlock value across portfolios. She also discusses the interim-executive opportunity for PE firms looking to upgrade or fix portfolio company C-Suites.

Listen to all of Season 5, presented by Upwork, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

As a private equity industry stalwart, Advent International has invested in just about every industrial sector except tech—until recently, that is. As the East Coast firm builds up its tech practice, head of Advent Tech Bryan Taylor shares his thoughts on the firm's tech strategy, how it assembled its investing team and why recent turmoil in the market might affect buyout opportunities. Also, London Bureau Chief Andrew Woodman and senior analyst Dominick Mondesir join to discuss the European PE landscape, as well as findings from the 2021 European PE Breakdown.

In the Upwork segment of "Innovations in Private Equity," Tim Sanders is joined by Insight Partners Managing Director Hilary Gosher as she shares the impact of talent transformation on unlocking value and increasing speed to market.

Listen to all of Season 5, presented by Upwork, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

PitchBook's London Bureau Chief Andrew Woodman interviews Eric Taylor, founder and CEO of Trident, to discuss how asset managers often overlook the S and G of ESG. Taylor shares his thoughts on how private equity can use diversity and inclusion to drive better returns, what tech can be used to remove unconscious bias from investing and where the industry has room to improve. Plus, Anikka Villegas joins the show to share insights from her Pitchbook Analyst Note: ESG, Impact, and Greenwashing in PE and VC.
 

In the Upwork segment of Innovations in Private Equity, Tim Sanders is joined by Blackstone’s CTO, John Stecher, to discuss how PE firms are leveraging cloud computing and digitization from deal sourcing to operations. We’ll highlight how cloud-based solutions like tech clouds and talent clouds help PE firms and their portfolio companies go to market faster.

Listen to all of Season 5, presented by Upwork, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

"In Visible Capital," our podcast on the private markets, is back for its fifth season, launching on Feb. 22. This time, we've dedicated the whole season to private equity and the sweeping change across the asset class.

Join us for wide-ranging conversation, analysis and highlights of the most compelling new trends affecting private equity. We look at the ways that PE has been reinventing itself in recent years. You'll hear from investors, analysts and our own reporters detailing how PE firms are increasing bets on the tech sector, and embracing industry innovation like earlier-stage investing, data-driven strategies and navigating environmental, social and governance goals. 

This season is presented by Upwork.

PitchBook senior emerging tech analyst Asad Hussain joins to discuss our ongoing supply chain challenges and the technologies that may help solve those problems. Then, we revisit an episode from earlier in 2021 that examines the state of the supply chain and how disruptions from the pandemic have created more space for modernization and innovation. To cover these topics, we are joined by Ironspring managing partner Ty Findley, Flexe CEO Karl Siebrecht and Playground Global founder Bruce Leak.

Political strategist and VC Bradley Tusk joins the pod to discuss the importance of assessing regulatory risks for startups, how passion-inspiring tech succeeds, the state of the SPAC market and more. Also, PitchBook senior analyst Kyle Stanford joins to discuss key takeaways from the 2021 Q3 PitchBook-NVCA Venture Monitor report, which we will discuss further during a webinar on Nov. 3. 

Ian Connatty, managing director for funds at British Patient Capital joins the show to help us explore the VC ecosystem in the UK, including why we may be seeing larger rounds for UK companies, what changes could create a more favorable exit environment and more.

This is the last weekly episode of Season 4, but stay tuned for more timely in-depth conversations on your podcast feed and through PitchBook webinars. 

Miguel Fernandez, co-founder and CEO of Capchase, and Matt Burton, partner at QED Investors, discuss the growing number of options for founders to raise capital outside of traditional VC and venture debt. Plus, Hilary Wiek joins to share findings from the 2021 Sustainable Investment Survey (with more to be shared in our upcoming webinar).

Listen to all of Season 4 and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com.

The fervent backlash to a proposed Super League of European football clubs caused that organization to suspend operations and cast doubt on the viability of new ownership structures within those clubs. One investor is approaching investments in the space with that in mind, and on this episode of “In Visible Capital,” Andrew Woodman interviews Joe DaGrosa of DaGrosa Capital Partners and Kapital Football to share his perspectives on how to successfully invest in European football clubs. Topics include:

• Why current valuations present an intriguing near-term opportunity for investors
• How investing in players fits into their strategy
• How shifting audience behaviors will impact investments in professional sports

Plus, co-host Adam Lewis signs off for the last time and reflects on his favorite episodes, including:

• The Great Unlocationing
• Maven CEO James Heckman on Sports Illustrated's Future
• Let’s talk about race