In Visible Capital with PitchBook

Leveraged loan warning signs

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 [https://pitchbook.com/webinars/2022-us-leveraged-loan-and-private-credit-market-analysis-and-2023?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s7e1] * LCD US Leveraged Finance Survey infographic [https://pitchbook.infogram.com/lcd-us-leveraged-finance-survey-2023-edition-1h0n25yvzjwnl6p?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s7e1] * LCD European Leveraged Finance Survey infographic [https://pitchbook.infogram.com/lcd-european-leveraged-finance-survey-2023-edition-1hmr6g7r1envz6n?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s7e1] * 2023 US Leveraged Finance Survey: Stress may be less severe, but longer-lasting [https://pitchbook.com/news/articles/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 [https://pitchbook.com/news/articles/us-high-yield-distressed-ranks-soar-in-2022-highlighting-evolving-market-stress-in-2022?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s7e1] * Credit quality declines for European leveraged loans amid ratings shift [https://pitchbook.com/news/articles/credit-quality-declines-for-european-leveraged-loans-amid-ratings-shift?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s7e1]

The venture debt playbook

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 [https://pitchbook.com/news/articles/venture-capital-valuations-unicorns-crossover-investors?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s6e6] and the fallout at FTX [https://pitchbook.com/news/articles/ftx-bankruptcy-sam-bankman-fried?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s6e6]. In this episode of Sapphire Ventures [https://pitchbook.com/profiles/investor/11293-66]' 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 [https://pitchbook.com/news/articles/in-visible-capital-podcast-season-6], presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts [https://podcasts.apple.com/us/podcast/in-visible-capital-with-pitchbook/id1517516855], Spotify [https://open.spotify.com/show/00XJbAbDEgIurlEbCOhkKa?si=6rnk85iVSeCOc9WPjUZBvg], Google Podcasts [https://podcasts.google.com/?feed=aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS93SDhiWllDcw] or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com [podcast@pitchbook.com].

Seed's silver linings

Maëlle Gavet, CEO of Techstars [https://pitchbook.com/profiles/investor/50933-44?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s6eb1], 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 [https://pitchbook.com/news/articles/in-visible-capital-podcast-season-6?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s6eb1], presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts [https://podcasts.apple.com/us/podcast/in-visible-capital-with-pitchbook/id1517516855], Spotify [https://open.spotify.com/show/00XJbAbDEgIurlEbCOhkKa?si=6rnk85iVSeCOc9WPjUZBvg], Google Podcasts [https://podcasts.google.com/?feed=aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS93SDhiWllDcw] or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com [podcast@pitchbook.com].

Venture's gravity check

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 [https://pitchbook.com/profiles/investor/60622-12?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s6e5] 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 [https://pitchbook.com/news/reports/q3-2022-us-vc-valuations-report]. In this episode of Sapphire Ventures [https://pitchbook.com/profiles/investor/11293-66]' 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 [https://pitchbook.com/news/articles/in-visible-capital-podcast-season-6?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s6e5], presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts [https://podcasts.apple.com/us/podcast/in-visible-capital-with-pitchbook/id1517516855], Spotify [https://open.spotify.com/show/00XJbAbDEgIurlEbCOhkKa?si=6rnk85iVSeCOc9WPjUZBvg], Google Podcasts [https://podcasts.google.com/?feed=aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS93SDhiWllDcw] or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com [podcast@pitchbook.com].

A new life for downside protection

Venture capital firm G Squared [https://pitchbook.com/profiles/investor/53737-66?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s6e4] 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 [https://pitchbook.com/news/reports/q3-2022-european-venture-report?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s6e4] and 2022 UK & Ireland Private Capital Breakdown [https://pitchbook.com/news/reports/2022-uk-ireland-private-capital-breakdown?utm_medium=podcast&utm_source=in_visible_capital&utm_campaign=s6e4]. In this episode of Sapphire Ventures [https://sapphireventures.com/]' 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 [https://pitchbook.com/news/articles/in-visible-capital-podcast-season-6], presented by Sapphire Ventures, and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts [https://podcasts.apple.com/us/podcast/in-visible-capital-with-pitchbook/id1517516855], Spotify [https://open.spotify.com/show/00XJbAbDEgIurlEbCOhkKa?si=6rnk85iVSeCOc9WPjUZBvg], Google Podcasts [https://podcasts.google.com/?feed=aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS93SDhiWllDcw] or wherever you listen. For inquiries, please contact us at podcast@pitchbook.com [podcast@pitchbook.com].