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| In today's Daily Pitch, you'll find: | | | | | |
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| Sustainable startups take on plastic packaging | | Millions of tons of new plastic packaging are generated each year in the US alone, much of it ending up in landfills or waterways. So, is there a better way?
Sustainable packaging startups say yes. From bioplastics and seaweed to mycelium and fibers, novel materials and circular economy models are emerging to offer sustainable alternatives to harmful single-use packaging. Meanwhile, VC investment in sustainable packaging providers has grown steadily over the past decade, peaking at $834 million across 87 deals in 2021.
Our latest analyst note unwraps the future of sustainable packaging, delving into VC activity in the sector and exploring why further regulatory action will likely be needed to reduce plastic consumption. | | | | | | | | | Large private credit funds turn away from oversized debt deals | |  | | (Na_Studio/Shutterstock) | | | Large private credit funds, the engine of debt financing for mega-buyouts earlier this year as bank loans froze, have cut back on debt packages lately.
Several months ago, the investors behind these funds easily assembled big-ticket unitranche loans of more than $3 billion backing mega-sized leveraged buyouts—taking market shares from banks as the syndicated loan market froze amid market turbulence, rising rates and other challenges that cut lenders' risk appetite.
However, market dynamics have shifted, sapping private debt funds' appetite for making big loans. | | | | | | | |
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| Webinar: How to prepare for increased SEC scrutiny | | The private markets have flourished, and more institutional and retail investors are getting involved. Yet, compared to the public markets, investment firms and investors are free to negotiate terms privately, leaving the public and government in the dark.
Chair Gary Gensler has made it clear he wants to make the private markets more transparent, competitive, and resilient. The SEC has proposed amendments to Form PF and the Investment Advisers Act, overhauled the Marketing Rule, and increased enforcement actions against private fund advisers.
Ontra COO Ben Levi is sitting down with Norm Champ, P.C., the former deputy director of the SEC's Office of Compliance, to discuss these recent developments and how asset managers can prepare for the evolving regulatory landscape.
Register for the webinar | | | | | | | |
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| Africa's fintech market defies VC downturn | |  | | (Wara1982/Shutterstock) | | | Africa's fintech startups are on track to match last year's record amount of venture activity despite a global slowdown in investments.
A growing urban population and more success stories coming out of the region are among the factors helping African fintech's expansion. | | | | | | | | | | Binance.US hires former FBI agent as head of investigations as the cryptocurrency exchange giant faces a federal probe. [The Wall Street Journal]
These global cities show the highest real estate bubble risk. [Visual Capitalist]
As cars have gotten more complex and computerized, fixing problems requires increasingly expert and expensive knowledge from mechanics, and tools that are in limited supply. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 415 Deals | 1690 People | 415 Companies | 15 Funds | | | | | | |
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| 2014 Vintage Global Debt Funds | | | | | | |
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| Banyan raises $43M for merchant expense management | | | Banyan, which helps merchants and financial institutions automate expense management and generate insights from consumer purchase data, has raised a Series A round comprising $28 million in equity and $15 million in debt. The funding was co-led by Fin Capital and M13. | | | | | | | SubjectWell collects $35M | | | | | | | | | | Tellius has raised a $16 million Series B led by Baird Capital. The company's platform uses AI and machine learning to derive insights from a business's data. | | | | | |
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| PitchBook webinar: US leveraged loan market outlook | | With rising rates, distress and volatility, the leveraged loan market is currently facing significant instability and wariness from investors. Join our experts from LCD as they explore market trends, collateralized loan obligations and the potential role of PE in this environment. Additionally, a Q&A segment will be open for questions about the future of leveraged loans.
Register now to secure your spot. | | | | | | | |
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| Warburg Pincus commits $350M to build Southeast Asian insurance platform | | | Warburg Pincus has committed $350 million to establish a general insurance company based in and focused on Southeast Asia. The platform, dubbed Oona Insurance, is built on two initial acquisitions, one in the Philippines and one in Indonesia. | | | | | | | Bain, ADIA close acquisition of Merchants Fleet | | | | | | | | KKR stakes medispa SkinSpirit | | | KKR has invested in medical spa company SkinSpirit, which operates 31 locations in the US. The investment came from KKR's Health Care Strategic Growth Fund II. PE firm GreyLion also owns a minority stake in SkinSpirit, dating back to its $57 million investment in 2018. | | | | | | | Genstar's Marcone acquires pool parts specialist | | | | | | |
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| EQT weighs sale of US bus company First Transit | | | EQT is considering selling bus operator First Transit, Bloomberg reported. EQT acquired First Transit and school bus business First Student for $4.6 billion in 2021. | | | | | |
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| Instacart shelves plans to go public | | | Grocery delivery company Instacart is postponing plans to go public this year due to volatility in the markets, The New York Times reported. The company filed confidential IPO registration papers in May and was due to start the official listing process in October. The news comes just days after Bloomberg reported that Instacart cut its valuation to around $13 billion from $15 billion. Instacart is backed by investors including Andreessen Horowitz, Sequoia and D1 Capital Partners. | | | | | |
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| Bregal Sagemount closes $2.5B growth fund | | | Bregal Sagemount has closed its fourth flagship fund on $2.5 billion. It is 60% larger than the firm's prior fund, and Bregal Sagemount plans to invest flexible capital in various high-growth sectors. | | | | | | | Propeller raises inaugural $100M VC fund for ocean-focused climate tech | | | Propeller, co-founded by former HubSpot CEO Brian Halligan, has raised a $100 million debut fund. The firm will focus investments on ocean-related initiatives, such as startups that remove carbon from the oceans, use algae and microbes in novel applications or work toward decarbonization of the shipping industry. | | | | | |
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| Axxes to launch private funds for individual investors | | | Axxes Capital is on track to launch a series of private investment funds that will offer accredited investors exposure to private investment strategies including private equity co-investments and secondaries, venture capital, and distressed debt. The first of the vehicles is set to debut in Q1 2023, with another two to four vehicles following before the end of Q2. | | | | | | | | | | | | |
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"Core and core plus funds received a higher share of capital in H1 2022 than in 2021 and are on track to exceed 2021's $6.4 billion raised with $4.5 billion in H1 2022. However, together they still only comprise 7.1% of capital raised."
Source: PitchBook's H1 2022 Global Real Estate Report | | | | | |
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