The first season of "In Visible Capital" focuses on how private equity firms, venture capitalists and other industries have responded to the COVID-19 pandemic, including episodes looking at the impact of working remotely, the effectiveness of the US government's Paycheck Protection Program and how one legacy media brand with plenty of PE backing is trying to survive, among other topics. PitchBook private equity reporter Adam Lewis and editorial head Adley Bowden are co-hosts, with senior analyst Hilary Wiek also filling in.
Listen to the first season of "In Visible Capital" below. You can subscribe on Spotify, Google Podcasts, Apple Podcasts or Stitcher or visit this page to access new shows in the coming weeks.
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Season 1Our hosts clear their throats from the smoky Pacific Northwest air to provide their takeaways from season one.
PitchBook analyst and Goldman Sachs alum Nalin Patel joins host Adley Bowden to discuss the Q2 2020 European Venture Report, which breaks down the resilient state of the European VC ecosystem. Topics discussed include how COVID-19 has caused the work-from-home, healthcare, biotech and pharmaceutical industries to boom (6:05), why median valuations, deal sizes and step-up rounds have remained strong (16:02), and why European VC fundraising has largely remained unscathed (24:02).
Analyst Dominick Mondesir joins the show to unpack PitchBook's Q2 2020 European PE Breakdown report. Topics include a primer on the European private equity landscape, reaction to the pandemic, potential Brexit impacts, how European GPs are balancing support of existing portfolio companies with seeking new investments and more.
PitchBook venture capital analyst Cameron Stanfill joins the pod to discuss his recent analyst note breaking down this year’s SPAC boom. Topics discussed include what’s driving the surge (1:35), how private equity firms and SPACs are forever intertwined (5:40), why reverse mergers are more forgiving to startup founders than the typical leveraged buyout (7:12) and why host Adam Lewis can’t wait to see what baseball executive Billy Beane will do with his SPAC (11:10).PitchBook analyst Dylan Cox returns to the program to discuss the PitchBook H1 Global Private Debt Report. Topics include why direct lending funds aren’t the only show in town anymore (1:15), whether equity holders should be bailed out when a company struggles (6:35), how the private debt market breaks down (10:40) and how he uses proxies to evaluate the performance of the credit market (15:15).
“In Visible Capital” host Adley Bowden recaps highlights from the Q2 2020 PitchBook-NVCA Venture Monitor webinar, which featured representatives from Silicon Valley Bank, NVCA, PitchBook and Certent discussing recent US VC trends. Topics include what to expect for VC dealmaking in the second half of 2020 (2:40), which companies are attracting attention from investors (8:26), what the NVCA has been lobbying for lately (13:00) and the recent proliferation of VC mega-funds (23:52).
Senior analyst Wylie Fernyhough unpacks PitchBook’s Q2 2020 US PE Breakdown, discussing how investors are deciding which portfolio companies to support (8:25), changes to limited partner agreements (9:52), which funds are finding success in a tight fundraising environment (15:42), trends in the LP-GP relationship for GP stakes investing (21:33) and more. This episode is sponsored by Intralinks.
PitchBook executive editor Alexander Davis and senior financial journalist James Thorne join the program to discuss the US government’s Paycheck Protection Program, which is set to expire Saturday. Topics include a look at how many venture capital and private equity-backed companies received loans (2:30), how some justified taking money (4:28), how affiliation rules impacted who got funds (9:10), the preferential tax treatment that PE and VC investors already enjoy (12:32) and how to treat the unreliable SBA data that some companies have already disputed (16:41). This episode is sponsored by Intralinks.
PitchBook analysts Daniel Cook and Andy White break down their recent analyst note “Quantitative Perspectives: US Venture Capital during Economic Uncertainty.” Topics discussed include how COVID-19 has impacted startup valuations (3:30), how the 2008 financial recession impacted our valuation forecasts (6:00), how to evaluate the impact of exit value vs. number of exits (13:35) and how limited partners are viewing the VC market (17:45).
PitchBook venture capital reporter Priyamvada Mathur joins the show to discuss how the COVID-19 pandemic has sped up digital transformation in the construction industry (1:59), why that transformation is expected to last through COVID-19 (5:25) and how venture capital firms and startups across the industry have struggled to adapt over the past few months (7:35). Mathur also explains why 2Q data will tell us the real story on how firms are faring (10:25) and whether they think they’ll be part of a V-shaped recovery (12:08). Maven CEO James Heckman joins the show to discuss the devastating impact of COVID-19 on Sports Illustrated’s advertising revenue (2:45), his response to critics of the company’s new digital strategy (7:16), why he remains bullish about the prospects of video advertising (10:37) and why he believes the company can take on Facebook and Google in the digital advertising space (15:12). Check out more insight from Heckman in “As games resume, sports media tries to rebound from advertising wasteland.”
Emerging tech analyst Ryan Vaswani breaks down his analyst note "Accelerating History: Pandemic-Driven Tech Opportunities." As part of our Emerging Tech Research, this note is typically reserved for PitchBook clients, but we are making it available as part of this podcast episode—download here. Topics discussed include which industries have accelerated their tech capabilities in response to the COVID-19 crisis (2:46), how companies have focused resources to improve the accuracy of tests (8:46), where investors have directed their capital to help, (11:07) what's next for edtech companies (16:15) and why we'll all eventually be ruled by robots (19:46).
PitchBook editor Kevin Dowd breaks down his story "NBA standout Spencer Dinwiddie has a VC-fueled vision for the future of stardom," which appears in PitchBook’s latest Private Market PlayBook. Topics discussed include Dinwiddie’s background with venture firm Eonxi (2:02), his bid to tokenize his $34 million NBA contract (9:13) and why Wall Street and Silicon Valley investors continue to pour billions of dollars into professional sports (14:45), even with leagues struggling with the financial fallout from COVID-19 (18:00). PitchBook reporter Eliza Haverstock discusses her story "Narrative Change: VCs are finally ready to talk about menopause" (1:30) and why the femtech space has seen a lack of investments from VC investors (4:28). In addition, Haverstock looks at how female founders and female investors are handling the shaky economic climate brought on by the COVID-19 pandemic (7:22).
PitchBook emerging tech analyst Paul Condra discusses his research note "The Great Unlocationing", a thorough explainer of how COVID-19 has forced companies to institute widespread work-from-home policies and how that could lead VCs to devote more capital to companies suited to that strategy (3:32). In addition, Condra explains how investors could soon have portfolios of exclusively work-from-home companies (9:30) and how the macro-trend could lead to huge savings for major businesses (13:40), not to mention a diaspora from major metropolitan centers across the US.
In episode three, PitchBook analyst Hilary Wiek discusses her analyst note "Double Bottom Line: Private Market Impact Investment." Topics discussed include the differences between impact and ESG investing strategies being implemented at private equity and venture capital funds (1:45), how COVID-19 will impact the social investment world (11:45), and whether driving returns for LPs and making a tangible positive impact on the world are actually compatible strategies (15:07).
PitchBook private equity analyst Dylan Cox breaks down his analyst note "Buyout Funds in Times of Crisis." Topics covered include how lessons from previous economic downturns inform modeling private equity fund returns (1:40), how COVID-19 has changed the dealmaking environment (4:05), what it will take to get deal flow going again (11:35) and what to expect in private equity fundraising (14:05).
PitchBook venture capital analyst James Gelfer discusses his analyst note "Venture Funds in Times of Crisis." Topics covered include how VCs have used lessons from the 2008 financial crisis to help mitigate the negative financial impact from COVID-19 (3:05), why investors are calling capital more quickly than ever (6:55), what the next couple of years could be like for the exit environment (8:15) and how private market valuations compare to the public side (15:51).