In Visible Capital with PitchBook

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.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 investorsHow investing in players fits into their strategyHow shifting audience behaviors will impact investments in professional sportsPlus, co-host Adam Lewis signs off for the last time and reflects on his favorite episodes, including:The Great UnlocationingMaven CEO James Heckman on Sports Illustrated's FutureLet's talk about race

Hosts Adam Lewis and Alec Davis discuss recent coverage of the femtech frenzy, PE's march on VC and an update on the red-hot fintech space. Then, Maverick Ventures managing director Matt Kinsella joins the show to share his perspectives after moving from hedge fund Maverick's public equity business in 2014 to help start Maverick Ventures. Topics include:The mindset shift required to move from public stock picking to early-stage investmentsHow the influx of capital from hedge funds and other entrants into the venture space will impact entrepreneurs and the VC ecosystemWhy he's bullish on cybersecurity investments as the digital arms race continues to escalate 

PitchBook senior analyst Joshua Chao discusses key trends from the H1 2021 Greater China Venture Report before Hamilton Lane managing partner Miguel Luiña joins to share his perspectives on the challenges facing emerging fund managers, the democratization of venture capital and the lack of liquidity for venture investors. 

PitchBook senior editor James Thorne discusses the risks facing VC investors with stakes in Chinese companies as a regulatory crackdown looms, and then RedBird Capital managing partner Rob Klein joins the show to discuss the firm's sports investing strategy, including recent deals for stakes in the Boston Red Sox, Liverpool FC and, alongside Dwayne "The Rock" Johnson, buying the XFL out of bankruptcy.

PitchBook emerging technology analyst Robert Le shares some insights from the Q1 and Q2 Insurtech reports before Edison Partners general partner Kelly Ford joins the show to discuss how that New Jersey-based investor has successfully transitioned from venture capital investing to growth equity while specializing in the enterprise software space. Ford also shares insights into how Edison has managed to exceed benchmarks in hiring a diverse workforce.

PitchBook's head of Emerging Technology Research shares insights from our latest Emerging Technology Indicator report before Alexander Davis chats with Samir Kaji, a veteran  Silicon Valley VC fundraising adviser and co-founder of Allocate. Kaji breaks down how venture capitalists increasingly are opening up their fundraising beyond big institutional partners to family offices, individuals and independent asset managers. This episode is sponsored by Vanta.

PitchBook's Lead Quantitative Research Analyst Andy White joins to discuss the trends his team is seeing within the data in our latest U.S. VC Quantitative Perspectives report. Then, Collin Gutman, co-founder and Managing Partner of SaaS Ventures, shares his thoughts on what it takes to grow venture ecosystems in cities outside traditional tech hubs and why he's more bullish than ever on the future of tech. This episode of “In Visible Capital” is sponsored by Vanta.

Hosts Adam Lewis and Alec Davis discuss how China's tech crackdown could impact Softbank before Eliot Brown, a reporter for the Wall Street Journal, joins the show to discuss "The Cult of We: WeWork and the Great Start-Up Delusion" That's the book he co-authored with Maureen Farrell detailing the rise and fall of WeWork. Hear stories uncovered during their in-depth reporting as co-host Alec Davis and Brown dig into the lessons that investors can take from this story.

Season 4 of PitchBook's In Visible Capital podcast launches on Aug. 3. Tune in to hear from a wide range of players in the private markets, including investors, founders, analysts and journalists.

Headlined by Arctos Sports Partners acquiring a 5% stake in the Golden State Warriors in April, private equity has pushed further into the sports investing space over the past few years. PitchBook analyst Wylie Fernyhough joins the "In Visible Capital" podcast to discuss his recent analyst note about what’s driving the trend, including less restrictive ownership rules within leagues, skyrocketing valuations, the need for liquidity among current owners, the chance to achieve lofty returns for new investors and the clout that comes with owning some of the most scarce, high-profile assets available. Listen now wherever you get your podcasts.

Record-breaking VC activity over the past year has fueled innovation within emerging technologies. In this episode, sponsored by Ansarada, we take a look at where we live, how we work and how we might move between those locations by exploring electric vehicles, air taxis and real estate technology with PitchBook senior analyst Asad Hussain and quantitative research analyst Zane Carmean.

Autonomous finance uses AI to make financial decisions on behalf of consumers without the need for direct human input. The service has become especially relevant over the last year as consumers have struggled to maintain financial health during the COVID-19 pandemic. In this episode, Paul Condra, head of emerging technology research, and Robert Le, senior emerging tech analyst, discuss how autonomous finance helps consumers better manage their financial health and performance, as well as the challenges for the technology—including computing costs, consumer trust, regulations and transaction categorization

More than a year after Sequoia issued its “Black Swan” letter, the US startup ecosystem has rebounded, with VC exit value, fundraising and dollars invested setting records last year. PitchBook venture capital reporter James Thorne joins for this episode—sponsored by Ansarada—to discuss the lasting impact the pandemic had on the startup world, including the rise in valuations for fintech companies, the surge in VC investments in cryptocurrencies, the shift to remote work and his thoughts on TCV vice president Rohit Iragavarapu's breakdown of recent trends within the startup world during a PitchBook-hosted webinar.

With President Joe Biden nearing his 100th day in office, his administration's economic policies have begun to take shape. The latest episode of "In Visible Capital" takes a closer look at what Biden's plans could mean for the private equity and venture capital world, including changes to tax policy, how his infrastructure plan could impact investors, the renewed push for financial regulation and a possible clampdown on the world's tech giants.

Host Adam Lewis takes a closer look at GP stakes investing, which has become an increasingly popular strategy for private equity firms over the past few years but still remains in its infancy. Topics covered include a brief look back at the history of GP stakes deals, how the space has progressed over the past decade-plus and how the future will increasingly focus on the middle market and opportunities outside the United States.

With one year of the pandemic behind us, Alexander Davis sizes up the venture capital market by looking at how dealmaking not only adapted, but roared back to life in terms of capital deployment, VC capital formation and exits and a banner year for initial public offerings by some of the biggest names in the business.Listen in as PitchBook analysts Cameron Stanfill and Joshua Chao share key findings from the Q4 2020 PitchBook-NVCA Venture Monitor report, and the outlook for what’s shaping 2021. We also feature guest commentary from Susan Winter and Devika Patil, both of Silicon Valley Bank, on what the recent data is telling us about the direction of the VC market.

To kick off Season 3 of "In Visible Capital," private equity reporter Adam Lewis takes a closer look at the state of private equity. Topics include PitchBook analysts forecasting SPAC deal activity, discussing the possibility of government regulation for the asset class, predicting private equity fundraising in the near-term, and connecting why corporate carveouts continue to be a reliable investment strategy for investors and a needed source of cash for companies trying to shore up their balance sheets in the wake of the worst of the COVID-19 pandemic.Listen to all of Season 3 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.Download the presentation or report, and watch the full Private Equity Outlook webinar here.

This week's podcast features our recent discussion about race and the evolving role of investors addressing racial inequality. We're resurfacing this conversation because even as Black History Month comes to an end, the hard work to increase diversity in the markets continues.We brought together four professionals to share their expertise on the topic: Lisa Lambert, head of National Grid Partners and former head of the Intel Diversity Fund; Barry Eggers, a founding partner at Lightspeed Venture Partners and current chairman of the National Venture Capital Association; Angela Matheny, director of the diverse asset-manager program at Crewcial Partners; and Cynthia Muller, head of mission-driven investment with the W.K. Kellogg Foundation.Our guests discussed why it's so important from business and equality perspectives for investors to prioritize diversity and inclusion goals in both their own teams and in their portfolios.

In Season 2 of "In Visible Capital," we took a closer look at emerging technology trends during the pandemic with investors, founders, PitchBook analysts and other industry experts. Over several months, we looked at shifts and opportunities across healthcare, foodtech, mobility, the supply chain and more. In this week's episode—the Season 2 finale, sponsored by Gray Scalable—host Lee Gibbs talks with the head of our Emerging Technology Research team, Paul Condra, about the acceleration of infosec, enterprise software and telehealth startups amid COVID-19, as well as what kinds of startups are receiving funding and the overall shift toward later-stage investing.

Global trade is a market worth trillions of dollars—yet up until this point, it's been managed primarily with spreadsheets and emails. This week on In Visible Capital, we talk about the state of the supply chain and how disruptions in the early days of COVID-19 created more space for modernization and innovation industry-wide. To cover these topics, we are joined by Ironspring Managing Partner Ty Findley, CEO of FLEXE Karl Siebrecht and Founder of Global Playground Bruce Leak.

Last week, we talked about the promise of autonomous cars and recent advancements in self-driving technologies. This week, as a continuation of that discussion, we're taking a closer look at the role cities play as stakeholders in mobility and how the pandemic may have impacted our thoughts on movement. To provide their perspective, we are joined by Peter Barrett, founding partner at Playground Global, and Joy Tuffield, partner at Generation Investment Management.

VC funding in mobility hit a new high in 2020 with $8.4 billion invested in the sector, up 33% year-over-year. Within the sector, autonomous vehicles have shown immense promise—attracting funding and exciting investors and entrepreneurs. This week on the "In Visible Capital" podcast, we talk with Joy Tuffield, partner at Generation Investment Management, and Luminar CEO Austin Russell about recent advancements in self-driving cars and the remaining barriers to ubiquity. Along with PitchBook Lead Mobility Tech Analyst Asad Hussain, topics covered include:  The sub-sectors within autonomy, including autonomous software and hardwareOpportunities and roadblocks in the varying approaches to developing autonomous solutions, including partnerships and full-stack  How leaders in the robotaxi industry could radically reshape the world of transportation and lower the cost of transportation in major urban cities 

Food delivery apps and marketplaces have raised $31.3 billion since 2017. Still, the long-term profitability of these low-margin companies remains in question—something that could impact restaurants that are prioritizing takeout and delivery amid COVID-19. In this episode, we chat with REEF Technology’s VP of Corporate Strategy Felix Gonzalez Roson and Creating Culinary Communities’ COO Brad Reynolds about the evolution of foodtech, how ghost kitchens could help address food delivery apps’ remaining barriers and how COVID-era shifts might impact our dining options and experiences into the future. Our guests are also joined by PitchBook emerging technology analyst Alex Frederick, who focuses on foodtech and agtech.

In this extended conversation with Publicis Groupe chief commerce strategy officer Jason Goldberg, we explore the history of grocery shopping in the US, how COVID-19 has fueled massive shifts in the landscape and how established chains are refining their e-commerce operations to meet shoppers where they’re at. The “Retail Geek” also highlights how grocery stores are providing a higher overall percentage of peoples’ calories during the pandemic and the steps these companies are taking to continue doing so after COVID-19 concludes and restaurants begin to reopen. 

Prior to COVID-19, less than 4% of grocery purchases were made online. At the height of the pandemic, that number climbed to 35%. In this episode, we chat with Publicis Group Chief Commerce Strategy Officer Jason Goldberg about how more shoppers than ever are leveraging dark store and digital fulfillment technologies to meet their families’ nutritional needs. Plus, we catch up with PitchBook’s Alex Frederick—a senior analyst on the Emerging Technology team who focuses on food and agricultural tech—about how the pandemic accelerated market adoption of digital grocery shopping by up to a decade overnight. 

At the beginning of 2020, 0.1% of all medical each week were conducted via telemedicine. By late April, the height of COVID-19’s first wave in the US, that number had increased to nearly 14%. In our final episode focusing on health and wellness tech, we’re joined by Dr. Janine Knudsen, a primary care doctor at Bellevue Hospital in New York City, and Activant Capital Founder and Partner Steve Sarracino to discuss advancements in telehealth brought on by the pandemic. Plus, PitchBook Analyst Kaia Colban—an expert in the health and wellness space—highlights some of the challenges that still exist within telemedicine and what its future might hold.

Hangar Capital Managing Partner Josh Mendelsohn joins the show to discuss the possibilities and limitations of digital contact tracing during COVID-19. We’re also joined by Alex Haefner and Matt Harris from Envoy, a workplace management startup whose app has evolved to include a contact tracing feature. Plus, we catch up again with PitchBook Analyst Kaia Colban—an expert in health and wellness tech. For additional reading, check out Kaia’s recent report on how tech companies are helping employers prepare for the safe, effective reopening of their offices. 

Host Lee Gibbs catches up with Harpreet Singh Rai, CEO of sleep tech startup Oura, about everything from the importance of quality sleep as a foundation for optimal health to potential obstacles in the expansion of wearable technologies. Featuring PitchBook Analyst Kaia Colban—an expert on health and wellness technologies across enterprise and retail—topics covered also include COVID-19’s role in the increased demand for health and wellness products and Oura’s partnership with the University of San Francisco to determine if sleep data can help predict symptoms of illness.

Season 2 host Lee Gibbs joins Adam Lewis to kick off Season 2 of In Visible Capital, which takes a closer look at the emerging technology spaces that are shaping how we live during the COVID-19 pandemic and beyond. Click here for more of PitchBook’s reports, analyst notes and emerging technology research.

Our hosts clear their throats from the smoky Pacific Northwest air to wrap up season one with their key takeaways from taking a closer look at how players in the private markets have adapted so far during the pandemic. Stay tuned for season two coming this fall and get in touch with us at podcast@pitchbook.com.

PitchBook analyst and Goldman Sachs alum Nalin Patel joins host Adley Bowden to discuss the resilient state of the European VC ecosystem. Topics discussed include how COVID-19 has caused the work-from-home, healthcare, biotech and pharma 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). Get the full Q2 2020 European Venture report here.

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 "The 2020 SPAC Frenzy," which breaks 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 discussed 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 2Q 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), what type of 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).Click here to watch the full webinar and download the report.Learn more at pitchbook.com.

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 news executive editor Alec Davis and senior financial journalist James Thorne join the program to discuss the US government’s Paycheck Protection Program, which is set to expire August 8. 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 their 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).