eNewsletter no. 541

13 March 2023
   

Toolbox

  Print Newsletter
  Send Newsletter to a Friend
  Download as PDF
 

Dear Reader

The SVB is the first prominent victim of the 2022 hiking cycle. But to be honest, it has nothing to do with venture capital. It’s a huge mismatch of assets and liabilities. Rather short-term deposits quadrupled from $44bn in 2017 to $189bn in 2021. Clients money was increasingly invested in long-daten government bonds and mortgage-backed securities, which lost in market value as yields rose in recent 12 months. SVB clearly did not hedge interest-rate risks. The effect remains systemically limited, especially in Europe. HSBC took over the European arm of SVB for a symbolic amount. 

To follow such an unusual situation, we can advise you to look at the LinkedIn account of SECA. That’s the place where we post daily news.

Have a nice week,
Maurice Pedergnana

 
 
 

SECA

 
   

Invest Europe on Silicon Valley Bank

As the association representing Europe’s private equity, venture capital and infrastructure sectors, Invest Europe notes with concern the collapse, and receivership, of Silicon Valley Bank on March 10, 2023.

 
 

Congratulation! - Invest Europe's 40th anniversary

Have a look at the the special microsite of Invest Europe looking at how private equity and venture capital have changed over the decades, the enormous benefits they bring to the European economy, and what the future might hold for the asset class.

 
 

Invest Europe - Highlights 2022

A summary document of Invest Europe 2022 highlights and achievements across Public Affairs, Industry Data & Research, Communications, Member Events & Training, Industry Standards, Governance & Finance.

 
 

SECA Private Equity Training Sessions

We offer members and non-members a series of eight training courses designed for a wide audience, ranging from newcomers to the private equity business to more established professionals, but also account managers and middle and back-office staff wishing to deepen their knowledge, professionals in finance, banking, insurance and pension funds.

 
 

SECA Breakfast Event: Direct Lending

Wednesday, 15 March 2023, Zurich

With roughly 600'000 SMEs in Switzerland (out of which 90’000 have a yearly financing needs), the market for loans to SMEs is very promising. Join us for this forward-looking event and learn more about this promising asset class.

 
 

SECA Webinar: EIF European Investment Fund

Tuesday, 21 March 2023, 11:00am – 12:00noon CET, online

This webinar will provide you first-hand information and insights about the EIF as the largest European Venture Fund Allocator, its activities, experiences in interaction with venture capitalists and the application process for venture capitalists and funds.

 
 

SECA Seminar: Private Markets

Mittwoch, 22. März 2023, Zürich

Wie funktionieren Investitionen in Privatmarktanlagen? Das SECA Seminar gibt einen Einblick in diese breite, vielfältige Anlageklasse.

 
 

Young SECA Event: Status quo and outlook of startup investments

Tuesday, 28 March 2023, Zürich

This Young SECA event will show you the current situation of startup investments and its implications. In addition, investors from three different perspectives share their views.

 
 

4. SECA Venture Capital Workshop

23. & 24. Juni 2023, Zürich

Der Workshop zeigt auf, was VC im Unterschied zu anderen Assetklassen ist, welches die wichtigsten Marktteilnehmer und deren Geschäftsmodelle sind, wie VC reguliert ist und wie investiert werden kann. Neben diesen Themen dürfen Erfolgsgeschichten aus der jüngsten Vergangenheit aus den Bereichen Innovation, Unternehmertum und VC nicht fehlen.

 
 
 
 

Venture Capital

 
   

PitchBook Analyst Note: Venture Debt as the Market Turns

The struggles of Silicon Valley Bank shook the venture market with the news of the bank’s share sale to cover large losses to its bond portfolio. The bank is one of the largest participants in the venture debt space, providing loans to many startups within the tech and life sciences sectors.

 
 

Swiss Venture Capital Report - Kontinuierliches Wachstum in schwierigem Umfeld: 2022 knapp CHF 4 Milliarden für Schweizer Startups

Die Investitionen in technologiebasierte Jungunternehmen stiegen im vergangenen Jahr um 30 Prozent. Dies zeigt der aktuelle Swiss Venture Capital Report (SVCR), herausgegeben vom Online-Newsportal Startupticker.ch und der Investorenvereinigung SECA in Kooperation mit startup.ch.

 
 

UBS wird globaler strategischer Banken-Partner von Tenity

Der Startup Incubator und Accelerator Tenity (früher bekannt unter dem Namen F10) und UBS sind eine strategische Partnerschaft eingegangen. Gleichzeitig investiert UBS Next in den Tenity Incubation Fund.

 
 

Relai on a Roll: $4.5M funding and Bitcoin platform expansion

Redalpine is delighted to share that their portfolio company Relai (Redalpine Capital IV) has closed a $4.5M funding round led by Jeff Booth's ego death capital, a prominent US-based Bitcoin-dedicated investor. After leading Relai’s previous round in 2021, Redalpine is impressed by the company's progress and thrilled to join the latest funding round alongside new co-investors Timechain, Cabrit Capital, and Lightning Ventures.

 
 

Eine neue VC-Agenda für Deutschland und Europa

Warum wir privates Wachstumskapital mobilisieren müssen und wie wir das schaffen

In dieser Studie zeigen wir die weiterhin grossen Hürden, die den Zugang zu Wagniskapital behindern, darunter einen Mangel an privatem Kapital von institutionellen Investoren, international nicht wettbewerbsfähige rechtliche Rahmenbedingungen und mangelnde Teilhabemöglichkeiten für Start-up-Mitarbeiter/innen und Bürger/innen an der Wertschöpfung von Start-ups und jungen Unternehmen.

 
 

SICTIC Investment Report 2023

The SICTIC Investment Report 2023 sheds light on our activities in the year 2022, and highlights the significant impact we have on the Swiss startup ecosystem. Based on a survey of more than 300 investors and founders, the report offers insights into the latest trends in early-stage investing in Switzerland.

 
 

Launch of New Fund of Funds to Support European Tech Champions

Five EU Member States and the European Investment Bank Group (European Investment Bank, European Investment Fund) have signed the European Tech Champions Initiative (ETCI) mandate, a Fund of Funds that will channel much-needed late-stage growth capital to promising European innovators.

 
 

European VC Valuations Report

Valuations for European venture-backed companies remained relatively unscathed last year, but signs point to a decline on the horizon. The 2022 Annual European VC Valuations Report showcases the key valuation trends across stages, sectors, and geographies.

 
 

US VC Valuations Report

The 2022 Annual US VC Valuations report, sponsored by Morgan Stanley at Work and Reitler, has all the figures and charts to make sense of the year.

 
 

Innovation Momentum Report 2023

Who are the Top 100 companies with the most innovation momentum? See the global list and learn more about how the unique methodology behind Innovation Momentum 2023: The Global Top 100–an intellectual property report from LexisNexis–unveils true technology leaders.

 
 

EY Entrepreneur Of The Year 2023

Sind Sie eine Unternehmerpersönlichkeit mit einer visionären Sichtweise, die Märkte und Menschen positiv beeinflusst? Dann heissen wir Sie herzlich willkommen beim EY Entrepreneur Of The Year™ – einem Programm, das weit mehr ist als ein Award. Diese weltweit grösste Community für Unternehmerinnen und Unternehmer ist eine Bewegung, die Ihnen die Möglichkeit bietet, Kontakte zu anderen erfolgreichen Entrepreneurs zu knüpfen und wertvolle Erkenntnisse mit diesen auszutauschen.

 
 

Recolony wins CHF 150,000 to advance a revolutionary cancer immunotherapy

Recolony is developing a therapy that aims to regenerate the intestinal microbiota of cancer patients to trigger a potent anti-tumor immune response. The bacteria-based treatment promises to be more effective than current immunotherapies and could also have preventative functions. The startup was awarded CHF 150,000 by Venture Kick, winning the third stage of the program.

 
 

Swiss National Startup Team 2023: 10 technology startups selected to showcase Swiss innovation in Silicon Valley

An expert jury chose ten promising technology startups to join the Swiss National Startup Team 2023. As Venture Leaders Technology, the startups’ founders will go on a roadshow in Silicon Valley in April, where they will connect with investors and industry experts, expanding their network and presence on the international stage. The Venture Leaders Technology 2023 program is organized by Venturelab with the support of ETH Zurich, EPF Lausanne, Kellerhals Carrard, Rothschild & Co, the Canton of Vaud, and the Canton of Zurich.

 
 

Successful IPO of HBM portfolio company Mineralys Therapeutics

Mineralys Therapeutics (Nasdaq: MLYS), a previously private company in the portfolio of HBM Healthcare Investments, successfully completed its IPO. The company placed 12 million new shares at a price of USD 16.00 per share, raising USD 192 million in new capital. On the first day of trading, the share price rose to USD 18.44 (+15.25%).

 
 

Eine Milliarde für Zukunftstechnologien im Deep-Tech-Bereich

DeepTech & Climate Fonds startet sein operatives Geschäft mit Elisabeth Schrey als weitere Geschäftsführerin.

 
 

Swiss Venture Insights – February 2023

The month of February registered an increase compared to the previous month and a decrease compared to February 2022. There were two major rounds this month – Taurs raised CHF 60 million and wefox raised CHF 50 million.

 
 

Romanian Venture Report 2022

The sustained growth in transaction volume involving Romanian startups comes as an interesting plot twist in a blurry 2022, considering the turmoil hovering over the global tech scene starting with the year’s second half.

 
 

The Golden Aurora 2023 for Europe‘s Female Angel Investor of the Year 2023!

Business Angels Europe (BAE) and Business Angels Deutschland e.V. (BAND) will be awarding the prestigious "Golden Aurora" prize for Europe's Female Angel Investor of the Year 2023. The winner of this award will serve as an ambassador for female angel investing in Europe, with the aim of encouraging more women to become angel investors. We encourage everyone to nominate exceptional female angel investors, as they play an important role in promoting diversity and inclusivity in the start-up ecosystem.

 
 

Business Angel Report 2023: 10.925 aktive Business Angels in Deutschland

Mit neuen Zahlen, die sich auf den Zeitraum des 2. Halbjahres 2019 bis Ende 2022 beziehen, belegt der Business Angel Report 2023, dass Business Angels die zahlenmässig weitaus grste Start-up Investorengruppe in Deutschland ist.

 
 
 
 

Private Equity – Swiss News

 
   

LPX Listed Private Equity-Barometer Februar 2023

Der LPX50-Index stieg im laufenden Jahr um 12,81% und im vergangenen Monat um 2,11%. Zu den Spitzenreitern im Index gehörten bisher die britische Intermediate Capital Group (+25,70%) und die US-amerikanische KKR (+23,0%).

 
 

INVISION unterstützt Cygna Labs bei der Übernahme des DDI-Geschäftsbereichs der NCC Group

Cygna Labs, ein führendes Softwareunternehmen für Compliance- und Cloud-Security Lösungen, übernimmt das DDI-Geschäft der NCC Group. Cygna Labs wird dabei von der Private-Equity-Gesellschaft INVISION unterstützt, die eine Mehrheitsbeteiligung an dem Unternehmen hält.

 
 

W&W übernimmt die Immobilienverwaltungsplattform Fairwalter

Die W&W Immo Informatik AG erwirbt die Immobilienplattform Fairwalter. Die web-basierte Software-Applikation deckt die Kernfunktionen der administrativen, kaufmännischen und technischen Bewirtschaftung ab. Mit der Akquisition erweitert W&W insbesondere ihr Angebot für private Vermieter und kleine Verwaltungen.

 
 

Capital Dynamics Completes Exit of Third Clean Energy Fund with Sale of 27.5MW Onshore Wind Portfolio

We are pleased to announce that Capital Dynamics has completed the realization of Capital Dynamics Clean Energy and Infrastructure III LP (“CEI III”), the platform’s inaugural European-only renewables fund focused on delivering a specialized and value-add strategy for its investors. 

 
 

Muzinich & Co. gibt das finale Closing des Muzinich Pan-European Private Debt II Fund in Höhe von 800 Millionen Euro bekannt

Muzinich & Co. gibt das Closing des Muzinich Pan-European Private Debt Fund II in Höhe von 800 Millionen Euro bekannt. Der Fonds bietet massgeschneiderte, flexible Fremdkapitallösungen für Unternehmen im unteren Mittelstandssegment in ganz Europa und im Vereinigten Königreich an.

 
 
 
 

Private Equity – Int. News

 
   

Moonfare Raises $15M Extension of Series C Financing

Moonfare, a Berlin, Germany-based provider of a digital private equity investment platform, has capped the extension of its Series C financing round at c.a. $15m. This brings the total capital raised in the Series C funding round to over $130m from Insight Partners. With the extension of the Series C financing round, 7 Global Capital joined as an investor.

 
 

Mutares successfully completes acquisition of Peugeot Motocycles

Mutares SE & Co. KGaA announced that it has successfully completed the acquisition of 50% equity and a controlling stake of 80% in Peugeot Motocycles (PMTC) from Mahindra & Mahindra (M&M). M&M will remain a co-shareholder to support new product launches and the strong growth expected in the coming years.

 
 

Global Private Equity Report 2023

The first six months resembled 2021: incredible numbers of deals, lots of exits, and substantial funds committed to the chase for the next five years. Then came the Federal Reserve’s rate hike in June. That move—and those that followed globally—signified the end of cheap debt in buyout markets and raised strong concerns about persistent inflation.

 
 

5th Pan-European PE Survey

IPEM’s fifth annual Private Equity survey acts as a litmus test for the industry, and here European GPs give their views on the road ahead. In total, 188 interviews were completed by the CSA Institute on behalf of IPEM from 28th November 2022 to 2nd January 2023 with the support of PE’s 14 national associations in Europe. The data was analysed in collaboration with AlixPartners, IPEM’s principal knowledge partner.

 
 

Healthcare Services Report

The Q4 2022 Healthcare Services Report breaks down recent PE trends, investment strategies and key regulatory developments in the healthcare services market.

 
 

Equistone portfolio company Andra Tech Group continues expansion: acquisition of Dutch metal specialist DKH Metaalbewerking

Andra Tech Group, a leading group of companies focused on the manufacture of precision mechanical components, successfully completed its second acquisition under Equistone’s ownership.

 
 

How democratisation is revolutionising private assets

The investor base for private assets is broadening. We explain how private investors entering the market will change the landscape.

 
 

Outlook 2023, Private assets: three areas of focus in challenging times

2023 is set to be difficult. We outline three things private asset investors can focus on to maximise resilience and optimise long-term return potential.

 
 
 
 

Corporate Finance

 
   

26th Annual Global CEO Survey

Was beschäftigt uns CEOs derzeit und was hält uns im Jahr 2023 auf Trab? Diese und ähnliche Fragen haben wir in unserer «26th Annual Global CEO Survey» CEOs weltweit gestellt.

 
 

Valuation Market Essentials Switzerland - what key highlights did we observe in Q4 2022?

In times of economic turbulences, we deem monitoring the developments of the most recent market data to be crucial to understand their impact on the key parameters used in corporate valuations. In our quarterly publication Valuation – Market Essentials Switzerland we present the key highlights of the most recent market developments.

 
 

Trend-Compendium 2050: Diese Megatrends bestimmen die nächsten Jahrzente

Das Compendium behandelt sechs Megatrends, die unsere Welt bis 2050 verändern werden. Sie beziehen sich auf wirtschaftliche Faktoren genauso wie auf gesellschaftliche, umweltpolitische, technologische und geopolitische Veränderungen.

 
 

Electricity: managing risk in difficult times

The energy market is experiencing difficult conditions, with price levels and price fluctuations such as have never been seen before. This poses major challenges, not only for producers and consumers but also for the risk management and accounting of energy companies. At the same time, the energy market follows its own laws, and the Swiss electricity infrastructure is part of an extremely dynamic international network whose stability must be guaranteed at all times. But how does the electricity market actually work?

 
 

IPO-Newsletter Q4 2022

In einem anspruchsvollen und volatilen Marktumfeld fiel die Emissionsaktivität in Europa und Nordamerika mit Rückgängen im hohen zweistellen Prozentbereich deutlich unter den Vorjahreswerten aus. Die SIX Swiss Exchange verzeichnete im vierten Quartal 2022 drei Börsengänge durch die Ausgabe von Global Depository Receipts (GDRs). Neben dem einzigen "echten" IPO von EPIC Suisse gab es in der Schweiz im Jahr 2022 gemäss Dr. Andreas Neumann, Leiter Equity Capital Markets der Zürcher Kantonalbank, damit neun Börsengänge durch die Ausgabe von GDRs, zwei Listings, einen Reverse Takeover und ein Spin-off.

 
 

The 100 Biggest Public Companies in the World

This infographic shows the biggest companies in the world, using data from Companiesmarketcap.com. Despite the tech downturn of 2022—driven by rising interest rates and slower sales—Apple maintained its top spot. This was largely thanks to record revenues and healthy consumer demand for iPhones, which drive about half of its total revenue.

 
 
 
 

Mergers & Acquisitions

 
   

Emerging Europe M&A Report 2022/2023

The year 2022 started with various challenges, including rising inflation and energy prices. Then the Russian invasion of Ukraine added yet another one. Nonetheless, the M&A market in emerging European countries proved to be extremely resilient. The region saw M&A activity maintain a steady pace, though deal values were notably lower. Also, variations could be observed across territories and sectors. While 2022 brought a unique set of challenges, dealmaking largely compared favourably to pre-pandemic levels.

 
 

M&A Monitor Februar 2023

Mit dem Monitor, stellen wir Ihnen Daten und Trends aus H2-2022 für Unternehmen aus der DACH-Region, mit einem Umsatz von € 1 Millionen bis € 50 Millionen, zur Verfügung.

 
 

Global M&A Report

The 2022 Annual Global M&A Report, sponsored by Liberty GTS, breaks down last year's trends by region and sector and explores the forces likely to shape the market in the months to come.
 

 
 
 
 

Study of the Week

 
   

FinTech in der Schweiz: zurück auf Wachstumskurs

Nach einem Rückgang im Jahr 2021 ist der Schweizer FinTech-Sektor im Jahr 2022 wieder gewachsen. Einblicke in den dynamischen Finanztechnologie-Markt geben die Ergebnisse der diesjährigen FinTech-Studie der Hochschule Luzern.

 
 
 
 

Jobs

 
   

How to publish a job ad

On this place your Job ad could be published.

If you are interested please send an e-mail with your job ad, the company logo and a short description about the Job and/or the Company to info@seca.ch.

  • for SECA Full Members
    free of charge
  • for SECA Associate and Individual Members
    CHF 100.- / 2 editions
  • for Non-Members CHF 200.- / 2 Weeks
 
 
 
 

Agenda

 
   

Upcoming SECA Events

More information in due time or on www.seca.ch.

 
 

Fachkurs Sustainable Finance

Hochschule Luzern - Wirtschaft, IFZ, Rotkreuz

Nachhaltigkeit nach neuestem Standard umsetzen - Im kompakten und praxisorientierten Fachkurs erlangen Sie ein fundiertes Grundwissen zum Thema Sustainable Finance in der Schweiz für das Tagesgeschäft. Der Kurs umfasst die Aus- und Weiterbildungsanforderungen aus den Nachhaltigkeitsrichtlinien des SBVg vom Juni 2022 vollumfänglich. SECA-Mitglider profitieren von einem Rabatt. Schreiben Sie an info@seca.ch.

 
 

Alpha Associates Breakfast Event

22 March 2023, Zürich

Unsere Spezialisten werden Sie auf den neuesten Stand der rechtlichen Rahmenbedingungen in Bezug auf Wirkungsmessung und Klassifizierung bringen sowie die praktische Anwendung von Impact Investing anhand von Private Equity Investitionen aufzeigen.

 
 

0100 Conference Europe

28-30 March 2023, Amsterdam

In cooperation with the city of Amsterdam, 0100 Conferences brings a 3-day global event for the private equity and venture capital industry with 450+ Europe’s leading LPs and GPs to Amsterdam in March of 2023!

 
 

State of the Private Equity Industry

30 March, 2023, Zurich

You are invited to an evening conference about private equity, hosted by the INSEAD Private Equity Club (IPEC) on 30 March 2023 in Zurich. 

 
 

Innovationen im KMU-Umfeld - So geht Innovationsförderung

3. April 2023, Zug/Rotkreuz

Egal ob etabliertes KMU oder kürzlich gegründetes Startup - Innovationen sind über alle Branchen und Unternehmensgrössen hinweg wichtig und tragen deutlich zum Wettbewerbsvorteil bei. Dies hat auch die Innovationsförderung Innosuisse verstanden und fördert daher innovative Ideen bzw. Unternehmen. Erfahren Sie an diesem Anlass, wie auch Sie von den Fördermitteln profitieren können.

 
 

Swiss Biotech Day

24-25 April 2023, Congress Center Basel

The Swiss Biotech Day has become one of the leading biotechnology conferences in Europe and a fixed date in the community’s calendar. In 2023, the Swiss Biotech Day will again offer high-level experts from the life science industry the space to network, discuss and discover trends in R&D, manufacturing, data management, artificial intelligence and innovative financing over one and a half days.

 
 

BAI Alternative Investor Conference 2023 (BAI AIC)

24-26 April 2023, Kap Europa, Frankfurt-Main

Wir bieten den Teilnehmern ein abwechslungsreiches Programm mit hochaktuellen und kurzweiligen Vorträgen und Paneldiskussionen. Fachvorträge und Paneldiskussionen u.a. aus den Bereichen Risikomanagement, Controlling & Performancemessung illiquider Alternatives, Inflation, steigende Zinsen und Rezessions-Szenarios, ESG: Impact Investing – Chance für die Private Markets, sowie Diversifikation über geostrategische Investitionen.

 
 

Life Science Zurich Impact Conference

23 May 2023, Technopark, Zurich

This year's conference will focus on "Data for Health," exploring the latest trends and insights in the use of big data and digitalization to transform healthcare. The conference will feature a pitch competition by 10 carefully selected MedTech startups, one-to-one partner meetings, an industry exhibition, and a dedicated investor track.

 
 

SuperReturn International

6–9 June 2023, InterContinental Hotel, Berlin

Attend the 26th annual SuperReturn International to network with the world's leading names in private capital. Get the inside track on innovation, ESG, growth, private debt, value, regeneration and return.

 
 
 
 

Editor

 
   

Editor

The SECA eNewsletter is a free online newsletter published by Maurice Pedergnana, Managing Director of the SECA Swiss Private Equity & Corporate Finance Association, received by more than 4'000 email addresses. More information: www.seca.ch or +41 41 757 67 77 (Andrea Villiger). The eNewsletter archive service is available for SECA members.

 
 
 
 

© 2024 SECA

powered by endurit gmbh