With clarity, ApeVue expects that SVB’s loans deemed “more sensitive to market correction,” those being Early Stage (3%), Growth Stage (6%), and Innovation C&I (12%), had a profound impact on assurances of repayment. In our view these hold substantial duration risk, given the counterparties are typically beholden to markets for when they can next raise or structure new capital deals.
2022 was a year of immense change in private markets. How will 2023 fare in comparison?
Some managers continue to ignore the private market’s equity fallout YTD of -34.19% through November, as tracked by the ApeVue50 index of the 50 most active unicorns in the secondary market. Most managers with whom ApeVue has spoken are either already remarking, or are in the process of evaluating their valuations coming into year end.
Unlike in the public markets, valuations of so-called ‘unicorn’ start-ups might only be updated following funding rounds. What if investors want insights more frequently?
Private secondary markets continued to decline slightly in October according to ApeVue, as private firms face uncertain economic outlook and capital constraints.
Stocks of private companies far outpaced public equities last month, according to ApeVue, the first independent, daily pricing data service for unicorn stocks. Amid a weak year in public markets, the 50 most active private companies in the institutional market, including well known brands like Stripe, Impossible Foods and Klarna, lost 30.61% for investors up until October 1st.
Secondary activity shows continued sell-offs in August says ApeVue, continuing a rocky summer for venture backed startups. Investor appetite for new positions slows significantly as public market woes continue to impact the private sector. August saw a decrease in overall activity, likely to pick back up as the fall approaches.
Owlin, the acclaimed AI-based news analytics platform, and ApeVue, the global leader in market-based pricing data for private stocks, today announced they will offer select insights across both of their data platforms to better service private capital markets customers. Through the partnership, ApeVue’s daily pricing service will incorporate Owlin’s news content on private companies, providing customers with another source of market context for ApeVue’s unique dataset.
The presence of buyers and trades in July draws allusions to the daring stepping up to catch a falling knife. For those with the gumption to call the bottom here and be shrewd enough to confidently see the other side, we hope ApeVue data have helped. For the bears who are betting on furthering declines ApeVue sheds light on, perhaps the tempered volatility of July is more of a seasonal lull.
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