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With all the broad market volatility combined with tariff fears, many are expecting the bubble to burst. It’s not surprising that roughly half of LPs are preparing for the next downturn, according to a study from Coller Capital. Fifty-three percent of investors are adjusting their investment strategies or asset allocations as a precaution for the next bust, Coller Capital's Global Private Equity Barometer said.
 
LPs may be preparing but they are also very optimistic. About two-thirds, or 70 percent, of investors expect private equity-backed companies to outperform businesses without PE backing, Coller said. In fact, very few LPs think PE-backed companies will perform worse during the next downturn. Three quarters of PE investors think the large number of unicorns suggest we are approaching, or have already returned to, an era reminiscent of the dot.com bubble, Coller said.
 
Coller interviewed 110 PE investors from around the world to produce the report.
 
Frozen out? Wow, Hubsters, you really responded to yesterday's column about the #metoo backlash. I plan to include your comments in tomorrow's newsletter. Keep sending your insights to me at lbeltran@buyoutsinsider.com.
 
Private equity loves sports. Yesterday, the NHL approved Seattle as the league's 32nd franchise. David Bonderman's Seattle Hockey Partners will own the unnamed team. Also investing are Hollywood producer Jerry Bruckheimer and longtime sports executive Tod Leiweke, according to PitchBook. Read our brief here.
 
The race to buy minority stakes continues but this time it's with a venture capital firm. Goldman Sachs's Petershill is buying a chunk of General Catalyst for $200 million, according to the Wall Street Journal. Goldman will not influence the VC's day-to-day operations, the story said. See our brief here.
 
Funds: Ares Management said its ninth U.S. real estate fund closed on about $1.04 billion. Check out our brief here.
 
Chris has a story on CenterOak Partners, a spinout from Brazos Private Equity, which is in market with its second fund. Find out how much the firm is targeting here.
 
New Jersey State Investment Council approved $275 million in private equity commitments at its November meeting, backing TPG’s second social-impact fund and a middle-market consumer fund, Dietrich Knauth is reporting.
 
News from Buyouts Insider/VCJ: Sarah Pringle is reporting that Audax Group is nearing a deal to acquire Phoenix Rehabilitation and Health Services from 3 Rivers Capital. Check out her story here.
 
I have a story about C.J. Foods, the pet food maker owned by J.H. Whitney, which is finally up for sale. Lazard is advising. Find out how much they are seeking here.
 
Active LPs: New Mexico State Investment Council does not like to miss opportunities to invest with its preferred managers. The fund is committing $100 million to Blackstone Group’s ninth real estate fund, Preeti Singh says.
 
That’s it for me. Email any tips, complaints or comments to lbeltran@buyoutsinsider.com

Who's the best: Buyouts is now accepting nominations for its 19th annual Deal of the Year awards, honoring exceptional buyouts that were fully or mostly realized in 2018. The deadline for submissions is Friday Feb. 22, 2019, but there’s no time like the present to apply. We’re also adding a new category this year, secondaries of the year, to recognize the top transaction relating to the sale of LP stakes, GP-led liquidity process, secondary-led spinout or some combination of all three.
 
Don’t miss this opportunity to be recognized by the editors of Buyouts for your outstanding work in 2018. Send Chris your submissions at cwitkowsky@buyoutsinsider.com.
 
Winners will be selected in six categories:
 
·         Deal of the year
·         Large market deal of the year
·         Middle market deal of the year
·         Small market deal of the year
·         Turnaround of the year
·         Secondaries of the year
·         International deal of the year
 
EMAIL ALERTS: Did you know that you can sign up for email alerts from Buyouts, VCJ and Active LPs even if you’re not a subscriber? Check out all of our FREE email alerts here.

Now is the time, ad placement deadline approaching! The Buyouts Year in Review issue is data-packed with over 80 pages of league tables and kept as a reference by our subscribers for years. Showcase your 2018 success in the biggest issue of the year. Contact Bob Raidt at rraidt@buyoutsinsider.com or by phone at 646-356-4501 to learn more. 

 
Today's  Take  

PE HUB First Read

First Read ushers in the day with news that Hellman & Friedman makes a $1.8 billion bid to acquire New Zealand's Trade Me Group, the White House backs off privatizing the U.S. Postal Service, and NYC becomes the first city to set a minimum wage for Uber and Lyft drivers.
Read more...  

PE HUB Second Opinion

In Second Opinion, Hulu is set to top 23 million subscribers by the end of the year, Thomson Reuters will be cutting 3,200 jobs by 2020 and the stock market tumbles over 700 points as investors' fears about the U.S-China truce return.
Read more...  

PE HUB Wire Highlights, 12.4.18

SEC slaps once high-flying BDC manager Fifth Street; Why regulatory due diligence is essential in healthcare PE deals; Wall Street freezes out women in #metoo backlash
Read more...  

Brazos spinout CenterOak launches sophomore fund

CenterOak Partners, a spinout from Brazos Private Equity, is in market with its second fund, targeting around $700 million, three sources told Buyouts. Whether CenterOak is using a placement agent is unclear. The firm worked with Credit Suisse on its debut fundraising. CenterOak closed Fund I on $420 million in 2016. A spokesman for CenterOak […]
Read more...  

J.H. Whitney seeks buyer for C.J. Foods

J.H. Whitney, one of the oldest private equity firms, has put C.J. Foods up for sale, three sources said. Lazard is advising on the sale, the people said. Founded in 1985, C.J. Foods is the Bern, Kansas, maker of specialty dry pet food and treats for U.S. super-premium brands. In April, C.J. acquired Lortscher Animal Nutrition, […]
Read more...  

Audax nears deal for 3 Rivers’ Phoenix Rehab

Audax Group is nearing a deal to acquire Phoenix Rehabilitation and Health Services from 3 Rivers Capital, according to four sources. The expected deal would conclude a Cain Brothers-run sales process for the Blairsville, Pennsylvania, network of outpatient physical and occupational therapy clinics. Phoenix Rehab produces adjusted Ebitda just south of $10 million, sources said […]
Read more...  

New Jersey commits to TPG Rise Fund II, TSG consumer fund

New Jersey State Investment Council approved $275 million in private equity commitments at its November meeting, backing TPG’s second social-impact fund and a middle-market consumer fund. The $79.4 billion state pension system committed up to $125 million to Rise Fund II, which is part of the TPG Growth platform. Rise Fund, which has a $3.5 […]
Read more...  

IVP’s Jules Maltz on the qualities to look for in a CEO

With IVP’s late-November investment in Deputy, the firm has invested in 15 companies in 2018. That ranks as a busy year for the late-stage investor. The firm backed 10 companies last year and eight in 2016. In addition, IVP, which last year raised $1.5 billion for its 16th and largest fund, reports that its portfolio […]
Read more...  

SoftBank Vision Fund closes in on $100 bln

SoftBank’s Vision Fund added another $5.4 billion to its coffers and signed up an additional six LPs over the past 18 months, the company announced in a regulatory filing. The Vision Fund has now grown to $98,582,800,000, according to the filing with the Securities and Exchange Commission. When it launched in May 2017, the fund […]
Read more...  

New Jersey commits to TPG Rise Fund II, TSG consumer fund

New Jersey State Investment Council approved $275 million in private equity commitments at its November meeting, backing TPG’s second social-impact fund and a middle-market consumer fund. The $79.4 billion state pension system committed up to $125 million to Rise Fund II, which is part of the TPG Growth platform. Rise Fund, which has a $3.5 […]
Read more...  

New Mexico reaches into 2019 pot to ensure space in Blackstone real estate megapool

New Mexico State Investment Council does not like to miss opportunities to invest with its preferred managers. The fund at its Nov. 29 meeting committed $100 million to Blackstone Group’s ninth real estate fund, making the allocation early out of its 2019 target. The sovereign fund had already used up its 2018 allocation target, Jack […]
Read more...  

New Jersey commits to TPG Rise Fund II, TSG consumer fund

New Jersey State Investment Council approved $275 million in private equity commitments at its November meeting, backing TPG’s second social-impact fund and a middle-market consumer fund. The $79.4 billion state pension system committed up to $125 million to Rise Fund II, which is part of the TPG Growth platform. Rise Fund, which has a $3.5 […]
Read more...  

IMPERIAL CAPITAL, LLC
15TH ANNUAL SECURITY INVESTOR CONFERENCES
December 11-12, 2018
InterContinental Barclay New York
  • 65+ public and private companies presenting to an audience 400+ attendees
  • Opportunity to set one-on-one meetings with senior management teams
  • Featured keynote speakers providing the latest information in the security industry

SIC 2018 PRESENTERS

WWW.IMPERIALCAPITAL-SIC.COM

SIC is the premier industry gathering connecting the world’s leading security companies with an audience of key investors and business leaders.


 
pehw_66x25_VC.jpg pehw_66x25_PE.jpg pehw_49x25_IPOs.jpg pehw_49x25_M%26A.jpg pehw_94x25_firms.jpg pehw_110x25_HR.jpg pehw_83x25_odds.jpg

VC Deals 

 
 

Mobile education platform nets $47 mln Series B

Austin, Texas-based Aceable, a mobile education platform, has raised $47 million in Series B funding. Sageview Capital led the round. In conjunction with the funding, Dean Nelson and Mike McClure of Sageview Capital will join Aceable's board of directors.
Read more...  

Providence Ventures backs Trilliant Health

Brentwood, Tennessee-based Trilliant Health, a healthcare analytics and growth company focused on intelligent patient acquisition for hospitals and healthcare providers, has secured additional funding from Providence Ventures. No financial terms were disclosed. Trilliant's other backers include Noro-Moseley Partners, Martin Ventures, Nashville Capital Network and NueCura Partners.
Read more...  

NFP Ventures funds Indio Technologies

Indio Technologies Inc., a management software platform for property and casualty insurance providers, has raised funding from NFP Ventures, an early-stage investment arm of NFP. No financial terms were disclosed.
Read more...  

Enzyme Health locks in $1.7 mln in Silverton-led round

Austin-based Enzyme Health, a recruiting marketplace for clinical telehealth jobs, has raised $1.7 million in seed funding. Silverton Partners led the round.
Read more...  

Matrix Partners leads Series A round for Fivetran

Oakland, California-based Fivetran, which is "redefining data pipelines," has raised $15 million in Series A funding. Matrix Partners led the round.
Read more...  

Ultrahaptics fetches $45 mln Series C

Ultrahaptics, a mid-air haptics technology company, has secured $45 million in Series C funding. Mayfair Equity Partners led the round with participation from other investors that included Hostplus, IP Group plc, Woodford Investment, Cornes and Dolby Family Ventures.
Read more...  

Ping An-backed Lufax raises $1.3 billion at lower valuation, say sources: Reuters

Ping An-backed Lufax has raised $1.33 billion in its latest funding round from a dozen investors, at a valuation below expectations of the financial technology company, people with direct knowledge of the matter told Reuters.
Read more...  

ROAM takes in $2.1 mln

Boulder, Colorado-based ROAM, a next-generation adventure network, has secured $2.1 million in funding. The investors were Advancit Capital, SUSA, WndrCo, TackVC and Imagination Capital.
Read more...  

SnapTravel inks $21.2 mln Series A

SnapTravel, a message-driven commerce and travel assistant, has raised $21.2 million in Series A funding. The investors included Telstra Ventures and NBA player Stephen Curry.
Read more...  

FortressIQ scores $12 mln Series A

FortressIQ, a creator of a cognitive automation platform, has raised $12 million in Series A financing. The investor was Lightspeed Venture Partners.
Read more...  

Origin Ventures leads Series A round for 15Five

15Five, a continuous performance management solution that helps employees grow and develop in just 15 minutes each week, has raised $8.2 million in Series A funding. Origin Ventures led the round with participation from New Ground Ventures, Chaifetz Group, Jason Calacanis’s LAUNCH Fund and Matrix Partners.
Read more...  

Lumeon picks up $28 mln

Boston-based Lumeon, a provider of a path careway management platform, has secured $28 million in funding. LSP led the round.
Read more...  

FreeWire Technologies procures $15 mln Series A

FreeWire Technologies, a provider of flexible and future-proof power solutions for the grid edge, has raised $15 million in Series A financing. BP Ventures led the round with participation from other investors that included Volvo Cars Tech Fund, Stanley Ventures, Blue Bear Capital, Oski Clean Energy Partners, Strawberry Creek Ventures, Spike Ventures and TRIREC.
Read more...  

Digital fitness company Freeletics nabs $45 mln Series A

Freeletics, a digital fitness company, has secured $45 million in Series A funding. FitLab, Causeway Media Partners and JAZZ Venture Partners led the round with participation from Courtside Ventures, Elysian Park Ventures, ward.ventures and Tony Robbins.
Read more...  

Codasip pulls in $10 mln Series A

Codasip GmbH, a provider of RISC-V embedded processor IP, has raised $10 million in Series A funding. The investors included Ventech Capital, Shenzhen Capital Group Co., Paua Ventures and Western Digital.
Read more...  
Mark Your Calendars!
PartnerConnect Event's 2019 Calendar is here!


PartnerConnect LP-GP Outlook- January 22nd, NYC
PartnerConnect East- March 25-27th, Boston
PartnerConnect Family Office & Independent Sponsor Spring- May 21-22nd, NYC
PartnerConnect Midwest- June 22-26th, Chicago
Emerging Manager Connect East- July 23rd, NYC
PartnerConnect West- September 23-25th, San Francisco
 PartnerConnect Family Office & Independent Sponsor Fall- October 29-30th, NYC
PartnerConnect Texas- December 9-11th, Dallas
PE Deals sponsored by  
 
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Goldman Petershill to buy minority of General Catalyst: Wall Street Journal

Goldman Sachs’ Petershill unit is buying a minority stake of General Catalyst for $200 million, the Wall Street Journal reported. The stake is in the high-single digits and entitles Petershill to a portion of the VC’s profits that it generates through carried interest and management fees, the story said. However, Goldman will not have influence over the firm’s operations or special access to portfolio company information, the WSJ said.
Read more...  

CITIC Capital Japan closes Nippon Oil Pump buy

CITIC Capital Japan Partners, the Japanese buyout arm of CITIC Capital, has closed its buy of Nippon Oil Pump Co Ltd. Financial terms weren’t announced. Nippon Oil makes internal gear pumps.
Read more...  

Vagaro raises $63 mln

Vagaro said Dec. 5 that it raised a $63 million growth round led by FTV Capital. Vagaro, of Dublin, California, provides a management platform for the salon, spa and fitness industry.
Read more...  

Versa closes sale of Bell and Howell to WestView

Versa Capital Management closed the sale of Bell and Howell, which provides technology services to enhance ecommerce experiences, to WestView Capital Partners. Versa acquired Bell and Howell in 2011 and last year sold two of the company's divisions.
Read more...  

New Zealand’s Trade Me Group gets $1.8 billion buyout offer from U.S. private equity firm: Reuters

New Zealand’s e-commerce leader Trade Me Group (TME.NZ) on Wednesday received a NZ$2.56 billion ($1.77 billion) takeover offer from a U.S.-based private equity firm, a higher bid than one from a London-based counterpart last month, Reuters reported.
Read more...  

Abry invests in U.S. Legal Support

Abry Partners has made a "significant" investment in U.S. Legal Support Inc, a provider of litigation support services. No financial terms were disclosed. Deloitte Corporate Finance LLC was financial adviser to U.S. Legal Support with Moore & Van Allen PLLC providing legal advice. And, Kirkland & Ellis LLP advised Abry.
Read more...  

Audax-backed TPC Wire & Cable Corp buys Milrail

TPC Wire & Cable Corp, which is backed by Audax Private Equity, has acquired Quebec-based Milrail Inc, a supplier of wire, cable and cable assemblies for OEM applications in the transit, military, rail and marine sectors. No financial terms were disclosed.
Read more...  

OpenGate acquires Fichet

OpenGate has acquired a "non-core division" of Gunnebo Group and renamed the business Fichet Security Solutions. No financial terms were disclosed. Based in France, Belgium and Luxembourg, Fichet is a provider of security products, services and solutions.
Read more...  

NordLB stake sale delayed; talks with Cerberus, Apollo continue, says source: Reuters

The sale of a stake in German public-sector bank NordLB is facing delays as bidders Cerberus and Apollo (APO.N) were asked to elaborate on their offers, sources told Reuters.
Read more...  

NRD Capital backs Altitude Trampoline Park

NRD Capital has made an investment in Dallas-based Altitude Trampoline Park, an indoor adventure park. No financial terms were disclosed.
Read more...  

Rubicon invests in Tendril

Rubicon Technology Partners has made a majority investment in Colorado-based Tendril, a provider of home energy management solutions to the utility industry. No financial terms were disclosed. Morgan Stanley Alternative Investments and ZOMA Capital joined Rubicon with minority investments. Canaccord Genuity was the financial adviser to Tendril on the transaction.
Read more...  

IPC acquires Coker Group

Irving Place Capital has acquired Coker Group, which consists of Coker Tire, Wheel Vintiques, Universal Vintage Tire, Phoenix Race Tires, Specialty Wheel and Roadster Wire Wheel brands. No financial terms were disclosed for the acquisition that was done in partnership with Coke President and CEO Wade Kawasaki and the current Coker Group leadership team. Tennessee-based Coker Tire Company is a maker of collector vehicle tires and motorcycle tires.
Read more...  

Eclypsium raises $8.75 mln

Eclypsium said Dec. 4 that it raised $8.75M in Series A round led by Madrona Venture Group. Also participating were investors Andreessen Horowitz, Intel Capital and Ubiquity Ventures. Eclypsium, of Portland, Oregon, provides an enterprise firmware protection platform.
Read more...  
PROMOTE YOUR BRAND! GENERATE AWARENESS!  SELL YOUR PRODUCTS & SERVICES! 
 
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IPOs
 
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M&A Deals  
 
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Enovation buys Meddex

Enovation, a portfolio company of Main Capital Partners, has acquired Meddex. Financial terms weren’t announced. Meddex, of Utrecht, the Netherlands, is a healthcare information exchange software vendor.
Read more...  

PE-backed Columbus acquires Progressive Comprehensive Services

The Columbus Organization, which is backed by HealthEdge Investment Partners LLC, has acquired New Jersey-based Progressive Comprehensive Services, a provider of support coordination services to adults with intellectual and development disabilities. No financial terms were disclosed.
Read more...  

PE-backed Dynamic Quest buys Enroute

Dynamic Quest, which is backed by Spire Capital, has acquired Marietta, Georgia-based Enroute Networks, a managed service provider. No financial terms were disclosed.
Read more...  

GSK slides after buying cancer firm Tesaro for hefty $5.1 billion: Reuters

GlaxoSmithKline has agreed to buy U.S. cancer specialist Tesaro for $5.1 billion, a costly investment to rebuild the pharmaceuticals business by new Chief Executive Emma Walmsley that unnerved investors, Reuters reported.
Read more...  

ResMed to buy digital therapeutics firm Propeller Health for $225 mln

ResMed has agreed to acquire Madison, Wisconsin-based Propeller Health, a digital therapeutics company, for $225 million. DLA Piper is serving as legal counsel to ResMed on the deal. And, Allen & Company LLC is providing financial advice to Propeller while Fenwick & West LLP is serving as legal counsel. Propeller Health's backers include Aptar Pharma, Safeguard Scientifics, Social Capital, Hikma, 3M Ventures and SR One.
Read more...  

Nasdaq acquires VC-backed Quandl

Nasdaq has acquired Toronto-based Quandl, a provider of alternative and core financial data. No financial terms were disclosed. Quandl is backed by Nexus Venture Partners and August Capital.
Read more...  

VC-backed MapAnything buys TerrAlign Group

MapAnything has acquired Charlotte, North Carolina-based TerrAlign Group, a provider of sales resource optimization and revenue-based territory design solutions. No financial terms were disclosed. MapAnything's backers include GM Ventures, Andrew Leto, Salesforce Ventures, Greycroft and Harbert Growth Partners.
Read more...  

TIBCO to buy data management firm Orchestra Networks, say sources: Reuters

TIBCO Software Inc, a large privately-held business software provider, is acquiring French data management company Orchestra Networks in a move that will bolster its ability to help clients organize customer data, sources told Reuters.
Read more...  

Amulet buys OPEN Health, will merge it with Peloton

Amulet Capital Partners has acquired UK-based OPEN Health, a health communications and market access group. No financial terms were disclosed. Amulet is planning on merging OPEN Health with portfolio company Peloton Advantage, a provider of medical communications services to medical affairs departments at pharmaceutical, biotechnology and medical device companies.
Read more...  
Real Estate
 
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Honest Buildings adds Picard to board

Honest Buildings, a capital planning and project management platform for real estate owners, has named Lisa Picard to its board of directors. Picard is the president and CEO of EQ Office, which is backed by Blackstone.
Read more...  

GI Partners acquires NIH-leased properties

GI Partners has acquired 5625 Fishers Lane and 12735 Twinbrook Parkway in Rockville, Maryland. The properties were developed in 2004 for the National Institutes of Health. No financial terms were disclosed.
Read more...  
Firms & Funds
 
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Ares U.S. Real Estate Fund IX raises $1.04 bln

Ares Management Corp said Dec. 5 that it closed its ninth U.S. real estate fund on about $1.04 billion. Ares’s prior U.S. real estate fund raised $825 million in 2014.
Read more...  

Foundation Investment Partners collects $204 mln for sophomore fund

Foundation Investment Partners has raised $204 million for its second fund, according to an SEC filing. The target is $205 million. The UK-based firm invests in smaller and medium-sized companies.
Read more...  
Human Resources
 
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Heitmeier named president, CEO of Belt Power

Belt Power LLC, a portfolio company of Shorehill Capital, said Dec. 3 that Don Heitmeier was named president, CEO and director of the company. Heitmeier was previously Wesco’s division vice president for the Eastern United States from 2016 to 2018.
Read more...  

Jadian Capital appoints IR managing director

Jadian Capital has named Matt Innes as a managing director, investor relations. Previously, Innes worked at Hodes Weiss & Associates where he was a vice president responsible for institutional investor and adviser relationships in the U.S.
Read more...  

PE-backed Davalor recruits Puscas as CEO

Davalor Mold Corporation, a portfolio company of Blackford Capital, has named James Puscas as its new CEO. Previously, Puscas held leadership positions at Stanley Black & Decker, Cadence Innovation, ASC Inc and General Electric Plastics. Davalor is a maker of injection molded plastic products.
Read more...  

Campbell Lutyens opens Charlotte, NC office

Campbell Lutyens, a placement agent and adviser, has opened an office in Charlotte, North Carolina, its fourth in the U.S. Matt Flynn, a principal who joined the firm earlier this year, is leading the new office.
Read more...  

Swander Pace Capital taps Gillespie as CEO of Aden & Anais Inc

Swander Pace Capital has named Doug Gillespie as CEO of Brooklyn, New York-based Aden & Anais Inc, a baby products company. Gillespie's work background includes executive roles at Munchkin Inc and NUK USA.
Read more...  
Credit
 
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Odds & Ends + Hot Links 
 
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TPG’s Bonderman clinches NHL approval for Seattle hockey team

The National Hockey League voted Dec. 4 to approve Seattle as the league’s 32nd franchise. Seattle Hockey Partners will own the team. David Bonderman, co-founder of TPG, is majority owner of Seattle Hockey Partners, while Jerry Bruckheimer, a Hollywood producer, and longtime sports executive Tod Leiweke own stakes, PitchBook said. The team, which has yet-to-be named will begin play in the 2021-2022 season.
Read more...  

PE HUB First Read

First Read ushers in the day with news that Hellman & Friedman makes a $1.8 billion bid to acquire New Zealand's Trade Me Group, the White House backs off privatizing the U.S. Postal Service, and NYC becomes the first city to set a minimum wage for Uber and Lyft drivers.
Read more...  

PE HUB Second Opinion

In Second Opinion, Hulu is set to top 23 million subscribers by the end of the year, Thomson Reuters will be cutting 3,200 jobs by 2020 and the stock market tumbles over 700 points as investors' fears about the U.S-China truce return.
Read more...  

PE HUB Wire Highlights, 12.4.18

SEC slaps once high-flying BDC manager Fifth Street; Why regulatory due diligence is essential in healthcare PE deals; Wall Street freezes out women in #metoo backlash
Read more...  
 
 
 
 
 
 
 
 
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