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While 2017 may have been the year of fundraising, 2018 was the year for dealmaking, according to Preqin. There were 5,106 PE backed deals announced in 2018, valued at $456 billion. This is the second highest total since the global financial crisis, Preqin said, but still a third off the $700 billion recorded in 2007.
 
Add-ons accounted for 42 percent of deals in 2018, Preqin said. There were 54 public-to-private transactions last year. That represented 17 percent of deal value but only 1 percent of deals.
 
Exits remained strong. Last year saw 1,958 exits announced worth a combined $326 billion. This is up from 1,977 exits in 2017 valued at $297 billion in 2017. The biggest exit in 2018? KKR's $8.3 billion buy of BMC Software, Preqin said. Sellers included Bain Capital, Golden Gate Capital, GIC and Insight Venture Partners.
 
Deals: TriArtisan Capital Partners is in talks to buy P.F. Chang’s, the Chinese food restaurant currently owned by Centerbridge, Bloomberg is reporting. Hubsters, what do you know about this deal and TriArtisan more broadly? Email me at lbeltran@buyoutsinsider.com
 
It's all private equity in Blackboard Inc's sale of Cashnet. Providence Equity Partners owns Blackboard. Read my story about the sale here.
 
There are many healthcare announcements this morning, coinciding with JP Morgan's 37th annual healthcare conference in San Francisco right now. One of the more notable deals is Healthgrades, a Vestar Capital Partners portfolio company, buying Influence Health. Sellers include Silver Lake Sumeru and Essex Woodlands.
 
Dan Shoenholz and Peter Gates, of EY-Parthenon, Ernst & Young LLP, have written a column on how PE investment does boost healthcare organizations’ value beyond financial performance. Read the article here.
 
News from Buyouts/ VCJ: What's going on at CalPERS? Elizabeth Bourqui, the senior executive seen as instrumental to its PE strategy, has resigned from the pension plan, Dietrich Knauth is reporting. Bourqui had been on the job for less than a year.
 
Kohlberg Kravis Roberts and asset manager FS Investments are working on a secondary deal valued at around $500 million for a series of business development companies, Chris is reporting.
 
Active LPs: Teachers’ Retirement System of Louisiana re-upped $75 million to Apollo Global Management’s third natural-resources fund, targeting $4 billion, Preeti Singh said.

That’s it for me. Send any tips, happy thoughts or complaints 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. Read more here
 
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

WHAT’S AHEAD IN 2019?  Find out at PartnerConnect Outlook on January 22 NYC’s Pierre Hotel, as we kick off the year with a blue-chip set of speakers including newly named Co-CEO of The Carlyle Group Kewson Lee and Susanne Forsingdal, US head of $14B+ asset manager Allianz Capital, to give you their views on what the year might look like and what strategies they’re deploying now. Over 60 speakers in all and we’re expect close to 300 delegates – a great day for senior execs to compare notes and start the year off with some great networking.

 

PE/VC/RE fund managers interested in meeting the 100+ LPs that will be onsite should register this week as our ExecConnect private meeting program deadline is this Friday, January 11. Check out the website for details or contact Kevin at kmccaffrey@buyoutsinsider.com directly to sign up. Hurry – only a few days left!

 
Today's  Take  

Forming a healthy relationship between PE and healthcare

By Dan Shoenholz and Peter Gates, EY-Parthenon, Ernst & Young LLP In the healthcare sector, private equity is often viewed as a financial sponsor with limited impact on improving clinical outcomes and patient satisfaction. In fact, some founders and physicians are concerned that PE may even hurt the patient-care effort. Often overlooked, however, is the […]
Read more...  

PE HUB First Read

First Read begins the day with news that the White House says tax refunds will be paid despite the government shutdown, Eli Lilly is buying Loxo Oncology for $8 billion, and Ousted Nissan Chairman Carlos Ghosn is declaring his innocence.
Read more...  

PE HUB Second Opinion

In Second Opinion, the World Bank President is quitting to join an investment firm, a new survey reports that most Americans thinks it's a bad time to buy a home and SoftBank is reportedly in talks to invest $2 billion in WeWork, which is much lower than the $16 billion previously discussed.
Read more...  

Private Equity Jobs of the Week: Macquarie, JP Morgan and Evercore are hiring

This week’s jobs include a private equity attorney at New York Life, a co-investment specialist at J.P. Morgan and associates at Macquarie and Evercore.
Read more...  

PE HUB Wire Highlights, 1.7.19

Please CalPERS, more transparency; TA announces promotions; Parthenon scores big partial exit with Millennium Trust
Read more...  

KKR joins growing list of BDC managers selling stakes on secondary market

Kohlberg Kravis Roberts and asset manager FS Investments are working on a secondary deal valued at around $500 million for a series of business development companies, three sources told Buyouts. The deal is a rare one, but not unusual, sources said. BDCs over the years have traded on the secondary market, usually offering equity stakes that […]
Read more...  

CalPERS senior executive seen as ‘instrumental’ to PE strategy resigns

California Public Employees’ Retirement System’s chief operating investment officer, Elizabeth Bourqui, resigned Monday, after less than a year on the job, a CalPERS spokeswoman confirmed. Bourqui, who had previously been head of pension assets and liabilities management at the Swedish-Swiss company ABB Group, began working for CalPERS in May 2018. At the time, her hiring […]
Read more...  

Blackboard said to seek $800 mln for Cashnet; PE dominates process

Private equity is dominating Blackboard Inc’s sale of Cashnet, three sources said. Only buyout shops remain in the Cashnet process, sources said. First-round bids were due in early December, with the auction currently in management presentations, people said. Second-round bids are due later this month, people said. The auction has attracted the interest of firms including Thomas […]
Read more...  

LACERS acts on $185 mln in recommendations by former PE consultant

Los Angeles City Employees’ Retirement System at its December meeting reported $185 million in private equity commitments, completing recommendations made by its former PE consultant and bringing total 2018 commitments to $500 million. The $17 billion system hired TorreyCove Capital Partners as its PE consultant over the summer, replacing Portfolio Advisors. The system also adopted a 2019 strategic plan aimed […]
Read more...  

A new breed of fertility startups is helping women get pregnant

In 2016, for the very first time, more American women gave birth in their 30s than in their 20s, the Centers for Disease Control and Prevention reports. Clearly, one of the most beneficial changes in our society is a woman’s ability to choose for herself whether, when and how she will have children. But nature still […]
Read more...  

LACERS acts on $185 mln in recommendations by former PE consultant

Los Angeles City Employees’ Retirement System at its December meeting reported $185 million in private equity commitments, completing recommendations made by its former PE consultant and bringing total 2018 commitments to $500 million. The $17 billion system hired TorreyCove Capital Partners as its PE consultant over the summer, replacing Portfolio Advisors. The system also adopted a 2019 strategic plan aimed […]
Read more...  

Louisiana Teachers’ backs Apollo natural-resources fund, sets pacing target

Teachers’ Retirement System of Louisiana re-upped $75 million to Apollo Global Management’s third natural-resources fund, targeting $4 billion, its December meeting documents said. Apollo’s natural resources program is nested within its private equity strategy and has more than $5 billion in AUM. The funds pursue opportunities on their own and co-invest alongside Apollo’s flagship funds […]
Read more...  

LACERS acts on $185 mln in recommendations by former PE consultant

Los Angeles City Employees’ Retirement System at its December meeting reported $185 million in private equity commitments, completing recommendations made by its former PE consultant and bringing total 2018 commitments to $500 million. The $17 billion system hired TorreyCove Capital Partners as its PE consultant over the summer, replacing Portfolio Advisors. The system also adopted a 2019 strategic plan aimed […]
Read more...  

Emerging Manager Roundup: JES, Emet, Turnbridge, Underscore and more

Emerging managers closed the last few weeks of 2018 by raising more than $1.6 billion. Six private equity firms and one venture capital firm raised over $100 million. JES Global Capital, a wealth-management office, led all money raised. Its third flagship closed at $500 million. Real estate firms made up most of the PE list. […]
Read more...  
 
PartnerConnect East 2019
Celebrating 31 Years of Excellence
March 25-27, 2019
Hyatt Regency, Boston

The Premier Networking Event for LPs & GPs in the Private Equity, Venture
Capital and Private Real Estate Sector


Register Now

 
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VC Deals 

 
 

Humatics racks up $28 mln

Cambridge, Massachusetts-based Humatics Corp, a provider of microlocation systems and analytics software, has raised $28 million in funding. The investors included Blackhorn Ventures, JCI Ventures, Fontinalis Partners, Airbus Ventures, Lockheed Martin Ventures and Presidio Ventures.
Read more...  

10x Genomics locks in $35 mln

Pleasanton, California-based 10x Genomics, a genomics platform, has raised $35 million in funding. Meritech Capital led the round with participation from Fidelity and Wells Fargo.
Read more...  

Apic Bio gathers $40 mln Series A

Cambridge, Massachusetts-based Apic Bio Inc, a gene therapy company developing novel treatment options for patients with rare genetic diseases, has closed $40 million in Series A financing. Morningside Venture Investments Ltd led the round with participation from The Alpha-1 Project, A1ATD Investors LLC and ALS Investment Fund.
Read more...  

Ascension Ventures invests in Cedar Gate

Ascension Ventures has made a minority investment in Greenwich, Connecticut-based Cedar Gate Technologies a value-based care performance management and operating company. No financial terms were disclosed. In 2014, Cedar Gate was formed by GTCR and David Snow.
Read more...  

BGF and Danske Bank fund Uform

Northern Ireland-based Uform, a kitchen door and component supplier, has secured multimillion pounds in funding. The investors were BGF and Danske Bank.
Read more...  

Babyscripts procures $6 mln

Babyscripts Inc, a virtual care platform for managing obstetrics, has raised $6 million in funding. The investors included Philips, StartUp Health and NueCura Partners.
Read more...  

EarlySense rakes in $39 mln

Israel and Massachusetts-based EarlySense, a provider of continuous monitoring solutions for the healthcare continuum, has raised $39 million in financing round. The lead investors were Hill-Rom and Wells Fargo Strategic Capital. Other investors that participated in the round included BlueRed Capital, Israel Innovation Fund, Argos Capital, Hotung Capital, Pitango Venture Capital and JK&B Venture Capital.
Read more...  

Open source startup Tidelift grabs $25 mln Series B

Boston-based Tidelift, an open source startup, has raised $25 million in Series B funding. General Catalyst, Foundry Group and former Red Hat Chairman and CEO Matthew Szulik co-led the round.
Read more...  

Exscientia lands $26 mln Series B

UK-based Exscientia, an AI-driven drug discovery company, has secured $26 million in Series B financing. The investors were Celgene Corporation, GT Healthcare Capital Partners and Evotec AG.
Read more...  

Ad tech company Madup picks up Series B funding

South Korea-based Madup, an ad tech company, has secured 13.4 billion (almost $12 million) in Series B funding. The investors were Praxis Capital, Stonebridge Ventures, ID ventures, MG investment and Seoul Investment Partners.
Read more...  

Grabango nabs $12 mln Series A

Silicon Valley-based Grabango, a provider of checkout-free shopping technology for existing store, has raised $12 million in Series A financing. Propel Venture Partners led the round with participation from Ridge Ventures, Abstract Ventures, Commerce Ventures and Founders Fund. In addition to the funding, Ryan Gilbert, a general partner at Propel, will join Grabango’s board of directors.
Read more...  

Frequency Therapeutics scores $42 mln Series B

Woburn, Massachusetts-based Frequency Therapeutics, a clinical-stage biotechnology company, has raised $42 million in Series B financing. Taiwania Capital Management and Axil Capital led the round with participation from Yonjin Capital, DF Investments, Polaris Founders Capital, Alexandria Venture Investments, CoBro Ventures, Korea Investment Partners and Emigrant Capital.
Read more...  

Atlantic Therapeutics snags Series B funding

Atlantic Therapeutics, a medical technology company focused on treating bladder leaks, has secured 28 million euros in Series B funding. LSP led the round with participation from other investors that included Andera Partners, Atlantic Bridge Ventures, Seroba Life Sciences and Earlybird Venture Capital.
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 24-26th, 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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TriArtisan in discussions to buy P.F. Chang’s from Centerbridge: Bloomberg

TriArtisan Capital Partners is in talks to buy P.F. Chang’s, a Chinese food restaurant, for as much as $700 million, Bloomberg is reporting. Centerbridge is the seller. TriArtisan is in discussions with lenders about financing a potential deal, the story said.
Read more...  

Cressey & Co invests in HHAeXchange

Cressey & Co LP has invested in HHAeXchange. Financial terms weren’t announced. HHAeXchange provides home care management software.
Read more...  

Forming a healthy relationship between PE and healthcare

By Dan Shoenholz and Peter Gates, EY-Parthenon, Ernst & Young LLP In the healthcare sector, private equity is often viewed as a financial sponsor with limited impact on improving clinical outcomes and patient satisfaction. In fact, some founders and physicians are concerned that PE may even hurt the patient-care effort. Often overlooked, however, is the […]
Read more...  

J.P. Morgan Asset Management invests in Riata-backed Acuity Eyecare

J.P. Morgan Asset Management has invested in Acuity Eyecare Group, a Riata Capital Group portfolio company. Financial terms weren’t announced. The investment comes as Acuity has acquired two new regional eyecare groups. They include ABBA Eye Care, of Colorado Springs, Colorado, which operates 13 optometry locations, and EyeCare Specialties, of Lincoln, Nebraska, which operates 5 optometry locations.
Read more...  

Lovell Minnick buys ATTOM Data Solutions

Lovell Minnick Partners said Jan. 8 that it completed its buy of ATTOM Data Solutions. Financial terms weren’t announced. Renovo Capital and Rosewood Private Investments were the sellers. ATTOM Data Solutions, of Irvine, provides national real estate data and analytics.
Read more...  

Sycamore completes Pure Fishing buyout

Sycamore Partners has closed its previously announced acquisition of Pure Fishing from Newell Brands. No financial terms were disclosed. Pure Fishing is a provider of fishing tackle, lures, rods and reels.
Read more...  

Czech PPF gives up on buying Bulgaria’s Nova after rejection by watchdog: Reuters

Czech investment group PPF said on Monday it had given up on buying Bulgaria’s Nova Broadcasting Group from Sweden’s MTG (MTGb.ST), citing rejection by the country’s anti-monopoly watchdog.
Read more...  

Platinum Equity to acquire PCI

Platinum Equity has agreed to acquire Singapore-based PCI Limited, an electronics manufacturing services provider, for S$1.33 in cash per share. The deal is expected to close in the second quarter of this year.
Read more...  

Trive Capital backs Cal Braze

Trive Capital has made an investment in Newark, California-based California Brazing, a maker of components for space, aircraft connectivity, specialty electronic and various defense applications. No financial terms were disclosed.
Read more...  

Huron Capital invests in WD

Huron Capital has made a "significant" investment in Maryland-based WD Lab Grown Diamonds, a producer of laboratory grown diamonds for the jewelry, scientific and industrial markets. No financial terms were disclosed. TM Capital served as financial adviser to WD on the transaction.
Read more...  

Vesey Street Capital Partners recaps Elite Body Sculpture

Vesey Street Capital Partners LLC has recapitalized Miami-based Elite Body Sculpture, a provider of minimally invasive body sculpting procedures. No financial terms were disclosed. BMO was financial adviser to EBS on the transaction.
Read more...  

Goldman Sachs provides $30 mln to video advertising platform Innovid

New York-based Innovid, a video advertising platform, has raised $30 million in funding. The investor was Goldman Sachs' private capital investing group. In addition to the investment, Holger Staude of Goldman Sachs’ private capital investing group, will join Innovid's board.
Read more...  
PROMOTE YOUR BRAND! GENERATE AWARENESS!  SELL YOUR PRODUCTS & SERVICES! 
 
Don't miss the opportunity to get in front of key Private Equity decision makers by showcasing your company, products and services in upcoming issues of Buyouts and VCJ
 
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M&A Deals  
 
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Vestar-backed Healthgrades buys Influence Health

Healthgrades, a Vestar Capital Partners portfolio company, said Jan. 8 that it acquired Influence Health. Financial terms weren’t announced. Influence Health, of Birmingham, Alabama, provides patient engagement software and health marketing analytics, according to PitchBook. Influence Health investors include Silver Lake Sumeru and Essex Woodlands.
Read more...  

Pfingsten-backed Sign-Zone buys Xarisma

Sign-Zone LLC, a Pfingsten portfolio company, has acquired Xarisma Inc. Financial terms weren’t announced. Xarisma, of Huntsville, Alabama, makes custom-printed, large format graphic signage and display accessories.
Read more...  

Shore-backed IZI Medical buys assets from Cook Medical

IZI Medical Products LLC, a portfolio company of Shore Capital Partners LLC, has acquired select soft tissue biopsy and breast localization needle assets from Cook Medical. The deal includes Quick-Core® Biopsy Needle, MReye® Breast Localization Coil, as well as the Kopans and X-Reidy Lesion Localization Needles. Financial terms weren’t announced.
Read more...  

PE-backed Gladson buys Edgenet

Gladson, which is backed by The Jordan Company and Wicks Capital Partners, has acquired Nashville-based Edgenet, a product content management software provider. No financial terms were disclosed. Winston & Strawn LLP served as legal adviser to Gladson on the deal.
Read more...  

PE-backed Dynamic Quest buys CNI

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

PE-backed Hyper Pet merges with R2P Pet

Hyper Pet LLC, which is backed by Guardian Capital Partners, has merged with R2P Pet, a provider of products for dogs and cats. No financial terms were disclosed.
Read more...  

Great Hill-backed Vatica Health closes CareSync buy

Vatica Health, a portfolio company of Great Hill Partners, said Jan. 7 that it closed its buy of CareSync’s technology. Financial terms weren’t announced. CareSync develops technology for coordinating care and improving outcomes of people suffering from chronic conditions.
Read more...  
Real Estate
 
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Pircher forms institutional lending group

Los Angeles-based Pircher, Nichols & Meeks LLP, a real estate law firm, has formed an institutional lending group. The group will focus on serving lenders in connection with commercial real estate loans that may be securitized, sold or syndicated in the secondary market, as well as balance sheet loans.
Read more...  

Praedium acquires Texas multifamily property

The Praedium Group, a real estate investment firm, has acquired North Arlington, Texas-based Arlington Commons, a multi-family community. No financial terms were disclosed.
Read more...  
Firms & Funds
 
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Carlyle’s Metropolitan Real Estate’s Secondaries Program II raises $1.2 bln

Carlyle Group said Jan. 8 that its Metropolitan Real Estate’s Secondaries Program II closed on $1.2 billion, exceeding its $750 million target. The program invests in the real estate secondaries market globally and aims to provide liquidity to investors in private equity funds and other partnership structures.
Read more...  

Madryn collects $289.65 mln for new healthcare fund

Madryn Asset Management has raised $289.65 million for its new healthcare fund, according to an SEC filing. The target is $500 million. Based in New York, Madryn Asset Management invests in healthcare companies.
Read more...  
Human Resources
 
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Leeds Equity promotes two to MD and two to principal

Leeds Equity Partners LLC has promoted Eric Geveda and Christopher Mairs to managing director. Also, the private equity firm, which  invests in the knowledge industries, has promoted Kevin Malone and David Neverson to principal.
Read more...  

CVCA appoints Amgen’s Kim Furlong as new chief executive

The Canadian Venture Capital and Private Equity Association has appointed Kim Furlong as its new CEO. Furlong joins CVCA from Toronto-based biotechnology company Amgen Canada, where for more than a decade she served as director of federal government affairs. Before then, she was vice president, federal government relations, at the Retail Council of Canada. Furlong replaces Mike Woollatt, who served as CVCA CEO between 2014 and 2018. Founded in 1974, Toronto-based CVCA is the professional association for Canada’s venture capital and private equity industry.
Read more...  

Amulet promotes one to partner and another to principal

Greenwich, Connecticut-based Amulet Capital Partners LP, a healthcare-focused middle-market private equity firm, has promoted Nick Amigone to partner and Gabriel Luft to principal. Both Amigone and Luft joined the firm in 2015.
Read more...  

PE-backed Hybrid Apparel appoints new CEO

Cypress, California-based Hybrid Apparel, a design, development, sourcing, production and apparel distribution company, has named Bill Hutchison as CEO. His appointment becomes effective January 14, 2019. Previously, he worked at AM Retail Group where he was president. Hybrid Apparel is a portfolio company of Altamont Capital Partners.
Read more...  

Avante Capital taps Messina as business development and IR director

Avante Capital Partners, a women-owned private credit and structured equity firm that invests in lower-middle market companies, has named Daniela Messina as director of business development and investor relations. Messina is the former deputy general counsel for the Massachusetts Office of Consumer Affairs and Business Regulation. She is also the former director of business development for Nixon Peabody's private equity and family office practice.
Read more...  

Latham & Watkins adds Beller to M&A and PE practices

David Beller has joined law firm Latham & Watkins‘ New York office as a partner in the corporate department and a member of the M&A and private equity practices. Previously, Beller worked at Paul, Weiss in New York.
Read more...  

Apple Tree Partners announces promotions

New York-based Apple Tree Partners, a life sciences venture firm, has made a number of promotions. Dr. Sam Hall and Aaron Kantoff are now partners; Dr. Christine Borowski has become a principal; and Dr. Jernej Godec and Dr. Chris Cain have become senior associates.
Read more...  
Credit
 
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Golub Capital supports BRS’s refinancing of EōS

Golub Capital provided a $120 million loan to support Bruckmann, Rosser, Sherrill & Co's refinancing of EōS Fitness, a gym club chain. The capital will be used for expansion.
Read more...  

Crestline backs SUN Behavioral Health

Crestline Investors Inc has provided a senior secured credit facility to Red Bank, New Jersey-based SUN Behavioral Health Inc, a national operator of freestanding psychiatric hospitals. No financial terms were disclosed.
Read more...  
Odds & Ends + Hot Links 
 
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Pantheon opens Dublin office

Pantheon said Jan. 8 that it opened an office in Dublin, Ireland. Stephen Branagan is CEO of Pantheon Ireland and Pantheon’s head of Ireland.
Read more...  

PE HUB First Read

First Read begins the day with news that the White House says tax refunds will be paid despite the government shutdown, Eli Lilly is buying Loxo Oncology for $8 billion, and Ousted Nissan Chairman Carlos Ghosn is declaring his innocence.
Read more...  

PE HUB Second Opinion

In Second Opinion, the World Bank President is quitting to join an investment firm, a new survey reports that most Americans thinks it's a bad time to buy a home and SoftBank is reportedly in talks to invest $2 billion in WeWork, which is much lower than the $16 billion previously discussed.
Read more...  

Power Corp’s Sagard launches healthcare royalty platform

Sagard Holdings, an affiliate of Canada’s Power Corp, has launched Sagard Healthcare Royalty Partners, a life sciences royalty investment platform. Focused on investing in pharmaceutical intellectual property, Toronto-based SHRP will be led by Partner David MacNaughtan, formerly a senior principal in the credit investments group of Canadian Pension Plan Investment Board. Before joining CPPIB in 2010, MacNaughtan was co-head of the Royalty Monetization Fund of DRI Capital, a Canadian healthcare private equity firm.
Read more...  

PE HUB Wire Highlights, 1.7.19

Please CalPERS, more transparency; TA announces promotions; Parthenon scores big partial exit with Millennium Trust
Read more...  
 
     
 
 
 
 
 
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