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PE likely to bid for Russell Investments

Northwestern Mutual Life has hired Goldman Sachs to run the auction of Russell Investments, sources told peHUB. Russell, which runs the Russell Indices, could sell for $2 billion to $2.5 billion.

peHUB First Read

This morning’s First Read takes a look at the popularity stakes of Google, Apple and Facebook and unlocks the secret of Silicon Valley’s success.

New PE-Backed Spinoff, Bioventus, Launches in Durham

Medical device company Smith & Nephew has launched a spinoff in Durham, N.C., called Bioventus. The company was formerly Smith & Nephew’s biologics division.Private equity firms Essex Woodlands, Pantheon Ventures, Spindletop Healthcare Capital, Alta Capital Partners, Ampersand Capital Partners, and White Pine Medical, are investing $118M to acquire 51% of Bioventus. PRESS RELEASE: Essex Woodlands […]

AMG Closes Pantheon Buy

Affiliated Managers Group (NYSE: AMG) said Wednesday that it has completed its buy of Pantheon from Russell Investments (a subsidiary of Northwestern Mutual Life). The deal was valued at roughly $775 million. Pantheon is a fund-of-funds and secondary fund manager. AMG is an asset manager.

Notes on the Pantheon Ventures Acquisition

Top news story this morning is that Affiliated Managers Group (NYSE: AMG) has agreed to buy fund-of-funds and secondary fund manager Pantheon Ventures for around $775 million in cash from Russell Investments (a subsidiary of Northwestern Mutual Life). For the uninitiated, Pantheon currently has around $22 billion in assets under management, including a particularly high level of dry powder. AGM has done five acquisitions in the past seven months, but this is the largest.

I talked to a bunch of folks this morning about the deal, including AMG CEO Sean Healey and Pantheon managing director Susan McAndrews. A few notes after the jump…

AMG Buys Pantheon Ventures for $775 Million

Affiliated Managers Group (NYSE: AMG) has agreed to acquire private equity fund-of-funds manager Pantheon Ventures from Russell Investments (a unit of Northwestern Mutual Life Insurance Co.). The deal is valued at $775 million in cash, plus the possibility of additional earn-outs over the next five years. Russell Investments had purchased Pantheon in 2003.

Pantheon Promotes Brian Buenneke To Partner

Pantheon Ventures has promoted Brian Buenneke from principal to partner. He is based in the firm’s San Francisco office, and focuses on primary fund investments. Before joining Pantheon in 2004, Buenneke worked at HarbourVest Partners, Duke Street Capital and Paul Capital Partners.

Pantheon Boosts Euro Secondaries Team

Francesco di Valmarana has joined the European secondaries team of Pantheon as a principal. He previously was with Unigestion. PRESS RELEASE Pantheon, a leading global private equity funds-of-funds investor, has recruited Francesco di Valmarana to its London-based European Secondaries team in response to increasing dealflow in the secondaries market. Francesco, who has joined as a […]

Textron Completes Fluid & Power Sale

Textron has completed the sale of its Fluid & Power division for $1 billion to UK engineering group Clyde Bowers, which was sponsored on the deal by HarbourVest Partners and Pantheon Ventures. Leveraged financing has been committed by Bank of Scotland, Barclays, HSBC and RBS.

Textron Selling Power & Fluids Unit for $1 Billion

Textron has agreed to sell its Fluid & Power division for $1 billion to UK engineering group Clyde Bowers, which is being sponsored on the deal by HarbourVest Partners and Pantheon Ventures. Leveraged financing has been committed by Bank of Scotland, Barclays, HSBC and RBS.

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