PE HUB Wire Highlights, 3.11.19

Photo of Luisa Beltran, PE HUB Senior Editor, courtesy of Buyouts Insider.

Brackett takes control of Antares; Charlesbank to launch first tech fund; Travel tech attracts private equity

It’s the first Monday in Daylight Saving in 2019. How is everyone? Who’s awake?

The big are getting bigger, at least in Europe. European private equity firms are looking to raise more megafunds, in the $20 billion to $30 billion range, as they expect to take private more large companies, Financial News is reporting. The funds are likely to be bigger than the $23.5 billion raised by Apollo Global Management in 2017, the story said, citing a report from Bain & Co. The largest European fund was CVC Capital Partners’ 16 billion pound pool ($20.83 billion) from 2017.

The reasoning behind such funds? Investors want to take part in public market deals because taking companies private could be cheaper than buying private companies,Financial News said. In 2018, the value of U.S. companies going private was higher than those listed in the stock market, the story said.

Private equity firms getting into new product lines isn’t new. Everyone seems to be getting into credit. So then why am I surprised when I see that Charlesbank Capital Partners, which I know for their consumer and industrial focus, is launching a dedicated tech-focused fund? Chris is reporting that Charlesbank isn’t the first new entrant in tech. Find out how much Charlesbank is seeking with its new fund.

Hubsters, what are the dangers of firms investing out of their sweet spots? Email me your thoughts at [email protected]

Elevation: David Brackett, co-CEO of Antares, a private credit manager, will become the company’s sole leader following the retirement of co-CEO John Martin at the end of April. See our story here.

Women in PE: Last week I reported on how ParkerGale Capital was recently looking to fill two positions, principal and associate. The Chicago PE firm said Friday it hired Kara Davey Master as a principal. See our brief here.

Deals: The New York Yankees are partnering with AmazonSinclair Broadcast Co and a group of private equity investors, including Blackstone, to buy YES Network from Walt Disney Co for $3.47 billion, according to press reports.


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