PE HUB Wire Highlights, 4.18.19


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

Ex-KKR exec Navab officially launches new firm; Blackstone to convert to a C corp; TA Associates to make 7x on PDI

Happy pre-Friday, everyone. As we gear up for another “Game of Thrones” episode, what does everyone expect to happen? Will the ice dragon make an appearance? Will John Snow be awkward with Daenerys or, because this is GoT, will it be conquest as usual?

While everyone else is focused on the Pinterest IPO (it priced at $19 a share), we have some big news in private equity. Alex Navab, a former high-ranking leader at KKRhas officially launched his new firmNavab Capital Partners will invest in upper mid-cap to larger enterprises in North America in sectors including healthcare, technology, media, fintech, financial services and consumer.

Several executives are joining Navab at his new firm. They includes Ram M. Jagannath, a former Carlyle Group managing director, Annette K. Rodriguez, previously aWarburg Pincus managing director, and Robert (Bob) Berlin, who previously worked atBaupost Group. What’s really interesting is that Goldman Sachs Asset Management’sPetershill private equity seeding program helped develop the firm.

Navab has yet to officially begin fundraising but he is expected to target $3 billion to $4 billion for his debut pool, I’m told.

Blackstone this morning said it’s converting to a C corp from a publicly traded partnership. BX follows other firms, notably KKR and Ares Management LP, that have made the move to C corp. Firms typically hope the switch will attract new shareholders by enabling investors like mutual funds and index trackers to buy the stock, press reports said. See our brief here.

BX has also nearly doubled the target of its fund that takes stakes in hedge funds, real estate and other buyout firms to $6 billion, the New York Post is reporting.

Hubsters, what do you think about the switch to C corp for BX? Is it worth the change in tax status? Why or why not? Email me at [email protected]

A Fintech MomentMastercard has been very acquisitive lately. The payments giant said this week it bought Vyze, which links merchants with a network of lenders to provide shoppers with credit options. Vyze has raised about $50 million in funding from VCs including Austin VenturesFathom Capital and Starvest PartnersPitchBook said.

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