PE HUB Wire Highlights, 6.21.19


private equity, mergers, M&A

First-time funds database gets an update, Accel-KKR secondary process buyers emerge

Hey, hey, hey, how are ya? Happy Friday!

A few of us at Buyouts are preparing to head to Chicago next week for PartnerConnect Midwest conference. If you’re going, hope to see you there.

How’s your week?

We got all kinds of things happening in PE land:

First-timer: I’ve been busy compiling my annual first-time fundraisers feature. My ‘most-hyped first-time funds’ database is compiled, with more than 60 funds (there’s a few Funds II and IIIs in there).

One thing I noticed, now that I’ve been working on this database for a few years, is that a few of the hyped first-time funds I included in prior years have fallen off. They failed to gain any traction in the market. It’s a good reminder that, despite the hype, raising a first-time fund is a daunting prospect. Check out the older version of the database here. The updated version will run in July and looks fairly different.

Speaking of which, a first-timer I included on earlier versions of the database, Brightstar Capital, is preparing to hit the market with its sophomore effort. Brightstar, formed by ex-Lindsay Goldberg executive Andrew Weinberg, closed its debut fund on $710 million last year. It’s likely to target at least $700 million for Fund II, reporter Milana Vinn reported. Check her story out here.

Sorting outAccel-KKR, which is in market targeting about $2.5 billion for its sixth fund, is moving through a fund restructuring process for its 2008 fund. The deal, led by Goldman Sachs, Singapore’s sovereign wealth fund GIC and Adams Street Partners, allows existing limited partners in Fund III to sell their stakes or roll their interests with the GP into a continuation vehicle.

Assets that remain in Fund III include InfinisourcePaymentus and TrueCommerce. Fund III closed on $600 million in 2008. Pricing on the deal is at a premium over net asset value as of the first quarter, sources told me. Check out my story.

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