A GP fund restructuring comes full circle, Exploring the family office/independent sponsor ecosystem
Happy Friday, Hubskis!
Hope your week went well. It’s stayed hectic as we enter these first weeks of summer. Our M&A reporters seem to be busier than ever, which is a good sign that deal activity remains steady.
How has annual meeting season gone? Anything interesting to report from the meetings you’ve attended (or hosted)? Hit me up at [email protected].
Scoop: Tech reporter Milana Vinn has a big story today that Thoma Bravo has put Continuum up for sale after a two-year hold. The process is in the early stages and Thoma is now accepting first round bids, Milana reported. Check out the story here.
Full circle: Anthem this week said it agreed to buy behavioral health company Beacon Health Options from Bain Capital and Diamond Castle. While a notable deal in the healthcare world, this transaction stuck out to me for another reason: Beacon was the premier asset in what was one of the first marquee GP-led fund restructurings in the market.
Diamond Castle completed the restructuring of its $1.85 billion, 2006 fourth fund in 2014, transferring ~eight assets out of the fund into an $860 million continuation vehicle. Intermediate Capital Group led the restructuring along with Goldman Sachs.
A market source said Diamond Castle’s return on the sale of Beacon is strong, and once marks are official will give the portfolio a big boost. It’s interesting to see, five years down the line, one of the big assets out of an early restructuring process being sold.
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