PE HUB Wire Highlights, 7.18.19

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

Providence collects close to $8B in double fundraise; CD&R’s Agilon Health weighs IPO; Charlesbank invests in GTCR’s Park Place Tech

Happy pre-Friday, Hubsters.

The Washington Post has an interesting opinion piece on Julian Castro, the former housing and urban development secretary. Castro is running for president and appeared Saturday at a presidential forum in Philadelphia, which just hosted the Neroots Nation conference. Many attendees of that conference had protested days before the scheduled closing of the city’s Hahnemann University Hospital, the story said.

Hahnemann, which is reportedly scheduled to close in September, is owned by private equity. American Academic Health System LLC, an affiliate of Paladin Healthcare, acquired Hahnemann University Hospital in January 2018. Joel Freedman, a former investment banker, is chairman and CEO of Paladin.

Paladin, of El Segundo, California, makes private equity, structured debt and real estate investments, according to PitchBook. (I reached out to Paladin and Castro but have not received a response.)

Castro muffed a question Saturday from Sarah Woodhams, a former Toys R Us employee, the Washington Post said. She asked him: “As president, what would you do to hold hedge funds and private equity accountable for destroying our communities and our livelihoods?”

Castro didn’t answer but said “I don’t believe any bank or company is too big to fail.” He then went off on a tangent discussing how he would hold Wall Street accountable if there was another housing crisis, the Washington Post said in the July 15 story. (The story did not detail what Castro said in the tangent and I can’t find it.)

I’m not going to argue about who is responsible for the hospital closing, but Castro should’ve been prepared for this question. Mitt Romney, in his presidential quest back in 2012, also had issues handling the negative perception of private equity.