PE HUB Wire Highlights, 7.2.19


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

Bain’s debut real estate fund raises $1.5 bln; Kravis said to invest in crypto fund ParaFi; Bain may ink Waystar sale by end of July

Happy Tuesday, Hubsters. Things have really slowed down with many people telling me about their vacations.

One banker said he’s going to France with his buddies, while a GP I know is going fishing in Connecticut. What are you doing this week? Personally, I’ll be in Chicago, again.

Bain Capital‘s debut real estate fund closed on $1.5 billion, according to sister publication PERE. Bain Capital Real Estate Fund I had a $1 billion target, the story said. Dan Cummings and the real estate team at Harvard Management Co spun out and joined Bain in February 2018, PERE said.

CryptoHenry Kravis, a KKR co-founder, has invested in the flagship fund of ParaFi Capital of San Francisco, Bloomberg is reporting. The story cited Ben Forman, a former KKR employee, who started his firm in 2018 to focus on digital assets. ParaFi manages about $25 million and aims to reach $100 million by Q1 of 2020, Forman said in the story. “Instead of pursuing crypto at KKR, I wanted to build the KKR of crypto,” he said, according to Bloomberg.

Hooters of America confirmed last night that it is getting sold to Nord Bay Capital and TriArtisan Capital Advisors LLC. The deal provides an exit for H.I.G. CapitalChanticleer Holdings and other investors who acquired the chicken wing specialist back in 2011. The sellers are retaining stakes in Hooters. See my story to find out how much Hooters sold for here.

Blackstone has completed its conversion to a corporation from a publicly traded partnership. BX’s move follows other PE firms, including KKR and Ares Management, who switched to corporation structures last year. Blackstone shares have gained nearly 30 percent since disclosing its plan to become a corporation, the Wall Street Journal reported. BX’s stock rose $2.16, or nearly 5 percent, to close at $46.58 Monday.

Final bids for Bain Capital‘s Waystar are due in late July with a transaction expected to be signed before the end of the month, according to Sarah Pringle. Find out how much Waystar could sell for here.

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