Coller emerges as buyer on large Ares fund revamp; PE-backed WIRB-Copernicus gears up for sale; Vista Equity sells stake in Advanced to BC Partners
It’s Tuesday, Hubsters.
We have some fintech data this morning from CB Insights. Second quarter fintech funding topped $8.3 billion, boosted by 25, $100 million-plus rounds worth about $5 billion, according to the Global Fintech Report Q2 2019. Still, fintech deals dropped 22 percent on a quarterly basis and were off 23 percent compared to the same time period in 2018, the report said. In fact, the number of VC-backed fintech deals in Q2 dropped to their lowest amount, 367, since fourth quarter 2016, CB Insights said.
Challenger banks continued to gain funding with 17 deals raising $649 million. There are 48 VC-backed fintech unicorns worth a combined $187 billion, the report said. Second quarter gave birth to seven fintech unicorns including Bill.com, Carta, Marqeta, Lemonade, Checkout.com, Ivalua and Liquid. See the report here.
Shades of 2008, we have a rather big bank deal this morning. It doesn’t involve PE but it’s interesting. CIT Group is buying Mutual of Omaha Bank for $1 billion. The deal will be comprised mainly of cash and up to $150 million of CIT common stock. See our brief here. (Who remembers when private equity used to invest in banks? I wonder if any firms still hold stakes.)
Software continues to be a major investment for PE. BC Partners is buying 50 percent of Advanced, the U.K. software company, from Vista Equity Partners. The deal is valued at about 2 billion pounds ($2.4 billion) including debt, the Financial Times is reporting. See our brief here.
I have an update on Genstar Capital‘s sale of Mercer Advisors. Bids are due later this month. I’m hearing that the cutoff point was “meaningfully higher” than $600 million. Find out who bid here.
Chris has the scoop on a secondary restructuring deal of an older Ares Management fund valued at more than $1 billion. Find out who is lead buyer here.