PE HUB Wire Highlights, 8.15.19


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

Ackman’s Pershing Square said to buy Berkshire Hathaway stake; Providence prepares launch of first Europe-focused growth fund; Houlihan Lokey expands fintech team

Happy pre-Friday, Hubsters. I’ll be on vacation next week and Chris will be in. If you’re wondering what I’ll be up to, come find me at the U.S. Open qualifying rounds. Here’s hoping Rafa needs some practice time.

Recession fears: We’ve been worrying about a recession since 2009 it seems. Yesterday, the Dow closed down 800 point or about 3 percent. What’s really worrying is that the yield on the benchmark 10-year Treasury note fell below 2-year Treasurys for the first time since 2007, according to NPR. This means that you’d get a higher interest for government debt that matures in two years rather than 10 years, NPR said.

Now, I don’t really understand the yield curve very much, but I do recognize that when it inverts it’s supposed to be a good predictor of a recession. Hubsters, are you worried? If so, what are you doing to prepare? Email me at lbeltran@buyoutsinsider.com

We have some fintech news. Saroras Private Capitaacquired a majority of InCrowd Inc, a provider of data market insights for the life sciences industry. Financial terms weren’t announced. InCrowd appears to be the second deal — the first was Ninth Wave– for Saroras, which is the PE firm from Sanjay Swani.

Swani, a noted fintech investor, was previously with Welsh, Carson, Anderson & Stowe where he was a general partner, member of the management committee and co-head of the firm’s information and business services group.

Swani launched Saroras in 2018, his LinkedIn said. Several ex-Welsh Carson execs are part of the New York PE firm, which invests in technology and business services. This includes Robert Minicucci, co-founder and chairman of Saroras, who was previously a WCAS general partner, co-managing partner and member of the management committee. Minicucci is also a former senior vice president and CFO of First Data, his bio said.

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