PE HUB Wire Highlights, 8.6.19


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

Blackstone’s GSO runs fund revamp on older credit pools; BX to buy chunk of BC Partners; Blue Wolf scoops up RHA Health in $300 mln deal

It’s Tuesday, Hubsters.

Some big news this morning. Blackstone has picked up another minority stake in a private equity firm. This time it’s BC Partners, which has sold a chunk of itself to BX. Financial terms weren’t announced but Blackstone is investing 500 million euros ($560 million) for a 10 percent to 15 percent stake in BC Partners, the Wall Street Journal reported.

In the hunt for minority PE stakes, Blackstone competes against Dyal Capital Partners (part of Neuberger Berman), and Goldman Sach’s Petershill.

Chris has a Blackstone story this morning. BX’s private credit group, GSO Capital, is working on a process to allow investors who are primarily in its 2005-vintage special situations fund to cash out of their interests in the pool. Check out Chris’s story here.

We have some people exits this morning. David Tan has left KKR after more than a decade at the buyout shop, the Nikkei Asian Review said. Tan is joining TPG in Singapore, the story said.

Bill Shen has left Encore Consumer Capital after nearly 11 years to join ART Capital. Now executives leaving firms is pretty commonplace but ART is an independent sponsor. I can’t remember the last time an exec left a PE firm to join someone else’s fundless sponsor. Maybe Shen is getting better economics? ART may raise a traditional institutional fund in the future. Read my story on Shen’s exit here.

DealsBlue Wolf Capital has acquired RHA Health Services in a deal valued at approximately $300 million, Sarah Pringle is reporting.

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