AlpInvest, Lexington, Hamilton Lane lead Audax continuation fund deal, Bain Capital Double Impact, TPG Growth bet on EdTech in the new year

Arcline is raising its second fund, targeting more than $2 billion and calling on rock star women for our annual Women in private equity project.

Morning!

Just a quick note of appreciation — you all came through with a ton of recommendations on rock star women for us to feature in our annual Women in PE project. In industry parlance, we are oversubscribed with candidates!

It’s become clear to me that we may need to expand this project out in some way, considering the interest the industry is showing. This year we’ll still be sticking with our usual model of 10 mini-profiles of top-notch women in PE. But we’ll be brainstorming for ways to expand this feature in the future.

Edtech: Bain Capital Double Impact and TPG Growth are ramping up efforts around education technology, which has been drawing ever more attention as education went online in the pandemic shutdown.

“Even prior to the pandemic, school districts were straining to meet the needs of the 7 million children with individualized education plans, and the pandemic has only exacerbated those needs as these students adapt to remote learning,” Iain Ware, a managing director at Bain Capital Double Impact, told PE Hub.

Earlier this week, Double Impact unveiled an investment in TeachTown, which provides hybrid-learning core curriculum and social-emotional software for students with special education needs. The same day, TPG Growth led one of the largest funding rounds ever in North American EdTech – backing Prodigy Education, an interactive math learning platform known for its popular educational video game.

Read more here.

Waves: Arcline Investment Management formed Quantic, which provides electronic components, through the combination of Evans Capacitor Co., Ohmega Technologies and TRM Microwave.

Arcline is raising its second fund, targeting more than $2 billion. Read our brief here.

Secondaries: If there’s one story that’s continued through the downturn, into the recovery, it’s secondaries. GPs have turned to secondaries for ways to sort out older funds, gain more time to manage assets and capital to help those assets grow.

Audax Private Equity announced this morning it closed its first ever GP-led continuation fund deal. The process attracted about $1.7 billion of capital commitments for the continuation pool that will house several assets from Audax’s 2012, fourth fund.

AlpInvest Partners, Lexington Partners and Hamilton Lane led the deal that allows Fund IV LPs to cash out in full or in part, or roll into the continuation pool on a status quo basis. Read more here.

Note to Readers: It’s that time of year … for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.