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Ardian buys stake in interior construction company Acousti, GTCR’s Transaction Data Systems gears up for potential sale, Hellman & Friedman eyes cross-fund secondary to move older assets out of 2009 pool

Mubadala is investing $2 billion in Silver Lake and TA Associate's Orion and Genstar's Brinker Capital.

Happy Wednesday, Dear Tech Take Readers!

I’m not sure about you, but I’ve been busy covering new deals and sale processes. Here are a few to put on your radar.

Breaking: This is a big one, and goes to a theme we’ve been tracking here all year at PE Hub: Private equity firms finding ways to hold certain assets beyond the traditional PE structure. Mubadala is investing $2 billion in Silver Lake that has a 25-year deployment horizon, to be invested across structures, geographies and industries. Check out the joint announcement here.

Big time return

The combination of TA Associate’s Orion and Genstar’s Brinker Capital may be one of the most interesting mergers in the financial services space as of late.
While the deal created significant noise in the market since an agreement was signed in June, I’ve got more info to share. TA so far has made 5x its investment in Orion amid the marriage of the two companies, a source told me recently.

As part of the deal, which closed earlier this week, TA, in selling a piece of its Orion stake to Genstar, has realized more than $1 billion in capital gains, the source told PE Hub.

Read more about the company’s growth and revenue projections in my story.

Top Scoops
We rarely cover processes for public companies, unless there is a clear PE interest.

That said, CDK Global, a Nasdaq-listed automotive software provider, is getting attention for its international division, which is in the market via Credit Suisse.

A logical buyer for the business would be a private equity firm that already has experience in and exposure to the automotive software sector, sources told me.

Thoma Bravo, for instance, owns JDPower, a data analytics and consumer intelligence company in the space. Elsewhere, HGGC backs AutoAlert, a customer experience platform for the automotive retail industry.

Read my story on PE Hub.

Hellman & Friedman is running a process to move three assets out of its seventh fund and into a continuation vehicle for more time to manage the assets, Chris writes on Buyouts today. Hellman would give Fund VII LPs the option to cash out of their interests in the assets, or roll their stakes into the continuation pool. An interesting aspect of this deal is that Hellman’s newest pool, Fund IX, would participate in the secondary. Check it out here.

Have a great day! Reach me with your thoughts at mvinn@buyoutsinsider.com.