Chris Witkowsky
Amish Mehta, a managing director and partner at Vector Capital who has been with the firm since 2002, has stepped back into the role of senior adviser, Alex Slusky, managing director and chief investment officer at Vector, confirmed.
Silver Lake Sumeru partner Ajay Shah has joined the board of the National Audubon Society, along with U.S. Representative James Greenwood and landscape ecologist Michele Crist. Shah joined Silver Lake in 2007 and is the co-founder and managing partner of Silver Lake Sumeru, the firm's middle market investment group. The Audubon Society also elected David Ford to succeed B. Holt Thrasher as chairman.
GPs are collecting $6 billion to $8 billion of management fees on the $400 billion of dry powder sitting in buyout funds. This is an extraordinary transfer of wealth from LPs to GPs — on money that is not being put to work.
TPG Specialty Lending will offer 7 million shares of its common stock, as well as grant underwriters an over-allotment option to buy up to an additional 1,050,000 shares. TPG Specialty Lending also plans to sell $50 million of its common stock to certain existing investors, including TSL Advisers, through a separate private placement. The firm will use proceeds to pay down debt. J.P. Morgan; BofA Merrill Lynch; Goldman, Sachs & Co.; Citigroup; Wells Fargo Securities and Barclays are joint book runners for the offering.
Menlo Ventures has led a $12 million Series C funding round in Rover.com, an online community that connects dog owners with dog sitters. Existing investors Madrona Venture Group, Foundry Group and PetcoTM participated in the round. Menlo Ventures' Sunil Raman and Venky Ganesan will join Rover.com's board of directors.
Accel Partners has led a $40 million Series A funding round in WorldRemit, an online platform that allows migrants and expats to send low cost remittance to families and friends abroad. Customers can send funds from 35 countries in over 100 destinations.
The Massachusetts Pension Reserves Investment Management Board has hired two people to fill vacancies in its depleted private equity program.
InterWest Partners has led a $5.1 million Series A funding round in DataRPM, which provides automation solutions for data analytics. InterWest was joined by CIT GAP Funds.
The ABB Group and Berwind Private Equity have helped Persimmon Technologies Corporation, a semiconductor technology business, close its Series B funding round on $14 million. ABB Group and Berwind join existing investors Intel Capital, Nidec Sankyo and The Bernard Gordon Charitable Remainder Trust.
Armentum Partners, which provides debt capital raising services, has hired former TriplePoint Capital managing director Hutch Corbett as a managing partner. Corbett will help strengthen Armentum's focus on life sciences and technology.