After years of neglect, infrastructure is suddenly a hot topic for both the government and private investors. My colleague Sam Sutton and I just took a deep dive into the space for the next cover of Buyouts, which comes out Monday.
Palamon Capital Partners sold SARquavitae for 550 million euros. The sale of the company, an elderly care provider in Spain, generated a combined 3x investment return for Palamon.
SL Capital Partners closed its debut infrastructure fund on 516 million pounds ($645.3 million), beating its 400 million pound target. Limited partners include financial institutions, pensions and family office investors from the U.K., Europe and North America. SL Capital’s infrastructure team is led by Dominic Helmsley. The group targets investment in middle-market core infrastructure in the U.K. and northwest Europe.
One long-time firm is forgoing raising a new flagship fund in the highly competitive environment — a signal that some GPs may skip the rigors of raising capital in the crowded market in favor of tapping a network of close investors for specific deals.
European middle-market firm Silverfleet Capital hired Andrew Harrison as head of investor relations. Harrison joined from Credit Suisse, where he was a member of the Private Fund Group raising capital for buyout, energy, credit and infrastructure funds. Most recently worked on origination and due diligence activities for European and Asian funds.
Steve Schwarzman, chief executive officer of Blackstone Group, got cocky on the firm’s Oct. 27 third-quarter-earnings call.
Ardian named Mark Brenke co-head of Ardian Private Debt, working alongside Olivier Berment. Brenke worked at Ardian for two years, joining as a managing director. Prior to Ardian, Brenke worked at Intermediate Capital Group, where he most recently had responsibility for establishing ICG’s European Direct Lending business.
To close out your week, First Read has news the CEO of backpage.com arrested for alleged pimping for sex ads on the site, Jon Corzine could avoid jail with $5 mln settlement and a big LP predicts cash flow from PE slowing to a trickle.
To close your week, First Read reports Moody’s likes California’s transparency law, how to protect yourself if you’ve ever created a Yahoo account and is someone probing for weakness to take out the entire internet?
To end your week, First Read has news about NASA’s asteroid mission, Wells Fargo fires 5,300 employees in scandal and the barber who created a ‘men’s only’ barbershop.
Reuters seemed to discover this week that the SEC has been looking into how GPs allocate co-investment activity and how that gets disclosed to limited partners. But this is nothing new.
Sentinel Capital Partners acquired Quick Weight Loss Centers, which provides weight loss management services. Sentinel invested alongside minority partner Skyline Global Partners. Terms of the deal were not provided.
Water Street Healthcare Partners and JLL Partners agreed to sell Doylestown, Pa.-based Bioclinica, Inc. to Cinven. Bioclinica provides outsourced clinical trial services. JLL Partners and Water Street merged Bioclinica and CCBR-SYNARC in 2014. The deal is expected to close in the fourth quarter.
Revelstoke Capital Partners completed its investment in Brentwood, Tenn.-based Fast Pace Urgent Care, backed by Shore Capital Partners. Yukon Partners provided mezzanine capital in the deal.
TPG hired Sanghoon Lee as a partner responsible for leading the firm’s Asia investment activities in South Korea. Prior to TPG, Lee most recently worked as managing director and head of Korea for Morgan Stanley Private Equity.
J.W. Childs Associates hired Philippe Schenk, a former executive at Grove Street Advisors, as managing director. Schenk will lead investor relations. The firm also hired Kyle Casella, who formerly worked at Weston Presidio where he focused on consumer/retail and business services, as a vice president. J.W. Childs also hired Jess Yuan, former investment banking analyst at Deloitte Corporate Finance, as an analyst.
Morgan Stanley Global Private Equity invested in Austin, Texas-based Pathway Partners Vet Holding LLC, which owns and operates veterinary hospitals. Along with the investment, Pathway Partners Vet Holding acquired multiple clinics through partnerships with veterinary practices and chains in the northeast, the mid-Atlantic region and southern California.
Kelso & Co. acquired Physicians Endoscopy, LLC in a recapitalization with management from Pamlico Capital. Terms of the deal were not disclosed. Physicians Endoscopy owns and manages endoscopy surgery centers across the U.S. Guidon Partners made a minority investment in the deal alongside Kelso.