Welcome to our quarterly wrap-up issue, which could just as well be called “view from the peak.” What we saw in the second quarter — just like in the first quarter — is strong deal activity driven by aggressive general partners and hyper fundraising boosted by hungry limited partners. It’s all a function of the strong markets […]
Pantheon is leading a deal that will give Oaktree Capital Group more time to manage an asset called Ports America, which it inherited when it acquired infrastructure group Highstar, sources told Buyouts. The deal, which had six total buyers, is nearly closed, one of the sources said. Total net asset value of the deal was […]
Aquiline Capital Partners-backed ClearCourse Partnership acquired intelligentgolf, which provides golf club and competition management software. The deal represents the tenth add-on since ClearCourse’s foundation in 2018. ClearCourse is a group of companies that provide software and services to the membership, events and bookings and sports and leisure sectors.
British Columbia Investment Management Corp is selling a portfolio of private equity fund stakes valued between $250 million and $500 million, two sources told Buyouts. The portfolio includes stakes in some large buyout funds, including two TPG funds, one of the sources said. A spokesman for BCIMC declined to comment. The system is not using […]
Star Mountain Capital has raised about $250 million for its third U.S. lower middle-market, non-sponsor-focused direct lending fund, inclusive of separate accounts, a source said. Fund III is targeting $500 million. The third fund already has 11 direct loans closed with an active pipeline focused on $3 million to $20 million Ebitda size companies that are looking for strategic debt and equity capital.
Goldman Sachs and Government of Singapore’s sovereign fund (GIC) are leading the restructuring of Accel-KKR’s 2008 fund, two sources told Buyouts. Adams Street Partners is also a lead buyer on the deal, two sources said. Pricing on the deal is at a premium over net asset value as of the first quarter, three sources said. […]
Committed Advisors is leading a restructuring of two older funds for lower-middle-market investor Milestone Partners, three sources told Buyouts. While Committed Advisors is lead buyer, the deal is being syndicated to other investors, sources said. Park Hill Group is working as secondary adviser on the deal. The deal, which could total around $400 million, will […]
AlpInvest Partners and HarbourVest Partners are co-leading a secondary process of Oaktree Capital Group’s 2009 special situations fund, two sources told Buyouts. The deal gives investors in Oaktree Principal Fund V the option to cash out or roll their interests with the manager into a newly created vehicle that will house assets. Oaktree is working […]
Key-person provisions lately are a hotly debated topic, with some GPs setting up several individuals, rather than one or two, as key people on a fund. This has the effect, at least from the LP perspective, of diluting the impact of a key-person provision. After all, a key-person provision that names one or two people […]
Brian Kolin, a former executive with Strategic Partners, Blackstone Group’s secondaries outfit, has joined Rothschild & Co.’s Five Arrows group, two sources told Buyouts. Kolin, who joined Five Arrows as a managing director on the multi strategy team, will help build its U.S. presence, the sources said. Five Arrows Multi Strategy runs various private equity strategies like […]
Ryan Schlitt, a longtime executive with Credit Suisse’s Private Funds Group, left the firm, Schlitt and a separate source confirmed for Buyouts. Schlitt, a managing director who worked at the firm since 2000, had his last day on May 31, the source said. “I look forward to continuing to serve the dynamic alternative investment industry […]
Diversis Capital, which has just closed its debut fund, spent several years investing on a deal-by-deal basis before deciding to hit the fundraising trail. It’s not an easy decision, especially when a firm has been able to steadily invest outside the confines of a closed-end fund. But in this case, Diversis invested in several platform […]
Diversis Capital Management, formed by several ex-Gores Group executives in 2013, closed its debut growth fund on $255 million, beating its $200 million target in six months. Diversis was formed by Managing Directors Ron Nayot and Kevin Ma. It focuses on investments in lower middle market software companies.
Origami Capital Partners is targeting $500 million for its fourth fund, which invests in complex and special situations, a person with knowledge of the firm told Buyouts. Origami Opportunities Fund IV held a recent first close on about $300 million, the person said. When Origami could hold a final close is unclear. Metric Point Capital is […]
Jack Waterstreet, former chief investment officer and partner at middle-market shop Insight Equity, is gearing up to raise the debut fund with his new shop, Sky Island Capital, two sources told Buyouts. Sky Island Capital I will likely target around $250 million, one of the sources said. It’s not hit the market yet but should launch […]
After a delay, the restructuring of Thomas H. Lee Partners’ credit-boom-era sixth fund is heading for the finish line. LPs in the fund this week are voting on whether to sell their stakes in the pool or roll their interests with the manager into a continuation vehicle, two sources told Buyouts. The voting, known as […]
FTV Capital led a $28 million growth equity funding round in elearning platform OpenSesame. The funding round also included existing investor Altos Ventures. FTV partner Chris Winship will join OpenSesame’s board of directors.
Bain Capital invested in Rodeo Dental & Orthodontics, a group practice provider of specialty dental services in Texas. Bain is making the investment through its Double Impact program, providing capital that will help Rodeo Dental to expand patient access, regardless of means, to oral health services in Texas and beyond. Financial terms were not disclosed.