PE HUB Wire Highlights, 7.18.18

Platinum Equity to seek $6.5B-$8B for fifth flagship; Ex-Warburg tech investor Ian Chiu joins Owl Ventures: Genstar to buy majority of Cetera for $1.7B

Gridiron Capital takes control of The Service Companies

Gridiron Capital LLC said July 18 that it acquired a controlling stake in The Service Companies Inc. Financial terms weren’t announced. The Service Companies, of Miami, consists of Heart of House Services, Acrobat Outsourcing, and JRS International. Service Companies provides services such as housekeeping, public and casino area cleaning, kitchen cleaning, stewarding, laundry services to businesses including hotels, casinos, and resorts.

Musician Peter Gabriel invests in blockchain startup Provenance

Provenance said July 18 that it raised additional funding from musician Peter Gabriel as well as Working Capital Fund, which led the round. Also taking part were Digital Currency Group, Merian Ventures and Plug and Play. Financial terms were not disclosed. Provenance, a London blockchain startup, aims to make products and supply chains more transparent.

TPG, Hellman & Friedman boost management fees on new funds: Bloomberg

Buyout shops including TPG and Hellman & Friedman are increasing management fees on the funds they’re looking to raise, Bloomberg reported. The move follows similar actions from Apollo Global Management and Blackstone in recent years, the story said. Hellman will charge a higher management fee of as much as 1.25 percent compared with 0.75 percent on its previous pool once the investment phase is completed, the story said.

Zoox raising $500 mln round: reports

Zoox, a driverless car startup, has raised $500 million in a new round of funding, according to press reports. The round values Zoox at $3.2 billion, TechCrunch said. Mike Cannon-Brookes of Grok Ventures led the round, TechCrunch said.

Platinum Equity to seek $6.5 bln to $8 bln for fifth flagship

Diversification is the word at Platinum Equity, which plans to expand into credit. First, though, Platinum expects to get rolling with its latest buyout fund. The Los Angeles shop founded by Tom Gores expects to come to market with its fifth flagship this year, said Mark Barnhill, a Platinum partner and spokesman. Platinum will target at least […]

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Genstar to buy majority of Cetera Financial

Genstar Capital has agreed to buy a majority of Aretec Group Inc, holding company of Cetera Financial Group. Financial terms weren’t announced. Cetera, of El Segundo, California, is a network of nearly 8,000 financial advisors. Cetera was seeking bids of $1.5 billion to $2 billion.

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PE HUB Wire Highlights 7.17.18

CPPIB, HarbourVest, StepStone lead Providence tender offer; Fabiano jumps to Platinum Equity from GSO; Thiel invests in Block.one’s latest round

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Fabiano joins Platinum Equity

Michael Fabiano is joining Platinum Equity in January 2019 where he will lead the formation of a credit investing division. He will be based in New York and will be head of credit. Fabiano was most recently a managing director at GSO Capital Partners LP.

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Shamrock Capital exits Giant Creative Strategy

Huntsworth plc said July 17 that it acquired Giant Creative Strategy. Financial terms weren’t announced. Shamrock Capital is the seller. Giant Creative, of San Francisco, is a creative healthcare agency focused on healthcare professional and multi-channel marketing.

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Equistone Partners to sell Caseking

Equistone Partners Europe said July 17 that it agreed to sell a majority stake in Caseking. Financial terms weren’t announced. Gilde Buy Out Partners is the acquirer. Caseking, of Berlin, is a European suppliers of PC gaming, eSports and tech products.

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Thiel invests in Block.one’s new round

Block.one, a blockchain platform, has raised a new investment round with the backing of Peter Thiel. Financial terms of the round were not announced. Other investors include Bitmain, Louis Bacon, and Alan Howard. The round comes just months since Block.one raised $4 billion in an ICO in May.

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Several investors of Social Capital opt not to invest in next fund: Bloomberg

Social Capital, once one of the hottest VC firms, has seen its fortune dim. At least five investors will not invest in Social Capital’s next fund, Bloomberg is reporting. The firm has seen a number of defections as Social Capital has postponed fundraising at least three times in the past year, the story said. Social Capital’s $600 million fund, closed in 2015, is 90 percent committed, Bloomberg said.

Salveo Capital invests in PathogenDx

Salveo Capital said agreed to buy a minority stake in PathogenDx. Financial terms weren’t announced. PathogenDx, of Tucson, Arizona, provides DNA-based pathogen testing kits for the cannabis, botanical, food and agriculture industries.