Hope your week is going well. We got all kinds of stuff happening over here in the Metuchen bureau.
Here’s a quickie: Francisco Partners agreed to buy MyHeritage, a service for discovering family history. MyHeritage was formed in 2003 through a subscription-based global enterprise used by 62 million users available in 42 languages.
The company raised $49 million in five financing rounds, the most recent of which took place in 2012. Investors included private investors Yuval Rakavy and Aviv Raiz, as well as Accel, Index Ventures and Bessemer Venture Partners. Some existing investors will be re-investing in the deal, including HP Beteiligungs, Yuval Rakavy, founder and CEO Gilad Japhet and independent investor Gigi Levy.
Eran Gorev, Francisco’s president of Israel and senior operating partner, will join the MyHeritage board once the deal closes.
New one: Steve Mnuchin, Treasury secretary in the Trump administration, is planning to launch an investment fund targeting sovereign wealth funds in the Persian Gulf and other investors as LPs, the Washington Post writes.
The fund will focus on fintech and entertainment, the story said. Mnuchin has been hiring for the new fund. The structure of the vehicle is not clear, but the article makes it sound like a private equity-style fund. Read it here.
What happened: Stone Point Capital made headlines as one of the private equity firms making moves to form secondaries capabilities. The firm, known for backing strategies in financial services, was in negotiations with former PJT Partners secondaries chief Jonathan Costello to form the venture. Stone Point hired Costello last year as an operating partner.
Negotiations between the firm and Costello seemed to have derailed recently and the firm no longer lists Costello on its website. Read it here.
That’s it for today! Hit me up with feedback, or tips n’ gossip at
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