It’s only Tuesday, and the news is coming at a strong pace this week.
The killers on PE Hub have a few scoops for yinz this morning: CCS Medical, which provides home-delivered supplies to help manage diabetes, is looking for a buyer, writes Sarah “Dr. Scoop” Pringle. CCS’s largest shareholders are funds managed by Highland Capital Management, a global alternative investment firm that filed for bankruptcy in October. Read it here on PE Hub.
And, Milana Vinn, our tech guru, reports that Goldman Sachs Private Capital is preparing to sell Information Builders, a business intelligence and data analytics software company. Shea & Co is advising the company on the sale. Goldman’s private equity arm invested in the company in May 2017 out of its GS Growth strategy. Bregal Sagemount particpated in the funding, Milana wrote. Read it here on PE Hub.
Travel: Private equity firms have been talking about the impact of coronavirus, and potential travel restrictions, on annual meeting season, which generally kicks off in the spring each year, sources said Monday.
Firms are exploring other options for their annual meetings, like webcasts, or even rescheduling, in case travel becomes prohibitive.
Annual meetings are important events for firms and their limited partners to catch up on changes, strategy, status updates and in-person talks with GPs and portfolio company executives. For some PE shops, annual meetings are the one chance during the year LPs get to meet firm partners in person.
PE sources also are weighing travel to industry conferences, several people told Buyouts Monday. One of the big industry events coming up is the Women in Private Equity Summit in Dana Point next week. One person said she is weighing whether to travel to the event. A spokeswoman for the event did not return a comment request Monday.
What are you thinking in terms of travel restrictions because of the virus? Hit me up at email@example.com.
Dyal Capital is considering a sale of GP stakes out of its third fund, a move that has raised eyebrows in the market, I write over on Buyouts today. Dyal is talking to PJT Park Hill on options for the fund, which could include selling a strip of GP stakes assets out of the pool, which closed on $5.3 billion in 2017.
Dyal has stressed that it is happy to hold its GP stakes investments for the long term, so selling stakes out of a relatively young fund would be an interesting move.
Check out our second installment of women in private equity, written by Sarah Pringle. The real challenge the industry is grappling with? How to prevent senior women from leaving their firms or retiring, Kelly Williams, CEO of The Private Equity Women Investor Network, a global organization of more than 700 senior women in private equity.
“Young women need women whose career they can look up to. Regardless of what the numbers say, there is a persistent issue with keeping senior women in the industry”, Williams says. “It really doesn’t matter how senior they are or what their title is. If they’re not a founder of a firm it’s often very frustrating for them. They’re often not included in cultural decisions like deal approval, hiring, firing or promotion.”
Have a great day! Reach me with tips n’ feedback, gossip, drama or whatever at firstname.lastname@example.org, on Twitter or find me on LinkedIn.