Insight bets on Saks ecommerce strategy, TA continues financial services push with BetaShares

Insight Partners invests in Saks' new luxury ecommerce business and Swander Pace Capital taps Calvo as CFO/CCO.

Morning!

Going online: The universe of retail is constantly evolving. As many consumers continue to shop from home, growth equity investor Insight Partners and HBC have entered into a partnership that establishes Saks Fifth Avenue’s ecommerce business as a standalone entity. Insight has injected $500 million in equity in the luxury ecommerce business – which will go by Saks – valuing it at $2 billion.

As the brand reinvents itself, Marc Metrick, previous CEO of Saks, will serve as CEO, while former Amazon executive Sebastian Gunninham, who among other things led its marketplace expansion, will join the company’s board of directors and serve as advisor.

The transaction does not include Sak’s 40 physical stores, which remain wholly owned by Rhône Capital-backed HBC and be called SFA.

Read more on PE Hub.

Another TA deal: TA Associates made a significant investment in BetaShares, an Australian ETF manager with more than $16 billion in assets under management. As part of the transaction, TA has acquired the shares held by Mirae Asset Financial Group and other minority investors in BetaShares. Read PE Hub’s brief on the deal.

A longtime investor in financial services industry, TA states on its website that it has invested in 24 asset management business to date.

In recent activity, TA in September sold a piece of its Orion stake to Genstar, realizing over $1 billion in capital gains, a source at the time told PE Hub. That translates into 5x the firm’s initial investment. The partial exit came as Orion, a tech-enabled provider of fiduciary framework, merged with Genstar’s Brinker Capital, an investment management company. Read it here.

People move: Consumer-focused private equity shop Swander Pace Capital is building out a more diverse team, hiring Virginia Calvo as CFO/CCO. Calvo joins from TSG Consumer Partners, where she was director of finance. The firm also announced four of promotions.

Read more here.

That’s it for today! Have a great week, everybody, and as always, hit me up with any tips or feedback at springle@buyoutsinsider.com.