KKR leads $450m funding in online fitness platform Zwift, Lindsay Goldberg’s Women’s Care Enterprises preps for sale, A placement agent and GP in legal battle over who will raise next fund

Online fitness platform Zwift scores $450 million from KKR and behind the legal battle between placement agent Stonington Advisors and mid-market firm Southfield Capital.

Happy Wednesday, Dear Tech Take Readers!

Lots of tech assets are on the block these days. One that’s getting a lot of PE attention is Thoma Bravo-backed Planview.

In fact, one source recently told me the process could result in a deal within the next two weeks.

Planview, based in Austin, Texas, provides software for organizations that enable strategic planning, portfolio and resource management, new product development, work collaboration and enterprise architecture.

The deal would likely produce a strong return for Thoma Bravo, having acquired the company from Insight Partners in January 2017 for $800 million, according to news reports published at that time.

For more on the process and valuation expectations, read my story on PE Hub.

Top Scoops
It’s not unusual for European PE shops to expand their operations and investment coverage in the US.

Last year, I wrote about Hg opening its New York office along with a new team to focus on North American investments.

This time around, EQT is making a big geographic push.

In January, the firm hired Arvindh Kumar as a partner and head of EQT’s North America efforts in technology, media and telecom (TMT). This is a new role at the firm.

I caught up with Arvindh to discuss his investment strategy, EQT’s differentiation in the tech and opportunities in a post-covid world.
“What covid did is it cut out companies that are not accelerating customers through digital transformation,” Kumar told me in an interview.

“If it’s not pretty obvious how they are accelerating [the] customer journey, we don’t really spend time on them.”

Stay tuned for my full Q&A for more insights from Arvindh.

KKR led a $450 million minority investment in Zwift, an online fitness platform for cyclists and runners. Zwift will use the proceeds to develop its core software and bring Zwift-designed hardware to market. Read the news brief here on PE Hub.

Also …
Check out Chris’s story on Buyouts: You don’t often see a private equity firm and its former placement agent get into a tussle about who is going to raise the next fund.

But that’s what happened between placement agency Stonington Advisors and mid-market firm Southfield Capital.

Stonington is demanding that Southfield Capital uphold what it says is its contractual obligation to hire the firm to raise its next fund, according to documents from a recent lawsuit. Read the story here.

Have a great day! Reach me at mvinn@buyoutsinsider.com.