People: We got a quick people move in the LP world. Jonathan Raskin, who has been a long-time corporate pension LP, moved to a new role. Raskin joined Prudential Financial’s chief investment office to focus on private equity earlier this month. Raskin worked for AT&T’s corporate pension, before which he worked at Verizon’s corporate pension. Read more here.
Meanwhile, last week TCV promoted three investment members to principals, according to an internal memo seen by PE Hub. The promotions involved Vice Presidents John Burke, who joined in 2018; Matt Robinson, who joined in 2011 and rejoined in 2016 working with the firm’s enterprise software team; and Michelle Wickman, who joined TCV’s newly created portfolio operations team earlier this year. Check it out here.
Newbie: Arcline Investment Management, launched by ex-Golden Gate executive Rajeev Amara, agreed to acquire Fairbanks Morse, a maker of reciprocating engines, for $450 million. Fairbanks Morse supplies diesel engines to the US Army, Navy and Canadian Coast Guard, with manufacturing in the company’s US facility in Beloit, Wisconsin. Read the news brief here.
Arcline raised $1.5 billion earlier this year for its debut fund to invest in middle-market businesses across a range of industries, targeting companies valued up to $1 billion. Amara worked at Golden Gate from 2000 to 2018, leaving as a managing director, where he was focused on industrials.
Speaking of fundraising, Vestar Capital raised more than $956 million for Fund VII on a target of $1 billion, according to a fundraising filing with the SEC. It’s not clear if the firm raised more than what was in the filing. Check it out.
Vestar Capital Partners VII hit the market in 2017. The firm’s sixth fund, which raised $804 million in 2013, was generating a 30.07 percent net internal rate of return as of Dec. 30, 2018, according to performance information from the University of California.
KKR-backed GenesisCare, which provides cancer care services in Australia and Europe, agreed to buy 21st Century Oncology for a total enterprise value of $1.1 billion, writes Sarah Pringle. GenesisCare plans to invest an additional $300 million in the U.S. over the next three years, she said. Read more.
Oak Hill Capital is close to closing its fifth flagship fund, securing more than $2.65 billion on a $3 billion target, writes Kirk Falconer. As Oak Hill moves through its fundraising, it also made changes to its leadership, he wrote. Check out Kirk’s story here.
That’s it! Have a great Monday. Hit me up as always with tips n’ gossip, feedback, good holiday recipes or just to chat at email@example.com, on Twitter or find me on LinkedIn.