MSD Partners raises $825m for opportunistic fund, CC Capital SPAC prices for total of $720m, Carlyle may miss $20bn fundraising expectation

MSD Partners racks up $825 million for new fund while Apollo co-founder Marc Rowan is stepping into a "semi-sabbatical."

Happy Friday!

The SPAC train continues to roll on through the battered pandemic landscape.

CC Capital is an interesting firm. Formed by Blackstone Group private equity veteran Chinh Chu in 2016, the firm has formed several SPACs for high profile deals. CC Capital participated in the acquisition of Dun & Bradstreet along with Cannae Holdings and Thomas H. Lee Partners in 2018.

Chu and CC Capital senior managing director Jason Giordano formed a SPAC called Collier Creek Holdings that agreed to combine with Utz Quality Foods to form Utz Brands, Inc., which upon closing will trade on the New York Stock Exchange.

CC Capital announced it priced CC Neuberger Principal Holdings II at $10 per unit for a total of $720 million. CC Capital raised $414 million earlier this year with CC Neuberger Principal Holdings I.
CC Neuberger Principal Holdings II is led by Chu and senior managing directors Douglas Newton, Giordano, along with Matthew Skurbe, who previously worked as a managing director in finance and treasury at Blackstone, and Charles Kantor, managing director with Neuberger Berman. CC Capital hired Skurbe in July. Read the news brief here on PE Hub.

We’ve been entranced watching the rise of SPACs in today’s market. We’re exploring the factors driving this trend. If you have thoughts, hit me up at cwitkowsky@buyoutsinsider.com.

Top Scoops
MSD Partners, an affiliate of the investment firm for Michael Dell and family, raised $825 million for MSD Special Investment Funds. The funds are opportunistic, targeting investments in liquid and illiquid credit, structured financing and equities. MSD Partners is led by Robert Platek, global head of credit at MSD Partners, along with co-portfolio managers Jeremy Herz, Matthew Olim and Scott Segal. Read the news brief here on PE Hub.

Seemingly big news came out of Apollo’s second quarter earnings call yesterday. CEO Leon Black announced co-founder Marc Rowan would step into a “semi-sabbatical” and out of his day-to-day responsibilities. Rowan will remain on the boards of Apollo and its insurance businesses Athene and Athora. Apollo’s co-president Scott Kleinman will take over Rowan’s day-to-day responsibilities leading insurance operations, writes Isobel Markham on Private Equity International. Read more.

“It’s really that we’ve been in covid lockdown now for five months, Marc has just quarterbacked two transactions in the second quarter… and he wants to take a little time off from day-to-day operations,” Black said on the call. “The reason we call it a ‘semi-sabbatical’ is Marc is still very, very engaged in the firm and on the strategic planning with Josh and myself.”

Black added: “I would really just take it at face of what we’ve said and not read more into it.”

I asked around a bit but no one has heard anything on the move. Do you know anything? Hit me up at cwitkowsky@buyoutsinsider.com.

Have a great weekend! Reach me with your thoughts, tips, gossip, whatever at cwitkowsky@buyoutsinsider.com, on Twitter or find me on LinkedIn.