PE HUB Wire Highlights, 10.8.18

PE consortium forms to buy Arconic; Goldman’s Petershill to invest in General Catalyst Partners; Interest groups get aggressive approaching firms’ LPs

It’s Monday and a holiday for many.

Now that we’re officially in the fourth quarter, we have some Q3 data. There were 1,205 PE-backed buyout deals worth a combined $93 billion in the period, Preqin said. This is down from the second quarter, which saw 1,274 deals valued at $129 billion. Half those deals, 637, occurred in North America, representing a total of $51 billion. Add-ons and buyouts accounted for the largest chunk of deals. Add-ons represented 41 percent while buyouts were 39 percent, Preqin said. Buyouts accounted for nearly half, 44 percent, of deal value in Q3.

Exits also slowed in Q3, according to Joseph Weitemeyer. U.S. sponsors in the third quarter sold companies at the slowest pace of the year. Read Joseph’s story here.

Right now is a good time to be a seller, Sarah Pringle reports.

SCOTUS: Newly confirmed Supreme Court Justice Brett Kavanaugh might get to cast his first vote as a member of SCOTUS this week, Politico reports. The Trump administration is trying to block Commerce Secretary Wilbur Ross from giving testimony in lawsuits that are challenging the addition of a question on citizenship to the 2020 U.S. census. The high court turned down an emergency stay application last week but Justice Department attorneys have indicated they plan to return with another emergency stay this week unless they get full relief from lower courts, the story said.

DealsGoldman Sachs’s Petershill unit is near a deal to buy a stake in General Catalyst PartnersBloomberg is reporting. This would be its first VC investment.

A large private equity consortium has formed to buy Arconic Inc, the aluminum products maker that spun out of Alcoa in 2016, Reuters is reporting. See more here.

Yale University has invested in Paradigm fund, which focuses on cryptocurrencies, blockchain technology and coin exchanges, Bloomberg said.

Perforce Software, a portfolio company of Clearlake Capital Group LP, is buying Perfecto MobileCheck out our brief here.

News from Buyouts/VCJ: I have a story on Transactis, the payments company backed by five major banks, which is up for sale. Read my story here

Chris has a column on how LP activism has recently taken on a lot more significance. Read his column here.


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