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PE HUB Wire Highlights, 11.14.19

Secondary market activity softens, Senior exec on Bain’s impact team leaves

Happy Thursday!

Hope the week is moving along for you, Hubskis.

New shop: One of my favorite topics is the launch of new firms by executives that move from larger shops to raise their first funds. That sort of activity has been slowing over the past few years, with this year as no exception. LPs are happy to commit to their known and trusted managers, leaving little room for first-timers.

However, a few shops emerge and catch the attention of LPs (especially those with programs specifically targeting emerging managers).

The latest on our radar is OceanSound Partners, formed by executives from Veritas Capital and Technology Crossover Ventures. The firm was launched last year by Joe Benavides, previously a partner with Veritas; Ted Coons, former GP with TCV; and Jeff Kelly, a Veritas principal who joined H.I.G. Capital in 2016.

OceanSound is in market now with its debut fund. Check out target and other particulars here. The firm focuses on investments in tech and tech-related services in industrials, government, enterprise and communications.

Emerging managers raised about $45.1 billion as of Oct. 30, according to Buyouts data. As always, check out our emerging manager story archive here to see all the coverage we’ve done over the past few years.

Impact: Seems this week is all about Deval Patrick. Patrick has officially joined the presidential race as a Democrat. The New York Times reported Wednesday he resigned from Bain Capital, which he joined in 2015 to launch the firm’s impact investing strategy called Double Impact.

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