TPG said to seek $1.5B to invest in firms delaying IPOs; Nordic to make 7x on AniCura sale; Men are also victims of #metoo
It’s Tuesday, Hubsters.
Gordon Gekko flashback: The #metoo movement isn’t just for women. Men have also been harassed, one GP said to me. “I don’t think any men want to talk about [sexual harassment]. Period,” the executive said. “We just want to avoid it and make sure it doesn’t happen.”
The executive said he has been hit on, or put in uncomfortable situations, a number of times. He remembered an incident back in the 1980s when he was working as an associate at a Wall Street investment bank. A female VP asked him to bring a copy of a management presentation to her hotel. “And I get there and she’s in her bed,” the executive said. He didn’t think twice, he said. He handed the book to the VP and left. Luckily, the VP didn’t use the situation against him or try to retaliate in any way, he said.
That was the 1980s. About one-third of the GP’s associate class was female, he said. Dating between analysts, or analysts and associates, or with VPs, was common, he said. The GP said he “didn’t think anything” about the incident at the time. “There was a lot of dating,” he added.
Flash forward 30 years and the GP, who now has daughters, said he thinks about #metoo a lot now. Now in a PE firm, the executive said he hasn’t experienced any sexual harassment for quite some time. “I wonder if I was just blind to stuff going on when I was younger,” he said. He also wonders what happened to all the women he started off with in the industry. Has it gotten better? Some of the female executives retired, some got married, some left the industry. “I’d love to know if they wished they’d been born 30 years later,” he said.
So, Hubsters, what do we tell this GP? Has it gotten better and if so, how? If not, why not? Email me your thoughts at firstname.lastname@example.org.
Funds: Apollo Global Management’s hybrid investment fund will likely dedicate around 80 percent of its capital to structured equity and senior or subordinated credit, Sam Sutton is reporting.
TPG is raising a $1.5 billion fund to invest in companies that are delaying going public, Bloomberg is reporting. TPG Tech Adjacencies LP will buy the equity owned by employees, founders and early investors. See our brief here.
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