PE HUB Wire Highlights, 7.30.19

KKR healthcare chief Momtazee to leave firm; Welsh Carson’s 13th flagship raises $4.3 bln; Sumeru Equity puts MDSL up for sale

It’s Tuesday, Hubsters, and I opened my windows this morning for the first time in days. Here’s hoping the heat lets up soon.

This year is shaping up to be a strong year for fintech financing, according to data from Financial Technology Partners. Financing volume hit $10.9 billion in second quarter, the second largest quarter ever, FT Partners said. Excluding Ant Financials’ $14 billion financing round in Q2, the quarter is the biggest ever, the IB said.

Banking and lending technology sector emerged as the most active in terms of financings so far this year with 272 deals and $8.4 billion in financings. M&A volume in second quarter was also strong, totaling $35.6 billion. This year has produced 473 M&A transactions so far, including three of the four largest fintech M&A deals ever. All three of these sales — WorldPayFirst DataTSYS — came from the payments space. See the report here.

Separately, Dubai’s financial regulator fined Abraaj Group $314.6 million for allegedly tricking investors and carrying out unauthorized activities, according to the Wall Street Journal. The fine is a record penalty in the Persian Gulf emirate, the story said.

FundsWelsh, Carson, Anderson & Stowe‘s latest flagship closed at its $4.3 billion hard cap. This exceeded WCAS XIII LP’s $3.5 billion target. See our brief here.

GTCR has two deals this morning. The Chicago PE firm is buying Vyve Broadband from BBH Capital Partners. It’s also scooping up Eagle Communications.

Big ExitJim Momtazee, a longtime KKR healthcare exec, is leaving the buyout shop after more than two decades. Ali Satvat and Max Lin, already partners and senior leaders of the healthcare team, have stepped up to co-lead KKR’s healthcare efforts in the Americas. Read Sarah and Chris’s story here.

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