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PE HUB Wire Highlights, 8.12.19

Quantum Energy collects $750M for debut structure-capital fund; Calpers considers board confidentiality rules ahead of PE rollout; Blackrock invests $875M in Authentic Brands Group

Morning, Hubsters!

A big deal was announced yesterday. BlackRock is becoming the largest shareholder of Authentic Brands Group, which owns lifestyle, sports and entertainment brands. BlackRock is investing $875 million in ABG through its Long Term Private Capital fund. The deal is the first for LTPC, which is seeking to raise $10 billion to $12 billion, Bloomberg said.

BlackRock’s investment values ABG at around $4.5 billion, Institutional Investor said. Of the $875 million, $625 million is coming from the LTPC fund while another $250 million is co-investment, the story said. BlackRock joins ABG investors including General AtlanticLeonard Green & PartnersLion Capital and retired basketball star Shaquille O’Neal, II said.

The BlackRock investment also comes months since ABG said it would buy Sports Illustrated from Meredith Corp for $110 million.

Deals et alAscensus has made another acquisition. This time, it’s buying Beneco, of Scottsdale, Arizona, which provides recordkeeping, third-party administration, and benefit plan consulting services. See our brief here.

California Public Employees Retirement System’s Board of Administration briefly considered a strict policy restricting member communications about board decisions before backing off the idea after criticism from several board members, Justin Mitchell is reporting.

Chris is reporting that Quantum Energy Partners has collected about $750 million for its debut structured-capital fund, which will provide financing to oil and gas companies. Read his story here.