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PE HUB Wire Highlights, 8.13.19

Coller emerges as buyer on large Ares fund revamp; PE-backed WIRB-Copernicus gears up for sale; Vista Equity sells stake in Advanced to BC Partners

It’s Tuesday, Hubsters.

We have some fintech data this morning from CB Insights. Second quarter fintech funding topped $8.3 billion, boosted by 25, $100 million-plus rounds worth about $5 billion, according to the Global Fintech Report Q2 2019. Still, fintech deals dropped 22 percent on a quarterly basis and were off 23 percent compared to the same time period in 2018, the report said. In fact, the number of VC-backed fintech deals in Q2 dropped to their lowest amount, 367, since fourth quarter 2016, CB Insights said.

Challenger banks continued to gain funding with 17 deals raising $649 million. There are 48 VC-backed fintech unicorns worth a combined $187 billion, the report said. Second quarter gave birth to seven fintech unicorns including,, Ivalua and LiquidSee the report here.

Shades of 2008, we have a rather big bank deal this morning. It doesn’t involve PE but it’s interesting. CIT Group is buying Mutual of Omaha Bank for $1 billion. The deal will be comprised mainly of cash and up to $150 million of CIT common stock. See our brief here. (Who remembers when private equity used to invest in banks? I wonder if any firms still hold stakes.)

Software continues to be a major investment for PE. BC Partners is buying 50 percent of Advanced, the U.K. software company, from Vista Equity Partners. The deal is valued at about 2 billion pounds ($2.4 billion) including debt, the Financial Times is reporting. See our brief here.

I have an update on Genstar Capital‘s sale of Mercer Advisors. Bids are due later this month. I’m hearing that the cutoff point was “meaningfully higher” than $600 million. Find out who bid here.

Chris has the scoop on a secondary restructuring deal of an older Ares Management fund valued at more than $1 billion. Find out who is lead buyer here.