Seems to be starting to slow down a bit out there. M&A feels particularly sluggish this week.
Fundraising has not yet slowed. U.S. buyout and mezzanine funds raised more than $200 billion as of Aug. 5, passing that threshold four months sooner than it did last year, according to research compiled by our data czar Joe Weitemeyer.
Deal: Speaking of M&A, Accel-KKR achieved its largest return ever with the sale of Jaggaer, (the former SciQuest), which provides procurement software for large and medium-sized businesses. The deal values Jaggaer at $1.6 billion, deal chief Luisa Beltran is reporting. Read the story here.
Accel-KKR invested in Jaggaer through several funds: Fund IV and V as well as its second structured capital fund, which was renamed Accel-KKR Growth Capital Partners II.
Accel-KKR, meanwhile, has been working through a restructuring of its 2008, third fund that closed on $600 million. Goldman Sachs, Government of Singapore’s sovereign fund (GIC) and Adams Street Partners were lead buyers on the transaction. The deal was set to move three remaining assets into a continuation vehicle.
New fund: Motive Partners, formed in 2014, has raised at least $500 million for its debut fund, which was targeting $500 million, LP watchdog Justin Mitchell reports. It’s not clear if that fund is officially closed or still raising. Motive received support last year from Capital Constellation, a partnership between Alaska Permanent Fund Corp., RMPI Railpen and Wafra on behalf of the Public Institution for Social Security of Kuwait. Read the story here.
Free speech: I never get tired of stories about Calpers. The largest pension system in the U.S. is working on an ambitious plan to create two direct investment funds focused on late-stage venture and long-hold investments. As this process nears its potential completion, the system recently held a discussion at an offsite meeting about a code of conduct that would seek to control board members’ ability to communicate about board decisions.