PE HUB Wire Highlights, 8.30.18

Silver Lake’s Waugh named PGA of America CEO; Rubeli steps down as Partners Group co-CEO; Beware SEC pay-to-play rules with election contributions

It’s Thursday, Hubsters. We won’t be publishing on Monday due to the Labor Day holiday. But we’ll be back on Tuesday.

Just out of curiosity, who will be working? I spoke to some bankers yesterday, and a couple of GPs answered their phones/messaged back. They’re working. This surprised me. (Of course, I was working…) Email me at if you’ll be laboring this weekend or Monday.

Moving onPartners Group this morning said that David Layton will succeed Christoph Rubeli as co-CEO of the firm beginning Jan. 1. Layton will join André Frei, who has been co-CEO since 2013. Rubeli doesn’t give a reason for stepping down other than saying “the time was right.” Read our brief here.

Seth Waugh was named CEO of PGA of America, the organization that oversees nearly 29,000 golf professionals. Waugh was a senior adviser and managing director at Silver Lake. He will continue as a Silver Lake senior adviser. Waugh starts his new role at PGA on Sept. 24. Check out our brief here.

IPOSurveyMonkey made public its filing to go public. The company, which filed confidentially for an IPO in June, makes software that enables businesses to poll their employees. SurveyMonkey is looking to go public on the Nasdaq. It did not disclose how many shares it would sell or their price. That’ll come in future filings. What’s interesting is that Tiger Global owns 29 percent while a Sheryl Sandberg Revocable Trust has nearly 10 percent. Spectrum Equity, which invested in SurveyMonkey way back in 2009, owns 8.4 percent. TPG also acquired a stake in 2011 but isn’t listed in the filing. Interesting. Anyone know if and when they sold? Check out our brief here.

Pay-to-play concerns: As the elections approach, campaign contributions can inadvertently violate an SEC rule designed to prevent corruption, according to Kaitlyn Bartley. Find out what to look out for here.

News from Buyouts/VCJ: Chris has a VC story! Bessemer Venture Partners is targeting $1.6 billion for its 10th venture fund that invests in across stages, from seed to growth rounds, he is reporting.


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