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Stellex Capital closes Fund II on $1.77bn, Ardian takes minority stake in Wintics, Lion Capital runs secondary process on Fund II

FTV Capital is backing 6 Degrees Health and WCAS taps Goldman Sachs and Credit Suisse to explore options for Clearwater Analytics.

Happy Wednesday, Dear Tech Take Readers!

I hope you all enjoyed your Labor Day weekend. For all my fellow parents reading — good luck with your first week of remote learning!

Just In: FTV Capital is backing 6 Degrees Health, a provider of tech-enabled healthcare cost containment solutions for self-insured employers.

6 Degrees Health’s proprietary MediVI technology platform collects, analyzes and benchmarks claims and billing data across plans, providers and geographies. The company works this information to provide medical reimbursement analytics for audits, contracting and claim negotiation.

The company will use the newly invested capital to expand its reference-based pricing platform, which enables employers to realize significant cost savings, FTV told PE Hub.

“Rising healthcare spend is a significant cost burden and managing high-cost claims is the top priority for self-insured employers,” said Chris Winship, partner at FTV.

Earlier this summer, FTV raised its largest fund to date, closing FTV VI at its hard cap of $1.2 billion.

Top Scoops
Ahead of the long weekend, sources told me that Welsh, Carson, Anderson & Stowe tapped Goldman Sachs and Credit Suisse to explore options for Clearwater Analytics, a software-as-a-service (SaaS) provider of automated investment accounting, performance, compliance, and risk reporting and analytics.

People familiar with the process said the firm will evaluate both a capital raise through a recapitalization that brings on a new private investor or investors, as well as a potential IPO for the company.

The process, which launched about a month ago, attracted a number of interested parties and is viewed as highly competitive, sources said.

In fact, the company is having conversations with 25-plus sponsors, making it tough to compete, one person told me.
To learn more about the company’s size and plans – read my story on PE Hub.

Stellex Capital Management quickly raised its sophomore fund, closing on about $1.7 billion. That total exceeded the Fund II target of $1.25 billion. Read more here.

Have a great day! Reach me at mvinn@buyoutsinsider.com.