Big: This week, activity feels a bit subdued. I’m wondering if that’s the calm before the storm. A few major fundraisings are launching or expected to launch in the second half of this year, along with an anticipated explosion of activity in secondaries.
“It’s just been non-stop … and I don’t think it’s letting up,” a family office LP told me about the pace of fundraising.
Here’s one: Thoma Bravo set an ambitious target for its fifteenth flagship fund, that will target large technology investments. Fund XV is live now, while the firm also will launch its middle market fund and its lower mid-market pool in September.
Read here on Buyouts for all the details.
Respiratory: Waud Capital is buying PromptCare from The Halifax Group, the result of a venture it formed with long-time healthcare executive Paul Jardina, writes Sarah Pringle on PE Hub. The deal is expected to close this week, which values the company in the low-$400 million range.
In August, Waud announced plans to build a platform in the medication-based services industry alongside Jardina. Jardina most recently worked as the CEO of Onco360, an oncology-focused specialty pharmacy. The venture pledged to commit at least $100 million in equity capital to the business.
PromptCare provides complex respiratory and infusion-therapy services. It encompasses two businesses under the same umbrella: an in-home, infusion-therapy business and a complex respiratory business with a large pediatric patient population, Sarah writes.
Control: Breakwater Management is moving into control investing, and has kicked off the strategy with its acquisition of Matcon, a commercial contractor. Breakwater has traditionally made minority investments through debt or a combination of debt and equity.
The firm raised external funding outside of its three funds for the Matcon deal, writes Karishma Vanjani on PE Hub today. Breakwater will continue to pursue control investments on an independent basis until it raises a control equity fund. It’s Fund III, currently in fundraising, is not able to make control deals.
“Big [PE firms] have been broadening out to include minority and growth; that’s where we started… this is us going the other way,” said Darrick Geant, partner at Breakwater and former managing director at Goldman Sachs.
That’s it! Have a great rest of your Thursday. Hit me up with tips n’ gossip, feedback or book recommendations at firstname.lastname@example.org or find me on LinkedIn.