| | | AEA-Bridges Impact Corp raises $400m for IPO, The long-hold trend in private equity takes a major leap forward, Altimeter SPAC goes public | | | | Friday, October 02, 2020 | | | | | Happy Friday!
A trend that has been percolating for several years in private equity exploded to the surface this week in a partnership between sovereign fund Mubadala and Silver Lake.
Mubadala agreed to invest $2 billion with Silver Lake with a deployment horizon of 25 years. The capital will be invested across structures, geographies and industries in both early to later stage businesses.
At the heart of the partnership is the idea of holding growing businesses for the “long term.” The partnership highlights the firm’s “long-term commitment to our portfolio companies,” Silver Lake’s co-CEOs Egon Durban and Greg Mondre said in a statement.
This trend, which we’ve tracked all year starting with our January cover story, is nothing short of a fundamental rethinking of how private equity works. It flies against the perception of private equity firms as quick strip and flip shops. Read more here. |
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| | | Top Scoops | | | AEA-Bridges Impact Corp priced its debut SPAC of 40 million units at $10 per, listed on the NYSE. The SPAC will pursue a company in any industry or geography incorporating the tenets of the UN Sustainable Development Goals.
AEA-Bridges is led by John Garcia, executive chairman of AEA Investors, and Michele Giddens, co-CEO and co-founder of Bridges Fund Management. Other senior professionals of AEA and Bridges will help lead the SPAC. Read more here on PE Hub. |
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| | Have a great weekend! Reach me with your thoughts, tips, gossip, whatever at cwitkowsky@buyoutsinsider.com, on Twitter or find me on LinkedIn.
HOUSEKEEPING: Deadline extension! Invitation to Perspectives 2021
In its ninth year, Perspectives is Buyouts's annual study of how institutional investors will approach private equity over the coming year. If you are an institutional investor, your participation in the study is greatly appreciated.
CLICK HERE TO PARTICIPATE. Deadline to participate: 03 October, 2020
Participating takes less than 10 minutes (I promise!) and in return you will be provided with a complimentary copy of the full results of the study. A $5 donation to UNICEF will be made for every completed set of responses, with your answers remaining strictly anonymous. For any questions, please email Nicole Douglas, Head of Investor Research: nicole.d@peimedia.com | | |
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| | | The long, long hold | | Silver Lake’s launch of a multi-decade strategy is the latest example of a private equity industry grappling with how to hold on to assets outside of a traditional 10-year fund model. More... |
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| | | | | | | | | | | | | | Cotton Creek recaps ConeCraft | | Cotton Creek Capital has recapitalized Fort Worth, Texas-based ConeCraft LLC, a maker of customized equipment for the pharmaceutical and biopharmaceutical industries. More... |
| | | | | | | | | | | | | | | | | | | | | | | | | | CPPIB to invest $300m in BPEA’s acquisition of Virtusa | | Canada Pension Plan Investment Board has agreed to invest US$300 million in the acquisition of Virtusa Corp, a Southborough, Massachusetts-based provider of digital strategy, digital engineering, and information technology services and solutions. More... |
| | | | | | | | | | | | | | | | Hims & Hers and Oaktree SPAC to merge | | Hims & Hers, a telehealth company and Oaktree Acquisition Corp, a blank check company sponsored by Oaktree Capital Management LP, have agreed to merge. When the deal closes, the combined company will trade on the New York Stock Exchange under the ticker symbol “HIMS.” The transaction puts the combined company at an enterprise value of [] More... |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pixie Labs nets $9.15m | | San Francisco-based Pixie Labs, a builder of digital and interactive products, has raised $9.15 million in funding. More... |
| | | | | | | | Buzzer scores $4m seed | | New York-based Buzzer, a mobile platform for live sports personalized for fans and authenticated through existing subscriptions or micropayments, has raised $4 million in seed funding. More... |
| | | | | | | | Cardiac Dimensions inks $17.5m Series C | | Kirkland, Washington-based Cardiac Dimensions, a developer of treatments for functional mitral regurgitation in patients with heart failure, has secured $17.5 million in Series C financing. More... |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cloud company Macrometa raises $7m in seed | | Macrometa in Palo Alto, California raises $7m in seed led by DNX Ventures. Benhamou Global Ventures, Partech Partners, Fusion Fund, Sway Ventures, Velar Capital and Shasta Ventures also participated. More... |
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