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The Wire Jan. 14, 2021
AlpInvest, Lexington, Hamilton Lane lead Audax continuation fund deal, Bain Capital Double Impact, TPG Growth bet on EdTech in the new year Morning!
Just a quick note of appreciation -- you all came through with a ton of recommendations on rock star women for us to feature in our annual Women in PE project. In industry parlance, we are oversubscribed with candidates!
It’s become clear to me that we may need to expand this project out in some way, considering the interest the industry is showing. This year we’ll still be sticking with our usual model of 10 mini-profiles of top-notch women in PE. But we’ll be brainstorming for ways to expand this feature in the future.
Edtech: Bain Capital Double Impact and TPG Growth are ramping up efforts around education technology, which has been drawing ever more attention as education went online in the pandemic shutdown. Read it here.
Read the full wire commentary on PE Hub.
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That's it for today. Have a great week, everyone, and as always, feel free to shoot me an email with tips, feedback or just about anything at Karishma.v@peimedia.com.
Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards. Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year. Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian. If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.
Also of note (may require subscriptions) Sidelines: Partners Group made an offer to pick up LP stakes in Energy Capital Partners’ third fund, which closed in 2014 on just over $5 billion. Energy Capital also is running a single-asset process on Fund III asset Terra-Gen. Read it here.
Big Haul: Silver Lake closed the largest tech fund of all time, wrapping up its sixth fund on about $20 billion, beating its $18 billion target. The firm began raising Fund VI in January, just before covid-19 closed down markets. Read it here on Private Equity International.
SPAC: Hedge funds have a distinct advantage as early investors in SPACs. In return for investing capital in a SPAC for up to two years, they get the unique right to withdraw their investment before a deal goes through. They also initially receive shares and warrants that give them the right to buy more shares at a specified price in the future, according to the WSJ. Read it here.
PE Deals
They said it “It’s a free lunch—there’s no way around it.”
Michael Ohlrogge, an assistant professor of law at New York University, on the advantage of early investors in SPACs
Today's letter was prepared by Chris Witkowsky Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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