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The Wire Feb. 24, 2022
BPOC was early to identify and invest in healthcare staffing; take the Private Funds Leaders Study
Good morning, dealmakers. MK Flynn here, with today’s Wire.
This morning, I'm keeping an eye on how the U.S. and European Union’s sanctions against Russia in retaliation for what President Biden called Russia’s “unprovoked and unjustified attack on Ukraine,” will affect the global economy in general and the private equity industry in particular. As my colleagues at Responsible Investor reported earlier in the week, AkademikerPension, one of Denmark’s largest funds, announced it is placing Russia in “investment quarantine.” I'd love to hear your thoughts on how the events unfolding in Europe will affect the PE industry. Feel free to email me at mk.flynn@peimedia.com
Onto news that’s closer to home. PE Hub’s series on healthcare-focused private equity firms continues today. If you’re a PE firm investing in healthcare and want to be considered for the series, shoot an email over to Aaron at aaron.w@peimedia.com
Healthcare staffing shortages.Today, we’re featuring insights from Greg Moerschel, managing partner at Beecken Petty O’Keefe & Company. Moerschel, who joined BPOC in 1997, outlined the firm’s approach to healthcare investing.
Value-based care. BPOC was involved in a healthcare deal announced just this morning. Denver-based Revelstoke Capital Partners made a significant growth investment in ClareMedica Health Partners, a provider of value-based primary care serving Medicare Advantage members in Florida. ClareMedica will continue to be led by CEO Roberto Palenzuela and the current management team, who will retain significant ownership in the business. BPOC, which has been an investor in ClareMedica since 2019, will also retain equity ownership.
What’s on your mind? Let us know by taking the Private Funds Leaders Study 2022, produced by Private Funds CFO and Private Debt Investor. From strategic decisions (what’s the outlook for fundraising post-covid?) to ESG issues (how are environmental concerns changing the operating environment?) and outsourcing (what functions do LPs want managers to outsource?), the leadership team of the modern private equity firm is grappling with some thorny issues. We’re looking for senior executives from private equity firms and private debt funds to participate in our annual sentiment study of private fund leaders. The results will be published as special reports. The survey will take only about 10 minutes of your time, and your submission is entirely confidential. Participants will receive a complimentary copy of the reports. The deadline is March 1. Click here to take the survey.
That's all for now.
Until tomorrow, MK
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) Private equity groups line up for €1.5bn French football deal. CVC, Hellman & Friedman, Silver Lake and Oaktree emerge as rivals for a stake in Ligue 1. (Financial Times)
Veritas Capital is buying educational publisher Houghton Mifflin Harcourt for about $2.8 billion in cash. Houghton Mifflin was one of the pandemic winners, benefiting from a surge in demand for remote learning that sent its shares up nearly five-fold in 2021. (Reuters)
NewView Capital raises $544m for growth deals and to provide liquidity to other VCs, The firm, which spun out of New Enterprise Associates in 2018, raised two funds, including a special vehicle to buy portfolios being liquidated by other VC funds. (Venture Capital Journal)
PE Deals
They said it “We wrote a white paper eight years ago theorizing that we would be in a very challenging clinical staffing environment. That sector was historically viewed as somewhat cyclical to the economy, but we had a different view. We thought it would be a 20-year investment opportunity because of shrinking supply (retirements and aging of providers) and growing demand. We try to get ahead of trends.” - Greg Moerschel, managing partner at Beecken Petty O’Keefe & Company
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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