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The Wire Feb. 3, 2022
Carlyle reports big jump in Q4 earnings; Buyouts identifies 12 emerging managers to watch Good morning, Hubsters. MK Flynn here with today’s Wire.
First up, Carlyle reported a big jump in fourth-quarter earnings and a record year for the firm. “In the big picture, we are looking for strategic adjacencies, new markets that we can scale in, and businesses that are additive to our fee-related earnings,” CEO Kewsong Lee told the Financial Times. “The areas with the most opportunities for us are in credit and in investment solutions.”
Emerging managers. Over at Buyouts, Chris Witkowsky and Kirk Falconer have identified 12 emerging managers they’re keeping close tabs on. LPs are drawn to first-timers formed in spinouts from big, brand-name PE firms.
Secondaries. Canadian pension system Caisse de dépôt et placement du Québec sold a nearly $3 billion portfolio of private equity fund stakes to Ardian, sources told Buyouts.
This week the American Investment Council is welcoming Grain Management, a Washington, D.C.-based private investment firm focused on the global communications sector, as its 90th member. Check out my recent Q&A with Grain.
Deal of the Year. The deadline is coming up quick – Friday, Feb. 11. So get your candidates in now. Send them to Chris at cwitkowsky@buyoutsinsider.com. Visit here for more info about the awards.
That’s it for now. Until tomorrow, MK
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) Stonepeak announced Wednesday the closing of its fourth infrastructure fund – Stonepeak Infrastructure Fund IV – at $14 billion, nearly doubling the size of Stonepeak Infrastructure Fund III, which closed at its hard-cap of $7.2 billion in 2018. (Infrastructure Investor)
Mercer Global Investments raised more than $190 million for two impact strategies as part of the firm’s recently closed flagship fund. (New Private Markets)
Impact firm Lightsmith Group has closed its debut fund, Climate Resilience Partners, at $186 million. The fund will invest in growth-stage technology companies providing solutions to mitigate the effects of climate change, such as increased drought, flooding and fires. (New Private Markets)
Coller Capital has laid down a marker by raising nearly double the target for its debut credit secondaries fund. (Secondaries Investor)
"BC Partners has fallen short of the original target for its latest multibillion-dollar fund, missing out on an otherwise buoyant period for buyout managers seeking fresh capital." (Bloomberg)
"Novartis says all options open on Sandoz after private equity interest emerges. Potential suitors include Blackstone and Carlyle but no formal bids have been made." (Financial Times)
"Investor Kyle Bass, who spent much of his career betting on sovereign debt crises and interest rates, is shifting focus from hedge funds to the environment with [the launch of private equity firm Conservation Equity Management] that will buy rural land and create environmental mitigation offsets." (Reuters)
"Private equity and other alternatives firms have long salivated over insurance company assets as a source of permanent capital. Now that trend has been kicked into high gear." (Institutional Investor)
"Thales SA, the French defense company, is discussing teaming up with private equity on a potential takeover of technology services provider Atos SE, people familiar with the matter said." (Bloomberg)
PE Deals
They said it “In the big picture, we are looking for strategic adjacencies, new markets that we can scale in, and businesses that are additive to our fee-related earnings. The areas with the most opportunities for us are in credit and in investment solutions.” — Kewsong Lee, CEO, Carlyle, in an interview with the Financial Times
Today's letter was prepared by MK Flynn 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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