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Dealmakers more cautious than a week ago; why Goldman Sachs, Shore Capital back autism care

Hello, Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom. I’m filling in for PE Hub senior reporter Michael Schoeck who is attending ACG’s DealMax 2025 conference this week. If you’re attending the conference, you can get in touch with him at michael.s@pei.group.

Let’s start off the Wire with a look at autism care. Firms such as Goldman Sachs Alternatives and Shore Capital Partners have been active in the subsector. PE Hub reporter John R Fischer has a story about how a lack of supply is driving demand in autism care dealmaking.

Then, we have insights from Lead Edge Capital on how tariffs and the stock market turmoil are affecting dealmaking.

Already, we're hearing about deals in the works that have been postponed while would-be buyers assess the impact of tariffs on the targets. We'd like to learn how the tariffs and the stock markets' reaction are affecting your dealmaking. If you have thoughts you'd like to share, email me at  rafael.c@pei.group.

Unmet needs

The demand for autism care outweighs the available supply of services in the US. These unmet needs are incentivizing private equity firms to invest in opportunities to build, grow and sell platforms in the sector. We've timed the publication of the story to April, a month traditionally associated with autism.

PE Hub reporter John R Fischer has the story on the growing interest in autism care deals and how a fragmented market is creating investment opportunities.

Subscribe to the premium version of the Wire to learn more about what deals PE firms like Goldman Sachs Alternatives and Shore Capital Partners have done in autism care and what’s causing PE interest in the subsector.

Rising uncertainty

PE Hub is monitoring how private equity is viewing how tariffs and the current economic environment are affecting dealmaking. We have thoughts from Zach Ullman, principal at Lead Edge Capital on the current uncertainty in the market.

Premium subscribers of the Wire can read Ullman’s insights on the current environment and how it’s affecting dealmaking.

That’s it for me. If you have any questions, thoughts, or want to chat about deals in the tech, consumer or sports sectors, please email me at rafael.c@pei.group.

Tomorrow, Craig McGlashan will be with you for the Europe edition of the Wire and I will be back with the US edition.

Cheers,

Rafael

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

There is renewed optimism in the air when it comes to the European energy segment, particularly given announcements such as Germany’s planned €500 billion infrastructure fund. PE Hub caught up with industry experts to learn what has sparked such a positive sentiment in the market, and what uncertainty in the US could mean for European dealmaking.

Federal funding cuts are forcing university endowments, often consistent allocators to private equity, to reexamine their portfolios and liquidity positions, an equation that could be further muddied by the threat of a raise to the endowment tax. (Buyouts)

Bregal Investment’s head of capital solutions departs the firm: Delaney Brown, a former CPP Investments senior executive, joined the investment manager two years ago to help shape its strategy and growth plans. (Private Equity International)

The impact investing universe continued to expand in 2024, though growth appears to be plateauing, according to Phenix Capital’s latest impact fund universe report. (New Private Markets)

The Carlyle Group is among a cohort of private markets participants looking into discretionary investment models for the mass affluent. Head of global wealth Shane Clifford told Private Equity International the firm is seeing the “emergence of models” as a new means of tapping the private wealth channel.

William Blair has tapped Moelis & Co for a new secondaries lead in Europe. London-based Tim-Oliver Seidel joins to head up European secondaries within William Blair’s private capital advisory team, according to a statement seen by Secondaries Investor. He will focus on GP-led secondaries transactions.

Deals

They said it

“If you’re an investor looking for commercial opportunity and unmet needs, I think autism is far more on your radar now than 15 or 20 years ago. The market is big enough that there is opportunity for a number of investments and deeply fragmented across the country and even by state.”

— Adrian Jones, partner, chairman and co-head of global private equity, Goldman Sachs Alternatives on how autism is on the radar of investors at this current moment

Today's letter was prepared by Rafael Canton

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