EQT and PSP team up on Radius acquisition; Ch arlesbank’s Caitlin Rie derer talks women in PE

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EQT and PSP team up on Radius acquisition; Charlesbank’s Caitlin Riederer talks women in PE

Good morning Hubsters, Craig McGlashan here filling in on the Wire.

On the menu today we have a big acquisition by EQT and PSP Investments, with the firms set to acquire Radius Global Infrastructure.

We also have the next in our series of mini-profiles in our annual Women in PE feature package. Today it’s Caitlin Riederer, a vice president at Charlesbank Capital Partners, in the spotlight.

And finally, we take a look across the Atlantic at an add-on by OpenGate portfolio firm ScioTeq, which OpenGate plans to grow in the US, and a piece on the state of the European IPO market.

Aggregator. EQT and Public Sector Pension Investment Board (PSP Investments) are set to acquire Radius Global Infrastructure for a total enterprise value of around $3.0 billion.

Radius, based in Bala Cynwyd, Pennsylvania, is an international aggregator of rental streams underlying wireless and other communication related sites via the acquisition of real property interests and contractual rights.

Serendipity. Next up, we have the next mini-profile of women doing big things in the private equity industry, as part of our annual Women in PE feature package.

Today we feature Caitlin Riederer, a vice president at Charlesbank Capital Partners, whose career in private equity started thanks to serendipity. While out walking her dog in the summer after her freshman year, she got speaking to David Kidd, managing partner of Adirondack Growth Capital, which led to an internship at Adirondack.

After interning at Thoma Bravo the following summer, she joined Charlesbank in 2016.

Read the full piece here.

On the radar. I can’t miss the opportunity to plug some of our recent coverage on PE Hub Europe.

OpenGate will announce later today that its portfolio company ScioTeq, a designer and manufacturer of visualization systems for the aerospace industry, has acquired rugged display manufacturer IRTS.

In an exclusive interview, PE Hub Europe caught up with OpenGate principal Xavier Lambert to learn more about the deal.

Check out the full interview on PE Hub Europe here.

Binary market. In other European news, the recent IPO of Tikehau Capital-backed EuroGroup Laminations does not herald a reopening of the IPO market, said several sources, with central banks still fighting to tackle inflation.

EuroGroup’s book was multiple times subscribed and largely made up of long-only international investors, Roberto Quagliuolo, head of private equity Italy and co-head of Italy at Tikehau Capital, told PE Hub Europe. But that might not be the response for every firm, he said.

Click here for the full interview with Quagliuolo, which includes details on Tikehau’s return on investment at the IPO.

That’s all from me - Obey Martin Manayiti will be with you tomorrow to take you through to the weekend.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Providence Strategic Growth, feeling little pain from rising interest rates, is seeking $6.5 billion for its sixth flagship fund, according to Pennsylvania State Employees Retirement System, representing a quick turnaround for the software specialist. (Buyouts)

HarbourVest Partners, Neuberger Berman and AlpInvest Partners are signed up as lead investors on a three-asset continuation fund deal run by Madison Dearborn that has moved quickly through its syndication process, a rarity in today’s market, sources told Buyouts.

Brookfield Asset Management, in partnership with MidOcean Energy, the global LNG platform owned and managed by EIG, has revised its take-private bid for the Australian Securities Exchange-listed energy generator and retailer Origin Energy. (New Private Markets)

Europeans’ American dream prompts DC Advisory to launch US infra team: As European GPs migrate to the US, DC Advisory – a London-based investment bank – has decided to follow their lead by expanding its infrastructure services to its US-based offices. (Infrastructure Investor)

Infrastructure Investor's debut Fund Formation League Table reveals the industry's top law firms, as measured by number of closed funds advised on and the aggregate value of those funds.

Caisse de dépôt et placement du Québec has made a significant minority investment of an undisclosed size into Westervelt Ecological Services, a unit of Alabama-headquartered timberland manager The Westervelt Company. (Agri Investor)

Infrastructure investors and policy wonks alike have been celebrating the Inflation Reduction Act for its nudging of private money towards clean energy projects. Less discussed, however, but just as important, is the IRA’s nudging of investors towards creating impact. (Infrastructure Investor)

Massachusetts Mutual Life Insurance Company announced plans to move its fund finance unit, Direct Private Investments, as well as its equipment finance company MassMutual Asset Finance, to its wholly owned subsidiary Barings, this week. (Private Funds CFO)

ICG Strategic Equity: The group going all in on single-asset secondaries. (Secondaries Investor)

"A gambit to raise cash for Carlyle Group’s latest buyout fund has come up short, in a sign of continuing fundraising difficulties at the global private equity group." (Financial Times)

"Top shareholders in exhibition company Hyve have branded the takeover approach by Providence Equity of the US 'opportunistic' as it warned of the risks to UK companies of being acquired too cheaply." (Financial Times)

"Presidio Investors is forming a fund to help it extend its ownership of a semiconductor designer it initially backed in 2018." (WSJ Pro)