Morning Hubsters! How’s your November going? I’ve been off for a week for our special teachers’ in-service here in New Jersey, so just getting back into the loop. Anything I should check out? Reach me at cwitkowsky@buyoutsinsider.com. Recap: Deal-by-deal shop Georgia Oak Partners ran a single-asset secondary, moving its portfolio Sailfish Boats into a continuation fund. Georgia Oak acquired Sailfish in 2017 from the company’s founder and former CEO Paul Hoppes. The deal allowed the original deal-by-deal investors to cash out of their stakes in the company, or roll their interests into the continuation fund. An unnamed Connecticut-based institutional asset manager acquired LP stakes, according to a statement. Triago advised Georgia Oak on the transaction. “In PE there’s an acceleration of GP-led secondary deals for what were single-company primary acquisitions” done deal-by-deal, said Matt Swain, Global CEO of Triago. “Investing in an identifiable, easily stress-tested single-asset at a time of growing uncertainty is tremendously attractive.” Read more here on PE Hub. Haul: Sticking with the secondaries topic, we got the first indication of TPG's progress in raising its debut GP-led fund. TPG reported it had raised $315 million for the pool that hit the market in January, after the firm hired Matt Jones from Pantheon to co-lead the strategy alongside Michael Woolhouse. My understanding is that TPG intends to have another close soon on a higher amount. TPG’s third quarter earnings report indicates that of the amount raised, the fund deployed $88 million. This is likely into CR Fitness, which is the first deal from the fund. Read more here on Buyouts. Quick people move: Our friend and former colleague Sarah Pringle joined boutique healthcare investment bank Edgemont Partners as a director to lead its financial sponsor coverage. Sarah wrote this here Wire for several years covering healthcare M&A. Looking forward to working with her from the other side of the aisle. Congrats, Sarah! Read more here on PE Hub. That’s it for me! Hit me up as always with tips n’ gossip, feedback or whatever at cwitkowsky@buyoutsinsider.com or find me on LinkedIn. Read the full wire commentary on PE Hub ... |