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| Fundraising flurry ropes in Apax, TPG, Veritas—and Bono |
| The time for wrapping up year-end business is upon us. For one major private equity firm, that means closing one of 2016’s biggest buyout funds. For two others, it means plans to raise future billions.
We’ll start in London, where Apax Partners... |
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| | | | | | | Don't miss our inaugural US Institutional Investors Report! |
| Just how are the largest US LPs allocating to PE & VC?
Since 2013, US public pensions alone have contributed $155 billion to private equity and venture capital investors, though commitment activity has steadily declined. That said, the median commitment size to PE and VC firms has hit $50 million in 2016, a decade high.
We explore the drivers of these trends and more in our first-ever US Institutional Investors Report, which contains datasets you can't find anywhere else and provides a valuable snapshot into a key part of the investment landscape. Highlights include: - Commitments, contributions and distributions involving US corporate pensions, public pensions and foundations
- Trends in direct investments and co-investments
- Profiles on CalPERS, Teacher’s Retirement System of Texas and New York State Common Retirement Fund
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| | | | | | | | There’s no better way to pay off a Cold War debt than with $270 million worth of Cuban rum. [Bloomberg]
British private equity firms must increase transparency or risk citation, says one examination of compliance practices. [The Wall Street Journal]
Would Americans rather have cheap stuff or good working conditions? [Quartz]
Why the secondary market has emerged—or re-emerged—as a popular way for highly funded startups and their investors to cash out. [Reuters] |
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| Since yesterday, the PitchBook Platform added: | | 187 Deals | 1308 People | 481 Companies | 7 Funds |
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| 2006 Vintage US Buyout Funds with Software Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.58x Median TVPI | $3.94B Average Amount Distributed |
| | | | *IRR: net of fees | | 53 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| TPG to buy Mediware from Thoma Bravo |
| | Enterprise Systems | Lenexa, KS | Secondary Buyout |
| TPG has agreed to acquire Mediware Information Systems from Thoma Bravo in a deal expected to close in 1Q 2017. Founded in 1980, Mediware makes software for providers of healthcare and human services. Thoma Bravo took the company private for $195 million in 2012. |
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| | | | | | | Bridgepoint to buy Hill International’s claims business |
| | Consulting Services | Philadelphia, PA | Buyout |
| Bridgepoint has agreed to acquire the Construction Claims Group, a provider of construction-related consulting services, from Hill International (NYSE: HIL) for $147 million in cash. Proceeds of the sale will go primarily toward retiring Hill’s outstanding senior debt, which currently totals $145.8 million. |
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| PE-backed Natural American Foods buys Sweet Harvest Food Company |
| | Food Products | Cannon Falls, MN | Add-on |
| | | | | | | Benford partners with Saco |
| | Food Products | Middleton, WI | Recapitalization |
| | | | | | | Silverfern, Arroyo buy Broad River |
| | Energy Production | Gaffney, SC | Buyout |
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| Lyceum Capital to sell Clearswift |
| | Security Services | Reading, UK | Acquisition |
| Lyceum Capital has agreed to exit a 2011 investment in Clearswift with the sale of the cybersecurity company to RUAG Defence, a provider of communications products and services to the defense and security industries. The deal is expected to close in 1Q 2017. |
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| | | | | | | Epiris exits Innovia at C$1.13B valuation |
| | Commercial Products | Wigton, UK | Corporate Acquisition |
| Epiris has exited a 2014 investment in Innovia Group, a manufacturer of films for packaging and substrate for polymer banknotes, to CCL Industries (TSX: CCL.B) at an EV of roughly C$1.13 billion. Electra will receive proceeds of £106 million on the sale, equating to a 3.2x return and a 51% IRR. |
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| | | | | | | VSS exits software provider |
| | Human Capital Services | London, UK | Corporate Acquisition |
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| Alpine looking to raise $500M |
| | San Francisco, CA | Buyout |
| Alpine Investors has set a $500 million target for its sixth fund, according to an SEC filing. The firm invests primarily in US-based companies with EBITDA ranging from $5 million to $15 million in the software, online and business services sectors. |
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| | | | | | | Bison raises $376.5 million for latest vehicle |
| | Santa Monica, CA | Buyout |
| Bison Capital Asset Management has reached the target for its fifth private equity fund, according to an SEC filing. The firm, which closed its previous vehicle on $218 million in 2013, invests primarily in the business & healthcare services, tech and logistics industries. |
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