General Atlantic on EMEA; Heartwood on native seeds; plus women in PE share insights

View this email online

General Atlantic on EMEA; Heartwood on native seeds; plus women in PE share insights

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter and a wide range of dealmaking topics today.

To cap off the week, and Women’s History Month, I will be revisiting key themes that were raised in more than a dozen interviews with women in private equity that PE Hub, PE Hub Europe and Buyouts carried out during March.

I also have a story about Heartwood Partners, a Norwalk, Connecticut-based firm, about its acquisition of NativeSeed Group, a company that focuses on habitat restoration, land reclamation and erosion mitigation through native seeds.

And we’ve got an interview with a General Atlantic exec about investing in Europe, the Middle East and Africa.

But to kick us off, I’d like to share some data that just came in.

Banking deals down

S&P Global Market Intelligence has a report out this morning indicating that global private equity and venture capital investments in the banking sector dropped in 2022, reflecting the overall downturn in deals, as interest rates rose and concerns over the direction of the global economy increased.

We are keen to hear what you are seeing and what could change this year as compared with the last. Please get in touch at mk.flynn@peimedia.com and obey.m@peimedia.com.

Investing in EMEA

In an interview about investing in the EMEA region, General Atlantic’s co-president, managing director and head of EMEA, Gabriel Caillaux, told PE Hub Europe editor Craig McGlashan that he expects 2023 to be among the most exciting vintages ever.

Addressing erosion

Many private equity firms have increased their focus on ESG. To that end, earlier this week Heartwood Partners, a Norwalk, Connecticut-based firm, acquired NativeSeed Group, a company that focuses on habitat restoration, land reclamation and erosion mitigation through native seeds.

I caught up with James Sidwa, a partner at Heartwood to hear more about opportunities that the firm identified with this investment as well as the growth strategy.

New frontiers

In celebrating Women’s History Month, we heard from many women about their experiences the world of private equity. Here are some of the insights shared with us:

Ingredient to success: “Successful investing requires thinking in new and different ways that may lead to finding new frontiers for growth,” said Stephanie Geveda, founder of Coalesce Capital. “Historically, when I have noticed something that has piqued my curiosity, I have always tried to lean into that curiosity and dig deeper, which has differentiated me as an investor and partner.”

Consider a career in PE: Kate Wallman, managing director at Encore Consumer Capital had a few words of advice for young women contemplating a career in private equity. “Women tend to feel they have to be over-prepared and really buttoned-up. Be yourself and show your personality. You’ll be more memorable that way.”

That’s it for me today. MK Flynn will be back with the Wire on Monday.

Have a great weekend.

Cheers,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

In a tough fundraising market, Accel-KKR secured $5.3 billion for a pair of buyout offerings earmarked for software and IT-enabled service opportunities. (Buyouts)

Fewer continuation funds are charging super carry and there has been a decrease in average management fees, according to global law firm Paul Hastings, as buyers take a more selective approach. (Secondaries Investor)

Real estate goes from banking victim to villain: The industry was not the cause of the banking crisis. But sentiment is increasing about it shouldering much of the blame going forward. (PERE)

Bankruptcy litigation surrounding the holding company of the defunct Silicon Valley Bank may yet strike a blow to the assumption that every dollar of every depositor is protected within the the US banking system. This blow could in turn change investors’ perception of the value of holding large sums in traditional banks, changing the terms of the private capital ecosystem. (Private Debt investor)

Paris-headquartered secondaries firm Committed Advisors has led on a €123 million multi-asset continuation fund. (Secondaries Investor)

"Lawyers for a woman who accuses Leon Black of rape have asked a court for permission to quit the case, marking a dramatic turn in a lawsuit that the private equity billionaire has maintained was concocted by business rivals in an effort to oust him as chief executive of Apollo Global Management." (Financial Times)

"Global dealmaking suffered its weakest start to the year in a decade, as a darkening economic outlook depressed activity and a transatlantic banking crisis put the brakes on risk taking." (Financial Times)

"Rich Hall will become chief executive of UTIMCO, the fund that manages $66 billion for the University of Texas and Texas A&M University." (Wall Street Journal)

"A Mexican company is suing Advent International Corp. in a U.S. federal court, its latest effort to get compensation from the private-equity firm for allegedly defrauding it by overvaluing a funeral-services business sold in 2021." (WSJ Pro)