| | | | | | | Broadway Bound: We've been waiting for and now it's here. Dry Power, a "bristling" new drama has opened at New York's Public Theater, according to Barron's. The play focuses on one of our favorite topics -- private equity. It stars Claire Danes, of Homeland, as well as the The Office's John Krasinski. The play focuses on an unnamed buyout shop looking to "burnish its reputation after a spate of bad publicity," Barron's said. In Dry Power, a PE firm has received bad press after its leader throws an extravagant party for himself and his fiance (there's even an elephant), the story said. One MD, played by Krasinski, wants to rehab the firm's image, while the Danes character wants to gut a portfolio company. I may have to check this out. Fundraising? FTV Capital yesterday disclosed it invested $30 million in Edgewater Markets. What's interesting is that Edgewater is FTV's ninth deal in the past year. The growth equity firm is also using its fourth pool, which raised $700 million in 2014, to fund the stake in Edgewater. Fund IV is also 70 percent invested which means FTV may be gearing up for its next fund. Read the story here. Deals: Genstar Capital is selling Netsmart Technologies to GI Partners after a 4-year hold. Check out the brief here. Steve Gelsi has a story on Blackstone raising $2 billion for its third real estate debt strategies fund. Check out the story here. Hello, Canada! We've relaunched PE Hub Canada, where our northernmost colleague Kirk Falconer consistently breaks news about the Great White North. Check it out here. You can also get there by clicking on the U.S./Canada toggle on the navigation bar atop our website. If you have a comment, a tip, or something nice to say email me here at lbeltran@buyoutsinsider.com. If you have a complaint, email Chris at cwitkowsky@buyoutsinsider.com. -- Luisa | | | | Today's Take | | | | FTV Capital invests $30 mln in Edgewater; ninth deal in past year FTV Capital is investing $30 million in Edgewater Markets, marking the firm's ninth deal in the past year. FTV will take a minority stake in Edgewater, said Kyle Griswold, a partner at FTV. New York-based Edgewater uses technology to distribute foreign-exchange rates to institutional clients globally, said CEO Skovran Schreder. Customers include banks, hedge funds and family... Read more... MassPRIM fires off $301 mln in PE, VC commitments The Massachusetts Pension Reserves Investment Management Board earmarked $301 million for private-equity and venture-capital funds through early 2016, according to a March 22 investment report. The $58 billion retirement system set a $1.4 billion commitment pace for private equity in January. Recent commitments include a $175 million allocation to Berkshire Fund IX and a $100 million... Read more... Blackstone raises $2 bln for real-estate debt Blackstone Group's third real estate debt strategies fund disclosed more than $2 billion in commitments from 40 LPs for investments in mezzanine and structured loans, with Pennsylvania Public School Employees' Retirement System as an early backer. PSERS committed $100 million to Blackstone Real Estate Debt Strategies III LP, which is targeting net returns of 9... Read more... Brand-name firms dominate regulatory filings in busy quarter U.S.-based firms have already raised $10 billion quarter-to-date, as many brand-name firms join the fundraising trail Read more... MassPRIM fires off $301 mln in PE, VC commitments The Massachusetts Pension Reserves Investment Management Board earmarked $301 million for private-equity and venture-capital funds through early 2016, according to a March 22 investment report. The $58 billion retirement system set a $1.4 billion commitment pace for private equity in January. Recent commitments include a $175 million allocation to Berkshire Fund IX and a $100 million... Read more... | The Summit for Middle Market Debt Finance
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| | | | VC Deals | | | | Aerin Medical raises $16.7 mln Aerin Medical Inc has closed a $16.7 million Series C financing round. The initial closing of $6.1 million was led by the Targeted Technology Fund while the second closing of $10.6 million was led by the KCK Group. Aerin Medical, of Sunnyvale, California, is a medical device company. Read more... BetterWorks raises $20 mln BetterWorks said Tuesday it closed a $20 million Series B round led by Emergence Capital. Kleiner Perkins Caufield & Byers, 8VC and all existing shareholders are also participating. Redwood City, California-based BetterWorks provides enterprise software to manage strategic plans, collaborative goals and ongoing performance conversations. Read more... Qualcomm blacks cloud computing startup Stratoscale Herzliya, Israel-based Stratoscale, an enterprise software company focused on the data center, announced it has raised $27 million in Series C financing. Qualcomm Inc, through its venture arm Qualcomm Ventures joined the round, which the company said included all existing investors . Following the Series C round, Stratoscale has now raised more than $70 million from investors, which include Battery Ventures, Bessemer Venture Partners, Cisco Investments, Intel Capital and SanDisk Ventures. Read more... Fove Inc raises $11 mln Fove Inc said Tuesday that it raised $11 million in a Series A round led by Colopl VR Fund. Hon Hai VC fund 2020 as well as Samsung Venture Investment also participated. San Francisco-based Fove is an eye-tracking Virtual Reality headset company. Read more... Start A Fire raises $2.5 mln in Series A funding Star A Fire, a social attribution tool for marketers, brands and publishers, raised $2.5 million in Series A funding. Canaan Venture Partners led the funding round with participation from Lool Ventures and others. Based in Tel Aviv, Israel, Start A Fire has raised $3.6 million to date. Read more... | 2 Weeks Left To Join Your Peers at PartnerConnect East!
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| | | | | | Back to top | | Bridge Bank in $14 mln loan to TaskUs Bridge Bank said Monday it provided a $14 million loan to TaskUs. Santa Monica, California-based TaskUs provides outsourced support, including call center operations and back office support, to companies. Read more... Monroe Capital launches Specialty Finance Lending practice Monroe Capital LLC has established a Specialty Finance Lending practice. It will be led by Aaron Peck, Lee Stern and Kyle Asher. Read more... | Registration is Now Open for PartnerConnect MidWest!
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Back to top | | LakePharma Inc buys Blue Sky BioServices LakePharma Inc has acquired Blue Sky BioServices. Financial terms weren't announced. Worcester, Massachusetts-based Blue Sky is a CRO specializing in protein and antibody production and assay service. Blue Sky is backed by Ampersand Capital Partners, which has invested in Lake Pharma as part of the deal. Read more... DNA Diagnostics Center to buy All About Truth DNA Services DNA Diagnostics Center said Monday it has acquired All About Truth DNA Services. Financial terms weren't announced. Plantation, Florida-based All About Truth DNA provides provides DNA testing services to the South Florida region. DNA Diagnostics Center is backed by GHO Capital. Read more... RegionalCare Hospital to merge with Capella Healthcare RegionalCare Hospital Partners and Capella Healthcare Inc are merging. Financial terms weren't announced. The new company will have 18 hospital campuses in 12 states with more than 13,000 employees, 2,000 affiliated physicians and $1.7 billion in revenues. RegionalCare is backed by Apollo Global Management. Barclays, Royal Bank of Canada, Deutsche Bank, Credit Suisse, and UBS are providing financing. Barclays served as financial advisor to RegionalCare. Akin Gump Strauss Hauer & Feld LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as RegionalCare's legal advisors. Kirkland & Ellis served as Capella's legal advisor. Read more... HIG closes Looping Group sale HIG Capital has completed the sale of Looping Group to Ergon Capital Partners. Financial terms weren't announced. Paris-based Looping operates regional amusement parks in Europe. Read more... HGGC to sell Serena Software for $540 mln HGGC said Tuesday it agreed to sell Serena Software to Micro Focus International plc at an enterprise value of $540 million in cash. San Mateo, California-based Serena provides IT application development and deployment solutions. Serena will be the first exit out of HGGC's second fund, which closed at $1.33 billion in March 2015. Read more... Oskar Blues buys Cigar City Brewing Oskar Blues Brewery, which is backed by Fireman Capital Partners, has acquired Cigar City Brewing of Tampa Bay, Florida, according to an announcement on the Cigar City website. Financial terms weren't announced. Read more... | | Firms & Funds | | |
Back to top | | David Lee's Refactor Capital files to raise $50 mln Refactor Capital is seeking $50 million for its inaugural fund, according to a regulatory filing. The fund, which is based in Burlingame, Calif., according to the filing, is led by David Lee, the seed-stage investor who left SV Angel last year. Joining him as GPs are Rick Barber and Zal Bilimoria. All three are former Google employees. Read more... | | Human Resources | | |
Back to top | | Chesley named CEO of Lavu Lavu Inc has named Marc Chesley as its CEO. He succeeds Andy Lim who is stepping down as CEO but will remain on the Board. Chesley was previously Chief Technology Officer for Infusionsoft. Lavu, which provides iPad point of sale software for restaurants, is backed by Aldrich Capital Partners. Read more... | | Odds & Ends + Hot Links | | |
Back to top | | PE HUB First Read In First Read, Google is killing its Chrome app launcher in July, DoorDash raises $127 million in down round and a man in Seattle won't come down from a very large tree. Read more... |
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