Happy Friday, Hubsters. MK Flynn here with the Wire.
Let’s kick things off with a software deal.
Digital transformation. GI Partners just announced a take-private deal for GTY Technology Holdings, which provides cloud-based software for state and local governments.
The move comes as the public sector begins the early stages of digital transformation.
Hot iron. “Private equity funds are seeking almost $1.2 trillion as investors strain to keep pace with fundraising activity,” writes Adam Le in Private Equity International‘s Q1 fundraising report. There were 3,801 funds in market seeking this combined total as of April. This compares with just $690 billion across 3,114 funds at the same point last year.
Read the full report here.
Higher education. Frank Baker, founder and managing partner of Siris, and his wife, Laura Day Baker, an interior designer and philanthropist, are giving $1.2 million toward the establishment of the Frank and Laura Baker Graduation Fund for Florida A&M University students.
Other private equity firm founders who have donated millions of dollars to colleges and universities in recent years include Vista Equity Partners’ Robert F. Smith and Clearlake Capital Group’s José E. Feliciano.
Weekend reading. Buyouts’ “Off-duty” column provides a snapshot of top investors, including a few details about what they do when not chasing deals. Check out the latest installment by Kirk Falconer, featuring Elizabeth Weymouth, who launched Grafine Partners in 2019 and previously served as a partner at Riverstone Holdings.
Read the full story.
On that note, I’ll sign off.
Wishing you a good weekend,
MK
Read the full wire commentary on PE Hub ...
