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| | | SVG saga nears end with HarbourVest pact |
| | After a month filled with offers, counter-offers and counters to those counter-offers, SVG Capital has agreed to sell its entire investment portfolio to HarbourVest Partners.
How did we get to this point?
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| | | | | | | | | Don't miss our 3Q US PE Breakdown! |
| | Excluding the massive Dell-EMC merger, US PE-backed deal value in 3Q fell 29% on a quarterly basis.
Indeed, the buyout cycle continues to slow, and our 3Q US PE Breakdown provides a complete briefing on the current scene, featuring analysis on sector activity, exits, fundraising and much more. Here are a few highlights: - An uptick in the percentage of healthcare and IT deals boosted multiples to 11.2x, a whole turn higher than 3Q 2015
- $66 billion worth of exits closed in 3Q, a 31% quarterly drop
- This year is on pace to come in relatively flat compared to 2015 in terms of fundraising
- ABRY Partners and HarbourVest Partners were the top investors of 3Q, with 12 deals apiece
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| | | | | | | | | | | From Chris Dixon to the Zuck, six of the biggest names in tech provide their answers to the issues Barack Obama has identified as the industry’s biggest challenges. [Wired]
Starting in December, new regulation could force PE firms like Blackstone to actually own some of the complex securities they create. [The Wall Street Journal]
On Harvard’s potential move away from investing in private equity. [Bloomberg]
An Apollo-backed Texas oil unicorn founded by a former NFL player? Meet Double Eagle Energy Permian. [Reuters] |
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| Since yesterday the PitchBook Platform added... | | 287 Deals | 1290 People | 620 Companies | 6 Funds |
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| | | 2009 Vintage US Venture Funds with B2C Investments |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 0.22x Median DPI | 1.65x Median TVPI |
| | | | *IRR: net of fees | | 55 Funds in Benchmark » |
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| | | | | | Human Capital Services | Edmond, OK | Buyout |
| BelHealth Investment Partners has acquired AHS Staffing, a provider of healthcare staffing services focused on pharmacy professionals and dialysis travel nurses. The company plans to pursue add-on acquisitions with the firm's backing. BelHealth is currently investing out of its second flagship fund, which closed on $350 million in June 2015. |
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| | | | | | | | | Warburg Pincus backs NEOGOV |
| | | Application Software | El Segundo, CA | PE Growth |
| NEOGOV is a provider of human resources software that automates hiring, onboarding and performance evaluation for customers in the public sector, including US government organizations and schools. The investment continues a busy year in the SaaS sector for Warburg Pincus, including earlier deals with healthcare tech company DocuTAP and tax automation business Avalara. |
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| | | | | | | | | Orangewood engineers George Industries buyout |
| | | Industrial Supplies | Endicott, NY | Buyout |
| Orangewood Partners, the firm founded by former Carlyle managing director Alan Goldfarb, has acquired George Industries, a designer and manufacturer of engineered components for the aerospace, defense, transportation and industrial sectors. George Industries’ management will retain a significant stake, and Shankar Kiru will become the company’s new CEO. |
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| | | | | | | | | Register for the TMA Annual conference |
| | If you attend business conferences to help drive your firm business, the TMA Deal Room will provide a first of its kind opportunity to meet face-to-face with qualified, proprietary deal flow.
The TMA Deal Room will be filled with capital providers ranging from banks to private equity investors. In order to have an opportunity to meet one-on-one with these capital sources you must bring a qualified deal; so bring a loan request, a mezzanine need, or an equity opportunity to the TMA Deal Room and start networking.
WHAT: The TMA Annual
WHEN: November 2-4, 2016
WHERE: Disney's Yacht Club
Click here to register |
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| | | Cathay, Abénex exit Vulcanic in SBO |
| | | Electrical Equipment | Neuilly-sur-Marne, France | Secondary Buyout |
| | | | | | | | | YFM backs TravelTek with £5.3M |
| | | Vertical Market Software | East Kilbride, UK | PE Growth |
| YFM Equity Partners has invested £5.3 million in TravelTek, a provider of holiday packaging technology to travel agents, tour operators and wholesalers. Kelvin Harrison will join the company as chairman as part of the financing. |
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| | | Carlyle-backed PNB Housing Finance to raise $450M in IPO |
| | | Mortgage Finance | New Delhi, India | IPO |
| Indian mortgage lender PNB Housing Finance is looking to raise as much as $450 million in a local IPO later this month, according to Reuters, with plans to sell roughly 40 million shares priced between INR750 and INR775. PNB Housing is backed by The Carlyle Group and Punjab National Bank. |
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| | | NewSpring raises $254M toward fourth growth fund |
| | | NewSpring Capital has raised a total of $253.8 million toward a $300 million target for its NewSpring Growth Capital IV fund, according to an SEC filing. The firm's growth funds invest mainly in the business services and technology sectors. NewSpring closed its previous growth fund on $250 million in 2013, exceeding a target of $200 million. |
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| | | Mark Schwartz to retire from Goldman role |
| | | New York, NY | Investment Bank |
| Mark Schwartz will leave his position as chairman of Goldman Sachs Asia-Pacific at the end of the year, according to a Wall Street Journal report. Schwartz will remain with the firm in a reduced role, departing his current post in Beijing to become a senior advisor based in New York. Schwartz worked at Goldman from 1979 to 2001 before his first retirement, then returned to the investment bank in 2012. |
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