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The Wire Mar. 23, 2022
InTandem and the creation of its Vivo Infusion platform, Iconiq is back with its next growth flagship Morning!
How are things looking this week, outside of the constant bad news flowing out of Ukraine? We’ve been immersed in talking to folks about fundraising, which has been described as “drinking from a firehose” and “drowning in re-ups”.
But first, the deal stuff:
Infusion: We have a story today on the Hub about InTandem Capital’s creation of Vivo Infusion, which provides infusion and injection care for patients with compromised immune systems, infectious disease and other medical conditions.
InTandem combined MPP Infusion Centers and ID Consultants earlier this month to create Vivo, writes Aaron Weitzman on the Hub.
The idea started with a simple thesis of alternative site delivery of infusion services, but that quickly evolved into one based around the ambulatory infusion center, writes Aaron.
“The reason why we like the AIC model is that it offers a unique value proposition to balance the needs of constituents in the ecosystem,” said Brad Coppens, senior managing director at InTandem. “There are a few things happening in the sector: there is a wave of newly approved pharmaceutical therapies that are going through FDA, a large percentage of which are infusible therapies. Many of these therapies have important clinical outcomes, but they can have an enormous cost toll on the healthcare system.”
Also, Iconic is back in market with its next growth flagship fund, targeting $5.75 billion, according to information from the New Mexico State Investment Council meeting Tuesday. Iconiq closed the prior growth fund last year, which was targeting $3.75 billion. I’m not clear how much it raised as Iconiq is not very talky. Check it out here on Buyouts.
That’s it for me! Have a great rest of the day. As always, hit me up with tips n’ gossip, feedback or book recommendations at cwitkowsky@buyoutsinsider.com or over on LinkedIn.
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) In what may be a record for an emerging manager, it took crypto star Katie Haun just 82 days to pull together $1.5 billion for two funds dedicated to investing in Web3, or the third generation of the internet. (Venture Capital Journal)
Dubai-based blockchain investor Cypher Capital has launched its first seed fund specifically targeting companies in the United Arab Emirates. (Venture Capital Journal)
In an FT op-ed, June Angelides, an investor in technology start-ups at Samos Investments, writes that entrepreneurs should ensure investors have the cash and support to help the business weather tough times. "If you’re a founder currently raising your first round of capital, you’re probably concerned about how quickly you will be able to complete. I would advise to proceed as normal — there is plenty of capital in the market — but ask the right questions and make sure you raise enough to get you through the next 18 months." (Financial Times)
"Certares Management, an investment firm led by Hertz Global Holdings Inc. Chairman Greg O’Hara and dedicated to the travel, tourism and hospitality industries, is seeking capital for a new private equity fund, according to people with knowledge of the matter." (Bloomberg)
"Houston Police Officers' Pension System approved four new private equity commitments totaling $188 million at two recent board meetings, recently obtained meeting minutes showed." (Pensions & Investments)
"The Education Department says it will hold companies that own certain private colleges financially responsible for taxpayers’ losses if their schools defraud students or abruptly shut down." (New York Times)
"Future Returns: AlbaCore Capital Offers Carbon Offsets for Private Credit" (Barron's)
PE Deals
They said it “The central business district that we think about is the last gasp of the old Industrial age. This idea that you have to pack and stack these office workers and they have to commute in at 9 and leave at 5 and work in cubicle farms—it’s just silly. It is completely out of touch with the way people work.” — Richard Florida, professor at University of Toronto’s Rotman School of Management and School of Cities, talks to WSJ about the impact of remote work on midtown.
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