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The Wire Nov. 24, 2020
Janet Yellen emerges as Biden's Treasury Secretary nominee, L Catterton sells Cholula for $800mn, Cressey-backed StatLab evaluates sale Good morning!
Reminder: The PE Hub wire will not run on Thursday or Friday due to the holiday weekend. We will return our normal scheduling on Monday, November 30.
Now to the news... President-elect Joe Biden is poised to elect Janet Yellen as his Treasury secretary, which would represent the first woman in history for the position, Bloomberg reported. The appointment of Yellen, the former Federal Reserve chair, is likely to find support from both Wall Street and progressives, the news outlet said.
What does the prospective appointment mean for private equity players? Write to me with your thoughts.
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Also of note (may require subscriptions) Herd mentality: Wealthy Europeans are joining their North American counterparts in SPAC IPO listings, Bloomberg writes.
New Manager: A group of former Palladium Equity senior executives are targeting around $500 million for the debut fund on their newly formed shop, sources told Buyouts.
Perspectives: On Forbes, Truist bankers opine on how the private equity community has shifted gears amid the pandemic.
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They said it “Right now, we live in a country where people look at the same set of facts and come to diametrically opposite conclusions, so that is a big challenge for anybody who takes that job, to build support for your policy outcomes.”
Tony Fratto, a Treasury official in the George W. Bush administration, speaks to WSJ about the potential appointment of Janet Yellen as Treasury Secretary.
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