View this email online 

Joelle Marquis from Arsenal Capital Partners and Katie Ossman Water Street Healthcare Partners honored by PE Hub and Buyouts

Hello, PE Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom.

Let’s begin with Women in PE: The class of 2025! Congratulations to this year’s honorees. Each year, the special report from PE Hub and Buyouts showcases 10 individuals who stand out in the private equity industry. We’re featuring these profiles in alphabetical order every day this week.

Today, we’re highlighting Joelle Marquis from Arsenal Capital Partners and Katie Ossman from Water Street Healthcare Partners.

Then, we’ll finish with a dive into the sports sector. STG’s Bill Chisholm led the $6.1 billion acquisition of the NBA’s Boston Celtics, setting a valuation record. We looked at how valuations of pro sports teams keep rising, and how that’s opened the door for private equity firms to invest.

Let’s start off with Women in PE.

From consultant to president

Private equity wasn’t part of the Joelle Marquis plan, Rob Kotecki writes. She had been a division president of an insurance financial services business, and a COO of a high-tech company when she got a call to consult with the private equity firm Arsenal Capital Partners on a portfolio company that had to let go of two CEOs within the first year of ownership.

Three weeks into the three-month consulting gig, one of Arsenal’s partners was so impressed with how she managed human capital and leadership issues, they asked her to come aboard full time. That was 23 years ago.

Upgrade to the premium version of the Wire to learn about Marquis’ mentors.

Knowing your superpower

Katie Ossman has three words for anyone pursuing a career in private equity: “Know your superpower.”

Ossman, who was promoted in October to partner at Water Street Healthcare Partners, told PE Hub reporterJohn R Fischer her power to establish personal relationships with company founders and owners has helped her firm complete several transactions, from its acquisition of MedSpeed to its acquisition of Key Surgical, which the firm sold in 2020 to Steris for a 6.5x return.

“What I’m trying to understand is what drives a founder or business owner’s decision making,” she says. “What is their story and objectives? I use that to show why Water Street is the partner to help achieve those objectives. Everyone needs to know their superpower.”

Subscribe to the premium version of the Wire to learn about what Ossman’s current focus as an investor is.

We’ll continue showcasing outstanding women in PE in tomorrow’s US Wire - and next month at PEI Group’s Women in Private Markets Summit North America 2025, taking place May 13-14 in New York. Hear from Nicole Musicco, managing partner, Square Nine Capital, and former CalPERS executive, who will be speaking with PE Hub editor-in-chief MK Flynn.

On the ascent

As professional sports team valuations break records almost every year, private equity is stepping up in the sports arena.

In March, an investor group led by STG co-founder Bill Chisholm acquired the National Basketball Association’s Boston Celtics for $6.1 billion, the most anyone has ever paid for a sports team. The previous record was held by the National Football League’s Washington Commanders, which sold for $6.05 billion to a group led by Harris Blitzer Sports & Entertainment’s Josh Harris, a co-founder of Apollo, in the summer of 2023. In the investor group was Sixth Street, who also also made an investment in Major League Baseball’s San Francisco Giants.

To explore why valuations for pro teams are rising and the role PE is playing, PE Hub reached out to some M&A advisers.

Subscribe to the premium version of the Wire to learn how there’s still room left for growth in valuations of teams. Also covered is how different streams of revenue including media rights, as well as arenas and stadiums are making pro sports teams attractive to PE.

That’s it for me. If you have any questions, thoughts, or want to chat about deals in the tech, consumer or sports sectors, please email me at rafael.c@pei.group.

Tomorrow, Nina Lindholm will be with you for the Europe edition of the Wire and Michael Schoeck will bring you the US edition.

Cheers,

Rafael

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Regulatory hurdles will shape the trajectory of cross-border investments in Europe as private equity investors increasingly focus on risk diversification strategies within the healthcare sector. While these deals hold significant potential, industry experts told PE Hub that they also bring intricate layers of complexity that cannot be overlooked.

Leonard Green & Partners is running a larger continuation fund process that will move several assets out of older funds into continuation pools, according to four secondaries market sources. The deal – a combination of a multi-asset and a single-asset continuation fund process – is part of a wave of such deals that GPs are using as a way to deliver liquidity back to LPs in older funds while retaining interests in portfolio companies. (Buyouts)

Neal Costello is departing the Carlyle Group’s AlpInvest, according to three sources familiar with the matter. He will join New Mountain Capital in its efforts to build an internal secondaries strategy focused on GP-led continuation fund deals, two of the sources said. Secondaries Investor understands that Costello will co-lead the strategy.

Ventura County Employees Retirement Association, a US public pension fund with $8.7 billion of assets under management, plans to increase its annual private equity commitments until 2029. (Buyouts)

Sixth Street has returned to the market with a sixth offering for flexible, opportunistic investing across markets both good and bad. The San Francisco manager is looking to raise $4 billion-$5 billion for Sixth Street Opportunities Partners VI, Minnesota State Board of Investment documents said. (Buyouts)

A reform of the US Department of Agriculture guided by Project 25 could get tricky for US ag investors. The more conservative USDA called for in the Heritage Foundation policy paper could upend many real asset and natural capital strategies. (Agri Investor)

If recent regressive events have caused investors to consider whether the merits of renewable generation have been oversold, they should rest assured: at the moment, new energy generation capacity generally doesn’t come any cheaper than when based on wind and solar, according to BloombergNEF’s recent LOCE Update. (Infrastructure Investor)

According to specialist consultancy Bfinance, the expansion of open-end or evergreen vehicles in private markets is one of the biggest changes in the industry over the past decade. However, as the firm writes in its March report on the semi-liquid market, investors need to “tread with care” and pay attention to potential pitfalls. (Private Equity International)

Deals

They said it

“What I’m trying to understand is what drives a founder or business owner’s decision making. What is their story and objectives? I use that to show why Water Street is the partner to help achieve those objectives.”

— Katie Ossman, partner at Water Street Healthcare Partners on her investing strategy

Today's letter was prepared by Rafael Canton

Did someone forward you this email? Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article.

Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 

London | New York | Hong Kong | Tokyo | Sydney

PEI Group Ltd is registered in England no.6135779

Registered office: 5th Floor, 100 Wood Street, EC2V 7AN

To update your PE Hub email preferences, or to unsubscribe, click here.