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The Wire Oct. 11, 2021
The elusive quality that makes for a great co-investor, Providence makes majority investment in Tenstreet Morning, hubsters!
KKR has unveiled succession plans at the private equity giant, appointing Joe Bae and Scott Nutall as co-CEOs. Effective immediately, the duo replaces Henry Kravis and George Roberts, who as first-cousins co-founded KKR in 1976 alongside Jerome Kohlberg. Bae and Nuttall have been at KKR since 1996, and since July 2017, have been co-presidents and Co-COOs of KKR. Read PE Hub’s brief on KKR's succession plans.
Sold: HIG Capital sold Trace3 to American Securities, concluding a Guggenheim Securities sale process for the IT services provider that kicked off earlier this year. The transaction is presumably a sizable one considering the company’s financials. PE Hub wrote in May, ahead of first round bids, that Trace3 generated approximately $100 million in EBITDA. From a top line perspective, Trace3 under HIG tripled revenues to $1.4 billion, becoming a national player while broadening its managed services offerings, the firm said Monday. Read more on PE hub.
That’s it for me! Have a great week ahead, and as always, reach me with your tips, feedback or whatever you want at springle@buyoutsinsider.com.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Transparency: According to panelists at the PartnerConnect East 2021 conference on Oct. 7, strong private equity partnerships require, surprise, surprise, open and robust communications. This is especially true when it comes to fund investors understanding GPs’ process of calculating portfolio company valuations, according to one LP panelist. Read more on Buyouts.
Fund:WSJ Pro writes that energy-focused Azimuth Capital Management is seeking $1 billion for a new fund to back businesses such as renewable-fuel makers, battery recyclers and power-storage providers, citing people familiar with the matter. Read it on WSJ Pro.
Appetite?: With continuation funds gaining much traction in the last 18 months, will healthcare players consider their use as a long-term hold strategy? That’s one question panelists at Dechert’s Healthcare Deals Conference 2021 sought to answer. Read what folks had to say on Secondaries Investor.
PE Deals
They said it “As an LP, as our portfolio matures there’s thousands of companies so it's almost impossible for us go through each valuation and opine on whether or not we think its undervalued, overvalued so we really have to trust our GPs and understand their process.” An LP panelist speaks about the LP/GP relationship at the PartnerConnect East 2021 conference on Oct. 7.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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