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| How fintech is reshaping asset management |
| Will venture capital’s bet on millennial-centric online asset management platforms pay off? How are active and alternative investors using technology to gain an edge and generate alpha?
PitchBook’s latest fintech analyst report—Part 3: Asset Management—details how a confluence of demographics, technology and regulations has begun to change the way money is managed. We outline the impact of robo-advisors and innovative online brokerages, as well as alternative tools relevant to PE, VC, hedge fund and real estate investors alike. |
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In addition, this analyst report includes:- A breakdown of private investment within the asset management ecosystem
- Corporate M&A activity
- Key company profiles packed with financing and valuation data
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| | | | | | | Kohlberg & Co. gathers $2.2B for middle-market deals |
| Kohlberg & Company has held a final close on $2.2 billion for its eighth flagship buyout fund, an oversubscribed vehicle that received commitments from more than 70 LPs. Like all of the firm’s funds, the new vehicle will be put to use investing in the middle market.
That thesis has been ingrained at Kohlberg & Co. for the full 30 years of the firm’s existence, ever since... |
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| | | | | | | EQT unloads BSN at €2.7B value |
| EQT Partners has agreed to sell BSN Medical, a provider of medical therapy products, to Svenska Cellulosa Aktiebolaget at a valuation of €2.7 billion.
The firm has maintained a steady exit pace in recent years, selling off... |
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| | | | | | | The top 10 PE investors in leisure |
| Onex has agreed to purchase Parkdean Resorts, an operator of campgrounds and caravan parks in the UK, from Epiris and Alchemy Partners for £1.35 billion. Onex will make a $750 million equity investment as part of the deal. Epiris, meanwhile, which recently changed its name from Electra Partners, will receive proceeds of £405 million on the sale, with total proceeds of £515 million over the holding period equating to 3.9x return and a 46% IRR from its initial 2012 investment.
It’s a major deal in what’s otherwise been a quiet 2016 for private equity in the restaurants, hotels & leisure sector. PE investors worldwide have completed 175 deals in the space so far, according to the PitchBook Platform, which shapes up to be the lowest total of the past four years. The biggest name to hit the block this year: Krispy Kreme Doughnuts, which JAB Holding and BDT Capital Partners acquired for $1.35 billion in July. |
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| | | | | | | | A story about how AI transformed Google Translate overnight—and also a story about how the burgeoning technology has come to be, and where it’s going. [The New York Times]
Private equity is helping to spur consolidation in the car dealership industry. [Automotive News]
Design nerds, revel: The year in graphics. [Bloomberg]
The school districts with the most snow days are rarely in the places where it snows the most. Here’s why. [The Atlantic] |
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| Since yesterday, the PitchBook Platform added: | | 164 Deals | 1370 People | 498 Companies | 7 Funds |
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Crippling debt. 100-hour work weeks. Rejection from more than 200 investors.
If you don't know our backstory, Business Insider got in touch with PitchBook founder and CEO John Gabbert to chronicle the journey—from the 200-square-foot office with no windows, to the cold call that ended up spurring growth, to an exit valued at $225 million that gave early backers a 50x return.
Read the full story |
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| 2007 Vintage US Venture Funds with B2C Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 0.53x Median DPI | 1.52x Median TVPI |
| | | | *IRR: net of fees | | 99 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| Bain Capital to purchase Epic Health Services |
| | Outpatient Services | Dallas, TX | Secondary Buyout |
| | | | | | | Odyssey, Trilantic trade Addison ownership |
| | Human Capital Services | Chicago, IL | Secondary Transaction |
| Odyssey Investment Partners has agreed to make a strategic investment in Addison Group, a provider of professional staffing services. The financing will be used to support both organic and acquisitive growth. Trilantic Capital Partners will exit the stake in Addison that it acquired in 2013 upon completion of the deal, expected by the end of the year. |
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| | | | | | | Littlejohn to acquire BJI |
| | Home Furnishings | St. Augustine, FL | Buyout |
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| Riverside buys Lakeview Health from Trinity Hunt |
| | Inpatient Services | Pompano Beach, FL | Secondary Buyout |
| The Riverside Company has purchased Lakeview Health, a provider of substance abuse treatment, from Trinity Hunt Partners. Founded in 2001, Lakeview operates two centers that provide medical detox, inpatient rehab and outpatient services. Trinity Hunt had backed the company since 2012. |
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| | | | | | | THL buys ProPT stake from GPP |
| | Outpatient Services | Uniondale, NY | Secondary Transaction |
| | | | | | | Lynwood backs Rocket Seals |
| | Wholesale Distributor | Denver, CO | Buyout |
| Lynwood Capital Partners has made an investment in Rocket Seals alongside the company’s existing management. Started in 1956, Rocket is a distributor of commercial seals and gaskets to OEMs and the repair & maintenance markets. |
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| HgCapital 8 holds first close |
| | | | | | | | | FSN Capital V closes on €1B |
| | FSN Capital Partners has closed its fifth flagship fund on €1 billion, according to an AltAssets report, exceeding the original €870 million target. The firm easily surpassed the size of its previous vehicle, FSN Capital IV, which closed on €600 million in 2013. FSN will use the fund to continue its strategy of backing growth-oriented business in the Nordic region. |
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| Abraaj makes Hossam Radwan an advisor |
| | The Abraaj Group has appointed Hossam Radwan, the former head of its Saudi Arabian business, as a senior external advisor. Prior to joining Abraaj, Radwan worked as CEO of EFG-Hermes and in various roles at Goldman Sachs, most notably as head of Middle East and North Africa sales for Goldman Sachs Asset Management. |
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