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The Wire May 10, 2021
Miami's Chip Virnig on Miami growth plans, CapVest sells Valeo Foods to Bain
Morning everybody!
As Thoma Bravo ramps up talent recruitment to help manage its soaring growth in assets, Chip Virnig, a partner on the firm’s flagship fund, sat down virtually with PE Hub to share why the firm chose Miami over New York as its East Coast base. Here's a quick preview:
"I think [the investing landscape] is changing and why not change it with a different location? Miami is totally different: it’s fun, it’s vibrant, and I think it’s going to be a great tool for recruiting the best talent. Covid gave us an opportunity to break the mold and explore more freedom and a new way of approaching our business.”
Among other things, Virnig said 20 people internally will be moving from San Francisco and Chicago to Miami, himself included, and by early next year... Read Milana's full Q&A on PE Hub.
Read the full wire commentary on PE Hub...
That's it for today! Have a great week ahead, and as always, write to me at springle@buyoutsinsider.com with your tips, comments or just to say hello!
Also of note (may require subscriptions) GP-led: Webster Equity successfully moved two assets out of its third fund and into a continuation vehicle for more time and capital to manage the investments, sources told Buyouts. The Webster deal focused on BayMark Health Services and Pharmalogic, both of which Webster acquired through its third fund, which closed on $400 million in 2014. Read it on Buyouts.
New gig: The former head of private equity at New York City’s Bureau of Asset Management - David Enriquez - is set to join the private equity unit of Rothschild’s merchant banking business, Private Equity International has learned. Read it here.
PE Deals
They said it “What you’re seeing now is a preponderance of these managers coming out in the alternative asset classes, where the fees tend to be a bit more expensive because you’re paying for a skill set as opposed to paying for a manager to beat a public benchmark.” C LaRoy Brantley, a member of MassPRIM, says of diverse managers.
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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