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PE firms may score NFL teams in future; Aterian leverages continuation fund for Vander-Bend

Good morning, Hubsters. MK Flynn here with today’s Wire.

Hope you had a good HalloWeekend, as the kids call it. I stocked up on candy, so I’m ready for tomorrow night’s trick-or-treaters!

The football season is well underway, and there’s some good news for PE folks. If you’re looking for leads on future dealmaking, you may be happy to hear that potential changes in NFL ownership rules could open the floodgates for PE investments in football.

In today’s Wire, we’re taking a Deep Dive on the topic, plus I’ll share a roundup of our ongoing coverage of PE firms investing in sports.

Before we get to that, let me mention briefly two deals announced today, one in private equity and one in the public markets.

Liquidity

We’ve seen an increase in continuation funds as PE firms navigate the challenges of today’s exit landscape.

This morning,  Aterian Investment Partners’ announced the closing of a $460 million single-asset continuation fund for Vander-Bend Manufacturing.

Upgrade to the premium version of the Wire for more details.

Healthcare discovery and delivery

I want to mention briefly a big merger announced this morning between two publicly traded healthcare real estate providers that may be of interest to PE dealmakers: Healthpeak Properties and Physicians Realty Trust are coming together in an all-stock merger valued at $21 billion.

Now onto the big game.

Are you ready for some football?

The National Football League is exploring changes in its ownership rules, potentially opening the door to institutional capital, reports Kirk Falconer.

To learn why this is big news, upgrade to the premium version of the Wire.

For more on PE firms investing in US sports, see previous stories written by PE Hub’s Rafael Canton:

• Goal-oriented: 7 private equity deals in the sports sector

• Raine’s Sherri Williams: From rock concerts to fitness classes, small discretionary purchases reign

And for coverage across the pond, see PE Hub Europe’s recent stories by Craig McGlashan and Irien Joseph:

• LBK Capital plays ‘nascent asset class’ of football transfers with Triestina

• 8 PE-backed deals: Private equity scores in sports sector

• Private equity: European football’s growing fanbase

That does it for today. As always, I’d love to hear from you with insights on PE dealmaking. You can reach me at mk.flynn@pei.group

Craig will be with you tomorrow.

Happy Halloween,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Neuberger Berman is seeking $2.25 billion for its fifth private equity co-investment fund, a level close to its last offering that closed in January 2021. (Buyouts)

According to an October regulatory filing, PGIM Real Estate has raised $1.158 billion from 13 LPs for its open-end US agriculture fund since the vehicle was launched in October 2018. (Agri Investor)