| View this email online The Wire July 27, 2021 Continuing HVAC deal-o-rama: Partners Group buys Reedy; Former top SEC examiner names biggest risks to PE Happy Tuesday, everybody! Yesterday, our team had its first official happy hour. With bars packed all around us, it felt like New Yorkers want to make the most of this summer! But for a large number of private equity players, it seems like summertime has equated to making an HVAC investment. I've covered multiple HVAC PE deals in the past few months, but Partners Group's announced acquisition of Reedy Industries is arguably the most notable - at least in terms of scale. Deerfield, Illinois-headquartered Reedy - one of the largest service providers in the US - has been aggressively growing. Just yesterday, Reedy announced its 15th add-on acquisition since it was bought by seller Audax Private Equity in 2019. Partners Group will now join an ever-growing list of PE firms building out national HVAC platforms. Read PE Hub's brief here. Podcast alert: While we are all noting the rush of capital into the private equity industry, I don't see enough talk about risks that come along with that. Buyouts' Chris Witkowsky sat down (virtually) with Igor Rozenblit, former co-head of the SEC’s private funds unit, to talk about the biggest regulatory risks facing PE firms today, including the proliferation of new products and the compliance and disclosure issues that go along with that growth. Listen to the podcast on Buyouts. Read the full wire commentary on PEHub... That's it for me! Have a great week ahead everyone, and as always, hit me up at karishma.v@peimedia.com with any feedback, tips or just to say hello! Also of note (may require subscriptions) Move from private to public: Patrick Healy, CEO of private equity firm Hellman & Friedman, discusses with CNBC whether the massive supply of IPOs in the market signals a sustainable shift away from privatization. Read more on CNBC. Macquarie's sustainability goals: Macquarie said it is reviewing practices in its own offices to create a more inclusive workplace that will impact hiring, promotions, engagement and succession planning. Within its portfolio, the firm is looking at ways to integrate DE&I considerations into due diligence for potential investments. Read on affiliate magazine New Private Markets. Tapping out of China: China's move to ban private tutoring firms from making a profit from teaching core school subjects and raising capital is set to trigger a scramble among venture and private equity investors to find an exit after pouring billions of dollars into the sector, writes Reuters. PE Deals They said it “We are focusing on thematics [specialist fund managers] rather than investing with groups labelling themselves as ‘impact’.” Josephine Toral, senior investment analyst at $44.3 billion superannuation fund Hesta, told affiliate magazine New Private Markets. Today's letter was prepared by Karishma Vanjani Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MORE 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 PEI Media Group Ltd is registered in England no.6135779 Registered office: 7th Floor, 100 Wood Street, EC2V 7AN To update your PE Hub email preferences, or to unsubscribe, click here. | 