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The Wire June 4, 2021
Blackstone invests less than $300m stake in Prospect Hill's Walker Edison, SPAC market optimism holds up despite fewer SPAC IPOs Happy Friday, hubsters!
We're past the mid-year point, everybody. How did that happen?! Seems hard to imagine private equity-driven M&A will pick up even more in the second half, but that's the general sentiment I'm hearing. Elsewhere...
The moment isn’t over: Despite a major slowing in SPAC IPOs in the second quarter, a recent survey conducted by law firm Katten Muchin Rosenman LLP suggests most remain enthusiastic on the future SPAC market. 72 percent of investors who have participated in a SPAC transaction agree (with 44 percent of those strongly agreeing) that SPAC IPO activity will be strong through at least 2022. Those who have not participated in a SPAC are more skeptical – just 32 percent feel that activity will be strong through 2022, according to the survey, “SPAC to The Future: Despite Slowdown, SPACs Continue to Be Viewed as Favorable Investment Opportunities”.
In breaking mega-SPAC news… Bill Ackman’s SPAC is reportedly nearing what could be the largest-ever such deal on record. Pershing Square Tontine Holdings is in negotiations to merge with Universal Music Group in a transaction that would value the world’s largest music business at about $40 billion, the Wall Street Journal reported early this morning, citing people familiar with the matter. Ackman on Friday confirmed the talks. Read more here.
Elsewhere, Blackstone recently joined the investor base of ready-to-assemble furniture company Walker Edison, betting that...
Read the full wire commentary on PE Hub...
That’s it for me! Have a great weekend, and keep on hitting me up with tips, ideas or feedback at springle@buyoutsinsider.com.
Also of note (may require subscriptions) Co-investing: School Employees Retirement System of Ohio is steadily growing its private credit allocation, highlighted by a co-investment alongside Francisco Partners in healthcare company Zocdoc. Francisco’s financing was a “structured investment,” combining both debt and equity, Zocdoc spokeswoman Sandra Glading told Buyouts via email. Read it here.
Upping it: GI Partners raised the cap on its sixth fund, which is heading for a final close on around $3.8 billion this month, sources told Buyouts. The firm is one of numerous established GPs able to raise more than target, and in some cases, raise their caps, in a fundraising market that is heavily focused on incumbents. Read it here.
North of the border: Canada Pension Plan Investment Board has been a net seller of private fund stakes for the second straight year, following two years of heavy commitment to the strategy. The Toronto-headquartered pension made C$0.46 billion ($0.38 billion; €0.31 billion) in commitments across five secondaries transactions in the 12 months to March, according to its latest annual report. Read more on Secondaries Investor.
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They said it “Just like many other economic data points (ISM, confidence, employment) the recent inflation measures represent a resurgence from the mid-pandemic lows and a positive sign of economic recovery. We believe it is also short term and should not be misconstrued as the long-run intention of the Federal Reserve’s actions.” Commonfund Asset Management director Ryan Driscoll said in a blog post last week, Private Equity International writes.
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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