SPAC pullback, Wells Fargo $2.1 billion sale

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View this email online The Wire Feb. 23, 2021 SPAC spurred pullback awaits, Wells Fargo sells asset management unit to PE duo Happy Tuesday, PE Hub readers! It might seem like the SPAC saga is never-ending, but merger arbitrage strategists at DuPont Capital anticipate a market pullback at some point. DuPont’s Harris Arch told me in a recent interview that a SPAC spurred market retreat is welcome and needed. Also, Wells Fargo announced the sale of its asset management unit, Wells Fargo Asset Management to GTCR and Reverence Capital Partners for a whopping $2.1 billion. Read the full wire commentary on PE Hub... That’s it for today! Have a great week, readers, and as always, write to me with feedback, tips and gossip or whatever at karishma.v@peimedia.com Today's must reads > DuPont: A SPAC pullback is welcome and needed More... > MidOcean preps sale of The Planet Group More... > VC-backed Applitools comes to market More... > Oak Hill said to buy American Veterinary Group More... Also of note (may require subscriptions) Pandemic winners: Lenders are competing to finance new life sciences real estate investments as institutional investors get attracted to the sector's covid resilience. Read more on PERE.

Big SPAC news: Lucid Motors has agreed to go public by merging with Churchill Capital Corp IV in a $24 billion deal. Read more on WSJ.

Moving out: Co-Founders of Chinese private equity firm Boyu Capital set up by grandson of former President of China, Jiang Zemin, have relocated to Singapore to reduce exposure to Chinese scrutiny, sources tell WSJ.

Fresh powder: Peak Rock Capital is staying on the fundraising trail after exceeding the $1.3 billion target set for a third flagship mid-market offering, sources told Buyouts. Check it out here.

PE Deals

> AE Industrial-backed Redwire adds on Deployable Space Systems More... > LLR Partners invests in Salute Mission Critical More... > NovaQuest Private Equity invests in Pro-ficiency More... > OEP’s Computer Design & Integration scoops up Kintyre More... > GTCR, Reverance Capital buy Wells Fargo Asset Management from Wells Fargo More... > MPE Partners recaps MSHS Group More... > PE-backed ARC buys Capitol Engineering More... > Arable invests in Pacific Trellis Fruit More... > Ardian buys martech firm Jakala More... > 52TEN acquires Country Breeze Mobile Home Park More... > Oak Hill invest in American Veterinary Group More... > Renovus sells KSM Consulting and Tempa Nova to Investcorp More... > Premia to buy Armour More... > Partners Group buys Resilient Infrastructure Group More... > Audax-backed Altasciences acquires WCCT Global More...

People > Trilantic-backed AEGIS appoints Falls as CFO More... > Churchill promotes three More... > PE-backed Nutrisystem taps Mikulak as president More... > Infinedi Partners hires Henry Blynn as a senior associate More... > Freeport Financial hires two associates More... > Vista promotes five to leadership roles More... > Trilantic North America names three as partners More... > Brightwood promotes three More... > Vista taps Hogan as operating managing director for flagship fund More... > Resolute Capital promotes Hiatt to COO More...

They said it

“This [SPAC] is a compelling pocket of capital that all the large private-equity and venture firms in Asia will be considering.”

Udhay Furtado, co-head of Asia equity capital markets at Citigroup Inc talks about SPACs sponsored by companies in Asia to WSJ.

Today's letter was prepared by Karishma Vanjani

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