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TA Associates takes stake in Kline Hill; HGGC to acquire executive compensation tech biz; Kohlberg buys Resa Power from Investcorp

Good morning, Hubsters. Senior reporter Michael Schoeck here with the US edition of the Wire from the New York newsroom.

Amid the M&A market slowdown, many private equity firms are looking for liquidity in several forms, including via the secondaries market. We’ll take a look at a secondaries exclusive from affiliate title Secondaries Investor on TA Associates, which announced it has acquired a stake in a secondaries investor.

Also fresh on the Hub today we have an exclusive on a financial technology deal announced earlier today by mid-market investor HGGC.

Sticking with tech, we’ll check out a deal announcement involving an education technology provider for healthcare professionals, which is being acquired by a Leeds Equity Partners portfolio company.

We’ll wrap up today with a deal involving a power equipment company I scooped was for sale just a month ago.

First, let’s have a look at some secondaries news.

Deep understanding

Another secondaries player has opted to sell a slice of itself, with Kline Hill Partners securing backing from TA Associates, writes Silas Sloan from affiliate title Secondaries Investor.

Upgrade to the premium version of the Wire to learn more about the deal, including valuations and deal advisers.

War for talent

Earlier this morning, HGGC announced that it has acquired Equity Methods from Montage Partners for undisclosed terms, PE Hub was the first to report. We spoke with Neil White, president and managing partner, and Victor Rudo, principal, of the Palo Alto-based private equity buyer.

Upgrade to the premium version of the Wire for the full article, which includes HGGC’s outlook for add-on deals.

Adding on

In other tech news, Leeds Equity Partners portfolio company Archer Review has acquired PulsedIn, an Oakland, California-based learning and social community platform for health professionals.

Upgrade to the premium Wire to access more content in the edtech market, as well other add-ons for Archer Review.

Power transformers

Kohlberg & Company acquired a majority stake in Resa Power, a Houston-based provider of power transformers and other electrical components, from Investcorp.

PE Hub subscribers to the premium version of the Wire can access a March exclusive story on Resa Power actively for sale with an investment bank.

That’s a wrap for me. Keep an eye out for the Europe edition of the Wire tomorrow from Craig McGlashan, and the US edition from Rafael Canton.

Cheers,

Michael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Columna Capital sees a “strong” pipeline of new opportunities across Europe, thanks in part to a cooling in competition and a slightly slower pace of origination activity, Rory Devlin, managing partner and co-founder, told PE Hub.

Brookfield Asset Management’s private wealth arm has set its sights on Asia-Pacific and Europe as its growth markets as it seeks to gather $100 billion of inflows from the wealth channel over the next five years. "We harbour that view as a firm that a lot of the alternatives growth over the next five to 10 years will come globally," chief executive John Sweeney tells Private Equity International.

Private Funds CFO has a good rundown on Paul Atkins, who took his oath as SEC chair on April 21: "Atkins is, by most accounts, a serious man, and one who really, truly believes that the SEC plays an essential role in capital formation. A longtime friend described him to me as 'impeccably dressed, impeccably mannered, and he will cut your throat without getting any blood on his handkerchief.' He may need that entire skill set."

SQ Capital, a secondaries firm focused on mid-market opportunities, has brought on senior private equity professionals from Permira and Carlyle to lead its dealmaking and investor relations efforts. (Secondaries Investor)

Savills Investment Management has made its debut in the natural capital space with a £100 million ($133 million; €117 million) forestry mandate, marking the firm’s first dedicated strategy in either agriculture or forestry. (Agri Investor)

APG Asset Management is open to opportunities in infrastructure secondaries some seven years after its last such deal, as it looks to double its €32 billion infrastructure portfolio by 2031 and do more direct investments, according to Jan-Willem Ruisbroek, who leads the infrastructure and private natural capital team at the Dutch pension fund giant. (Infrastructure Investor)

Deals

They said it

“With TA, we found a great opportunity where they aren’t taking a majority. Unlike the [GP] stakes firms, TA really provides a lot of value. Most stake transactions are purely financial, and we see this as much more strategic.”

— Mike Bego, managing partner, Kline Hill Partners, on the firm’s decision to sell a stake to TA Associates.

Today's letter was prepared by Michael Schoeck

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