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Tailwater co-founder on energy investment under Trump; New Mountain Capital’s double healthcare deals

Good morning dealmakers, it’s Obey Martin Manayiti with the US edition of the Wire from the New York newsroom.

Today, energy private equity firm Tailwater Capital co-founder and managing partner Jason Downie shares his insights on the upstream and midstream private equity investment horizon under the incoming Trump administration in the latest of our Outlook Q&As.

Next, we have a pair of healthcare deals from New Mountain Capital this morning. First, the firm is investing in Access Healthcare and secondly, the firm is investing in Union Healthcare Insight. We have all the details below.

Immense power needed

Tailwater Capital co-founder and managing partner Jason Downie shared his insights on upstream and midstream private equity investment with my colleague Michael Schoeck. Headquartered in Dallas and with $4.5 billion of capital under management, Tailwater typically invests $150 million-$250 million for minority stakes and co-investment opportunities in energy infrastructure development.

Subsectors of focus include midstream gathering, processing and transportation for oil, gas and water, as well as pipelines, carbon capture and sequestration and natural gas storage. In the upstream market, Tailwater makes non-operated working interest investments into oil and gas wells, as well as minerals and royalty rights investments.

Premium subscribers can read Downie’s full interview here.

In case you missed it

The Carlyle Group’s co-head of Americas corporate private equity Stephen Wise recently shared his thoughts with PE Hub on tariffs that the incoming administration has indicated it could impose.

Upgrade to the premium version of the Wire to read excerpts of the interview.

It’s a double

New Mountain Capital has made an investment in Access Healthcare, a Dallas-based tech-enabled platform for revenue cycle management.

Also this morning, New Mountain Capital invested in Union Healthcare Insight, a Washington, DC-based healthcare research and insights platform.

Premium subscribers to the Wire get more on both deals.

That’s it for me today. As always, I’d love to hear from you at obey.m@pei.group.

Craig McGlashan will bring you tomorrow’s Europe Wire, while Rafael Canton will bring you the US edition.

Obey

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Caroline Dallas, director in the investment research group at Global Endowment Management, spends her time sourcing opportunities in the emerging manager space, including building relationships with fundless sponsors. In the tough fundraising environment of the past few years, Dallas sees new firm formation proceeding at a strong pace, providing a wealth of opportunities for investors who back this part of the market. Buyouts recently chatted with Dallas, who is set to be a featured speaker at PEI Group’s NEXUS 2025 conference in March.

What makes a good candidate for a single-asset continuation fund? Rob Campbell, head of North America at ICG's Strategic Equity unit, outlines elements for a successful CV when just one asset is involved and why such deals differ from co-investments. (Private Equity International)

Bonnefield Financial has held an C$80 million ($56 million; €54 million) second close on its dedicated agribusiness fund and has welcomed Farm Credit Canada as a new investor in the vehicle. (Agri Investor)

Paris-based Omnes Capital has raised €1.8 billion for its latest vehicle, exceeding its €1.65 billion hard-cap and raising an additional €250 million in co-investment capital, bringing the total haul to €2.05 billion. (Infrastructure Investor)

A year after its first close, Allianz Global Investors has held the final close for its inaugural credit secondaries fund and is already eying a launch for its successor. Allianz Private Debt Secondaries Fund closed on €1.5 billion and was heavily oversubscribed, tripling its €500 million target, according to a statement. (Secondaries Investor)

Vistria Group’s fifth private equity fund, which closed on $3 billion last week, was the first of the firm’s products to receive commitments from large Asian LPs, according to co-CEO Kip Kirkpatrick. (New Private Markets)

On the most recent episode of the Private Debt Investor Podcast, Jiri Krol of the Alternative Credit Council says that onerous regulations since the global financial crisis have strangled the securitization market and need attention.

Evercore has hired a managing director from PJT Park Hill as the battle for secondaries talent spills over into the new year. (Secondaries Investor)

Deals

They said it

“The expectation is Trump may be helpful deregulating and streamlining the permitting process. It would support his talking points around proactively using natural resources like gas as a trading tool like in liquified natural gas and export capacity.”

— Jason Downie, co-founder and managing partner, Tailwater Capital

Today's letter was prepared by Obey Martin Manayiti

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