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The Wire May 18, 2021
Buyers circle specialty vet hospital groups, H.I.G. injects $225m in healthcare insurance marketplace Happy Tuesday, everyone!
Today, we have news on two large specialty vet care deals: BBH Capital Partners-backed Ethos Veterinary Care and SAGE Veterinary Centers, owned by Chicago Pacific Founders, are looking for new owners, PE Hub has learned. The simultaneous processes come as healthcare for pets has proven resilient through the pandemic, only validating the durability of the space long touted by investors. Ethos is working with BofA Merrill Lynch and Jefferies is running the sale for Concord, California-based Sage.
More healthcare: H.I.G. Capital announced a $225 million minority investment into a health insurance marketplace called eHealth. Comprised of eHealth.com and eHealthMedicare.com, the Santa Clara, CA-headquarted company provides consumers with health insurance enrollment solutions. Read the brief on PE Hub.
Read the full wire commentary on PE Hub...
That’s it! Have a great week ahead. As always, hit me up with tips, feedback and your comments at karishma.v@peimedia.com.
Also of note (may require subscriptions) Linden nears initial close: Healthcare investor Linden Capital Partners is setting its sights high with a $2.5 billion target for a fifth flagship buyout offering. The offering, which has a $3 billion hard-cap, is fast-approaching an initial close of more than $2 billion, limited partner sources told Buyouts.
Entry of a new breed: Willis Towers Watson, one of the most influential gatekeepers in the pension fund industry, expects it could help clients deploy as much as $1 billion into a passive private equity strategy. The private fund model needs to be disrupted to allow defined contribution plans access to the asset class, says the investment consultant’s head of private equity research, Andrew Brown. Read more on PEI.
Tech fund news: TPG is pitching its second technology-focused fund which provides capital to technology companies that intend to remain private for longer, targetting $3 billion. Read on WSJ.
PE Deals
They said it
“If you had a model where instead of charging two-and-20 you have 10 or 15 [basis points], then you don’t need all the bells and whistles to generate an attractive equity return"
Andrew Brown, Willis Towers Watson's head of private equity research, told Private Equity International about the passive private equity strategy.
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 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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