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Vista’s Rachel Arnold talks supply chain gains with Gnosis; Bernhard’s Jeff Jenkins touches on regulated utility add-ons

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

Today we’ve got two PE Hub exclusive stories for you.

The first is an interview excerpt from Obey Martin Manayiti’s conversation with Vista Equity Partners senior managing director Rachel Arnold about supply chain logistics software provider Gnosis Freight.

The second is a deep dive on Bernhard Capital Partners’ deal strategy for acquiring regulated gas and electric utility assets, for which I connected with co-founder and partner Jeff Jenkins.

In deal news, Liberty Hall Capital Partners announced the closing of a continuation vehicle for compliance technology provider Comply365.

And keeping in the energy sector, we’ll wrap up with the latest solar M&A update from Mercom Capital Group, which shows that deal activity has slowed down much like the broader market.

Also worth mentioning: Blackstone reported Q3 24 earnings this morning. President Jonathan Gray told the FT that the private equity firm is looking at IPO timing for a number of large portfolio companies. We’ll be watching to see if the IPO market opens back up for PE-backed companies.

First up let’s have a look at supply chain logistics software.

Navigating through gridlock

Vista Equity Partners in September made a growth investment in Gnosis Freight, a provider of enterprise software aimed at managing shipping containers, vital components of the global supply chain.

PE Hub’s Obey Martin Manayiti discussed the deal with Rachel Arnold, co-head of Endeavor Fund and a senior managing director at Vista.  

Sign up for the premium version of the Wire to read the full interview.

Energy transition enabler

The energy transition’s reliance on natural gas as an intermediary power source, electrification of the utility grid and grid resiliency in the face of climate change are key pillars at the heart of Bernhard Capital Partners’ investment strategy.

Bernhard Capital has acquired carve-out assets such as regional gas distribution from utilities that would ordinarily be seen as too small for an infrastructure investor, managing partner Jeff Jenkins told me.

Sign up for the premium version of the Wire to read more on the utility deals.

Air and rail safety compliance

Compliance technology remains a hot commodity in private equity land. Liberty Hall Capital Partners this morning announced the closing of a continuation vehicle funding for compliance technology provider Comply365.

Sign up for the premium version of the Wire to read more.

Solar slowdown

With the U.S. presidential elections right around the corner, growth in the solar energy market has been less constrained by annual peaks and troughs tied to federal or statewide policy.

But in recent months leading up to the election, Mercom Capital Group’s latest Q3 2024 Solar Funding and M&A Report shows a considerable slowdown in solar M&A activity.

Upgrade to the premium version of the Wire for more on the report.

Be sure to read my colleague Sophie Rose’s latest listicle on PE Hub on six recent solar transactions.

That’s a wrap for me today. Stay tuned for Irien Joseph bringing you the Europe edition of the Wire tomorrow and John R Fischer delivering the US edition.

Cheers,

Michael

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Elizabeth Weymouth, founder and managing partner of Grafine Partners, told Buyouts in a Q&A that she sees opportunities in LPs’ preference for sending big commitments to the largest firms. As mid-market and emerging managers struggle for a sip of a dwindling pool of capital, opportunities abound for investors who can co-invest alongside GPs.

New Private Markets queried Brian Kernohan, chief sustainability officer at Manulife Investment Management, on private markets’ attempts to tackle inequality vie email this week. He said it is still 'early days' but there has been 'positive movement' and a 'surge of interest' in the topic. (Kernohan will be delivering a keynote speech at New Private Markets' Impact & Transition Investor Summit in New York in November.) 

EQT is entering its next fundraising cycle, during which the firm is expecting to launch some 15 closed-end strategies, totalling €100 billion. (Private Equity International)

Chipping away at the maturity wall: A revived syndicated market and glut of refinancings appear to be challenging notions of problem loans engulfing the market in the years ahead. (Private Debt Investor)

Morgan Stanley’s private equity secondaries business and Hayfin have co-led a GP-led deal involving a drug company that was recently partially exited to KKR. (Secondaries Investor)

LGPS Central plans to make £100 million ($130 million; €120 million) in annual fund commitments under its newly launched indirect residential strategy, UK Residential Indirect Property Partnership, PERE has learned.

Volta Energy Technologies has closed on 28 percent of its second flagship fund, which is targeting $500 million. (Venture Capital Journal)

The fifth episode of the third season of the Disruption Matters podcast on Private Equity International explores how technology can help at every stage of the talent management process.

They said it

“Shipping containers are the atomic units of an $8 trillion global supply chain, but managing and tracking their movement on an hourly or even daily basis remains an extraordinarily complex and difficult task.”

— Rachel Arnold, co-head of the Endeavor Fund and senior managing director at Vista Equity Partners, on investing in Gnosis Freight.