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The Wire May 19, 2021
Wellspring finds value in healthcare assets misunderstood, Long Ridge preps sale of ProcessUnity, Gastro Health goes to OMERS Morning, readers!
Fishing where others are not: In an industry fraught with competition, Wellspring Capital Management has built a stout healthcare franchise from scratch over the past decade by backing businesses often overlooked by its peers due to complexities around reimbursement, regulations or operations. It is a strategy that is already paying off. Over the past nine years, Wellspring has executed $4 billion-worth of healthcare transaction value through six platforms and more than 30 add-ons. “We’ve been willing to roll up our sleeves and get comfortable with certain issues and themes at moments in time where others haven’t,” said Naishadh Lalwani, a partner who co-heads Wellspring’s healthcare effort with Co-President and Managing Partner Alex Carles.
Deal news: Long Ridge Equity Partners is preparing a sale of ProcessUnity, a software provider of cloud-based applications for risk and compliance management, sources familiar with the process told PE Hub. Elsewhere, OMERS this morning announced it is partnering with Gastro Health. PE Hub first wrote in February that Audax Private Equity, about five years into its investment, was preparing for a sale...
Read the full wire commentary on PE Hub...
That’s it! Have a great week ahead. As always, hit me up with tips, feedback or whatever at springle@buyoutsinsider.com.
Also of note (may require subscriptions) Commitment: Investment Management Corp of Ontario, a mid-sized pension system with big private-market ambitions, took a next step in its growth plan by writing a large check to Ares Management Corp. The C$73 billion ($60 billion) IMCO committed $500 million to Ares to boost its global credit portfolio. Read it on Buyouts.
Secondaries Report: Last year was a strange period for the secondaries market. After a lively first quarter, the market shut down in the second quarter as the pandemic took hold, only to spring back into life in the second half of the year. What looked like a washout year for intermediaries ended up, in many cases, exceeding expectations, as results from the Secondaries Investor Advisory Survey 2021 show. Read findings from the Secondaries Investor's Advisory Survey 2021 here.
Midpoint: Ohio Police & Fire Pension Fund is about halfway through its planned 2021 deployment for private markets, the system said in a recent press release. After its most recent batch of commitments, the fund has now committed $40 million with an additional $20 million set aside for co-investments, for a total of $60 million, Buyouts writes. Read it here.
PE Deals
They said it
“America is aging at a rapid pace and we’re going to need to find cost-effective solutions to improve our current healthcare capabilities to meet the challenge. The care providers that are able to innovate and improve quality standards are going to win and that is our target universe.”
Naishadh Lalwani, a partner at Wellspring Capital Management, who co-heads the firm's healthcare effort, told PE Hub.
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