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The Wire July 8, 2021
StepStone’s Greenspring acquisition includes share of performance fees, Wind Point’s meta continuation fund deal Happy Thursday!
What books are you reading this summer? Any recommendations? We’re compiling a list of book recs from folks around the industry for their beach reading. If you have one, please send over a short description of your recommendation to cwitkowsky@buyoutsinsider.com.
Consolidation: StepStone’s announced acquisition of Greenspring Associates includes a share of carried interest from primarily new funds. StepStone’s co-CEO Scott Hart on an analyst call yesterday talked about how the structure of the deal is meant to incentivize the Greenspring team going forward.
“There is a significant equity component to the purchase price here. You also have the potential for the earnout which we think will continue to help motivate and drive the team. And then some of the legacy carry left behind, we think the team continues to be incentivized to drive the best results for their existing clients and LPs,” Hart said.
Check out the terms of the carried interest share here.
That’s it for me! Hit me up with tips n’ gossip, feedback or just to chat at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.
Read the full wire commentary on PE Hub...
DEADLINE APPROACHING: Calling all next-gen firms and their investors! We need your participation in our fifth-annual survey of emerging managers and survey of emerging manager investors. As thanks, we'll make sure you get a complimentary copy of the "Emerging Manager Report 2021," based on these surveys (once it's published this fall). All responses are kept confidential. The survey deadline is July 16.
Also of note (may require subscriptions) Debut: Peloton Capital Management, which acquired proxy advisor Glass Lewis, closed its debut fund on C$550 million. The fund, with long-hold flexibility, allows Peloton to look beyond a three-to-five year hold period. Read it here.
Gearing up: Brant Street Capital, formed by ex-Setter Capital executives, is preparing for an onslaught of secondaries deal activity later this year. Secondaries professionals are expecting LPs to bring portfolios to market, and buyers to pounce as they look to diversify beyond the GP-led deals that have dominated the market since last year. Read more here.
Partnering: Macquarie Asset Management and Ontario Teachers’ Pension Plan agreed to acquire a 31.6 percent stake in Puget Holdings, which oversees Puget Sound Energy, an electric and natural gas utility in Washington. CPPIB is selling the stake. Read it here.
PE Deals
They said it “There’s a lot of dry powder for secondaries of diversified portfolios. Buyers have done more concentrated deals than anticipated given the ample supply of GP-led secondaries, now they are trying to rebalance their portfolios via more diversified LP deals.” Gary Gill, managing partner of Brant Street Capital, on the flood of deals expected to hit the market later this year.
Today's letter was prepared by Chris Witkowsky 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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