| Investing behind home care for seniors: Apax, WCAS-backed InnovAge's public debut, CareFinders seeks PE partner
Happy Friday!
That was quick: It was only eight months ago that Apax Partners agreed to join Welsh, Carson, Anderson & Stowe as an equal investor in InnovAge. The deal valued the provider of PACE (Program of All-inclusive Care for the Elderly) at $950 million, I reported. Thursday, InnovAge made its public debut, closing the day with a market cap of $3.22 billion and enterprise value of $3.45 billion - more than 3.5 times its value just months earlier.
InnovAge priced its shares above its anticipated range, raising about $350 million while shares popped more than 15 percent on their first day of trading.
Read PE Hub's full wire commentary here...
That's it for today! Have a great weekend, everybody, and as always, hit me up with any tips or feedback at springle@buyoutsinsider.com. Also of note (may require subscriptions)
Secondaries: Canadian growth investor Georgian Partners is running a multi-layered process to move four assets out of older funds and into a continuation pool for more time and capital to manage the investments, three sources told Buyouts. Read it here.
New on the scene: Emerging manager Bramalea Partners, launched by a pair of ex-Fidelity Investments principals, rolled out an inaugural offering earmarked for tech-focused growth equity deals. Check it out on Buyouts.
Take-private: Michaels is going private in a leveraged buyout by Apollo Global Management that values the arts-and-crafts seller at $3.3 billion, after the pandemic boosted the retailer’s fortunes, the Wall Street Journal writes. Read it here.
PE Deals 
They said it “Whether this is something that invites a lot more regulation because there are problems with it, or whether it becomes a viable fundraising strategy that will really have legs and be a material part of the market going forward will hinge on performance.”
Hugh MacArthur, global head of private equity at Bain & Co, told Private Equity International, speaking to the momentum of SPACs.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please 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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