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Ares private equity co-head to leave firm; GTCR explores payment tech

Morning Hubs!

This is Chris, on for Wire Wednesday.

• Scott Graves, Ares PE bigwig, to leave firm

• GTCR explores its massive Worldpay investment

• HarbourView buys into hip-hop/R&B catalog

Moves

Big moves over at Ares Management. PE Hub reporter Iris Dorbian confirmed that Scott Graves, head of the firm’s special opportunities strategy and co-head of the firm’s private equity group, will leave on March 1.

Read more at the premium version of the Wire.

Payment

GTCR made the largest investment in its history with its acquisition of payment tech company Worldpay at a valuation of $18.5 billion. The firm bought a 55 percent stake in the company for $11.7 billion from FIS, which is retaining a stake.

“There is a plethora of opportunities, and we are very enthusiastic about what we can do with the Worldpay team,” said Aaron Cohen, a managing director and head of financial services and technology at GTCR.

Get more details at the full version of the Wire.

Emerging

One of the new firms we’ve been tracking, HarbourView Equity Partners, agreed to acquire songwriting and publishing assets of music group and production team Full Force. The portfolio includes NSync, BackStreet Boys, Lisa Lisa and Cult Jam.

That’s it for me! Hit me up with tips n’ gossip, feedback or book recommendations at christopher.w@pei.group or find me on LinkedIn.

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Equistone Partners Europe engaged early with lenders to ensure contract catering business CH&CO had a strong negotiating position as it grew out of covid-19 lockdowns and towards its recent exit, investment director Edward Baker told PE Hub Europe.

Deal-by-deal carry: GP sleight of hand? Charging 10% carried interest on a deal-by-deal basis is not necessarily cheaper than 20% or even 30% charged on a fund basis, argues University of Oxford's Saïd Business School's Ludovic Phalippou. (Private Equity International)

Impact Engine, a women and minority-led asset manager, closed a second vehicle to invest in impact-focused private equity funds and companies. Impact Engine Private Equity Fund II secured $85 million in a final close this month, CEO Jessica Droste Yagan and CIO Priya Parrish told Buyouts, increasing the Chicago firm’s assets to $240 million.

Asset manager Gresham House has launched a $380m fund that will create habitat banks that generate biodiversity net gain units, which will be sold to real estate developers. (Agri Investor)

Partners Group has become the latest firm to launch a dedicated fund finance vehicle. (Private Equity International)

Details about Whitehorse Liquidity Partners’ investment strategy for its sixth flagship fund have been unveiled in documents prepared for a pension board meeting. (Secondaries Investor)

They said it

“As exceptional songwriters, producers, and musicians, they’ve seamlessly weaved creativity and innovation into timeless tunes, collaborating with some of the most prominent icons of our generation.”

— Sherres Clarke Soares, CEO and founder of HarbourView Equity, on its investment in Full Force.