| | | | | | Shocked but not so amazed: I 'm still wondering about Wilbur Ross this morning. The financier said yesterday he would support Donald Trump if Trump becomes the Republican Party's nominee for president, Bloomberg News reported. Ross said that the new Trump would be "a lot more presidential" than the current Trump we've been seeing in the debates. Ross' statement surprises me since Mitt Romney came out so strongly against Trump last week. (Just out of curiosity, does anyone in PE have anything negative to say about Romney? Everyone I've talked to just loves him.) And do we really think Trump will be more presidential? Geekwire is reporting that the number of venture capital firms has fallen by 20 percent in the past 10 years. There are now 798 venture capital firms in the U.S, down from 1,009 that existed in 2005, the story said citing data from the NVCA. Has there been a consolidation among VC firms? WeWork Cos has raised about $430 million in a new round of financing led by Chinese investors, the Wall Street Journal is reporting. Our stuff: Chris has a story on Ares Management, which is in the market with a fund that is investing in the equity tranches of CLOs. Read the story here Steve Gels is reporting that Genstar Capital is booking a roughly 8x return with the sale of ERT to Nordic Capital. Check out the story here. I'll be back on Monday. If you have a comment, a tip, or something nice to say email me here at lbeltran@buyoutsinsider.com. If you have a complaint, email Chris at cwitkowsky@buyoutsinsider.com. -- Luisa |  | | Today's Take | | | PE HUB First Read In First Read, Square's loss widens but revenue beats estimates, a Google computer beat one of the world's top players in a round of GO and John Gutfeund, known as the "King of Wall Street" at Solomon Brothers, dies at 86. Mucker raises $45 mln for new seed fund Seed-focused Mucker Capital from Los Angeles has raised $45 million for a second institutional fund, which expects to make seven to nine seed deals a year in addition to 10 pre-seed investments through the firm's MuckerLab accelerator. PE HUB Second Opinion In Thursday's Second Opinion, WeWork is raising $780 mln, Buffett's Dayang Group takes a $30 mln stake in VC-backed Indochino, and Facebook buys Masquerade to challenge Snapchat's rainbow vomit. Ares targets $200 mln for investments in CLO equity tranches Ares Management is marketing a fund to invest in the equity tranches of collateralized loan obligations, according to a limited partner who has seen the fund pitch. LACERS plans up to $350 mln for PE in 2016 The Los Angeles City Employees' Retirement System plans to commit between $325 million and $350 million to private equity this year, a slight increase from what it allocated to the asset class in 2015, according to pension documents. LA pension adds LGBT to emerging manager criteria The Los Angeles Fire and Police Pensions will expand its private equity emerging manager program to include funds owned and managed by lesbian, gay, bisexual and transgender (LGBT) investment professionals. The expansion marks the first time the program included LGBT criteria, said LAFPP General Manager Ray Ciranna. Genstar scores 8x on sale of ERT to Nordic Capital Genstar Capital will book a roughly 8x return on the sale of ERT to Nordic Capital for a purchase price of nearly $1.8 billion, according to a source familiar with the firm. | Meet The Man Who President Bill Clinton Described As
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April 4-6, 2016 | Hyatt Regency | Boston, MA |
| | | | VC Deals | | | 4Tech collects $29 mln in Series B financing 4Tech Inc, a developer of transcatheter treatments for Tricuspid Regurgitation, raised $29 million in a Series B funding round led by Valiance and RMM with participation from NeoMed Management. 4Tech is incorporated in Delaware, USA, with operations in Galway, Ireland WindSail invests $3 mln in Genability Boston-based WindSail Capital Group invested $3 million in Genability Inc, a provider of energy cost and savings data based in San Francisco. Amadeus leads Series C for IndiaMART IndiaMART, an online marketplace based in India, raised an undisclosed amount of funding in a Series C round led by Amadeus Capital. Existing investor Intel Capital also participated along with Westbridge Capital and Quona Capital's Accion Frontier Inclusion Fund. | | Jump Start Your Fundraising at PartnerConnect East
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| | | | | Endeavour Capital invests in Pacific Market International Endeavour Capital has invested in Pacific Market International LLC. Financial terms weren't announced. Pacific Market used part of the Endeavour investment to buy Formation Brands LLC, of South San Francisco. Seattle-based Pacific Market designs, makes and markets food and beverage container solutions. Formation develops and markets beverage and specialty gift housewares including tableware, barware and accessories. Robert W. Baird & Co. advised PMI in the Endeavour investment while Cascadia Capital advised Formation. CVC taps Rothschild for sale of Dutch HR services company Raet: Reuters European buyout house CVC Capital Partners [CVC.UL] is seeking an exit from Dutch HR software and services provider Raet, Reuters News reported. Klass Capital invests another $4 mln in Resolver Resolver Inc said Thursday it secured another $4 million in growth equity from Klass Capital, an existing investor. Klass has invested a total of $18 million in Resolver. Toronto-based Resolver provides risk and incident management software. Ashlar Capital backs Epix Healthcare Associates Epix Healthcare Associates LLC, the holding company of Atlanta-based Epix Anesthesia LLC, a provider of anesthesia services to ambulatory surgery centers and community hospitals, partnered with Ashlar Capital. Ashlar has also committed capital to pursue complementary acquisitions that leverage the Epix's infrastructure and expertise. Scott Freishtat and Ian McKelvie of Ashlar will join the company's board. PE funds back Kuvare to invest in insurance companies Altamont Capital Partners, Makena Capital Management and Access Holdings committed capital to Kuvare Holdings. Based in Chicago, Kuvare is a growth-oriented platform for investing in insurance companies. | How can you get involved at Buyouts East? ACG Boston
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April 4-6, 2016 | Hyatt Regency | Boston, MA |
| | IPOs | | | | | | No items | | | | | | | Bank of America hiring bankers for new middle-market push: Reuters Bank of America Corp is hiring a new team of investment bankers who cater to midsized companies, four years after dismantling a similar business, three people familiar with the matter told Reuters. Facebook snaps up face-swapping app creator Masquerade: Reuters Facebook Inc is acquiring Masquerade Technologies Inc, creator of the popular face-swapping app MSQRD, as part of efforts by the world's largest social network operator to build its video services, Reuters News reported. Deutsche Boerse to sell ISE options exchange to Nasdaq: Reuters Deutsche Boerse (DB1Gn.DE) is selling U.S. options exchange operator International Securities Exchange for $1.1 billion to Nasdaq (NDAQ.O), potentially strengthening its hand in a proposed merger with London Stock Exchange (LSE)(LSE.L), Reuters News reported. Big 3 Precision buys Sur-Form Corp Big 3 Precision Products Inc, a portfolio company of TVV Capital, has acquired Sur-Form Corp. Financial terms weren't announced. Chesterfield, Michigan-based Sur-Form provides material handling solutions. KKR-backed Weld North buys Performance Matters to merge it with Truenorthlogic Weld North Holdings LLC, an education investment company backed by KKR, acquired Winter Park, Florida-based Performance Matters, which offers student assessment systems and analytics. As part of the transaction, Performance Matters will merge with Truenorthlogic, which provides educators with professional growth solutions. Based in Sandy, Utah, Truenorthlogic was acquired by Weld North in April 2014. Strength Capital's ARCH Global Precision buys Advanced Precision ARCH Global Precision LLC , a portfolio company of Strength Capital Partners, acquired Advanced Precision Inc, a medical device maker based in Sparta, New Jersey. ARCH makes precision machined components and cutting tools. Sperry, Mitchell & Company, Inc initiated the transaction and served as exclusive financial advisor to Advanced Precision. Arsenal-backed Accella acquires Quadrant Urethane Tech's spray foam division Accella Performance Materials, a maker of polyurethanes and recycled rubber products, acquired Quadrant Urethane Technologies' spray foam division, Quadrant Spray Foam. Based in McKinney, Texas Quadrant Spray Foam makes spray foams for insulation. Accella has been backed by Arsenal Capital Partners since 2012. | | Firms & Funds | | | | | Mucker raises $45 mln for new seed fund Seed-focused Mucker Capital from Los Angeles has raised $45 million for a second institutional fund, which expects to make seven to nine seed deals a year in addition to 10 pre-seed investments through the firm's MuckerLab accelerator. Lightspeed Venture Partners raises $1.2 bln Lightspeed Venture Partners, an early-stage investor based in Silicon Valley, raised a total of $1.2 billion for two venture funds, according to SEC filings. The firm's eleventh flagship fund collected $715 million, and its second Select fund raised $500 million to invest in later-stage companies. Lightspeed typically targets investments in the enterprise and consumer sectors. The firm took in $635 million for Lightspeed X and $430 million for Lightspeed Select, according to the firm's website. Lightspeed also invests out of an India-focused fund an a China-focused fund. | | Human Resources | | | | | O'Hara named President of New World Angels New World Angels said Thursday that Stephen M. O'Hara was elected president of NWA. On April 1, O'Hara will succeed Rhys L. Williams who will transition to Chairman of NWA's Board of Directors. Rizzieri named CEO & President of Mizuho Securities USA Mizuho Securities USA, the U.S. investment banking subsidiary of the global Mizuho Financial Group, has named Jerry Rizzieri as its President & CEO, effective March 10. Rizzieri served as Executive Managing Director and Fixed Income Division Head since 2011. Rizzieri succeeds John Koudounis as Mizuho Securities USA President & CEO, who has decided to leave the firm to pursue an opportunity with an unnamed asset management company. Duff & Phelps promotes 13 to MD Advisory firm Duff & Phelps promoted 13 professionals to managing director. Promotions in the firm's M&A practice include: Nicholas Clemens, Darren Gange, Bradley Hileman, Laura McNaughton, Margaret Mi and Edward Mielke. Sidley Austin adds team of PE lawyers in London and Munich Sidley Austin LLP added six new partners to its private equity and corporate practice in London. The six new hires, who have worked together as a team several years, primarily represent private equity sponsors operating in Europe. | | Odds & Ends + Hot Links | | | | | PE HUB First Read In First Read, Square's loss widens but revenue beats estimates, a Google computer beat one of the world's top players in a round of GO and John Gutfeund, known as the "King of Wall Street" at Solomon Brothers, dies at 86. Venture Capital's Rosetta Stone John Backus of NAV offers up a Venture Capital Rosetta Stone to translate all of the jargon that is widely used in the VC industry into something that is actionable for entrepreneurs PE HUB Second Opinion In Thursday's Second Opinion, WeWork is raising $780 mln, Buffett's Dayang Group takes a $30 mln stake in VC-backed Indochino, and Facebook buys Masquerade to challenge Snapchat's rainbow vomit. |
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