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The Wire Nov. 19, 2020
Bain weighs options for Diversey, Goldman closes its largest-ever secondary fund, Westhook Capital injects $30m-plus in Rainshadow Labs
Good morning, everyone!
Confirming PE Hub’s Wednesday morning report, Clearlake Capital said this morning it has agreed to acquire nThrive’s Technology Division.
What to watch: Bain Capital is in the early stages of considering a sale or initial public offering of food hygiene and cleaning company Diversey, people familiar with the matter told Bloomberg.
Goldman doubles down: Goldman Sachs closed its largest-ever secondary fund on $10.3 billion and has already invested around 20 percent of the pool despite the pandemic pause on deals earlier this year, Harold Hope, Goldman’s secondaries chief, told Bloomberg.
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Also of note (may require subscriptions) Secondaries: Sources tell Buyouts that Goldman Sachs, Blackstone, HarbourVest and Lexington are part of a buyer group working on a large secondary deal for three assets out of Hellman & Friedman's 2007 fund, working on a large secondary deal to move three asests out of Hellman & Friedman's 2007 fund.
Sustainability: Omers Private Equity could kick off a sale process early next year for ERM Group, which could ultimately value the sustainability consultancy at as much as $2.5 billion, people familiar with the matter told Bloomberg.
Woman rockstar: Financial News speaks to Karen Cook, Goldman’s co-chair of investment banking, who was key in major UK takeovers throughout the 1990s and 2000s.
PE Deals
They said it “2030 seems far if you are a PE manager investing across three to five years … but if we can make people realise that this means they will be exiting in an environment where more governments are taking steps to meet those [climate change] goals, then that can affect their valuations at the time of exit.” Maaike van der Schoot, a responsible investment officer at AlpInvest Partners, told Secondaries Investor that “asset managers have a big role to play” in moving the PE industry forward on climate change.
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. 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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