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The Wire May 17, 2021
BlackRock acquires GTCR's Transaction Data Systems, Clearlake's Symplr grows GRC platform with another buy, Waud's CyberGrants up for sale
Good morning!
BlackRock’s perpetual capital group, called Long Term Private Capital, has agreed to acquire a majority interest in Transaction Data Systems from GTCR, which will retain a minority stake in the business. The company provides technology to pharmacies to improve operations, data analytics, patient engagement and ultimately, help drive better healthcare outcomes. BlackRock saw advantages to acquiring TDS through the perpetual capital fund. “Sometimes value creation in an industry like healthcare where there are long-term trends, that doesn’t necessarily match up with a three-year hold,” said Colm Lanigan, head of Americas for BlackRock Long Term Private Capital.
Elsewhere in healthcare technology, Symplr, backed by Clearlake Group and SkyKnight Capital, has agreed to acquire HealthcareSource HR from Francisco Partners, which is now six years into its investment. The deal extends offerings at Symplr, a healthcare-focused governance, risk and compliance (GRC) company, adding talent management solutions to the Software-as-a-Service platform. Finally, Waud Capital Partners has kicked off a sale process for CyberGrants, a software provider for the philanthropic sector, sources familiar with the matter told PE Hub. The firm is working with...
Read the full wire commentary on PE Hub...
That’s it! Have a great week ahead. As always, hit me up with tips, feedback or whatever at springle@buyoutsinsider.com.
Also of note (may require subscriptions) Secondaries entrant: A new player has joined the rush of GPs running secondaries processes to pull assets out of older funds for more time and capital to grow them. Montreal's Novacap is running a single-asset secondary on its portfolio company Syntax Systems, which provides software, infrastructure and cloud services for businesses. Read it on Buyouts.
Laying the groundwork: Lincoln Road Global Management, founded by Sun Capital Partners veteran Jeff Magny, is quietly building a portfolio with an eye to launching its inaugural fund, writes Buyouts. Magny established Lincoln Road in 2016 after working for nearly nine years with Sun Capital. Read more here.
DEI: General Catalyst chairman and managing director Kenneth Chenault thinks investors need to push GPs on diversity and inclusion in the same way they push on investment performance. The comments from the executive come as LPs have begun to demand measurable results in diversity and inclusion among private equity managers. Read more on Buyouts.
PE Deals
They said it
“I think it’s a cop-out when someone says to me, ‘Well, I’m concerned about investment performance,’” he said. “So am I. And I’m not going to compromise on it. But you know what? I’m also concerned about diversity and you need to improve it.
General Catalyst chairman and managing director Kenneth Chenault on diversity in private equity.
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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