View this email online 

Bregal Milestone reaps 5x on Epassi Group exit; industry awaits incoming PE rules

Morning Hubs!

This is Chris, on for Wire Wednesday.

Exit

We love these! Bregal Milestone is announcing this morning the sale of its Fund I portfolio company Epassi Group which provides mobile payment services, to TA Associates and Warburg Pincus. The exit will generate a more than 5x multiple, the firm said in a statement.

Subscribers to PE Hub can read more here.

Renewables

The desire to find alternatives to landfills, coupled with growing opportunities to turn waste into renewable natural gas (RNG), drove Goldman Sachs Asset Management to invest in Synthica Energy earlier this week, Cedric Lucas, managing director in GSAM’s infrastructure business, told reporter Obey Martin Manayiti in an interview. 

Subscribe to PE Hub to read the interview.

Incoming

Rumors abound that the SEC may soon finalize rules that could, if codified as originally proposed, fundamentally change how private equity operates, as I wrote last year. I’m hearing the rules could be finalized in the next few weeks, even as early as next week. Yet, sources are all over the place about whether the rules will change significantly from their original form, or if the SEC will move ahead with minimal alteration despite extensive comments against the rules as they were introduced.

Subscribe to the premium version of the Wire for more on this.

That’s it for me! Have a great rest of your Wednesday. Hit me up with tips n’ gossip, feedback or The Drama at cwitkowsky@pei.group or find me on LinkedIn. 

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

TPG is seeking $4 billion for its latest growth equity offering, as the firm perceives a fresh crop of opportunities, CFO Jack Weingart said on the firm's second-quarter earnings call. (Buyouts)

Elsewhere on the call, CEO Jon Winkelried said TPG has raised $750 million for its debut GP-led-focused secondaries strategy, and has “line of sight” to reach $1 billion. (Secondaries Investor)

TPG has also earmarked the beginning of 2024 to launch Rise Climate II, according to co-founder Jim Coulter. (New Private Markets)

Ocean investment continues to be just a drop of what’s needed. Land-based aquaculture investments, debt-for-nature swaps and DFI-backed investments are on an upward trajectory but the scale of capital needed remains daunting. (Agri Investor)

HSBC Asset Management’s APAC-focused energy transition infrastructure team has completed its first deal, acquiring 100 percent of solar photovoltaic power project developer Tekoma Energy. (Infrastructure Investor)

Industrial heavyweight GLP Capital Partners has expanded into third-party capital management in infrastructure, beginning with a commingled fund focused on China’s renewable energy sector. (Priavte Equity Real Estate)

Tikehau Capital has begun fundraising for its second private credit secondaries vehicle, with the firm bullish on the strategy’s outlook. (Secondaries Investor)

Yet another venture secondaries fund has come to market as investors are betting that the owners of once highly valued start-ups will sell shares at a discount because they are eager for liquidity. (Venture Capital Journal)

Toronto-based real assets firm Slate Asset Management is set to complete its largest-ever deal in Germany, purchasing a portfolio of 188 grocery-anchored retail properties for more than €1 billion from x+bricks Group. (Priavte Equity Real Estate)

Moody’s Investors Service has cut the credit ratings of 10 US regional banks and placed under review the ratings of six others. (Private Debt Investor)

Aither’s annual Water Markets Report shows decline in the Aither Water Entitlement Index, a measure of entitlement values, for the first time in a decade. (Agri Investor)