Good morning, Hubsters. MK Flynn here with today's Wire.
The expression Gone fishin’ takes on new meaning with today’s Deep Dive into private equity’s increasing interest in aquaculture.
We also take a look at a people move that shows how the role of chief technology officer at PE firms has become more important than ever.
And I’ve got a special invitation for Hubsters to join me as BC Partners’ Michael Chang and I discuss co-investments and the exit environment next week.
Fish tales
Earlier in November, Butterfly Equity, Equilibrium Capital and an unnamed US public pension fund agreed to provide project financing for Pacifico Aquaculture, a producer of striped bass headquartered in Baja California, Mexico. Butterfly has been investing in Pacifico since 2017.
It’s a deal that’s emblematic of the trends in PE aquaculture deals, and PE Hub’s Obey Martin Manayiti interviewed several of the dealmakers involved.
To learn all about the deal and the trends, upgrade to the premium version of the Wire.
Sign of the times
This year in people moves, PE Hub has covered a wave of operating partners and operating advisors joining PE firms. It’s all part of making value creation a priority.
Technology expertise is another area in which PE firms are deepening their benches. This is especially important in exploring new tech territories, like ChatGPT and generative AI.
To that end, Kain Capital, a New York-based PE firm focused on the technology enablement of healthcare services companies, today announced that Ashish Gupta has joined the firm as chief technology officer, a newly created role.
You can read more about Gupta in the premium version of the Wire.
With generative AI potentially a game changer, the role of CTO at PE firms is more important than ever.
Check out my recent interview with Blackstone CTO John Stecher.
Join us
With many exit routes blocked – most notably the IPO path – private equity firms are turning to other PE firms for help growing big businesses.
Back in July, BC Partners brought in Apollo Global Management to take a minority stake in PetSmart, a business BC bought in a take-private deal back in 2015. PE Hub’s Rafael Canton did a Deep Dive on the deal at the time.
Next week, I’ll be talking with Michael Chang, partner, private equity, at BC Partners about the co-investment.
I hope you’ll join us for PE Hub’s complimentary webinar titled, BC Partners Takes the Long-Term View on PetSmart on Tuesday, November 14 from12pm - 12:45pm ET.
Click here to register.
The webinar is a glimpse of what’s to come at Private Equity International’s NEXUS 2024, which we’re hosting March 6 – 8 at the JW Marriott Orlando, Grande Lakes.
NEXUS 2024 promises to set the stage and provide a preview of what’s to come for dealmakers as the year unfolds. Meet the GPs and LPs you’ve seen quoted in PE Hub over the years. Hear from luminaries about how the challenging economy is playing out in the deal landscape.
Keynote speakers include: David M. Rubenstein, co-founder and co-chairman of The Carlyle Group and Howard Marks, co-founder and co-chairman of Oaktree Capital Management.
Click here to learn more about NEXUS 2024.
I hope you’ll join us online on Tuesday at 12:00 ET and in Orlando in March!
That’s a wrap for me today. As always, I’d love to hear from you at mk.flynn@pei.group.
Obey will be with you tomorrow, and I’ll be back on Monday.
Until then, happy dealmaking,
MK
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