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Carlyle and other PE firms score with women’s soccer; Waud Capital backs home care for seniors

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter.

PE Hub and Buyouts have been celebrating Women’s History Month throughout March. Check out our Women in PE: Class of 2024, if you haven’t already.

Today, we’re looking at the growing popularity of women’s soccer and the private equity and venture capital firms getting in on the action.

Also today, we’re featuring the news that Waud Capital Partners is acquiring a provider of home-care and wellness services for seniors.

We’re also looking at a recent trend of PE firms investing in behavioral health. We’ve rounded up six deals.

And to wrap up, I will look at Capstone Partners report that shows valuations softening.

Women’s soccer

Interest in women’s soccer has been picking up momentum over the last five years – ever since millions of viewers watched the US Women’s National Soccer Team, co-captained by Megan Rapinoe, defeat the Netherlands 2-0 in the televised FIFA Women’s World Cup Final in 2019, writes my colleague Rafael Canton.

Upgrade to the premium version of the Wire for more.

Senior care

Waud Capital Partners, a growth-oriented middle market investor, announced the acquisition of Senior Helpers, a provider of in-home services for seniors, from Advocate Health, a non-profit healthcare firm, reports Michael Schoeck.

Premium Wire subscribers can learn more about this deal.

Behavioral health

With many Americans suffering from a range of mental health challenges, the behavioral health field is burgeoning, reports Iris Dorbian.

Upgrade to the premium version of the Wire to learn more about firms investing in this sector.

By the numbers

Capstone Partners, a middle market investment bank, released its 2023 Middle Market M&A Valuations Index report yesterday.

Upgrade to the premium version of the Wire to learn more about this report.

Let’s end on that upbeat note. As always, you can reach me at obey.m@pei.group.

MK Flynn will be back with more on Monday.

Have a nice weekend,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Bavarians at the gate: Could alternative interpretations of offshoring private equity fund structures spread to other parts of the world? (Private Equity International)

The uneasy relationship between banks and funds: In some areas they co-operate but, in others, competition is increasing. Traditional and alternative lenders walk a fine line between friendship and enmity. (Private Debt Investor)

News that CalPERS would be boosting its target to private equity to 17 percent was welcome to the hordes of private equity GPs either struggling mightily on the fundraising trail or thinking about launching a new vehicle. (Buyouts)

Growth equity deals fell out of favor after valuations skyrocketed during the most recent tech boom, but at least three large institutional investors are betting the time is right to invest in growth-focused funds. (Venture Capital Journal)

Orange County Employees Retirement System is considering a sale of stakes in private credit funds, along with other private market vehicles, according to pension documents. (Buyouts)

LP portfolio mosaic deals, in which a sale is split among multiple buyers, have been picking up steam as the secondaries market matures, according to observations from some market participants. (Secondaries Investor)

Sustainability was a sideline issue at NEXUS 2024, until CalSTRS' Chris Ailman planted it firmly on the agenda. (New Private Markets)

They said it

“If there’s a $100 million transaction, [a PE firm] can come in for $20 million and have a sizable minority stake. And even if they like to write bigger checks, that at least is closer to sort of their comfort zone. Before, if the team was selling for $5 million or $10 million, there’s just no real way for private equity firms to get involved that moves the needle.”

— Sean Clemens, a partner at Park Lane, said on PE firms investing National Women’s Soccer League teams.