CD&R backs Millennium Physician Group, Clearlake, Insight-backed Appriss adds on PatientPing, Asking for D&I accountability
Happy Tuesday, folks!
We have two healthcare scoops today by Sarah Pringle, starting with CD&R's decision to partner with Florida primary care group Millennium Physician Group. Elsewhere, Clearlake Capital and Insight Partners-backed Appriss is buying PatientPing in a move that significantly bulks up its healthcare offerings, according to people familiar with the transaction. The deal is valued at...
Diversity check: Although surveys by McKinsey and EY point to an increased focus on D&I initiatives by PE shops, there's no public data to the measure this advancement.
In a bid to move the needle toward increased transparency, PE Hub is looking at gathering data from PE firms submitting EEO-1 reports or the federally mandated diversity forms.
The report, which includes information on the racial, ethnic, and gender composition of a firm, is typically kept under wraps. But pressure to be accountable is on the rise. About 63 companies, including 15 private and 48 in the S&P100 committed to diclose the report after NYC Comptroller sent a letter last year.
Among asset managers, BlackRock and State Street Global Advisors are disclosing the racial and ethnic composition of their board and pressing companies to do the same.
What are your thoughts on the growing disclosure commitments? Should PE investors advocating portfolio companies to address diversity disclose EEO-1 data as well? Write to me at karishma.v@peimedia.com
Read the full wire commentary on PE Hub.
Also of note (may require subscriptions) Walking the talk: Apollo's Leon Black has expedited his departure from the global management firm two months after the firm said it was to focus more effort on governance and reputational risk. Former Securities and Exchange Commission chairman Jay Clayton will replace Black as non-executive chairman. Read more on PEI. Losing out: A large hedge fund, Select Equity, that built a small buyout operation needs a new private equity chief after the executive it brought in to run the strategy stepped down earlier this year, months after the group’s debut private fund closed. Check out Buyouts report here. Market calling: Banner Ridge Partners, founded by veterans of Siguler Guff’s secondaries business, raised $300 million for an inaugural primary fund to invest in distressed, special situations and credit strategies. LP appetite for distressed fueled the fundraise, according to Banner Ridge managing partner Anthony Cusano. Read Buyouts story here.
Sexual Harassment: BlackRock is under fire for claims made by former and current employees about their experiences at the world's largest asset manager. The nine-month long investigation by Institutional Investor includes an apology by senior executive, Mark Wiedman, who made inappropriate comments at events.
They said it
“From the perspective of needing to put money to work, foreign investors are getting a better entry point.”
Josh Lohmeier, portfolio manager at asset manager Aviva Investors said to WSJ on the recent faltering of returns on investment grade bonds. Today's letter was prepared by Karishma Vanjani Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. To update your PE Hub email preferences, or to unsubscribe, click here. |