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The Wire Feb. 28, 2022
Fast-growing healthcare companies mean earlier exits for THL; spotlight on IMB founder Tarrus Richardson Like everyone else, I’m following Ukraine closely these days. I’m especially interested in the impact on the global economy, financial services and private equity. Before the markets opened, the Treasury department announced it is prohibiting American dollar transactions the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation. “The unprecedented action we are taking today will significantly limit Russia’s ability to use assets to finance its destabilizing activities and target the funds Putin and his inner circle depend on to enable his invasion of Ukraine,” said Treasury Secretary Janet Yellen.
Of more direct relevance to private equity investors, pension funds are assessing their portfolios for exposure to investments in Russia. State legislators in New Jersey and Illinois plan to introduce regulation that would require state pension funds to divest from Russia. And Colorado Gov. Jared Polis issued an executive order that directs state agencies, including the state’s pension system, to terminate contracts involving Russian state-owned companies as contractors or subcontractors.
Let us know how Russia’s invasion of Ukraine is affecting your PE firm. Email me at mk.flynn@peimedia.com
Healthcare holding periods. PE Hub’s new series on private equity firms investing in healthcare continues today with insights from Joshua Nelson, managing director and head of healthcare vertical at Thomas H. Lee Partners.
Off-duty. Buyouts’ Off-duty provides a snapshot of top investors, including a few details about what they do in life when not chasing deals. To help celebrate Black History Month, Off-duty is featuring Tarrus Richardson, CEO of IMB Partners. Founded by him in 2010, IMB is a Bethesda, Maryland-based private equity firm that invests in businesses supporting electric and gas utilities and government agencies. Before IMB, in 1998, he co-founded and was managing director of ICV Partners, a minority-owned, mid-market firm established in partnership with Willie Woods, Harvard Business School professor Michael Porter and American Securities.
For more on Richardson’s favorite books, music, vacation destination, career highs and lows, see Kirk’s story.
And as Black History Month draws to a close, I want to give shoutouts to two organizations PEI Media is partnering with:
• Girls for a Change, which holds workshops on topics including career paths and financial literacy to “prepare Black girls for the world and the world for Black girls.”
• The Black Feminist Project, which runs a community center in the Bronx and was founded by Tanya Denise Fields
That’s all for today.
Until tomorrow, MK
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) Renewables and social infrastructure-focused Australian debt fund manager Infradebt has attracted a A$200 million ($143.7 million; €128.6 million) capital commitment from private investment firm Grok Ventures, which will be held in a separately managed account. (Infrastructure Investor)
Is conflict a game changer for fund managers? Certain sectors will feel further pressure from geopolitical events, while the policy of central banks may change. But the long-term momentum of private market investing is unlikely to be halted. (Private Debt Investor)
Newbie Bay Bridge Ventures plans to ‘break the ESG mould.’ A look inside Bay Bridge Ventures, a firm with grand plans founded by an ex-CalPERS portfolio manager and two venture capitalists. (Venture Capital Journal)
"A number of U.S. public pensions are assessing their portfolios for exposures across public and private investments in Russia following its invasion of Ukraine, as the potential for pressure to divest of such assets starts to grow." (Wall Street Journal)
An op-ed by John Plender in FT says that a "little of the gloss may finally be coming off private equity investments," and that "[p]ublic markets might be set for a comeback."
"Ukrainian-born Russian billionaire Mikhail Fridman called the war in Ukraine a tragedy for both countries in an email to employees of his London-based private-equity firm [LetterOne Holdings]. 'This crisis will cost lives and damage two nations who have been brothers for hundreds of years,' Mr. Fridman said in the email Friday to staff. 'While a solution seems frighteningly far off, I can only join those whose fervent desire is for the bloodshed to end.'" (Wall Street Journal)
"Stephen Schwarzman, the founder of Blackstone Group, received a record $1.1bn in income in 2021, and was one of three insiders at the world’s largest private equity group to receive over $160mn as its profits soared." (Financial Times)
"A consolidation push among U.S. oil-and-gas producers is creating opportunities for private-equity firms to sell energy companies after years of slow exit activity in the industry—a trend that has been particularly visible among gas-rich Haynesville Shale businesses." (WSJ Pro)
"Ligue 1 is set to become the next major league to sell a stake to private equity. France’s top soccer league is taking bids for shares in a new entity that would hold its media rights business." (Front Office Sports)
PE Deals
They said it “I truly believe diversity is an asset, and together we are better.” — Tarrus Richardson, founder and CEO, IMB Partners
Today's letter was prepared by MK Flynn 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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