| | | | | | | Good morning! Of interest today is a story from the New York Times that looks at how PE firms have used their "sophisticated but indirect political maneuvering" with state and local governments to expand their growth and revenue. Fortress Investment Group, and other PE firms, have rapidly expanded their influence in daily American life but the public is still unaware of them, the story said. The NY Times's story mainly focuses on Fortress and how it controls Springleaf Financial Services, a provider of subprime loans to borrowers. The story also looks at Fortress' relationship with American Golf Corp, which manages public golf courses. Fortress, in 2013, claimed to be buying American Golf, the story said. Instead, it was Newcastle Investment Corp., a REIT, which acquired American Golf, the NY Times said. Fortress externally manages and advises Newcastle. News from Buyouts/PE HUB: Sam Sutton has a story on San Francisco Employees' Retirement System which committed a record amount to PE in 2015. Check it out here. Chris has a story on CalPERS objecting to the proposed restructuring of First Reserve's Fund XI. CalPERS previously argued with Thomas H. Lee Partners about accelerated monitoring fees. Read Chris' story here. We also have a story on Fontinalis Partners, the seven-year-old venture firm co-founded by Bill Ford that raised a $100 million second fund. Check it out here. Housekeeping: Are you a single or multi-family office looking for co-investment opportunities from emerging managers? Take our brief survey to get your listing in our directory of family offices. I'll be back on Monday. Any comments, thoughts or complaints please send them to me at lbeltran@buyoutsinsider.com. -Luisa | | Today's Take | | | PE HUB First Read First Read starts the day with news that the FBI has given up on D.B. Cooper, Viacom might be selling Paramount Pictures to China's Dalian Wanda Group and there's finally a Nest Cam for the outdoors. PE HUB Second Read Second Opinion wraps up the day with news that Apple is launching a reality TV show called "Planet of the Apps," Supreme Court Justice Ginsburg calls Donald Trump a "disgrace" and despite the cheap pound, Brexit is still scaring investors. First Reserve fund revamp approved by LPAC over CalPERS objections First, Thomas H. Lee Partners; now, First Reserve. CalPERS, the largest public pension fund in the U.S., is again forcing an issue of critical importance to the private-equity industry into the spotlight. California Public Employees' Retirement System, the overseer of nearly $300 billion of assets, is objecting to a proposed restructuring of First Reserve's Fund XI. It says... San Francisco commits record amount to PE in 2015 San Francisco Employees' Retirement System committed more capital across more funds than any other year in its private equity program's three-decade history, earmarking $1.19 billion, a report included in its July 13 meeting materials shows. The total surpassed the maximum commitment pace that consultant TorreyCove Capital Partners recommended by almost 20 percent, the report said.... Bill Ford's VC firm powers ahead with $100 mln second fund Detroit-based Fontinalis Partners, which invests in transportation technologies, already has nearly two dozen companies in its portfolio | | NETWORKING...CAPITAL...DEALS Early pricing thru 7/15 at mandaeast.com Save $45 on general registration, discount code pehub16 1,300 middle market dealmakers 80% generated deal leads $125 billion in capital under one roof 1,000+ 1:1 deal meetings 80% of attendees are VP, Partner, Director |
| | | | VC Deals | | | GameOn scores $2 mln in seed funding from VCs, sports celebs San Francisco-based GameOn, a provider of a mobile engagement platform for sports fans, announced it has raised $2 million in seed-stage funding from. Investors include Quest Venture Partners, XG Ventures, Next News Ventures and the DeBartolo family, as well as Joe Montana and Snoop Dogg. Former NBA player Gary Payton is also an investor, leading an AngelList syndicate, the company says. GameOn has now raised $3.5 million in total funding. Phrasee raises $1.3 mln Phrasee said July 14 that it raised 1 million pounds ($1.3 million) in seed capital led by Next Fifteen and Galvanise Capital. London-based Phrasee is a marketing software company using Artificial Intelligence (AI) to boost email response rates. Venture funding rises to $15.8 bln in Q2 Venture funding to U.S. startups rose in the second quarter after a slow start to the year, but remained far below the ebullient levels of last year, according to a report from Dow Jones VentureSource. Augmenix picks up $6 mln Waltham, Massachusetts-based Augmenix, a developer of radiation oncology products, has raised $6 million in Series E funding. The investors were not named. Docent Health secures $15 mln Series A from 3 VCs Docent Health raised $15 million in a Series A round co-led by Bessemer Venture Partners, New Enterprise Associates, and Maverick Ventures. Originally a project of Oxeon Holdings, Docent Health offers a platform that combines analytics and workflow automation to make hospital stays more consumer-focused. Organizing app Snupps bags $4.75 mln seed London-based Snupps, an app that lets its users organize and share their collections, has raised $4.75 million in seed funding. The investors were 14 unidentified angel investors and family trusts. Shyft Technologies fetches $1.5 mln seed Seattle-based Shyft Technologies, a provider of an app that lets workers trade and cover their shifts, has secured $1.5 million in seed funding. Madrona Venture Group led the round. UK startup FiveAI nets $2.7 mln UK-based artificial intelligence startup FiveAI has raised $2.7 million in funding, according to a news announcement on its site. Amadeus Capital Partners led the round with participation from Spring Partners and Notion Capital. Southeast Asian dating app Paktor reels in $10 mln Southeast Asian dating app Paktor has secured $10 million in funding. The investors included YJ Capital, Global Grand Leisure, Golden Equator Capital, Sebrina Holdings Venture Capital, Vertex Asia Fund, Majuven and Convergence Ventures. Caremerge grabs $14 mln Care coordination platform Caremerge has secured $14 million in funding. Insight Venture Partners led the round with participation from return backers Grazyna Kulczyk, Cambia Health Solutions, Ziegler LinkAge Longevity Fund, GE Ventures and Arsenal Venture Partners. In addition to the funding, Harley Miller, vice president at Insight Venture Partners and Dan Hermann, senior managing director and investment banking head at Ziegler, have been added to Caremerge's board of directors. Indegy snags $12 mln Series A Israeli cyber security company Indegy has raised $12 million in Series A financing. Vertex Ventures Israel led the round with participation from Aspect Ventures, SBI Holdings, Shlomo Kramer and Magma Venture Partners. In conjunction with the funding, Aviad Ariel of Vertex Ventures has been added to Indegy's board of directors. True Fit nabs $25 mln Series B Woburn, Massachusetts-based True Fit, a footwear and apparel discovery platform, has raised $25 million in Series B financing. The backers were Jump Capital, Signal Peak Ventures and Intel Capital. Bay Dynamics scores $23 mln Series B Bay Dynamics, a provider of cyber risk analytics, has closed $23 million Series B financing round. Carrick Capital Partners led the round with participation from Comcast Ventures. HealthQuest Capital leads Series B round for Magnolia Medical Seattle-based Magnolia Medical Technologies, a provider of blood fluid collections that improve the accuracy of in-vitro diagnostic test results, has raised $13.8 million in Series B funding. HealthQuest Capital led the round. In addition to the funding, Dr. Garheng Kong, founder and managing partner of HealthQuest Capital, has been added to Magnolia Medical's board. Appthority raises $7 mln Series B CORRECTION San Francisco-based Appthority, a provider of enterprise mobile threat protection solutions, has raised an additional $7 million in Series B funding. Trident Capital Cybersecurity led the round with participation from U.S. Venture Partners, Venrock, Blue Coat Systems and Knollwood Investment Advisory. | | PartnerConnect West will return this year with three insightful tracks: Buyouts West (9th year), Venture Alpha West (6th year) and the Private Real Estate Summit (4th year). Over 60 panels Over 500 delegates Over 150 Limited partners Over 300 fund managers, bankers, lenders and intermediaries All in one place dedicated to networking on a personal level. |
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| | | | | Carlyle in talks to sell Brazil's Scalina after debt restructuring, say sources: Reuters Carlyle Group LP, the world's No. 2 private-equity manager, is in talks to sell its stake in Brazilian lingerie maker Scalina SA, following a series of setbacks that led to a debt restructuring, sources told Reuters. Renovo funds All Holding Company Renovo Capital has made an undisclosed investment in All Holding Company LLC. Based in Pennsylvania, All Holding Company is a producer of fresh and processed pork and turkey products. Ardian invests in Ionisos Ardian has acquired a majority stake in France-based Ionisos, a provider of cold sterilization services. The seller was Agilitas. No financial terms were disclosed. Singapore's GIC invests in South Korean logistics centre: Reuters Singapore sovereign investor GIC said on Wednesday it has invested in a real estate fund which acquired the Hyundai Logistics Distribution Center in Incheon, South Korea, from its developer LogisKowel for $130 million. BankerBay inks $2 mln BankerBay, an investment banking platform for M&A and private equity deals, has secured $2 million in funding. The investors were not named. Southlake backs Titan Spine Wisconsin and German-based Titan Spine, a maker of spinal interbody fusion implants, has secured an undisclosed amount of funding. The investor was Southlake Equity Group. Thoma Bravo to buy Imprivata for about $544 mln Thoma Bravo has agreed to acquire healthcare IT security company Imprivata for $19.25 per share or about $544 million. Barclays is providing financial advice to Imprivata on the transaction. | One of a Kind Networking in The Robust Emerging Manager Space Join LPs and Intermediaries at the Emerging Manager Connect event: a one day networking opportunity with emerging superstars who will produce blockbuster returns in the next 5-10 years. Register Today! July 19, 2016 | Harvard Club | NYC |
| | IPOs | | | | | | No items | | | | | | | China's Wanda shows interest in Viacom's Paramount: Reuters Chinese real estate and entertainment conglomerate Dalian Wanda Group has held talks with Viacom Inc about acquiring a minority stake in its Paramount Pictures unit, Reuters News reported. Luxe Energy to sell Southern Delaware Basin for $560 mln Luxe Energy LLC said July 13 that it agreed to sell its Southern Delaware Basin to an undisclosed third party for $560 million. The assets are primarily operated leasehold interests, the majority of which are located along the Pecos River in Reeves and Ward counties, Texas. Luxe Energy is backed by Natural Gas Partners. | | Firms & Funds | | | | | Marlin Equity closes first Europe fund at 325 mln euros Marlin Equity Partners said July 14 that it closed its first dedicated Europe fund at 325 million euros ($360.8 million) in total capital commitments. The target for Marlin Heritage Europe LP was 200 million euros. The Heritage Europe Fund will target investments in the lower middle market, generally in companies located across Europe. Bruce Ettelson, Karin Orsic and Katie St. Peters of Kirkland & Ellis LLP served as legal counsel, while Credit Suisse Securities (USA) LLC acted as an advisor and placement agent. Lonsdale's 8VC set out to raise a $400 mln fund 8VC, a firm with Joe Lonsdale as a founding partner, has set out to raise a $400 million co-invest fund, according to a filing with the SEC. IPM, Partnership fund to invest $100 million in energy projects in Georgia: Reuters Fund management and advisory company InfraPartners Management LLP (IPM) and Georgia's Partnership fund plan to invest $100 million in renewable energy-related infrastructure in the ex-Soviet country, the firm said on Wednesday. Georgian Partners collects over $165 mln for third international growth fund Georgian Partners has raised over $165 million for its third international growth fund, according to an SEC filing. The Canadian venture firm is targeting over $182 million for the pool. Polaris targets $400 mln for eighth fund Polaris Partners is seeking to raise $400 million for its eighth fund, according to an SEC filing. The tech and healthcare-focused venture firm closed its previous fund at $450 million | | Human Resources | | | | | Buchheister named CFO of Cetera Financial Cetera Financial Group said July 13 that it named Jeffrey R. "Jeff" Buchheister as its CFO effective Aug. 2. Buchheister most recently served as Executive Vice President and Chief Accounting Officer for LPL Financial. Akina promotes four executives to partner Akina has promoted Natalia Sigrist, Dr Christian Bhler, Francesco Aldorisio and Viktor Speckinger to Partner. | | Odds & Ends + Hot Links | | | | | BlackRock's quarterly profit falls 3.7 percent: Reuters BlackRock Inc (BLK.N), the world's largest asset manager, reported a 3.7 percent fall in quarterly profit, reflecting a turbulent quarter for financial markets, Reuters News reported. PE HUB First Read First Read starts the day with news that the FBI has given up on D.B. Cooper, Viacom might be selling Paramount Pictures to China's Dalian Wanda Group and there's finally a Nest Cam for the outdoors. PE HUB Second Read Second Opinion wraps up the day with news that Apple is launching a reality TV show called "Planet of the Apps," Supreme Court Justice Ginsburg calls Donald Trump a "disgrace" and despite the cheap pound, Brexit is still scaring investors. |
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