Morning Hubsters, Craig McGlashan here with the Tuesday Wire.
We’ve got a financial services focus this morning, as we delve into FTV’s partial exit from Docupaceto Genstar to find out why the digitalization of the wealth management sector is so attractive to private equity firms. FTV partner Robert Anderson takes the questions.
Looking at exits more generally, we’ve got an interview with Tim Creed, co-portfolio manager and head of private equity investments at Schroders Capital, who says his firm is “positive” about where the exit market is headed.
We then switch back to financial services, where an investor group led by Sixth Street has reached a definitive agreement with Bermuda-based Enstar Group.
Wealth transfer
The world-changing potential of new technologies like generative AI might be hogging a lot of the limelight, but for smart investors there’s still plenty of money to be made in the less showy but solid world of business digitization.
Wealth management is one of the sectors undergoing a digitizing wave, FTV partner Robert Anderson told Obey Martin Manayiti in a deep dive into FTV’s partial exit of Docupace to Genstar.
Read the subscriber version of the Wire to find out why FTV was attracted to Docupace and why it believes there is more growth to be had in the sector.
Sale on
Speaking of exits, Schroders Capital is “positive” about the exit market’s trajectory, Tim Creed, co-portfolio manager and head of private equity investments, told me.
Read an excerpt of the interview in the subscriber version of the Wire.
Insurance play
Turning back to financial services, an investor group led by Sixth Street has reached a definitive agreement with Bermuda-based Enstar Group to buy the reinsurer.
Subscribers can get more details in the full version of the Wire.
The deal comes as a number of other asset managers in recent months have announced partnerships with insurers, who have significant so-called permanent capital. They include Golub Capital making a minority investment in fixed annuities provider Nassau Financial.
European insurance companies have also been attractive investments for private equity. Just this week, Aquiline Capital Partners agreed to sell Quintes, an independent insurance broker in the Netherlands, to brokerage Brown & Brown and Inflexion agreed to sell its stake in UK insurance broker David Roberts & Partners to broker BMS Group.
Wire subscribers can find out the latter deal’s value.
Right, that’s it from me today. Rafael Canton will be with you tomorrow for Wire Wednesday.
Cheers,
Craig
Read the full wire commentary on PE Hub ...
