View this email online 

Genstar backs AffiniPay; Apax co-CEO Mitch Truwit stops by; Hamilton Lane takes stake in Cosette

Happy Wednesday, Hubsters, Rafael Canton here with the latest going on in private equity deals.

We are kicking off this edition of the Wire with a scoop. We broke the news earlier this morning that Hamilton Lane has made an investment in Avista-backed Cosette Pharmaceuticals.

Next, we have a deep dive into Estancia’s investment in StrategyCorps.

Then, we have a report about PE deals up a bit but exit count remaining flat during Q2 from Mufson Hunter Howe.

Mitch Truwit, co-CEO of Apax Partners, stopped by PEI Group’s New York office earlier in the week to chat with us about the firm’s investment strategy. The former CEO of Orbitz Worldwide and COO of Priceline.com shared insights about investing in online marketplaces and other internet businesses.

We also have a deal this morning from Genstar which is making an investment in AffiniPay.

Finally, we take a moment to remember Alex Stanton, CEO and founder of Stanton Public Relations, who passed away last week.

Beauty mark

As PE Hub's John R Fischer was the first to report earlier this morning, Hamilton Lane has invested in Cosette Pharmaceuticals, a portfolio company of Avista Capital Partners.  Cosette provides branded drugstore products.

If you want to read more about John’s scoop, subscribe to the premium version of the Wire.

Analytically charged

The analytics processes and rewards menu were at the heart of Estancia Capita Partners’ recent investment in Nashville-based StrategyCorps.

PE Hub reporter Obey Martin Manayiti caught up with Estancia managing director Dana Kurttila and Estancia chief operating officer and managing director Darrin Jeffries to learn more about the deal.

Upgrade to the premium version of the Wire to learn more about Estancia’s recent investment.

Niche players

On Monday, Mitch Truwit, co-CEO of Apax Partners, visited PEI’s New York office to chat with PE Hub’s staff about what his firm is up to and what types of companies the firm is looking for.

Subscribe to the full version of the Wire to learn about the visit and Apax’s software focus.

Connected deal

This morning, Genstar Capital announced it has agreed to make a significant investment in the  Austin, Texas-based provider of practice management software, integrated payments and embedded fintech for professionals across the legal, accounting, and professional services end markets. 

Upgrade to learn more about the deal.

Dealmaking

Private equity dealmaking in the US has slightly increased from last year, but exits continue to remain flat as buyers and sellers struggle to meet in the middle. Philadelphia-based investment bank Mufson Howe Hunter’s market Q2 report highlights private equity dealmaking throughout the first half of 2024.

Subscribers can read more about the report and dealmaking trends.

Tremendous leader

Finally, PE Hub is sad to report that Alex Stanton, CEO and founder of Stanton Public Relations passed away last week, following an illness. As many of you know, the PR firm works extensively with private equity firms – and with the reporters and editors who cover them.

Alex Stanton spent more than 30 years working in public relations, government affairs, marketing services and business development. Prior to launching Stanton, he started several communications firms, among them Dorf & Stanton Communications, which was sold to Shandwick (now a unit of the Interpublic Group) and Stanton Crenshaw Communications.

Managing directors Charlyn Lusk and Tom Faust will remain in their leadership roles, supported by a team of six senior executives. Both Lusk and Faust have been with the firm for two decades and managed the firm alongside Stanton over the past 10 years.

On Stanton’s passing, Lusk and Faust said in a statement: “In addition to being one of the hardest working and smartest people we have known, Alex Stanton was a tremendous leader, mentor, colleague and friend. The outreach we have received from so many is a testament to the impact he had on employees, clients, media and the public relations industry over the past 50 years. No one will ever be able to fill Alex’s shoes, but we will do everything possible to honor his legacy and his name.”

That’s it from me today. If you have any questions, thoughts, or want to chat about anything PE-related, please email me at rafael.c@pei.group.

Michael Schoeck will have the Wire for you tomorrow.

Cheers,

Rafael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Mn Services, a Dutch pension administrator, is shopping a large portfolio of LP stakes in private markets funds that is part of a wave of selling among fund investors hungry for proceeds from their illiquid investments, sources told Buyouts.

How Brookfield found a $6bn infra debt gap: Infrastructure Investor discusses the role of subordinated debt with Brookfield Asset Management's infrastructure debt co-head Ian Simes.

Excolere Equity Partners, led by ex-Vistria Group COO Tony Miller, secured the backing of New York State Common Retirement Fund for its first-time buyout offering. (Buyouts)

New Private Markets published its inaugural Emerging Markets Impact report, examining how investors are supporting a Just Transition and exploring innovative ways to funnel capital into emerging markets.

At a time when some investors are rethinking their exposure to Asia-Pacific private equity, Advent International is doubling down on the region. Japan could be in contention for Advent’s next stage of Asia-Pacific expansion after the firm’s newly opened Australia office, India head Shweta Jalan tells Private Equity International.

Tiverton Advisors has raised more than $870 million for its third credit vehicle, according to a Securities and Exchange Commission filing. (Agri Investor)

Starwood Capital Group has raised nearly $4 billion to date for its 13th opportunistic real estate fund, Starwood Distressed Opportunity Fund XIII, PERE has learned.

Better understanding the costs to integrate cybersecurity solutions into clients’ operations will enable VCs to improve the chances of portfolio companies capturing more market share, says Justin Somaini, YL Ventures' newest partner. (Venture Capital Journal)

They said it

“We like niche players. A big priority for us is looking at advanced technology over dated technology in software deals.”

— Mitch Truwit, co-CEO of Apax Partners