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The Wire April 8, 2021
GHO Capital is buying NaviMed’s Velocity Clinical Research, Clearlake creates series of single-asset pools to extend holds
Happy Thursday!
GHO Capital is buying NaviMed Capital’s Velocity Clinical Research, which was the only multi-site company in the U.S. to conduct trials for all pharmaceutical companies included in the U.S. government’s Operation Warp Speed, plus Pfizer. Also, it’s deal fever as buyers and sellers came rushing back, driving the value to an all-time high in Q1 of $250.6 billion, jumping 116 percent over the same period last year.
Extend: Clearlake Capital has created a series of single-asset pools to hold certain assets beyond the limits of its traditional PE funds. The firm’s innovation comes as GPs are finding ways to build flexibility into traditionally rigid private equity ownership structures. Read our ongoing coverage of the long-hold trend here.
Read the full wire commentary on PE Hub...
That's it! Hit me up with thoughts, feedback and tips n' gossip at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.
Also of note (may require subscriptions)
Politics: Reps. Maxine Waters and Joyce Beatty asked 31 investment managers, including Blackstone and BlackRock, asking the firms to share diversity data and policies with the Offices of Minority and Women Inclusion. Read more here on Buyouts.
Battle: An acquisition by CVC of Toshiba would be fortuitous for the Japanese conglomerate as a means to draw attention away from the company’s bruising battle with activist investors, according to the Financial Times.
Big: EQT and Stonepeak Infrastructure Partners are working on a bid for Royal KPN that could value the Dutch company at more than $15 billion, writes the WSJ. The bid would value the communications-services provider at more than 3 euros per share, WSJ said. Read it here.
PE Deals
They said it
“What we’ve observed, in certain situations a PE firm sells a portion of its deal to another PE fund, gets a partial distribution, crystalizes the mark and continues to hold the deal. This is different from consortium investing; this is sort of like, “hey I have this great company, don’t want to sell all of it now, we’re five years into the fund’s life, let’s show LPs that there is real value to holding this investment.”
Andrea Auerbach, global head of private equity at Cambridge Associates, on GPs finding ways to hold assets longer.
Today's letter was prepared by Chris Witkowsky 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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