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Goldman pursues continuation fund for Omega Healthcare; Moelis hires Stephen Trauber; and Cyndi Lauper catalog sells to Pophouse

Good morning, Hubsters. It’s Michael Schoeck back with you for the Thursday Wire. It’s February 29, 2024, or Leap Day, and we have a continuation fund scoop, energy banker big mover, and pop music diva to throw at you.

Buyout’s Chris Witkowsky published a scoop on Goldman Sachs running a single-asset continuation fund process for Omega Healthcare.

In personnel news, overnight I received exclusive comments from Stephen Trauber, a 35-year senior energy investment banker, who is joining Moelis & Company to lead the firm’s energy advisory practice. Trauber shared his outlook for energy M&A this year.

And wrapping up in Leap Day spirit, we’ve learned that 1980s hitmaker Cyndi Lauper’s music catalogue and music revenue rights have been acquired by Pophouse, an entertainment investment firm headed by ABBA’s Björn Ulvaeus and EQT founder Conni Jonsson.

Single-asset continuation

Single-asset continuation funds are increasing these days as portfolio companies enter the late phases of ownership. Goldman Sachs is running a process on its West Street funds portfolio company Omega Healthcare to extend its hold and deliver liquidity back to LPs, sources told Buyouts’ Chris Witkowsky.

Upgrade to the premium version of the Wire to find out all about this exclusive.

Big energy move

Investment bank Moelis brought on Stephen Trauber as chairman and global head of its energy and clean technology group. Based in Houston, Trauber will lead the firm’s global efforts in this space.

I reached out to Trauber and asked him about the move and about his outlook for the energy sector.

You can read his comments by upgrading to the premium version of the Wire.

Girls just wanna have funds

Wrapping up, Pophouse announced the acquisition of 1980’s pop music icon Cyndi Lauper’s music catalog and revenue rights. The deal arrives among a recent wave of music catalog rights acquisitions.

Read all about it on the premium version.

That’s it for me today. Enjoy the rest of the week and stay tuned for the Friday Wire tomorrow from Obey Martin Manayiti.

Cheers,

Michael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Astorg has ‘deep pipeline’ for electrical components business Steliau. ‘A lot of people are saying electrical components will be the oil of the 21st century,’ said Benjamin Cordonnier, partner at the private equity firm. (PE Hub Europe)

Impact Engine closes Fund II to bring social lens to private equity: Impact Engine operates as an “impact LP”, deploying most of its capital to the funds of emerging and established buyout and growth equity GPs with an impact focus. (New Private Markets)

Asia is more important than ever for infra’s biggest GPs: The region is fulfilling its promise as both a viable target for dedicated strategies and an ever-growing source of LP capital. (Infrastructure Investor)

ILPA’s Prunier says ‘vast majority’ of LPs don’t support using NAV loans: ILPA representative cites transparency and uses as issues at the Fund Finance Association’s Global Symposium in Miami. But the growing market for NAV loans has its staunch defenders, who often point to the fact that most of the facilities are used for value-additive, late-stage acquisitions. (Private Funds CFO)

Pendleton pays homage to Harlem with new firm 125 Ventures: Solo female GP is targeting $25 million for her debut fund after managing two funds at Portfolia. (Venture Capital Journal)

They said it

“We believe the Clean Energy and Technology M&A market is in its infancy and that activity levels will continue to grow significantly for years to come as these companies scale. Moelis’ strategic decision to expand now will allow it to capture the increased market share and to be in a position to support these companies during their growth mode.”

— Stephen Trauber, who is joining Moelis to head its energy advisory group