| GTCR values Global Claims Services at roughly $500m, ACON Investments' BioMatrix explores sale
Happy hot summer Friday, folks!
GTCR on Thursday struck what marks its second deal in the insurance claims arena, acquiring Global Claims Services from PNC Riverarch Capital. The deal assigns the insurance technology company a total enterprise value of roughly half a billion dollars, sources familiar with the deal terms told PE Hub’s Karishma Vanjani. Although nothing is imminent, Chicago-based GTCR will stack up the company with several complimentary add-ons. “We do have three to four targets in our line of sight that we are actively considering,” said Aaron Cohen, managing director at the firm.
In other news, A sale process has kicked off for BioMatrix, a private equity-backed national provider of specialty pharmacy and home infusion services, according to four sources familiar with the matter. Cantor Fitzgerald is running the process, which is in its early stages, sources said. ACON Investments, a Washington, DC-based international mid-market private equity firm, completed its acquisition of BioMatrix in November 2016. In conjunction with the transaction, ACON partnered with former...
That’s it! Have a great rest weekend. And as always, write to me at springle@buyoutsinsider.com with any tips, feedback or just to say hello!
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Also of note (may require subscriptions) Uppin' it: As distributions flood into Employees Retirement System of Texas from its private equity program, the system plans to increase its exposure to the asset class. After deploying $800 million in fiscal 2021, the board of trustees this week approved the 2022 fiscal PE plan that calls for another $800 million of commitments to private equity. Read more on Buyouts.
Younger: One common characteristic of GP-led continuation fund deals is that the firms involved are well established. And generally the funds involved are fairly mature, at least by private equity standards. One deal in the market turns that general characteristic on its head. Nexus Capital Management, a firm formed in 2013 by ex-Apollo Global Management executives, is running a continuation fund deal on two assets from its second fund, which closed on $550 million in 2018. Read more on Buyouts.
Media: Forbes announced on Thursday that it planned to go public through a deal with a special-purpose acquisition company, or SPAC, writes the New York Times. The deal values the combined company at $630 million. Read it here.
PE Deals 
They said it “They’re saying, ‘we think these are great companies in good industries [that are] highly cash generative, we don’t want to sell today and exit, but we understand some LPs might want liquidity.’” A source talks to Secondaries Investor about Nexus Capital's GP-led deal.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please 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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