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The Wire May 27, 2021
HIG Capital launches sales process for Trace3, Butterfly Equity back in market with next fund, Behind the scenes of Big Easy Blends investment
Scoopage: HIG Capital kicked off a sales process for IT services provider Trace3, writes Milana Vinn on PE Hub today.
Trace3 was founded in 2002 by Hayes Drumwright. The company, based in Irvine, California, is led by CEO Rich Fennessy. HIG invested in the company in June 2017 and has grown through a few add-ons, Milana writes. Check it out here.
Looking for a job in private equity? The private equity secondaries space is facing a distinct lack of talent available to deal with the crush of deal flow, especially with the rise of GP-led processes. Check out our Q&A with Nigel Dawn, who heads up Evercore's private capital advisory group, and Andrew Hawkins, head of private equity solutions at ICG:
Dawn: I think there’s a retooling going on within the secondary investing community, recognizing direct investing skill, particularly the single asset deals when you’re going to be making significant equity checks, are pretty important.
That’s it for today! Hit me up with your tips n’ gossip, feedback, book recommendations or whatever at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.
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Also of note (may require subscriptions)
Back: Butterfly Equity, formed by ex-Vista and KKR executives, is back in the market with its sophomore fund for investments in its “seed to fork” approach to food that spans agriculture, aquaculture, food and beverage products, food distribution and foodservice. Butterfly earlier this month acquired a majority stake in Pete and Gerry’s Organics, a New Hampshire-based producer of organic eggs. Read it here.
Moderna: Flagship Pioneering, after scoring a homerun with its investment in Moderna, has re-opened its seventh fund and is consolidating its venture and growth strategies under a single pool. Fund VII raised $1.1 billion when it closed in April 2020, which was initially planned to be the latest fund in the firm’s seed and early stage venture fund series. Read it here.
Quick ‘un: Hellman & Friedman is expected to hold a final close on its tenth fund this month, which is capped at $22 billion. The firm raised the bulk of the fund through re-ups, leaving a little space for new investors. Read it here.
PE Deals
They said it “As we think about the single asset marketplace, we think our job here is to curate what I will call the greatest hits of private equity. We’re taking the best ideas from the best GPs, it’s not like Led Zeppelin’s greatest hits, it’s the greatest hits of rock. Because we’re taking each of those GPs and picking the ones that have the highest potential return.” Andrew Hawkins, head of private equity solutions at ICG, on the rise of GP-led deals.
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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