Good morning, Hubsters.
Happy Fri-yay! MK Flynn here, filling in for Obey Martin Manayiti, who has the day off.
Yesterday, we had a fascinating visit from Lenna Koszarny, founding partner and CEO of Horizon Capital, which invests in tech companies in Ukraine. She stopped by PEI Group’s London office to speak with our staff, and she shared insights on how the firm has carried on in the midst of the war.
Read some of the riveting conversation below.
There was good news and bad news in PwC’s midyear PE deals report. I’ve got some highlights from that below.
And we’ll kick things off today with Obey’s interview with Great Point Partners about an exit announced earlier in the week.
Exit interview
Over the course of its six-year hold period, Great Point Partners grew portfolio company Vālenz Health significantly before selling it to Kelso & Company in a deal announced earlier this week.
Subscribers to the premium version of the Wire may read Obey’s interview with GPP managing director and head of private equity Noah Rhodes, in which he discusses how the PE grew the target’s revenue and enterprise value.
Finding opportunities
PE-related deal volumes declined nearly 30 percent in the past year, putting the market back to pre-pandemic levels, according to PwC’s Private Equity: Deals 2023 Midyear Outlook.
PE Hub premium subscribers may read more.
May the Force be with you
As I mentioned, yesterday at PEI Group’s London office, Private Equity International’s Carmela Mendoza led a riveting conversation with Lenna Koszarny, founding partner and CEO of Horizon Capital, a private equity firm that invests in fast-growing tech and export-oriented companies in Ukraine.
The discussion was part of a series PEI Group conducts for our employees, and Adam Le was also instrumental in organizing it.
In April, Horizon announced that its Horizon Capital Growth Fund IV had reached $254 million, slightly above its $250 million target. The firm celebrated the milestone with an in-person signing ceremony attended by Ukraine President Volodymyr Zelenskyy at Horizon’s officein Kyiv.
Carmela asked Koszarny what it’s been like to do business since Russia invaded Ukraine in February 24, 2022.
PE Hub premium subscribers may read the interview.
Carmela will have more from her interview with Koszarny next week.
On that inspirational note, I’ll sign off for today. I’ll be back with more on the Wire on Monday.
Have a good weekend,
MK
Read the full wire commentary on PE Hub ...
