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| Brand-new US Institutional Investors: 2016 PE & VC Allocations Report |
| | It has long been a goal here at PitchBook to produce a report dedicated solely to considering aspects of limited partners' perspectives, showcasing our extensive datasets of commitments, fund returns and more. Now, for the first time, here's our report focused on US institutional investors—primarily public pension funds, corporate pension funds and foundations—and their allocations to private equity and venture capital fund managers. |
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Highlights of the report include: - Spotlights on three major US public pensions
- Data on PE & VC contributions versus distributions to US public pensions
- Analysis of first-time and repeat commitments between PE & VC funds
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| | | | | | | KKR takes a gamble Down Under |
| A group of investors including KKR and Morgan Stanley has mounted a $5.5 billion offer for Australian gambling operator Tatts Group (ASX: TTS), a move that could jeopardize an agreement the company struck in October to be purchased by rival Tabcorp (ASX: TAH) for about $5 billion. Tatts announced in a regulatory filing that it “has not yet formed a view” about how the two offers compare.
The Tabcorp deal implied a A$4.34-per-share price for Tatts, while the new offer would be for somewhere between A$4.40 and A$5. The company’s stock jumped from A$4.15 at Tuesday’s close to A$4.49 at the end of Wednesday trading.
For KKR, the deal is just one of many billion-dollar balls in the air as 2016 comes to a close. |
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| | | | | | | GGC to buy Neustar at $2.9B value |
| Golden Gate Capital has agreed to take Neustar (NYSE: NSR) private for $33.50 per share in cash, representing a 21% premium to the company's closing price Tuesday and a purchase price of $1.8 billion. The deal values Neustar at $2.9 billion, including debt. Originally a part of Lockheed Martin, the company is a provider of marketing and advertising services that hopes to compete directly with heavy hitters such as Adobe (NASDAQ: ADBE), Oracle (NYSE: ORCL) and Salesforce (NYSE: CRM).
One reason Neustar can reasonably hope to do so is that the company has been an active strategic acquirer in its own right, completing 16 deals in the past decade, according to the PitchBook Platform—all in the IT or B2B sectors. GGC has displayed a similar appetite, with 154 deals over the same timeframe, with a clear preference of its own for the IT (42%) and B2B (21%) spaces.
GGC is also active when it comes to add-ons, with 46% of its acquisitions between 2006 and 2015 serving as additions to portfolio companies. So by acquiring Neustar, GGC is flipping the script: Instead of buying a smaller company and building it up, the firm will shell out big for a business that's already much more than just a foundation. |
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| | | | | | | | Is Uber protecting user data as well as the company says it is? The Center for Investigative Reporting thinks not. [Reveal]
And now for the other side of the company’s image. Travis Kalanick may be brash or unethical or worse. But it’s all part of the reason he built the biggest private company in the world (and so are all those jam sessions). [Forbes]
A whole host of major private equity firms are reportedly eyeing Performance Sports Group in the bankrupt company’s upcoming auction. [Reuters]
Five years later, checking in on some predictions about Big Data. [McKinsey] |
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| Since yesterday, the PitchBook Platform added: | | 201 Deals | 1283 People | 416 Companies | 10 Funds |
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| 2011 Vintage US Venture Funds with Financial Services Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.43x Median TVPI | 1.26x Median RVPI |
| | | | *IRR: net of fees | | 42 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| Investors compose up to $200M for Symphony |
| | Workflow Software | Palo Alto, CA | PE Growth |
| Symphony is in the process of raising between $125 million and $200 million at a pre-money valuation of more than $1 billion, according to a TechCrunch report, with the capital coming from existing investors as well as the government of Singapore via investment arms Temasek and GIC. The company, the provider of a secure messaging service focused on the finance industry, has received previous backing from a long list of investors including BlackRock, Google, Lakestar, Merus Capital and numerous banks. |
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| ABRY-backed Hilb unveils EIS add-on |
| | Consulting Services | Greer, SC | Add-on |
| | | | | | | One Equity backs homecare add-on |
| | Elder and Disabled Care | Lynn, MA | Add-on |
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| Argos Soditic to buy Sasa Demarle |
| | Commercial Products | Le Cateau Cambrésis, France | Secondary Buyout |
| | | | | | | Equistone backs T.O.M. Vehicle Rental |
| | Commercial Services | Airdrie, UK | Buyout |
| Equistone Partners Europe has acquired a majority stake in T.O.M. Vehicle Rental, a provider of long-term commercial rentals of vans, trucks, trailers and cars in the UK. T.O.M.’s founder and management team will retain an ownership stake. The company received previous PE backing from Coralinn in 2015. |
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| | | | | | | Astorg exits Kerneos in €880M deal |
| | Building Products | Paris, France | Corporate Acquisition |
| Astorg Partners has sold Kerneos, a maker of calcium aluminate cements, to Imerys (EPA: NK) for roughly €880 million, according to Unquote. The deal reportedly marks an 8.8x EBITDA multiple for Astorg as the firm exits an investment from 2013. |
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| NGP-backed WildHorse prices IPO below range |
| | Energy Exploration | Houston, TX | IPO |
| WildHorse Resource Development (NYSE: WRD) has sold 27.5 million shares for $15 each in its initial public offering, raising $413 million in the process. That’s well below the anticipated range of $19 to $21 the Natural Gas Partners portfolio company had initially revealed in SEC filings. WildHorse closed its first day of trading Wednesday at $15.06 per share. |
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| | | | | | | Brentwood exits Allen Edmonds for $255M |
| | Footwear | Port Washington, WI | Corporate Acquisition |
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| Warburg Pincus closes debut China fund on $2B |
| | Warburg Pincus has reached a $2 billion close on its first fund that will be used exclusively to make growth investments in China, reaching the firm’s initial target. The oversubscribed vehicle is a companion to Warburg Pincus Private Equity XII, a $13.4 billion fund that closed last year. Kirkland & Ellis represented Warburg Pincus on the fundraising. |
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| | | | | | | Creador raises $415M for Fund III |
| | Kuala Lumpur, Malaysia | Buyout |
| Creador has held a first close on $415 million for its third fund, according to Deal Street Asia, coming just shy of the vehicle's $450 million target. The firm, which invests primarily in South and Southeast Asia, closed its previous fund on $330 million in 2014. |
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| Waud Capital brings on Phil Olson |
| | Waud Capital Partners has hired Phil Olson as principal of the firm's business development group, where he will identify investment opportunities related to business and technology services. Olson was most recently a managing director at William Blair & Co. focused on fintech, tech-enabled business models and software businesses. |
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