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Mubadala and management to acquire Softbank’s Fortress; Amulet acquires clinical site platform

Good morning Hubsters, Craig McGlashan here with the opening Wire of the week.

There’s some big news in the investment sector, with Softbank-owned Fortress Investment Group set to be taken over by its management and Mubadala Capital.

We also touch on the healthcare sector, with Amulet Capital Partners acquiring a clinical site platform, and in the food sector with an add-on by a Swander Pace Capital portfolio company.

Finishing up, we have a hire by Welsh, Carson, Anderson & Stowe.

Investment

We’ve seen a string of financial services deals lately, including TPG’s $2.7 billion move for Angelo Gordon and TIAA selling its banking unit to a private equity investor group.

Well, add another one to the list, because this morning Fortress Investment Group and Mubadala Investment Company announced that they had agreed to acquire a majority stake in Fortress held by SoftBank.

Read our full coverage to find out more, including the ownership split under the deal.

Clinical

Amulet Capital Partners has acquired Dallas-based Alliance Clinical Network, a clinical site platform.

Pickle in

Patriot Pickle, which is backed by Swander Pace Capital, has acquired Garland, Texas-based First Place Foods, a producer of pickles.

Hire

Welsh, Carson, Anderson & Stowe has named Andrew Hausman as an operating partner in its technology group.

That’s all from me – MK Flynn will be back with you tomorrow after her well-deserved vacation.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Financial services specialist Estancia Capital Partners is seeking at least $350 million for its third flagship fund, according to a presentation from Chicago Teachers Pension Fund. (Buyouts)

Banking on the continued interest in all things energy transition, Octopus has launched a 10-year, closed-ended fund with a value-add strategy targeting energy transition assets. (Infrastructure Investor)

Co-founder and managing partner Gautam Bhandari has become I Squared Capital’s global chief investment officer as part of a reorganisation that will see co-founder and managing partner Adil Rahmathulla leave in June 2024. (Infrastructure Investor)

Dallas-based Crow Holdings Capital, the investment management business of developer Crow Holdings, has formed a joint venture with what is believed to be an undisclosed global sovereign wealth fund to recapitalize a portfolio of 173 retail assets across the US, Private Equity Real Estate has learned.

In a sign that impact-linked incentives will become more widespread, Allianz Global Investors is raising the topic in discussions with GPs as part of its fund investing program. (New Private Markets)

While many fund managers have been shying away from committing their impact funds to Article 9 classification under the Sustainable Finance Disclosure Regulation, Eurazeo has bitten the bullet. The firm is raising an Article 9 Transition Infrastructure Fund, a core strategy focused on renewables. (New Private Markets)

Oklahoma’s plan to become an innovation leader: New venture capital funds, state funding programs, accelerators and public/private investment partnerships are buoying start-up activity in the Sooner State. (Venture Capital Journal)