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The Wire Feb. 8, 2022
Nobel Laureate Jennifer Doudna advises Sixth Street; Lincoln’s Reifman discusses industrials Good morning, Hubsters. MK Flynn here, with today’s Wire. It’s earnings season, and our reporters will be on the calls, including KKR’s later this morning. Check our sites for ongoing coverage.
Let’s kick things off with a reminder that there are only a few more days to send in nominations for Buyouts’ Deal of the Year Awards. We’ll pick winners in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year. the deadline is Friday, Feb. 11. Send in your candidates ASAP to Chris at cwitkowsky@buyoutsinsider.com. And visit here for more info about the awards.
Gene editing. In healthcare and life sciences news, Sixth Street announced this morning that Nobel Laureate and University of California, Berkeley, Professor Jennifer Doudna will serve as the San Francisco firm’s chief science advisor.
Manufacturing reemergence. “Proactivity is critical” when buying in the competitive industrials sector, Robert Reifman, managing director, Lincoln International, tells me in an interview we published this morning on PE Hub.
In case you missed. The interview is part of my ongoing series of Q&As with high-profile private equity professionals. For more, see the conversations with Brent Gledhill, CEO and president of William Blair; Pam Hendrickson, vice-chairman of The Riverside Company; Randy Schwimmer, co-head of senior lending at Churchill Asset Management and founder and publisher of The Lead Left; David Grain, founder and CEO of Grain Management; and Beatrice Mitchell, co-founder and managing director of Sperry, Mitchell & Co.
40 under 40. Private Equity International is calling for nominations for its fourth annual rising stars of private equity list. PEI’s 40 under 40: Future Leaders of Private Equity will be published online and in the Future of Private Equity Special in early May. Submit your nomination by end of day Thursday February 17 here. The list will feature individuals across five categories: Investor (LP); Fundraiser; Dealmaker; Lawyer; Operator.
That’s all from me. Chris Witkowsky is on the Wire tomorrow — I’ll see you Thursday. MK
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) Roark Capital, owner of high-profile fast-food restaurant brands like Arby’s and Dunkin’, is nearing the final close of its sixth flagship buyout fund. (Buyouts Insider)
Following a pattern among tech-focused private equity firms, Banneker Partners is back in market with its second fund after closing its debut pool last year. (Buyouts Insider)
KKR shares dip after profit falls, but firm beats analyst view. (Market Watch)
"The world’s largest tech investors are pouring money into cryptocurrency infrastructure companies, as the growing industry struggles to keep up with new users." (Financial Times)
"OceanSound Partners has raised $780 million for its first fund, overcoming initial setbacks from the coronavirus pandemic and a crowded fundraising market to exceed its $550 million goal." (WSJ Pro)
"A California arbitrator hearing a dispute over a $325 million solar-power investment has ruled against private-equity investors in a preliminary decision that is expected to be finalized later this month." (WSJ Pro)
"Peter Thiel will not seek re-election to the board of Facebook’s owner Meta later this year, the social media group said on Monday." (Financial Times)
"SoftBank’s $66bn sale of UK-based chip business Arm to Nvidia collapsed late on Monday after regulators in the US, UK and EU raised serious concerns about its effects on competition in the global semiconductor industry." (Financial Times)
Vindi Banga, a partner with private equity firm Clayton, Dubilier & Rice, penned an item for the World Economic Forum detailing three reasons he believes his industry can lead the charge on ESG strategy.
"Cathie Wood, known for her investments in disruptive companies, is branching out into private equity for retail investors." (Barron's)
"Private equity attorney Robert Rizzo has joined Weil, Gotshal & Manges as a partner in New York, the firm said." (Reuters)
PE Deals
They said it “Buyers don't have the time or resources to compete in a drawn-out auction process, instead finding themselves willing to pay a steeper multiple to ensure they will win the asset and take it off the table extremely quickly.” — Robert Reifman, managing director, Lincoln International
Today's letter was prepared by MK Flynn 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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