Northleaf buys EVPassport; BV extends ownership of Right Networks; and Elizabeth Crain moves on

View this email online

Northleaf buys EVPassport; BV extends ownership of Right Networks; and Elizabeth Crain moves on

Good morning, Hubsters. MK Flynn here with the Wire.

Today, we’re looking at a couple of deals in the energy sector, one announced this morning by Northleaf Capital Partners involving EV charging stations and another announced earlier in the week by SK Capital involving hydrocarbon waste management.

In other news… With exits hard to find these days, more PE firms are turning to continuation strategies. This morning, BV Investment Partners announced the closing of a single-asset continuation fund deal.

And finally, we’ll share some people news from Moelis & Co.

EV transition

Northleaf Capital Partners, a Toronto-based private markets investment firm, has agreed to acquire a controlling stake in EVPassport, an electric vehicle charging platform provider based in Los Angeles.

For more about the deal, upgrade to the premium version of the Wire.

Hydrocarbon waste management

Demand for environmental services is growing as companies in the energy and industrial sectors aim to meet tougher regulations and ambitious decarbonization goals. Earlier this week, New York headquartered SK Capital Partners completed the acquisition of Houston-based Milestone Environmental Services from Amberjack Capital Partners, also based in Houston.

PE Hub’s Obey Martin Manayitispoke with Jack Norris, SK Capital’s managing director, to learn more.

Upgrade to read the interview.

Extension course

BV Investment Partners, a Boston-based PE firm focused on tech-enabled business services, software, and IT services, announced today the closing of a single-asset continuation fund transaction for Right Networks,a provider of cloud-based software for tax and accounting firms.

For more on the deal, including the PE firms participating, upgrade to the premium version of the Wire.

And for more the rising trend of continuation funds, see ongoing coverage from Buyouts, including this story about a multi-asset fund deal run by Leonard Green & Partners.

Moving on

Elizabeth Crain is leaving Moelis & Co. to pursue other business interests, the New York-based investment bank confirmed. Widely considered one of the most influential women in M&A, Crain, who is a co-founder of the firm, has served as chief operating officer since its founding in 2007. She will depart at the end of the first quarter of 2024.

To learn what Ken Moelis said, upgrade your subscription.

On that note, I’ll sign off. Tomorrow, Obey will be with you to close out the week, and I’ll be back on Monday.

All the best,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Aurora Capital collected about $1 billion for its latest flagship fund that is targeting the largest amount yet in the tough fundraising environment. (Buyouts)
Goldman Sachs has struck a deal to sell its GreenSky platform and associated loan assets to a consortium of institutional investors led by fund manager Sixth Street. Terms of the deal were not disclosed. (Private Debt Investor)
Seaside Equity Partners, which last December closed a second private equity fund, beefed up its executive ranks with the hire of two managing directors, sources told Buyouts.
Patience needed for those anticipating next NPL wave: No-one should expect a sudden 2008-style surge in non-performing loans, but economic headwinds are expected to eventually translate to a promising opportunity set. (Private Debt Investor)
Pantheon has filed to register a dedicated private credit secondaries-focused investment strategy dedicated to the US private wealth market as an increasing number of firms attempt to tap non-institutional capital. (Secondaries Investor)
Investors convened at the Who Will Own the Forest? conference in Portland discussed timberland’s newfound appeal, as demonstrators’ sawdust attack and reports of smashed windows reflected the growing profile of the asset class. (Agri Investor)
Specialist care needs reform: Many of the practices private capital has been criticized for exist regardless of ownership type – which is why the right regulatory framework is key. (Infrastructure Investor)
Fossil fuel-based energy production is needed to support more electrification and increased transmission in the economy, Utah Retirement Systems CIO John Skjervem tells Alaska Permanent Fund's board. (New Private Markets)
Invesco Real Estate has become one of the few managers to close on institutional equity for a closed-end European fund in 2023, PERE can reveal.