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Osceola, Renovus and Vistria are consolidating hospice care; what NYC pension investment head says is 'essential' in today's environment

Good morning, Hubsters. MK Flynn here in New York with the US edition of the Wire.  

PEI Group’s NEXUS 2025 summit is just two weeks away! 

I’m looking forward to moderating a leaders panel on “Mega forces that can reshape the world.”  

The featured speakers for that are:

• Brian A. Bernasek, partner and co-head of Americas corporate private equity, Carlyle
• Joe Osnoss, managing partner, Silver Lake
• David Sambur, partner and co-head of equity, Apollo Global Management 

Shoot me an email if you’ve got thoughts on today’s dealmaking environment you’d like to hear us address at NEXUS: mk.flynn@pei.group 

Today on the Hub, we’re showcasing an interview Chris Witkowsky did with NEXUS featured speakers Eneasz Kadziela and Jonathan Lesser from New York City’s pension system.

And in dealmaking trends, today we’re highlighting John R Fischer’s look at why PE firms are investing in hospice care. 

All about the exits 

Eneasz Kadziela, in charge of running billions of dollars of private equity exposure for New York City’s pension system, has some advice for private equity GPs: find some exits. 

“GPs are not doing enough to generate distributions naturally through exits,” Kadziela told private equity editor Chris Witkowsky. “We’re hopeful that 2025 should continue to improve and DPI should come up, because market conditions have been getting better for the private equity industry.”  

Upgrade to the premium version of the Wire to hear about NYC’s strategy for co-investing with GPs from Kadziela, a featured speaker at NEXUS 2025.

And for more of what to expect at NEXUS 2025, check out my recent conversation with Thoma Bravo’s Orlando Bravo, and Craig McGlashan’s Q&A with Bridgepoint’s Xavier Robert.  (Bridgepoint is the owner of PEI Group, publisher of PE Hub,  Buyouts  and other titles.) 

Hospice care consolidation 

The hospice care industry consists of tens of thousands of small agencies across the US. Within this fragmented market, PE firms are seeing potential to build regional platforms, reports PE Hub’s John R Fischer. 

John spoke with dealmakers from Osceola Capital Management, Renovus Capital Partners and The Vistria Group about theirstrategies for consolidating the hospice care sector.

You can read all about it by upgrading to the premium version of the Wire.

That’s all for today. Tomorrow, Nina Lindholm will bring you the Europe Wire, and Michael Schoeck will bring you the US edition. 

All the best, 

MK

Read the full Wire commentary on PE Hub ...

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Investors in the infrastructure space need to be aware of the risks of the asset class as they look to meet the tailwinds of the energy transition and digital infrastructure, Matthew Ritter, partner and head of real assets at US-based LP consultant NEPC, told Infrastructure Investor.

The New Private Markets Podcast, which focuses exclusively on sustainability issues in private equity, venture capital, private debt, real estate and infrastructure, has launched with four cracking episodes to listen to on your commute, daily jog, cafe visit or however you ingest. All in one handy page.

• Navigating the sustainability ‘hype cycle’ with Carlyle’s Megan Starr
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• Building a private markets firm for the ‘missing middle’

Deals

They said it

“I believe knowing when and how to exit an investment, and asset-level exit preparedness, have always been crucial, but have become essential in today’s environment.”

— Eneasz Kadziela, on how New York City’s pension system co-invests with GPs

Today's letter was prepared by MK Flynn

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