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PE-backed wealth manager in fresh add-on; GA on Partners Capital plans; Inyarek founder profile

Morning Hubsters, Craig McGlashan here with the Tuesday Wire.

It’s an exciting week here for everyone at PE Hub and the wider PEI Group with the inaugural NEXUS event launching tomorrow.

But in the meantime, we’re taking a look at financial services, where a private-equity-backed wealth manager has made another add-on, while we also take a deep dive into General Atlantic’s plans for outsourced investment office Partners Capital Investment Group.

Next, we have the latest in our new Dealmakers to Watch series, as Michael Schoeck chats to Inyarek’s founders about the new firm’s energy transition focus.

I then feature a piece from PE Hub Europe about how Inflexion has been receiving a lot of interest for its corporate partnership strategy, before we finish with a quick preview for NEXUS.

More Mercer

Acquisitive wealth manager Mercer Global Advisors has made another add-on, with the private-equity-backed company buying Seattle-based wealth management firm MDK.

Read more in the subscriber version of the Wire.

Outsourcing CIO surge

Sticking with financial services, and General Atlantic wants to grow outsourced investment office Partners Capital Investment Group through technology implementation and management evolution, amid a growing market for outsourced providers, managing director Caroline Woodworth told Nina Lindholm.

Subscribe to the full version of the Wire to find out more.

Energy transition

We’ve got another entry in our new Dealmakers to Watch series online today.

After 15 years together at Old Ironsides Energy, a conventional energy PE investor spun off of Liberty Energy Holdings (a Liberty Mutual subsidiary), Chris Stoeckle, Brett Estwanik and Paul Kaboub formed Inyarek Partners this year to focus on energy transition businesses, writes Michael Schoeck.

For other profiles in the Dealmakers to Watch series, read:

• Matt Leeds seeks proven brands with potential to grow for new firm

• OEP’s Greg Belinfanti on building better businesses through adversity

Is there someone you’d like to see profiled by PE Hub? Send suggestions to editor-in-chief Mary Kathleen Flynn at mk.flynn@pei.group

Corporate partnerships

There’s a bit of a trend developing in Europe for corporate partnerships, where private equity firms carve out part of a business but only take a minority stake.

Mid-market private equity firm Inflexion has been inundated with enquiries from companies interested in its corporate partnering model over the last two months, David Whileman, partner and head of partnership capital, told PE Hub Europe.

I’d be interested to know whether any of our readers are seeing demand for similar deals in North America.

Send your thoughts over to me at craig.m@pei.group

One day to go...

We’ve got an unprecedented lineup of thought leaders speaking at NEXUS later this week, including Carlyle’s David Rubenstein, KKR’s Scott Nuttall and Oaktree’s Howard Marks.

On Thursday, PE Hub editor-in-chief MK Flynn is conducting a Fireside Chat with Thoma Bravo’s Orlando Bravo. They’ll discuss the current climate for tech deals and the role private equity plays in building tech companies, or “turning great innovators into great businesses,” as Bravo puts it.

MK is also chairing the Dealmaking Track, featuring Pam Hendrickson, vice chairman and COO ofthe Riverside Company and chairman of the board of the American Investment Council; Suzanne Yoon, founder and CEO of Kinzie Capital Partners; Andi Klein, managing partner, head of Triton Smaller Mid-Cap; and Kate Faust, partner, Rockwood Equity Partners.

OK that’s all from me today. In a change to your usual schedule, Rafael Canton will be on Wire duty tomorrow as Chris Witkowsky is at NEXUS.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

American Industrial Partners hired a veteran fundraiser and limited partner relations executive as it works to build up its investor networks in between fundraisings, a source told Buyouts.

Aren LeeKong, the vice-chairman of global credit and head of direct lending at The Carlyle Group, has left Carlyle “to pursue new opportunities professionally,” according to a memo seen by Private Debt Investor.

Berkshire Partners, one of the industry’s oldest private equity firms, set a $6.5 billion target for its 11th flagship buyout offering. (Buyouts)

A larger-than-life industry figure like Mike DiRe, senior investment director of private markets at the California State Teachers’ Retirement System, is defined by more than the size of the portfolio he manages and the track record he has built. Beyond the typical facts and figures, here are three essential pieces of information about this year’s PERE Lifetime Achievement Award winner.

Rothschild & Co has has hired Wouter Moerel, former secondaries lead at AlpInvest Partners, as senior adviser in the private capital advisory team, according to a statement. (Secondaries Investor)

Amsterdam-headquartered DIF Capital Partners’ seventh flagship fund raised €4.4 billion against a €4 billion target, while the third core-plus fund went €100 million above its €1.5 billion target. (Infrastructure Investors)

They said it

“We also will look at technology to aid the connectivity that customers need, which is increasingly digital, albeit the human touch will never be replaced.”

— Caroline Woodworth, managing director, General Atlantic, on the plans for Partners Capital Investment Group