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Shutterstock picks up Giphy; Baird backs Freemarket; MSCP shares Ovation growth strategy

Hello Hubsters! MK Flynn here, back from vacation.

There’s M&A news this morning featuring public tech companies, with Shutterstock agreeing to buy Giphy from Facebook parent Meta. 

Subscribers will find more details about the dealin theto the Premium version of the PE Hub Wire.

In the private equity realm, we’ve got acquisition news from Baird Capital and an interview with Morgan Stanley Capital Partners about an exit.

B2B tech adoption

Earlier today, Baird Capital unveiled a growth capital investment in London-based fintech platform Freemarket, providing a partial cash-out to existing shareholders.

“The B2B payment segment has lagged behind B2C from a technology adoption perspective, but as digitalization increasingly permeates the business landscape, B2B tech adoption within payments is increasing,” Baird partner Michael Holgate told PE Hub Europe’s Nina Lindholm.

Subscribers may read more about Baird’s strategy for add-ons.

Fertility services

Morgan Stanley Capital Partners, buoyed by the growing demand for fertility services, achieved a compounded annual revenue growth rate of above 20 percent in about three years during the hold of Ovation Fertility, Steve Rodgers, the firm’s managing director and head of healthcare, told PE Hub’s Obey Martin Manayiti.

MSCP sold the company to US Fertility, which is backed by Amulet Capital Partners, in April.

Read Obey’s full story for more, including details on the acquisitions Ovation made under MSCP’s ownership.

That’s all for today.

Buyouts’ Chris Witkowsky will be back tomorrow with the Wednesday Wire, and I’ll be with you on Thursday.

And if you happen to be vacationing in Delaware – as I was last week – be sure to check out the Peninsula Gallery in Lewes, where my friend John Aquilino is the Guest Artist of the Month. His seascapes are lovely!

All the best,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Centre Partners, the mid-market focused shop, closed a deal that gives it more time and capital to grow two portfolio companies in a transaction that reached final close despite the overall challenging markets. (Buyouts)

A large state pension has reportedly inked a mandate with banks to issue a publicly rated collateralized fund obligation of private equity interests, eyeing the third or fourth quarter for the deal, according to a person involved with the deal. (Private Funds CFO)

Alaska Permanent Fund will lower its private equity target and embark on a reduced pacing plan for FY 2024. Alaska CIO Marcus Frampton has taken a contrarian stance on private equity, claiming high valuations and a changing economy make the asset class expensive. (Buyouts)

Mizuho Financial Group has agreed to acquire Greenhill in a $550 million transaction that includes the latter’s secondaries business. (Secondaries Investor)

Partners Group’s Adrien-Paul Lambillon and G2 Venture Partners’ Valerie Shen discuss why ESG is important to them and look at how the industry can make progress in the latest installment of Private Equity International's On the Minds of Millennials podcast.

Pantheon exceeded its target for Pantheon Credit Opportunities Fund II, holding a $590 million final close on the vehicle this month. With the fund substantially deployed, global head of private credit Rick Jain detailed to Secondaries Investor the “huge opportunity” the firm sees in the credit secondaries market.

British International Investment, the UK development finance institution, has made its first investment in Southeast Asia since launching a new investment strategy focused on climate finance in the region. (Infrastructure Investor)

Managers ought not focus on comprehensive impact assessment frameworks when pitching impact strategies to investors, but should concentrate on demonstrating additionality and intentionality, according to a panel of allocators at last week’s Impact Investor Global Summit. (New Private Markets)

A confluence of market events are fuelling growth in the demand for NAV and hybrid facilities, write lawyers from Reed Smith in an opinion piece for Private Equity International.