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The Wire Feb. 1, 2021
Momtazee's Patient Square Capital beefs up team, GTCR inks complex healthcare deal, and two hot assets prep 2021 sales
Morning, hubsters!
Lots of news this morning in the land of private equity dealmaking – notable people moves, a $1 billion-plus surgical technologies deal and new assets prepping to come to market in some of the hottest industry pockets of investment.
In tech, Norwest Venture Partners-backed Galvanize is poised to kick off a sale process in the next few weeks – becoming the latest GRC (governance, risk and compliance) software platform to come to market, writes PE Hub’s Milana Vinn. Elsewhere, Riverside Co is preparing to put Greenphire on the block this spring, with the niche clinical trial payments technology business anticipated to field significant interest from a range of buyers, according to several people familiar with the firm’s plans.
New competition: Patient Square Capital, the PE shop launched by former KKR executive Jim Momtazee last year, is continuing to build out an impressive roster - bringing on a pair of seasoned healthcare investors from his former firm and Ares Management. The new hires include...
Read the full wire commentary on PE Hub.
As always, write to me at springle@buyoutsinsider.com with any deal tips, feedback or just to say hello. Have a great week!
Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards. Winners are chosen 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. Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian. If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.
Also of note (may require subscriptions) Bubble fears: SPACs have completed nearly $26 billion of share sales in January, surpassing the previous monthly record set in October, according to data compiled by Bloomberg. That’s helped fuel the $63 billion of IPO fundraising worldwide this year, more than five times the proceeds from the same period a year earlier, the media outlet writes. Read more here.
Quick moving: HIG Capital is already one-third of the way to raising a second strategic partners offering it officially launched a few weeks ago, Buyouts writes. HIG created the strategic partners option to give select limited partners the opportunity to invest in forthcoming offerings. Read more here.
Investing in credit: Atalaya Capital Management is targeting $900 billion on the Fund V in its “asset income” private credit series. The fund will focus on “lower risk and return” situations where the underlying assets are performing well, according to a memo from consultant Cliffwater. Check it out on Buyouts.
PE Deals
They said it “A lot of things have been accelerated on the issuance side,” he said. “That sort of intensity and pace cannot be sustained for long. It’s good to raise money at a good time, but you also need to have a reason for doing it.” Gaetano Bassolino, head of global banking for Asia Pacific at UBS Group AG, said in an interview with Bloomberg on Friday.
Today's letter was prepared by Sarah Pringle 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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