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STG takes Pro Tools maker private; CORE Industrial adds on; healthcare M&A picks up

Good morning, dealmakers. Obey Martin Manayiti here with the Wire.

As LPs seek liquidity, some GPs are seizing the opportunity. To that end, Ardian just announced it has scooped up a $2.1 billion portfolio of LP interests in 20 PE funds from Canada Pension Plan Investment Board. We’ve got the details below.

Earlier this morning, PE Hub was the first to report that Lincoln Road Global Management is acquiring a pair of landscape service providers. We’ve seen other PE firms invest in similar services, which are considered recession-proof.

And as cybersecurity threats continue to soar, PE firms continue to invest in the sector. Today, Falfurrias Capital Partners announced a new platform investment.

Opportunity knocks

Ardian just revealed that it is acquiring a $2.1 billion portfolio of LP interests in 20 North American and European private equity funds from Canada Pension Plan Investment Board, as the Paris-based firm ratchets up its secondaries business.

To learn more about this deal, please subscribe to the premium version of the Wire.

Landscaping

PE Hub has seen a slew of landscaping deals this year, as private equity firms view the services as recession-resilient. The Miami-headquartered Lincoln Road Global Management is announcing that it is acquiring a pair of companies that serve customers in the so-called Sun Belt states, where the population is growing quickly.

Lincoln Road is buying Silversand Services and SLI Landscape and combining them with its existing portfolio company Zodega Landscaping. The three companies, all of which are headquartered in Houston, will operate under the Silversand Services moniker.

We have more on this deal and similar investments in the premium version of the Wire.

Cybersecurity

Falfurrias Capital Partners hasmade a platform investment in Synergy ECP, a provider of software engineering, cybersecurity and systems engineering services for the US Intelligence Community and Defense Department.

Premium subscribers have access to more detail on this deal.

That’s it for me today.

Michael Schoeck, who joined PE Hub in September, will be writing his debut newsletter tomorrow.

Have a nice day,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

California Public Employees’ Retirement System contributed $3.4 billion more to private equity funds than it received in distributions during the third quarter of 2023. (Buyouts)

The recent rise in costs and challenges in PPA agreements in the US offshore wind market “has not led to a reconsideration” of the merits and profitability of the industry by financial investors, according to Martin Neubert, chief investment officer of Copenhagen Infrastructure Partners. (Infrastructure Investor)

TPG has closed its third Rise Fund, its generalist private equity impact strategy, at $2.7 billion, narrowly missing its $3 billion target. Meanwhile, two Rise Climate private equity and infrastructure funds are slated for launch in the coming months. (New Private Markets)

TPG is also set to wrap up fundraising for its ninth flagship private equity fund and second healthcare fund by the end of the year, CFO Jack Weingart said on the firm’s third-quarter results call Tuesday. (Private Equity International)

Citco added a pair of features to its CitcoConnect platform that aims to help sponsors adapt to a tougher fundraising environment by making investor onboarding smoother and allowing GPs to focus more on wooing would-be LPs. (Private Funds CFO)

Adams Street Partners has closed its 2023 Global Fund with $820 million in committed capital, according to a statement. (Secondaries Investor)

Successful fundraiser Black Opal shares insights for other first-time funds: The health tech-focused firm, founded by Tara Bishop and Eileen Tanghal, has raised $58m from an impressive list of institutions, including Eli Lilly, Bank of America, JPMorgan Asset Management and Henry Ford Health. (Venture Capital Journal)