Thoma Bravo’s $1.8bn NextGen ta ke-private deal tops a busy week

View this email online

Thoma Bravo’s $1.8bn NextGen take-private deal tops a busy week

Happy Friday, Hubsters. MK Flynn here with the Wire.

September is off to a great start if this week was any indication!

Deal announcements picked up, private equity folks came together enthusiastically for conferences and other gatherings, and at PE Hub, we brought aboard a senior reporter.

Throughout the week, dealmakers seemed cautiously optimistic, with many sources telling us that dealflow is starting to accelerate.

Mission critical

One deal that piqued my interest was Thoma Bravo’s agreement to take private NextGen Healthcare for $1.8 billion. NextGen develops software for handling electronic medical records (EMR).

For more on the deal and others in the sector, upgrade to the premium version of the Wire.

And speaking of Thoma Bravo, the firm hosted a media reception last night.

Buyouts’ Chris Witkowsky, New Private Markets’ Snehal Shah and I had fun chatting with folks from the PE firm and other journalists who cover private equity.

Check out the photo I took of Thoma Bravo co-founders Orlando Bravo and Carl Thoma, posted on my LinkedIn.

Golden age of private credit

Another gathering I attended this week was Private Debt Investor’s New York Forum 2023.

There were more than 450 attendees, a quarter of whom were LPs.

I moderated the investor panel, which included four LPs: Jennie Benza of General Electric Pension; Lin Maung of State of Wisconsin Investment Board; Douglas Porter of MainePERS; and Leslie Vargas of Resolution Life US.

To find out what LPs are looking for from GPs, subscribe to the premium version of the Wire.

Welcome aboard!

Last but not least, I’m delighted to announce that this week Michael Schoeck joined PE Hub as a senior reporter in New York.

Mike’s had a lot of experience covering private equity, M&A, distressed debt and bankruptcy. We both worked at The Deal back during the Global Financial Crisis. Later, he went to Mergermarket, where he edited a monthly private equity digest involving power, utilities and renewable energy companies. In recent years, he’s focused on renewable energy and has broken dozens of scoops on solar and wind power development companies coming up for sale.

In his free time, Mike has been an active hiker, first of the Catskills High Peaks and Hudson Valley, and recently embarking on the 46 Adirondacks High Peaks in upstate New York.

He’d love to hear from you at michael.s@pei.group.

And as always, you can reach me at mk.flynn@pei.group.

I’ll be back with more on Monday.

Have a great weekend,

MK

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

GPs expected smoother fundraising efforts towards the end of the year. That’s looking less likely with the SEC’s private funds reform. (Private Equity International)
Even post-covid, demand for data centers, fibre and towers continues to grow. In an Infrastructure Investor podcast, Palistar’s Omar Jaffrey and Eurazeo’s Laurent Chatelin discuss how current digital infra trends are aiding the transformation to a more connected and sustainable world, and how investors can benefit.
Why ‘buy now pay later’ is making a comeback in LP secondaries. (Secondaries Investor)
Data snapshot: The appeal of publicly listed impact strategies. While private markets can boast structural advantages in terms of dealflow and control, it is worth noting that for many investors public markets represent the entry point to impact investing. (New Private Markets)
While it is not yet a clearly defined strategy, there is a handful of firms that have identified the decarbonization of mid-market companies – let’s call them the real economy – as a compelling opportunity. (New Private Markets)
Has the SEC gone beyond its statutory mandate? The dissenters in the 3-2 vote, Uyeda and Peirce, seemed to welcome a court challenge. (Private Debt Investor)
Funds like AngelList and Alumni Ventures and vendors like Systematic Ventures are demonstrating how VC funds can be more efficient by using AI for legal work, portfolio monitoring, banking services, LP communications and more. (Venture Capital Journal)
Law firm McGuireWoods has expanded its securities enforcement and regulatory counseling group with the hires of Todd Beaton as partner and Andrew Mannarino as counsel. (Private Funds CFO)
Eaton Partners, which is building up its secondaries team, has lost a director who focused on the strategy, Secondaries Investor has learned.