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The Wire May 11, 2021
TPG makes Winkelreid sole CEO, TSG divests Nuun, Incline invests in wine distributor
Happy Tuesday, everybody!
Private equity giant TPG is making headlines with news of a big C-suite reshuffling. Jim Coulter, one of the founders at TPG, stepped away from his role as co-chief executive, leaving Jon Winkelried as the sole CEO. Coulter is shifting focus to the impact investing business and will become executive chairman at the firm. Particularly, he plans to lead TPG's Rise Climate fund, which was raised alongside former US Treasury Secretary Hank Paulson.
In other deal news, Incline Equity Partners made an investment in wine importer and distributor, The Mad Rose Group, marking its second bet in the wine sector, having owned The Country Vintner from 2008 to 2011. Also, TSG Consumer Partners sold its stake in hydration supplement brand Nuun to Nestlé Health Science. The brand became a part of TSG's portfolio in 2017, and since then has expanded into additional product categories and channels, according to the press release posted on PE Hub.
Read the full wire commentary on PE Hub...
That's it for today! Have a great week ahead, and as always, write to me at karishma.v@peimedia.com with your tips, comments or just to say hello!
Also of note (may require subscriptions)
Second thoughts: Pennsylvania State Employees’ Retirement System has reduced its private equity target to make room for a new allocation to microcap public equities. This comes amid a re-think of the $34.8 billion pension’s public and private equities under chief investment officer Seth Kelly, who took over last year. Read it on Buyouts.
PE cashes in on bitcoins: Private equity firm Atlas Holdings bought a once-abandoned Greenidge power plant in upstate New York to mine bitcoins. Read the report on Ars Technica.
Emerging VC managers: Mega-funds ruled in Q1, as the quarter saw record-breaking fundraises, according to the latest quarterly NVCA and PitchBook report, but there are still plenty of opportunities for smaller emerging managers to raise capital from LPs, a panel of experts noted. Read VCJ report.
PE Deals
They said it “We have said, ‘You need to figure out what sustainability means for your company, beyond just publishing a nice report.’ ” Rémi Carnimolla, a partner and managing director at 3i Group told execs at his portfolio companies, reports PEI.
Today's letter was prepared by Karishma Vanjani 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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