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The Wire Oct. 15, 2021
TPG makes strategic investment in medical comms business BGB Group, Thoma Bravo sets targets for smaller funds Happy Friday!
Hope your week went well! Are you worried about inflation? How is it impacting your investing decisions and your existing portfolio? For the LPs, how are inflation concerns creeping into your plans? Let me know at cwitkowsky@buyoutsinsider.com.
Big one: Thoma Bravo is engaging in one of the most ambitious fundraising programs this year, targeting more than $27 billion across three funds to target from the largest to smallest sides of the tech market. The targets for Thoma Bravo’s three funds are set, though they don’t yet have hard caps, so that total could go higher. Check it out here on Buyouts.
Comms: TPG made a strategic investment in medical communications business BGB Group amid a surge in demand as biopharma and pharma companies deploy large amounts of capital to develop new therapies and successfully reach their target audience, writes Sarah Pringle on PE Hub today.
BGB works with medical marketing, strategic consulting, digital strategy and execution and promotional advertising. TPG invested in BGB through both its growth fund and its healthcare partners platform. Read it here.
That’s it for me! Have a great weekend. Reach me with thoughts and feedback, tips n’ gossip, The Drama or whatever at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Spicy: Mubadala Capital acquired K-MAC, a Taco Bell franchisee, from Lee Equity Partners. K-MAC acquired the business in partnership with existing management. Read more here.
Software: Francisco Partners invested $50 million in MATRIXX Software, which provides 5G monetization services for the communications industry. The investment will help MATRIXX to extend into new customer segments. Read it here.
Hire: Gauge Capital hired Chris Garvin as vice president of business development. Garvin joined from National Spine & Pain Centers, where he worked as senior vice president leading M&A for the organization. Read it here.
PE Deals
They said it
“Obviously if the manager is relying on the management fee to make money, as opposed to sustain operations, then that’s not driving performance the way carried interest does. This has long-term concerns for alignment between GPs and LPs.”
Chris Hayes, senior policy counsel for ILPA, talks to Buyouts about GPs shifting more costs off the management fee and directly charging LPs as fund expenses.
Today's letter was prepared by Chris Witkowsky 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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