| | | | | | | Happy Friday! I can't get enough of this warm weather. We'll be breaking out the barbeque this weekend. I'm thinking of some marinated chicken and veges on skewers. Vista sets cap: Vista Equity is now out in the market with all its private equity-style funds. The firm has set a $2.5 billion cap on its third Foundation Fund, which would be a huge jump from Fund II that closed on $1.1 billion in 2013. I wouldn't be surprised if Vista ends up going beyond $2.5 billion considering the demand I'm hearing for the fund from LPs. Everyone seems to expect Vista to go as large as possible, but the question is will LPs push for size discipline? Women in PE: We've been happy to hear back from a lot of you on our Women in PE feature in the March 7 issue of Buyouts. We're proud of our work on this important issue and plan to keep a focus on diversity in private equity going forward. I'm looking into a story, for example, about the varying leave policies around the industry, which I've heard can range from no policy at all, to a fixed amount of weeks with no pay, all the way up to the biggest firms that are very progressive with their leave policies – both for women and men. It's hard to imagine any organization would not have a leave policy today, but anecdotally I've heard that is the case. Let me know if you have some thoughts. While pretty much all the feedback we've received was either positive or constructive, I did receive one really inappropriate note from an anonymous emailer. I'm not going to repeat the note here because it's not worth it. Sadly, while we are celebrating and exploring this issue of diversity in the industry, there are people out there who can't drag their minds out of the muck of their own intolerance. It's a reminder of why it's important to keep a focus on this issue, to make sure it's consistently top of mind challenging preconceptions of what private equity is supposed to look like. |  | | Today's Take | | | PE HUB First Read First Read takes you into the bbq-style weekend with news Carlyle got an extension for a boom-era mega-fund, Porsche plans to take on Tesla and hero on the subway uses illegal device to jam cell phone signals for peace and quiet. PE HUB Second Opinion In Second Opinion, Twitter offers additional restricted stock and cash bonuses to rein in talent flight, Bridgewater hires ex-Apple exec as co-CEO, PE-backed Krispy Kreme plans London IPO. Goldman's private equity pioneer Sanjeev Mehra to retire: Reuters Sanjeev Mehra, one of the pioneers of the private equity business at Goldman Sachs Group Inc, will retire after nearly 30 years of service, according to an internal memo viewed by Reuters. Time is right for energy services owners to seek PE capital The businesses that will best maximize their value are those that take proactive steps now, including selling a stake in their firm in return for a crucial capital infusion. Crocker moves into advisor role as Snowbridge execs resolve dispute Snowbridge Advisors' two co-managing partners have resolved a dispute and are going their separate ways. Vanedge leverages strong returns in C$104 mln first close of Fund II Vancouver-based investor, which backs North American tech companies, expects a final close within the next 12 months Data spotlight: U.K.-based companies raised nearly €339 mln in February France leads all European countries, with 28 companies in the country during the month | Meet The Man Who President Bill Clinton Described As
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| | | | VC Deals | | | Justworks raises $33 mln in Series C funding Justworks, an HR and payments platform, raised $33 million in a Series C funding round led by Redpoint Ventures with participation from existing investors Bain Capital Ventures, Thrive Capital and Index Ventures. The round brings Justworks' total funding to $53 million. Avametric racks up $10.5 mln for virtual fitting room Avametric, which is developing a software platform to recreate the fitting room experience virtually, raised $10.5 million, which includes a recent Series A funding round led by Khosla Ventures. Keith Rabois, partner at Khosla, and Ivy Ross, vice president and head of project Aura at Google, joined the company's board. Khosla led Avametric's seed funding round, which included participation from Y-Combinator, among others. Propel raises $4.2 mln Series A from Cloud Apps, Salesforce and SignalFire Propel said it raised $4.2 million in a Series A financing led by Cloud Apps Capital Partners and joined by Salesforce Ventures and SignalFire. The capital will support sales and marketing efforts, and accelerate the development of the company's product lifecycle management product. Matt Holleran of Cloud Apps Capital Partners will join the board. Saban Capital leads $11.5 mln investment in website Bustle Bustle, a digital media property targeting millennial women, raised $11.5 million in additional funding. The investment round was led by Saban Capital Group with participation form GGV Capital. Existing investors Time Warner Investments, General Catalyst Partners, and Social Capital also participated. Richard Yen, managing director of private equity at Saban Capital, will join Bustle's board. Penrose Studios gets $8.5 mln seed for VR movies San Francisco-based Penrose Studios, which makes virtual reality movies, raised an $8.5 million seed round led by Accelerate-IT Ventures with participation from TransLink Capital, Suffolk Equity, 8 Angel and several angel investors. Virtuix targets $10 mln in Regulation A offering Virtuix said it will move forward with a mini IPO under the new Regulation A rules, targeting a $10 million fundraise. The fundraising will kick off on March 23 on the SeedInvest crowdfunding platform, and the online maximum for round is $15 million, the company said in a press release. The virtual reality company received more than $30 million of indicated interest in the round from more than 3,300 potential investors and has institutional interest from Scentan Ventures, Western Technology Investment, Tekton Ventures, and Scout Ventures, according to the press release. Whistle Sports scores $20 mln Series C from NBC Sports, Tegna, others New York-based Whistle Sports, a digital sports media content company, raised $20 million in Series C funding, according to a spokesperson at the company. Tegna Inc, formerly known as Gannett Co Inc, NBC Sports Ventures, the investment arm of NBC Sports Group, Sky and Emil Capital participated in the round. Whistle Sports raised $28 million in Series B funding in January 2015. Ignition leads $15 mln Series B for Icertis Icertis, a provider of contract lifecycle management in the cloud, closed a $15 million Series B funding round led by Ignition Partners, with participation from existing investors Greycroft Partners and Fidelity Growth Partners India. John Connors, managing partner at Ignition and former CIO and CFO at Microsoft, will join the company's board. The new round brings the company's total funding to $21 million. Golden Seeds leads $2 mln Series A for Constant Therapy Constant Therapy, a developer of brain rehabilitation apps based in Boston, raised $2 million in a Series A financing round led by Golden Seeds with participation form Kapor Capital, Launchpad Venture Group, Pond Capital and Community Health Network of Connecticut. The company was founded in 2013 by Boston University professor Swathi Kiran. | | Jump Start Your Fundraising at PartnerConnect East
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| | | | | Clearlake forms food and wellness platform with food industry veterans Clearlake Capital Group is partnering with food industry veterans Jason Cohen and Leigh Feuerstein to launch Better For You Holdings, a platform to invest in food and health and wellness opportunities. Cohen and Feuerstein run Halen Brands, which invests in the high-growth segments in the food products sector. The firm didn't disclose financial details of the partnership. Paine & Partners-backed WireCo taps Goldman Sachs for rescue financing: Reuters WireCo WorldGroup Inc, one of the world's largest manufacturers of steel and synthetic rope, is working with investment bank Goldman Sachs Group Inc (GS.N) to explore rescue financing options, according to people familiar with the matter. Carlyle to buy JenCap Holdings, Wholesale Trading assets for insurance platform The Carlyle Group agreed to acquire a majority stake in wholesale insurance broker JenCap Holdings LLC and the assets of Wholesale Trading Co-Op Insurance Services, which will be re-named Wholesale Trading Insurance Services LLC. Wholesale Trading is currently owned by its management team and external private investors. Financial terms of the deal were not disclosed. The deal positions JenCap, which will be based in New York, to be a consolidator of specialty insurance distribution and services businesses. Altus Capital buys Nichols Portland Altus Capital Partners acquired Nichols Portland, a division of Parker Hannifin Corp. Headquartered in Portland, Maine, Nichols Portland makes pumps and gears. Carlye invests in Japanese bean sprout company GGC The Carlyle Group invested in GGC Group. Financial terms of the investment were not disclosed. Based in Japan, GGC is the owner of Kyushu GGC Ltd and bean sprout brand Meisui Bijin. Equity for the transaction came from Carlyle Japan Partners III LP. Oaktree, Cornerstone to buy ProService Agent Transferowy from Highlander Oaktree Capital Management LP and Cornerstone Partners agreed to buy ProService Agent Transferowy from Highlander Partners. Financial terms of the deal were not disclosed. Based in Poland, ProService is a transfer agent and provider of business process outsourcing. Audax to recapitalize Gastro Health Audax Private Equity agreed to recapitalize Gastro Health PL. Based in Miami, Gastro Health is a gastroenterology physician practice management company with 21 centers across South Florida Riverside leads $35 mln investment in Soothe Soothe, a message and wellness company based in Los Angeles, raised $35 million in growth financing led by returning investor The Riverside Company. The round brings Soothe's total funding to $47.7 million. Time is right for energy services owners to seek PE capital The businesses that will best maximize their value are those that take proactive steps now, including selling a stake in their firm in return for a crucial capital infusion. | How can you get involved at Buyouts East? ACG Boston
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| | IPOs | | | | | Virtuix targets $10 mln in Regulation A offering Virtuix said it will move forward with a mini IPO under the new Regulation A rules, targeting a $10 million fundraise. The fundraising will kick off on March 23 on the SeedInvest crowdfunding platform, and the online maximum for round is $15 million, the company said in a press release. The virtual reality company received more than $30 million of indicated interest in the round from more than 3,300 potential investors and has institutional interest from Scentan Ventures, Western Technology Investment, Tekton Ventures, and Scout Ventures, according to the press release. | | | | | | | Investindustrial in talks to buy Chicco for 1 bln euros: Reuters Private equity firm Investindustrial is in exclusive talks to buy Italian baby products brand Chicco for about 1 billion euros ($1.1 billion), a source close to the matter said confirming press reports. WM's Wellnext to buy Natural Dynamics' assets Wellnext LLC, a nutritional supplement company owned by WM Partners LP, agreed to acquire all of Natural Dynamics LLC's assets. Austin-based Natural Dynamics owns nutritional supplement brands as well as an educational site, Organic Connections. Westbridge-backed Energist Medical buys part of Chromogenex Tech Westbridge Capital portfolio company Energist Medical Group, a maker of medical aesthetic equipment, bought part of Chromogenex Technologies Ltd, a Welsh business that recently went into administration. Energist acquired the global rights outside the US to the Chromogenex name and a range of i-Lipo brands and products. Lariat-backed LaMi Holdings merges with ATA Retail Services Lariat Partners-backed LaMi Holdings LLC merged with ATA Retail Services LLC. The combined entity is a provider of impulse purchase programs to retailers. VC-backed Inrix buys OpenCar Venture capital-backed Inrix Inc, a provider of connected car services based in Kirkland, Washington, acquired OpenCar Inc, an automotive software and services provider based in Seattle. Financial terms of the deal were not disclosed. Inrix has raised funding from firms including Kleiner, Perkins, Caufield & Byers, August Capital and Bain Capital. | | Firms & Funds | | | | | Mucker Capital launches $45 mln seed-stage VC fund Mucker Capital launched Mucker III, a $45 million seed-stage venture capital fund. Like the firm's first two funds, Mucker III will invest in internet-enabled software and services startups with a focus on companies in the greater Los Angeles area. The fund will support seed-stage venture investments as well as pre-seed investments via MuckerLab, the firm's accelerator program. Long Ridge closes second fund at $227 mln Long Ridge Equity Partners, a growth capital firm based in New York, closed its second fund with $227 million in commitments. Like its predecessor, Long Ridge Equity Partners II LP will target investments in growing financial services companies that have between $5 million to $50 million of revenue. | | Human Resources | | | | | H.I.G. hires BNP Paribas exec as managing director with Bayside H.I.G. Capital hired Giuseppe Mirante as managing director of Bayside Capital, the firm's distressed investing affiliate. Mirante, who will be based in London, joined the firm from BNP Paribas, where he was head of distressed and loan research. Prior, Mirante worked as a European credit and distressed analyst at Cyrus Capital and Trafalger Asset Managers. He also co-founded Tigon Capital, an advisor for private equity and credit funds. Goldman's private equity pioneer Sanjeev Mehra to retire: Reuters Sanjeev Mehra, one of the pioneers of the private equity business at Goldman Sachs Group Inc, will retire after nearly 30 years of service, according to an internal memo viewed by Reuters. | | Odds & Ends + Hot Links | | | | | PE HUB First Read First Read takes you into the bbq-style weekend with news Carlyle got an extension for a boom-era mega-fund, Porsche plans to take on Tesla and hero on the subway uses illegal device to jam cell phone signals for peace and quiet. PE HUB Second Opinion In Second Opinion, Twitter offers additional restricted stock and cash bonuses to rein in talent flight, Bridgewater hires ex-Apple exec as co-CEO, PE-backed Krispy Kreme plans London IPO. |
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