Monitor
Private Capital Monitor
28th April 2023
Worth a read
The Financial Times reports that executives from Blackstone, Advent, and Brookfield have met with UK Labour leader Sir Keir Starmer and shadow chancellor Rachel Reeves to discuss future investment in the UK, despite Labour’s plans tax reforms with the aim of ending the carried interest loophole.
Liad Meidar, managing partner of activist investor Gatemore Capital Management, writes for Private Equity News on the industry’s interest in UK PLCs. Meidar believes that firms need to engage with shareholders to find value in the opportunities brought about by the dislocations in UK equity markets.
John Stepek writes for his Money Distilled newsletter that investment trusts specialising in private equity are trading at large discounts, but if recent valuations are anything to go by, these discounts may offer significant value.
Chris Cumming writes for the WSJ Pro that Staple Street Capital’s share of Dominion Voting Systems’ $787.5 million defamation settlement with Fox Corp. is likely to be far smaller than anticipated, after factoring legal fees and damages to Dominion’s value.
According to Moody’s, private equity’s desire to preserve equity and avoid bankruptcy is fuelling the trend of distressed firms choosing out-of-court “distressed exchanges,”. With many companies defaulting again after such restructurings.
Wall of money
LCM Partners closes Credit Opportunities 4 strategy at €4.1bn
Commitments have been received from 23 limited partners with support from many of the largest institutional investors globally including pension plans, sovereign wealth funds and insurance companies from North America, Europe and Asia.
TPG closes TPG Tech Adjacencies II above target at $3.4bn
Fundraising for TPG Tech Adjacencies II, the firm’s second fund for its strategy dedicated to providing flexible capital solutions to the technology industry, and its related vehicles more than doubled the capital raised for the inaugural TTAD fund in 2018.
Hunter Point Capital raises $2.66bn for debut GP stakes fund
The debut fund, Hunter Point Capital Fund I, a GP stakes investment vehicle, exceeded its original target of $2.5 billion, according to a report by BuyoutsInsider.
VC Greycroft raises over $1bn across two funds
The capital commitments, which will look to invest in early and growth-stage businesses , will bring the total raised by the company since inception to $3 billion since the company’s inception.
Carlyle closes latest Asia fund at $950m
Carlyle Group has closed its latest Asia-focused buyout fund – Carlyle Asia Growth Partners VII, which launched in April 2021 – short of its original target of $1 billion, according to a report by DealStreetAsia.
Deal Chart
| Acquisition Target | Buyer | Seller | Value | Date | Region | Sector |
| Fusion Risk Management | Great Hill Partners | Visa Equity | n/a- | 27/04 | North America | Software & Tech Services |
| IMG Academy | BPEA EQT | Endeavour Group Holdings | $1.25bn | 26/04 | North America | Education |
| Witec | Gimv | – | n/a | 26/04 | Netherlands | Design Manufacture |
| Kwabo | Bolster Investment Partners | – | n/a | 25/04 | Netherlands | Buildings Manufacture |
| Northavon | OCU Group | – | n/a | 25/04 | UK | Mechanical Contactor |
| Medica PLC | IK Partners | – | £269m | 25/04 | UK | Teleadialog |
| Enva | Squared Capital | – | n/a | 24/04 | UK and Ireland | Waste Management |
| 4most | Phoenix Equity Partners | – | n/a | 24/04 | UK | Risk Analytics and Solutions |
| Everton Group | Clessidra | – | n/a | 24/04 | India | Tea Manufacturer |
Movers and Shakers
Carlyle Group has appointed Sharda Cherwoo, a retired Ernst & Young senior partner, as an independent director of its Board of Directors.
Golding Capital has appointed Michael Braun as the firm’s new CFO.
Clayton, Dubilier & Rice (CD&R) has appointed Hannah-Polly Williams as director and the head of ESG in Europe.
Bowmark Capital has promoted Simon Kaufman to partner, based in London.
JC Flowers has appointed emerging markets finance and banking veteran Shujaat Nadeem as a senior advisor.
Bernhard Capital Partners has appointed Zweig Group exec Jamie Claire Kiser as a principal.
From the Horse’s mouth
“With this backdrop of a structurally discounted market compounded by challenging economic conditions and a weak currency, certainly there must be substantial dislocations for investors to exploit.”
Michael Moore, chief executive of the British Private Equity and Venture Capital Association (BVCA)
“With this backdrop of a structurally discounted market compounded by challenging economic conditions and a weak currency, certainly there must be substantial dislocations for investors to exploit.”
Liad Meidar, founder and managing partner of the London-based activist investment firm Gatemore Capital Management
“You never really understand a person until you consider things from his point of view.”
Harper Lee, American author (To Kill a Mockingbird), born on this day 1926
Media of the week
Designing for AI with Professor Chris Speed
“AI with the first of many very special guests on the topic, Professor Chris Speed. This week, we take a design lens to the problems (and the solutions) that AI presents us with.”
Listen to the podcast on spotify
