View this email online 

Advent chairman optimistic after ‘balanced’ year; Ronin Equity to add-on to power equipment platform

This is Chris, on for Wire Wednesday.

• Ronin Equity to add-on WoodMaxx to Detail K2

• Advent had ‘balanced’ year, with about $8bn of realizations

• Even as M&A improves, exits to remain impaired

Power tools

Ronin Equity Partners just announced an add-on to its Detail K2 outdoor power equipment distributor, writes Michael Schoeck on PE Hub this morning. Ronin is acquiring power equipment maker WoodMaxx using a $25 million term loan facility, Schoeck writes. Read more here on PE Hub.

Balance

Advent International had a “balanced year” with around $8 billion of realizations and about the same amount of deployment, according to David Mussafer, chairman and managing partner at the firm. Mussafer chatted with Private Equity International’s Madeleine Farman on the sidelines of PEI Group’s NEXUS 2024 event earlier this month. Watch our video of the interview here on PE Hub.

Exits down

An improving outlook for M&A does not mean that exit activity will start to strengthen, which will be essential to re-ignite fundraising for future dealmaking. While the dealmaking outlook appears to be improving, exits are likely to remain hamstrung from pressures across the three traditional pathways to liquidity for private equity firms, according to Hugh MacArthur, global chairman of the private equity practice at Bain & Co.

That’s it for me! Have a great rest of your Wednesday. Hit me up with tips n’ gossip, feedback or just to chat at [email protected] or find me on LinkedIn.

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Dan Gunner, research director with PEI Group, and Buyouts chief Chris Witkowsky spent some time at NEXUS 2024 chatting about the latest fundraising numbers compiled by PEI’s researchers. Data show that fundraising is down, and yet the numbers might not be as dire as they seem. (Video)

A crush of LP and regulatory compliance reporting and accounting work is pushing private equity CFOs and back offices to the breaking point. That’s according to Stephen Coats and Peter Haskopoulos, managing partners of Petra Funds, a provider of back-office services backed last year by Charlesbank Capital Partners. (Buyouts)

In his first interview since taking up the role, QIC head of private debt Simon La Greca says investors have become increasingly attracted to infra debt as they seek stable returns. (Infrastructure Investor)

Ardian’s strategy for enhancing value in Verne will primarily focus on capital expenditure growth and expanding it into new Nordic locations, managing directors Gonzague Boutry and William Briggs told PE Hub Europe.

California Public Employees’ Retirement System has tilted its private equity portfolio towards growth equity/venture capital at the expense of buyouts funds, citing reduced risks to the reputation of the nation’s biggest pension. (Buyouts)

Over the last two years, a trend has emerged within Agri Investor’s database of private investment funds. Our numbers show that no buy-and-lease farmland funds were closed in 2022 or 2023. It raises the question: what’s behind this emerging trend? 

Investcorp Real Estate is doubling down on US industrial assets, launching a venture to expand its buying power in the regional sector by around $1.5 billion, Private Equity Real Estate has learned.

They said it

“This year, hopefully, we’ll see more realizations than new investments as we’re seeing some of those opportunities… unlock.”

— David Mussafer, chairman and managing partner of Advent International, on the firm’s outlook.