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Ares, CD&R and Neuberger Berman target retail apparel; Life science companies ripe for PE investment

Morning Hubsters,

Happy Fri-yay! John R Fischer here with the US Wire from the New York newsroom.

First up, let’s take a look at what fashion styles have caught the eye of Ares Management, Clayton, Dubilier & Rice, Neuberger Berman and others in Iris Dorbian’s five-deal listicle on the retail apparel sector. Earlier in the Europe edition, Sophie Rose also covered seven deals in the footwear segment.

Next, we look at life sciences. Assets in the market have matured and now these companies are looking for investments to replenish their portfolios, creating new opportunities for private equity, according to BDO USA’s 2025 Life Sciences CFO Outlook Survey.

We’ll finish off with a roundup of life science deals PE Hub has covered so far in 2025.

Better visibility

Whether it’s fundamental changes in consumer behavior or the covid-19 pandemic, the retail apparel sector has weathered numerous challenges. Yet, despite these disruptions, the sector still has a resiliency that attracts private equity, as evidenced by a slew of recent deals involving iconic fashion brands such as Vera Wang and Laura Ashley as targets.

To learn more about private equity’s investment in the space, PE Hub’s Iris Dorbian spoke with Matthew Tingler, managing director in Baird’s global consumer investment banking group.

In June 2024, we highlighted five deals in athleisure apparel. From that period to now, Dorbian rounded up five deals that PE Hub has tracked in the retail apparel sector.

Also, earlier today, PE Hub’s Sophie Rose looked into a subsegment within retail apparel: footwear. You can find her seven-deal listicle here.

Upgrade to the premium version of the Wire to learn more.

Maturing assets

Expiring patents may drive large pharma companies to pursue more business development deals and acquisitions to replenish their portfolios, according to assurance, tax, and financial advisory services provider BDO USA’s 2025 Life Sciences CFO Outlook Survey. To learn more, I spoke with Brad Stewart, BDO’s national life sciences co-leader.

PE Hub has reported several deals in January and February in the life science sector. Here are three highlights:

• Blackstone sells Anthos to Novartis for up to $3.1bn
• Latticework and Edgehill invest in life science digital media biz Life Science Connect
• Astorg to buy Fujifilm Irvine Scientific’s Medical Media Business

To read my takeaways from the survey, take a look at the premium Wire.

That’s it from me. As always, if you have any questions, thoughts or want to chat, please email me at [email protected].

Craig McGlashan will be on Europe Wire duty on Monday, while MK Flynn will bring you the US edition.

Cheers,

John

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

California’s Kern County Employees’ Retirement Association has set private markets pacing projections for the next two years as it hopes to bring its allocation up to a target of 18%. (Buyouts)

GPs in the climate space expect the fundraising grind to continue in 2025, with a significant minority (39 percent) reporting that their latest fund has closed – or is expected to close –at below its initial target, according to a survey conducted by CREO, a syndicate of investors. (New Private Markets)

The California Public Employees’ Retirement System is the most recent prominent example of an institution considering a total portfolio approach – a form of portfolio construction likened more to a “state of mind” than a specific model and one that eliminates the need for traditional strategic asset allocation. It's an approach that others may follow. (Private Equity International)

In the most recent episode of The PERE Podcast, editor-in-chief Jonathan Brasse chats with PERE Credit editor Samantha Rowan and PERE Deals editor Guelda Voien about a pivotal moment for the market and what it means for institutional investment in the sector going forward.

Beware the motivated M&A buyer: There have been two recent instances of continuation funds falling by the wayside in favour of M&A. In some instances, this can cause real headaches. (Secondaries Investor)

Exits for impact funds are expected to increase this year. It could be make-or-break for many strategies. (New Private Markets)

Apogem Capital, a subsidiary of New York Life Investment Alternative, is over halfway to the $1.3 billion target of its latest secondaries flagship and has outstripped the size of the fund’s predecessor. (Secondaries Investor)

Tikehau Capital, the French listed manager, is on a mission to be in the same league as the largest private markets players in the US, its co-founder said on the firm’s latest earnings call. (Private Equity International)

Barings’ big bet is timed for success: The purchase of Artemis Real Estate Partners expands the firm’s capabilities at a time many believe is the bottom of the market. (PERE)

Deals

They said it

“It’s been tepid over the last couple of years in retail apparel and footwear, but I think investors will be much more active in the next few years as you get better visibility of who the winners will be.”

— Matthew Tingler, managing director in Baird’s global consumer investment banking group, on trends driving PE investments in retail apparel

Today's letter was prepared by John R Fischer

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