View this email online 

Astorg, Brookfield, Vance Street seek lab tech; Aquiline, Capstreet, Parthenon score data management deals

Morning Hubsters, John R Fischer here, coming to you from the New York newsroom with the US Wire.

This morning, we’re focusing on four deals, starting with a look at two of five I covered in my listicle on laboratory equipment. The sector has attracted the likes of Astorg, Brookfield Asset Management and Vance Street Capital.

For Friday Focus, we’ll look at two PE-backed deals announced yesterday in the healthcare data management segment: one by Aquiline Capital Partners and Capstreetand another involving a sale from TPG Growth to Parthenon Capital Partners. Let’s dive in.

Stocking up
Rising demands in healthcare research, pharmaceutical and biotechnology industries, along with increased spending on research and development, has fueled greater reliance on life science and medical laboratories. These facilities require laboratory equipment – a need that private equity has taken note of. Firms have been busy targeting manufacturers and distributors of equipment and resources for the lab environment. Opportunity to expand these targets geographically in the fragmented market has only added to the segment’s appeal.

I rounded up five deals from May, April and March involving lab equipment companies.

Premium subscribers of the Wire can read highlights on two of the deals.

Friday Focus

Switching to healthcare data management. After a five year holding period, Aquiline Capital Partners and Capstreet announced an agreement to sell Houston-based Ontellus, a software provider focused on healthcare record retrieval and claims intelligence data processing.

Aquiline Capital and Capstreet acquired Ontellus in 2020.

Parthenon Capital Partners announced that its portfolio company MRO Corp has acquired Chicago-based clinical data management platform, Q-Centrix Corpfrom TPG Growth.

TPG Growth acquired Q-Centrix Corp in 2018.

I previously spoke with TPG partners Katherine Wood and Art Heidrich for my mini-feature on trends driving PE investments in healthcare IT, including data management.

Upgrade to the premium version of the Wire to read about both of these deals.

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

Nina Lindholm will bring you the Europe Wire on Monday, and MK Flynn will deliver the US edition.

Cheers,

John

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Churchill Asset Management completed a fundraise that exceeded its target by $500 million, bringing in new investors in the process, as fund managers continue to look for co-investment partners to top up fundraises. Jason Strife, head of junior capital and private equity solutions at Churchill, told Buyouts earlier this week that the firm spent 15 months on the road for its Churchill Co-Investment Fund II, bringing in nearly 100 investors into the fund, most of them new relationships.

It is rare for asset allocators to express sympathy for their fund managers on the topic of fees. Therefore, when an influential LP uses their time on stage at New Private Markets‘ Impact Investor Global Summit to do just that, it is worth taking note. “One thing that we are being more vocal on is the cost of impact in this context of ‘how do we catalyze capital’,” the LP explained during a discussion conducted under Chatham House rules. The fact that impact funds, all else being equal, “will have greater costs to bear” compared to managers running other strategies may deter GPs from getting involved.

London-based pan-European credit manager Pemberton has established a New York office and made four senior hires in North America. The firm said the appointments will help it tap into growing demand from US and Canadian institutional investors for European private credit. (Private Debt Investor)

There’s a recent new entrant traditional secondaries buyers have to contend with when it comes to talent retention – their buyout brethren. (Secondaries Investor)

Private shares exchanges won’t solve PE’s liquidity woes: Exchange platforms must contend with a multitude of alternative liquidity paths for holders of private company stakes. (Private Equity International)

Mitsubishi Estate Global Partners, the investment management arm of Mitsubishi Estate, has bought a majority stake in London-based manager Patron Capital, the firm announced. Mitsubishi is committing €600 million to Patron, of which 50 percent was invested into the firm itself. (PERE)

Deals

They said it

“If you can build a platform that integrates a bunch of different functions and pulls data across an organization, there’s going to be more opportunity to build AI on top of that.”

— Rebecca Springer, director of market development, Bailey & Company, on trends driving PE investments in healthcare IT.

Today's letter was prepared by John R Fischer

Did someone forward you this email? Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article.

Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 

London | New York | Hong Kong | Tokyo | Sydney

PEI Group Ltd is registered in England no.6135779

Registered office: 5th Floor, 100 Wood Street, EC2V 7AN

To update your PE Hub email preferences, or to unsubscribe, click here.