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Bain & Company’s Jain optimistic on H2 healthcare deals outlook; Abry-backed Anju Software sold to Valsoft

Good morning, Hubsters. Michael Schoeck here, back with you for the Thursday Wire. We hope you’re keeping cool out there ahead of the long weekend.

First up today is an exclusive from PE Hub’s John R Fischer, who got an early look at Bain & Company’s latest healthcare M&A report and interviewed Nirad Jain, co-lead of global healthcare private equity,  about the findings.

Sticking with healthcare, Abry Partners is exiting life sciences technology company Anju Software, which it is selling to strategic Valsoft.

Healthcare M&A pulse

Large PE-backed North American healthcare deals in H1 2024 surpassed 2023 values, with volume holding steady, according to Bain & Company’s Healthcare Private Equity Midyear Update, which PE Hub got a look at ahead of publication.

PE Hub reporterJohn R Fischer spoke with Nirad Jain, a partner who co-leads Bain’s global healthcare private equity group, for a recap of 1H 24 deal activity and a forecast for the remainder of the year. 

To read John’s interview with Nirad Jain, upgrade to the premium version of the Wire.

Clinical research

Keeping in the healthcare vein for now, Abry Partners-backed life sciences portfolio company Anju Software today announced a deal to be acquired by strategic Valsoft.

Read up on more life sciences deals by upgrading to the premium version of the Wire.

That’s a wrap for me today. Enjoy the Labor Day holiday weekend and stay tuned for Nina Lindholm with the Friday Wire, filling in for Obey Martin Manayiti, who is on annual leave.

Cheers,

Michael

In case you missed it

PE Hub is broadening its scope with new, in-depth coverage of European deals. Tune in, Wednesday, September 4, for the latest insights, key transactions, and expert analysis from across the European private equity landscape.

Whether you’re looking to stay on top of the market or find your next big opportunity, our expanded European deals coverage will keep you ahead of the curve.

Reach out to [email protected] to book a no-obligation tour of PE Hub’s newly expanded deals coverage.

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Continuim Equity Partners, led by a former PNC Mezzanine Capital executive, is in the market with a second fund earmarked for industrial buyouts. The Pittsburgh manager is seeking $200 million for Continuim Equity Partners Fund II, according to Form D documents. (Buyouts)

Actis predicts that Central and Eastern Europe’s markedly stronger fiscal position than some Western European countries should lift dealflow in the region, Jaroslava Korpanec, partner and head of CEE, energy infrastructure, told PE Hub Europe in the latest of its outlook pieces for the second half of 2024.

New York-headquartered buyout shop Veritas Capital is seeking at least $13 billion for its latest flagship, Private Equity International has learned.

The rising cost of legal fees for transfer agreements, a document that some describe as a ‘copy and paste job’ and that others say is a complex contract akin to a new fund subscription, is leading to frustration among private market participants, with LPs having to foot the ultimate bill. (Secondaries Investor)

UK ports – a buyer’s or a seller’s market? Amid complaints of regulatory delays, putting a value on UK ports is hard to do. (Infrastructure Investor)

Kayne Anderson has closed its first round of fundraising with $1.53 billion in commitments for its seventh flagship opportunistic fund, Kayne Anderson Real Estate Partners VII, PERE has learned.

The Teachers Retirement System of Louisiana approved as much as a $1.2 billion increase in its allocation to private credit funds for the fiscal year of 2025 which began July 1, the pension fund announced at its 26 August meeting. (Private Debt Investor)

Norges Bank Investment Management’s $28bn real estate portfolio in four charts: PERE’s analysis reveals the largest allocations by sector, geography and partner for the world’s largest sovereign fund.

GP-led secondaries, which have seen transaction volume soaring, still account for just a sliver of overall LP distributions, leaving plenty of room for growth. On average, sponsor-initiated secondaries processes have accounted for $32 billion of the $1 trillion in annual distributions delivered to LPs since 2015, according to Hamilton Lane data. (Secondaries Investor)

G Squared, which focuses on direct secondaries in hot tech companies, announced that it has closed on $1.1 billion for its sixth flagship fund. (Venture Capital Journal)

They said it

“What we’ve seen build over the last year or two is increased pressure from LPs saying, ‘For me to contribute more to new investments is to at least receive some proceeds from previous investments.’ We’ve seen more of this come together in the first half. I’m not saying we’ve completely aligned that bid-ask spread and that all uncertainty is gone. But I think there’s been increased optimism on where the market is headed, and that’s led to increased confidence around doing some of these larger transactions.”

— Nirad Jain, partner of Bain & Company’s global healthcare group, weighs in on healthcare deal activity for the coming years.