| View this email online The Wire Nov. 23, 2021 Bain, Hellman & Friedman agree to buy Athenahealth mega-deal, Blackstone closes next GP stakes fund Happy Tuesday! Giant deal for ya just before Turkey Day: Bain Capital (including its tech-focused fund) and Hellman & Friedman agreed to buy electronic health record company Athenahealth in a deal valued at around $17 billion. The firms will buy the company from Veritas Capital and Evergreen Coast Capital, a subsidiary of Elliott Management. Veritas and Evergreen took Athenahealth private in a deal valued at about $5.7 billion in 2019, meaning the firms are looking at a tremendous return after a hold of under three years. For Veritas, the exit translates to a 10x return, according to a person with knowledge of the situation. Also, Blackstone raised $5.6 billion for its second GP stakes fund that will continue to mine opportunities, especially in the middle market. Fund II held a final close in early November, writes Kirk Falconer on Buyouts today. That’s it for me! Hit me up with tips n’ gossip, feedback and thoughts [email protected] or over on LinkedIn. Read the full wire commentary on PE Hub... Also of note (may require subscriptions) BP Energy puts $30 million into Onboard Dynamics, maker of natgas-inhaling units (WSJ Pro) Lime Rock closes $203 million continuation fund supported by Goldman (WSJ Pro) The return of the private equity mega-deal (Financial Times) PE Deals They said it “Here’s a strategy where you can capture a cash yield and where there is appreciation potential as well.” — Mustafa Siddiqui, head of GP stakes at Blackstone, talks to Buyouts about the strategy. Today's letter was prepared by Chris Witkowsky Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MORE 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 PEI Media Group Ltd is registered in England no.6135779 Registered office: 7th Floor, 100 Wood Street, EC2V 7AN To update your PE Hub email preferences, or to unsubscribe, click here. | 