| View this email online The Wire Oct. 27, 2021 Centerbridge, Vistria seek minority stake sale of Sevita ahead of GP-led deal, Bain Capital invests in Cardurion Pharmaceuticals and Gluware Morning! I don't often get to work alongside secondaries scoopster Chris Witkowsky, but today we’ve got a big two-parter for ya. Less than three years after acquiring Sevitas (then called Civitas) through a take-private transaction valued at $1.4 billion, Centerbridge Partners and Vistria Group are looking to sell a sizable minority stake in the provider of home- and community-based care for complex populations, multiple sources with knowledge of the process told us. Off the back of the stake sale, and once a value for the company is set, a secondaries process will start. This process has yet to fully ramp up, but sources said both Centerbridge and Vistria plan to remain investors in Sevita through a continuation fund on a pro-rata basis. This playbook is becoming increasingly common across the private equity sphere, with several recent single-asset secondaries deals having had their valuations set by earlier minority stake sales. This is considered a strong mechanism because it gives the asset value market validation, as opposed to hiring one or more external firms to provide fair value assessments. For all the deets on Sevita, check out our full report on PE Hub. That’s it for me today. As always, reach me at [email protected] with your tips, the Drama, feedback or anything else! Read the full wire commentary on PE Hub... Also of note (may require subscriptions) Tech boom: WSJ Pro writes that technology-focused private-equity investor Silver Lake is heading back to the fundraising trail less than a year after announcing it had amassed $20 billion for its previous flagship vehicle. The firm has opened a virtual data room for its next flagship fund, WSJ says, citing several people familiar with the matter. Read it here. Divided: A report has criticised the industry over its past investment in oil, gas and coal. New Private Markets contacted the 10 private equity firms cited and their responses were mixed. Read it here. Secondaries: Ardian has emerged as the buyer of what appears to be the largest infrastructure portfolio to trade on the secondaries market. The Paris-headquartered asset manager is acquiring a portfolio worth around $1.5 billion from Northwestern Mutual as part of a process run by Campbell Lutyens, Secondaries Investor writes, citing four sources familiar with the matter. Read it here. PE Deals They said it “It feels as though there is a new normal with supply chains and I am not so sure we won’t ever see the end of COVID-impacted supply chains.” A PE executive said on a panel at Private Equity International’s Operating Partners 2021 conference, discussing the environment that has emerged as society gradually reopens. Today's letter was prepared by Sarah Pringle 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. | 