| Equality Asset Management invests in Miva, Brookfield eyes long hold strategy Morning Hubsters!
Newbie: One of the emerging firms we’ve been tracking, Equality Asset Management, invested in e-commerce platform Miva, Inc. Miva is benefitting from dynamics that have emerged after the pandemic of a rush to online shopping.
“The ecommerce industry is well positioned for growth as more merchants diversify their revenue sources and reevaluate customer engagement online,” Rick Wilson, CEO of Miva, said in a statement. Wilson will stay on as CEO as part of the deal. Read more here.
Equality launched its debut fund in 2019 with an ambitious $500 million target, Buyouts previously reported. It’s not clear if the firm closed fundraising on Fund I, which appears to have raised at least $123 million, according to fundraising filings. The firm has a longer hold horizon than traditional PE funds, and has lower management fees than the standard 2 percent, Buyouts previously reported.
Fund I came with some interesting terms. It has a 5 percent “hard hurdle” rate, lower than the market standard 8 percent (a preferred return the GP has to hit before starting to collect performance fees). With a hard hurdle, the GP collects carry only on returns that beat the hurdle rate.
Read more about the details here on Buyouts.
Have you seen other interesting, ‘off-market’ fund terms? Let me know at [email protected].
That’s it for me! Have a great rest of your day. As always, hit me up at [email protected] or over on LinkedIn.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Pumping up alternative assets: European alternative investment firm Sienna Investment Managers has entered into exclusive negotiations to acquire France-based private credit specialist Acofi. (Private Debt Investor)
New territory: As part of an expansion of its private equity franchise, Brookfield Asset Management is getting ready to enter the fast-evolving long-term fund space. (Buyouts)
Proceeding with caution: Contra Costa County Employees' Retirement Association, one of the newer entrants to private equity, wants to significantly increase investment pace to the asset class but is finding out that building new relationships is not so easy. (Buyouts)
Big time: Oaktree closes opportunities fund at $15.9bn, the largest private debt fund ever raised. (Private Debt Investor)
Boom time: "The dealmakers at the private equity industry's SuperReturn conference have made so much money during the pandemic that they seemed incredulous at their good fortune." (Financial Times)
Mulling: "New Jersey Weighs $1.5 Billion in Credit Bets Managed by Goldman Sachs" (WSJ Pro)
PE Deals 
They said it “Our thesis is that the path to outperformance, given all the competition to buy quality assets, is to make [fewer higher conviction bets], hold those companies longer so you can do more with them after you purchase the company, and charge lower fees along the way.” — John Roberts, founder of Equality Asset Management, told Buyouts in a 2019 interview about longer holds.
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. 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. 
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