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The Wire June 17, 2021
Ex-KKR exec Momtazee’s new shop, Patient Square, makes first deal, VSS reaps 4.5x return on sale of Tax Credit Co Happy Thursday!
We have news about Patient Square’s debut deal. The firm, launched by ex-KKR healthcare chief Jim Momtazee, led a $145 million financing in Apollo Therapeutics. The company was formed in 2015 as a joint venture between the University of Cambridge, Imperial College London (subsequently IP Group), University College London, AstraZeneca, GlaxoSmithKline and Johnson & Johnson Innovation. Read it here.
First-timer: Patient Square is one of several first-timers or emerging managers raising capital in the market this year. Other new managers include Paceline Equity Partners, which closed its debut fund this month on $350 million; Butterfly Equity, targeting $750 million for its second fund (which it is calling Fund III); GrowthCurve Capital, targeting north of $1 billion for its debut fund; and Diversis Capital, which is expected to hit the market with its second fund that could target $500 million.
That’s it! Have a great rest of your day. As always, hit me up with tips n’ gossip, feedback or book recommendations (I’ve been on an Agatha Christie kick lately) at [email protected] or find me on LinkedIn.
HOUSEKEEPING: Calling all next-gen firms and their investors! We need your participation in our fifth-annual survey of emerging managers and survey of emerging manager investors. As thanks, we'll make sure you get a complimentary copy of the "Emerging Manager Report 2021," based on these surveys (once it's published this fall). All responses are kept confidential. The survey deadline is July 2.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Creativity: Traditional GP-led fund restructurings have become a popular way to sort out assets in older funds. But GPs are also evolving these structures to provide custom solutions for their portfolios. These innovations are changing the way GPs approach asset ownership. Read more here on Buyouts.
Payment: Parthenon Capital sold BillingTree, which provides omnichannel integrated payment services, to Repay Holdings Corp. BillingTree provides payment services to the healthcare, financial services, accounts receivable management and energy industries. Read more here.
Rates: Federal Reserve officials expect to start raising interest rates in 2023, earlier than previously forecast. The US Central Bank will keep its interest rate at its rock-bottom range of 0 to 0.25 percent, with a beginning of raising the rates in 2023. Read it here on the FT.
PE Deals
They said it “You need to zig where others are zagging. My prediction – it’s going to be a busy year for us.” Jim Momtazee, managing partner at Patient Square, on the firm’s deal pipeline.
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 MOREPlease 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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