GTCR backing acquisitions for wealth management tech biz AssetMark; Heritage Group invests in medical interpretation provider

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GTCR backing acquisitions for wealth management tech biz AssetMark; Heritage Group invests in medical interpretation provider

Morning Hubsters, Craig McGlashan here with the US edition of the Wire.

Wealth management is the theme of the day as we take a deep dive into GTCR’s acquisition of AssetMark, a tech platform for financial advisers. GTCR’s Michael Hollander walks us through the firm’s plans for the company and why the sector is so popular among PE investors.

Next up is a deal in a vital business: healthcare interpretation. Heritage Group is joining GTCRas an investor in Equiti Health.

Elsewhere in healthcare, we report on a couple of deals in the marketing side of the sector. One in the US involving Eir Partnersand the other in the UK involving Five Arrows and TA Associates.

Spreading the wealth

Wealth management deals are coming thick and fast but there should be even more coming soon, GTCR managing director Michael Hollander told PE Hub’s Obey Martin Manayiti.

Find out why, as well as GTCR’s plans for its new acquisition AssetMark, in the premium version of the Wire.

The tailwinds Hollander outlined are also driving private equity interest on the other side of the Atlantic.

As Nina Lindholm featured earlier today in the Europe edition of the Wire, TA Associates has ambitious plans for its wealth management software portfolio company Harvest. Read that story by Irien Joseph here.

Talking health

Switching to another GTCR-backed company, where Heritage Group is joining the private equity firmas an investor in Equiti Health, a tech-enabled healthcare language interpretation service provider based in Sunrise, Florida.

Find out more in the premium version of the Wire.

Marketing push

Sticking with healthcare but moving to marketing, where we have a couple of deals to report from North America and Europe.

Eir Partners has recapitalized PharmaForceIQ, a Boston and Orlando-based provider of marketing solutions for pharmaceutical brands.

Meanwhile, Agilio Software, which is backed by Five Arrows and TA Associates, has acquired the Fresh.

More details in the premium version of the Wire.

OK that’s all from me today. I’m out the office tomorrow so Nina Lindholm will write to you in the London morning tomorrow with the Europe edition of the Wire, while Rafael Canton will be on US Wire duty as usual during the New York morning.

Cheers,

Craig

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Also of note (may require subscriptions)

TA Associates aims to make Harvest the European leader for front-end wealth management technology, with a focus on Germany and Switzerland due to their large wealth management markets and opportunity via potential tax reforms in the UK and France, Max Cancre, director at TA, told PE Hub.

Alaska Permanent Fund believes 26 private equity funds in its portfolio will fail to return carrying costs, with the system writing down about $147 million in value, according to meeting documents. (Buyouts)

Specialization in strategies among private equity fund managers will be key to securing fund commitments from some of the market’s biggest LPs in today’s environment, according to a senior portfolio manager at the State Board of Administration of Florida. (Private Equity International)

Fund manager Blue Road Capital is targeting a Q4 close for its second flagship vehicle, according to Santa Barbara County Employees’ Retirement System board meeting materials. (Agri Investor)

Energy Impact Partners has raised a little over $1 billion for its latest flagship fund en route to a target size of $1.5 billion, according to a filing with the Securities and Exchange Commission. (New Private Markets)

José Pellicer and Chris Warren have joined Paul Hampton, Charles-Nicolas Tarrière and Kevin Muscat to complete the five-man founding team behind Evonite, a London-based independent private equity real estate manager established earlier this year. (Private Equity Real Estate)

Fitch Ratings is gingerly entering the burgeoning NAV loan market with its release of a draft rating methodology for the version of the debt that is backed by LP fund interests. (Private Funds CFO)

European venture firm Atomico has raised its first dedicated growth fund as part of its largest fundraising effort to date. (Venture Capital Journal)

They said it

“People have become much more focused on things like tax rebalancing where you can harvest losses to enhance investment returns, and customized models that are much more tax efficient for the end investors. This is where companies like AssetMark will add value to the ecosystem.”

— Michael Hollander, managing director, GTCR