Hastings Equity scouts out Celerity add-ons; KKR to take stake in biomed investor

View this email online

Hastings Equity scouts out Celerity add-ons; KKR to take stake in biomed investor

Good morning Hubsters, Craig McGlashan here with the Tuesday Wire.

We’ve got a couple of themes in today’s newsletter, first on private equity firms looking to boost their existing investments, then about deals in the financial sector.

First up, PE Hub’s Michael Schoecktalks to Hastings Equity Partners’ Grant Reckhow about his add-on plans for portfolio company Celerity Consulting Group.

Next, we have an operating advisor hire at Clayton, Dubilier & Rice, before a reminder that you can meet the PE Hub team at PEI Group’s Operating Partners Forum New York 2023 this week.

Switching to finance deals, and we take a look at KKR agreeing to invest in a biomedical and healthcare investorbefore we feature Mercer Advisors, which is backed by Oak Hill Capital and Genstar Capital, making an acquisition.

Utility field services

Hastings Equity Partners portfolio company Celerity Consulting Group is looking to make some add-ons from the utility field services market, Hastings managing director Grant Reckhow toldPE Hub’s Michael Schoeck.

Operating hire

Switching to people news, and Clayton, Dubilier & Rice has named a new operating advisor to CD&R funds.

Read more in the subscriber version of the Wire.

The timing of the hire is pretty apt, because the US team is attending PEI Group’s Operating Partners Forum New York 2023 on today and tomorrow.

One of the topics will be that as dealflow has slowed down this year, many private equity firms have turned inward, focusing on how to get the most out of their existing portfolio companies.

Do get in touch if you are interested in a chat or just to say hello. Here are the team’s deets:

• Mary Kathleen (MK) Flynn: [email protected]

• Michael Schoeck: [email protected]

• Obey Martin Manayiti: [email protected]

• Rafael Canton: [email protected]

Minority stake

KKR has agreed to invest in Catalio Capital Management, an investment firm focused on biomedical technology and healthcare companies.

Read more about the deal and some other KKR interest in life sciences in the full version of the Wire.

Wealth management

Tying things up nicely with a deal involving both add-ons and the financial sector, Mercer Advisors, which is backed by Oak Hill Capital and Genstar Capital, has acquired a wealth management company.

Right, that’s all from me today. Chris Witkowskywill be with you as usual tomorrow.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Buyouts is out with seven takeaways from its 2023 Emerging Manager Survey: It’s a complex picture, shaped by larger market forces, and no doubt recent regulatory moves by the SEC. However, plenty of GPs have made their names by “emerging” from forbidding economic conditions to become the next generation of marquee firms.
Private equity has largely taken a backseat to big corporates in the early stages of US hydrogen markets, and a new round of grants from the Biden-Harris administration totaling some $7 billion is no exception. That may change moving forward. (Infrastructure Investor)
Arizona State Retirement System may use managers it does not currently partner with as it builds out its co-investment program. (Buyouts)
Longpoint Realty Partners has closed on its largest fund to date as well as one of the largest US industrial-focused vehicles of the year, PERE has learned.
Five Elms Capital is targeting $850 million for a sixth B2B software growth equity offering, according to pension and Form D documents. (Buyouts)
I Squared Capital is gearing up to launch its second infrastructure debt fund with a $1.5 billion target, Infrastructure Investor has learned.
EQT expects to hold the final close for its latest flagship, EQT X, in Q1 2024 on or near its €21.5 billion hard-cap, the firm announced on its Q3 earnings call on Tuesday. (Private Equity International)
Innovation Endeavors, an early-stage tech investor co-founded by former Google chief executive Eric Schmidt, has closed on $600 million for its fifth and largest fund to date. (Venture Capital Journal)
London-based fund manager Pemberton has held a first close for its open-end, multi-asset fund at $275 million. (Private Debt Investor)
Los Angeles-based private equity firm Butterfly has named Peter Tang its new CFO. Tang has been with Butterfly since its inception in 2016, most recently as a managing director. He replaces Nestor Olmo, who left the firm in February to join Sunston Partners as CFO. (Private Funds CFO)