| | | | | | | Venture: Forbes its out with its Midas List 2016. At the top is Jim Goetz of Sequoia Capital, who transformed the $60 million or so the VC invested in WhatsApp into $3 billion when Facebook bought the messenger app in 2014, Forbes said. (The story does briefly mention the currently ugly lawsuit that led Sequoia to oust Michael Goguen, a managing partner.) Mary Meeker of Kleiner Perkins Caufield & Byers comes in at No.5 and is the highest-ranking woman to ever make the Midas list. There also some newbies on Midas. Check out the list here. Employment: Are you looking for a job? Well, Fortress, Vista Equity and Blackstone are looking for people. Check out the story here. Sale: Genstar Capital is posting another big exit. The PE firm expects to make 4.4x its money with the sale of Netsmart Technologies. Read my story here. Hello, Canada! We've relaunched PE Hub Canada, where our northernmost colleague Kirk Falconer consistently breaks news about the Great White North. Check it out here. You can also get there by clicking on the U.S./Canada toggle on the navigation bar atop our website. Tomorrow is a holiday for some people. In solidarity, I'm taking the day off. I'll see you on Monday. Again, i f you have a comment, a tip, or something nice to say email me here at [email protected]. If you have a complaint, email Chris at [email protected]. -- Luisa |  | | Today's Take | | | | Private Eye: Hycroft launches fund to take stakes in PE firms Hycroft, a three-year-old New York investment bank serving both general partners and limited partners, has splashed into the principal investment business, launching a fund earmarked to purchase minority stakes in the management companies of mid-market buyout shops. Hycroft Capital LP set sail with a $750 million target in January, according to a source familiar with the fund. The effort is still... Genstar to make 4.4x its money with Netsmart sale: source Genstar Capital is set to reap a 4.4x return on its sale of Netsmart Technologies Inc. to GI Partners and Allscripts Healthcare Solutions Inc, according to a source familiar with the situation. The sale, which was agreed March 23, marks the latest in a series of exits for Genstar, which closed its Fund VII on... New Jersey secures veto rights on Vista account The New Jersey Division of Investment fought for the right to say no to Vista Equity Partners. Staff negotiated for veto rights on co-investment opportunities Vista will present through the state's new $200 million separate account, Portfolio Manager Jason MacDonald said at a March 23 State Investment Council meeting. The council, which oversees the state's $71.7... LP Scorecard: NYS pension collects $7 bln+ in distributions in recent 12-month period The New York State Common Retirement Fund realized $7.4 billion in distributions during the year ending March 2015, with a big assist from Blackstone Group and Apollo Global Management. Blackstone Capital Partners V was the top distributing fund in absolute terms for the NYSCRF during that stretch. The 2005-vintage returned $307.7 million on an investment of... Chart of the week: GP commitment in 2015 reached highest percentage in six years Last year saw GPs commit the most money to their own funds, on a percentage basis, since 2009. Over time the percentage tends to rise as partners gain more wealth from previous investments. Advent International eyes proprietary deals as auctions ease back Advent International is relying more on its network to generate deal leads rather than chasing competitive auctions run by investment banks, according to a key executive at the firm's new $13 billion flagship fund, Advent International GPE VIII LP. To help strengthen its ties to existing and future portfolio companies, Advent has grown its investment staff... Rebranded VTF Capital to focus on commerce startups Las Vegas-based firm still has connections to founder Tony Hsieh, although 74 percent of its portfolio is outside of Sin City Editor's Letter: Join VCJ at PartnerConnect East, our networking conference in Boston We're gearing up for out next Venture Alpha conference in Boston, which is jam-packed with great LP and GP speakers | The Summit for Middle Market Debt Finance
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| | | | VC Deals | | | Zodiac raises $3 mln Zodiac said Thursday it raised $3 million in seed funding led by First Round Capital. Metamorphic Ventures and others also invested. Zodiac is developing a predictive analytics solution that aims to forecast individual customer lifetime value. HG Data raises $12 mln HG Data said Thursday it raised $12 million in Series B funding. Investors include Updata Partners as well as early investors Rincon Venture Partners and Epic Ventures. Santa Barbara, California provides competitive intelligence for installed technologies. Iterum Therapeutics raises $40 mln Iterum Therapeutics Ltd said Thursday it raised $40 million in a Series A round led by Frazier Healthcare Partners and joined by Canaan Partners, Sofinnova Ventures and New Leaf Venture Partners. Iterum, of Dublin, is a clinical-stage pharmaceutical company dedicated to developing differentiated anti-infectives. Quanterix raises $46 mln Quanterix Corp said Tuesday it secured $46 million in Series D funding led by ARCH Overage Fund, Cormorant Asset Management and Trinitas Capital. ARCH Venture Partners, Bain Capital Ventures, Tufts University, Dr. David Walt and Hercules Capital Inc also participated in the round. Lexington, Massachusetts Quanterix is developing tools in high definition diagnostics. Bivarus raises $2 mln Bivarus said Tuesday it raised $2 million in a round of funding co-led by Hatteras Venture Partners and existing investor Excelerate Health Ventures. Also participating were NueCura Partners and Boston Millennia Partners. Durham, North Carolina-based Bivarus is an analytics company. DFJ leads $6 mln Series A funding in Visionary VR DFJ led a $6 million Series A funding round in Visionary VR, a Los Angeles-based virtual reality startup. DFJ Partner Bubba Murarka is joining the Visionary VR board. Other investors in the funding included The Venture Reality Fund, BDMI, GC VR Gaming Tracker Fund ( Greycroft Partners), Vayner/RSE and End Cue, along with individual investors like Walter Kortschak, Douglas Purdy, Lee Rierson, Carl Rosendale, Ethan Beard, Jeff Marx and Anamitra Banerj. Norwest leads strategic funding of Medgate Medgate, a provider of SaaS-based Environmental, Health, Safety risk management solutions, announced it has raised an undisclosed investment led by the growth equity team at Norwest Venture Partners. Joining the strategic round are Canadian investors Georgian Partners and BMO Financial Group. Medgate has offices in Palo Alto, Calif., and Toronto. As part of the financing, Jon Kossow and Rob Arditi, respectively general partner and partner at Norwest Venture Partners, have joined the company's board. | 2 Weeks Left To Join Your Peers at PartnerConnect East! There's still time to join 700+ decision makers, whether
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| | | | | HIG Capital exits VM Industries HIG Capital said Thursday it sold Holding VM Industries group to Actomezz, which is the mezzanine financing team of ACG Capital. Financial terms weren't announced. HIG created Holding VM Industries group, of France, in late 2009 following the partial buy of automobile connectivity business of the Molex group at the Villemur-sur-Tarn site. The company has 270 employees spread across France, Germany and the UK, including 65 on the Villemur-sur-Tarn site. Capsugel prepares to explore sale or IPO: Reuters Capsugel, a U.S. maker of capsule products and other drug delivery systems, is preparing to explore a sale or initial public offering that could value it at more than $5 billion including debt, Reuters News reported. HgCapital buys Raet HgCapital has acquired a majority stake in Raet. CVC Capital Partners and management shareholders were the sellers. Financial terms weren't announced. Raet, of the Netherlands, provides HR cloud software and services. Raet was advised by Rothschild, KPMG and Stibbe. Norwest Venture Partners sells Clarus Commerce Trivergance LLC, along with Falcon Investment Advisors LLC and Landon Capital Partners, has acquired Clarus Commerce. Financial terms weren't announced. Norwest Venture Partners is the seller. Clarus Commerce owns Freeshipping.com, a provider of pre-paid shipping. BBVA Compass Bank and Whitehorse Capital provided senior debt financing. Sanjay Chadda of Petsky Prunier advised Clarus. SK Capital closes IBA Molecular sale SK Capital Partners has completed the sale of IBA Molecular to CapVest Partners LP. Financial terms weren't announced. IBA Molecular was jointly owned by SK Capital and Ion Beam Applications S.A. prior to the sale. Rothschild Inc served as exclusive financial advisor and Morgan, Lewis & Bockius LLP served as legal counsel to SK Capital. Ancor Capital acquires DuvaSawko Ancor Capital Partners has recapitalized Healthcare Billing Systems Inc d/b/a DuvaSawko. Financial terms weren't announced. Ormond Beach, Florida-based DuvaSawko provides emergency billing, coding, accounts receivable management, and data analytics services. Jim Moskal, of Livingstone, advised DuvaSawko. Denham-backed Covey Park to buy EP Energy properties A subsidiary of Denham Capital-backed Covey Park Energy LLC agreed to buy all of EP Energy's assets in the Haynesville and Bossier shales for $420 million. The deal, which is expected to close in the second quarter, is subject to customary adjustments. LaSalle adds-on Titan Lenders Corp to MetaSource platform LaSalle Capital-backed company MetaSource agreed to acquire Titan Lenders Corp, a mortgage compliance services provider. Titan is LaSalle's third add-on acquisition to its MetaSource platform. Oak Hill to acquire FirstLight Fiber from Riverside Partners Oak Hill Capital Partners agreed to acquire FirstLight Fiber, a fiber optic bandwidth provider. Oak Hill agreed to buy the company from current owner Riverside Partners, which is expected to retain a minority position in the company. Genstar to sell Netsmart Technologies to GI Partners GI Partners said Tuesday it agreed to buy Netsmart Technologies Inc. Genstar Capital is the seller. Financial terms weren't announced. Allscripts Healthcare Solutions Inc is partnering in the deal and will merge its homecare software business unit with Netsmart. Overland Park, Kansas-based Netsmart provides software and technology solutions designed especially for the health and human services sector. UBS Investment Bank is providing financing. Houlihan Lokey and UBS Investment Bank acted as financial advisors. | Registration is Now Open for PartnerConnect MidWest! Join hundreds of your peers, including 150+ LPs, 200+ GPs,
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| | IPOs | | | | | | No items | | | | | | | More Wall Street banks, investors help write blank checks: Reuters An obscure corner of the U.S. IPO market is getting a new lease on life as more Wall Street banks and institutional investors turn to blank-check acquisition vehicles, once the domain of only a few underwriters and hedge funds, for better fortunes, Reuters News reported. Japan's Nissin to take Warburg's slice of Premier Foods: Reuters Instant noodle maker Nissin Foods (2897.T) has agreed to buy a 17.27 percent stake in Premier Foods (PFD.L) from U.S. private equity firm Warburg Pincus [WP.UL], Reuters News reported. Yum in talks with KKR, Hopu, to sell stake in China unit: Reuters Yum Brands Inc (YUM.N), owner of KFC and Pizza Hut, is in talks with private equity firms including KKR & Co LP (KKR.N) and Hopu Investments to sell a minority stake in its China operations as it prepares to spin off the once booming unit, Reuters News reported. Starboard to launch proxy fight to remove Yahoo's entire board: WSJ Activist hedge fund Starboard Value LP, which is leading an investor revolt against Yahoo Inc's (YHOO.O) management team, is seeking to remove the entire board of the struggling Internet company, the Wall Street Journal reported. Riverside Company to exit Diatron The Riverside Company has agreed to sell Diatron Group to STRATEC Biomedical AG of Germany. Financial terms weren't announced. Budapest-based Diatron develops, makes and markets compact hematology analyzers for the human medical and veterinary markets. Lincoln International AG, Allen & Overy and E&Y advised Riverside on the transaction. Covy Park to buy EP Energy's assets in Haynesville and Bossier shales Covey Park Gas LLC, a subsidiary of Covey Park Energy LLC, has agreed to buy EP Energy Corp's assets located in the Haynesville and Bossier shales. The total consideration to be paid is $420 million. The assets, primarily located in Louisiana's DeSoto and Bossier Parishes, consist of approximately 52,933 gross (34,167 net) acres with Q4 2015 average production of 113 mmcf/d. Covey Park is backed by Denham Capital. Thoma Bravo enters exclusivity on sale of InfoVista to Apax Thoma Bravo entered an exclusive agreement to sell InfoVista to Apax Partners for an undisclosed amount. Thoma Bravo acquired InfoVista, which provides network performance services, in 2012 through a take-private on the Euronext exchange. The offer is subject to consultations with the relevant employee bodies before entering final negotiations. | | Firms & Funds | | | | | Frazier Healthcare growth buyout fund closes at $525 mln Frazier Healthcare Partners said Tuesday that its growth buyout fund closed at its $525 million hard cap. Frazier Healthcare Growth Buyout Fund VIII LP is the firm's first vehicle focused exclusively on profitable healthcare companies in the lower middle market. The fund will invest in buyouts, recapitalizations or corporate carve-outs of companies with between $5 million and $40 million of EBITDA. Frazier Healthcare also said it closed an early stage therapeutics focused fund with $262 million in capital commitments. Endeavour Vision closes medtech fund on 250 mln euros Endeavour Vision closed its Endeavour Medtech Growth LP fund on its 250 million euros ($280.7 million) hard cap. The fund, which invests between 10 million euros and 20 million euros per deal, has closed on four investments. | | Human Resources | | | | | Cotton Creek promotes former Blackstone exec to director Cotton Creek Capital promoted Lee Rash to director. Rash joined Cotton Creek in 2012 and focuses on evaluation and execution of investments, post-closing operational initiatives and serves on the boards of several portfolio companies. Prior to Cotton Creek, Rash worked at Blackstone Group. | | Odds & Ends + Hot Links | | | | | PE HUB First Read In First Read, Pinterest had projected $3 billion in revenue by 2018 but has generated about $100 million in revenue in 2015, Google has been building a live streaming app, YouTube Connect, to compete with Periscope, while a new study links a "common cat" parasite to extreme anger issues. PE HUB Second Opinion Your day is coming to a close ... know this: Nick Denton accuses the Hulkster of hiding racism, not sex, Amazon says its female employees earn as much as males and PE learns, if you can't beat 'em, join 'em. |
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