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The Wire Feb. 16, 2022
Jeff Crisan, co-founder of Silversmith, talks value-based care, First-timer Crosspoint loses senior leader Happy Wednesday!
This is Chris, on the Wire this morning.
Thanks everyone for getting in your Deal of the Year nominations … we’re seeing some great exits as we go through our voluminous lists. As always, it’s going to be tough to figure out which deals stand out among all the others. Be assured, your intrepid Buyouts and PE Hub editors will be sequestered in a smoky backroom all week working tirelessly to make our selections.
Now, on to the show …
Opportunities: Healthcare is currently the third-most-popular sector for private equity and venture capital – behind tech, media and telecom (TMT); and financial services. PE and VC investments in the sector totaled $10.83 billion, according to S&P Global Market Intelligence. Today, PE Hub is launching a new series focused on private equity firms investing in healthcare and featuring conversations with investors in the sector. We're kicking off the series with insights from Jeff Crisan, co-founder and managing partner of Silversmith Capital Partners.
“Healthcare is a massive market and fundamentally inefficient on many fronts, which leads to a lot of opportunities,” Crisan explained. “It’s a massive sector in the trillions of dollars. If you can fix a problem area in the sector, it might save you 10 basis points, but if you multiply 10 BPs by a trillion dollars, then you have made a huge impact and built a big and important business.” Read the full piece here on PE Hub.
Departures: A senior leader at first-timer Crosspoint Capital, Ian Loring, who joined the firm from Bain Capital in 2020, left the firm around the beginning of the year, sources told Buyouts. Perhaps even more curious, considering the firm is gearing up to raise its next fund, is the departure of Crosspoint’s head fundraiser and chief of staff, Emily Melchior, who joined last summer and left recently, sources said.
The two are no longer listed on Crosspoint’s website. It’s not clear why they left or if they are heading to new firms. A spokesperson with Crosspoint declined to comment. Read more here on Buyouts.
40 under 40. Time is running out to submit entries for Private Equity International’s fourth annual rising stars of private equity list. PEI’s 40 under 40: Future Leaders of Private Equity will be published online and in the Future of Private Equity Special in early May. Submit your nomination by end of day tomorrow, Thursday February 17 here. The list will feature individuals across five categories: Investor (LP); Fundraiser; Dealmaker; Lawyer; Operator.
That’s it for me! Hit me up with tips n’ gossip, feedback or book recommendations at [email protected] or find me on LinkedIn.
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) Steve Coats, an ex-Riverstone partner and CAO, and Peter Haskopoulos, an ex-Riverstone managing director and CFO, recently founded Petra Funds, a managed service provider to PE and private debt managers. Their goal, Coats told Buyouts, is to offer GPs a first-ever, one-stop shop for back-office solutions.
"Wall Street’s top brass spent months grousing about how they were struggling in the war for talent before doling out the biggest bonuses in years. ... Now, fresh data on pay at big private-equity firms appear to justify the banks’ complaints — though under the surface things aren’t so clear cut." (Bloomberg)
"How Unilever’s tea business became a test of private equity’s conscience: CVC’s $4.5bn deal to buy brands such as PG Tips means it will also be responsible for plantations in Africa." (Financial Times)
"Private-equity firms are looking harder than ever at how well companies are positioned to retain and attract talent when considering new investments, as waves of employee turnover continue to ripple across nearly every industry." (WSJ Pro)
"Riverstone Holdings has acquired a minority stake in venture-capital firm Blackhorn Ventures, whose leaders expect to benefit from Riverstone’s experience as a backer of mature clean-energy businesses and in accessing capital markets as a sponsor of private-equity funds and blank-check companies." (WSJ Pro)
PE Deals
They said it “Healthcare is 20 years behind where the financial services sector is, for example. I think of how painful banking was in the 1980s and 1990s and how tech has transformed and makes things smoother, and healthcare has not changed a whole lot. There’s no reason it has to be that way.” — Jeff Crisan, co-founder of Silversmith Capital Partners, talks to PE Hub about opportunities in healthcare.
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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