| KKR closes infrastructure fund; VSS discusses Caravan Health exit; Happy Pi Day Good morning, dealmakers. MK Flynn, here, with today’s Wire on 3.14, also known as Pi Day (more on that, below).
Global infrastructure. In private equity news this morning, KKR announced the final closing of its KKR Global Infrastructure Investors IV, a $17 billion fund focused on pursuing global infrastructure investment opportunities with an emphasis on investments in OECD countries in North America and Western Europe.
Accountable care. In healthcare coverage, PE Hub is spotlighting VSS’s recent exit of Caravan Health, which the PE firm sold to Signify Health for $250 million in February. After three brief years of ownership, VSS more than doubled the target’s revenue. Aaron spoke with David Bainbridge, managing director at VSS, about Caravan’s growth path and the PE firm’s decision to sell when opportunity came knocking.
For more, see the full story.
Happy Pi Day! Today’s date is 3.14, which means it’s Pi Day! To celebrate, check out 100DIGITS, a video and online database featuring women and non-binary “icons in STEM.” In the video, the icons recite the first 100 digits of Pi. The project is the brainchild of Izzy Lapidus, a sophomore at Barnard College, who hopes to inspire young people to pursue paths in STEM. The icons come from a wide range of fields, including C-suite executives, entrepreneurs, scientific researchers, content creators, venture capitalists and private equity investors.
Among those featured is fintech investor Angela Zhang, director, GI Partners, who was recently named to our Women in private equity: The class of 2022. Other participants include Sian Beilock, the president of Barnard College and a cognitive scientist; Dana Bolles, NASA’s mission AstroAccess ambassador and advocate for disability in STEM; and Sofia Ongele, activist and developer of ReDawn, a mobile app supporting sexual assault survivors. I also participated in the project, which you can view here and on @izzylapidus on Instagram. And if you’re looking for a refresher course on what, exactly, pi is, check out this article in Scientific American.
That’s all for today.
Until tomorrow, MK
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) Oaktree Capital Management, co-chaired by legendary distressed investor Howard Marks, is in the market with a third special situations offering set to raise $2.5 billion to $3 billion. (Buyouts)
Technology and its adoption across industries like financial services and healthcare drove private equity to record heights last year, and ironically it may be technology investing that helps drive back valuations in the industry this year. (Buyouts)
Why Ardian sees entering real estate debt as ‘logical’: The head of the Paris-headquartered private equity firm’s new property lending business says there is a clear need across Europe for such debt providers. (Private Debt Investor)
Evercore secondaries advisory exec Michael Catts to leave and join Hollyport. As secondaries has exploded in popularity over the past few years (reaching a record volume level last year of about $130bn), the growth of the talent pool has not kept up. (Buyouts)
In a burst of staff changes, OMERS promotes Eric Haley to North America PE chief. OMERS also promoted Geoff Bird to head of business services and Mark Van Wart to head of healthcare and hired Lane McDonald, formerly with Partners Group, as managing director, operations. (Buyouts)
Vietnam’s bid to become a wind powerhouse: The outlook for investment in wind projects in Vietnam is ‘very positive’, despite continuing regulatory uncertainty and some of the usual risks that come with investing in developing markets. (Infrastructure Investor)
ESG data platform Novata has formed an advisory group of private markets sustainability experts, including a former chief executive of Allianz Global Investors and a co-founder of SASB. (New Private Markets)
A video on FT, "How private equity firms can resemble the empires they once broke up," says that "bringing hundreds of companies together under common ownership hasn’t died, it has a new name — private equity."
"The US government is due next month to publish seven decades-old records that until now have been locked away under confidentiality rules. ... For the privately owned operators in the expanding ancestry industry, a lot is at stake." (Financial Times)
"Private-equity firm Lime Rock Management has raised $538 million for a new fund focused on acquiring assets in America’s oil patch." (WSJ Pro)
The Los Angeles Times looks at the growing involvement of private equity in professional sports. “We’re big believers the asset values in the industry are going to grow,” said Jordan Solomon, co-founder of Arctos, which has "bought into teams in Major League Baseball, the NBA, and the NHL. (The NFL does not allow private equity ownership.)"
PE Deals 
They said it “Global demand for building and upgrading critical infrastructure, as well as supporting responsible energy transition and growing broadband access, requires funding far in excess of public sources, which provides a big opportunity for private capital.” — Brandon Freiman, head of North American infrastructure, KKR
Today's letter was prepared by MK Flynn Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 
London | New York | Hong Kong PEI Media Group Ltd is registered in England no.6135779 Registered office: 7th Floor, 100 Wood Street, EC2V 7AN
To update your PE Hub email preferences, or to unsubscribe, click here. |
