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Luminate Capital founder speaks on investing approach; Apollo, BC Partners scoop up environmental service business; LPs predictions for 2025

Good morning dealmakers, it’s Obey Martin Manayiti with the US edition of the Wire from the New York newsroom. I hope you had a nice holiday break.

We are opening the newsletter this morning with an interview with Hollie Haynes, the founder and managing partner of San Franscisco-based Luminate Capital Partners. She shares her approach to investments and her 2025 outlook, among other themes. Stay tuned for more below.

Next, Apollo Global Management and BC Partners have agreed to acquire the environmental services business of GFL Environmental for an enterprise value of C$8.0 billion ($5.6 billion).

We will conclude with insights from LPs regarding the exit market in 2025.

A different approach

Hollie Haynes is the founder and managing partner of Luminate Capital Partners, a San Francisco-based private equity firm that invests in enterprise software companies. She founded Luminate in 2015, and today the firm has assets under management in excess of $2 billion, with a portfolio that includes Axonify, Conexiom, Compliance & Risks, Ease, MSI, StarCompliance, Suralink and Thought Industries.

Haynes will be a featured speaker at PEI Group’s upcoming NEXUS 2025 summit.

For our ongoing series with PE thought leaders, Haynes discussed a broad range of themes with our editor-in-chief Mary Kathleen Flynn.

Premium subscribers have access to the full interview.

Clean up

Apollo Global Management and BC Partners have agreed to acquire the environmental services business of GFL Environmental for an enterprise value of C$8.0 billion ($5.6 billion).

Upgrade to the premium version of the Wire for more, including six private equity deals in waste management that we covered last year. 

Enhanced optionality

Last year was a tumultuous one for private equity investors, who faced ongoing liquidity challenges as dealmaking and exit activity remained at relatively low levels. As we head into 2025 and as macroeconomic conditions begin to stabilize, LPs appear to be more optimistic, writes Hannah Zhang of affiliate title Private Equity International.

Hannah gathered some LP predictions for the exit market this year.

Upgrade to the premium version of the Wire to find out LPs’ predictions for dealmaking and fundraising in 2025.

That’s it for me today. As always, I’d love to hear from you at [email protected].

Obey

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

PE Hub spoke with Frédéric Stévenin, managing partner of PAI Partners, as part of its 2025 Outlook series. The paris firm, which completed four investments and two exits during 2024, expects to see global carve-out activity rebound in 2025, Stévenin said.

Norges Bank Investment Management acquired a 45 percent stake in a US logistics portfolio from the Toronto-based Canada Pension Plan Investment Board for $1.07 billion. The investment was made via a joint venture between NBIM and Australia-based industrial manager Goodman Group, according to a statement from NBIM. (Private Equity Real Estate)

A former Rede Partners director and alumni of Secondaries Investor‘s Next Gen Leaders list of most influential young professionals in secondaries has joined Lazard‘s London secondaries team.

Fund manager France Valley has launched a carbon and biodiversity strategy that has a €200 million hard-cap. (Agri Investor)

A soft launch of the FAST-Infra Sustainable Infrastructure Label is underway. Globally applicable, the Label is meant to ensure impartial, credible and rigorous assessments of infrastructure projects’ sustainable attributes and resilience. (Infrastructure Investor)

Venture Capital Journal has a Q&A with Katie Riester, managing director at Felicis. They discussed why she’s excited about generative AI, raising chickens in San Francisco and the one law she would pass if she could.

Permira Advisors is set to acquire real estate sustainability consultancy Westbridge, as the firm continues to develop its climate investing strategy. (New Private Markets)

Deals

They said it

“We have changed the private equity model.”

— Hollie, the founder and managing partner of Luminate Capital Partners

Today's letter was prepared by Obey Martin Manayiti

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