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The Wire

Dec. 23, 2021

NewSpring closes GP-led process for healthcare IT company Verisma

Morning! If you’re still around keeping the torches lit, we at the Hub are here with you! Our last Wire of the year will be tomorrow, and then we're back on Jan. 4. 

 

Another one: Here’s an update to a story we covered a few months back: NewSpring completed a single-asset process for its healthcare IT company Verisma, moving it out of its third fund and into a continuation fund.

 

The process was said to have two lead investors, though NewSpring didn’t disclose who the buyers were in an announcement this week. Triago worked as secondaries adviser on the deal.

 

The deal was expected to include a staple – the investors would commit a slug of fresh capital into NewSpring’s fourth fund, which is in market targeting $175 million, Buyouts previously reported.

 

The continuation fund was expected to have a five-year term. Existing Fund III LPs had the ability to cash out of their interests in Verisma or re-invest in the company through the continuation fund.

 

Verisma is one of a slew of single-asset processes that have closed over the past week just before year-end. Others include CD&R’s record process for Belron, Platinum Equity’s single-asset transaction for United Site Services, and LaSalle Capital’s GP-led deal to move two assets out of an older fund and into a continuation pool.

 

What are you hearing in terms of deals closing (or failing!) Hit me up at [email protected].

 

That’s it for me! Have a great rest of your day, if you’re still busy at work, and as always hit me up with tips n’ gossip, feedback or book recommendations at [email protected].

 

Read the full wire commentary on PE Hub ...

 

HOUSEKEEPING: A reminder: we’re looking for your recommendations for rock star women in private equity, mostly on the deal side (which has been historically male-dominated). Deadline to get in your recs is January 17, for publication in March. Our annual Women in Private Equity project comprises 10 mini-profiles of highly regarded women in the industry and a feature story about some burning topic around the status of women in the industry. Check out our past coverage of Women in PE here.

 

Reach me with questions and recs here at [email protected].

Also of note (may require subscriptions)

Preparing: Glendon Capital Management is gearing up to launch fundraising on its third distressed-focused pool in the first quarter, even as distressed opportunities remain muted, sources told Buyouts.

Going big: Turn/River Capital is seeking $1.25 billion for a fifth tech-focused offering, a much higher goal than was set for prior funds, as digitalization continues to fuel the deal market. (Buyouts)

Settlement: Global Infrastructure Partners, one of the world's largest firms of its kind, has agreed to pay $4.5 million to settle SEC claims that its fund adviser subsidiary made a hash of its fees and disclosures. (Buyouts)