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The Wire Jan. 27, 2021
TPG Growth's travel nurse platform explores sale, Gores' Mark Stone on the SPAC frenzy
It’s hump day, everybody.
On the heels of the largest SPAC deal in history, The Gores Group’s Mark Stone told PE Hub there’s bound to be disappointments amid the proliferation of the vehicle, when asked about the historically poor returns delivered by blank-check companies: “The number of SPACs are larger than number of companies that deserve to go public.” Read more insights from Stone on PE Hub.
When hospital utilization is booming: As seen through the covid period, that equates to a boost in demand for temporary nurse staffing. As such, sources familiar with the firm's plans say that TPG Growth is exploring the sale of one growing business in the sector...
Read the full wire commentary on PE Hub.
That's it for today! As always, write to me at [email protected] with any tips, feedbacks, comments or just to say hello.
Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards. Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year. Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian. If you have additional questions, email Private Equity Editor Chris Witkowsky at [email protected].
Also of note (may require subscriptions) Reputation management: Apollo Global Management is set to focus on the reputational risk of its executives after CEO Leon Black said he would step aside following an investigation into his relationship with convicted sex offender Jeffrey Epstein. Apollo hired law firm WilmerHale, whose recommendations were outlined in a letter dated 24 January and seen by PEI. Read more here.
Sustainability: SER Capital Partners, founded by a former Energy Capital Partners executive, is in the market with a debut offering to invest in sustainable industrial, environmental and renewable businesses. Read Buyouts full report to find out how much the Belmont, California-based PE shop is targeting.
Data science: Rotunda Capital Partners, which recently closed its debut institutional fund, is incorporating a data-heavy approach to family-owned logistics, distribution and industrial services businesses. Rotunda Capital was formed by executives from Allied Capital in 2009, after the devastating effects of the global financial crisis weighed on markets. Check it out on Buyouts.
PE Deals
They said it “I believe it is important to begin an orderly transition of firm leadership at this time.” Apollo Global Management's Leon Black wrote in a letter on Monday to the firm’s limited partners, as seen by Private Equity International.
Today's letter was prepared by Sarah Pringle. 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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