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The Wire Dec. 9, 2021
PE dealmaking approaches record activity this year, Ten Coves leads funding in Cassini Systems Happy Thursday!
We have a column this morning from our bureau chief in California, Larry Aragon. Check it out:
It’s beginning to look a lot like a trillion-dollar Christmas.
US private equity deal-making is on pace to eclipse $1 trillion for the first time this year.
The total stood at more than $934 billion at the end of November, compared to a little less than $700 billion for all of 2020, according to preliminary data from PitchBook.
Given where we already are, it is “reasonable to expect” this year will break the trillion-dollar mark, said Wylie Fernyhough, senior PE analyst for PitchBook.
Looking out to next year, the first quarter may cool off a bit, as a number of deals were pulled forward into Q4 for tax reasons. Overall, 2022 is poised to be another strong year for deal-making. ... (Read the rest here.)
Exit: Carlyle Group sold Valcour Wind Energy, which runs six wind farms, to AES Corp. Valcour was Carlyle’s first wind investment. “We believe the renewable and sustainable energy sector is at an inflection point,” said Carlyle managing director J.B. Oldenburg. Read more here on PE Hub.
That’s it for today! Hit me up with tips n’ gossip, feedback or just to chat at [email protected] or find me on LinkedIn.
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) "The Teacher Retirement System of Texas, one of the state's largest public pension funds, backed its first investments in special-purpose acquisition vehicles, a strategy that doesn't fit neatly into traditional asset class portfolios." (WSJ Pro) "A small vanguard of firms pledge to link compensation from their impact funds to how well the funds achieve certain impact metrics, but how they measure that progress will be critical." (WSJ Pro) "A number of private-equity firms have been outspoken about their commitment to the oil-and-gas sector amid a capital flight from fossil fuel-related assets." (WSJ Pro) "More money has flowed into the private equity industry amid the Covid-19 pandemic and Federal Reserve stimulus efforts, Blackstone Inc. co-founder Steve Schwarzman said." (Bloomberg)
"Hamilton James has sold $500m worth of Blackstone stock just weeks before leaving the firm he helped transform from a small private equity partnership to a global alternative asset management giant." (Financial Times)
"Ascend Partners raises $570 million for debut healthcare fund" (WSJ Pro) "Mambu valued at $5.3 billion in investment led by private-equity firm EQT" (WSJ)
PE Deals
They said it “For an LP who has staffed its efforts to perform 10 to 12 due diligences a year with room to look at two to three new funds a year – and nine to 10 re-ups – their workload becomes stressed when all of a sudden 14 to 15 of their GPs plan to come back.” — Kelly DePonte, managing director at Probitas Partners, talks to Buyouts about the frenetic fundraising market.
Today's letter was prepared by Kirk Falconer 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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