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The Wire Sept. 13, 2021
Permira explores sale of LSNE, CVC enters busy secondaries market through marriage with Glendower
Good morning, everybody!
For sale: Permira is evaluating the sale of LSNE, an expert in freeze-drying processes that help keep drugs and medical devices sterile, according to four sources familiar with the firm’s plans. The global private equity firm has mandated RBC Capital Markets to provide sell-side financial advice on a process, two of the people said. As LSNE comes to market, sources say to keep an eye on another similar company that... Read my full report on PE Hub.
On the move: Is it just me, or is everyone changing jobs these days? Today we’ve got news of another: Regal Healthcare Capital Partners is adding seasoned healthcare investor Joseph Ibrahim, PE Hub has learned. Ibrahim, who joined as a managing director, has previous experience at MBF Healthcare Partners and The Riverside Company. The new hire comes after Regal HCP, a healthcare services firm launched in early 2018, generated a lot of momentum in recent weeks with... Read it on PE Hub.
Secondaries craze: Finally, we’ve got yet another firm buying its way into the secondaries space. CVC Capital Partners confirmed it is to merge with secondaries firm Glendower Capital in the latest in a slew of M&A processes involving secondaries firms, writes PE Hub affiliate Secondaries Investor. Read it here.
Read the full wire commentary on PE Hub...
That’s all I got! Have an awesome week ahead, and as always, reach me with tips n’ gossip, feedback or anything else at [email protected].
Also of note (may require subscriptions) Reinvesting: Spectrum Equity is raising a fund that will reinvest back into existing portfolio companies the firm is exiting, as a way to keep stakes in growing businesses, a source told Buyouts. Spectrum Select Opportunities Fund I will only target two to four existing companies, the source said. Read it here.
Fundraising: Stone Point Capital, the one-time private equity arm of Marsh & McLennan, is back in the market with a ninth flagship financial services offering. Trident IX is targeting $7.5 billion, a recent report issued by Massachusetts Pension Reserves Investment Management said. Read it on Buyouts.
Big one: Brookfield Asset Management, one of the world’s largest alternatives firms by AUM, has eyes on what could be the second-largest pot of capital ever raised for a dedicated real estate secondaries strategy. The Toronto-headquartered manager plans to raise between $2 billion and $3 billion for its debut real estate secondaries fund, according to a source familiar with the matter. Read more on Secondaries Investor.
PE Deals
They said it “Venture capital and growth equity funds are doing this quite a bit as portfolio companies progress through various stages, raising additional rounds of capital, and wanting to retain and maximize their pro-rata rights for the benefit of their platforms, rather than cede to a later stage investor.” Andrea Auerbach, global head of private equity at Cambridge Associates, told Buyouts earlier this year about the general trend of GPs looking for longer holds.
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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