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Pictet Alternative Advisors inundated with co-investment opportunities; PE gets busy in pet care

Morning all, Craig McGlashan here in London, bringing you a special combined US/Europe edition of the Wire due to Thanksgiving and Native American Heritage Day.

We open with a look at a trend that has been booming on both sides of the Atlantic – co-investments.

Pictet Alternative Advisors’ Thibaud Roulin talks me through some of the activity his firm has seen in this area.

We then switch to a sector that is also seeing plenty of private equity interest – pet care. We’ve got a listicle on some of the deals we’ve seen in the second half of the year.

Cyclical factors

Pictet Alternative Advisors has been “swamped” with co-investment opportunities in the US and Europe since the late summer, Thibaud Roulin, head of North America, private equity, told me.

Find out more in the premium version of the Wire.

Recent deals on PE Hub involving LP co-investors include Cube Infrastructure Managers announcing in September that pension manager Railpen had acquired a 25 percent stake in Verdis, a Nordic municipal waste collection operator.

Pet craze

It's been a busy year for the pet care sector, with plenty of private equity investments announced in the second half of 2024 alone, including in veterinary services, writes PE Hub’s Sophie Rose.

Read more in the premium version of the Wire.

OK that’s a wrap from me. Hope you all have a great weekend. Normal service resumes on Monday – I’ll bring you the Europe Wire and MK Flynn will be on US duty.

Cheers,

Craig

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

M&G targets APAC institutions in private markets build-out: Its third-party offerings could include co-investments and SMAs, Amy Cho, head of Asia-Pacific and chief executive of M&G Investments Singapore, tells Private Equity International.

Brazil’s Spectra raises secondaries allocation in flagship close: Approximately 45% of Fund VI will be allocated to secondaries transactions amid constrained liquidity and elevated capital costs in Brazil. (Secondaries)

Kah seeks to fill ‘gap in lender mindset’ with mortgage impact strategy: The minority-owned emerging manager is raising $500m for a strategy that seeks to keep 'struggling families' in their homes and find 'hidden alpha'. (New Private Markets)

Paine Schwartz acquires supplements provider: Chief executive Kevin Schwartz says he is a daily user of Promix products. (Agri Investor)

MARK holds final close for Crossbay II, readies successor: The London-based firm turned away approximately €200m in commitments for its second pan-European logistics-focused fund. (PERE)

They said it

“Many GPs haven’t raised as much capital as they wished, so if they continue targeting the same company size as before, they need to syndicate with co-investors and LPs so they don’t deploy too rapidly and have to come to the market in what is a complicated fundraising environment.”

— Thibaud Roulin, head of North America, private equity, Pictet Alternative Advisors