| Vista unloads SaaS work management business Wrike, Webster's Bristol Hospice readies for sale, LightBay snags another healthcare business Morning, hubsters!
Work-from-home: In today's headline private equity exit, Vista Equity Partners is selling work management software business Wrike to Citrix Systems for $2.25 billion in cash, the buyer said in a Tuesday announcement.
"We believe that in the future, success will go to those companies that can support flexible and hybrid work models and provide a consistent, secure and efficient experience that removes the complexity and noise from work so employees can focus and perform at their best, wherever they happen to be,” Citrix CEO David Henshall said in the announcement.
Elsewhere... as the virtual J.P. Morgan Healthcare Conference continues throughout the month of January, I've learned that Webster Equity Partners is poised to soon bring Bristol Hospice to market. Meanwhile, LightBay Capital – founded by two former partners of Ares Management private equity - has clinched a growth investment in Rancho Family Medical Group on the heels of its acquisition of Femwell Group Health.
Read the full wire commentary on PE Hub.
That's it for today's rundown. Have a great week, and as always, write to me with any tips, comments or just to say hello!
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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) Hot strategies: Fundraising by North American private equity firms in 2020 was surprisingly robust, especially considering the hurdles erected by the covid-19 pandemic. Buyouts identified nine key trends that drove PE fundraising in 2020 ranging from virtual marketing to secondaries activity. Check it out here.
Goal surpassed: Portfolio Advisors has exceeded the target of its flagship secondaries fund as it prepares to launch a vehicle dedicated to GP-led deals. Read more on Secondaries Investor to find out how much the Darien, Connecticut-based firm has collected.
Secondaries shine: Fundraising for secondaries funds nearly tripled between 2019 and 2020, according to preliminary data from Secondaries Investor. Four secondaries funds featured among the 10 largest private equity funds raised in 2020: Ardian's ASF VIII, Lexington Capital Partners IX; Goldman Sachs Vintage Fund VIII; and AlpInvest Secondaries Program VII. Read more here.
PE Deals 
They said it “Fifteen years ago, having secondaries as a first-time investment wasn’t as viable an option for investors; there wasn’t such a mature market as there is today. Now we are having discussions with clients who are getting into PE for the first time who are looking to get rid of the J-curve and change the cashflow profile.” Anna Morrison, senior director for private markets at advisory firm bfinance, told Secondaries Investor.
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. Please 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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