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SK Capital-backed Apotex acquires Searchlight Pharma; a conversation with Clearview Capital

Hello, dealmakers. Rafael Canton stepping in for Michael Schoeck for this Thursday edition of the PE Hub Wire.

First, we have a couple of news items from this morning including SK Capital-backed Apotex acquiring Searchlight Pharma and Pophouse buying the catalogue of rock band KISS.

Next, we have a chat with James Andersen, managing partner and co-founder at Clearview Capital, about dealmaking and what the firm has been up to.

Then we have a deep dive into the role antitrust investigations have played in private equity and the complications they’ve caused.

Finally, we look at Vesey Capital’s Small Market Deal of the Year winner, selling Quality Metric Group to IQVIA.

SK in the news

Private investment firm SK Capital’s portfolio company Apotex has agreed to acquire Searchlight Pharma.

Upgrade to learn more about the deal.

Sealed with KISS

Global entertainment and music investment firm Pophouse – founded by ABBA’s Björn Ulvaeus and EQT founder Conni Jonsson in 2014 – announced that it is acquiring the music catalogue, brand name and the likeness of US band KISS.

See the premium version of the Wire to read about the deal.

In a cycle

PE Hub convened in our New York office to chat with James Andersen, managing partner and co-founder at Clearview Capital, about the firm’s recent deals and what he’s seeing in dealmaking.

Upgrade to the premium version of the Wire to read more about Andersen’s thoughts on PE.

Understanding Washington’s antitrust crusade

Private equity already faces economic challenges such as inflation and rising interest rates, which have led to a slowdown in dealmaking. Another looming challenge is antitrust, writes Bill Myers, Washington correspondent at PE Hub affiliate title Private Funds CFO.

Upgrade to learn more about the antitrust crusade in PE.

Vesey Street goes with quality over quantity

Earlier this week, we revealed our Deals of the Year in various categories alongside our affiliate publication Buyouts. I wanted to take a look back at the Small Market Deal of the Year, which PE Hub’s Michael Schoeck covered.

Vesey Street Capital Partners acquired Quality Metric in 2020 from United Healthcare Group. Quality Metric was a part of United’s Optum division.

To learn more about how Vesey grew Quality Metric, subscribe to the paid edition of the Wire.

That’s it from me today. If you have any thoughts, questions, want to chat, please email me at [email protected].Obey Martin Manayiti is next in line with tomorrow’s Wire.

Cheers,

Rafael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Deglobalization and digitalization are the driving forces behind a wave of acquisitions of infrastructure managers by other private market players, Michael Harrington, partner and chief investment officer at Actis, told PE Hub Europe.

Tenex Capital Management, led by ex-Cerberus Capital Management principals, unveiled a fourth buyout fund to invest in underperforming mid-market businesses. Tenex Capital Partners IV is targeting $1.6 billion with a $1.8 billion hard-cap, the manager said in a presentation to Rhode Island State Treasury. The GP is committing at least 3 percent. (Buyouts)

Brian Chase has exited his position as managing director at Quinbrook Infrastructure Partners after nearly three years with the firm, Infrastructure Investor has learned.

Demographic shifts, financial disintermediation and the energy transition are among the key drivers AXA IM has identified for growth, according to Isabelle Scemama, global head of alts for the French investment manager. (PE Hub Europe)

Large corporations take a bite out of US energy transition infrastructure: Private infrastructure investors on the cutting edge of the energy transition have found themselves both competing and collaborating with large US corporations. (Infrastructure Investor)

Growth in the private markets has prompted innovative new fund structures that target the world’s wealthiest. However, these investors often have limited experience of private markets and need to be made aware of what they’re investing in. Private Equity International asked market participants what the key considerations are when drawing up fund terms for such vehicles.

AAM Investment Group has sold its 14,074ha Sunshine Farms aggregation, the first land and development acquisition the firm made through its Diversified Agriculture Fund. (Agri Investor)

Large-cap infrastructure funds keep getting bigger. But looming exit risk and current struggles to deploy leave the ecosystem with an existential question: how much growth can it sustain? (Infrastructure Investor)

As interest rates remain at elevated levels, it has become more difficult for fund managers to put their skin in the game in the form of GP commitments to their own funds. According to Investec’s Private Equity Trends 2024 report, the typical GP commitment averaged around 3 percent in 2023, down from the peak level of 4.8 percent in 2021. (Private Equity International)

They said it

“There’s a lot of money on the sidelines. I think we’ve already started to see it in our dealflow, which has picked up.”

— James Andersen, managing partner and co-founder at Clearview Capital