| Price is not the dominating factor in a SPAC-off, SEC inquires aimed at SPAC market anticipated, Why Unit4 found itself a rare find in Europe
Happy Friday, hubsters!
In a SPAC-off, the process in which bankers shop certain portfolio companies exclusively to select SPACs, it’s not about seeking out aged SPACs – those close to the end of their 24-month-timeline – with hopes that they’ll pay the highest price. “You’re not trying to maximize price in SPAC-off,” said Jefferies Managing Director Michael Dodds at McDermott Will & Emery’s recent Healthcare Private Equity Miami Conference. Read PE Hub's coverage here.
On the topic of SPACs, Bloomberg wrote Thursday that officials at major firms are anticipating letters from regulators asking about the potential dangers of underwriting a deluge of deals from so-called blank-check companies. We’ve also got more on Advent International’s $2.15 billion sale of Unit4 to TA Associates and Partners Group. Turns out, with few scale European companies...
Read the full wire commentary on PE Hub...
What do you think about SPAC-offs, SPAC enforcement, or anything else happening in SPAC-land? Hit me up with any thoughts or tips on private equity dealmaking at [email protected]. Have a great weekend!
Also of note (may require subscriptions) Partnership stakes: New Jersey Division of Investment has taken partnership interests in two vehicles run by the new firm to be created following the December merger of Owl Rock Capital Partners and Dyal Capital Partners, Buyouts writes. Read more on the new entity here.
New fund: Banneker Partners, launched by ex-Vista Equity senior executive Stephen Davis, hit the $350 million cap on its debut fund for software investments, the investor confirmed for Buyouts. Davis left Vista in 2009, launching his new venture in 2010. Read more on Buyouts.
US push: Canada Pension Plan Investment Board, the world's biggest investor in private equity according to the GI 100, has hired a seasoned professional from GIC as it expands its secondaries team in New York. Read it on Secondaries Investor.
PE Deals 
They said it
“Yeah, you can squeak out some better valuation from somebody else, but by definition you are going to have a lot more at stake post-close, post-de-SPAC,” he said. “Ultimately you want to be in the sandbox with somebody that has a network, a reputation and a good understanding of what it’s like to be a public company – and how to grow your business.”
Comvest Senior Partner Roger Marrero said on a recent panel at at McDermott Will & Emery’s Healthcare Private Equity Miami Conference.
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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