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Thoma Bravo exits Adenza in cash, shares deal; NOVA Infra sees RNG growth; Partners utilizes generative AI

Good morning Hubsters, Craig McGlashan here with the opening Wire of the week.

Thoma Bravo has grabbed the headlines this morning with an agreement to sell financial services software provider Adenza to Nasdaq. Thoma Bravo formed the company through a merger just under two years ago.

We then switch sector to renewable energy, where PE Hub’s Obey Martin Manayitispeaks to NOVA Infrastructure co-founder Allison Kingsley and senior vice-president Stephen Denis about the firm’s partnership with Nopetro Energy to create a renewable natural gas platform.

Generative AI finishes the day’s news, with a look at how Partners Group is starting to use the technology.

Big exit

Thoma Bravo has agreed to sell financial services risk-management and regulatory software provider Adenza to Nasdaq for $10.5 billion in cash and shares of common stock.

Thoma Bravo formed the company nearly two years ago when it combined AxiomSL and Calypso.

Renewables

The push to decarbonize the world’s energy use is only going to intensify, and one potential source would be renewable natural gas (RNG), which comes from landfills, dairy farms, wastewater treatment plants and municipal waste facilities.

Now NOVA Infrastructure, a New York-based private equity firm, has partnered with Nopetro Energy to create an RNG-focused platform.

PE Hub’s Obey Martin Manayitispoke to NOVA co-founder Allison Kingsley and senior vice-president Stephen Denis about what attracted them to the sector.

For more on private equity interest in that energy source, head over to PE Hub Europe to read about Partners Group agreeing to buy a biogas and biomethane energy platform in Germany.

AI roll-out

Over on PE Hub Europe, we’ve been looking at how Partners Group is using generative AI.

“We had actually deployed an internal, ringfenced model of GPT-3.5 to a group of pilot users and this was recently rolled out to all of our employees – we call it PRIMERA GPT,” Patrik Bless, co-head of business applications and chief information security officer, told PE Hub Europe’s Nina Lindholm.

Read more about how Partners is approaching privacy and confidentiality issues as well as its end-goal for the tech here.

To read about how dealmakers and third-party origination service providers are using generative AI, check out this piece by Rafael Canton.

That’s all from me – Obey will be writing to you tomorrow.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Shifting sands: How the tough market is altering PE fundraising. (Buyouts)

Partners Group has struck a deal to acquire a 60 MW portfolio of 35 biogas plants and 10 biomethane plants from Energiedenker Group. (Agri Investor)

Infrastructure Investor is out with its latest digital infrastructure report, revealing the strides that have been taken and the innovations that have been left behind for the sector.

London-based IMMO Capital has hired Chris Chinaloy as chief growth officer, PERE can reveal, as the technology-led single-family rental specialist looks to scale up its strategic partnerships with institutional investors globally.

Between 60 and 75 percent of LPs think the use of AI will become significant in PE investment processes in the next five years, according to Coller Capital’s Global Private Equity Barometer Summer 2023. (Private Equity International)