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TPG aims to build software portfolio with AvidXchange and Sabre Hospitality; Lindsay Goldberg-backed Liquid Tech Solutions said to field second-round offers

Good morning, Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom.

Let’s commence with TPG, which has been active recently in the software sector. In May, the PE firm said it will take AvidXchange private for $2.2 billion and in April the firm said it is buying Sabre’s hospitality business for $1.1 billion. To learn more about the deals, I caught up with Tim Millikin, partner at TPG about the deals.

Then, we have an update on a sale process. Several infrastructure funds are in the second round of a sale process to acquire Lindsay Goldberg-backed diesel refueling station company Liquid Tech Solutions according to sources.

We’ll finish up with a deal announced this morning. Brookfield Asset Management and CDPQ have acquired Antylia Scientific for about $1.34 billion from GTCR.

Finding the inflection point

Let’s take a look at some software deals. It’s been a busy second quarter for TPG, which has announced two large software acquisitions. In May, the San Francisco-based private equity firm said it will take AvidXchange private for $2.2 billion. And in April, the firm said it is buying Sabre’s hospitality business for $1.1 billion.

To learn more about the two deals, I spoke with TPG partner Tim Millikin, who co-leads the firm’s software and enterprise technology investing efforts.

Subscribe to the premium version of the Wire to learn the firm’s plans for growing both software businesses and how it has a past history of corporate carveouts in software companies.

In the second round

Let’s shift over to energy. Several infrastructure funds are in the second round of a sale process to acquire Lindsay Goldberg-backed diesel refueling station company Liquid Tech Solutions, three sources familiar with the matter told PE Hub.

Upgrade to the premium version of the Wire to learn more about the sale process including how much Liquid Tech can sell for.

Driving innovation

Brookfield Asset Management and CDPQ have acquired Antylia Scientific, a Vernon Hills, Illinois-based life sciences company, for about $1.34 billion. The seller was GTCR.

Read details on the deal in the premium version of the Wire.

That’s it for me. If you have any questions, thoughts, or want to chat about deals in the tech, consumer or sports sectors, please email me at [email protected].

Tomorrow, Nina Lindholm will be with you for the Europe edition of the Wire and Michael Schoeck will bring you the US edition.

Cheers,

Rafael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Capital Constellation, a Wafra-managed GP stakes platform backed by some of the world’s largest institutional investors, is in the market with a fifth offering. Constellation Generation V is targeted to raise $1.5 billion, according to Orange County Employees’ Retirement System documents, the same amount secured by its predecessor in 2022. (Buyouts)

KKR has returned to market with its third pan-Asia infrastructure fund, Infrastructure Investor understands. A source familiar with the fund told Infrastructure Investor that KKR is aiming to raise more than the $6.4 billion it secured for KKR Asia Pacific Infrastructure Investors II, its predecessor vehicle that reached a final close at the beginning of February 2024.

EFM’s longevity in forestry is paying off handsomely: The firm has not previously raised a $100m-plus closed-end vehicle but is now in market with two distinct vehicles that have a combined $500m target. (Agri Investor)

Yeo Ventures, the food systems-focused family office affiliated with British dairy company Yeo Valley, is seeking ‘like-minded capital partners’ to commit to its first commingled fund. (New Private Markets)

From Private Equity International's infographic-driven 'Number Crunch' series: While still the biggest private equity market in Asia-Pacific, China’s share of both global and APAC fundraising has been gradually sliding. According to Private Equity International data, Chinese PE fundraising accounted for just 1 percent of global totals in 2024, down from 3 percent a year earlier and as much as 13 percent in 2016.

William Blair’s private capital advisory team has poached Delaney Brown, a former executive at PE firm Bregal Investments, as a senior director in London, according to a statement shared with Secondaries Investor. Brown will focus on providing fund placement and secondaries advisory services to sponsors and LPs across Europe.

Pegasus Capital Advisors-backed cold storage provider Ifria Cold Chain Development Company of Morocco has acquired temperature-controlled logistics company Lotraf for an undisclosed price. (Agri Investor)

Gresham House has held a £375 million close ($506 million; €447 million) on its Forest Fund VI, which was launched in 2022 with a £400 million target. (Agri Investor)

Deals

They said it

“We focus on interesting neighborhoods that are experiencing secular growth and, oftentimes, are at inflection points of technology penetration. Within those neighborhoods, we look to invest in companies that have strong underlying franchises where we think TPG can bring a growth-oriented transformational thesis to support them.”

— Tim Millikin, partner and co-lead of software and enterprise technology investing efforts, TPG on the firm’s software investment strategy

Today's letter was prepared by Rafael Canton

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