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The Wire June 29, 2021
TPG's minority investment in EIS, CD&R bumps up price for UDG Healthcare Happy Tuesday!
Today we bring you deal updates from the two most active spaces in the PE universe - tech and healthcare. TPG’s Tech Adjacencies has injected a more than $100 million growth investment in EIS, a digital insurance platform, the parties told PE Hub. According to TPG partner Nehal Raj, whose team previously led deals in insurance software providers Vertafore and CCC Information Services, there has never been a more opportune time to invest in the insurtech sector.The insurance sector is one of the largest end-markets globally and in the US, and it is also probably one that is most behind in terms of having modern software and cloud-based technologies, the investor said. Read about TPG's deal rationale in Milana's story on PE Hub.
Bump it up: CD&R increased its offer to UDG Healthcare, a London-listed pharmaceutical company, by 5.6 percent after its board of directors opposed the original bid. The improved bid of $3.83 billion is supported by UDG’s largest shareholder, Allianz Global Investors, which criticized the initial offer as “opportunistic”, writes Bloomberg. The opposition reflects a wider concern that private equity companies are...
Read the full wire commentary on PE Hub...
That's it! Have a beautiful rest of the week and as always, hit me up with updates on deals, your comments, feedback or whatever at [email protected].
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Also of note (may require subscriptions) Entering tech: Nexa Equity, launched by ex-Insight Partners executive Vlad Besprozvany and a group of young tech investors, launched its debut fund for investments in lower mid-market tech. Nexa Equity will focus on founder-led software and fintech companies with revenues from $5 million to $20 million across application software, healthcare IT and electronic payments enablement. Read more at Buyouts.
Sustainability buzz: Goldman Sachs’ Sustainable Investment Group, part of the bank’s asset management unit, has held a first close on its debut fund. It has raised more than $800 million for its Horizon Environment and Climate Solutions Fund, having launched in late March, and expects to exceed its initial $1 billion target when it holds a final close later in the year, New Private Markets writes.
Q&A: Private Equity International caught up with Simon Faure, an investment director and almost two-decade veteran at M&G Private Funds Investment on his new role at IH International Advisors Read the Q&A on PEI.
We are hiring: Jackie Vullinghs, principal at Airtree, a Sydney, Australia-based VC firm recently tweeted about the challenges to find female talent for investment focused roles. She said, "Our applications are about 90% guys right now" and that the firm is looking to hire women for the role of VC. Do you fit the bill? Find details of the three investment job openings here.
PE Deals
They said it “I don’t want this whole sustainability initiative to be confined to one fund off to the side. As well as having a different mandate, the slight danger of doing impact in a separate fund is [people across Advent will think], ‘Ok, that’s Advent’s sustainability thing over there and we just carry on with normal life over here.” James Brocklebank, a managing partner at Advent International, explains to New Private Markets why the firm won't be launching a dedicated impact fund.
Today's letter was prepared by Karishma Vanjani Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease 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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