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The Wire Jan. 13, 2022
TPG goes public; Twin Brook’s Trevor Clarks talks PE-backed loans; Godspeed buys again Good morning, Hubsters. MK Flynn here with the Wire.
Going public. TPG is going boldly forward with its $9 billion initial public offering on the Nasdaq this morning – despite a volatile stock market that caused HR and payroll software developer Justworks to delay its debut, which was also scheduled for today. TPG’s is the first big IPO of the year, so all eyes will be watching. For more on the firm, see Buyouts’ report earlier in the week that TPG’s fledgling GP-led secondaries group is among a group of high-profile firms participating in a process that will move facilities management services provider BGIS out of an older CCMP Capital fund and into a continuation pool.
Lending landscape. PE Hub’s Q&A series with high-profile private equity professionals continues today with insights from Trevor Clark, founder and managing partner of Twin Brook Capital Partners, the mid-market direct lending subsidiary of Angelo Gordon. We asked Clark for his thoughts on the latest trends in private equity-backed loans. Read the full interview.
Among the deals announced this morning, Godspeed Capital has acquired Exceptional Software Strategies, a provider of information technology to federal agencies, including intelligence and defense. PE Hub spoke recently with Godspeed founder Douglas T Lake Jr about the firm’s investment strategy and its recent acquisition of Varen Technologies, a provider of cybersecurity, software and intelligence services. Check out the interview.
Nominations. We’re looking for your recommendations for rock star women in private equity, mostly on the deal side (which has been historically male-dominated). Deadline to get in your recs is January 17, for publication in March. Our annual Women in Private Equity project comprises 10 mini-profiles of highly regarded women in the industry and a feature story about some burning topic around the status of women in the industry. Check out our past coverage of Women in PE here. Reach Buyouts editor Chris Witkowsky with questions and recommendations at [email protected].
Deal of the Year: Get your nominations in now for your best exits (either full or majority) that closed in 2021. Awards are given in seven categories: overall deal of the year, large-cap, middle-market, small-cap, international, turnaround and secondaries. Deadline is Friday, Feb. 11. Send to Chris Witkowsky, private equity editor, at [email protected]. Go here for all the rules and regs!
Until tomorrow, MK
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) The pandemic has put education technology front and center. Edtech investor Owl Ventures — which counts MasterClass among its portfolio companies — has recently raised $1 billion over several funds. (Venture Capital Journal)
Blackstone has made its first investment in renewable power from its infrastructure platform with a $3 billion injection into wind, solar and transmission line developer Invenergy Renewables. (Infrastructure Investor)
Blue Earth Capital, the impact investment firm built by Swiss private equity firm Partners Group’s co-founders, has reached a first close for its Clean Growth Fund at $100 million. (New Private Markets)
"US buyout group TPG’s initial public offering on Thursday will establish a tectonic change in the private equity industry, as a wave of firms list shares by offering stockholders a smaller claim on their lucrative, but irregular, performance fees." (Financial Times)
"Crown Resorts has agreed to enter takeover talks with Blackstone after the US investment firm sweetened its bid to buy the Australian casino operator to about A$8.9bn (US$6.5bn)." (Financial Times)
"Lending by money managers is booming. Funds that make private loans control about $1.2 trillion, nearly twice the capital they had five years ago." (Wall Street Journal)
"Recognize Partners LP, a new private-equity firm that invests exclusively in technology-services companies, has raised about $1.3 billion for its first fund, ranking it among the larger debut funds in recent memory." (WSJ Pro)
"Great Hill Partners, which backs midmarket technology-enabled companies, is pitching its eighth fund to investors with a goal of raising $3.5 billion, according to people familiar with the effort." (WSJ Pro)
"HgCapital in London is targeting roughly $14.75 billion for two new buyout funds less than two years after it secured almost $10 billion for the strategies." (WSJ Pro)
PE Deals
They said it “Although rising interest rates have the obvious effect of driving up borrowing costs and reducing the relative attractiveness of debt financing, given where the cost of debt currently stands, we don’t expect near-term interest rate increases to have a meaningful impact on loan demand in 2022.” — Trevor Clark, founder and managing partner, Twin Brook Capital Partners
Today's letter was prepared by MK Flynn 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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