TPG’s GP-led group debuts in CCMP s econdary; One Equity backs InfuCare

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The Wire

Jan. 12, 2022

TPG’s GP-led group debuts in CCMP secondary; One Equity backs InfuCare

Morning!

This is Chris, on the Wire on Wednesdays for MK. Hope your week is proceeding well!

Here’s an interesting development – we have TPG’s debut in the GP-led secondaries market. TPG, as Wire readers are undoubtedly aware, has been building an internal unit to invest in GP-led deals. The unit is led by Michael Woolhouse and Matt Jones.

TPG is making a small investment in CCMP’s process to move two assets out of its third fund and into a continuation pool. Facilities management services provider BGIS represents the majority of the deal, which also includes a small interest in Truck Hero, the majority of which CCMP exited to an L Catterton-led consortium in 2020. Both assets are held in the firm’s $3.6 billion third fund, which closed in 2014. Read the full piece here on Buyouts.

Healthcare: One Equity Partners senior managing director Greg Belinfanti spoke with MK Flynn about the firm’s strategic investment in InfuCare Rx, which provides infusion therapies and management services for patients with chronic conditions. The investment is expected to close later today. Read the full interview here.

Check out a sample:

Why is OEP investing in home-based care? What’s the overall opportunity?

InfuCare is aligned with OEP’s thesis that care will continue to shift from institutional settings towards the low-cost home setting and that home-based management of complex chronic conditions will be increasingly important. The home and alternate site infusion market is large and growing, and OEP believes future demand will be driven by increasing prevalence of patients with chronic conditions and the need to provide services in a cost-effective care setting.

That’s it! Have a great rest of your Hump Day! Hit me up with tips n’ gossip, feedback or story suggestions at [email protected] or find me on LinkedIn.

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!

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Ares Management collected about $3.3 billion for a second vehicle earmarked for special opportunities investing, a strategy that is gaining traction among large private equity firms. The $3.3 billion raised, which includes a GP commitment of $100 million, brings Fund II within reach of its $4 billion target. (Buyouts)

"Private equity groups Bain Capital and CVC Capital Partners have teamed up to work on a planned bid for Boots after its US owner hired advisers last month to explore options for the UK high street chemist chain, including a sale." (Financial Times)

"Kimmeridge Energy Management-owned Desert Peak Minerals Inc. plans to combine with Blackstone Inc. -backed Falcon Minerals Corp. to form a nearly $2 billion investor in oil-and-gas royalties and mineral rights." (WSJ Pro)