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The Wire

Jan. 14, 2022

TPG soared on IPO; Corsair hopes to repeat Repay success; more LPs are over-allocated

Happy Friday, Hubsters.

 

MK Flynn on the Wire here, as we wind down the week. (Note: In observance of Martin Luther King Jr. Day, PE Hub Wire will not publish on Monday. We’ll be back on Tuesday, January 18.)

 

Auspicious sign. The public markets delivered a vote of confidence to the private equity model yesterday when shares of TPG jumped 15 percent on its first day of trading, giving the company founded by David Bonderman and Jim Coulter a market cap above $10 billion.

 

Repay repeat. The payments processing sector continues to consolidate, providing plenty of opportunity for private equity. The Hub’s Aaron Weitzman spoke with Corsair Capital partner Jeremy Schein about the firm’s recent investment in Aurora Payments. Corsair hopes to do with Aurora what it did with previous portfolio company Repay, which was bought by Thunder Bridge Acquisition and currently trades on the Nasdaq.

 

Over allocation. Will the record-breaking flow of capital into PE coffers last year continue this year? All signs are pointing to yes. Check out Buyouts’ analysis of 10 key fundraising trends in 2021 that will spill over into 2022.

 

Help wanted. January is typically a big month for new hires and promotions, and this year, PE firms seem to be announcing more people moves than ever. Not surprising, given the ultra-fluid job market. This morning, GTCR announced that Andrew Johnson is joining the Chicago firm as principal and chief of marketing and communications, a newly created position.

 

We’re hiring too! If you know a private equity reporter who’d make a good addition to the Hub’s team, send ‘em my way: [email protected]

 

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!  

 

Have a good weekend, and see you Tuesday,

MK

 

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Apollo Global Management is to lead another GP-led deal as it continues its two-pronged assault on the secondaries market. The listed manager is backing a single-asset process on Micross Components, an Orlando-headquartered supplier of microelectronics products and services, according to two people familiar with the matter. (Buyouts)

 

Scott Shleifer, partner of the investment firm Tiger Global Management and a cofounder of its venture capital business, and his wife Elena Shleifer, have donated $18 million to the University of Pennsylvania to increase its support and critical resources for students who are in the first generation of their family to attend college and/or from households of modest or limited income. (Penn Today)

 

NineDot Energy's "David Arfin, a pioneer of rooftop solar power in the U.S., is developing a dozen basketball court-sized electric battery sites in New York City with a recent investment from Carlyle Group Inc." (Wall Street Journal)