Good morning, dealmakers. MK Flynn here with today’s private equity news.
Seller’s market. TPG’s earnings report, out this morning, underscores that it’s a good time for exits. Among TPG’s exits in the first quarter was security software developer McAfee, which TPG had taken public in 2020, and was sold to a consortium of PE firms led by Advent International and Permira in a take-private deal that closed on March 1. TPG, which still owned a big stake in the business, made nearly seven times its money on the sale, according to the Wall Street Journal. In another sale, Aptiv agreed to buy Wind River Systems for $4.3 billion.
State of Play. As regular readers of the Wire know, for the last several weeks, I have been seeking insights into how Russia’s invasion of Ukraine might affect private equity dealmaking. KKR’s recent State of Play report by partner Henry McVey is loaded with analysis. McVey is the CIO of KKR’s Balance Sheet and Head of Global Macro and Asset Allocation (GMAA). If you haven’t read his report, I recommend it highly.
Drowning in re-ups. “Some LPs are asking their trusted GPs to ‘pump the brakes’ on fundraising and think about pushing their upcoming fundraising processes to 2023,” Chris writes. For more, read the story.
That’s all for now. I’ll “see” you tomorrow.
All the best,
MK
Read the full wire commentary on PE Hub ...
