Vestar runs single-asset deal on Circana; Blackstone's Career Pathways widens talent pool

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Vestar runs single-asset deal on Circana; Blackstone's Career Pathways widens talent pool

Morning Hubs!

Hope all is well with you and yours. The snow came here in the northeast and seems to be fairly quickly melting away – a reminder that come early March we’ll be heading to sunny Orlando for our inaugural private equity conference Nexus 2024. Also, a quick reminder that our Deal of the Year deadline is Friday to get us your best exits of 2023. More info below!

• Speaking of Nexus, we have a Q&A today with Blackstone’s Marcus Felder, who runs the firm’s Career Pathways program (Felder will be in attendance at Nexus)

• Francisco and Clearlake-backed Perforce Software added-on Delphix

• Vestar runs single-asset deal on Circana

Still slow

Not great news on the deal front. Deal activity slowed to the lowest point in five years, according to S&P, with the total value of PE-backed deals sliding 16.8 percent from the same period last year.

Tech add-on

Francisco Partners and Clearlake Capital-backed Perforce Software, which provides services to enterprise teams, agreed to add-on Delphix, a data management software platform.

For more details, see the full version of the Wire.

Recruiting

Marcus Felder joined Blacksone in 2020 to lead Career Pathways, which assists the firm’s portfolio companies in recruiting and retention of employees from diverse communities. Before Blackstone, Felder worked at Posse Foundation, which works with young people from underrepresented communities for success in college and career.

PE Hub spoke with Felder, and subscribers can read that Q&A here.

You can catch a snippet of the interview at the premium version of the Wire.

Single asset

One of the large GP-led single-asset deals in the market is heading for final close. Vestar Capital is moving its portfolio company Circana into a continuation fund as a way to deliver liquidity back to LPs. Read more here on Buyouts.

Deal of the Year

A quick reminder that time is running out to send your nominations for Deal of the Year. We're looking for the top exits of 2023. Winners are chosen in seven categories: Deal of the Year, Large Market Deal of the Year, Mid-Market Deal of the Year, Small Market Deal of the Year, Turnaround of the Year, International Deal of the Year and Secondaries Deal of the Year.

Visit here for contest rules and other information, including lists of past winners. The deadline is February 16.

That’s it for me! Have a great rest of the day. Hit me up with tips n’ gossip, feedback or book recommendations at [email protected] or find me on LinkedIn.

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

BC Partners launched its exit from Forno d’Asolo Group , a manufacturer and distributor of frozen bakery products, a little earlier than initially planned thanks to inbound interest from financial and trade buyers and a strong performance in 2023, partner Stefano Ferraresi told PE Hub Europe.

Kirkland & Ellis has topped Infrastructure Investor's second Fund Formation League Table, the industry’s only ranking of law firms by the number of funds advised and by the underlying aggregate capital of funds closed.

TPG wrapped up its ninth flagship private equity and second healthcare funds a $15.6 billion, a few billion shy of their combined target. (Buyouts)

The California State Teachers’ Retirement System is seeking to grow its Sustainable Investment and Stewardship Strategies private investment portfolio to 1 percent of its $327 billion AUM over the next two to three years, to roughly $3.3 billion, Kirsty Jenkinson , the director of SISS for CalSTRS, told Infrastructure Investor.

Private Equity International has a profile of BFA Family Offices . The multifamily office, which serves entrepreneurs and the private market investors who back them, has an eye on sector-specific emerging managers, founder Nick Hofer and CIO Warren Gibbon tell PEI.

The seventh vintage of Fiera Private Debt ’s flagship Canadian private credit fund, Fiera Private Debt Fund VII, has raised C$350 million ($258 million; €241 million) on its first close. (Private Debt Investor)

Businesses have long touted ’people’ as their greatest asset. But labor actions in multiple industries across the US show that not everyone is buying it. Against this backdrop, private equity GPs are appreciating the value of culture and workplace satisfaction more than ever. (Private Funds CFO)

AIX Ventures, an early-stage investor in AI start-ups, announced that it has raised $202 million for its second fund, surpassing its target by more than $50 million. (Venture Capital Journal)

Clean Industry Ventures, a new firm co-founded by renewable energy tech entrepreneur Patrick Maloney, has started fundraising for a debut fund with a target of $200 million. (Venture Capital Journal)

They said it

“Since inception, nearly 50 participating portfolio companies have welcomed more than 6,000 untapped talent hires.”

— Marcus Felder, who runs Career Pathways at Blackstone, on the progress of the program.