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Riverstone's Second Act With Pattern Energy | Survey Shows PE Firms Seek More Diverse Talent | A New Cybersecurity Unicorn
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Good day! Private-equity firms have increasingly been finding ways to continue holding portfolio companies they have already owned for years. However, this morning Luis Garcia dives into a different phenomenon: an energy-focused firm that is backing a portfolio company for a second time after taking it public back in 2013.
Meanwhile, Chris Cumming looks at results from the latest survey from consulting firm EY and WSJ Pro Venture Capital's Yuliya Chernova has news of the newest cybersecurity unicorn.
Dive in for more on these and other stories...
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The sun sets on a Pattern Energy Group wind-energy installation in Fowler, Ind. PHOTO: LUKE SHARRET, BLOOMBERG NEWS
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Riverstone Holdings aims to make a second big bet on a renewable-energy company that has already doubled the firm’s previous $1 billion investment, Luis Garcia writes, citing people familiar with the matter. But this time, the firm plans to make a minority investment alongside Canada’s largest pension plan, which will put up the bulk of the money to buy out Pattern Energy Group Inc. In addition to contributing project development assets to the deal, Riverstone is raising a new $750 million fund as part of the new play.
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When it comes to talent management promoting both gender and ethnic diversity remain priorities for a number of private-equity firms, according to a new survey from Ernst & Young. But as Chris Cumming reports for WSJ Pro in his coverage of the survey, plenty of respondents said they have yet to reach their desired goals for attracting and keeping such talent.
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Cybersecurity startup Snyk Ltd.’s latest funding round sent its valuation to more than $1 billion, reflecting a surge in interest in enterprise software companies among late-stage venture investors, WSJ Pro Venture Capital's Yuliya Chernova writes. The London-based startup raised $150 million in a Series C funding round led by existing investor Stripes, the company said. Its $1 billion-plus valuation is roughly double the amount tallied when it raised its prior round in September, and 10 times more than its valuation in a fundraising round about 18 months ago, the company said.
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73%
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The percentage of private-equity firms surveyed that listed employee productivity and engagement as their top talent management priority, according to a new survey by EY.
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McDermott Chief Executive David Dickson said the company will emerge ‘with robust liquidity and significant financing to execute on customer projects in our backlog. Photographer: Oliver Bunic/Bloomberg
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Private-equity firms Chatterjee Group and Rhône Group agreed to buy Lummus Technology, which licenses gas-processing, refining, petrochemical and coal-gasification technologies, from McDermott International Inc. for $2.73 billion. The deal is part of a prepackaged bankruptcy by the engineering company, which has been beset by setbacks in major energy projects and depressed conditions in the offshore drilling sector. The agreement could also be undone if an expected McDermott auction for Lummus results in a higher offer.
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Private investment firm Skyview Capital has acquired Fidelis Cybersecurity, a network analysis and cyberforensics company based in Bethesda, Md. The software maker provides systems that enable organizations to detect, hunt down and respond to hacking efforts that evade routine security measures. The company has more than 250 professionals on staff to develop its defensive programs.
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Ares Management has agreed to acquire a controlling interest in Asian private credit and special situations investment manager SSG Capital Holdings Ltd. to expand the Los Angeles-based firm’s operations in the region. Hong Kong-based SSG had about $6.2 billion in assets under management as of Sept. 30. Significant earnings impact for Ares from the all-stock deal, expected to close in the second or third quarter of this year, is not anticipated until after year 1, according to a news release.
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Infrastructure-focused I Squared Capital has agreed to acquire about 45% of the Rubis Terminal unit of French company Rubis SCA, giving the component of the petroleum products storage and distribution company an enterprise value of about €1 billion ($1.11 billion), Pietro Lombardi reported for Dow Jones Newswires. Rubis retained a 55% interest in the business, which it will jointly operate with I Squared.
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eClinical Solutions LLC, a provider of software and software-enabled clinical data services for life sciences organizations, said it has received a minority growth investment from global growth-equity firm Summit Partners. Summit Managing Director Mark deLaar and Principal Jesse Lane have both joined the company’s board of directors, according to a press release.
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TPG Capital is backing Kelsey-Seybold Clinic through a minority investment in its management services business. The physician-owned medical services company expects to use the new capital to expand in the Houston metro area where it is based and already operates 16 clinics.
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The Stephens Group LLC has acquired Kinetics Noise Control Inc., a Dublin, Ohio-based company that offers products that help control noise and vibrations on buildings and other structures. As part of the deal, Stephens has formed a separate company called Catalyst Acoustics Group to serve as a platform for its noise and vibration control companies, according to a press release. In addition to Kinetics, they include IAC Acoustics, Sound Seal, Noise Barriers and Lamvin, the release stated.
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Cortec Group has made a growth investment in residential foundation services provider Groundworks Cos., based in Virginia Beach, Va. The company has more than 20 offices serving homeowners in states from Arkansas and Montana to South Carolina and Florida.
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FIMI Opportunity Funds has agreed to buy $25 million of shares in Kamada Ltd., a Rehovot, Israel-based developer of plasma-derived protein therapeutics. Tel Aviv-based FIMI, a private-equity firm with about $5.5 billion in assets under management, will acquire almost 4.17 million shares of the Nasdaq-listed company for $6 each through a private placement. Kamada said in a news release.
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Yukon Partners, a provider of mezzanine capital for middle-market private-equity transactions, is supporting Carlson Private Capital Partners’ investment in Lakeshirts / Blue 84, a maker of customized apparel based in Detroit Lakes, Minn.
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Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.
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Paris-based Ardian said it has raised €3 billion ($3.32 billion) for its fourth private-debt fund, ahead of the fund's €2.5 billion target. The offering also exceeded the €2 billion that Ardian raised for its prior private-credit platform back in 2015, the firm said in a press release. Ardian's private-credit platform offers flexible financing to European companies.
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Middle-market focused Wynnchurch Capital wrapped up fundraising for its fifth flagship private-equity vehicle with almost $2.23 billion in commitments. The Rosemont, Ill.-based firm said it began efforts to collect $1.6 billion for Wynnchurch Capital Partners V LP in September and closed the fund after it reached its hard cap barely three months later. The firm in suburban Chicago has $4.2 billion in committed capital under management.
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Incline Equity Partners has raised about $1.17 billion for its fifth flagship fund, almost double the $601 million collected by its predecessor in 2017. The Pittsburgh-based firm said Incline Equity Partners V LP also exceeded its $850 million target and took just three months to raise. The firm focuses on middle-market opportunities in the value-added distribution, specialized light manufacturing and business services sectors.
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Ares Management Corp. said it has named Sagati Aghili as general counsel and secretary of the firm. Mr. Aghili has served as co-general counsel for Ares alongside Michael Weiner, who has been named head of public policy and legislative affairs for the firm.
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Warburg Pincus has named Tesh Gor as an executive-in-residence for its industrial and business services group. Most recently, Mr. Gor was corporate vice president for strategy and business development with Lubrizol Corp.
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Veteran deal makers Stephen Green, Richard Tudor and Pierre-Edouard Harant have teamed up to start Europe-focused private-equity firm Averna Capital, WSJ Pro affiliate Financial News reported. Mr. Green and Mr. Tudor both worked for Apax Partners at one time, and between them the three have logged years working for at least a half-dozen private equity and financial firms. Their new firm is based in London.
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Bain Capital Credit, the credit investing unit of Bain Capital, and aircraft leasing company Griffin Global Asset Management have agreed to create a joint venture focused on commercial aviation leasing and asset management. Bain Capital Credit will provide capital to acquire and lease aviation assets while Griffin will provide lease management services for the platform, according to a press release.
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Elliott Management is pressing utility company Evergy Inc. to take steps that Elliott said would create $5 billion in shareholder value. In a public letter to the Kansas City, Mo.-based company’s board of directors, Elliott said it is making its campaign public after the board adopted defensive measures in response to Elliott’s private suggestions, which it made in October. One set of actions the activist investor recommends is strengthening company leadership and investing in infrastructure. The second involves pursuing acquisitions.
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Send us your tips, suggestions and feedback. Write to:
Ted Bunker, Laura Cooper, Chris Cumming, Luis Garcia, Laura Kreutzer, William Louch, Preeti Singh, Chitra Vemuri.
Follow us on Twitter: @wsjpe, @LCooperReports, @LHVGarcia, @LauraKreutzer, @william_louch.
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