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A Blackstone Star Dies in 345 Park Attack | Women Rise in VC | Communities Pay After Steward, Prospect Hospital Chains Collapse
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Welcome back. Blackstone's Wesley LePatner, a star on its real-estate team and one of its most senior female executives, was among the victims of a mass shooting in the Manhattan office tower housing the firm's New York headquarters. The gunman was allegedly targeting the National Football League, which also has offices in the building.
And my colleague, Yuliya Chernova, shares news of an increase in women landing investment roles in the venture-capital industry. The number of women in partner roles and above has doubled since 2018.
Finally, WSJ Pro's Soma Biswas details fallout from the collapse of two U.S. hospital chains, both weakened by private-equity investment.
Now, on to the news ...
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Wesley LePatner at the American Ballet Theatre spring gala in 2017. PHOTO: KELLY TAUB / BFA / SHUTTERSTOCK
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Wesley LePatner was a star in Blackstone’s vast real-estate business, rising to oversee one of its major strategies and one of its biggest funds. She was killed Monday evening in the lobby of the building that houses the fim's headquarters, shot down by a gunman allegedly angry at the National Football League, another tenant, Miriam Gottfried reports for the Journal. The 43-year-old executive was Blackstone’s global head of Core+ real estate, heading up less risky, lower-returning investments across Blackstone’s $325 billion property business. She also served as chief executive of Breit, the company’s real-estate
megafund aimed at individual investors and launched in 2017. Shae had been with the firm since 2014.
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More women than ever are in key investment roles in venture-capital, WSJ Pro's Yuliya Chernova reports, citing a new report. Women now make up 18.6% of investors in leading investing roles at U.S. venture firms, according to nonprofit All Raise, which seeks to increase female representation in the industry.That share, which counts those in partner roles and above, has doubled since 2018, when All Raise was formed.
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The recent collapses of Steward Health Care System and Prospect Medical Holdings, the two biggest hospital bankruptcies in decades, are forcing communities to pay up to fill gaps in patient care and budgets left by the failed chains, WSJ Pro's Soma Biswas reports. Prospect and Steward were previously owned by Leonard Green & Partners and Cerberus Capital Management, respectively, which collected hefty dividends and payouts from the two companies between 2011 and 2018. The transactions weakened the two hospital chains’ finances, according to an internal investigation by Steward and a
congressional probe into Prospect.
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$2.411 Trillion
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The value of global M&A deals this year through July 28, up nearly 23% from the same period of last year, according to data supplier Dealogic
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Men sit on their electric scooters as they wait to swap their batteries at a Sun Mobility battery swapping station. PHOTO: ANUSHREE FADNAVIS / REUTERS
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Africa-focused Helios Investment Partners is backing energy infrastructure company SUN Mobility and will help drive the company's development of a pan-Africa electric vehicle battery-swapping network. Helios is investing through its climate strategy.
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Private-equity firm GTCR in Chicago is buying marketing automation software provider FMG Suite from Aurora Capital Partners. The San Diego-based company's products are mainly used by wealth advisers and insurance agencies. Aurora first backed the business in June 2020, according to a spokesman for the Los Angeles firm.
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ClarityPay, a provider of pay-over-time plans for shoppers, has closed an equity round led by TTV Capital with participation from Vesey Ventures. The equity financing follows the announcement of a $1 billion capital purchase program with Neuberger Berman funds in February.
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Growth investor Koch Disruptive Technologies led a $50 million financing round for artificial intelligence infrastructure company Teramount, joined by existing backers and strategic investors. The Israel-based company makes fiber-to-chip interconnect products. KDT is part of privately held Koch, formerly Koch Industries, and the firm's founder is Chase Koch, the son of billionaire Charles Koch.
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Austin, Texas-based CenterGate Capital is backing JRTech Solutions, a Montreal-based provider of pricing automation and robotic inventory management technology for retailers across the grocery, pharmacy and hardware industries.
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Boyne Capital and Platt Park Capital have formed Novellum Longevity, a company that oversees operations of longevity and wellness clinics. The new company was established through the acquisition of the non-clinical assets of ThriveMD.
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Goldman Sachs Alternatives and life-sciences-focused venture firm Forbion led a $372.5 million Series D financing round for MapLight Therapeutics, which develops treatments for schizophrenia and other conditions.
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Bridgepoint Group in London is backing insurance-focused Hanseatic Broking Center, which operates a distribution network in the German-speaking regions of Europe, providing an exit for Preservation Capital Partners. Preservation first invested in the German startup in 2022, the year it was formed from the combination of three specialty brokers and a managing general agent.
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Singapore's Temasek Holdings is more than doubling its stake in fashion designer Ermenegildo Zegna Group by acquiring around 14.1 million shares in a deal valued at about $126.4 million and bringing the firm's ownership in the company to about 10%. Temasek already holds about 12.7 million Zegna shares, which trade on the New York Stock Exchange.
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Dutch private-equity firm Ramphastos Investments Management has acquired the Light-Duty Segment of Westport Fuel Systems through a carve out for $79.5 million plus potential earn-outs of roughly $3.9 million. Ramphastos acquired the unit of Vancouver, British Columbia-based Westport through its Heliaca Investments arm.
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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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Warburg Pincus, One Equity Partners and Green Cement Investments are selling "green cement" ingredients supplier Eco Material Technologies to strategic buyer CRH Public Ltd. in Dublin for $2.1 billion.
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Audax Group in Boston has sold financial advisory services provider Stout to private-equity firm Integrum Holdings in New York. Audax first backed the Chicago-based company through its private-equity strategy in 2021.
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Technology specialist Francisco Partners is selling laboratory information systems developer Orchard Software to strategic buyer Clinisys. Francisco has backed the business since 2019.
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Eyewear retailer Lenskart, whose backers include Kedaara Capital, Schroders Capital and a unit of Temasek Holdings, plans an initial public offering of shares in a deal that would value the business at about $10 billion, India's Business Standard reports, citing sources. Proceeds of the offering are expected to reach about $247.6 million, Reuters reported.
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Los Angeles is the home of new private-equity firm Skyline Investors. PHOTO: DAVID RYDER / REUTERS
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Skyline Investors, a newly formed private-equity firm based in Los Angeles, has raised $125 million for its debut fund, Skyline Investors Fund I to back companies with $5 million to $50 million in revenue. Skyline was formed in partnership with home developer Standard Communities and has already invested its new fund in companies that include rent-to-own home goods supplier Majik, property management company AWI Management and pain management practice Groth Pain Management.
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Stellex Capital Management is adding Matthew F. Kajfez as an operating partner in charge of supply chain transformation. Kajfez previously founded and operated Harrison Matthews Consulting, where he spent more than 13 years.
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Automotive retail and services investor Accrual Equity Partners has added industry executive Jack Hollis as a managing partner. Hollis is a former executive vice president and chief operating officer of Toyota Motor North America.
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Multi-family office Cresset Capital Management in Chicago has made a series of moves involving top executives, including adding the chief investment officer role to Executive Managing Director Mike Silverman's duties and promoting Jack Ablin to chief investment strategist from CIO. Also, Amy Hong, the firm's chief compliance officer, will add the role of chief operating officer.
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Lower midmarket-focused O2 Investment Partners in Bloomfield Hills, Mich., has promoted Jimmy Frye to partner, Charles Miller to principal and Travis Aho to vice president.
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Blackstone employees and workers at other companies at 345 Park Ave. in New York huddled behind barricaded doors, fled into sealed rooms and took other drastic steps after learning of an active shooter in the tower's lobby, the Journal reports. The deadly incident punctured the appearance of security that has long kept most Midtown workers feeling safe.
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Desktop Metal, a 3-D printing products maker, has filed for bankruptcy with plans to sell its assets to investment firm Anzu Partners for $10 million in a private deal after defaulting on debt and failing to pay professional fees, WSJ Pro Bankruptcy reports. The Burlington, Mass., company said it would have to liquidate without the sale, putting roughly 780 jobs at risk. A court hearing has been set for Thursday.
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JPMorgan Chase is in advanced talks to take over Apple’s credit-card program, the Journal reports, citing people familiar with the matter. Discussions between the country’s biggest bank and Apple accelerated in recent months, with the company telling JPMorgan it is the tech giant’s preferred choice to replace Goldman Sachs as its card partner.
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Affiliated Managers Group, or AMG, has taken a minority stake in European midmarket private-equity firm Montefiore Investment. Montefiore manages assets of some €5 billion, or about $5.8 billion.
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Private-credit firm Axar Capital Management is backing real estate lender Acres Capital, providing the means for Acres to refinance existing debt as well as growth in its property-related investments.
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The Federal Trade Commission has requested public comment on a petition seeking to reopen and set aside a final consent order involving a $5.2 billion cash-and-stock deal between private-equity firm Quantum Energy Partners and natural gas producer EQT Corp., Dow Jones Newswires reports.
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