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In This List

Thoma Bravo to take Instructure private; Platinum Equity in talks to exit Vertiv

Essential Energy Insights July 2020 - Issue 2

As COVID-19 Wears On, Regulators Examine Moratorium Extensions, Cost Recovery

Q&A Credit Risk Perspectives Series: COVID-19 Credit Risks and Recovery for Supply Chains

Assessing ESG Profiles And Returns Against The Broader High-Yield Sector

Thoma Bravo to take Instructure private; Platinum Equity in talks to exit Vertiv

S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

Committing capital

Dyal Capital Partners, a minority investor in private equity and hedge fund managers, announced this week it has pulled in over $9.0 billion for Dyal Capital Partners IV at final closing, with the firm saying the vehicle was "heavily oversubscribed."

The fund, which makes passive investments into firms to build balance sheets and fuel growth, has already committed 64% of its capital. It has so far made investments into 10 firms, including H.I.G. Capital LLC, Clearlake Capital Group LP, HPS Investment Partners LLC, Golub Capital LLC and Bridgepoint.

The fourth vehicle is significantly larger than its predecessor, which increased its target fund size by over $2 billion during its marketing period and closed on approximately $5.3 billion in December 2016, the firm said at the time.

Sequoia Capital China also announced a fund close this week. It obtained about $2.35 billion for two venture capital funds with a focus on Chinese investments. It raised $1.80 billion for Sequoia Capital China Growth Fund V LP and $549.5 million for Sequoia Capital China Venture Fund VII LP.

Hancock Capital Management LLC has also collected roughly $1.55 billion for Manulife Private Equity Partners LP.

Top-dollar transaction

* Thoma Bravo LLC is acquiring Instructure Inc. in an all-cash deal that values the education software company at about $2 billion. The buyout firm, which will pay $47.60 per share to the company's shareholders, is expecting to close the transaction in the first quarter of 2020.

SNL ImageRheinmetall headquarters in Dusseldorf, Germany.
Source: AP Photo

In the works

* Platinum Equity is in negotiations to sell backup power equipment company Vertiv to Goldman Sachs Group Inc.-backed special purpose acquisition company GS Acquisition Holdings Corp. for more than $5 billion, including debt, Reuters reported, citing people familiar with the matter.

* Carlyle and EQT will vie with returning bidder German defense group Rheinmetall for Volkswagen-owned transmissions maker Renk, Reuters reported, citing people close to the matter.

* Permira is exploring a sale for organic personal care company John Masters Organic Hair Care Inc., which could sell for as much as $200 million, following interest from other global consumer companies, Bloomberg News reported, citing people familiar with the matter.

* Advent International and Singapore wealth fund Temasek Holdings are selling about 26% of their stake in India-based Crompton Greaves Consumer Electricals through a block deal, according to The Economic Times of India.

It's a deal

* Private equity funds managed by The Blackstone Group Inc. agreed to sell flexible foam manufacturer Armacell to PAI Partners and KIRKBI A/S. Reuters earlier reported that the transaction could be valued at up to €1.5 billion.

* Swander Pace Capital will sell Voortman Cookies Ltd. to baked-goods company Hostess Brands Inc. for approximately $320 million in cash.

* A fund managed by IK Investment Partners agreed to buy Ondal Medical Systems GmbH parent Ondal Holding GmbH from funds managed by Capvis AG.

* 3i Group PLC-backed Asia Capital Reinsurance Group Pte. Ltd. agreed to be acquired by fellow insurer Catalina Holdings (Bermuda) Ltd.

SNL ImageCustomers wait in line to buy products at the Hostess Brands' bakery in Denver.
Source: AP Photo

IPO lane

* Elysian Capital LLP-backed The Pebble Group PLC priced its IPO at £1.05 per share for gross proceeds of roughly £135.4 million.

* EQT is looking to exit consular- and visa-services company VFS Global through a flotation on the SIX Swiss Exchange in the first half of 2020, Reuters reported, citing people familiar with the situation.

Sector intelligence

Banking Cannabis banking bill lacks 'politics' to pass Senate this year, Crapo says

Energy Pa. shale gas permits return to year-ago levels after October plunge

ESG Insurers pledging to abandon coal sector doubled in 2019, activists report

Fintech SoftBank sees LatAm startup investments slowing after spending $2.5B this year

Healthcare Investors doubt cannabis-based epilepsy drugs for children 1 year after approval

Insurance AIG leads US life industry's ongoing multifamily mortgage investment push

Metals Most global gold miners reported higher costs in Q3'19

Private equity As SoftBank goes big in LatAm, VC funds cautious on valuation inflation

Real estate US equity REIT share repurchase activity grows to $869M in Q3

Retail, consumer products, gaming and leisure Kroger, Altria lead S&P 500 Consumer Staples index November

Technology, media and telecommunications Cubs owner confident network will have full linear carriage by opening day