Managing Partner Frank Angella speaks with Pitchbook on evolving trends in GP commitments and key LP considerations when assessing whether managers have ‘skin in the game.’ Investors should ascertain the source and composition of the GP commitments to get a true gauge of alignment. Read more here: https://pitchbook.com/news/articles/gp-commitments-private-equity-fundraising
Atlas Holdings exits its investment in International Wire Group (“IWG”), a leading designer and manufacturer of highly-engineered copper-based wire products with operations across the US and Europe. Atlas acquired IWG in April 2019 and transformed the business, unleashing strong growth and driving operational excellence. Olympus acquired IWG for $900M and Atlas will continue as a minority investor. GroveStreet first became an Atlas Holdings LP in 2014. Read more about the deal here: https://www.privateequitywire.co.uk/2023/04/21/320302/olympus-pay-900m-wire-maker-iwg
New Heritage exits its investment in Rhythmlink, the market-leading designer and manufacturer of single-use brain health and neurodiagnostic electrodes. New Heritage first invested in Rhythmlink in February 2019 and sold the Company to Graham Partners after successfully executing a strategic and operational growth plan that sets up Rhythmlink for continued expansion. GroveStreet first become a New Heritage LP in 2014. Read more about the deal here: https://www.newheritagecapital.com/new-heritage-capital-exits-investment-in-portfolio-company-rhythmlink/
KPS Capital Partners (KPS) completes the sale of Howden, a leading global provider of mission critical air and gas handling products and services, to Chart Industries for $4.4B in cash. The strategic acquisition expands Chart’s offering across clean power, water, food and industrials. KPS first invested in Howden in September 2019. GroveStreet first became a KPS LP in 2003. Read more about the deal here: https://www.globenewswire.com/news-release/2023/03/17/2629484/0/en/Chart-Industries-Completes-the-Acquisition-of-Howden.html
La Jolla, California – Managing Partner Bruce Ou led a discussion about investment opportunities in biotech at the PPI Winter Roundtable with venture investor Rachel Lane, Ph. D. of Versant, biotech entrepreneur Enoch Kariuki, and Morgan Stanley’s Head of Biotech Research, Matthew Harrison. Watch a summary of the discussion below.
With the rise of AI, super-angel Daniel Gross argues that the three decades from 1990 to 2020 will be looked back on as an era when “reality was digitized,” laying the foundation for AI to transform productivity for knowledge workers. OpenAI may be seen by many as the leader in “large language models,” but they are not alone. The winners in the race for “artificial general intelligence” have yet to be crowned. Investors are watching this space closely, and Gross provides helpful grounding and insights. Read here: 2023.02.13 AI Thoughts