Target allocations to private credit are rising as investors remember how the asset class has performed in previous recessions, but – as in private equity – fundraising is being increasingly concentrated among a smaller number of credit fund managers.
Warburg Pincus has exited its investment in primary, specialty and urgent care provider Summit Health-CityMD through a $8.9 billion sale to VillageMD with support from Walgreens Boots Alliance (WBA), and an affiliate of Evernorth, a subsidiary of Cigna Corporation.
Blackstone is looking to further its withdrawal from fossil fuel investments with a unit of the global alternative investment firm said to be exploring the sale of oil and gas producer PRI Operating for around $2 billion including debt.
Ensign Natural Resources, an exploration and production company operating in the Eagle Ford Shale in South Texas, formed in 2017 in partnership with Warburg Pincus, is selling its assets to Marathon Oil, for a total cash consideration of $3.0 billion, including closing adjustments.
Cinven is to acquire TaxAct for approximately $720 million with the company set to be combined with Cinven’s existing portfolio company Drake Software under a single holding company to create a full-service tax ecosystem provider.
Shares in UserTesting Inc jumped by more than 92% to $7.42 after Thoma Bravo and Sunstone Partners revealed plans to take the customer feedback platform private in an all-cash $7.50 per share deal worth about $1.3 billion, according to a report by Reuters.
Nuveen, the investment manager of TIAA, is to acquire a controlling interest in Arcmont Asset Management, a European private debt investment manager with $21 billion in committed capital, in a deal reportedly worth over $1 billion.
The winners of the the Private Equity Wire US Awards, which recognise excellence among private equity fund managers and service providers in the US across a wide range of categories, have been announced.