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Private Equity

BBH follows $1.2bn fund close with Gifted Healthcare buyout to capitalise on nurse shortages

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BBH Capital Partners, the private equity arm of Brown Brothers Harriman, has completed an investment in nurse staffing companies Gifted Healthcare to capitalize on the shortage of nurses in the industry. 

 The deal followed the firm’s $1.215m final close of its sixth flagship fundraise in May.

 

Founded by registered nurses, Gifted supplies critical care registered nurses and licensed vocational nurses to healthcare providers on per diem, short term, or extended term basis.

Brad Langer, Managing Director of BBH and Co-Manager of BBHCP, said, “BBHCP is excited to partner with Gifted‘s talented, deep, and experienced management team. Transitioning CEO, P.K. Scheerle, RN, who will remain on the board, and the exceptional leadership team, have built a strong, innovative platform in the nurse staffing sector as the role of the nurse has become increasingly important in the healthcare industry.

As the growing shortage of nurses continues to create a great opportunity for best-in-class, clinically focused outsourced providers like Gifted, BBHCP is committed to supporting the GIFTED team through their next phase of growth.”

BBH raised $250m for a lower-mid-market Opportunities Fund three years ago, to complement its flagship fund investment strategy.

The firm uses that vehicle to target US companies whose development stage or capital needs are below the minimum investment thresholds for its main fund.

BBH’s fifth flagship fund was closed on $802m in 2016.

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/bbh-follows-1-2bn-fund-close-with-gifted-healthcare-buyout-to-capitalise-on-nurse-shortages.html

Private Equity

China’s central bank says all cryptocurrency-related activities are illegal, vows harsh crackdown

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Private Equity

Sun Capital promotes trio to partnership, Liff becomes senior partner

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Sun Capital Partners has expanded its partnership with the promotions of a trio of executives.
Senior managing director

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Source: https://www.altassets.net/private-equity-news/by-news-type/people-news/sun-capital-promotes-trio-to-partnership-liff-becomes-senior-partner.html

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Private Equity

HarbourVest continues busy fundraising year with $890m-plus close of debut direct lending fund

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Global investment giant HarbourVest has hauled in more than $890m for the final close of its debut direct lending fund.

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Source: https://www.altassets.net/private-equity-news/by-region/north-america-by-region/united-states-north-america-by-region/harbourvest-continues-busy-fundraising-year-with-890m-plus-close-of-debut-direct-lending-fund.html

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Private Equity

Apollo names Asia-Pacific head, plans to profit from ‘dearth of yield options’ for investors in region

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Global buyout giant Apollo has promoted senior partner Matt Michelini (pictured) to head of Asia-Pacific, to oversee the firm’s investment and non-investment activities and external relationships in the region. He will continue in his role as global co-head of Apollo Hybrid Value and support the growth of Apollo’s private equity business in Asia, the firm said.

Michelini will initially be based in Hong Kong and will oversee the expansion of the firm’s APAC offices including Hong Kong, Singapore, Sydney and Tokyo.

 

Senior partner Steve Martinez has become vice chairman of Asia-Pacific to build strategic relationships in the region. He will also continue his role as senior partner within private equity.

Marc Rowan, CEO at Apollo, said, “We have been building our presence across Asia-Pacific for many years and this appointment underscores the significant opportunities for growth still ahead. These are markets where banks still provide most savings products and drive credit formation.

“There is a dearth of yield options for institutional and individual investors, creating strong demand for our alternative strategies to serve as fixed income replacement. And on the asset management side, we are equally bullish on the growth potential of our Credit and Hybrid businesses as more and more companies turn to non-bank lending and capital solutions.”

Apollo’s investments in Asia-Pacific in the past few months include Australian CRE lender MaxCap, India’s JSW Cement and Singapore’s Global Scholls Group. 

The firm brought in placement agent major Evercore’s former Asia-Pacific private fund group lead Ian Bell in June to head up its own fundraising activity in the region.

Apollo is said to be raising a $500m fund targeting investments in SPACs.

Copyright © 2021 AltAssets


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Source: https://www.altassets.net/private-equity-news/by-news-type/people-news/apollo-names-asia-pacific-head-plans-to-profit-from-dearth-of-yield-options-for-investors-in-region.html

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