MidMarketREWIND
March 28, 2011
San Diego memories | Regular attendees at InterGrowth this year probably noticed there was a pronounced improvement in terms of the general mood in the middle market deal space. Unlike last year, when the "flash crash" had people sweating a double dip, this year dealmakers seem a much more secure in their belief that markets are returning to health. Beyond the private equity firms who are facing a deadline to put their money to work, strategic buyers have returned to the market in force, and have already proven that when they want an asset, little can stand in their way. As marketwatchers start looking ahead, there was a lot of talk about demographics, and how population shifts will drive strategies going forward. Of course, this is why buyers are so keen to target key markets in Asia and Brazil. Closer to home, areas like healthcare are in focus. But as one panel noted, the opportunity set, while driven by demographics, is being shaped by reform.
Distressed muni money | There was a rush of money into the distressed space at the onset of the downturn, so much so that some funds have even started returning some of it. Oaktree Capital Management, in February, gave $3 billion back to limiteds roughly three years after the firm raised $10 billion to target distressed debt. Last week, however, witnessed the launch of Fundamental Advisors' new fund, which is seeking to raise $750 million to target opportunities in the distressed muni space. The team, led by the former co-head of Citigroup's muni prop trading desk, has a unique background that plays specifically into the segment, but the fund could the first of many if onlookers are prone to buy into the sentiment forwarded by the likes of Meredith Whitney and other pundits.
Race to the exits | Last week was also a good stretch for realizations, apparently. Summit Partners and Technology Crossover Partners exited Tiny Prints; Sequoia and Carmel Ventures sold Snaptu to Facebook; Palisades Capital sold Refac Optical in a secondary deal; Huron Capital pulled in a more than 4x return on sale of Quest Specialty Chemicals; and Weston Presidio picked up where it left off last year, selling Summit Energy.
2 Comments
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Posted by: CHEN M | January 14, 2012 2:56 AM
has a unique background that plays specifically into the segment, but the fund could the first of many if onlookers are prone to buy into the sentiment forwarded by the likes of Meredith Whitney and other pundits.Flytouch 3
Posted by: Knife M | December 7, 2011 9:25 PM
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