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Recent investments put private equity behind different stages of the insurance-claims process, creating a test of consolidation’s value to buyers and customers.
With PE portfolio exits stalled, PE shops acquired founder-owner assets last year. That may change this year if more PE portfolio companies come to market.
The move follows failed merger talks with Willkie Farr & Gallagher and a series of high-profile departures that undermined efforts to stabilize the firm.
Firms including Simpson Thacher & Bartlett, Kirkland & Ellis and Cleary Gottlieb Steen & Hamilton are billing up to $1.5 million to set up semi-liquid private-market funds for retail investors.