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Market at a Glance – Silver Lake completes $2 bln digital payments deal

Over the past two weeks, U.S.-based buyout and mezzanine funds added $1.7 billion in commitments, bringing 2018’s sum to $85.2 billion. This year’s fundraising trails 2017’s torrid pace at this time by $25.5 billion, or 23 percent.

PPM America Capital Partners, focused on North American middle-market buyout and growth opportunities, closed its seventh private equity co-investment vehicle. PPM American Private Equity Fund VII LP wrapped up with $648 million in commitments.

Grey Rock Energy Partners finalized its oversubscribed third fund at $232.5 million. Dallas-based Grey Rock acquires non-operated working interests in core unconventional basins.

Back in the fold, Welsh, Carson, Anderson & Stowe reentered the fundraising waters with its 13th flagship. WCAS XIII is targeting $3.75 billion.

Since Buyouts last went to press, 2018’s dealmaking grew by $5.7 billion. The year’s aggregate now sits at $104.8 billion, ahead of this time a year ago by $14.3 billion, or 15.8 percent.

The largest deal with disclosed value was for Blackhawk Network Holdings. Silver Lake acquired the provider of branded gift cards and digital payments for just under $2 billion.

Following was Altaris Capital Partners. Altaris absorbed Analogic Corp, a maker of medical and security imaging systems, for $884.5 million. HGGC conducted the third largest deal of the period. The firm completed its offer for the entire share capital of RPX Corp, a provider of business support services, for $355.9 million.

Additional Attachments

IPO REGISTRATIONS BY SELECT PRIVATE EQUITY-BACKED COMPANIES IN 2017-18 YTD

MARKET INTELLIGENCE

Ratings Wrap-Up (June 8, 2018 – June 20, 2018)

Recent LP Commitments

Pricing Table_Mid Mkt_July 2018