Chris Witkowsky
The virus outbreak, which has hammered the broader economy for several weeks as business activity slows, is causing sellers to delay bringing secondary deals to market.
Happily, most private equity firms today are equipped to tackle meetings with portfolio companies, bankers and limited partners virtually.
Seed platform Evolution Managers Capital backed Conanicut Capital, which was formed by Jared Paquette.
The asset manager is one of a syndicate of buyers seeking to move Creative Artists Agency into a continuation fund to give backer TPG more time to manage the assets.
The Alpine funds focus largely on the downside-protected portion of a company’s capital structure, but also will invest with equity components like convertible securities, options, warrants and preferred stock.
A potential sale out of a relatively young fund has raised eyebrows in the market that is dominated by Dyal, Goldman Sachs’s Petershill Group and Blackstone Group.
At that amount, the fund will be the largest such investment pool dedicated solely to technology investing.
Several high-ranking executives have left in recent years, including Managing Partner Steve Berg, who worked at the firm from March 2002 until September.
Hellman & Friedman showed this week what can happen when a GP gives itself more time to manage an asset.
The firm has already been competing for fundraising mandates, sources said.