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PE HUB Wire Highlights, 11.26.19

Terms cause New Jersey to reject KPS funds; Persistence Capital nears Fund III close; CVS Health’s Aetna weighs Coventry sale

I’m trying a new strategy this year, Hubsters. No matter how much I plan, there is always something I need at 6 pm on Thanksgiving eve. This year, I’m just going to plan my day around that one hour I will stand in line to pay $7 for a tiny container of nutmeg or pumpkin spice. It’s just my fate. What’s everyone planning?

We have a big transaction this morning. Carlyle and T&D Holdings are buying 76.6 percent of reinsurer Fortitude Group Holdings for roughly $1.8 billion. AIG is the seller.

There are some tasty deals as well. TA has closed its investment in Gong cha Group, which is known for its Taiwanese style bubble tea.

Clearlight Partners has invested in Handel’s Homemade Ice Cream, a chain in Youngstown, Ohio.

We have a notable passing. Warren V. “Pete” Musser passed away yesterday at 92. Musser was a legendary tech investor and the founder of Safeguard Scientific. Musser, according to his bio, created the publicly traded private equity company model. He was one of the founding investors behind ComcastQVC and Novell. He is also known as the investor who was a billionaire on paper during the height of the dot.com boom and then lost nearly all of that when the bubble burst, according to press reports.

We also have some good news. Julie Klaff was promoted to partner at Origami Capital Partners. Klaff, along with Joelle Kellam, are two of four partners at Origami, which invests in special situations. One day, a woman getting promoted in private equity won’t be such a big deal. Right now, it is. Take a bow, Julie!

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