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PE HUB Wire Highlights, 9.6.18

KKR Global Infrastructure Investors III raises $7.4 bln; Studzinski joins Pimco; Francisco Partners invests in ByBox

Happy Thursday, Hubsters. How is everyone doing?

It’s quite busy today. KKR this morning said it had closed its latest infrastructure fund at $7.4 billion. KKR is investing $358 million in the fund, which will focus on investments in OECD countries. See our brief here.

I’m going to make a very obvious statement here. The lack of upkeep to U.S. infrastructure is scary. So, when Blackstone announced in 2017 a massive infrastructure fund, of which 70 percent would be invested in North America, I was interested.

More than a year later, we’re still waiting on Blackstone’s $40 billion infrastructure pool. There have been lots of rumors. The New York Times in April reported that the fund was struggling to get going and had yet to complete an initial round of fund-raising. In June, Bloomberg said that BX was nearing a $5 billion first close for the fund after getting a gigantic pledge from Saudi Arabia’s sovereign wealth fund. At the same time, there was a report saying Blackstone was offering discounts, including permanent fee breaks and the ability to make some investments without paying anything to BX for six years, to coax investors into the fund, the Financial Times said. I’ve reached out to Blackstone. Has there been a first close? Anyone know what is going on here? Email me your thoughts at lbeltran@buyoutsinsider.com

Moving up: In other Blackstone news, John Studzinski, the prominent dealmaker who left the buyout shop in August, has joined Pimco as a managing director and vice chairman. Pimco created this role for “Studs” who will advise clients like pension funds, governments and sovereign wealth funds. See our brief here.

Joe Mattina has joined Penfund as a partner and head of origination. Mattina was previously with Apollo Global Management.

DealsRocket Software is up for sale, again. Apparently, there was a process earlier this year but parties couldn’t come to terms. Court Square Capital Partners has hired Morgan Stanley to find a buyer. Read our brief here. 

Francisco Partners has invested in ByBox of the U.K. LDC, which invested in the company in 2016, is exiting. See our brief here.

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