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PE HUB First Read

To start your morning, Facebook is buying the VR studio behind Beat Saber, Silver Lake scores a stake in Manchester City's owner, and why Thanksgiving is always on the fourth Thursday of November.

Foreside to buy Quasar Distributors

Foreside Financial Group LLC, which is backed by Lovell Minnick Partners, said Nov. 25 that it agreed to buy Quasar Distributors. Financial terms weren’t announced. Quasar is mutual fund and exchange-traded funds distribution business owned by U.S. Bancorp.

Klaff named partner at Origami Capital

Origami Capital Partners said Nov. 25 that it promoted Julie Klaff to partner.

Musser, legendary tech investor, passes away

Warren V. "Pete" Musser, the legendary tech investor and founder of Safeguard Scientifics, passed away of cardiac arrest on Nov. 25. He was 92. Musser was a billionaire on paper at the peak of the dot.com bubble and then nearly lost that fortune when the bubble burst, according to press reports.

Palo Alto Networks to buy Aporeto for $150 mln

Palo Alto Networks said Nov. 25 that it agreed to buy Aporeto Inc for about $150 million. Aporeto is a machine identity-based microsegmentation company. Aporeto has raised $37.8 million in VC funding, according to PitchBook.

Halifax-backed PromptCare buys Hollywood Medical

PromptCare Companies, which is backed by the Halifax Group, said Nov. 26 that it acquired Hollywood Medical Supply. Robert Lichtenstein, Hollywood’s owner and CEO, is the seller. Financial terms weren’t announced. Hollywood provides respiratory therapy services and related medical supplies for medically fragile children in Florida.

Symphony Technology to sell First Advantage to Silver Lake

Silver Lake said Nov. 25 has agreed to buy First Advantage. Financial terms weren't announced. Symphony Technology Group is the seller. First Advantage, of Atlanta, provides background check and drug screening solutions.

Rad AI raises $4 mln

Rad AI said Nov. 25 that it raised $4 million in a seed round led by Gradient Ventures, Google’s AI-focused venture fund. Investors UP2398, Precursor Ventures, GMO Venture Partners, Array Ventures, Hike Ventures, Fifty Years VC and various angels also participated in this round. Rad AI uses machine learning to automate repetitive tasks for radiologists.

AIG sells 76.6 pct of Fortitude Re to Carlyle, T&D Holdings for $1.8 bln

Carlyle Group and T&D Holdings have agreed to buy 76.6 percent of Fortitude Group Holdings from American International Group Inc for about $1.8 billion. Once the deal closes, Carlyle’s stake in Fortitude will be 71.5 percent, while T&D will have 25 percent and AIG will have 3.5 percent. Fortitude Re provides retroactive reinsurance and legacy run-off management solutions for long-dated, complex risks to the global insurance industry.

TA closes investment in Gong cha Group

TA Associates has completed its investment in Gong cha Group. Financial terms weren’t announced. Gong cha Group provides tea, products and services.