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PE Week Wire: Thursday, January 22, 2009Random Ramblings
- PE Week Wire: Thursday, January 22, 2009
Random Ramblings
- Manatron Adds On
Manatron Inc., a Portage, Mich.-based provider of property tax solutions for state and local governments, has acquire Software Techniques Inc., a provider of computer-assisted mass appraisal software to government property appraisal districts. Thoma Bravo, which took Manatron private last year for $66 million, helped finance the deal. No overall pricing terms were disclosed.
- Increasing Number of Firms Stuck in “Fundraising Purgatory”
This is what happens when LPs are cash-strapped: PE interests are piling up on the secondary market, there’s no debt to do deals and no companies want to sell. PE is out of vogue. Not unlike conspicuous-consumption-in-a-recession out of vogue. The fate of the fundraising processes that have sputtered to a standstill hangs in limbo--a little place LPs have been calling “fundraising purgatory.” This is especially true for many first-time funds, with no existing LPs to rely on to at least participate pro rata. Of course, the first-time funds are also the slowest to admit trouble, claiming they’re still working away, despite prolonged periods with no sign of a close. Others have come clean. In recent weeks, the following firms have put their fundraising on hiatus until the storm passes, according to reports at peHUB or elsewhere:
- LP corner, week of Jan. 12, 2009
News briefs about LPs in Chicago, New Jersey and New Mexico
- Mid-Market Funds Are Lowering Their Targets, Too
Latest Example: Riverwood Capital, which last October began raising its debut fund with a $1.25 billion target. Pretty ambitious for a first-timer in today’s market. Or maybe a bit too ambitious. The Palo Alto-based firm, which makes growth equity tech investments, is now telling prospective LPs that $750 million is probably a more realistic fund size, according to a source. Notably, Riverwood Capital wasn’t always Riverwood. The firm formed last year under the name “Bigwood Capital,” with co-founders Michael Marks, the former KKR partner and Flextronics CEO, and Christopher Varelas, the former co-global head of tech media and telecom investment banking for Citigroup. No word on the reason behind the name change.
- Acresso Completes Intraware Purchase
Acresso, a portfolio company of Thoma Bravo, has completed its acquisition of Intraware Inc. (Nasdaq: ITRA), a provider of digital delivery and management services. The total deal was valued at approximately $27 million, or $4 per share. Savvian managed the process for Intraware.
- PE Week Wire: Thursday, January 8, 2009
49,000 and Counting
- PE Week Wire: Thursday, January 8, 2009
49,000 and Counting