Meanwhile, Michael Dell’s family office partnered with Silver Lake on the biggest private equity buyout this year, a $13 billion deal for talent agency Endeavor Group Holdings Inc.
Goldman Sachs Asset Management closed its purchase of Norwegian e-learning platform Kahoot! ASA in January with funding from Denmark’s Kirk Kristiansen dynasty, the owners of Lego Group. In April, Morgan Stanley’s infrastructure arm agreed to buy Milan-listed construction firm Salcef Group SpA with the Salciccia family, who have controlled it for decades.
Direct Investments
Many pension funds and endowments have hit the limit for how much they can allocate to private equity, leaving buyout firms to turn to increasingly sophisticated wealthy families or sovereign funds. Roping in a co-investor allows private equity firms to reduce the money they front themselves for a deal, a welcome prospect at a time when high borrowing costs are crimping the amount of leverage they can use.
The shift is catching the eye of major investment banks. Darren Allaway, a London-based managing director in Goldman Sachs Group Inc.’s family office unit, said he’s spent more time engaging with private equity investors within the past year than in his entire finance career of more than two decades.
Source: Yahoo Finance
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