Biggest flops / winners in last 3years
Since Covid-19 a lot of happened on both the private and public markets. Some investors were able to make spectacular deals wielding a significant return (e.g. Teamviewer, Trellis, agilon health etc.) whereas others pretty much screwed the pooch (e.g. Envision). Now some of these deals were impacted by macro environment some where not. What have been some of the most interesting deals you have seen (both winners and loosers)
Agilon has traded down tremendously - and not sure CD&R has taken any liquidity on that yet...
Ah thanks thats interesting to hear. I was under the impression they have sold majority of their stake, but might be mistaken.
I think the craziest part about the Envision deal is that Jim Momtazee (who headed up KKR's healthcare group) had spun out of KKR, closed the largest first time fund at $3.9bn and just 6 months later, Envision files at bankruptcy. Patient Square is now back in market raising a fund II targeting at least $4bn and I'm not sure how they're going to pull this off. 0 realizations and LPs tightening their belts only makes this fundraise tougher no doubt.
Maybe it was off the back of the strength of his other successful investments like GenesisCare, Global Medical Response, or Covenant Surgical.
GenesisCare bankrupt. Ambulance one also mostly bankrupt. Covenant is kind of flat. It’s just odd and they keep doing weird deals (the private of SPACs).
CD&R took decent amount of money out of Agilon and didn’t put much in. Rest is locked up now post follow on. They did lose it on SDC.
Does anyone know how the performance has been for their portfolio companies are doing in Fund 1? In talks with one of their portcos right now for a potential role. Happy to PM if anyone is not willing to share on here.
Anyone know why Patient Square’s founding partner was pushed out?
The Partner rows on that team webpage has changed a lot over the last 2 years. Quite typical for first-time funds and in Patient Square's case, still very much 'fake it till you make it.' I'm sure the track record they're claiming to speak for is very suspect given KKR's HC team is claiming the same (non-crap) deals. Remains to be seen how their Fund I is doing but they're out in market raising another massive fund.
GA/Oak Street & Veritas/Athena a few huge home runs that come to mind
Ellie Mae was spectacular
TA and Carlyle made a mint on ZoomInfo. Global Logic was pretty big MoM / total return for Partners Group / CPPIB in a few years.
Bain Capital’s US LBM
GA’s investment in Oak Street was pretty solid. While these haven’t been realized, but if you look at the publicly traded debt, you can see a ton of likely flops within the MF/UMM portfolios
Winners: NMC / Signify
Losers: Vista’s zero recently announced, Envision, Advent / ATI, and many to come..
A few I can think of (may not be post-COVID but all relatively recent):
Winners: H.I.G. / BIOVECTRA, Veritas / Athenahealth
Losers: CD&R and Brookfield / BrandSafway, Clearlake / Wheel Pros, Platinum / Wesco
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