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The private equity industry now has 359 limited partners with at least $1 billion allocated to the asset class, up 14% from last year, according to new research from Preqin.
Why it matters, per Preqin:
"As more investors work towards their target allocations, we will likely see the $1 billion Club continue to grow; and, with capital concentration becoming more pronounced in private equity fundraising, so too will the influence exerted by these influential institutions in the industry."
• Over the top: Disney this morning raised its bid for the entertainment assets of 21st Century Fox to $38 per share in cash or stock, valuing the deal at $71.3 billion. This is 36% higher than both Disney's original $28 per share bid, and also above Comcast's rival $35 per share, all-cash offer.
• Breaking: Dr. Atul Gawande has been named CEO of the healthcare joint venture between Amazon, Berkshire Hathaway and J.P. Morgan. It's a pretty unexpected choice given that Gawande — a high-profile physician and writer — doesn't appear to have business experience.
• Capitol Hill: In January we discussed how an immigration bill proposed by conservative House Republicans would criminalize non-student DACA recipients if their annual income falls below 125% of the federal poverty rate. The result was that a covered individual making the federal minimum wage would be unable to miss a single hour of work in an entire year, let alone take a sick day or vacation day.
Emulate, a Boston-based developer of "organs-on-chips," raised $36 million in Series C funding. Founders Fund led, and was joined by ALS Investment Fund, SciFi VC and Glass Wall Syndicate.
• Crowdstrike, a Sunnyvale, Calif.-based endpoint protection and response platform, raised $200 million in Series E funding at a valuation north of $3 billion. General Atlantic, Accel and IVP co-led, and were joined by CapitalG and March Capital. http://axios.link/8Cba
• Cylance, an Irvine, Calif.-based cyberthreat prevention company, raised $120 million in new funding led by Blackstone Tactical Opportunities. It had previously raised over $170 million. http://axios.link/7JQc
🚑 Freeline Therapeutics, a London-based gene therapy startup focused on liver expression, raised £88.4 million in Series B funding led by Syncona (LSE: SYNC). http://axios.link/Cbkf
• SigFig, a San Francisco-based automated wealth management platform, raised $50 million in new funding. General Atlantic led, and was joined by return backers Bain Capital Ventures, DCM, Eaton Vance, New York Live, Nyca Partners, UBS and Union Square Ventures. http://axios.link/Tjv4
• SmartAsset, a San Francisco-based financial modeling and decision-making tool, raised $28 million in Series C funding from Focus Financial Partners, Javelin Venture Partners, TTV Capital, IA Capital, Contour Venture Partners and Citi Ventures. http://axios.link/dsry
🚑 Aaptiv, a New York-based digital health and wellness content company, raised $22 million in Series C funding. Millennium Technology Value Partners led, and was joined by return backer Insight Venture Partners. www.aaptiv.com
• Feed, a French developer of Soylent-like meal replacement products, raised €15 million from Alven and Otium Brands. http://axios.link/tAIF
• Supermercato24, an Italian grocery delivery startup, raised €13 million in Series B funding. FII Tech Growth led, and was joined by Endeavor Catalyst and return backers 360 Capital Partners and Innogest. http://axios.link/Lziu
• Scratchpay, a Los Angeles-based provider of payment plans for veterinary services, raised $6.4 million in Series A funding from Companion Fund, Struck Capital, TTV Capital and SWS Venture Capital. http://axios.link/y0dI
• Prifender, a Bellevue, Wash.-based data privacy compliance startup, raised $5 million in seed funding led by Firstime VC. http://axios.link/fIIi
• TinyTap, an Israeli educational game creation platform, raised $5 million led by Aleph VC. http://axios.link/fX53
• Falkonry, a Sunnyvale, Calif.-based provider of operational machine learning solutions for large industrial companies, raised $4.6 million in Series A funding. Presidio Ventures led, and was joined by Fortive Corp., Basis Set Ventures, Polaris Partners, Start Smart Labs and Zetta Venture Partners. www.falkonry.com
🚑 Micrima, a UK-based breast cancer screening startup, raised £4.4 million in new funding from Technology Venture Partners, The Angel CoFund and Venture Founders. http://axios.link/Hwgh
• Pulse Q&A, a San Francisco-based decision-making platform for C-suite execs, raised $4 million in seed funding from backers like True Ventures and YC. http://axios.link/mAF6
• Jjumpp, a Lehi, Utah-based digital marketing SaaS platform for small businesses, raised $3 million from Arthur Ventures. www.jjumpp.com
• Blackstone has agreed to acquire PSAV, a Schiller Park, Ill.-based event experiences company, from Goldman Sachs and Olympus Partners. www.psav.com
⛽ Capital Dynamics completed its $977 million take-private acquisition of 8point3 Energy Partners, a San Jose, Calif.-based solar power joint venture between First Solar and Sun Power. www.8point3energypartners.com
• The Carlyle Group and Taiyo Nippon Sanso (Tokyo: 4091) are front-runners for around $8 billion in assets being divested by gasses companies Linde (DE: LIN1) and Praxair (NYSE: PX), related to their planned $79 billion merger, per Reuters. http://axios.link/rhek
🚑 CVC Capital Partners is in advanced talks to buy a control stake in Italian drugmaker Recordati (Milan: RECI) for more than €3 billion, per the FT. http://axios.link/s9nt
• Drake Automotive Group, an aftermarket car accessories and restoration parts company owned by Huron Capital, has acquired DV8, a Riverside, Calif.-based maker of off-road accessories and wheels. www.dv8offroad.com
• EMR Capital has agreed to buy the Cerro Colorado copper mine in Chile from BHP Billiton (LSE: BLT) for upwards of $320 million. http://axios.link/DoiZ
• Grain Management has agreed to acquire Great Plains Communications, a telecom provider in Nebraska. http://axios.link/opRE
Linet Group, a Dutch maker of hospital and nursing beds, is talking to private equity firms like Advent International and CVC Capital Partners about selling a stake in the company, per Reuters. http://axios.link/fg1o
• Morgan Stanley Capital Partners has acquired Comar, a Voorhees, N.J.-based rigid plastics packaging manufacturer. www.comar.com
• Novacap acquired Horizon Telecom, a Chillicothe, Ohio-based provider of fiber-optic bandwidth infrastructure services, for $220 million. Co-investors included Hamilton Lane, HarbourVest Partners and RCP Advisors. www.horizontel.com
⛽ Vitol has launched an A$5 billion float for its Australian refinery and fuel supply network (Vitol Energy). It would be Australia’s largest IPO in four years and is expected to list on July 13. http://axios.link/06ED
• AT&T (NYSE: T) is in talks to buy AppNexus, a New York-based provider of ad management software, per the WSJ. AppNexus has raised over $340 million in VC funding, most recently at a $1.6 billion valuation, by firms like TCV, Venrock and First Round Capital. http://axios.link/pqTO
• KKR is seeking a buyer for Dutch telecom operator United Group, which could fetch upwards of €3 billion, per WSJ. http://axios.link/qL72
⛽ PTT, a listed Thai energy company, has agreed to acquire domestic power company Glow Energy from France’s Engie for more than $4 billion. http://axios.link/VFCr
• Porsche has agreed to acquire a 10% stake in Croatian electric car parts company Rimac Automobili. http://axios.link/6qLo
• Synnex (NYSE: SNX) is in talks to buy Convergys (NYSE: CVG), a Cincinnati-based call center operator with a market cap of around $2.3 billion, per Reuters. http://axios.link/8Dea
⛽ Grey Rock, an energy-focused private equity firm based in Dallas, closed its third fund with $233 million. www.greyrockep.com
• Goldman Sachs is launching a fund-of-funds focused on female-led private equity funds, as part of a $500 million investment strategy focused on businesses and financial services led by women. http://axios.link/YFhC
• Redpoint Ventures has closed its seventh fund with $400 million. http://axios.link/PRZi
• Wei Cai is stepping down as a managing director with FountainVest Partners in order to join Goldman Sachs as co-head of China investment banking. http://axios.link/TBJg
• Salem Shuchman (managing partner of Entrepreneur Partners, ex-Apax) has joined Star Mountain Capital as an operating partner. www.starmountaincapital.com