For the second time in a week, a portfolio company of TPG Capital’s Wood files to go public
From our Women's PE Brief's - week commencing May 24, 2021
A portfolio company of TPG Capital’s Wood files to go public
For the second time in a week, TPG Capital’s Katherine Wood has a portfolio company file to go public. Convey Holding Parent filed to raise $100 million and list on the New York Stock Exchange under the symbol CNVY.
Known as Convey Health Solutions, the Ft. Lauderdale, Fla. company provides Medicare-focused software and service solutions. Founded in 2003, Convey generated $301 million in revenue for the 12 months ended March 31. Katherine joined the company’s board in September 2019 after TPG acquired Convey. The company’s filing with the SEC said that Convey owned 91.9 percent of the shares.
The filing by Convey comes on the heels of another company on whose board Katherine’s sits, LifeStance Health Group, filing to go public. Scottsdale, Ariz.-based LifeStance was co-founded by Gwen Booth, who serves as chief operating officer.
A principal at TPG, Katherine is also on the boards of Kadiant, Ellodi Pharmaceuticals and Neogene Therapeutics. Last fall, another of her portfolio companies, AskBio, was acquired by Bayer AG for what could be as much as $4 billion. Katherine in 2020 also saw another portfolio company, Adare Pharmaceuticals, Inc., acquired by Thomas H. Lee Partners and Frazier Healthcare Partners.
Kanzhun files to go public
Xin Xu, founder of Capital Today Evergreen Fund, L.P., sees a company that the private equity firm is the largest institutional shareholder of file to go public. Kanzhun, a Chinese online recruitment platform, filed to raise $100 million and list on Nasdaq under the symbol BZ.
Based in Beijing, Kanzhun has created a platform that promotes direct chats between job seekers and enterprise clients. It generated $218 million in sales for the 12 months ended March 31. Capital Today Evergreen owns 14.7 percent of the pre-IPO shares. Image Frame Investment owns 12.2 percent, Banyan Partners owns 9.4 percent and Ceyuan Ventures holds 8.7 percent. Xin has served as a director of Kanzhun since April 2015.
Xin founded Capital Today in 2005 after working at Baring Private Equity Asia, Ltd. Companies that she’s backed include JD.com, Meituan, Yifeng Pharmacy Chain Co., Three Squirrels, Inc. and BESTORE Co., Ltd.
A portfolio company of Goldman Sachs’ Natauri and Temasek’s Atherton goes public
Jo Natauri, a managing director within Goldman Sachs’ Merchant Banking Division, and Temasek International’s Jane Atherton see a portfolio company go public. Flywire, a Boston-based vertical payments company, raised $251 million by pricing 10.4 million shares at $24 a share. It is listed on Nasdaq under the symbol FLYW. The company reported a net loss of $11 million in 2020 on $132 million revenue. It raised a total of $263 million in funding.
Goldman Sachs owned a 6.7 percent pre-IPO stake, while Temasek held a 11.7 percent stake. Bain Capital Ventures was the largest shareholder with a 15.5 percent pre-IPO stake. Spark Capital held 14.5 percent and F-Prime Capital had 7 percent.
Jo joined Flywire’s board in November 2020. She has been the global head of health care within the Merchant Banking Division since May 2018.
Jane has been an observer on Flywire’s board. She recently joined Forge Global, Inc.’s board after leading Temasek – a Singapore investment firm – into the private securities marketplace. She is also a director at C2FO and an observer on the boards of AvidXchange and Blend.
Grant’s Day One Biopharmaceuticals has gone public
Day One Biopharmaceuticals, Inc., which Canaan Partners’ Julie Grant co-founded and chairs, has gone public. The South San Francisco, Calif. company raised $160 million by pricing 10 million shares at $16 a share. Day One is trading on Nasdaq under the symbol DAWN.
Day One is focused on prioritizing promising new medicines that can be rapidly brought to market for children with cancer. It seeks to both acquire and develop new treatments. Day One acquired from Takeda Pharmaceutical Co., Ltd. a potent, selective, oral, once-a-week, small molecule type II inhibitor of RAF – an oncogenic driver in a range of cancers including pediatric glioma and adult solid tumors.
Canaan was Day One’s largest shareholder prior to the offering with a 21.2 percent stake. Access Biotechnology and Atlas Ventures each owned 16.9 percent. The three firms early last year provided Day One with $60 million in Series A financing.
Day One’s board also includes Natalie Holles, who previously served as president and CEO at Audentes Therapeutics, Inc., and Saira Ramasastry, who is the managing partner of Life Sciences Advisory, LLC.
Julie, who founded the company with Dr. Samuel Blackman, owned 200,000 shares, according to the company’s SEC filing. She served as CEO of Day One between its founding in November 2018 and September 2020. Julie also helped create Nocion Therapeutics, which is developing pharmaceuticals to treat an array of medical conditions, and invested in Synthekine, Inc., which is developing treatments for cancer and autoimmune disorders.
Julie’s first investment at Canaan, Protagonist Therapeutics, Inc., went public in 2016 and another company she was involved with, Cellular Research, was acquired by Becton Dickinson. Canaan last year closed its 12th fund at $800 million.
Hasson and Spear’s FIGS goes public
A medical apparel company founded by Heather Hasson and Trina Spear goes public. FIGS, which Heather and Trina started in 2013, raised $580 million by pricing 26.4 million shares at $22 a share. It is listed on the New York Stock Exchange under the symbol FIGS.
Based in Santa Monica, Calif., FIGS was acquired in February 2018 for $65 million by Tulco, whose founder, chairman and CEO is Thomas Tull. FIGS prior to that point had been backed by such investors as Mohr Davidow Ventures and Campfire Capital. FIGS reported $318 million sales for the 12 months ended March 31, 2021. Heather and Trina served as co-CEOs.
A portfolio company of Domain Associates’ Kamdar and F-Prime’s Alston goes public
Singular Genomics Systems, a portfolio company of Domain Associates’ Kim Kamdar and F-Prime Capital’s Jessica Alston, goes public. The La Jolla, Calif. company raised $224 million by pricing 10.2 million shares at $22 a share. Singular Genomics is listed on Nasdaq under the symbol OMIC.
Founded in 2016, Singular Genomics is developing next generation sequencing and multiomics technologies. It is looking to launch one of its integrated solutions by the end of this year.
Deerfield Management Co. was the largest shareholder prior to the offering with an 11.7 percent stake. Domain owned 8.43 percent while F-Prime’s ownership stake was not disclosed.
Kim has served on Singular Genomics’ board since 2017. She is a partner with Domain, but also last year joined Adjuvant Capital as a partner. She also serves on the boards of Epic Sciences; Truvian Sciences, Inc.; Alume; Pleno; Sera Prognostics; Seraphina Therapeutics, Inc., which was co-founded by Dr. Stephanie Venn-Watson; and two publicly traded companies, Evofem Biosciences and Obalon Therapeutics.
Jessica, a principal with F-Prime, helped lead the firm into Atalanta Therapeutics, which is developing new treatment options for neurodegenerative diseases. It was co-founded by Anastasia Khvorova and is led by Alicia Secor. Jessica’s portfolio also includes Beam Therapeutics, BioPalette, LunaDNA, Menlo Therapeutics, NFlection Therapeutics, Nocion Therapeutics, Tempest Therapeutics and Verve Therapeutics. She joined Prime in 2016 after being an engagement manager with McKinsey & Co.
F-Prime Capital has more than $2 billion under management and a portfolio of more than 200 companies. It is based in Cambridge, Mass., and also has offices in London and San Francisco.