Social Capital’s Arjun Sethi set to leave firm

Social Capital Partner Arjun Sethi is set to leave the firm in a year, according to a news report. Sethi, who joined in 2016, is raising his own fund, according to the Bloomberg report. He will retain his board seats. The news report is available here.  

Ironwood Capital funds CSI

Ironwood Capital has made an investment in Tallahassee, Florida-based Consulting Solutions International, a provider of contract consultants for IT and staff augmentation. No financial terms were disclosed. PRESS RELEASE AVON, CONNECTICUT, June 18, 2018 – Ironwood Capital is pleased to announce a subordinated debt and minority equity investment in Consulting Solutions International (CSI), headquartered in Tallahassee, Florida. The company is a leading provider of contract consultants for information technology (IT) and staff augmentation for commercial customers. “CSI serves a growing base of blue chip customers,” stated Ironwood Capital President and Chief Investment Officer Carolyn Galiette. “We’re impressed with the CSI management team’s successful history of acquiring and integrating similar IT staffing and consulting businesses.” Ironwood Capital Managing Director Alex Levental noted, “The focus on acquisitions has created continual cross-selling opportunities, fueling CSI’s bottom-line growth while extending the company’s geographic reach and breadth of technical skills. The team sees
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Electric Heating Accelerates the Push for Deep Decarbonization, but Cost Remains an Issue

Clean energy has been most successful in penetrating power generation. But just moving U.S. generation to cleaner energy resources will have a somewhat minimal effect on greenhouse gases, drawing down just 30 percent of total emissions. 

Heating in homes and businesses consumes a tenth of annual U.S. emissions. Seventy million of those buildings use fossil fuels, including natural gas, oil or propane, for <a href="">heating</a>.

Converting those buildings to more carbon-friendly electric systems &mdash; specifically heat pumps that control temperature by drawing air in and out of a building &mdash; would support deep decarbonization in most states.

So far, these systems are used in just 12 million U.S. homes, mostly in mild climates like in the Southeast. A new report from the Rocky Mountain Institute (RMI) claims their use could be expanded markedly. The only barrier is cost.&nbsp;&nbsp;

As RMI notes in a new report,&nbsp;<em><a href="" >The <div class="post-limited-image"><img alt="" class="modal" src="" style="max-width: 100%;" /></div>
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Facebook Shares Hit All-Time High

Bash Facebook (FB) all you want, but the stock not only hit an all-time high earlier today but is flirting with $200 per share. Shares increased 1.5%, to $199.58, in trading today -- the latest proof that despite all the vitriol sent its way, the social network retains a Teflon sheen on its stock.

Monday links: trading less

2:00PM Water Cooler 6/18/2018

Today's Water Cooler: China trade, Sanders and taxes, Iowa, Wisconsin, ranked choice voting, housing, shipping, Tesla shorts, Audi CEO arrest, death of New York, consciousness

ESG links: name salad

SurveyMonkey confidentially files for IPO: Reuters

U.S. online survey company SurveyMonkey on Monday said it had confidentially registered for an initial public offering with the Securities and Exchange Commission, through its parent SVMK Inc. The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said. In May, sources told Reuters that SurveyMonkey had hired investment bank JPMorgan Chase & Co (JPM.N) to help lead preparations for an IPO. The San Mateo, California-based company, which has around 3 million daily users, was previously run by Dave Goldberg, the late husband of Facebook Inc (FB.O) Chief Operating Officer Sheryl Sandberg. SurveyMonkey’s main investors include Alphabet’s CapitalG and Tiger Global Management.

Spire Capital invests in DQ

Spire Capital has made an investment in Greensboro, North Carolina-based Dynamic Quest, a managed service provider offering IT and cloud services to enterprises and businesses. No financial terms were disclosed. IT ExchangeNet provided financial advice to Dynamic Quest on the transaction. In addition to the funding, David Schaible, Andy Armstrong, Anthony Cassano and Rupali Varma will join DQ’s board of directors. PRESS RELEASE NEW YORK, June 18, 2018 /PRNewswire/ — Spire Capital, a New York based private equity firm specializing in investments in technology enabled business services, communications, media and education sectors, today announced its investment in Dynamic Quest (“DQ” or the “Company”). DQ is a managed service provider offering IT and cloud services to enterprises and businesses. Spire is partnering with CEO, Javier Gomez, who founded the Company in January 2000 and will continue to lead the organization with his management team. This marks the seventh platform investment
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PE-backed American Vision Partners buys Miles Eye Center

American Vision Partners, which is backed by H.I.G. Capital, has acquired Miles Eye Center, an Arizona-based eye care provider. No financial terms were disclosed. Miles Eye Center will operate under the name of Barnet Dulaney Perkins Eye Center. PRESS RELEASE Tempe, ARIZ. (June 12, 2018) – Today, American Vision Partners, one of the nation’s largest eye care organizations and most active consolidators, announced a partnership between one of its affiliates, Barnet Dulaney Perkins Eye Center, and Miles Eye Center. The partnership will improve the quality of eye care for patients in Show Low and Lakeside, Ariz., by bringing more vision care services to the community than available previously. Under the name of Barnet Dulaney Perkins Eye Center, patients will continue to receive the excellent care they are accustomed to with Miles Eye Center. Additionally, patients will have access to advanced cataract technology, retina diagnosis
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General Atlantic to sell CLEAResult to TPG Growth and The Rise Fund

TPG Growth and The Rise Fund have agreed to acquire Austin, Texas-based CLEAResult, a provider of energy efficiency solutions for utility companies. The seller is General Atlantic. No financial terms were disclosed. The deal is expected to close later in the year. KeyBanc Capital Markets Inc. and Robert W. Baird & Co. provided financial advice to TPG while J.P. Morgan and Piper Jaffray did likewise for General Atlantic. PRESS RELEASE Austin, TX, Fort Worth, TX and San Francisco, CA – June 18, 2018 – TPG Growth and The Rise Fund today announced that they have signed an agreement to acquire CLEAResult, the country’s leading provider of energy efficiency solutions for utility companies. TPG Growth, the middle-market and growth equity platform within TPG, and The Rise Fund, a global impact investing fund managed by TPG, will be co-investors in acquiring the company from General Atlantic, a leading global growth
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Rapid Experimentation

It can be exhausting to try and stay caught up on every new tech company being started. The Gotham Gal said me to yesterday, “everyone is an entrepreneur these days.” She’s right about that directionally although most companies have employees who are not founders so it is not exactly correct. The rapid expansion of tech startups and the entrepreneurs who create them has been building for fifteen years, or possibly twenty-five years if you include the early Internet exuberance and the period of disillusionment that followed. But over the last ten years, in particular, we have seen a number of factors come together to make for an environment where “everyone” can do a tech startup. We have more and more software engineers and related skillsets around the world as education systems are starting to respond to the market demand for this talent. This is particularly true in Asia and
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Grain Management adds two advisers to team

Washington, D.C. and Sarasota, Florida-based Grain Management, a private equity firm focused on the communications sector, has named Edith Cooper and Virgis Colbert as senior advisers. Previously, Cooper worked at Goldman Sachs where she was the global head of human capital management while Colbert is a former executive vice president for the Miller Brewing Company. PRESS RELEASE Washington, DC – Leading private equity firm Grain Management, LLC today announced the appointment of Edith Cooper and Virgis Colbert as new additions to the Firm’s exceptional group of Senior Advisors. “Edith is an exceptional executive and brings more than 20 years of experience from Goldman Sachs with particular competence in human capital development. Her wealth of experience and excellent judgement will help Grain extend the winning culture we are building,” said David Grain, Founder and CEO of Grain Management. “We look forward to expanding our team with the benefits of her
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