Warburg Pincus has exited US deal-sharing platform Slickdeals to Goldman Sachs Merchant Banking Division and Hearst after a six-year hold.
Goldman tapped its West Street Capital Partners VII fund for the deal, a year after raising at least $7bn for the vehicle.
The firm was said to be eyeing up to $8bn for the fund, but has not publicly revealed if the vehicle has closed, or on what amount.
Slickdeals claims it has saved members more than $5.5bn by providing a forum for communication, as well as shopping tools such as its free Android or iOS apps.
Warburg managing director Vishnu Menon said, “Slickdeals has grown into the largest community-driven, deal-sharing website with millions of savvy users.
“We are pleased to have built a world-class technology business with a significant presence in Southern California, an area in which we remain committed to investing.”
Warburg closed its oversubscribed twelfth fund significantly above its $12bn hard cap in 2015.
Earlier this week the firm sold procurement and facilities management business FacilitySource to CBRE Group for around $290m.
Copyright © 2018 AltAssets