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AMERICAS
Apollo, a global alternative asset manager, completed the acquisition of Arconic, a provider of aluminum sheet, plate, and extrusions, for $5.2bn.
"We are pleased to complete this acquisition and look forward to leveraging our extensive experience in the aluminum fabrication sector to support the entire Arconic team as a portfolio company of Apollo Funds. We believe Arconic's world-class manufacturing capabilities, metallurgical expertise and talented team position it for continued momentum and success in this next chapter of the company's evolution," Apollo Partners Gareth Turner and Itai Wallach.
Arconic was advised by Evercore, Goldman Sachs, Cleary Gottlieb Steen & Hamilton and Wachtell Lipton Rosen & Katz (led by Ronald Chen and Steven A. Rosenblum). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by James E. Langston). Apollo was advised by BMO Capital Markets, JP Morgan, Mizuho Securities, TD Securities, Wells Fargo Securities and Paul Weiss Rifkind Wharton & Garrison (led by Brian Kim, Taurie M. Zeitzer and Brian Scrivani). Irenic was advised by Lowenstein Sandler and Willkie Farr & Gallagher (led by Maurice Lefkort).
EQT, an integrated energy company, completed the acquisition of the upstream assets of Tug Hill, an operator of an oil and gas exploration company, and the gathering and processing assets of XcL Midstream, a developer and operator of natural gas assets, for $5.2bn. Tug Hill and XcL Midstream are backed by Quantum Energy Partners.
"We are excited to complete this strategic transaction and welcome the Tug Hill and XcL Midstream teams to EQT. These assets have among the lowest breakeven prices in Appalachia, and should reduce our pro forma NYMEX free cash flow breakeven price by approximately $0.15 per MMBtu, providing greater resiliency to our business moving forward. We also see the potential for more than $80m per year of synergies, which could drive additional reductions to our corporate cost structure over time," Toby Z. Rice, EQT President and CEO.
Thoma Bravo, a software investment firm, completed the acquisition of ForgeRock, a global digital identity company helping people simply and safely access the connected world, for $2.3bn.
“Identity-centric cybersecurity solutions are a critical enabler for businesses to digitally transform their operations, and ForgeRock’s solutions combine both the advanced security and customer usability needed in the market. We look forward to partnering with ForgeRock to leverage our deep sector expertise and support the company to capitalize on this tremendous market opportunity,” Chip Virnig, Thoma Bravo Partner.
TJC, a middle-market private equity firm, agreed to acquire the Delrin business of DuPont, an American multinational chemical company, for $1.8bn.
"Today's announcement largely completes our planned exit of the former M&M segment, advancing our position as a premier multi-industrial company. This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at close to be deployed in line with our strategic priorities while providing an opportunity for DuPont to participate in future upside potential upon exit of our retained equity interest in the Delrin business," Ed Breen, DuPont Executive Chairman and CEO.
TJC is advised by Citigroup and Kirkland & Ellis. DuPont is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Brandon Van Dyke and Kyle Hatton).
General Atlantic, a global growth investing firm, completed the investment in Flint Group, a home services company. Financial terms were not disclosed.
"We established Flint Group with a philosophy of partnering with strong brands, building great teams, and delivering superior services to residents across the country. We are proud of what we've achieved in our first four years, and we believe there is substantial opportunity to accelerate our growth into new markets while continuing to invest in our team and technology," Collin Hathaway, Flint Group Founder and Chairman.
Flint Group was advised by Jefferies & Company and Dorsey & Whitney. General Atlantic was advised by William Blair & Co and Paul Weiss Rifkind Wharton & Garrison (led by Neil Goldman and Samuel J. Welt).
Roark Capital, a private equity firm, agreed to acquire Subway, a quick service restaurant brand. Financial terms were not disclosed.
"This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world. Subway has a bright future with Roark, and we are committed to continuing to focus on a win-win-win approach for our franchisees, our guests and our employees," John Chidsey, Subway CEO.
Subway is advised by JP Morgan and Sullivan & Cromwell (led by Frank Aquila and Melissa Sawyer). Roark is advised by Morgan Stanley.
Pan Management, an energy investment firm, completed the acquisition of Northwoods Management, a firm that owns highly productive assets located in the Powder River Basin. Financial terms were not disclosed.
“We consider this acquisition to be a pivotal move for OneRock, solidifying our position with a robust presence in resource-rich unconventional plays. It represents a crucial component of our growth strategy into the E&P business, while concurrently expanding our commodity optionality and seamlessly aligning with Pan Management’s overarching investment strategy. We anticipate leveraging the OneRock platform to acquire further assets and strategically expand our footprint," Daniel Fan, Pan Management Partner and Head of North American E&P Investments.
Pan Management was advised by Willkie Farr & Gallagher (led by Tan Lu and Brad Honeycutt). Northwoods Management was advised by Houlihan Lokey.
HIG Capital, a global alternative investment firm, agreed to acquire a majority stake in Ascent Global Logistics, a provider of technology-enabled, expedited logistics and supply chain solution services, from Elliott, an investment management firm. Financial terms were not disclosed.
"Ascent is the preeminent provider of time-critical logistics services and is uniquely positioned to meet the increasing complexity within global supply chains. We are excited to support Ascent's growth strategy of investing in technology, broadening its unique capabilities, expanding its global reach, and enhancing its strategic carrier network through organic initiatives and acquisitions," Rob Jang, HIG Managing Director.
Ascent is advised by Debevoise & Plimpton. HIG is advised by Wofford Advisors and Latham & Watkins.
Riverwood Capital, a private equity firm, led a $110m round in SpyCloud, a cybercrime analytics company, with participation from Silverton Partners, a venture capital investor.
“For the last seven years, we have proven that reacting quickly to identity and authentication exposures is the crucial factor in stopping the cycle of cybercrime. As authentication methods improve, businesses need to adjust their defenses to keep up with criminals’ new behavior. SpyCloud allows you to do just that – and we will continue to illuminate and resolve the most critical risks facing security teams today, stopping attacks they haven’t been able to see coming,” Ted Ross, SpyCloud CEO and Co-Founder.
Francisco Partners, a global investment firm, agreed to acquire certain assets of The Weather Company, a weather forecasting and information technology company, from IBM, a provider of global hybrid cloud and AI, and consulting expertise. Financial terms were not disclosed.
"Amid the growing volatility of weather, The Weather Company's unique set of consumer, media, and industry-specific products provide mission critical, data-driven weather insights to individuals and businesses around the world. We are excited to partner with the management team to grow The Weather Company's robust portfolio of technology offerings and deliver a great product experience for its customers," Alan Ni, Francisco Partners Partner.
LongueVue Capital, a New Orleans-based private equity firm, completed the investment in TTi Logistics, an asset-light third-party logistics business. Financial terms were not disclosed.
"LongueVue Capital is thrilled to cement its partnership with TTi. TTi's broad operational capabilities, impressive track record of execution, and customer-centric focus make it a leading provider of white-glove transportation services in a number of strategic end markets. We look forward to working with the team to continue its expansion," Ray Jeandron, LongueVue Capital Managing Partner.
LongueVue Capital was advised by Norton Rose Fulbright. Debt financing was provided by Abacus Finance.
Andreessen Horowitz and (a16z) Bio + Health led a $200m Series B round in Genesis Therapeutics, a researcher of AI and biotech to accelerate the discovery of new medicines, with participation from Fidelity Management & Research Company, BlackRock, NVentures, T. Rowe Price Associates, Rock Springs Capital, Radical Ventures, and Menlo Ventures.
“AI presents a potent opportunity to revolutionize the drug discovery process, which frequently struggles to produce viable drug candidates against targets that are biologically well-validated but considered undruggable due to highly challenging chemistry. This funding comes as Genesis is approaching an inflection point with the first of our AI-enabled drug candidates entering the clinic. The addition of our new lead investor, and other meaningful additions to our biotech and AI-oriented syndicate, will support Genesis in developing breakthrough therapies for patients with severe unmet medical needs, and their families, capitalizing on the broad applicability and potential of the GEMS AI platform,” Evan Feinberg, Genesis CEO.
Cressey & Company, a private investment firm, completed the acquisition of HealthDrive, a multi-specialty clinical services provider, from Bain Capital Double Impact, a global private investment firm. Financial terms were not disclosed.
"We are pleased to partner with Dan and the entire HealthDrive team as they help their facility partners provide best-in-class preventative care that delivers better health outcomes and keeps residents healthy and out of the hospital. We see a great opportunity for HealthDrive to continue expanding access to its comprehensive offering of complementary clinical services that improves residents' quality of life and creating opportunities for innovation in partnership with facilities," Steve Dildine, Cressey & Company Partner.
HealthDrive was advised by Harris Williams & Co.
ENGIE, a multinational utility company, agreed to acquire Broad Reach Power, a company specialized in battery storage, from Apollo and EnCap, two private equity funds, for $1.6bn.
"This acquisition is fully in line with ENGIE's strategy: it will contribute to the development of a low-carbon, affordable and resilient energy system where flexible assets will play a critical role alongside renewables,” Catherine MacGregor, ENGIE CEO.
Thrive Capital, a venture capital investment firm, and Sands Capital, an active, long-term investor, led a $300m funding round in Ramp, a finance automation platform.
"We believe Ramp is emerging as an enduring leader in the new category of finance automation. It is setting a new standard for what business should expect - transparency, value, efficiency, and tangible time and money savings," Ken Chenault, General Catalyst Managing Director.
GIC and Barzel Properties, a real estate management and development firm, completed the acquisition of nine Carrefour assets from Carrefour Brazil, a food retail group, for $241m.
"We are thrilled to complete the acquisition of nine of Carrefour Brazil Group's assets alongside our strategic partner, Barzel Properties. GIC is confident in the portfolio's long-term potential in Brazil, which is underscored by the stores' strong operational performance and warehouses' strategic locations in major logistics markets," Lee Kok Sun, GIC Chief Investment Officer of Real Estate.
Amancio Ortega, a Spanish billionaire and Zara founder, completed the acquisition of 727 West Madison apartment building in Chicago from Ares Management, a global alternative investment manager, and F&F Realty, a real estate development company, for $232m.
The 45-story building joins a growing list of Ortega-owned notable United States properties, including Meta’s headquarters in Seattle and Manhattan’s Haughwout building.
Hedge fund Sculptor rejects unsolicited offer from Weinstein.
Sculptor Capital Management spurned an unsolicited bid from a group of hedge fund giants including Boaz Weinstein, Marc Lasry and Bill Ackman, the latest twist in the takeover of one of Wall Street’s best-known investment firms.
Some of those offers valued Sculptor at more than $700m, according to a proxy statement Sculptor filed August 21. The disclosure comes after reports that hedge fund giants Boaz Weinstein, Marc Lasry and Bill Ackman bid more than $12 a share, topping Rithm’s $11.15 per-share offer, Bloomberg reported.
Private credit lends $574m for Standish stake sale to THL.
Private credit lenders are providing a $574m debt package to help finance Thomas H. Lee Partners' acquisition of a majority stake in Standish Management, Bloomberg reported.
Private equity firm THL agreed in July to buy a majority stake in Standish Management in a deal that values the company at around $1.6bn, including debt. Firms, including HPS Investment Partners, Neuberger Berman, and Stone Point Capital, are part of the financing. The debt consists of a $459m first-lien term loan, a $50m delayed-draw term loan, and a $65m revolving credit facility.
SentinelOne looking for PE buyer.
Publicly-traded cybersecurity specialist SentinelOne is considering a sale to a private equity investor and has hired investment bank Qatalyst Partners to assist in finding a suitable purchaser.
SentinelOne has seen an 80% drop in its market capitalisation over the past two years making it a potential PE takeover target, although its stock price was up about 15% to $16.64 a share.
Canadian pension fund OMERS is keen to diversify, include more Asian assets.
Canadian pension fund OMERS, Asia investments are next on the radar as the firm looks to ramp up its operations from Australia to other countries with a special focus on India, DealStreetAsia reported.
“We are currently holding around 11% of our assets in Asia. Over time, we may increase that to 15-20%,” Ashish Goyal, Executive Vice President and Head of Asia Pacific at OMERS.
Vesey Street Capital Partners completed the sale of QualityMetric.
Vesey Street Capital Partners, a private equity firm, completed the full sale of portfolio company, QualityMetric, a developer of patient-reported outcomes and clinical outcomes assessment products intended for healthcare and life sciences companies.
"We have been honored to partner with this great organization. Gus and his team have delivered notable growth and success in our time together," Adam Feinstein, VSCP Managing Partner. "We truly believe in the mission of QM and wish them well in their future as they drive the important goal of greater patient-centered solutions in health and pharmaceutical innovation," Larry Marsh, VSCP Investment Partner.
Vesey Street was advised by Piper Sandler and Kirkland & Ellis.
KKR's latest bankruptcy deal is a bad omen for lenders.
As corporate failures surge this year, debt investors are in a fight to salvage as much money as they can from the wreckage. The early skirmishes are going very badly.
The bankruptcy of GenesisCare, a cancer treatment specialist backed by private equity powerhouse KKR and China Resources Pharmaceutical Group, is the latest cautionary tale of how much value is being destroyed when companies go bust now. In previous default cycles, leveraged loan providers would expect to get 70% to 80% of their cash back from failing companies, Bloomberg reported.
Blackstone ‘Tac Opps’ arm rounds up $5.2bn for new bets.
Blackstone wrapped up a record $5.2bn fund for deals that defy easy categorization and aren’t constrained by any particular investment style.
The fund, Blackstone Tactical Opportunities Fund IV, surpassed a $4bn target for rounding up investor dollars. The haul gives Blackstone cash to hunt for deals after banks pulled back from financing following the collapse of three lenders this year, Bloomberg reported.
Blackstone revives retail buyout fund launch.
Blackstone Group plans to launch a private equity fund for wealthy individuals after a months-long delay, FT reported.
Blackstone will begin taking subscriptions for the Blackstone Private Equity Strategies Fund, or BXPE, in the fourth quarter and it is planned to be launched in January. BXPE inauguration has been delayed for quite some time now, as Blackstone shelved the launch late last year after its flagship property fund was forced to limit redemptions, adding that it had earlier also delayed raising capital for it. The New York-based investment manager limited withdrawals from its $70bn unlisted Real Estate Income Trust last year after a surge in redemption requests, an unprecedented blow to a franchise that helped it turn into an asset management behemoth.
EMEA
GAM has entered into discussions with French billionaire Xavier Niel's NewGAMe and the Bruellan investor group after the Liontrust Asset Management bid failed to gather enough votes, Bloomberg reported.
The talks are focused on agreeing on short-term bridge financing, and NewGAMe is starting "immediate discussions with GAM's portfolio management teams" to better understand the business.
Liontrust Asset Management said on August 24 that it would incur a one-off charge "not more than" $14m after failing to secure required investor support for the bid while it had secured backing from shareholders representing a total of 53m GAM Shares, corresponding to 33.45% of total stock subject to its offer.
Cordiant Digital Infrastructure, an operationally focused specialist digital infrastructure investor, agreed to acquire Speed Fibre, an open access fibre infrastructure provider, for €191m ($207m).
"As a fourth significant investment, Speed Fibre represents a further strategic milestone for the Company. Speed Fibre operates in a new market for CORD where data consumption growth is expected to be among the highest in Europe. This provides additional portfolio cash flow supported by high visibility revenues from wholesale contracts with global blue-chip customers and offers the potential to generate long-term value and attractive returns to shareholders," Shonaid Jemmett-Page, Cordiant Digital Infrastructure Chairman.
EQT Private Equity offered to acquire the remaining 21% stake in SUSE, an open-source software company, for €567m ($616m).
"I believe in the strategic opportunity of taking the company private – it gives us the right setting to grow the business and deliver on our strategy with the new leadership team in place. EQT Private Equity's and SUSE's partnership in a private setting has been fruitful before and we are excited about the long-term potential of the company and our continued collaboration," Dirk-Peter van Leeuwen, SUSE CEO.
Qatar Sports Investments, the owner of top French football team Paris Saint-Germain, completed the acquisition of World Padel Tour, a sports club that conducts tennis leagues and tournaments. Financial terms were not disclosed.
The tour of the racket sport that has been growing in popularity over the last few years will be called Premier Padel and will be governed by the International Padel Federation.
Jadwa Investment, an investment management and advisory firm, completed the acquisition of a 35% stake in Gissah Perfumes, a perfume manufacturer. Financial terms were not disclosed.
“We are pleased to announce our latest private equity investment in Gissah. The company’s rapid expansion in just a few years has been truly remarkable, and we look forward to working with Gissah’s founding entrepreneurs towards unlocking its next phase of growth and institutionalization,” Tariq Al-Sudairy, Jadwa Investment Managing Director and CEO.
Fidelity International weighs sale of €35bn fund platform.
Fidelity International is working with investment bank Rothschild to find potential buyers for its fund platform in Germany, Bloomberg reported.
The platform, FIL Fondsbank, could attract interest from market infrastructure companies and private equity funds. The business provides access to thousands of fund products for independent financial advisers, banks and asset managers in Germany and Austria.
Malaysia's Permodalan Nasional weighs $2.15bn Sime Darby-Perodua merger.
Malaysia's largest asset manager, Permodalan Nasional, is considering merging Sime Darby Motors and Perusahaan Otomobil Kedua to create a local automotive giant worth over $2.15bn. State-owned PNB is talking to advisers to explore options, including first by merging the holding companies of the two units and then creating a bigger automotive group that could help spearhead the development of the electric vehicle sector in Malaysia, DealStreetAsia reported.
The plan comes amid a push by the Malaysian government to develop the country's EV sector as competition heats up in Southeast Asia to become the main player or a hub in the global production and supply chain of EVs.
PNB, which manages over $64bn of assets, could drive such a deal as it is the biggest shareholder in Sime Darby Motors' parent, Sime Darby, owning almost a 50% stake and is also the largest shareholder in Perodua's top stakeholder and owns a direct 10% stake in Perodua.
Hg is said to weigh $1.6bn options for GGW Group.
Hg is weighing options for GGW Group, including a sale that could value the German insurance broker at about €1.5bn ($1.6bn).
The software-focused private equity firm is working with advisers as it considers offloading some or all of its stake in GGW. Deliberations are ongoing and no final decisions on a sale have been made. Hg may also decide to hold on to the business and grow it through bolt-on acquisitions, Bloomberg reported.
Loveholidays on journey to near £1bn valuation as auction looms.
Loveholidays, an online travel agent, is on a journey towards a valuation of close to £1bn ($1.3bn) as its owners plot a sale that could kick off in the first half of 2024.
Livingbridge, the private equity firm which has owned a big stake in Loveholidays since 2018, is preparing to kick off a formal auction of the company.
KKR nears sale of pub operator Australian Venue to PAG for $906m.
KKR is nearing a deal to sell pub operator Australian Venue to private equity firm PAG for about $906m. Discussions are in the final stages and an announcement could come as soon as in the coming days. The management of Australian Venue will stay on to run the business, Bloomberg reported.
Australian Venue owns and operates pubs, bars and event spaces in Australia. It has more than 200 locations across the country. The company shelved its planned initial public offering in Sydney in May 2021 over concerns that the coronavirus pandemic could cloud its business outlook.
Paytm shareholder Antfin to sell 3.6% stake via block deal.
Paytm shareholder Antfin is likely to sell a 3.6% stake in the Indian payments firm through a block deal on August 25 as it further reduces its stake in the company. The floor price for the sale is set at INR880 ($9.7) per share which is a 2.7% discount on Paytm's last closing price of INR904.45 ($10.9), Reuters reported.
Citi has been appointed as the broker for the deal, which the broadcaster said is valued at a total of $234m. Earlier this month, Paytm said Chief Executive Vijay Shekhar Sharma would buy a 10.3% stake held by Antfin in the firm he founded – in a deal that made him its single largest shareholder. Antfin is the Netherlands-based arm of Chinese fintech giant Ant Financial. The company, whose stake in Paytm fell to 13.49% after the earlier deal, could further reduce its stake to under 10%.
Mamaearth eyes up to $150m pre-IPO funding.
Baby and mother care brand Mamaearth is in talks to raise around $120-150m in a pre-IPO funding round. The company is looking to raise funding from SoftBank, sovereign wealth funds like GIC and Qatar Investment Authority, and pre-IPO investors like Fidelity Investments, DealStreetAsia reported.
Mamaearth is expecting to raise capital at a valuation of $1.5bn. Founded by husband-wife duo Ghazal Alagh and Varun Alagh, Mamaearth claims to offer 100% toxin-free and natural baby care, skincare, and hair care products. Since 2016, Mamaearth has created a product portfolio of more than 140 products and claims to have reached over 5m customers in 500 Indian cities. The company filed its draft red herring prospectus with the markets regulator, the Securities and Exchange Board of India, to raise funds through an IPO in December last year.
Apex to provide fund admin and AML service for the new Sadu Capital VC fund.
Sadu Capital, a venture capital firm that invests in private tech start-ups through equity ownership, has appointed Apex Group to provide fund administration and AML solutions, for its latest fund, which is focused on early-stage startups in the Middle East & North Africa region.
Apex Group says its single-source solution, will support Sadu Capital’s Cayman domiciled fund with technology-enabled fund administration and AML officer services.
SoftBank-backed chip designer Arm reveals filing for blockbuster US IPO.
SoftBank Group-backed Arm's annual revenue dropped 1% due to a slowdown in smartphone sales, the chip designer disclosed in its paperwork for a US initial public offering that is expected to be the largest listing of the year, Reuters reported.
Its stock market launch is expected to bring back to life a lackluster IPO market, which has over the last year seen many high-profile startups put off their listing plans due to market volatility.
Hayfin raises €6bn for its direct lending fund.
UK investment firm Hayfin has raised more than €6bn ($6.6bn) for direct lending to European companies — one of the largest private credit funds to close in the region this year. Hayfin expects to raise €7bn ($7.9bn) by the end of the year for its flagship direct lending fund.
This latest fundraise attracted capital commitments from a broad range of institutional investors globally, including both new and existing LPs, comprising public and private pension funds, financial institutions, insurance companies, sovereign wealth funds, funds of funds, endowments, consultants and family offices.
"We are delighted to have achieved this successful fundraise for the latest vintage of our Direct Lending strategy against a challenging macroeconomic backdrop. Our investors have signalled their strong belief in our well-resourced and specialist team, our diverse origination model and our robust track record of disciplined lending and capital preservation, and we are grateful for their continued trust," Tim Flynn, Hayfin Co-Founder and CEO.
Hayfin was advised by Macfarlanes.
Allianz looking to raise €1.5bn for new private credit fund.
Allianz Global Investors, global financial services and insurance group Allianz's money management division, is looking to raise at least €1.5bn ($1.6bn) a new global private credit fund by tapping into increased investor demand for exposure to the asset class.
The company filing reveals that the company established the Allianz Global Diversified Private Debt Fund II in Luxembourg in mid-June, with a first close planned before the end of the year. This marks the point at which it will begin making investments for Allianz Global Investors.
Lenskart-backer Chiratae Ventures to hit first close of $350m Fund V by year-end.
Indian venture capital firm Chiratae Ventures will hit the first close of its $350m early-stage Fund V in a few months, DealStreetAsia reported.
"I won't be able to go into numbers. But we will definitely do our first close around December. So in other words, by the end of this year. It will be a substantial first close," Sudhir Sethi, Chiratae Founder and Managing Partner.
The Bengaluru-based investor added that Chiratae Ventures has seen healthy interest from existing limited partners, many of whom will return for this upcoming fund. The vehicle comes shortly after the successful full close of Chiratae's Growth Fund I, which raised $122m in May this year.
Blackstone's China unit gets nod to raise funds for overseas investments.
Blackstone's newly established China unit has received regulatory approval to raise funds that will be invested overseas, joining other global asset managers in seeking to tap Chinese investor demand for foreign assets. Blackstone registered a fund management unit with the Asset Management Association of China under the qualified domestic limited partnership programme, DealStreetAsia reported.
The unit, which was established in March, has seven full-time employees, including five fund professionals. The quota-based QDLP programme, first launched in 2012, allows foreign and domestic fund managers to raise money from Chinese high-net-worth individuals and institutions, which is then fed into offshore funds.
GP Fund Solutions secures CBI authorisation to provide fund admin in Ireland.
GP Fund Solutions, a provider of fund services to global private equity, private debt and real asset investment managers has received authorisation from the Central Bank of Ireland to offer regulated fund admin in Ireland.
Operations at GPFS Ireland will be led by industry veteran Vincent Allen's who has over 20 years experience in servicing global fund vehicles.
UK's Nest pension scheme to ramp up PE allocations.
The National Employment Savings Trust, one of the UK's largest workplace pension schemes, is planning to boost its allocation to private equity investments in a bid to improve long-term returns.
As much as a fifth of younger members’ pension pots will be invested in private businesses as part of a plan by the £31.5bn ($40.1bn) state-backed fund to take on more risk.
KIO hires Abdulmohsin Al Mukhaizeem as CEO. (People)
Kuwait Investment Office, the London branch of Kuwait's sovereign wealth fund, has hired Abdulmohsin Al Mukhaizeem, investment chief at Kuwait's Wafra International Investment, as its new CEO.
Wafra is a subsidiary of Kuwait's public pension fund and Al Mukhaizeem was previously executive director of NBK Capital Partners, the alternative investments arm of Kuwait's top bank, Reuters reported.
APAC
CEVA Logistics, a third-party logistics company, agreed to acquire a 96% stake in Stellar Value Chain Solutions, a supply chain ecosystem provider, from Warburg Pincus, a private equity firm. Financial terms were not disclosed.
"With the addition of Stellar VCS, we will continue our strategic growth with the goal of becoming a Top 5 global logistics player. We are expanding into more key market segments and boosting our presence in this strategic country. Stellar has an important network of contract logistics facilities across India and a top roster of customers. Bringing on their expertise and footprint in India is a major step forward for CEVA Logistics," Mathieu Friedberg, CEVA Logistics CEO.
Stellar Value Chain Solutions is advised by Rothschild & Co.
RRJ Capital, a global investment firm, agreed to invest $300m in Yinson, an energy infrastructure and technology company.
"We are excited to embark on this transformative journey in collaboration with Yinson and Farosson. This long-term strategic partnership represents a significant milestone in our pursuit of shaping the future of energy and infrastructure projects globally. Leveraging our expansive global network and valued partners, we seek to actively support Yinson in its aspirations of advancing innovative solutions and driving the creation of a sustainable tomorrow," Richard Ong, RRJ Capital Chairman and CEO.
Matrix Partners, a US-based private equity investment firm, and Beite Fund, a buyout fund, led a $137m Series B round in Echint, a company mainly engaged in integrated circuit board-level advanced system assembly.
"Echint will continue to drive development through innovation, continuously optimize product research and development capabilities, collaborate with upstream and downstream industries in innovation, and help China's semiconductor assembly and testing industry further strengthen international competitiveness," Liangchao Li, Echint President.
Marsh, a provider of insurance brokering and risk management services for enterprises, agreed to acquire Honan Insurance Group, a commercial insurance broker, from TA Associates. Financial terms were not disclosed.
"This transaction is good news for both our clients and colleagues who will benefit from the combination of our experience with Marsh's global resources and solutions. It is also significant recognition for the hard work and dedication of the entire Honan team, which has helped us create a valuable proposition for clients. With the support of TA over the last three years, Honan has undergone a period of accelerated growth, completing several acquisitions and increasing revenue and profitability. I look forward to building on our joint dedication to innovation and excellent client service, while supporting colleagues in their career development, and contributing to their continued success. The senior leadership team at Honan are committed to this exciting next phase of growth within Marsh," Andrew Fluitsma, Honan CEO.
Adani, Abu Dhabi's TAQA deny $2.5b investment news.
Abu Dhabi National Energy Company, also known as TAQA, is not in talks for any investment in the Adani Group's power businesses, the two entities said in separate statements on Friday.
Earlier in the day, the Economic Times newspaper reported, citing sources, that TAQA was evaluating investing up to $2.5bn, in single or multiple Adani Group businesses, including buying a near-20% stake in Adani Energy Solutions, DealStreetAsia reported.
Goldman, KKR, and Blackstone join investor rush for Japan hotels.
A rapid tourism recovery in Japan, bolstered by the return of Chinese visitors, and the highest level of inflation in four decades are fueling a boom in hotel investment in the island nation, Bloomberg reported.
Foreign investors, including Goldman Sachs, KKR, and Blackstone, have spent a combined $2bn on hotel deals in Japan so far in 2023, the most compared with any other sector in Asian commercial property. That’s already more than the $1.4bn seen for all of 2022.
QIA to invest $1bn in Reliance Retail.
Qatar Investment Authority (QIA) has announced today an investment of $1bn into Reliance Retail Ventures, a subsidiary of Reliance Industries. QIA’s investment will translate into a minority equity stake of 0.99% in RRVL on a fully diluted basis.
“We are delighted to welcome QIA as an investor in the Reliance Retail Ventures Limited. We look forward to benefitting from QIA’s global experience and strong track record of value creation as we further develop Reliance Retail Ventures Limited into a world class institution, driving transformation of the Indian retail sector. The investment by QIA is a strong endorsement of a positive outlook towards Indian economy and Reliance’s retail business model, strategy and execution capabilities,” Isha Mukesh Ambani, Reliance Retail Ventures Director.
GQG Partners buys additional stake in Adani Ports.
Investment firm GQG Partners raised its stake in Adani Ports And Special Economic Zone on August 17 to 5.03% after buying more shares. GQG Partners, which held a 4.93% stake in Adani Ports, acquired another 0.10% or 2.2 m shares of the company through a bulk deal, Reuters reported.
The investment comes after Deloitte quit as auditor for Adani Ports, in the first such move after US short-seller Hindenburg Research's critical report on the Adani group that was published in January.
Courier giant SF Express files for $3bn Hong Kong listing. (FS)
SF Holding, China’s largest express delivery company, has filed for a Hong Kong second listing.
The Shenzhen-listed company, also known as SF Express, is working with Goldman Sachs, Huatai Securities, and JP Morgan on the potential share sale, according to pre-listing documents published in Hong Kong. The filing didn’t provide details on the fundraising size or timeline. The share sale could raise $2bn to $3bn, Bloomberg reported.
Quadria Capital exits Concord Biotech following India IPO.
Singapore-based private equity firm Quadria Capital has sold its entire 20% stake in Concord Biotech, following the company's initial public offering on the National Stock Exchange in India.
Since Quadria's first investment in 2016, Concord more than tripled its sales as a result of continued strong organic growth, significant capacity expansion and focus on innovation, DealStreetAsia reported.
"Concord's strength lies in its robust business fundamentals, particularly its specialisation in high-value Active Pharmaceutical Ingredients (API) products. They have a global market-leading position in critical areas and focus solely on high-value, low-competition, and technologically advanced products avoiding commonplace APIs. This niche orientation allows them to overcome competition and consistently achieve strong financial performance, forming a solid foundation for their successful IPO," Sunil Thakur, Quadria Partner.
Beijing sets up $1.4b fund to support innovation in robotics industry.
China's capital Beijing has pledged to create a $1.4bn industry fund to back robotics companies. With an initial investment of at least $274m, the fund will be put to incubating the latest innovations in the sector, developing breakthrough technologies into commercial products and financing mergers-and-acquisitions of local companies in the robotics industry, besides supporting major robotics firms to go public on the Beijing Stock Exchange.
The capital commitment comes as part of the numerous measures that the city's economy and information technology bureau announced on Thursday to accelerate the robotics industry's development. The bureau also committed up to $4m to support companies that deliver key components to the robotic sector. Robotic firms that help to fully automate the manufacturing lines or facilities, can receive a financial incentive of up to $4m; while for strategic firms in the sector, the bureau will offer up to $4m in annual loan interest subsidy for up to three years, DealStreetAsia reported.
HK real estate manager ESR launches largest MB income fund worth $1.3bn.
ESR, APAC's largest real asset manager, has established a CNY10bn ($1.3bn) RMB Income Fund, its largest to date, in partnership with a leading insurance company in China, DealStreetAsia reported.
The fund will be seeded with a prime logistics portfolio of CNY2.3bn ($317m), total gross floor area over 350k sq m, from ESR's balance sheet, and the transaction is expected to be closed in the second half of this year.
Forebright Capital closes Fund III at over $500m to back enterprise tech.
Private equity firm Forebright Capital has held the final close of its third flagship fund at over $500m, about 67% bigger than the predecessor fund, at a time when US dollar fundraising has become scarce in China.
Forebright New Opportunities Fund III exceeded its initial target and secured capital commitments from global limited partners including pensions, endowments, financial institutions, fund-of-funds, and family offices.
"We extend our heartfelt appreciation for the unwavering support and confidence shown by our investors, particularly in the face of these unprecedented times," Ling He, Forebright Capital Managing Partner.
China's Winreal Investment hits second close of new CNY fund at nearly $250m.
China's Winreal Investment, which mainly invests in the hard tech and digital tech industries, has announced the second close of its new CNY-denominated fund at CNY1.8bn ($249m), DealStreetAsia reported.
With the second close, the new CNY fund is already 50% larger than the
2020-vintage, CNY1.2bn ($167m) predecessor fund, Over 77% of existing limited partners committed to the new fund, said Winreal.
Motilal Oswal Alternates set to raise $240m for its sixth real estate fund.
Motilal Oswal Alternates, the alternative investment arm of Motilal Oswal Group, said it is set to raise up to Rs 2k crore ($240m) through its sixth real estate fund, strengthening its presence in India's growing real estate market. Motilal Oswal expects to achieve the first close of the fund by December 2023 and complete the fund-raising process within the following 6-9 months.
The fund, called the India Realty Excellence Fund VI, will make early-stage investments in mid-income/affordable residential projects across the Indian cities of Mumbai, Delhi-NCR, Pune, Bangalore, Chennai, Hyderabad, Kolkata, and Ahmedabad.
Infra-focused PE fund Neev set to close second fund at about $183m by October.
Infra-focused private equity fund Neev, backed by India’s SBICAP Ventures, is looking to make the final close of its second investment vehicle at about $183m by the end of September or early October, DealStreetAsia reported.
"We are in discussions with a couple of institutional investors, and we expect those approvals to come by over the next few months," Akshay Panth, Neev Fund CIO.
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