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AMERICAS
Blackstone, an alternative asset manager, agreed to acquire Rover Group, an online marketplace for pet care, for $2.3bn.
“We are thrilled for this next chapter in the Rover story and look forward to the partnership with the Blackstone team, who share our conviction, excitement and strategic vision. Blackstone brings deep expertise in partnering with innovative technology companies, and with their support and collaboration, we plan to continue investing in our business in service of our mission to make it possible for everyone to experience the unconditional love of a pet in their lives. This transaction delivers immediate and compelling value to Rover stockholders, and is a testament to the commitment and hard work of our team and an exciting milestone for Rover," Aaron Easterly, Rover Co-Founder and CEO.
Norwest Equity, a middle market investment platform, completed the acquisition of United Sports Brands, a dynamic portfolio of category-defining sporting goods and active lifestyle brands, from Bregal Partners, a private equity firm. Financial terms were not disclosed.
“We are excited to add another sporting goods and active lifestyle platform to the NEP family of portfolio companies. NEP is thrilled to have the opportunity to partner again with USB and create long-term value for all stakeholders,” Adam Garcia Eveloff, NEP Managing Director.
United Sports was advised by Jefferies & Company and Lazard. Norwest Equity was advised by Robert W Baird (led by Matthew Elberts) and Jones Day (led by Lisa Lathrop). Debt financing was provided by Antares Capital and BMO Capital Markets.
Madison Dearborn Partners, a private equity investment firm, completed the acquisition of T2S Solutions, an aerospace and defense company. Financial terms were not disclosed.
“Our T2S team has focused on exceeding our customers’ expectations and requirements for over a decade. Executing against that goal has allowed us to grow into a critical mission partner for our customers. Today, we are strategically positioned at the center of high-priority defense technology areas that will see significant growth for years to come. With MDP’s resources and expertise, we will be able to accelerate our existing R&D and prototyping core, capture lead production roles, and further increase our investments in proprietary technology products from our R&D pipeline,” Tim Jahnigen, T2S Solutions Co-Founder & CGO.
Madison Dearborn Partners was advised by Raymond James, Crowell & Moring, Kirkland & Ellis and H/Advisors Abernathy (led by Deirdre Walsh). T2S Solutions was advised by Bank of America and Holland & Knight.
TJC, a private equity firm, agreed to acquire Commercial Aviation Solutions, a route development advisors, from L3Harris Technologies, an American technology company, defense contractor and information technology services provider, for $800m.
"Today’s announcement is consistent with our multi-year strategy to optimize our national security, technology-focused portfolio. Aligned with our capital allocation priorities, we plan to use the proceeds from this transaction to repay debt, which will accelerate our timeline to reach our debt leverage objective,” Christopher E. Kubasik, L3Harris Chair and CEO.
TJC is advised by JP Morgan and Kirkland & Ellis. L3Harris Technologies is advised by Moelis & Co, Morgan Stanley and Sullivan & Cromwell.
Siris, a private equity firm focused on investing and driving value creation in technology companies, agreed to acquire BearCom, a North American solutions provider of wireless communications and security technologies, from Bertram Capital, a middle market private equity firm. Financial terms were not disclosed.
"Les and the team have built a compelling company vision and customer-first culture. I am deeply impressed with BearCom's focus on deploying highly engineered technologies and expertise to deliver end-to-end solutions to customers across industries to improve safety, security and productivity. I look forward to working with BearCom as it scales its capabilities and operations over the coming years," Jeff Jacobson, Siris Executive Partner.
BearCom and Bertram Capital are advised by BlackArch Partners, Piper Sandler and Hirschler. Siris Capital is advised by Sidley Austin.
Lightyear Capital, a New York-based private equity firm, agreed to invest in Inszone, one of the fastest-growing insurance brokerages in the US. Financial terms were not disclosed.
"Today's announcement by Lightyear and BHMS is evidence of Inszone's strength and success to date. Lightyear brings deep domain expertise and robust operating resources that will help accelerate growth. BHMS has been an excellent partner since 2020 and I am excited they will continue to support us in the next chapter of our development," Chris Walters, Inszone CEO.
Inszone is advised by Sidley Austin. Lightyear Capital is advised by Davis Polk & Wardwell, Locke Lord and ThroughCo Communications (led by Elliot Sloane).
KKR, a global investment firm that manages multiple alternative asset classes, agreed to acquire the remaining 37% stake in Global Atlantic, a provider of a broad range of retirement, life and reinsurance products, for $2.7bn.
"We are taking this step because we have demonstrated, over the last three years, that we are stronger together. Being part of KKR has strengthened our position as a leading insurance company and enhanced our ability to deliver compelling solutions for our clients. Moving from a diverse group of shareholders to a single one with KKR clarifies our objectives and allows us to think and invest longer term. Although we hope to unlock further value by taking this step in our capital structure, neither our client-first approach nor our investment and risk management framework will change, and the day-to-day experience of our clients and colleagues will feel very much the same as it does today," Allan Levine, Global Atlantic CEO.
KKR is advised by Simpson Thacher & Bartlett. Global Atlantic is advised by Barclays and Debevoise & Plimpton.
EcoR1 Capital, a biotech-focused investment advisory firm, and RTW Investments, an investment firm focused on investments in the biopharma space, completed a $350m investment in Arvinas, a biopharmaceutical company specializing in protein degradation-based treatments, with participation from Adage Capital Partners, ArrowMark Partners, Avidity Partners, BB Biotech, Boxer Capital, Citadel Global Equities, Great Point Partners, Nextech Invest, RA Capital Management, and Surveyor Capital.
The infusion of capital is earmarked for the advancement of Arvinas’ clinical and preclinical programs, which include promising drug candidates such as ARV-766 for prostate cancer and vepdegestrant (ARV-471), which targets breast cancer. These programs are part of Arvinas’ innovative approach to cancer treatment, utilizing their PROTAC Discovery Engine platform that focuses on protein degradation mechanisms.
Arvinas was advised by the Bank of America and Goldman Sachs.
KKR, a global investment firm, completed the acquisition of Potter Electric Signal, a manufacturer of fire and life safety equipment, from Gryphon Investors, a private equity firm. Financial terms were not disclosed.
For over 125 years, the Potter brand has stood for safety and reliability in the face of potentially life-threatening risks to the thousands of people and institutions around the world who entrust their fire and life safety to Potter. We have been impressed by the Company’s history of innovation and commitment to provide its customers with high-quality, easy-to-use systems supported by incredible customer service,” Brandon Brahm, KKR Partner.
KKR was advised by Robert W Baird and Baker Mckenzie.
Aviva, a British multinational insurance company, agreed to acquire Optiom, a Canadian vehicle replacement insurance business, from Novacap, a North American private equity firm, for £100m ($126m).
"The acquisition strengthens our offering and distribution capabilities in a highly attractive segment of the Canadian insurance market. We, know Optiom well through our existing relationship and are excited about what we can do together to better serve our brokers and customers," Tracy Garrad, Aviva Canada CEO.
Novacap is advised by BMO Capital Markets.
Paceline Equity Partners, a Dallas-based private equity manager, completed a $50m investment to Kelso Industries, a provider of installation and maintenance services for heating, ventilation, air conditioning, refrigeration.
"We are excited to contribute to the ongoing expansion of Kelso, a dynamic operating company with a compelling business model and multiple avenues for growth, alongside Oxbow and Peterson. Paceline has significant experience investing in building products and construction sectors, and we look forward to bringing our financial and operational resources to bear to help Kelso scale and accelerate its growth," Sam Loughlin, Paceline CEO.
Golub Capital, a credit asset manager, led a $500m round in Patriot Growth Insurance Services, an insurance agency, with participation from Antares Capital.
"Despite the current economic turbulence throughout the US, and worsening geopolitical conditions abroad, Patriot continues to attract the best and fastest-growing agencies in the country. Our business model is truly unique, and the capital raised in this round of funding validates our approach to building a national insurance services platform. We appreciate the continued support of our lending partners in helping us exceed our aggressive growth goals," Matt Gardner, Patriot Growth Insurance Services Chairman and CEO.
CDPQ, an institutional investor, completed the acquisition of a minority stake in Solotech, an audiovisual and entertainment technology company. Financial terms were not disclosed.
"With this investment—the largest in the last decade for Solotech—CDPQ will support the company in its next growth stage. Aligned with CDPQ's priorities, this means not only shifting activities into high gear, but also facilitating the company's global expansion and promoting its audiovisual and technological know-how," Kim Thomassin, CDPQ Executive Vice-President.
Elliott renews push for change at big wireless tower owner. (FS)
Elliott Investment Management plans to push for changes at Crown Castle after the activist failed to gain traction when it first took a stake in the big owner of wireless towers, WSJ reported.
Elliott has amassed a stake of more than $2bn in Crown Castle, which has a market value of nearly $45bn, and plans to engage with the company about ways to boost its shares.
Castlelake is exploring a sale. (FS)
Castlelake, which has about $22bn in assets under management, is exploring options including a sale, Bloomberg reported.
The firm, founded in 2005 by co-Chief Executive Officers Rory O’Neill and Evan Carruthers, is mulling selling a controlling stake in itself. Castlelake has been among the private-credit lenders that have taken advantage of the regional-bank pullback, buying up bundles of consumer loans from financial technology firms such as Upstart and Oportun Financial.
Patricof, athletes including Kelce, Prescott bet on IMG Academy. (FS)
Patricof and more than 50 of its current and former athlete clients, including Philadelphia Eagles center Jason Kelce and golfer Michelle Wie West, invested in sports-education company IMG Academy, Bloomberg reported.
The Patricof investment was made alongside private equity firm BPEA EQT, which purchased IMG Academy in partnership with Nord Anglia Education for $1.25bn including debt earlier this year. The size of the investment wasn’t disclosed.
Kingdom buys $450m Citigroup stake from Alwaleed. (FS)
Kingdom, the investment company of Prince Alwaleed Bin Talal, has raised its stake in Citigroup to 2.2% after buying a $450m stake from the Saudi billionaire, Bloomberg reported.
Kingdom previously owned a 1.63% holding in the Wall Street firm.
Irradiant Partners raises $411m in commitments for third vintage of CLO equity strategy. (FS)
Irradiant Partners, an alternative investment manager with over $10bn in assets under management, announced the closing of $411m in commitments on the third vintage of the Irradiant CLO equity strategy, eclipsing its fundraising target of $400m.
"We are honored that so many existing ICLOP investors have again entrusted us with their capital, and we thank them for their partnership. We are proud of our performance and excited to continue the expansion of our CLO platform with the successful close of ICLOP III" John Eanes, Irradiant Co-CEO.
IFC invests $75m in Apis Partners's new fund to support mid-cap firms in Asia, Africa. (FS)
World Bank Group member International Finance Corporation has invested $75m in a new fund by London-based private equity firm Apis Partners, DealStreetAsia reported.
The new vehicle, Apis Growth Markets Fund III, will focus on fast-growing companies that are using technological innovations to expand access to financial services. It will issue cheques of $60-70m, including co-investments, per transaction.
Former NBCUniversal chief in talks to join RedBird Capital Partners. (FS, People)
Jeff Shell is in advanced talks to join private-equity firm RedBird Capital Partners, leading its sports and entertainment investment business.
RedBird has expanded its media holdings in recent years and owns stakes in the production companies Skydance Media and Artists Equity, the studio launched by Ben Affleck and Matt Damon. It also has partnerships with several sports leagues including the NFL and ownership positions in regional sports networks including YES, the television home of the New York Yankees, WSJ reported.
Climate Investment Funds appoints Tariye Gbadegesin as CEO. (FS, People)
The $11bn multilateral lender Climate Investment Funds, which works with the World Bank and others to accelerate investment in the developing world, has appointed Tariye Gbadegesin as its new chief executive, the first African to take the helm, Reuters reported.
Gbadegesin, a dual US and Nigerian national, was appointed in the week the COP28 climate talks kick off. Development banks have been criticized for being led by people born and based in the Global North.
EMEA
Fajr Capital, a private equity investor, agreed to acquire a 65% stake in Gulf business from Aster DM Healthcare, a healthcare company, for $1bn.
“The Moopen family has built a world-class company, with a rich legacy of delivering high quality healthcare to millions of patients. Large family-led platform businesses is an area where we have deep experience and we believe that Aster has significant potential to meet the growing demand for integrated healthcare services across the Gulf region. We are grateful to the Moopen family for their trust and look forward to working with them, our consortium partners and the management team to accelerate Aster’s ambitions through continued investment, innovation and expansion," Iqbal Khan, Fajr Capital CEO.
Fajr Capital is advised by HSBC, PricewaterhouseCoopers and Allen & Overy. Aster DM is advised by Credit Suisse, Ernst & Young, ICICI Bank, Moelis & Co, PricewaterhouseCoopers, AZB & Partners, Baker McKenzie and Cyril Amarchand Mangaldas.
ARCHIMED, an investment firm, completed the acquisition of Instem, an information solution and scientific insight services provider, for £203m ($256m).
"I'm truly excited about this next chapter in our transformational growth story and one that keeps our clients at the center. Instem has never been healthier, and the future has never been brighter for our client community and staff. By strategically partnering with ARCHIMED, it will empower us to accelerate our growth initiatives, expand our market presence, and pursue new opportunities that will drive our company to new heights," Phil Reason, Instem CEO.
Atos is renegotiating the terms of a deal with Czech billionaire Daniel Křetínský to buy the French group’s lossmaking IT services business Tech Foundations as it seeks to raise funds to service its debt.
The company said it had relaunched talks over the agreement and would consider additional asset sales and tapping debt and equity markets to address its capital raising plans and debts of €2.25bn ($2.46bn) maturing in 2025.
The Jordan Company, a private equity firm, agreed to acquire Global Transport Solutions, an international logistics service provider specializing in supply chain and forwarding solutions for the maritime industry. Financial terms were not disclosed.
“We are thrilled to be partnering with the GTS team. John and Vegard have built a leader in marine spare parts logistics, combining innovative, proprietary technology with top tier customer service. TJC looks forward to supporting GTS’s continued growth by leveraging TJC’s resources and support services," Pete Suffredini, TJC Partner.
TJC is advised by Stifel, Allen & Gledhill, Kirkland & Ellis, Loyens & Loeff (led by Rob Schrooten), Wiersholm and Prosek Partners (led by Jonathan Marino).
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the acquisition of a 49% stake in Sweden and Denmark operations from Cellnex, an independent operator of wireless telecommunications infrastructure, for $769m.
“We are pleased to have completed this transaction, which represents a natural fit for our core infrastructure strategy as well as a significant milestone in what we hope will be a long-term partnership with Cellnex. We look forward to working with the Cellnex management team in pursuing the significant value creation opportunities that we believe lie ahead in Sweden and Denmark,” Cyrus Gentry, Stonepeak Managing Director.
Stonepeak was advised by Guggenheim Partners, Nomura and Herbert Smith Freehills (led by Gavin Williams and Emma Stones). Cellnex was advised by AZ Capital and Baker McKenzie.
Ardian, a private equity investment firm, and Public Investment Fund, a sovereign wealth fund by the government of Saudi Arabia, agreed to acquire a 25% stake in Heathrow Airport from Ferrovial, a provider of transport infrastructure and urban services, for £2.4bn ($3bn). Ardian agreed to acquire a 15% and Public Investment Fund a 10% stake.
"Over the last 17 years, we have been contributing to Heathrow's transformation, together with our fellow shareholders, achieving some excellent milestones throughout our long-term role as investor. These include overseeing an investment of £12bn, expanding its capacity with the construction of Terminal 2, and improving its operational performance. We are very pleased to have made Heathrow one of the world's most connected airports and the busiest airport in Europe," Luke Bugeja, Ferrovial Airports CEO.
Public Investment Fund is advised by Barclays. Ferrovial is advised by JP Morgan. Ardian is advised by 5654 & Company (led by Ben Thornton).
Nova Ljubljanska Banka, a banking and financial group in Slovenia, agreed to acquire Summit Leasing, a provider of auto finance in Slovenia, from Apollo, a provider of alternative asset management and retirement solutions.
"That the time has come for further growth of the NLB Group, albeit inorganic, should come as no surprise to anyone who has closely followed our development over the past few years. We have namely repeatedly emphasized that we are constantly monitoring market conditions and analysing potential opportunities for tactical mergers and acquisitions, that could open new opportunities or potentially even new markets to us, but above all increase added value for our stakeholders and provide our clients with additional services and solutions," Blaž Brodnjak, NLB CEO.
NLB is advised by Deloitte, Kavčič Bračun & Partner and Kinstellar.
Ampersand Capital Partners, a middle-market private equity firm, completed the investment in Julius Clinical Research, an academic research organization. Financial terms were not disclosed.
"Julius Clinical Research is extremely pleased to have secured the support of Ampersand to help expand our expertise and geographic reach as a global research and scientific partner to pharmaceutical and biotechnology companies. We’ve been on a growth journey at Julius Clinical, driven by a combination of world-class scientific expertise and clinical study execution skills,” Martijn Wallert, Julius Clinical CEO.
Julius Clinical Research was advised by Loyens & Loeff (led by Antoinette van der Hauw and Michel van Agt). Ampersand Capital Partners was advised by Blenheim Advocaten and McDermott Will & Emery.
Ardian, a private investment house, agreed to acquire Verne Global, a company that provides data center solutions for enterprise and hyperscalers, from Triple Point-backed Digital 9 Infrastructure, an investment trust, for $575m.
"The Verne transaction is the result of a competitive process which sought to maximise shareholder value from the sale of Verne Global," Digital 9 Infrastructure.
Digital 9 Infrastructure is advised by Goldman Sachs (led by Alex Lucas) and FTI Consulting (led by Ed Berry).
777 Partners, the US-based investment firm, is still raising funds to close the deal it signed months ago to acquire Everton FC.
777 Partners is set to be taking over from Farhad Moshiri, a British-Iranian billionaire, in a deal report said was worth more than £550m ($693m). However, Premier League team owners were concerned over the source of 777 Partner's funding for the acquisition, with rumours claiming the deal was being funded with Colombian drug money. While the deal was initially expected to close by the end of the year, 777 partners are still short on the funds required for the acquisition.
Keppel, an infrastructure company, agreed to acquire a 50% stake in Aermont Capital, a real estate private equity firm, for $388m.
“Aermont Capital runs an established and highly successful asset management platform in Europe, raising the most capital among European real estate funds in the last five years, despite the COVID-19 pandemic. The acquisition of an initial 50% stake in Aermont, with a pathway to an eventual 100% ownership and full integration, marks a major strategic step forward in Keppel’s ambition to be a global asset manager and operator, availing us of a highly attractive European platform with strong recurring fees and a premium network of global LPs," Loh Chin Hua, Keppel CEO.
Carlyle, a private equity firm, agreed to invest in GBTEC, a. business process management software provider. Financial terms were not disclosed.
"With our modern and user-friendly products we have become a leading BPM and GRC SaaS provider in Europe in recent years. With Carlyle's investment, we are now entering the next phase of GBTEC's growth journey. We believe Carlyle, one of the leading technology investors, is the perfect partner to support us in realizing our growth ambitions. We would like to thank Main Capital Partners for the excellent cooperation and partnership over the last four years," Gregor Greinke, GBTEC Founder and CEO.
Octopus Energy, a UK-based retail electricity and gas supplier specialising in sustainable energy, completed the acquisition of 12.5% stake in Walney offshore wind farm from AIP Management, the investment manager for Danish pension funds PKA and PFA. Financial terms were not disclosed.
Walney Extension is operated by Denmark's Orsted, which holds a 50% stake. It has been operational since 2018, producing enough power for nearly 600k homes.
PE-backed Prima seeks bids for minority stake in $1.1bn deal. (FS)
Blackstone, Goldman Sachs, and The Carlyle Group-backed Prima Assicurazioni, an insurance start-up backed by some of the world's largest private equity firms, is seeking indicative offers this week to bring in a new minority investor and raise fresh cash.
A deal could value Prima Assicurazioni, which sells online motor and home insurance policies supplied by third parties, at around $1.1bn. The Milan-based group has been sounding out other private equity investors to inject capital to support its growth, Reuters reported.
Norway's $1.5tn sovereign fund set to invest in private equity. (FS)
Norway's sovereign wealth fund, valued as the world's largest at $1.5tn is likely to invest in private equity as an asset class. The fund invests Norway's surplus oil and gas revenue abroad, and is the world's biggest single stock market investor, owning some 1.5% of all globally listed shares, with stakes in more than 9.2k companies.
The country's central bank has recommended that the fund invest $70m into the asset class. However, a final decision will only be made next year by parliament. The parliament has previously rejected requests by the fund to move assets into private equity, arguing it could be too costly and non- transparent.
General Atlantic weighs joining Hg in exploring sale of Argus Media stake. (FS)
US private equity firm General Atlantic is weighing joining co-shareholder Hg in selling its stake in Argus Media, which could lead to 50% of the oil pricing data business being sold, Reuters reported.
Private equity group Hg had already been gauging interest from investors including Mubadala, CDPQ, GIC and CPP Investments for its 25% stake in the London-based business.
Alter Domus owners pursue stake sale in fund administrator. (FS)
The owners of fund administrator Alter Domus are pursuing the sale of a stake in the Luxembourg-based group that could value it at more than $4.4bn, Reuters reported.
The shareholders, which include the company's founders and buyout firm Permira, have been working with bankers at Goldman Sachs and Raymond James to gauge interest in the business.
Onex weighs sale of Acacium. (FS)
Canadian investment firm Onex is evaluating options including a potential sale of UK healthcare staffing business Acacium Group, Bloomberg reported.
The Toronto-based company is working with advisers at Bank of America to help identify potential suitors for the business. London-based Acacium could be valued at about $1.5bn or more in a sale and is likely to draw interest mostly from buyout firms.
Cameroon in talks to buy Actis’ 51% stake in power distributor. (FS)
Cameroon is in talks to acquire Actis’ majority stake in the country’s energy distributor as the London-based private equity firm seeks to exit the investment, Bloomberg reported.
Central Africa’s biggest economy wants to buy all the 51% shares held by Actis in Energy of Cameroon. The government is assessing the value of the company also known as Eneo.
Blackstone readies for opportunities in European real estate. (FS, RE)
Blackstone's Steve Schwarzman said his firm is eyeing a bevy of buying opportunities in real estate across Europe as central banks become less aggressive with rate hikes, allowing deal volumes to begin to bounce back, Bloomberg reported.
The private equity giant has liked deals it's seen involving data centers, warehouses, and student housing across Europe.
UK's musicMagpie will keep seeking buyers as BT ends talks. (FS)
MusicMagpie said on November 27 that it will continue to seek buyers after telecoms group BT confirmed it will not make an offer for the British online retailer of used smartphones and electronic products, Reuters reported.
Shares in musicMagpie fell 19% to a nearly three-month low of £16.35 ($20.84), giving it a market value of just over £17.5m ($21.8m). The seller of second-hand DVDs and computer games said it was in early-stage talks with BT and Aurelius Group regarding a possible buyout offer. A few days later, Aurelius Investment said it did not intend to make an offer for the company.
Celsa creditors formalize takeover of Spanish steelmaker. (FS)
Creditors of Spanish steelmaker Celsa Group, including Strategic Value Partners and Deutsche Bank, formalized the takeover of the company from the Rubiralta family, Bloomberg reported.
In early September, a commercial court in Barcelona approved the creditors’ plan to take control of the company, which stopped paying its debts more than three years ago. The creditor group also includes Anchorage Capital Group, Attestor Capital, Cross Ocean Partners, GoldenTree Asset Management and Sculptor Capital Management.
Air Astana to hire advisers for London IPO in early 2024. (FS)
Air Astana, Kazakhstan's flag carrier, is hiring advisers for a long-delayed initial public offering in London and at home, aiming for the first quarter of next year, Bloomberg reported.
UK defense firm BAE Systems and Kazakhstan's sovereign wealth fund — the airline's shareholders — plan to reduce their combined ownership to about 50%, and Air Astana will also sell new shares. BAE owns 49% of Air Astana, and Samruk-Kazyna controls the remaining 51%. The company has started pitching the planned share sale to would-be investors.
Two Australian pension giants pledge $19bn for the UK and Europe. (FS)
Two of Australia's largest pension investors pledged to pour $19bn into UK and European markets in coming years, as the industry increasingly looks for opportunities overseas, Bloomberg reported.
IFM Investors, owned by some of Australia's biggest pension funds, will spend $12.6bn on infrastructure and energy transition projects in the UK by 2027, under an agreement announced with the government there. Meanwhile, Aware Super said it will direct $6.6bn to the UK and Europe through its new London office. Both firms are making their announcements at the Global Investment Summit in London on Monday.
Saudi PIF raises up to $5bn loan with Korea export agency. (FS)
Saudi Arabia’s sovereign wealth fund raised a loan of up to $5bn from a group of nine banks in a deal that involves the Korean export credit agency to help boost trade between the two countries.
The Public Investment Fund, which manages about $778bn in assets, has agreed the initial $3bn loan with a tenor of 13 years with Korea Trade Insurance and has an option to boost it to $5bn, Bloomberg reported.
Pantheon raises $3.25bn for its largest-ever private equity secondaries program. (FS)
Pantheon, a global private markets investor, is pleased to announce the successful closing of Pantheon Global Secondaries Fund VII and associated vehicles, its latest flagship global private equity secondaries offering, with commitments totaling $3.25bn.
"We are grateful for the strong support of our investors across the world who have entrusted us with their capital. Raising our largest-ever pool of capital reflects increasing interest from a growing range of investors in our strategy and focus on mid-market secondaries, where we can leverage Pantheon's extensive relationships, data and insights," Amyn Hassanally, Pantheon Partner and Global Head of Private Equity Secondaries.
French PE firm Antin IP raises €1.2bn fund, in-line with targets. (FS)
French private equity firm Antin Infrastructure Partners has met a target to raise €1.2bn ($1.31bn) for its latest fund tied to energy transition despite headwinds for fundraising in the sector, Reuters reported.
The fund, dubbed NextGen, is set to be invested in Europe and North America and is the first of its kind at Antin IP, which has about €30.8bn ($33.8bn) of assets under management.
Allianz GI and FMO team up on $1.1bn blended fnance fund. (FS)
Allianz Global Investors and Dutch development bank FMO have agreed one of the largest "blended finance" funds on record, raising $1.1bn to invest in loans that help emerging and frontier countries meet sustainable development targets.
The fund is the largest of its type since 2018 and one of the five biggest to date, which tracks the market and said the fund also stood out for the high ratio of private capital invested for every dollar of public funds.
Swiss impact investor responsAbility launches $500m, Asia-focused climate strategy. (FS)
Swiss impact investor responsAbility Investments has announced a $500m climate investment strategy as part of a collaborated response to rising CO2 emissions in Asia, DealStreetAsia reported.
German state-owned development bank KfW and Dutch development bank FMO are anchor investors in the strategy that aims to make investments in low-emission technologies and attract institutional investors. "Our investment strategy appeals to institutional investors who are looking for both environmental impact and financial value from their investment," Ewout van der Molen, responsAbility Head of Climate Finance.
Nuveen Private Capital appoints new Managing Director. (FS, People)
Churchill Asset Management and Arcmont Asset Management, the US and European operating companies of Nuveen Private Capital, have appointed Jamal Hammoud as Managing Director and Senior Investment Strategist. Hammoud will be responsible for supporting and amplifying Nuveen Private Capital's presence and fundraising efforts in the Middle East.
Hammoud will be employed by Churchill, based in its New York City office, and will spend a significant amount of time on the ground in the Middle East. He will partner with distribution colleagues from Nuveen, Churchill and Arcmont to tap into the growing demand from Middle Eastern institutions for private capital solutions and will report to Churchill's Head of Investor Relations, Christopher Freeze.
DWS appoints EMEA Head of alternative credit. (FS, People)
German asset management company DWS has appointment Dan Robinson as EMEA head of alternative credit to accelerate its private credit footprint.
This appointment comes as DWS delivers on an initiative to grow its €114bn ($122bn) alternatives franchise. DWS's Alternatives business has a 50-year plus track record including particular strength in real estate, infrastructure and liquid real assets.
APAC
Origin Energy's largest shareholder AustralianSuper said it will vote against the latest revised $10.6 billion takeover bid from a Brookfield-led consortium, reiterating its view that the offer is "substantially below" its estimate of the power producer's long-term value.
AustralianSuper, which owns more than 17% of Origin Energy, said the latest "low-ball offer" reaffirmed its view that the bid remained substantially below its estimate of the energy retailer's long-term value, DealStreetAsia reported.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden and Herbert Smith Freehills (led by Rebecca Maslen-Stannage and Kwok Tang). EIG is advised by JP Morgan and FGS Global. Brookfield is advised by Citigroup, Allens and White & Case (led by Christopher Flynn). GIC is advised by SEC Newgate.
BPEA EQT, an Asian investment firm headquartered in Hong Kong, agreed to acquire a majority stake in HRBrain, a cloud-based service that streamlines the management and evaluation of employee goals. Financial terms were not disclosed.
"HRBrain is one of the top players in Japan's Talent Management space, which is backed by strong tailwinds from socially significant issues like a shrinking labor force, a growing shift towards job-based hiring, and a regulatory push to visualize and disclose human capital. We see great potential for further expansion of the company's impressive product and service offerings, and we look forward to leveraging EQT's experience in technology and software to support President Hiroki Hori and his employees as we work together to accelerate HRBrain's organic and inorganic growth," Tetsuro Onitsuka, BPEA EQT Partner.
HRBrain is advised by UBS and Shiomizaka. BPEA EQT is advised by Sumitomo Mitsui Banking Corp and KPMG.
Nippon Life Insurance, a provider of insurance and asset management services, agreed to acquire Nichii, a healthcare services provider, from Bain Capital, an investment firm, for $1.41bn.
This acquisition echoes the ongoing trend of consolidation within the healthcare industry as enterprises strive to fortify their standing in a market forecasted to experience a surge in demand for elderly care services. By acquiring Nichii Gakkan, Nippon Life seeks to diversify its portfolio, augmenting its revenue streams and offerings. The deal also paves the way for the creation of a comprehensive platform that seamlessly merges insurance and care services, thereby bolstering its appeal to the elderly demographic.
Qatar Investment Authority, a private equity firm, completed a $50m investment in Global Dental Services, a dental services provider.
"QIA is committed to supporting innovative companies with high-growth potential and sees great potential in India's fast-growing healthcare and retail markets. We have been impressed by Clove's rapid expansion across India, commitment to quality, and innovative approach to dental care and look forward to welcoming them to our diverse global healthcare portfolio," Sheikh Faisal Thani Al-Thani, QIA CIO.
KKR sees private credit returns in Asia beating US and Europe. (FS)
Investing in Asian private credit can offer a premium over similar deals in Europe and the US, in part because the supply of private debt capital is lower in Asia, Bloomberg reported.
KKR estimated that the ratio of the private equity to private debt assets under management is 30.8 times for the Asia-Pacific region compared with 5.2 times for the US and 3.5 times for Europe.
NTT Docomo joins Mitsui-led group in Edotco bidding. (FS)
Japanese mobile operator NTT Docomo has joined a consortium led by Mitsui & Co in the bidding for a majority stake in the tower unit of Malaysia's biggest wireless firm Axiata Group, Bloomberg reported.
The group, which also includes Jtower, is offering to buy new shares in Edotco Group for about $750m. The Mitsui-led consortium is also interested in buying existing shares owned by Innovation Network of Japan, Malaysian sovereign wealth fund Khazanah Nasional and pension fund Kumpulan Wang Persaraan Diperbadankan.
Hong Kong's ADM Capital bets on lending to Asia Pacific's SMEs. (FS)
ADM Capital, a Hong Kong-based private credit manager, is banking on Asia Pacific's small and medium enterprises for private credit deals amid a boom in the asset class, DealStreetAsia reported.
The region presents a market for underbanked deals ranging from $20-70m in size that lack competition. "The larger private credit transactions are often syndicated. We are servicing the 'missing middle,' and our deals tend to be tailor-made with a dialogue directly with the borrowers," Christopher Botsford, ADM Capital Founding Partner.
GIC-backed AESC said to target $10bn value in new round. (FS)
AESC Group is targeting a valuation of about $10bn in its latest funding round as the Asian maker of batteries used in electric vehicles seeks to boost growth, Bloomberg reported.
AESC, which is controlled by Chinese clean energy firm Envision Group, is considering raising about $1.5bn from private investors in a series C round.
Investors agree to further redemptions delay at $2.1bn Lendlease Australian property fund. (FS)
Five years after they first requested money from a A$4.2bn ($2.73bn) commercial property fund run by developer Lendlease, investors have agreed to further delay the payment deadline to next year, Reuters reported.
The Lendlease Australia Prime Property Fund - Retail caters to institutional investors and its portfolio of malls was worth about A$4.2bn ($2.73bn) in 2018, when a rare withdrawal window opened and about half the fund asked for their money back.
China's Jinxin Fertility commits to Warburg's $420m debut RMB fund. (FS)
Chinese assisted reproductive services provider Jinxin Fertility has become the latest limited partner in Warburg Pincus's first Chinese yuan-denominated fund, DealStreetAsia reported.
Jinxin Fertility, which runs hospitals and healthcare centers in China, the US, and Southeast Asia, pledged to invest at least $28m in Warburg's debut RMB fund. The new commitment has taken the RMB fund close to 90% of its targeted fundraising size of about $420m. This translates into a total committed capital of approximately $378m to date.
5Y Capital to surpass funding goal in major China test. (FS)
China's 5Y Capital is on track to surpass its target of raising $700m for a closely watched venture fund, in a sign that investors are regaining confidence in the world's biggest internet arena, Bloomberg reported.
The oversubscribed US-dollar fund has a hard cap of $800m and is set to close early next year. Known for early bets on Chinese tech leaders like Xiaomi and Kuaishou Technology, Shanghai-based 5Y had previously put off a plan for another growth fund targeting later-stage startups.
KKR veteran Sanjay Nayar backs climate fund seeking to raise $250m. (FS)
Sanjay Nayar, co-founder of Sorin Investments and former CEO of KKR India, is backing a venture capital firm seeking to raise as much as $250m to invest in climate tech startups, DealStreetAsia reported.
Nayar said the fund is seeking to raise money from institutional investors. This announcement comes nearly two months after Nayar and his firm are mulling a few new funds, including a climate fund, as it explores various avenues in the industry.
True North raises $120m for credit fund. (FS)
True North, an India headquartered private equity fund, has raised $120m for a private credit fund. The company plans to do deals ranging from $9m to $24m with mid-size companies, Reuters reported.
It is aiming for a return of 15%-18%, and the fund raise comes at a time when a growing number of Indian investors are expanding their private credit business in a move to fill a void left by banks and non-bank lenders and mirroring a pick-up in activity across Asia. True North set up its platform in 2022 and aims to close a funding deal by the end of this year.
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