Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Vector Capital, a private equity firm, completed the acquisition of Riverbed Technology, an IT solutions provider. Financial terms were not disclosed.
“Dave is a proven leader who brings to Riverbed deep knowledge and experience driving growth at scaled technology businesses. He is a purposeful changemaker with a customer-first approach and is the ideal person to lead the company forward as it pursues continued growth and scale. We are excited that John Theler, a highly skilled and proven finance executive, will be joining as CFO and welcome him to the team. We would also like to thank Dan Smoot for his contributions to the company and his support navigating the transition, and wish him the very best in his future endeavors,” Andy Fishman, Vector Capital Managing Director.
TPG, an alternative asset management firm, agreed to acquire global governments and critical infrastructure business from Francisco Partners-backed Forcepoint, a security company, for $2.45bn.
“It’s our mission to support the national security and intelligence communities by providing trusted, data-driven security solutions that enable them to collaborate and conduct mission-critical work securely and effectively. TPG has a long history of carving-out, building, and scaling world-class cybersecurity companies. We’re confident that this partnership, along with continued support from Francisco Partners, will provide us the resources and expertise to strengthen our position as a partner of choice for government agencies," Sean Berg, Forcepoint President.
Francisco Partners is advised by Barclays, Citigroup and Sloane & Company. TPG is advised by Piper Sandler and Davis Polk & Wardwell (led by Oliver Smith and Darren M. Schweiger). Forcepoint is advised by Paul Hastings.
Stone-Goff Partners, a growth-oriented private equity firm, completed the investment in BigScoots, a value-added managed hosting service provider. Financial terms were not disclosed.
“We are thrilled to become the first institutional partner of BigScoots and look forward to working with Scott and Justin as we admire their entrepreneurial instincts and industry expertise in the WordPress ecosystem. We can’t wait to support management to grow the Company’s team, client base and product offerings. This is an exciting time for all of us as we combine forces to accelerate their momentum through thoughtful organic initiatives and strategic M&A," Laurens Goff, Stone-Goff Co-Founder & Managing Partner.
BigScoots was advised by Leonis Partners and Hirschler. Stone-Goff Partners was advised by Layer7 Capital, Fredrikson & Byron and BackBay Communications (led by Sarah Bowes). Debt financing to Stone-Goff Partners was provided by Bell Capital Finance.
Ardian, a private equity firm, agreed to acquire a 50% stake in Mexico Infrastructure Partners-backed MXT Holdings, a telecommunications infrastructure company. Financial terms were not disclosed.
"MXT is Ardian's first direct investment in Mexico, continuing our opportunistic approach in Latin America and complementing our overall Americas Strategy. Its growing economy and dynamic telecommunications market gives us confidence in our ability to deliver strong risk-adjusted returns to our investors," Stefano Mion, Ardian Co-Head of Infrastructure.
MXT Holdings is advised by BTG Pactual, Banco Bilbao Vizcaya Argentaria (BBVA) and Greenberg Traurig. Ardian is advised by Rothschild & Co and Galicia Abogados.
The US Department of Justice is nearing a decision on whether to challenge private equity firm Thoma Bravo's $2.3bn buyout deal for ForgeRock, Politico reported.
The development comes months after ForgeRock said it had received notice from the DOJ demanding more information related to the go-private deal.
"We look forward to completing the review process with the Department of Justice and partnering with Thoma Bravo," ForgeRock.
Cinven, an international private equity firm, completed the acquisition of Archer Technologies, an enterprise risk management solutions provider, from Clearlake Capital, an investment firm, and Symphony Technology Group, a private equity partner. Financial terms were not disclosed.
"It has been a pleasure partnering with Bill and the entire Archer management team in scaling the business. Since the Dell carveout in 2020, we established Archer as a standalone business and drove investments in both product and sales and marketing, which resulted in product innovation and capital efficient growth at the Company. Archer has evolved to become a leader in the SaaS-based integrated risk compliance and management market delivering significant value to its customers and partners," William Chisholm, STG Managing Partner.
Lindsay Goldberg, a private equity firm, completed an investment in Lightwave Dental, a dental services provider. Financial terms were not disclosed.
"By partnering with Lindsay Goldberg, we will continue to build the platform of choice for entrepreneurial dentists and their support teams so they can continue to provide the highest quality patient care in our communities," Justin Jory, Lightwave Founder and CEO.
Lightwave Dental was advised by Houlihan Lokey, Goodwin Procter and Holland & Knight. Lindsay Goldberg was advised by McDermott Will & Emery.
RedBird Capital Partners, a private investment firm that builds high-growth companies and provides strategic capital solutions to founders and entrepreneurs, completed the investment in Go Rentals, the premier luxury car rental provider in the United States. Financial terms were not disclosed.
"This is a very exciting day for Go Rentals as we partner with RedBird and embark on our next stage of growth and take our business to the next level. RedBird is a world-class private equity investor with an exceptional record of building industry-leading businesses and creating opportunities for access and expansion to adjacent luxury markets," Kaye Gitibin, Go Rentals Co-Founder and CEO.
Go Rentals was advised by JP Morgan and Sheppard Mullin Richter & Hampton. RedBird was advised by Kirkland & Ellis and Gagnier Communications (led by Dan Gagnier).
Angelo Gordon-backed AG Mortgage Investment Trust, a real estate investment trust, agreed to acquire Franklin Resources-backed Western Asset Mortgage Capital, an externally managed REIT that invests in, finances, and manages a portfolio of real estate-related securities, in a $300m deal.
"Combining WMC and MITT, two publicly traded REITs, presents a value-enhancing investment opportunity for WMC’s stockholders, which we believe is superior to the TPT transaction. We urge the WMC Board to consider its fiduciary duty and its contractual rights under the TPT merger agreement and enter into discussions with us to finalize the terms of our proposed superior transaction. We believe doing so would be in the best interests of WMC and all WMC stockholders," AG Mortgage Investment Trust.
AG Mortgage Investment Trust is advised by Piper Sandler, Hunton Andrews Kurth and Gasthalter & Co.
Olympus Partners, a private equity firm, completed the acquisition of MEI Rigging & Crating, a provider of rigging and machinery moving, millwrighting, industrial storage and equipment crating, from Dorilton Capital, a private investment firm. Financial terms were not disclosed.
"MEI has built a national platform in a niche industrial services space that has been highly fragmented to date. This scale uniquely positions MEI to take advantage of several long-term industry tailwinds," Dave Cardenas, Olympus Managing Partner.
Olympus was advised by Kirkland & Ellis (led by Jim Faley and Matt Whited). Dorilton Capital was advised by Lazard and Gibson Dunn & Crutcher.
Artemis Capital Partners, a private equity firm, completed the acquisition of SightLine Applications, a developer of image processing electronics and software products. Financial terms were not disclosed.
"We are delighted to partner with Steve Olson and Jordan Holt, and the entire SightLine team, as we embark on the next phase of SightLine's growth. As an established market leader in edge video processing with a talented team and blue-chip customers, we believe SightLine is well positioned to benefit from the anticipated growth in unmanned real-time applications in defense and commercial markets. We could not be more excited about the future of SightLine," Euan Milne, Artemis Principal.
SightLine was advised by Philpott Ball & Werner and Perkins Coie. Artemis was advised by Mintz Levin.
The Vistria Group, a private equity firm, completed the acquisition of a majority stake in US Retirement & Benefits Partners, a financial services and retirement services provider, from Kohlberg & Company, a private equity firm. Financial terms were not disclosed.
"Combining the knowledge and track record of Kohlberg with The Vistria Group's strong relationships in the K-12 segment, we can leverage these connections to maximize impact in better-serving school districts and government entities. Our partnership with The Vistria Group brings substantial value to USRBP's growth strategy across the public, non-profit and private sectors," Megan Schneider, USRBP CEO.
BlackRock and GTCR-backed Transaction Data Systems, an independent pharmacy software solutions provider, completed the merger with the Outcomes business of Cardinal Health, an American multinational health care services company. Financial terms were not disclosed.
“TDS and Outcomes have been dedicated to improving the health of communities through pharmacy excellence for over a combined 45 year. Together, we now have the ability to extend unique value-added solutions through our newly combined network and establish our reach as the largest provider in the pharmacy market bridging care connections with payers and pharma to improve health outcomes," Jude Dieterman, Transaction Data Systems CEO.
Blue Owl, an alternative asset management firm, completed a minority investment in Stonepeak, a private equity firm. Financial terms were not disclosed.
"We are excited to partner with Blue Owl, a distinguished investor with a strong track-record of supporting successful investment managers, as we continue to build and scale our platform. Our partnership with Blue Owl will allow us to better serve, and to increase alignment with, our limited partners. We look forward to investing this capital to grow our platform in ways that best serve our clients, while continuing to deliver strong risk adjusted returns for our investors," Michael Dorrell, Stonepeak Co-Founder, Chairman and CEO.
Blue Owl was advised by Fried Frank Harris Shriver & Jacobson. Stonepeak was advised by Evercore and Simpson Thacher & Bartlett.
KKR, a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, and credit, agreed to acquire of a 54% stake in PangeaCo, a telecommunications company, for €297m ($326m).
KKR will acquire a controlling interest in PangeaCo, which will subsequently acquire the existing fiber optic networks of Telefónica del Perú and Entel Perú. Through the combination of these networks, KKR will establish ON*NET Fibra de Perú as the new name for the platform which will independently build and operate the nation’s largest fiber optic network with world-class quality standards.
KKR was advised by Azerta. Entel was advised by TOC Asociados.
RA Capital, a multi-stage investment manager, led a $150m Series B round in Septerna, a biotechnology company discovering and advancing novel oral small molecule medicines, with participation from Third Rock Ventures, Samsara BioCapital, Invus, Catalio Capital Management, BVF Partners, Casdin Capital, Logos Capital, Deep Track Capital, Goldman Sachs Asset Management, Vertex Ventures, Mirae Asset Financial, Driehaus Capital Management, Woodline Partners and Soleus Capital.
"We are grateful for the support and enthusiasm from such a prestigious group of investors, which reflects the progress of our GPCR Native Complex™ Platform in delivering a pipeline of first-in-class small molecule programs for well-validated but difficult-to-drug GPCR targets. This milestone marks an important transition for Septerna to a product-development company, with plans to advance our lead PTH1R program to clinical proof-of-mechanism, while building out a multi-product pipeline for a range of diseases. This is an exciting time for GPCR drug development, and we are eager to move our novel products toward clinical development. We have established an incredible team that continues to execute and believe Jake's deep industry insights will be a valuable addition to our board as we continue our work to deliver medicines that improve the lives of patients," Jeffrey Finer, Septerna CEO and Co-Founder.
Septerna was advised by ScientPR and Thrust Strategic Communications (led by Chelcie Lister).
WM Partners, a middle-market private equity firm, completed the acquisition of Allergy Research Group, an allergy-oriented, hypoallergenic nutritional supplement company, from Kikkoman, a Japanese food manufacturer. Financial terms were not disclosed.
"We are thrilled to work with ARG, which is well-positioned to continue gaining market share in the fast-growing healthcare practitioner channel and where through our operational toolkit across marketing, product innovation, sales, operations, finance, we can help optimize and grow the company as well as strengthen its footprint," Eli Minski, WM Partners Senior Vice President.
WM Partners was advised by King & Spalding. Kikkoman was advised by Rothschild & Co (led by Jimmy Bonneau).
Gemspring, a private equity firm, completed the acquisition of Bradford Soap, a manufacturer and developer of beauty and personal care products. Financial terms were not disclosed.
"We are extremely proud of the legacy we have built as a quality and trusted partner to our customers. We're pleased to have found an engaged and knowledgeable partner like Gemspring who shares our vision and has a proven track record of partnering with entrepreneurial teams to build high-growth companies. In this next phase of growth, we look forward to broadening both our capabilities and product portfolio while further establishing our position as the manufacturing and development partner of choice to leading beauty and personal care brands," Stuart R. Benton, Bradford President and CEO.
Gemspring was advised by Guggenheim Partners and McDermott Will & Emery.
Truelink Capital, a private equity firm, completed the acquisition of Richardson Sales Performance, a sales training and performance improvement company. Financial terms were not disclosed.
"At Truelink, we are focused on partnering with great management teams and accelerating growth, and that is how our firm intends to support Richardson. Richardson is an industry leader, with an immensely talented team, experienced leadership and a strong customer value proposition. We are enthusiastic about Richardson's high-quality and adaptable content, and we believe the Company has a solid foundation for growth, industry leading technology and global reach. We are confident that with additional investment, the Company is well-positioned to build upon its positive momentum and reach new heights in its next chapter," Luke Myers, Truelink Co-Founder and Managing Partner.
Richardson was advised by Houlihan Lokey and Allen & Overy.
Blackstone completed an investment in Lazeo, a provider of non-invasive aesthetic medicine. Financial terms were not disclosed.
"We are thrilled and honoured to partner with Blackstone for the next phase of our growth journey. Blackstone shares in our vision to make Lazeo into a European champion in aesthetic medicine, and we look forward to working together to build on our significant success to date," Dimitri Sillam, Lazeo Co-Founder and CEO.
Qatar Investment Authority, an investment company, completed the acquisition of a 5% stake in Monumental Sports & Entertainment, a sports and entertainment company. Financial terms were not disclosed.
"Qatar Investment Authority owns and operates seven professional and amateur team franchises, six venues and two media networks, among additional assets. MSE is one of the most valuable sports and entertainment enterprises in the world, with one of the most diverse ownership groups in the sports industry," Monumental.
QIA was advised by JP Morgan.
MSUFCU-backed Reseda Group, a credit union service organization, completed the acquisition of ChannelNet, a provider of digital customer acquisition, retention and conquest that specialize in marketing automation and sales solutions. Financial terms were not disclosed.
"ChannelNet is thrilled to join the Reseda Group family of brands and products to help credit unions accelerate their digital transformation and enhance their engagement with members. As the digital ecosystem continues to rapidly evolve, our OneClick Financial platform is the perfect tool for credit unions to stay competitive and prioritize engaging their members by providing a unique, data-driven experience for each individual member," Paula Tompkins, ChannelNet, CEO and Founder.
Pharos Capital Group-backed Vantage Surgical Solutions, a provider of mobilized surgical solutions, completed the acquisition of Ophthalmic Surgical Solutions, a Kansas-based company specializing in ophthalmic surgical equipment and services. Financial terms were not disclosed.
"We are thrilled to welcome Duane and his highly successful organization, Ophthalmic Surgical Solutions, into the Vantage family and are excited about the geographical expansion this represents," Bradley Hill, Vantage Surgical Solutions CEO.
Bonderman's Wildcat seeks to thwart $2.9bn Consolidated Communications deal.
Wildcat Capital Management, which manages the wealth of buyout firm TPG co-founder David Bonderman, has asked Consolidated Communications to reject an offer to take the company private for $2.9bn, including debt. A non-binding $4-per-share all-cash offer for the broadband services provider undervalues it by 3.5 times, Wildcat wrote to Consolidated Communications' board in a July 12 letter, Reuters reported.
The offer was made on April 12 by a consortium led by private equity firm Searchlight Capital, which owns 34% of Consolidated Communications. Consolidated Communications formed a special committee to consider the offer later that month but has not provided an update since. The offer represented a 45% premium over Consolidated Communications' closing price for the previous day and was equivalent to 8.4 times the company's projected 2023 earnings before interest, taxes, depreciation and amortization.
AI startup Alphasense raising funds at $2.5bn valuation.
Alphasense, a market-research and data firm powered by artificial intelligence, is in the process of raising funding at a $2.5bn valuation. The New York-based company is in talks to collect about $150m, which would be used to fund growth opportunities, including potential acquisitions. The round, which hasn't closed yet, could be announced within weeks, Bloomberg reported.
In the most recent quarter, VCs spent less on crypto and digital asset companies than at any point since 2020. At the same time, the total global value of investments in AI for the April-June period was higher than crypto even at its peak. The numbers reflect the recent tendency of many tech investors — even those who once backed crypto — to move away from the scandal-plagued digital asset industry toward the latest advances in AI.
Blackstone, TPG vie for Standish Management.
Buyout houses including Blackstone and TPG are evaluating competing bids for Standish Management, a US fund administrator, in a deal that may value the company at as much as $1.7bn.
Standish Management, has been working with advisers at Morgan Stanley to bring in a private equity backer. Blackstone and TPG are reviewing whether to proceed with firm offers after an initial round of bids. Rival deal house THL Partners has also shown interest in the company, Reuters reported.
777 Partners seeks €200m for football investments.
777 Partners plans to tap growing investor appetite for global football to potentially raise more than €200m ($220m) for its portfolio of clubs, Bloomberg reported.
The Miami-based investment firm has hired sports specialists Tifosy Capital & Advisory to help raise new equity for its football platform. Any money will be used to support 777's investment needs.
GQG Partners adds $8bn to funds under management.
GQG Partners, the Florida-based, ASX-listed investment manager, added more than $5.6bn to funds under management in the last month, pushing its assets to $104.1bn.
In an update to shareholders, GQG said funds under management in its international equities strategies had risen from $37.1bn to $39.3bn, while its separate global equities fund now managed $28.8bn, up from $27.6bn. GQG's emerging equities strategies grew from $25.9bn to $27.7bn, and US equities rose to $8.3bn from $7.9bn.
Audax Private Equity raises $7.8bn for flagship fund and Origins Fund I.
Audax Private Equity, an alternative investment manager and capital partner for North American middle market companies, successfully closed two new funds: Audax Private Equity Fund VII and Audax Private Equity Origins Fund I.
Both funds exceeded their respective fundraising targets. Origins closed on $774m in commitments, while Audax's flagship vehicle, Audax Private Equity Fund VII, hit its hard cap of $5.25bn in commitments. Combined with an additional $1.8bn available through GP co-investment vehicles, the two funds provide Audax with $7.8bn to deploy across the middle and lower middle markets.
Antares Capital closes $6bn Senior Loan Fund II.
Antares Capital announced the closing of its second Senior Loan Fund, with approximately $6bn of asset purchasing power across all Fund related vehicles, including a dedicated co-investment vehicle.
As one of the longest tenured providers of private debt financing in North America, the Fund will leverage Antares' existing private credit platform and sponsor relationships to build a diverse portfolio of sponsor-backed senior secured loans to US and Canadian borrowers. Investors in SLF II primarily include public and private pensions, insurance companies, asset managers and banks across over 50 institutions globally. Over 75 percent of the SLF II asset purchasing power came from institutions that have previously invested with Antares, signaling that investors continue to turn to Antares for a strong pipeline of attractive investment opportunities.
Global Atlantic raised over $2.4bn for reinsurance co-investment vehicle Ivy II.
Global Atlantic Financial Group announced the final close of Ivy Co-Invest Vehicle II LLC, a reinsurance co-investment vehicle. With the final close, Ivy II brings its total capital to more than $2.4bn.
"This is a great time to bring additional capital to the industry, and we are thrilled that our strategic partnership with KKR has allowed us to broaden the group of investors in Global Atlantic and Ivy II. With access to Ivy II's committed capital, we can do more to serve our reinsurance clients in a growing market," Phil Sherrill, Global Atlantic Chief Strategy Officer.
Marathon closes $1.7bn asset-based lending fund.
Global credit investment manager Marathon Asset Management has held the final close of the Marathon Secured Private Strategies Fund III, the third vintage of its closed-end asset-based lending strategy, at $1.7bn.
The fund attracted capital commitments from a global base of institutional and high-net-worth investors. As traditional lenders have downsized their lending programmes, Marathon says its ABL strategy is designed to create a diversified portfolio through sourcing, underwriting, and structuring private investments that exhibit principal protection, robust asset coverage and predictable cashflows.
Sapphire Ventures commits $1bn+ to invest in the next generation of AI-powered enterprise technology startups.
Sapphire Ventures, a global software venture capital firm backing companies of consequence, announced that it is deepening its commitment to AI by investing more than $1bn in AI-powered enterprise technology startups, including those specializing in generative AI. The commitment builds on Sapphire's history of investing in and scaling enterprise AI startups, and will focus on all areas of the emerging AI tech stack including foundation models, enablers and middleware, and next-gen AI applications.
"We believe companies are only beginning to see the benefits of AI and GenAI, specifically. Soon, we expect there to be a massive, AI-driven productivity boom that will benefit workers at every level and create value throughout the global economy. We're eager to back the next wave of enterprise innovators driving this evolution," Nino Marakovic, Sapphire CEO, Partner and co-Founder.
RCP Secondary Opportunity Fund IV closes above target at $797m.
RCP Advisors, a sponsor of private equity funds-of-funds, secondary funds, and co-investment funds focused on North American lower middle market buyouts, has held the final close of the RCP Secondary Opportunity Fund IV with $797m in capital commitments, ahead of its $500m target.
The fund attracted a broad LP base of both new and existing investors, including family offices, high-net-worth individuals, foundations, public pension plans, and endowments. RCP SOF IV will generally continue the investment style and approach that was established with RCP’s predecessor secondary funds.
Long Ridge banks $730m for private-equity deals.
Long Ridge Equity Partners collected $730m for its fourth fund in three months, overcoming difficult fundraising conditions brought on by rising interest rates and volatile public markets, Wall Street Journal reported.
The New York private-equity firm, which focuses on backing companies in the financial-technology and business-tech sectors, wrapped up Long Ridge Equity Partners IV with $650m from institutional investors and $80m from Long Ridge executives and advisers.
MPE Partners Closes Fund IV at $633m.
MPE Partners, a lower middle market private equity firm based in Cleveland and Boston, is pleased to announce that on June 30, 2023, the firm closed its oversubscribed fourth fund, MPE Partners IV at the hard cap of $633m, inclusive of the general partner capital commitment. The firm officially launched fundraising on February 28, 2023, and did not use a placement agent.
MPE expects to invest Fund IV in entrepreneur- and family-owned companies in the business-to-business manufacturing and services sectors, similar to MPE's prior funds.
Endeavor closes a $610m equity fund.
Austin-based Endeavor Real Estate Group has closed on a $610m private equity fund dubbed Endeavor Opportunity Partners III. As the the company's third and largest investment vehicle since its founding more than two decades ago, the fund's total capitalization is anticipated to exceed $1.5bn.
The fund will serve for the development and acquisition of multifamily, industrial, retail and mixed-use properties. The assets are set to be located mainly across Austin, Texas and Dallas, but also in Nashville, Tenn., Charlotte, NC and Salt Lake City.
Sheridan Capital Partners closes Fund III at the hard cap of $575m.
Sheridan Capital Partners announced the closing of its oversubscribed third buyout fund, Sheridan Capital Partners Fund III and its parallel fund, at $575m in aggregate commitments, exceeding its target of $450m.
Sheridan is focused on making investments in lower middle market companies in recession resistant, non-discretionary markets within the healthcare industry. The Fund will continue Sheridan's strategy of making control investments in North American founder-owned businesses with $3-20m of EBITDA.
May River Capital closes third fund with $500m in commitments.
May River Capital, a Chicago-based private equity investment firm, has raised its third fund, May River Capital Fund III. The fund closed on its hard cap of $500m in limited partner commitments, exceeding the Fund's original target size. The Fund will continue May River Capital's focus on investing in high quality, lower middle-market industrial businesses with excellent management teams and the potential for significant growth and value enhancement.
The Fund received commitments from a well-respected group of limited partners, including endowments and foundations, insurance companies, fund-of-funds, family offices, wealth managers, and high-net-worth individuals. In addition to commitments from its limited partners, May River Capital's investment team, along with the firm's operating partner network, made significant capital commitments to the Fund.
AIMPERA Capital Partners closes its second institutional fund with over $475m of related capital commitments.
AIMPERA Capital Partners announces the final close for its real assets fund AIMPERA Fund III. AIMPERA is a private investment firm with a distinctive approach to scaling growth in pre-institutional operating businesses that provide essential services in the North American lower middle market. AIMPERA raised total capital commitments of more than $475m for the Fund and related co-investment vehicles. This brings the Firm's total assets under management to over $600m, inclusive of AIMPERA Cold Storage Fund which was closed in October 2020 at its hard cap.
AIMPERA was launched in 2018 by Managing Partners and Co-Founders Matt Carbone, Ryan Barnes, and Ed Leung. The co-founders have been investing together in these types of businesses since 2007. The Firm focuses on partnership with pre-institutional, often family-owned, infrastructure operating businesses that are asset rich.
Cordillera raises $443m for Fund III.
Cordillera Investment Partners, an investment management firm focused on investments in niche, non-correlated assets, has closed Cordillera Investment Fund III with $443m of commitments from institutional allocators. The fund, which will be managed by the firm’s three co-managing partners Chris Heller, Ashley Marks and Agustin ‘Gus’ Araya, is the largest in Cordillera's near ten-year history.
Founded in 2014, Cordillera seeks to identify ‘alternative alternatives’ before they become overcapitalised within the institutional investment community. The firm says it "employs differentiated proprietary direct deal structuring to uncover non-traditional, untapped alpha that has the upside potential to deliver attractive risk-adjusted returns, while also offering significant diversification benefits for investors".
Next Capital announces Fund V, final close at $375m.
Mid-market private equity firm Next Capital has locked in $375m for its latest fund, which saw domestic investors account for more than half of commitments and a final close ruled off last week.
ASX-listed Alloggio Group, a short-term rental operator which Next is seeking to acquire via a scheme of arrangement and has just commenced the court process for, will be the new fund's second investment.
Ex-Citadel manager Vince Aita launches hedge fund with $275m.
Former Citadel portfolio manager Vince Aita's new Cutter Capital Management, backed by two institutional investors, has begun trading with $275m. The cash, invested in the health care-focused hedge fund through separately managed accounts, will be leveraged up to $550m, Bloomberg reported.
Cutter is looking to raise an additional $200m for its flagship fund, offering a founders' share class with cheaper fees that will open to investors October 1.
Suffolk Technologies closes $110m inaugural venture capital fund.
Suffolk Technologies, an institutional venture capital firm affiliated with Suffolk, the $5bn national construction firm, announced the close of its inaugural fund with $110m in commitments. Suffolk Technologies Fund I will invest in early-to-growth stage companies across construction technology and property technology that are creating solutions for safer, more sustainable and efficient construction.
These businesses will address issues such as the national lack of affordable housing, high rates of emissions from construction and real estate projects and the increased need for efficient infrastructure investment as a result of the infrastructure investment and jobs act.
EMEA
NielsenIQ, a global measurement and data analytics company, completed the merger with GfK, a provider of data and intelligence to the consumer goods industry, in a $2.5bn deal. Advent International, Nuremberg Institute for Market Decisions and KKR remain invested as significant shareholders in the combined company.
“We are incredibly excited as we combine the strengths of these two great companies to create the future of consumer intelligence. Together, we are powered by more—more global reach, more omnichannel coverage, more granular data, more consumer-sourced insights, and more predictive analytics, which add up to more actionable insights and growth for our customers. Most importantly, we are bringing together innovative industry experts and complementary cultures driven by integrity and the relentless pursuit of delivering the highest quality at all times," Jim Peck, NielsenIQ CEO.
GfK was advised by White & Case (led by James Jian Hu, Matthias Kiesewetter and Alexander Kiefner) and FGS Global (led by Rebekka Koch). KKR was advised by Goldman Sachs, Hengeler Mueller (led by Christian Schwandtner and Elisabeth Kreuzer), Simpson Thacher & Bartlett (led by Mark Pflug) and FGS Global (led by Emily Lagemann). Nuremberg Institute was advised by Rothschild & Co (led by Stephan Bocklet and Martin Suter), BakerHostetler (led by Scott Weiser and Ryan Gorsche) and Fieldfisher. Advent was advised by FGS Global (led by Winnie Lerner). NielsenIQ was advised by Bank of America, HSBC, JP Morgan, PJT Partners, UBS, Covington & Burling (led by Jorn Hirschmann and Henning Bloss), Ropes & Gray (led by Christian Westra), Squire Patton Boggs, Weil Gotshal and Manges and Edelman.
CapVest Partners, an international private equity firm, agreed to acquire Kerridge Commercial Systems, an ERP and business management software provider, from Accel-KKR, a technology-focused private equity firm. Financial terms were not disclosed.
"Accel-KKR has been an exceptional partner to our team, as we have established KCS as the premier global ERP and business management software provider to the distributive trades. As we begin a new chapter with CapVest, we thank Accel-KKR for helping us accelerate our journey," Ian Bendelow, Kerridge Commercial Systems CEO.
Kerridge Commercial Systems is advised by PricewaterhouseCoopers, Arma Partners, Ernst & Young, Stifel, Addleshaw Goddard and Kirkland & Ellis. CapVest Partners is advised by EY Parthenon, Marsh, Evercore, KPMG, Kirkland & Ellis, Willkie Farr & Gallagher and West Monroe Partners. Accel-KKR is advised by Kekst CNC (led by Todd Fogarty).
Providence Equity, a private equity firm, agreed to acquire a majority stake in d&b Audiotechnik, a loudspeaker and amplifier manufacturer, from Ardian, a private equity firm. Financial terms were not disclosed.
"The needs of customers in live entertainment are becoming ever more complex, which has expanded d&b's addressable opportunities. We were impressed by d&b's passionate management team and, with Providence's resources and network, we are committed to supporting d&b's strategic plan," Andrew Tisdale, Providence Senior MD.
Providence is advised by Alantra (led by Wolfram Schmerl), UniCredit (led by Michal Lehocky), Allen & Overy (led by Vanessa Xu), White & Case (led by Stefan Koch), and Ernst & Young. Debt financing is provided by Intermediate Capital Group. Ardian is advised by McKinsey & Company (led by Isabel Huber), Indefi (led by Emmanuel Parmentier), Goldman Sachs (led by Tibor Kossa), Macquarie Group (led by Sung Duk Kim), PricewaterhouseCoopers (led by Peter Groninger), Milbank (led by Norbert Rieger), and Taxess (led by Richard Schafer).
Torqx, an investment firm, agreed to acquire Beter Bed, a sleep specialist in retail, wholesale and B2B, for $184m.
"We successfully transitioned from bedding retailer to sleep specialist. The development of our digital organization is bearing fruit and online sales have accelerated. We introduced innovative store formats and rolled out 'Beter Slapen ID' reflected in strong client appreciation growth and increasing market share. I am proud of the strong progress made in building our business in a time marked by many macroeconomic challenges. Against this background, we carefully examined the ownership structure that would best capture the sustainable long-term success of our business," John Kruijssen, Beter Bed CEO.
Access Group, a British software company, completed the acquisition of Guestline, a mission critical software provider, from Riverside, a global investment firm. Financial terms were not disclosed.
“The sale of Guestline marks the sixth exit achieved by the Riverside Europe team over the past 18 months, and again demonstrates our ability to support leading mid-market businesses through organic and inorganic growth initiatives. Despite the challenges of Brexit and Covid-19, Guestline’s revenue and earnings more than doubled during our investment period,” Karsten Langer, Riverside Managing Partner.
Guestline was advised by William Blair & Co and Jones Day. Riverside was advised by strategy&, BDO (led by Paul Barry Russell), KPMG, William Blair & Co and Jones Day.
Shares in Marti Technologies, the first Turkish entity to list in New York via a merger with a blank-check company, will start trading on July 11, testing the appetite for deals involving special purpose acquisition companies.
Marti, a mobility app offering vehicle hailing and pooling services, on July 10 completed the merger with the $148m Galata Acquisition vehicle, giving the combined company an enterprise value of $549m.
“Today is an exciting day for our whole team at Marti. Securing significant funding and becoming a public company supports our vision to build the first quintessential mobility super app for Türkiye, and we are excited about the future," Alper Oktem, Marti Founder and CEO.
Francisco Partners, an investment firm that specializes in technology and technology-enabled services businesses, completed the acquisition of Macrobond, a provider of research systems and macroeconomic and financial data to customers, from Nordic Capital, a private equity fund that focuses on investments primarily in the Nordic region. Financial terms were not disclosed.
“When I founded Macrobond in 2008, our goal was to deliver the world’s most comprehensive source of economic and financial intelligence for financial professionals that helps them quickly comprehend relevant data. Now in 2023, we are focused on further expanding our presence and customer personas across the globe, as well as accelerating technological innovation and growth across new datasets. Partnering with Francisco Partners will help Macrobond increase our growth and innovation across our market-leading product suite,” Tomas Liljeborg, Macrobond Founder and CEO.
Macrobond was advised by Arma Partners, PricewaterhouseCoopers, and White & Case. Francisco Partners was advised by Moelis & Co, Paul Hastings, and Sloane & Company (led by Whit Clay).
Clarion Partners Europe, a private equity firm, completed the acquisition of five German logistics properties from Blackstone, a private equity firm, for €264m ($292m).
“This German portfolio directly fits with our investment strategy of acquiring modern sustainable logistics assets in locations with barriers to new supply and strong existing tenant demand. We see core markets such as Germany as highly attractive due to the country’s strong underlying property fundamentals. We continue to actively look for further opportunities across Europe which align with this strategy," Rory Buck, Clarion Partners Managing Director.
Clarion Partners Europe was advised by Drees & Sommer, Deloitte and Goodwin Procter. Blackstone was advised by Eastdil Secured and Hengeler Mueller.
AURELIUS, a globally active alternative investment firm, agreed to acquire TM Group, a provider of property search aggregation services, from Dye & Durham, one of the world's largest providers of cloud-based legal practice management software, for £91m ($117m).
"This is a great opportunity for AURELIUS to invest in the UK property services space, in a strong platform for steady growth. TM Group's services are essential to the UK conveyancing process, providing the business with a good level of demand within a market with high barriers to entry. We see a number of compelling opportunities to build on TM Group's well-established market position and look forward to bringing our operational expertise to partner with the incumbent management team. This corporate carve-out transaction from Dye & Durham is further evidence of our deliverability in a challenging M&A market," Tristan Nagler, AURELIUS Partner.
AURELIUS is advised by CIL Management Consultants, KPMG, Rothschild & Co and Travers Smith. Dye & Durham is advised by LodeRock Advisors.
A trove of documents detailing how the biggest merger in golf history came together is raising antitrust flags as PGA officials defend their agreement before lawmakers for the first time, Bloomberg reported.
Newly released email communications, WhatsApp messages, internal chats and memos involving golf officials unearthed by a Senate investigation ahead of July 11's hearing show discussions dating back to late last year.
Gen II Fund Services, a private equity fund administrator, agreed to acquire Crestbridge, a private capital fund administration solutions provider. Financial terms were not disclosed.
“The Crestbridge team shares our commitment to strategic growth and personalized client service. We’re excited to join forces to provide clients with seamless, superior service across North America and Europe. Like Gen II, Crestbridge is known for its client-first approach and commitment to investing in the best people and technology,” Steven Millner, Gen II CEO.
Crestbridge is advised by Material Impact and Freshfields Bruckhaus Deringer (led by Edward Cole, Andy Robinson and Holly Baker). Gen II Fund Services is advised by BackBay Communications.
Gucci-owner Kering will pay €3.5bn ($3.83bn) for acquiring high-end French fragrance label Creed in June. Part of the reason the details of the transaction were not provided earlier was that the companies did not want to broadcast Creed's steep profit margins, FT reported.
The French luxury group made the acquisition since flagging intentions earlier in the year to create an in-house cosmetics business. The all-cash deal to acquire 100% of the fragrance house from funds controlled by BlackRock and by the company's current chairman Javier Ferran is expected to close in the second half this year.
Creed is advised by Centerview Partners. BlackRock is advised by JP Morgan.
Abu Dhabi Investment Authority is discussing joining KKR on its €23bn ($25bn) bid for Telecom Italia's landline network, Bloomberg reported.
ADIA is in advanced talks to provide equity support for the private equity firm's bid. ADIA may invest directly in the network or take a stake in the KKR fund that will house the company.
Affinity Partners, a private equity firm, led a €207m ($227m) series F round in EGYM, a fitness technology company, with participation from Mayfair Equity Partners and Bayern Kapital.
"We are delighted that our new partner Affinity Partners shares our vision to digitalize the entire fitness industry. We want to be the platform that makes fitness clubs leading players in the transformation of the world's largest market of all - the healthcare market - from repair to prevention. This includes modern, safe and effective training programs and data usage to improve training quality and documentation of training success. Corporate health plays a prominent role in achieving this goal. With the new growth capital, we will massively expand EGYM Wellpass to help employers strengthen the wellbeing of their workforces through exercise at thousands of high-quality fitness clubs. The Wellpass program is also an important incentive for companies in the increasing struggle to attract and retain employees. And for fitness and health facilities, EGYM Wellpass is a strong partner so they don't miss out on the billion-dollar trend of workplace health management," Philipp Roesch-Schlanderer, EGYM Co-Founder and CEO.
EGYM was advised by PJT Partners.
CVC Capital-backed Stock Spirits, an alcohol beverage company, agreed to acquire Borco-Marken-Import Matthiesen, a producer and marketer of spirit. Financial terms were not disclosed.
"Borco has been a trusted and respected player in Germany and Austria for many years. The acquisition of Borco will be important step in our Western Europe expansion. Borco will benefit from better development opportunities including access to Stock's extended spirits portfolio. Stock Spirits will gain access to the German market, one of the largest and most dynamic spirits market throughout Europe," Jean-Christophe Coutures, Stock Spirits CEO.
Borco is advised by Hengeler Mueller.
Canada Pension Plan Investment Board, a global investment management organization, completed the investment in Power2X, a hydrogen project developer. Financial terms were not disclosed.
"Investing in Power2X is fully aligned with our ambition to play a leading role in the energy transition. The need for industrial decarbonization is increasing rapidly, and green molecules have a vital role to play in meeting these demands, whether to create alternative fuels, hydrogen, or renewable feedstocks such as green ammonia. With Power2X's development capabilities and CPP Investments' flexible capital and sustainable energies expertise, this partnership enables us to invest in next-generation energy assets at an industrial scale with long-term business partners," Bruce Hogg, CPP Investments Managing Director, Head of Sustainable Energies.
Power2X was advised by BLUE Communications.
Exponent Private Equity, a private equity firm, completed an investment in TestingCo, a software testing platform. Financial terms were not disclosed.
“The software testing market is growing globally, supported by increasing complexity of software systems and applications, new technologies, and accelerated digital transformation, and the Dutch market stands out as one of the most mature and sophisticated. We are excited to be partnering with TestingCo and its management, whose reputation for being the thought leader in the industry and whose focus on putting the employee first is truly differentiated," Jeroen Regeur, Exponent Partner.
PAI Partners, a private equity firm, agreed to acquire a majority stake in Infra Group, an infrastructure services provider. Financial terms were not disclosed.
“With PAI, our new major investor, joining current investors ICG and Andera, we have the ideal partners to support the group in our next steps. Their professional experience, combined with Infra Group’s strong business approach, will help drive further growth and success," Tom Vendelmans, Infra Group CEO.
Cinven eyes True Potential stake sale as soon as next year.
Buyout group Cinven is considering selling a stake in wealth manager True Potential as early as next year in what could be one of the largest recent deals in Britain's investment advisory sector. The plans, which are still in their infancy, could result in another investor such as a pension or sovereign wealth fund taking a minority holding in the company alongside Cinven, Reuters reported.
An initial public offering of shares is also on the cards, although the market for new listings has yet to recover from a prolonged drought prompted by rocketing interest rates. Private equity funds have been circling Britain's vast but fragmented wealth management market, looking to roll up some of the many independent financial advisers that help savers manage their money, as well as their technology suppliers. True Potential, one of the largest privately held providers of wealth management technology and services, sold a majority stake to Cinven in early 2022 at a valuation of around $2.58bn.
UK digital bank Monzo weighs deal for Nordic rival Lunar.
Monzo Bank, the UK mobile bank, is exploring a potential combination with Nordic peer Lunar Group as it looks for ways to expand in Europe. London-based Monzo has been holding preliminary discussions with the Danish company about the structure of a possible deal, Bloomberg reported.
Lunar last raised funds in 2022 at a valuation of about $2.2bn. Its investors include Kinnevik, Tencent, Greyhound Capital, and Socii Capital. Many fintech companies have been seeking investment partners from more prominent bank institutions to expand their territorial reach and scale of operations.
Inflexion in talks to buy UK law firm DWF Group.
British law firm DWF Group is in talks to be acquired by PE firm Inflexion in a buyout valued at about $438m, amid a tentative return of take-private deals, Bloomberg reported.
The private equity firm is discussing a cash offer of $1.29 a share for London-listed DWF, including a special dividend. The potential total consideration represents a 53% premium to July 7’s closing price.
Trio of investors vie for £350m financial data provider With Intelligence.
Cinven, Flexpoint Ford, and Motive Partners are the remaining investment groups trying to secure a takeover of a provider of data to the asset management sector. Final bids are due to be submitted on Wednesday, SkyNews reported.
With Intelligence is owned by Intermediate Capital Group, and owns brands including Hedge Fund Alert, Eurekahedge and Pension Funds Online. It is said to be projecting an annual profit next year of about £25m ($31m). The company supplies data to the asset management industry, an increasingly lucrative niche which has spawned a string of major businesses in recent years. Earlier this year, With Intelligence was among the bidders for parts of MJ Hudson, the stricken asset management services group.
Saudi wealth fund weighs buying another top football club in Europe.
Newcastle United FC's Saudi Arabian owners are considering buying another top football club in Europe as the kingdom prepares for more big spending in sports. Saudi Arabia's Public Investment Fund has in recent days switched from only considering the addition of smaller teams to its football stable, to potentially buying another team from one of Europe's five big leagues, Bloomberg reported.
The strategy rethink comes less than a week after European football's governing body, UEFA, said it would allow a host of clubs with the same owner to compete across its elite competitions. UEFA cleared English Premier League clubs Brighton & Hove Albion FC and Aston Villa FC and France's Toulouse FC to play in its tournaments next season, despite their respective owners having interests in other clubs that will be competing. The decision was reached after the owners of these clubs agreed to take steps to ensure they were run independently of each other.
L Catterton-backed Birkenstock considers IPO at $6bn plus value.
L Catterton-backed Birkenstock, the iconic German sandal maker, is considering strategic options including an initial public offering. Birkenstock could be valued at more than $6bn.
The firm is working with advisers including Goldman Sachs and JP Morgan on a potential listing in the US. An IPO could happen this year or next year. Deliberations are ongoing and L Catterton could decide against any deal.
A transaction would come more than two years after the private equity firm and the family investment company of billionaire Bernard Arnault acquired a majority stake in Birkenstock, valuing the company at $4.9bn, Bloomberg reported.
Kuwait's $700bn wealth fund is being eclipsed by ambitious neighbors.
As Middle Eastern sovereign wealth funds emerge as the go-to investors for some of the biggest deals, the world's oldest and one of its largest is being eclipsed by its more ambitious, flashier neighbors, Bloomberg reported.
The Kuwait Investment Authority, which manages the Gulf country's $700bn sovereign wealth fund, has lost several senior managers, including heads of key divisions over the past year. It's still to appoint successors for some of those positions.
LeapFrog to invest $500m in companies fighting climate change in Asia and Africa.
Global private investment firm LeapFrog Investments plans to commit $500m to companies combating climate change in Africa and Asia, providing green tools and technologies to 50m low-income people, DealStreetAsia reported.
The firm is aiming to support a transition to green technologies in emerging and low-income markets. The announcement was made at the US-UK Climate Finance Mobilization Forum in the United Kingdom attended by leading investors, companies and philanthropies.
APAC
Infratil, an infrastructure investment company, agreed to acquire a 80% stake in Console Connect, a software-defined interconnection platform, from HKT, a telecommunications company, for $160m.
“Console Connect is a leading global software-defined interconnection platform, and this acquisition is a continuation of our conviction in the tailwinds of the digital infrastructure sector. It enables us to invest in building a next generation platform to support underlying growth in the demand for digital infrastructure and global connectivity solutions by enterprise and wholesale users," Jason Boyes, Infratil CEO.
Infratil is advised by Bank Street Group and Herbert Smith Freehills. HKT is advised by Moelis & Co and Gibson Dunn & Crutcher.
Thomson Medical Group, an SGX Mainboard-listed healthcare group, agreed to acquire Far East Medical Vietnam, which operates a range of healthcare facilities in Vietnam, including the multi-disciplinary tertiary FV Hospital and a network of primary and specialist clinics, from Quadria Capital, a private equity firm, for $381m.
"The acquisition of FV Hospital deepens our commitment to the Southeast Asian healthcare sector, expanding our Group's presence across three of the region's most important geographies in healthcare. FV Hospital provides a strategic foothold for us in Vietnam and a gateway to grow and focus on future investments in this fast-growing market," Kiat Lim, TMG Executive Vice-Chairman.
Thomson Medical Group is advised by Motley Crew Media (led by Michelle Tham). Quadria Capital is advised by Citigroup.
42XFund, a private equity firm, led a $108m Series D round in eFishery, an agtech company, with participation from G42, Kumpulan Wang Persaraan, ResponsAbility Investments, 500 Global, Temasek, SoftBank Vision Fund II and Northstar Group.
eFishery plans to use the funds to expand in Indonesia and India before pursuing an initial public offering in the US or Indonesia in two years.
A consortium of investors led a $170m Series B funding round in Telexistence, a robotic technology manufacturer, with participation from Monoful Venture Partners, KDDI, Airbus Ventures, SoftBank, Foxconn Co-GP Fund and Globis Capital Partners.
"With the proud backing of our new partners SBG and Foxconn, TX increases its commitment to accelerate the rapid expansion of its existing robot operations and drive the development of robots with human-level versatility, which is the goal of anyone involved in robotics. With this latest funding, we aim to amplify our search for top, diverse talent to enhance our global capabilities at scale." Tomioka added, "Regardless of nationality, age, or length of tenure, TX believes that there are countless opportunities for individuals with demonstrated skills to thrive, and in fact, current team members hail from 25 different countries. TX adheres to the organizational principle of providing compensation, including salaries and stock options, that is commensurate with performance to the greatest extent possible, "Jin Tomioka, Telexistence CEO.
Quadria Capital, a private equity firm, agreed to invest $75m in Maxivision Super Speciality Eye Hospitals, an eye care provider.
"Quadria's investment in Maxivision underscores our ambition to invest in regional leaders of Asian healthcare who offer full service offerings within a single speciality to the wider population," Sunil Thakur, Quadria Capital Partner and Head of South Asia.
Tower Capital Asia, an Investment company, agreed to acquire a 77.8% stake in AXS, a payments firm, from DBS Bank, a banking and financial services corporation. Financial terms were not disclosed.
“The recent explosion in digital payments globally is providing a formidable tailwind for AXS, an established player, to seek growth via new business segments and markets,” Danny Koh, Tower Capital Asia Founder and CEO.
Bain, Carlyle and Cerberus set to make bids for Adani Capital.
Three private equity groups Bain Capital, Carlyle Group and Cerberus Capital Management are set to make their binding bids for Gautam Adani's six-year-old shadow bank, Adani Capital. This development comes as Gautam Adani is said to be looking to exit non-core businesses to conserve capital for the core operations.
The new investor will also infuse $10bn – 15bn into the company as growth capital. While most of the bidders are keen on full ownership of the business, the promoters are expected to decide whether a small stake would be retained for the future.
Chindata says largest shareholder Bain will not sell stake after rival bid.
Chindata Group said on July 13 that Bain Capital, its largest shareholder, did not intend to sell any of its shares in the Chinese data center operator after a rival bid from China Merchants Capital. The unit of state-owned conglomerate China Merchants Group offered to acquire Chindata Group for $9.2 per American Depositary share, representing a deal value of $3.4bn, Reuters reported.
Data centers and cloud services have seen increased demand due to the widespread adoption of AI technologies. Bain, which offered to buy Chindata Group for $8 per share or nearly $3bn in June, owns about 87% of total voting power and about 42% of outstanding shares in the company.
KKR explores options for NVC China including sale.
KKR is exploring options for its majority stake in a commercial lighting manufacturer in China including a potential sale.
The global buyout firm is working with advisers on a strategic review for its 70% stake in NVC Lighting's China business. A deal may fetch about $1bn and a sale process may formally be launched later this year, though no final decision has been made and KKR could opt to keep the assets for longer, Bloomberg reported.
Nirma, Sekhmet vie for $731m Glenmark Life stake.
Indian conglomerate Nirma and PAG-backed Sekhmet Pharmaventures are among the shortlisted bidders for a controlling stake in Glenmark Life Sciences. The suitors have entered the final round of bidding for a stake of about 83% in the Mumbai-listed company held by Glenmark Pharmaceuticals, Bloomberg reported.
The controlling stake is valued at about $731m, based on the latest stock price. Glenmark Pharma has been working with advisers to seek buyers for its stake in the unit as it looks to raise cash and cut debt. Deliberations are ongoing and the bidders may not proceed with formal offers.
Bain Capital in talks to buy Indian ice cream maker Vadilal.
US private investment firm Bain Capital is in talks to buy Indian ice cream maker Vadilal and also considering taking control of Vadilal Industries and Vadilal Enterprises, which make and market the ice cream, Reuters reported.
Bain Capital is also interested in merging the two Vadilal entities and is valuing Vadilal's ice cream business at over $363m.
Majority owners of offshore holding seek direct stake in Pakistan's K-Electric.
The majority shareholders of an offshore holding company that owns most of Pakistani power company K-Electric said they have initiated legal proceedings to seek direct ownership of a stake in the utility. The power utility's holding structure has widely been considered an impediment to its acquisition by China's state-owned Shanghai Electric, a deal that has lingered for years due to regulatory and legal hurdles in Pakistan, Reuters reported.
Infrastructure and Growth Capital Fund SPV21, which has a 53.8% shareholding in Cayman Island-registered KES Power, which in turn owns 66.4% of K-Electric, had filed for a Just & Equitable Winding Up of KESP in the Grand Court of Cayman Islands. "By this action SPV 21 IGCF simply seeks to own its shares in KE directly instead of through a holding company in the form of KESP which has unfortunately outlived its original purpose due to the continued negative actions of KESP's minority shareholders," IGCF said in a statement.
Japanese megabank SMFG to launch $210m venture fund to develop unicorns.
Japanese megabank Sumitomo Mitsui Financial Group will launch a fund to help startups develop into "unicorns", a fast-growing unlisted companies valued at $1bn or more with a focus on those at a later stage of growth. The scale of investment is expected to be around $210m, DealStreetAsia reported.
SMFG will soon launch a fund in partnership with Global Brain, a prominent Japanese venture capital specialist. The majority of funds will be provided by SMFG, while the actual investments will be made by Global Brain.
CBC appoints ex-Citi banker Billy Cho as senior MD of PE. (People)
Asia's largest healthcare investment firm, CBC Group, has appointed ex-investment banker Billy Cho as its new senior managing director of private equity and co-head of joint value creation. Cho, who has over two decades of industry experience, will be based in Hong Kong for the role.
Cho will provide guidance on the firm's private equity investments and its portfolio management activities as part of the joint value creation team, DealStreetAsia reported.
|