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AMERICAS
Amedisys said on March 19 that Oregon's health authority has started a review of UnitedHealth Group's $3.3bn acquisition of the home health and hospice caregiver, Reuters reported.
UnitedHealth had announced the acquisition in June, after competing with Option Care Health. The acquisition was meant to help expand UnitedHealth's presence in home healthcare, a business it bolstered through a $5.4bn deal to buy Amedisys' rival, LHC Group, last year.
Level Access, a provider of digital accessibility solutions, completed the acquisition of UserWay, a pioneer in accessibility AI technologies, for $99m.
“Our vision for a comprehensive digital accessibility solution will empower organizations of all sizes and of all complexities to make faster progress and lasting impact, which equates to excellence for their end users. This acquisition sets the stage for a new wave of innovation, which will equip organizations to build accessible experiences at scale,” Tim Springer, Level Access CEO and Founder.
Level Access was advised by Herzog Fox & Neeman, Latham & Watkins, and anthonyBarnum (led by Coleman Pyeatt). UserWay was advised by Nfluence Partners and Sullivan & Worcester.
HIG Capital, a private equity firm, agreed to acquire the Payroll & Professional Services business of Alight, a cloud-based human capital technology and services provider, for $1.2bn.
“We are thrilled to partner with Luca and the entire Payroll & Professional Services team. As businesses grow increasingly global and face complex technology and compliance requirements, we believe that the Company is uniquely positioned to help clients address the many challenges which this creates. We see a tremendous opportunity for continued growth and look forward to working with the team to build upon their success and leadership position in the market," Matt Lozow, HIG Managing Director.
HIG Capital is advised by Guggenheim Partners and Kirkland & Ellis. Alight is advised by JP Morgan and Simpson Thacher & Bartlett (led by Elizabeth Cooper and Michael Chao).
Riverwood and Paramark-backed Sensor Tower, a market research company whose real-time, platform delivers responsibly-sourced insights into the global digital economy, completed the acquisition of data.ai, a mobile data and analytics platform that delivers data and insights to succeed in the app economy. Financial terms were not disclosed.
"Today we celebrate the beginning of a new and exciting chapter, not only for Sensor Tower, but for the digital marketing and mobile app intelligence industry. We have long admired data.ai's stellar product and high quality team. The acquisition will allow Sensor Tower to broaden its audience and expand its best in class offerings to any company that participates in the digital economy – helping bridge the gap between companies and consumers," Oliver Yeh, Sensor Tower CEO.
Sensor Tower was advised by William Blair & Co, Simpson Thacher & Bartlett (led by Naveed Anwar), and Sling & Stone. Debt financing was provided by Bain Capital (led by David Healey).
Lonza, a producer of organic fine chemicals, biocides, active ingredients, and biotechnology products, agreed to acquire Genentech large-scale biologics manufacturing site from Roche, a developer and manufacturer of pharmaceutical and diagnostic products, for $1.2bn.
"The Vacaville site is a highly valuable strategic acquisition that will make capacity immediately available for our customers and unlock future growth for our Biologics division. It will support us in providing a commercialization path to existing customers and incremental large-scale commercial capacity to our partners. We have deep and long-standing industrial expertise in delivering commercial scale manufacturing services for our customers' therapies. In combining this with the strong legacy of the Vacaville facility, its highly skilled colleague community and its proven track record on quality, we are excited to take our leading large-scale mammalian offering to its next chapter of growth," Jean-Christophe Hyvert, Lonza President.
Lonza is advised by Bank of America.
RA Capital Management, a private equity firm, led a $175m Series B round in Capstan Therapeutics, a biotechnology company, with participation from Forbion, Johnson & Johnson Innovation - JJDC, Mubadala Capital, Perceptive Advisors, Sofinnova Investments, Alexandria Venture Investments, Bristol Myers Squibb, Eli Lilly and Company, Leaps by Bayer, Novartis Venture Fund, OrbiMed, Pfizer Ventures, Polaris Partners, and Vida Ventures.
“We are proud to support Capstan and their mission to lead in vivo CAR-T. Our conviction in Capstan is a result of the confluence of a differentiated platform technology that enables efficient T cell engineering, the platform’s ideal application in a large autoimmune market being disrupted by ex vivo CAR-T therapy, and a seasoned management team that is working tirelessly to advance this technology into patients," Nandita Shangari, RA Capital Management Managing Director.
Capstan Therapeutics was advised by Ten Bridge Communications.
Catalio Capital Management, a venture capital firm that invests in breakthrough biomedical technology companies, Third Rock Ventures, a healthcare venture firm, and Novo, a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation, led a $150m Series A funding round in Clasp Therapeutics, a biotechnology company, with participation from Vivo, Cure Ventures, Blackbird BioVentures, Pictet Alternative Advisors, American Cancer Society’s Bright Edge and Alexandria Venture Investments.
“At Clasp we strive to help people with cancer lead longer and healthier lives by engaging each patient’s own immune cells to eradicate their cancer with absolute specificity. Clasp brings together leading researchers, clinicians and drug developers to develop groundbreaking cancer immunotherapies that are precise and potent, but without the toxicities commonly associated with on-target, off-tumor binding,” Robert Ross, Clasp Therapeutics CEO.
Clasp Therapeutics was advised by Ten Bridge Communications (led by Kit Rodophele).
DISA Global Solutions, a provider of background screening, drug and alcohol testing, and compliance solutions, completed the acquisition of the screening and compliance services of CastleBranch, a screening and compliance tracking solutions company. Financial terms were not disclosed.
"The sale of our screening and compliance services to DISA represents the ideal convergence of values, vision, and purpose. Our shared commitment to excellence and aligned vision promises to significantly build upon nearly a quarter century of dedication to the industry and our clients. We believe the business is in great hands as it continues its growth trajectory as part of DISA," Brett Martin, CastleBranch Founder and CEO.
DISA Global Solutions was advised by Stifel.
ProAmpac, a flexible packaging company with a comprehensive product offering, agreed to acquire UP Paper, a producer of recycled kraft paper, Pritzker Private Capital, a private equity firm. Financial terms were not disclosed.
"ProAmpac has built an exceptional platform from which we can continue to grow our business. Together, we will have a strong portfolio of paper products and a shared commitment to excellence in customer service. I am confident our current and future customers will benefit from this partnership," Lars Dannberg, UP Paper President and CEO.
ProAmpac is advised by H/Advisors Abernathy (led by Dan Scorpio).
Syllable, an AI-enabled healthcare services company that automates incoming and outgoing communications, agreed to acquire Actium Health, a provider of consumer engagement services utilizing health-system data intelligence. Financial terms were not disclosed.
"I started Actium Health with the belief that EMR data was being underutilized. If we could help health systems identify patients who needed care the most, health systems could better care for their communities by proactively reaching out to their highest-risk patients and connecting them to the care they need. Together with Syllable, we now have an end-to-end solution that allows patients to navigate health systems, schedule appointments, refill prescriptions, and more, all in an automated way either digitally or on the phone," Michael Linnert, Actium Health Founder and CEO.
The Riverside Company, a private equity firm, completed the acquisition of The Lash Lounge, an eyelash salon franchise. Financial terms were not disclosed.
“We are thrilled to partner with Riverside and believe this partnership will elevate the Lash Lounge franchise to new heights. This partnership is the start of ‘business as better’ for our network – fueling the organization for growth and driving a path to success across the franchised beauty industry," Meg Roberts, Lash Lounge CEO.
The Riverside Company was advised by Jones Day (led by Cameron Reese).
Crete United, a provider of energy efficiency and HVAC, electrical, and other mechanical services, agreed to acquire ProStar Energy Solutions, a HVAC and energy solutions company. Financial terms were not disclosed.
"The opportunity for businesses across the country to enhance their building operations through energy efficiency has never been greater. Partnering with Crete United, a fast-growing company with established relationships and deep MEP expertise, is an amazing opportunity that will enable us to bring efficient energy management solutions to the built environment," Eric Sudol, ProStar CEO.
ProStar Energy Solutions is advised by Nomura.
Mitsui & Co-backed Certis Biologicals, a biological pesticides company, completed the acquisition of Howler and Theia fungicides from AgBiome, a biotechnology company. Financial terms were not disclosed.
"Certis Biologicals is committed to contributing to the growing biologicals market. Adding these proprietary technologies to our growing portfolio will help ensure continuity in the market and allow us to continue bringing innovative solutions to agriculture," Jow-Lih Su, Certis Biologicals Interim CEO.
AgBiome was advised by JP Morgan.
Cornerstone Building Brands, a manufacturer of exterior building products, agreed to acquire Harvey Building Products, a manufacturer of high performing windows and doors. Financial terms were not disclosed.
“Harvey Building Products has a strong reputation as a premium R&R manufacturer and is an ideal addition to Cornerstone Building Brands as we forge ahead in our journey to be a premier exterior building products company. This transaction will strengthen our presence across the Northeast and the Midwest with key leading brands. It will also enable us to be a stronger partner of choice for our customers and to better serve them," Rose Lee, Cornerstone Building Brands President and CEO.
FabFitFun, an offeror of subscription services that allow its members to discover brands and products, agreed to acquire PupBox, a provider of a monthly subscription box designed for a dog's specific needs at each stage of life, from Petco, a pet specialty retailer providing products, services, and advice for pet owners. Financial terms were not disclosed.
"FabFitFun is building the world's best shopping club and subscription platform. As part of that strategy, we're thrilled to announce that we've acquired PupBox, a subscription box service for dog owners previously owned by Petco. For the past 12 years, FabFitFun has been a leader in the subscription space, and this opportunity allows us to expand more meaningfully into the pet category. In the coming months, we plan to bring our expertise and unique touch to PupBox's current subscribers, as well as expand reach to our audience with a pet offering on FabFitFun's platform," Daniel Broukhim, FabFitFun Co-CEO.
Terra Drone, a drone and software manufacturer, agreed to acquire a majority stake in Aloft Technologies, a company focusing on developing UTM, and a provider of drone fleet and airspace management in the United States. Financial terms were not disclosed.
"We see a future where drones and AAMs become a part of our daily lives. The implementation and seamless operation of a UTM system are essential to make this dream a reality. We have been focusing on UTM technology since the dawn of drones, with our earliest investment in Unifly dating back to 2016. Now, as drones and AAMs move into a new phase of development, UTM has become a priority for aviation authorities around the world. By investing in Aloft and becoming its largest shareholder, we intend to further evolve UTM on a global level. We also plan to expand aggressively in the US, considered to be the largest market for drones and AAMs," Toru Tokushige, Terra Drone, Founder and CEO.
Ever.Ag, an agtech provider focusing on agriculture, food, and beverage supply chains, agreed to acquire Adapt-N, a provider of professional software tool for agronomists, from Yara International, a provider of chemical solutions for sustainable agriculture and the environment. Financial terms were not disclosed.
"By incorporating Adapt-N into FieldAlytics, we're equipping ag retailers with a powerful tool to help farmers fine-tune their nitrogen application, ensuring optimal crop health and yield while minimizing waste. This step not only aligns with our commitment to sustainable farming but also boosts the economic returns for our farming clients," Kyle Owen, Ever.Ag VP of Digital Agronomy.
Linden Capital Partners weighs sale of a minority stake. (FS)
Linden Capital Partners is exploring strategic options including the sale of a minority stake, Bloomberg reported.
The firm is working with an adviser to solicit interest from potential suitors. A representative for Chicago-based Linden, which has raised more than $7bn since its 2004 inception.
Boeing explores disposal of some defense assets amid crisis.
Boeing has been exploring the sale of at least two of its defense businesses, as the beleaguered aircraft manufacturer fights through its biggest crisis in years.
Financial advisers have contacted potential buyers on Boeing’s behalf to gauge interest in several smaller units. The efforts have been underway for about a year, predating the January 5 accident that has placed the planemaker under intense scrutiny, Bloomberg reported.
Topgolf Callaway soars on report It’s exploring sale, spinoff.
Topgolf Callaway Brands jumped the most since May 2022 following a report that the company is exploring a sale of its equipment-making arm.
Shares climbed as much as 12% after the Chosun Daily reported that the Callaway Golf business would be valued at nearly $3bn in a potential deal. Topgolf Callaway’s major shareholders will spin off Topgolf, the chain of high-tech driving ranges, and sell only Callaway, Bloomberg reported.
TIM investor Merlyn wants sale of Brazilian unit, retail. (FS)
Telecom Italia shareholder Merlyn Partners said on March 20 the debt-laden company should sell its Brazilian unit this year as part of a radical restructuring, Reuters reported.
The Luxembourg-based alternative investment fund, which held 0.53% of Telecom Italia (TIM) as of March 19, also suggested in a statement that Italy's former phone monopoly should sell off its consumer business with a target to close that deal in 2025.
Sycamore Partners explores bid for Apparel maker Gildan activewear. (FS)
Private equity firm Sycamore Partners is exploring an offer for Gildan Activewear, the Canadian clothing manufacturer that owns the American Apparel brand, Bloomberg reported.
The New York-based buyout firm has discussed financing options with potential lenders.
Prison-phone firm Aventiv to explore sale, extend debt under new deal.
Platinum Equity’s Aventiv Technologies reached a tentative deal with lenders that calls for the prison-phone company to sell itself sometime in the next year.
The deal - struck with its owner and a lender group holding almost all of the company’s secured debt - also provides Aventiv an eight-month extension of more than $1bn of debt that’s currently due in November, Bloomberg reported.
Nordstrom, Macy's deals could put private ownership back in vogue for US retailers. (FS)
America's biggest publicly traded department store chains could be set for private-equity or hedge-funds ownership, dramatically changing the retail landscape in the United States.
Investments in retail and consumer companies accounted for just 7% of the total US private equity deal volume of $2.6tn in the last decade compared to nearly 15% of the total volume of $1.7tn in the prior decade, Reuters reported.
Reddit, shareholders guide IPO price at top of range or above.
Reddit and its selling shareholders are guiding that they could price the social media company’s initial public offering at the top of its marketed range or above, Bloomberg reported.
The social media platform, along with its top executives and other employees, are offering 22m shares in the IPO for $31 to $34. At the top of the range and with that number of shares, the listing would raise $748m.
JPMorgan names heads of new sports investment banking team. (People)
JPMorgan has set up a dedicated sports investment banking team, a sign Wall Street banks are stepping up the battle for fees in an increasingly competitive corner of the mergers and acquisitions market.
The US bank has appointed Eric Menell and Gian Piero Sammartano to co-lead the new sports investment banking coverage group, Bloomberg reported.
EMEA
Montagu Private Equity, a European private equity firm with headquarters in London, agreed to acquire the medical device components business of Johnson Matthey, an international speciality chemicals company, for £550m ($700m).
"Today's announcement represents a significant milestone in our disposals programme announced in May 2022. As a JM business, MDC has delivered technological differentiation and good growth to the critical health sector. We welcome Montagu's plans to continue the investment and growth plans at MDC. We are pleased that this concludes our Value Businesses disposal programme which will deliver benefits to JM shareholders in terms of value realisation, simplification and increased focus on our growth businesses, where JM has a proven ability to win," Liam Condon, Johnson Matthey Chief Executive.
Johnson Matthey is advised by Goldman Sachs.
Crédit Agricole, a international banking group, and Worldline, a payment services provider, completed the formation of a joint venture to provide digital payments to merchants in France. The joint venture is 50% owned plus one share by Worldline and will therefore be fully consolidated. Crédit Agricole holds 50% of the capital less one share and will supervise the joint venture. Financial terms were not disclosed.
"This is another key step in our strategic partnership with the Crédit Agricole group in France, a market offering extremely important development prospects for Worldline. By combining Worldline's technological expertise and offerings in payments with Crédit Agricole's performance and distribution power, this unique collaboration promises to meet the ever-changing needs of merchants. Together, we have the greatest ambitions for our joint-venture, which will offer the best of our two groups to merchants and retailers operating in France in both physical and online commerce," Gilles Grapinet, Worldline CEO.
Crédit Agricole was advised by Morgan Stanley.
Lactalis, a dairy producer group, completed the acquisition of Sequeira & Sequeira, a dairy group. Financial terms were not disclosed.
“We are delighted with the coming together of these two family businesses, driven by common values. It will enable Lactalis to develop the production and sale of local cheeses in Portugal and will therefore complement its existing offer in the country. The wholesale activity will allow us to strengthen distribution and export activities," Miguel Romão, Lactalis General Manager.
Sequeira & Sequeira was advised by Santander.
Bourn Rock Investments, a corporate Investment company, agreed to acquire a 60% stake in Castelbel, a luxury fragrances company, from Vallis Capital Partners, a private equity firm. Financial terms were not disclosed.
“We are pleased to have concluded this sale, which is the fifth Exit of the Fund Vallis Sustainable Investments I. This transaction is the culmination of the dedicated work of the entire Castelbel team, which has successfully executed an ambitious business plan over the years. I would like to thank everyone involved in the transaction and wish the Bourn Rock Group every success in its investment in Castelbel," Eduardo Rocha, Vallis Capital Partners CEO.
Bourn Rock Investments is advised by Santander.
Eagle Creek Renewable Energy, a renewable power projects company, completed the acquisition of Lightstar Renewables, a developer of solar farms, from private equity firms Elda River Capital and Magnetar. Financial terms were not disclosed.
“We are pleased to add Lightstar’s clean energy assets and development capabilities to the Eagle Creek portfolio. Through our ongoing operations and acquisitions, Eagle Creek is playing a key role in driving the transition to a clean energy economy," Neal Simmons, Eagle Creek President and CEO.
Access Bank, a provider of commercial banking services, agreed to acquire National Bank of Kenya, a provider of commercial products and financial solutions, from KCB Group, a non-operating holding company. Financial terms were not disclosed.
“This transaction represents what we believe is a great opportunity to maximize value for our shareholders while strengthening the competitive position for the Group. The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities,” Paul Russo, KCB Group CEO.
France to shield Atos cybersecurity assets after Airbus abandons deal.
France said it would protect the strategic assets of Atos after planemaker Airbus pulled the plug on a deal to buy the ailing French IT conglomerate's cybersecurity assets, Reuters reported.
The latest setback for Atos, which came just weeks after the collapse of a deal to raise urgently-needed cash through the sale of another part of the business, sent its shares down 19.16% to a record-low closing price of €1.738 ($1.887).
Borse Dubai plans to sell $1.6bn of its Nasdaq stake.
Nasdaq’s biggest shareholder, Borse Dubai, is selling roughly one third of its stake or 27m shares in the exchange operator at $59 each, which would raise as much as $1.6bn.
Borse Dubai would still own more than 10% of Nasdaq’s stock and plans to agree to an 18-month lockup of the shares. Underwriters will also have a 30-day option to buy as many as 4m additional Nasdaq shares. The offering is expected to close on March 22, Nasdaq said in a separate statement on the pricing, Bloomberg reported.
Russia's Tinkoff to take Rosbank retail clients as Potanin pushes integration.
Russian online bank Tinkoff may take on Rosbank's retail client base as part of proposed integration that could strengthen billionaire Vladimir Potanin's foothold in Russia's banking sector.
Rosbank board chairman Nikolai Sidorov said the most obvious benefit from the two banks integrating would come from combing their retail businesses on Tinkoff's platform. Tinkoff Bank owner TCS, controlled by Potanin's Interros group, is seeking to integrate Rosbank into the holding to increase its share of Russia's financial market, Reuters reported.
Actis in talks to buy Africa tower firm Swiftnet from Telkom. (FS)
Private equity firm Actis is in talks to buy Swiftnet, the mast and tower business owned by South Africa’s Telkom.
The deal would also include a smaller, local partner. Swiftnet is valued at as much as ZAR6.3bn ($332m), Bloomberg reported.
Abu Dhabi wealth fund offers to buy PAG fund stakes at discount. (FS)
The Abu Dhabi Investment Authority (ADIA) has offered to buy stakes in funds managed by Hong Kong-based PAG from investors at a discount.
The offer from ADIA is a sign of how some Gulf investors are looking to seize such deals at a lower price as US-based investors cut back on their China exposure, DealStreetAsia reported.
French Family offices drawn to private equity over private debt. (FS)
France’s wealthiest citizens are increasingly directing their family offices to invest in private equity, while their appetite for private debt is waning and crypto remains marginal, Bloomberg reported.
“There is a lot of convergence between family offices and private equity because performance is generally good and there is less volatility,” Frederick Crot, Association Francaise du Family Office President.
Kester Capital closes oversubscribed fund III at £200m hard cap. (FS)
Kester Capital, a UK lower mid-market private equity firm, has held the final close of its latest fund, Kester Capital III, which was oversubscribed, at its hard cap of £200m ($254m), significantly in excess of its original £150m ($190m) target.
In line with Kester Capital II, the strategy for the fund remains focused on investing in primary buyouts in the healthcare and technology sectors.
APAC
Private equity investors BPEA EQT and ChrysCapital, completed the acquisition of a 90% stake in HDFC Credila, a loan agency, from HDFC, a banking and financial services company, for $1.1bn.
"The demand in India for obtaining a higher education is growing at a faster pace than ever, accelerated by our country's growing middle class and students' strive for better career opportunities. Coming out of HDFC Group, one of India's most respected and well-established financial conglomerates, HDFC Credila plays a critical part in serving this demand. We have been following HDFC Credila for several years and we are excited to partner with its strong management team led by Arijit Sanyal. We also welcome HDFC Group's decision to retain a minority stake in the business and we see their continued support as a testament to our vision for the company," Jimmy Mahtani, BPEA EQT India Partner.
Lightspeed Venture Partners, a private equity firm, led a $103m Series D round in Pocket FM, an audio entertainment platform, with participation from StepStone Group.
“We identified an unexplored space in the entertainment industry driven by an increasing demand for audio fiction and crafted a playbook to address this opportunity across every key market. Our robust content library of audio series and a strong consumption behavior on the platform is shaping the future of entertainment. Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook. This latest funding validates our vision and the possibilities we bring to disrupt the industry," Rohan Nayak, Pocket FM CEO and Co-Founder.
Starwood Capital Group, a private investment firm, agreed to acquire a 10.7% stake in ESR Group, an Asia focused real estate services and investment company. Financial terms were not disclosed.
"ESR is the leading real estate platform in Asia Pacific with important market positions in logistics and data centres, which are key growth areas for Starwood Capital. I have known Stuart for many years and have always been impressed by the business he, Charles and co-CEO Jeffrey Shen have built. Having recently partnered with ESR in Australia, we are very pleased to expand and strengthen our relationship through this transaction. We have full faith and confidence in the management team and look forward to working with all stakeholders over the longer-term," Barry Sternlicht, Starwood Capital, Chairman and CEO.
Starwood Capital Group is advised by H/Advisors Abernathy (led by Tom Johnson).
TP ICAP, a provider of brokering services to counterparties operating in major wholesale OTC and exchange traded financial and commodity markets, agreed to acquire Aotearoa Energy, a New Zealand-based gas, power, and carbon brokerage firm. Financial terms were not disclosed.
"TP ICAP's acquisition marks the next exciting chapter in Aotearoa Energy's journey of growth and innovation and aligns with our commitment to delivering exceptional brokering services to our customers. I am thrilled to complement our NZ energy market services with the additional resources, capabilities, and scale that TP ICAP can offer," Daniel Skipper, Aotearoa Energy Founder.
TP ICAP is advised by H/ Advisors Maitland.
Unilever said to weigh sale of water purification unit Truliva in China.
Unilever is considering selling its majority stake in Qinyuan Group, a Chinese maker of water purification equipment that it acquired for an undisclosed sum in 2014, Bloomberg reported.
London-headquartered Unilever is working with an adviser to gauge interest from potential buyers. A sale could value Qinyuan at about $300m.
Hospital chain Aster DM plans $108m India expansion as Gulf deal nears completion.
Indian hospital chain Aster DM Healthcare said it plans to spend up to INR9bn ($108m) to expand domestically as it nears the completion of selling its Gulf business.
Aster said it aims to be among the top three hospital chains in India and expects to add about 1.5k beds by fiscal 2027 to the 4,857 beds it currently has across 18 hospitals in the country, Reuters reported.
Chinese robotic vacuum maker Dreame Tech is said to consider IPO.
Dreame Technology, a Chinese maker of smart home appliances such as robotic vacuum cleaners, is considering an initial public offering that could raise at least $300m.
Dreame is working with advisers at China International Capital, Goldman Sachs Group and Morgan Stanley on a potential share sale that may take place as soon as this year. It has been considering the US as a listing venue, Bloomberg reported.
Former JP Morgan Chase Asia banker launches new VC fund in Australia. (FS)
Former JP Morgan Chase banker Ryan Holsheimer has started a new venture capital fund in Australia's Gold Coast to invest in tech startups across Asia and globally.
Admiralty Capital Group is sector agnostic and will invest across early- to growth-stage companies, it shared in a press statement. The firm's investment thesis revolves around innovation, scalability, and positive impact, DealStreetAsia reported.
Gene solutions seeks $70m funding for regional push. (FS)
Mekong Capital-backed Gene Solutions is looking to raise as much as $70m this year to fund its Southeast Asia expansion as the diagnostic testing services provider weighs a share sale within two years, Bloomberg reported.
The Ho Chi Minh City-headquartered company has reached out to investors in countries including the US, China and Japan to complete its latest funding round by the third quarter, Chief Financial Officer Hoa Nguyen said in an interview. Gene Solutions has raised about $40m from three earlier rounds.
King River Capital, Immutable launch $100m web3 games fund. (FS)
Australian venture capital investor King River Capital and video games maker Immutable have launched the $100m Inevitable Games Fund, an ecosystem-agnostic vehicle that seeks to invest in web3 games.
King River Capital will lead the investment process for the new fund, while Immutable and software platform Polygon Labs will provide key sourcing and web3 gaming expertise, DealStreetAsia reported.
B Capital closes Opportunities Fund II at $750m, nearly double its predecessor fund's size. (FS)
Singapore and US-based venture capital firm B Capital has closed its second opportunities fund at $750m, it announced on March 19.
The size of the vehicle is nearly double that of its predecessor, signalling a strong limited partner interest in B Capital. The money was raised from a mix of global limited partners comprising private and public pensions, family offices, high-net-worth individuals, and sovereign wealth funds, DealStreetAsia reported.
Canada's CPP Investments commits $219m more to India's infrastructure trust. (FS)
The Canada Pension Plan Investment Board (CPP Investments), one of the world's largest pension funds, has made a further INR1,820 crore ($219m) commitment to India's National Highways Infra Trust (NHIT). NHIT is an infrastructure investment trust sponsored by the National Highways Authority of India, DealStreetAsia reported.
Temasek-backed Fullerton raises $100m from Seviora, Income Insurance for carbon fund. (FS)
Fullerton Fund Management, an affiliate of Temasek's Seviora, has closed $100m in anchor commitment from its parent group and Singapore's Income Insurance for its private equity fund dedicated to decarbonisation investments in Asia's emerging markets.
While the fundraising target of the mandate was not disclosed, DealStreetAsia reported in November 2022 that the asset manager is seeking to raise around $600m to $1bn, DealStreetAsia reported.
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