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AMERICAS
Sixth Street, a global investment firm, Wildcat Capital Management, a venture capital firm, and Leonard Green & Partners, a private equity investment firm, completed the investment in Milan Laser, a laser hair removal provider. Financial terms were not disclosed.
"We are very excited about the investment in Milan Laser. Our partnership with LGP has been fantastic and adding Sixth Street and Wildcat Capital Management to our equity investors only makes us stronger. As the largest laser hair removal company in the US, Milan Laser is excited about the future growth of our organization and footprint. Sixth Street and Wildcat Capital Management believe in our vision to be the number one laser hair removal company in the world and have the resources and expertise to help our team achieve this goal," Shikhar Saxena, Milan Laser CEO and Co-Founder.
Milan Laser was advised by Wachtell, Lipton, Rosen & Katz (led by Elina Tetelbaum, Alison Zieske Preiss and Lucas Wozny). LGP was advised by North Point Advisors and Latham & Watkins. Wildcat Capital Management was advised by Vinson & Elkins. Sixth Street was advised by Piper Sandler and Cleary Gottlieb Steen & Hamilton.
Levine Leichtman Capital Partners, a middle-market private equity firm, completed the acquisition of Kilwins, a premium quality chocolate, ice cream and confectionary products manufacturer. Financial terms were not disclosed.
“Kilwins has an incredible brand proposition, a compelling product portfolio, and a loyal customer base. We are strong believers in the long-term potential of Kilwins and are excited to work closely with the Company’s management team to accelerate growth through continued franchise expansion, new channel opportunities, and additional product innovation,” Andrew Schwartz, LLCP Partner.
Kilwins was advised by BDO and Varnum. Levine Leichtman Capital was advised by Greenberg Traurig, Honigman Miller Schwartz & Cohn and Gasthalter & Co (led by Mark Semer).
Hydro-Québec, an electricity generating, transmitting and distributing company, completed the acquisition of Great River Hydro, a hydropower producing company, from ArcLight Capital Partners, a private equity firm, for $2bn.
"As a long-time owner and operator of hydroelectric assets across the United States, ArcLight was pleased to support Great River Hydro's establishment as a premier renewable energy infrastructure platform. We expect the Company to continue playing a leading role in the energy transition in New England, and we look forward to its ongoing success," Dan Revers, ArcLight Founder and Managing Partner.
Private equity firms Stone Point Capital and Mubadala agreed to acquire a 20% stake in Truist Insurance Holdings, an insurance brokerage firm, from Truist, a financial services firm, for $1.95bn.
"We are excited for this collaboration with Stone Point, as the investment demonstrates the significant value of Truist Insurance Holdings and strategically positions it, and Truist, for long-term success," Bill Rogers, Truist Chairman and CEO.
IRG Acquisition Holdings, a partnership owned by Invenergy, CDPQ and funds managed by Blackstone Infrastructure, agreed to acquire a 1365-MW renewables portfolio from American Electric Power, an investment firm, for $1.5bn.
"We're committed to de-risking the company and prioritizing investments in our core regulated businesses. The proceeds from the sale will be directed to the significant pipeline of opportunities we have to enhance service for customers across our footprint and advance our clean energy transition," Julie Sloat, AEP President and CEO.
American Electric Power is advised by Citigroup, JP Morgan and Hunton Andrews Kurth. IRG Acquisition Holdings is advised by Bank of America.
Centerbridge Partners, a multi-strategy private investment firm, and GIC Real Estate, a real-estate arm of Singapore's sovereign wealth fund, agreed to acquire the remaining 85.2% stake in INDUS Realty Trust, a US-based industrial and logistics REIT, for $868m.
“After conducting an extensive process to explore the Company’s strategic alternatives, we are pleased to have reached an agreement with Centerbridge and GIC. The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history. I would like to extend my thanks to the entire Board and management team for their hard work during this process, and for their unwavering commitment to act in the best interests of our stockholders,” Michael Gamzon, INDUS President and CEO.
Private equity firms The Carlyle Group and HGGC agreed to invest $500m in PCF Insurance Services, a US-based insurance brokerage firm.
"PCF Insurance Services has experienced tremendous growth as a result of its unique client- and employee-centric operating model. We are delighted to be partnering with an exceptional management team and group of Agency Partners, and are confident PCF will achieve its long-term strategic growth objectives with the support of Carlyle Global Credit, HGGC and our partner investors," Gary Jacovino, Carlyle Managing Director.
A consortium of investors including Springcoast Capital Partners, Splunk Ventures and Vista Credit Partners led a $180m round in Deepwatch, a cybersecurity services provider.
“Our services have never been more vital. Business transformation to cloud and digital, coupled with increasing levels of cyber risk drives strong demand for advanced protection from Deepwatch. We are excited to partner with Springcoast Capital Partners, Splunk and Vista Credit Partners to advance our mission to protect the digital economy and defend against the increasing volume and complexity of cyber threats," Charlie Thomas, Deepwatch CEO.
Deepwatch was advised by Hi-Touch PR. Springcoast Capital was advised by Sullivan & Cromwell (led by Sarah P. Payne) and Prosek Partners (led by Mike Geller).
Exponent, a private equity firm, agreed to acquire the flavor specialty ingredients business of International Flavors & Fragrances, an American corporation that produces flavors, fragrances, and cosmetic actives, for $220m.
“Aligned with our strategy, we’re continuously evaluating our portfolio to identify opportunities to strengthen our financial profile. The sale of FSI will improve our capital structure while allowing us to focus on our core businesses to enhance growth and returns. We appreciate the contributions of our FSI colleagues, who have shared our commitment to quality and customer service. We will work closely with Exponent to have a successful transition and look forward to FSI’s bright future,” Frank Clyburn, IFF CEO.
IFF is advised by Centerview Partners and Cravath Swaine & Moore.
Platinum Equity, an investment firm, completed the acquisition of HarbisonWalker International, a supplier of refractory products and services in North America. Financial terms were not disclosed.
"This is excellent news for our employees, customers, and communities. Platinum Equity supports our intent to continue driving HWI forward into an unprecedented new era of growth. Over the past several years in North America and throughout our global operations, we've built operational excellence, differentiated ourselves through our supply reliability, and delivered the deepest and widest offerings of refractory products and expertise. Our new owner is wholly aligned with our leadership team's vision to aggressively accelerate investments in our business. We are poised to capitalize on the momentum that our team of employees has built together," Carol Jackson, HarbisonWalker Chairman and CEO.
McCarthy Capital, a private equity firm, led a $208m funding round in Spreetail, an e-commerce growth partner.
“Many brands, aggregators, and agencies are heavily leveraged moving into 2023, We have read the writing on the wall around post-pandemic shifts in consumer behavior combined with inflationary concerns and have repositioned Spreetail to increase our investment into our brand partnerships, our technology, and our organization this year," Brett Thome, Spreetail Global CEO.
Spreetail was advised by Moelis & Co.
Halliburton, a provider of products and services to the energy industry, and Siguler Guff, a multi-strategy private markets investment firm, formed Envana Software Partners, a joint venture that provides critical emissions management software-as-a-service solutions to track greenhouse gas emissions in the oil and gas industry and beyond. Financial terms were not disclosed.
"Envana provides breakthrough SaaS emissions management solutions and is the latest example of how innovation adds to sustainability in the oil and gas industry. Envana Catalyst provides digital solutions to generate actionable recommendations for emissions improvement throughout the asset lifecycle," Rami Yassine, Halliburton Senior Vice President.
The Riverside Company, a private equity firm, completed the acquisition of Eduthings, an educational software services provider. Financial terms were not disclosed.
“We see an exciting opportunity for iCEV to offer its customers new tools, creating an even more comprehensive, career-readiness focused platform. The acquisition of Eduthings continues iCEV’s strong momentum, providing a more complete, and compelling offering to our customers and differentiating iCEV in the marketplace. We will continue to expand the iCEV platform through organic and M&A initiatives," Drew Flanigan, Riverside Partner.
The Riverside Company was advised by Jones Day (led by Lisa Lathrop).
Spouting Rock Asset Management, a multi-boutique manager platform, agreed to acquire Altan Asset Management, an investment management firm. Financial terms were not disclosed.
“Our process allows our clients to align their goals with a long-term fundamentals-driven investment approach. We aspire to provide consistent returns and attractive risk metrics. Spouting Rock’s ideology matches this commitment. We are delighted and privileged to join a team that shares common values and has an unwavering dedication to their clients,” Rehan Chaudhri, Altan Asset Management CIO.
Spouting Rock Asset Management is advised by Gregory FCA (led by Caitlyn Foster).
WiseTech Global, a developer of the logistics execution software, completed the acquisition of Blume Global, a provider of a solution facilitating intermodal rail in North, from Apollo, an investment company, and EQT Partners, a private equity firm, for $414m.
“Joining the WiseTech Global group means greater scale and resources to make logistics processes more productive, agile, dependable, and sustainable with innovative execution and visibility solutions. We want to thank the team at Apollo for helping to stand up and grow Blume as a standalone company and are thrilled to embark on this next chapter to drive even greater digital innovation in this sector," Pervinder Johar, Blume Global CEO.
H.I.G. Capital, a private equity company, completed the $72m investment in ProsperOps, an optimization software provider.
“Cloud waste is rampant and holistic optimization requires an automated approach. The scale and complexity of this problem necessitates an algorithmic rather than a human solution. We’ve been profitably growing the business by triple digits, and the backing from our investors enables us to fully pursue the market opportunity. We look forward to expanding our customer reach and cost optimization platform so every business can prosper in the cloud,” Chris Cochran, ProsperOps CEO.
West Lane Capital, a Los Angeles-based private equity firm, and Wheel Capital Partners, a Las Vegas-based private equity firm, completed the acquisition of Epicurean Catering, a catering services provider. Financial terms were not disclosed.
"We are thrilled to partner with West Lane and Wheel Capital as the Company embarks on its next phase of growth. With their support, Epicurean is well-positioned to accelerate its expansion plans and continue to provide the highest level of service to its clients," David Friedman, Epicurean CEO.
Blackstone looking to raise as much as $10bn for tactical opportunities fund.
Blackstone, the world’s largest private equity firm, is set to raise as much as $10bn for its tactical opportunities strategy, which gives it versatility to invest in a range of assets, Reuters reported.
Blackstone has amassed about $5bn for the Blackstone Tactical Opportunities Fund IV, which was initially aiming to raise only $4bn. It has also raised an extra $5bn in separately managed accounts from investors that will invest alongside the main fund.
GGV Capital files to raise $2.5bn for four new venture funds.
Global venture capital firm GGV Capital is in the market to raise a combined $2.5bn for a set of four new funds that will likely continue to focus on China, the US, and Southeast Asia, its latest filing with the US Securities and Exchange Commission showed.
The regulatory filing shows that GGV is looking to raise the capital for four new vehicles, namely GGV Capital IX, GGV Capital IX Plus, GGV Discovery IV-US, and GGV Discovery IV-Asia. The filing did not specify the fund sizes of each fund, DealStreetAsia reported.
Willow Tree Credit Partners closes latest direct lending fund complex at $2.4bn.
Willow Tree Credit Partners, a credit alternatives platform focused on providing flexible capital structure solutions and value add services to family-owned and financial sponsor-backed middle market businesses, announced the close of its latest direct lending fund complex.
"We appreciate the support of our existing and new limited partners as we continue to expand our credit alternatives platform. We are excited for the next phase of growth at Willow Tree as we rapidly deploy capital in what we believe to be an attractive vintage for floating rate private credit strategies,” Tim Lower, Willow Tree CEO and CIO.
Northleaf Capital Partners closes third flagship secondaries fund at $1.3bn.
Northleaf Capital Partners, a private equity firm, announced that it held the final closing for its third flagship secondaries fund Northleaf Secondary Partners III with $1.3bn of committed capital.
And with the support of both new and returning investors, the fund surpassed its target and is more than 60% larger than its predecessor fund. Over the past 2 years, investors have committed a total of $2bn across Northleaf’s secondaries platform.
“We are pleased by the strong support from new and existing investors, who value our consistent focus on mature, high-quality assets with strong growth potential and the opportunity for early liquidity as we seek to drive attractive near- and long-term returns. Northleaf is well-positioned to proactively identify, source and act on opportunities in the secondaries market today, as certain investors seek liquidity solutions and fund managers aim to retain their strongest assets through continuation vehicles,” Shane Feeney, Northleaf Managing Director.
Blackstone MD leaves to start new firm. (People)
A statement released by Blackstone confirmed that Ike's resignation was announced at a recent meeting of Blackstone's tactical opportunities fund investors in New York.
Probitas names global secondaries head. (People)
Nick Hatch has rejoined Probitas Partners, an independent, global placement advisory firm, as managing director and global head of secondaries. The firm's secondaries platform advises across the full range of LP and GP-led secondaries transactions globally.
Hatch has over 15 years of secondaries experience. Prior to joining Probitas, he founded the secondary advisory platforms at Harken Capital and Scalar Partners, closing over 35 unique transactions, representing over $2bn of transaction volume.
EMEA
Vortex Energy, an energy transition investment firm, and Zouk Capital, a private equity and infrastructure fund manager, led an $80m investment in EO Charging, a provider of electric vehicle charging solutions for fleets.
“We’re super excited to welcome Vortex Energy as our new growth investor alongside our long-term and trusted partner, Zouk Capital. The combined knowledge, international experience, and funding capacity will accelerate our growth, expand geographic reach, and drive innovation to deliver an ever-advancing suite of solutions to our customers not only in the UK and Europe but in fast-growing markets like North America," Charlie Jardine, EO Charging Founder and CEO.
EO Charging was advised by Evercore, Birketts and Good Relations (led by Carlotta Saxton). Vortex Energy was advised by Improved Corporate Finance, PricewaterhouseCoopers and White & Case. Zouk Capital was advised by Fladgate.
Parthenon Capital, a private equity firm, completed the acquisition of a majority stake in Titan Wealth, a fund management business, from Maven Capital and Ares Management, two private equity firms. Financial terms were not disclosed.
“This is fantastic news for Titan Wealth and our future growth plans. It is a validation of our differentiated client to custody strategy and the partnership positions us well for continued strong organic and inorganic growth. Parthenon is a standout investor and we look forward to working with them," Andrew Fearon, Titan Wealth CEO and Head of M&A.
Titan Wealth was advised by Thistle Initiatives (led by James Dingwall), Continuum Advisory (led by Myles Phillips) and Powerscourt. Parthenon was advised by Evercore and Kirkland & Ellis. Ares Management was advised by White & Case (led by Ross Allardice and Tony Brown).
Shell, an oil and chemical group, completed the acquisition of Nature Energy, an operator of biogas plants, from Davidson Kempner, an investment firm, Pioneer Point, a private equity firm, and Sampension, an insurance company, for $2bn.
“Shell’s competitiveness in low carbon fuels derives from capabilities across the value chain, combining a world-class Trading and Supply organisation with access to differentiated technology and production assets. Acquiring Nature Energy will add a European production platform and growth pipeline to Shell’s existing RNG projects in the United States. We will use this acquisition to build an integrated RNG value chain at global scale, at a time when energy transition policies and customer preferences are signalling strong growth in demand in the years ahead," Huibert Vigeveno, Shell Downstream Director.
Davidson Kempner was advised by JP Morgan and Greenbrook (led by Andrew Honnor). Shell was advised by Citigroup. Nature Energy was advised by FGS Global (led by Jared Levy).
Theo Müller, a German company producing a variety of dairy products, agreed to acquire Graal, a canned fish producer in Poland, from Abris Capital, the ESG transformation specialist private equity investor. Financial terms were not disclosed.
"During our partnership with Graal and Bogusław Kowalski we have helped create an unquestionable market leader with a diverse portfolio of branded and private label products. It has been a privilege to work with the extraordinary team at Graal. We are proud of what we have achieved together and are delighted that the business has found such a complementary partner in Lisner to continue its growth strategy," Wojciech Jezierski, Abris Partner.
Francisco and Blackstone-backed Renaissance, an educational technology company, agreed to acquire GL Education, a provider of educational assessment solutions, from Levine Leichtman, a private equity firm. Financial terms are not disclosed.
"We are proud to have supported GL Education and its management team over the past several years, and to have participated in building it into the outstanding company it is today. Under our ownership the company executed several value creation initiatives, including international expansion, strong growth of multi-product solutions, enhanced product development and a successful M&A strategy. GL Education is well positioned for continued growth and success as part of Renaissance, and we wish the entire management team and employees all the best in the future," Andrew Schwartz, LLCP Partner.
Levine Leichtman is advised by Robert W Baird, Willkie Farr & Gallagher and Gasthalter & Co (led by Mark Semer). Renaissance is advised by RBC Capital Markets.
Greencoat Renewables, an Irish investment company, completed the acquisition of a 22.5% stake in Butendiek offshore wind farm in Germany from Marguerite Pantheon, an infrastructure core fund. Financial terms were not disclosed.
"We are pleased to make this acquisition which consolidates Greencoat Renewables' market position in the German offshore wind sector. This acquisition will also contribute to the diversification of Greencoat Renewables' European portfolio whilst bringing further strong contracted cash flows," Bertrand Gautier, Greencoat Renewables Investment Manager.
Merced Capital, a private investment firm, completed the acquisition of Telford Offshore, an international offshore service provider offering cost-effective construction and project management solutions to the oil & gas. Financial terms were not disclosed.
“We have been Telford Offshore’s primary financial sponsor since the inception of the Company and look forward to continuing to support the team in this new chapter of its corporate history. We thank Fraser for the strong foundation he built at Telford and his support during this transition. Looking ahead, we are confident that Robert is the ideal leader to develop and strengthen the Company’s platform and to capitalize on growth opportunities in the offshore services market,” Joe McElroy, Merced Capital Partner.
Merced was advised by Sidley Austin and FGS Global.
Lloyds Banking Group, a British financial institution, agreed to acquire Tusker, a vehicle management and leasing company, from ECI Partners, a growth-focused private equity group, for £300m ($363m).
"As part of our 2022 strategy, we outlined our ambitions to grow our participation in vehicle leasing and the acquisition of Tusker is a key part of delivering on this with a net-zero focus, at a time when the transition to sustainable methods of transport is a high priority for both our business clients and retail customers," Nick Williams, Lloyds Banking Group Managing Director.
Tusker is advised by Evercore.
L-GAM, a long-term oriented investment firm, and French Tech Souverainete, an investment fund, agreed to invest €80m ($86m) in Biose Industrie, a contract development and manufacturing organization, specialized in Live biotherapeutic products.
"As an industrial partner naturally intent on serving our clients, we are proud to contribute with them to improving the health of all the patients affected by their research programmes,” Adrien Nivoliez, Biose Industrie CEO.
Access Biotechnology led a $135m Series B round in Hemab, a clinical-stage biotechnology company, with participation from Deep Track Capital, Avoro Ventures, Invus, Rock Springs Capital, Maj Invest Equity, Novo Holdings, RA Capital Management, and HealthCap.
"Hemab is fundamentally reimagining the treatment paradigm for underserved bleeding and thrombotic disorders. This financing will allow us to progress our clinical programs for the first prophylactic treatments for Glanzmann Thrombasthenia and von Willebrand Disease, delivering functional cures for patients in need," Benny Sorensen, Hemab CEO and President.
Vista fintech considering banking arm sale.
Finastra, a London-based fintech owned by technology focused private investment firm Vista Equity Partners, is exploring a possible sale of its banking unit in a deal that could be worth as much as $7bn.
Finastra is working with a financial adviser as it examines options for the business which provides universal banking software allowing banks and credit unions to run core processes.
UK energy firm rejects Apollo.
US-based global private equity investor Apollo Global Management has had three approaches to acquire UK energy services and consulting firm John Wood Group rejected by the Aberdeen-based company.
In a stock market filing made, the FTSE-250 company had turned down the unsolicited offers from Apollo, with the most recent – a £0.23 ($0.27) per share all-cash offer made in January – having valued the business at £1.59bn ($1.92bn).
KKR extends bid for TIM's grid as the government looks into offer.
KKR has extended an offer for Telecom Italia's prized landline grid by four weeks to March 24 at the behest of the Italian government, which is considering a potential deal with the US fund, Reuters reported.
The extension comes after plans by Italian state lender CDP, which is TIM's second largest investor, to promote a counter bid for the same asset together with Australian fund Macquarie stalled in the absence of government backing.
ADIA weighs $2bn bids in Associated British Ports.
Sovereign wealth fund Abu Dhabi Investment Authority is among the parties considering a bid for a 34% stake in Associated British Ports that could be valued at about $2.4bn or more, Reuters reported.
Stonepeak Partners and British Columbia Investment Management are among the other investors interested in the stake being sold by the Canada Pension Plan Investment Board.
3I Infrastructure weighed the purchase of Digital 9.
3I Infrastructure, an investment trust, considered a deal to take specialist peer Digital 9 Infrastructure, an investment company which invests in digital infrastructure, as more alternative investment firms look to consolidate.
The London-listed fund recently put pens down after deciding not to pursue an offer for Digital 9. As it becomes harder to raise new funds, alternative investment firms have increasingly been looking to snap up industry peers to diversify strategies and boost assets, Bloomberg reported.
Cath Kidston owner Hilco explores sale.
Cath Kidston owner Hilco Capital, a prominent financial investor and adviser, working across a broad range of sectors, is exploring a sale of the retailer just eight months after buying it.
Hilco bought the brand last June and is now exploring a sale after lining up PwC to advise on a sale.
Coller launches private wealth secondaries business.
Coller Capital has created a new global private wealth secondaries solutions business led by Jake Elmhirst, who joined the firm in 2022 as a partner in the investor relations team, to provide high-net-worth individuals with access to private capital markets.
Coller Capital is one of the largest independent investors dedicated exclusively to investing in the private capital secondaries market, with $27.5bn assets under management and more than 30 years of experience in the sector.
Santander among potential bidders for abrdn PE unit.
The asset management arm of Spanish banking group Banco Santander is one of a small number of parties said to be interested in striking a deal to acquire the private equity unit of abrdn.
It is anticipated that a deal will be reached between abrdn and a purchaser within the next few months, with the division being valued at approximately $300m.
Bundesliga rights sale piques PE interest.
Deutsche Fussball Liga the governing body of German football, is planning to kick off the sale of a stake in the Bundesliga's media rights business next month, with several private equity firms including Blackstone and Advent interested in bidding.
US investor Sixth Street is also looking to make a bid via its sports and entertainment portfolio firm Legends, while Bridgepoint and EQT have also previously reportedly shown interest in the business.
NextEnergy solar fund held the third close at £595m.
NextPower UK ESG, a solar infrastructure fund, which is backed by the UK government's new national infrastructure bank, has held its third close with £595m ($716m) in capital commitments.
The fund's manager NextEnergy Capital said the amount raised exceeded its target of £500m ($602m). The fund will focus on investments in unsubsidized new-build solar plants in the UK.
Ex-Binance M&A head eyes $100m for crypto VC fund.
Bill Qian, who oversaw venture capital investments and acquisitions at Binance Holdings, is seeking more than $100m for a crypto VC fund, Bloomberg reported.
Qian, who left Binance last June to become chairman of Dubai-based Cypher Capital, plans to invest in startups focused on web3, the loosely defined next iteration of the internet that proponents say will be more decentralized and reliant on blockchain technology.
Superbet hires ex-Deezer CEO Albrecht to prepare IPO. (People)
Blackstone-backed Superbet Group hired Hans-Holger Albrecht, the former chief executive officer of Deezer, as chairman of the board as the Romanian betting and gaming operator prepares for an initial public offering.
Albrecht on February 28 will replace Superbet founder Sacha Dragic, who will become a member of the board. The move comes as the firm plans to expand beyond its core markets of Romania, Belgium and Poland, Bloomberg reported.
APAC
A Brookfield-led consortium trimmed its offer for Origin Energy by 1%, valuing Australian power producer and energy retailer at AUD15.33bn ($10.5bn), after government moves to cap gas prices hit valuations in the sector.
Shares in Origin surged 13% to AUD7.90 ($5.43) in early trade but remained well below the new tabled offer of AUD8.90 ($6.12) per share as investors weighed the risks of a transaction going ahead, Reuters reported.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden, Herbert Smith Freehills (led by Rebecca Maslen-Stannage). Brookfield Renewable Partners is advised by Allens, White & Case (led by Christopher Flynn). Eig Global Energy Partners is advised by FGS Global (led by Kelly Kimberly).
TPG Capital, a private equity firm, agreed to acquire education assets of KV Asia, a regional buyout firm. Financial terms were not disclosed.
TPG, which manages $135bn in assets globally, has been expanding in Southeast Asia, including Malaysia, in recent years.
CSP Fund II, a buyout fund managed by Capital Square Partners, led an investment in Relevance Lab, a provider of digital transformation services. Financial terms were not disclosed.
"I believe that with the backing of CSP Fund II, we will have the ability to accelerate business growth in our focus markets and execute on identified opportunities for M&As. This will also give us the opportunity to cross-sell and upsell within their larger portfolio," Vasu Sarangapani, Relevance Lab President & CEO.
India's Tata Motors in talks to raise $1bn via minority stake sale in EV business.
Indian carmaker Tata Motors has begun talks with sovereign wealth funds and private equity investors to raise up to $1bn via a stake sale in its electric vehicle business, DealStreetAsia reported.
The company plans to sell a significant minority stake, eyeing a valuation of about $10.5bn. The funds and investors include the UAE-based Abu Dhabi Investment Authority and Mubadala Investment Company, the Saudi Arabia-headquartered Public Investment Fund, Singapore’s Temasek, and KKR and General Atlantic.
A.P. Moller Capital lines up $750m infrastructure deals in South, SE Asia.
A.P. Moller Capital, the asset management unit of Danish transportation and logistics giant A.P. Moller Group, said it aims to invest more than $750m in the high-growth markets of South and Southeast Asia, DealStreetAsia reported.
“This is the next exciting step in the growth of A.P. Moller Capital and our investment business in Asia, where we see significant opportunity,” Dhruv Narain, A.P. Moller Capital Partner.
Macquarie plans to sell Vibrant Energy for $500m.
Macquarie Group, an Australia-based infrastructure asset manager, is planning to sell its Indian renewable energy solutions company, Vibrant Energy, for $500m in a sale managed by JP Morgan, DealStreetAsia reported.
Blueleaf Energy, a portfolio company owned by Macquarie’s Green Investment Group, acquired a majority stake in Vibrant Energy in 2020 from a US-based communication company, ATN International. Blueleaf Energy actively acquires and develops onshore wind and battery storage projects.
FC mulls $120m investment in Indonesia’s Karian Water Services.
International Finance Corporation, a member of the World Bank Group, has proposed an investment of up to $120m in PT Karian Water Services, which builds water supply facilities in Indonesia, DealStreetAsia reported.
IFC’s proposed investment consists of an IFC A Loan of up to $60m, an IFC B Loan of up to $20m, a loan of up to $15m from IFC in its capacity as implementing entity of the Finland-IFC Blended Finance for Climate Program, and USD:IDR cross-currency swap with the loan equivalent exposure of up to $25m.
Saudi sovereign fund raises stake in Nintendo.
Saudi Arabia’s Public Investment Fund raised its stake in Nintendo to 8.26% from 7.08%, a regulatory filing showed on Friday, the second stake increase disclosure this week following one on Wednesday.
The sovereign wealth fund has been expanding its investments in the Japanese gaming giant as well as Sweden’s Embracer and China’s VSPO backed by Tencent Holdings, DealStreetAsia reported.
Warburg Pincus is raising a $439m maiden yuan fund in China.
Warburg Pincus is raising $439m in its maiden yuan-denominated fund, joining a growing list of private equity investors eyeing local currency investment opportunities in China, Reuters reported.
Warburg has approached a number of Chinese investors including local government-backed entities and state-backed financial institutions for the new yuan fund. The US private equity firm plans to primarily focus on the healthcare and industrial technology sectors in China with the yuan fund.
China-focused investor Infinity Equity raises $378m for new funds.
Infinity Equity, a China-focused cross-border investment management group, has raised a total of RMB2.6bn ($378m) for three new RMB-denominated funds.
Local government-guided funds in eastern China’s Hefei City, southern China’s Guangzhou City, and the Hainan Free Trade Port committed to each of the three new vehicles, Infinity Equity announced in a recent statement, DealStreetAsia reported.
Tech-focused Indian VC Iron Pillar raises at least $129m for second fund.
Iron Pillar, a venture growth investor that backs technology companies in India, has raised at least $129m for its second fund so far.
Iron Pillar was in talks to raise about $400m for its second fund, DealStreetAsia reported.
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