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AMERICAS
LanzaTech, a provider of a bio-processing platform, went public via a SPAC merger with AMCI Acquisition II in a $1.8bn deal with participation from AMCI, ArcelorMittal, BASF, K1W1, Khosla Ventures, Mitsui, New Zealand Superannuation Fund, Oxy Low Carbon Ventures, Primetals Technologies, SHV Energy and Trafigura.
"LanzaTech's revolutionary, commercially scaled technology offering, top quality team led by Chairwoman and CEO, Jennifer Holmgren, and visible path to rapid, profitable growth in the near term, provided all the elements necessary for a successful transaction in line with the original strategy we established at the time of our founding. We are very excited by the tremendous opportunities presented by LanzaTech as its CCT technology is deployed at scale." Nimesh Patel, AMCI Acquisition CEO.
The investment firm of John Doerr, the billionaire chairman of Kleiner Perkins, will put $10m into Complete Solaria, the solar company that’s merging with the blank-check vehicle started by Tidjane Thiam, a former CEO at Credit Suisse Group.
The investment from Doerr’s firm, Foris Ventures, into the Fremont, California-based company could be announced this week, Bloomberg reported.
Francisco Partners, a private equity firm, agreed to acquire Sumo Logic, a cloud-based machine data analytics company, for $1.7bn.
"Since founding Sumo Logic in 2010, we have created a trusted, cloud-native, SaaS analytics platform for observability and security, enabling our customers to transform complexity into insights and accelerate their cloud transformation adoption. Today's announcement represents a compelling outcome for our stockholders. We are delighted at the prospect of partnering with Francisco Partners in the next phase of Sumo Logic's journey," Ramin Sayar, Sumo Logic President and CEO.
Sumo Logic is advised by Morgan Stanley, Wilson Sonsini Goodrich & Rosati and Joele Frank (led by Scott Bisang). Francisco Partners is advised by Kirkland & Ellis (led by Edward Lee and Chelsea Darnell) and Sloane & Company (led by Whit Clay).
Movella, a developer of motion sensors and associated technology, went public via a SPAC merger with HGGC and Industry Ventures-backed Pathfinder Acquisition in a $537m deal. Francisco Partners participates in the deal.
"We are excited to be joining Nasdaq. Becoming a public company will fuel our growth in digitizing movement and accelerate our progress in enabling our customers to realize extraordinary outcomes across entertainment, health & sports, and automation & mobility markets," Ben Lee, Movella President and CEO.
Bridge Investment Group, a vertically integrated real estate investment manager, agreed to acquire Newbury Partners, an investment manager, for $320m.
“The acquisition of Newbury is a natural next step in thoughtfully expanding Bridge’s investment platform and capitalizing on a value-enhancing growth opportunity. As investors’ allocations to alternative investments grow, we believe growth in the secondaries market will also accelerate,” Robert Morse, Bridge Executive Chairman.
Bridge Investment Group is advised by Kirkland & Ellis, Latham & Watkins and Joele Frank (led by Jonathan Keehner). Newbury is advised by Berkshire Global Advisors and Proskauer Rose.
Mill Rock Packaging, a growth and operations-oriented private investment firm, completed the acquisition of Keystone Paper & Box Company, a specialty packaging company that manufactures custom folding cartons for consumer and healthcare end markets. Financial terms were not disclosed.
"I am very proud of what we've achieved at Keystone since our founding by my grandfather. Through our partnership with Mill Rock Packaging, our customers will gain access to high-quality production facilities in the Midwest and West Coast. I am delighted that Mill Rock Packaging shares our commitment to quality, integrity and service, and I look forward to future growth leveraging our combined resources," Jim Rutt, Keystone President.
Keystone Paper & Box Company was advised by The Markens Group (led by Ben Markens). Mill Rock was advised by Alvarez & Marsal, FINNEA Group, White & Case and Lambert & Co (led by Joanne Lessner).
BlackRock completed the acquisition of a majority stake in Environmental 360 Solutions, a vertically integrated provider of waste management, environmental, and recycling/circular economy services provider. Financial terms were not disclosed.
"We are excited to invest on behalf of our clients in a company with the entrepreneurial spirit and growth trajectory of E360S. In addition to capital, BlackRock will provide E360S with the right strategic support to achieve its growth plans. There is significant white space to grow the Company's sustainability and circularity services, as well as continuing to grow in traditional solid waste and environmental services," Adi Blum, BlackRock Managing Director.
Environmental 360 Solutions is advised by BMO Capital Markets and Miller Thomson. BlackRock is advised by RBC Capital Markets and Blake Cassels & Graydon.
Berkshire Partners, a private investment firm, agreed to invest in GTCR-backed Point Broadband, a provider of high speed fiber-to-the-premise internet services to residential and business customers. Financial terms were not disclosed.
"We believe that access to reliable high speed broadband is a fundamental underpinning of economic opportunity. We are thrilled to be partnering with Todd and his team, alongside GTCR, as Point Broadband expands its fiber-based internet access and exceptional customer service to many more underserved communities across the US," Beth Hoffman and Drew Walker, Berkshire Partners Managing Directors.
Point Broadband is advised by Bank Street Group and Kirkland & Ellis. Berkshire is advised by Ropes & Gray and Stanton PRM (led by Charlyn Lusk).
Francisco Partners, a private equity firm, completed an investment in GreenSlate, a payroll software company. Financial terms were not disclosed.
“We are very excited to announce this new investment from Francisco Partners, which will allow us to accelerate our innovation and continue to focus on providing best-in-class service and state-of-the-art technology to our customers. Our approach to supporting production teams and production accountants specifically has been unique from the get-go. We’ve designed our platform from the ground up with digital workflows at the core and a mission to use technology to make every aspect of payroll and production accounting easier, more accurate, and more secure for every customer and the crews they employ. This new investment and partnership with FP will enable us to further advance that mission," John Finn, GreenSlate Founder and CEO.
GreenSlate was advised by American Discovery Capital and Ropes & Gray. Francisco Partners was advised by Paul Weiss Rifkind Wharton & Garrison (led by Jeremy Veit and Austin Pollet) and Sloane & Company (led by Whit Clay).
Yellow Wood Partners, a private equity firm, agreed to acquire the North American business of Suave, a beauty and personal care brand, from Unilever. Financial terms were not disclosed.
"We are excited to have created a strong working relationship with Unilever in this transaction. Yellow Wood's intense focus on investing in and operating consumer brands led us to purchase the iconic Suave brand in North America from Unilever. We believe our extensive experience with divestitures of large and small brands from multi-national consumer branded companies such as Bayer and Reckitt will help us successfully transition and grow Suave as a focused brand in the Yellow Wood portfolio," Dana Schmaltz, Yellow Wood Partner.
Yellow Wood Partners is advised by Houlihan Lokey, Fried Frank Harris Shriver & Jacobson and Chris Tofalli Public Relations.
Core Industrial Partners, a private equity firm, agreed to acquire GEM Manufacturing, a contract manufacturer. Financial terms are not disclosed.
“Our acquisition of GEM serves as the latest example of our focus on partnering with founder, family and entrepreneur-owned businesses in proactively identified thematic verticals with attractive investment dynamics. We believe we can leverage our deep precision manufacturing experience to help expedite the Company’s next stage of growth,” John May, Core Industrial Partners Managing Partner.
Core Industrial Partners is advised by BackBay Communications (led by Jeremy Milner) and Winston & Strawn.
LLR Partners, a private equity firm, completed an investment in Viventium, a software developer. Financial terms were not disclosed.
“The LLR team has extensive experience partnering with both human capital management and healthcare technology businesses to help accelerate their growth. We are excited to leverage their expertise as Viventium continues to grow and deliver a highly specialized, remarkable user experience for our home care and skilled nursing clients," Dan Neuburger, Viventium CEO.
Viventium was advised by BMO Capital Markets and KeyBanc Capital Markets.
Monroe Street Partners, a private equity firm, completed the acquisition of VigilNet, a producer of monitor devices. Finnacial terms were not disclosed.
“We are delighted to partner with Jake and the Vigilnet management team, as the company has established itself as a leading electronic monitoring services provider in the United States. As one of a select few service providers with significant scale and a growing national presence, this partnership will enable us to support key growth initiatives, with a particular focus on strategic acquisitions,”
Alex Foshager, MSP Managing Partner.
MSP was advised by Ice Miller. Debt financing was advised by Oxer Capital.
Confluent Health completed the acquisition of a majority stake in MOTION PT Group from Pharos Capital.
Confluent Health, a healthcare holdings company, completed the acquisition of a majority stake in MOTION PT Group, a physical therapy, occupational therapy and speech therapy company, from Pharos Capital, an investment firm. Financial terms were not disclosed.
"We are pleased that Pharos's support allowed the company to address the pressing need for value-driven, tailored physical therapy services. MOTION's dedication to developing a comprehensive physical therapy service model is helping improve the quality of life for clients of all ages in a growing number of communities. We wish CEO Ed Miersch and the entire MOTION team continued success with their new investment partners," Jim Phillips, Pharos Partner.
Riverside, a private investor, completed the acquisition of ProVelocity, an IT solutions provider. Financial terms were not disclosed.
“The MSP market is an attractive area for a roll-up strategy given the highly fragmented market, positive industry tailwinds and benefits of scale. ProVelocity and IronEdge are synergistic businesses, and we look forward to supporting their growth," Loren Schlachet, Riverside Micro-Cap Fund Managing Partner.
Riverside was advised by Jones Day (led by Erin Firman).
3 Rivers Capital, a private equity firm, completed the acquisition of Magnum Systems, a machine industry company, from Blue Sage Capital, a private equity firm. Financial terms were not disclosed.
"Being acquired by 3 Rivers Capital is an exciting milestone for us. As a leading systems integrator and manufacturer, we always look for ways to expand our product offering. This acquisition gives us the resources to do just that. Beyond expanding our product line, our engineering and project management resources will multiply. Ultimately, this is an opportunity to better position Magnum Systems as the best resource for our clients' systems integration projects," Don Day, Magnum Systems President and CEO.
3 Rivers Capital was advised by SSA Public Relations. (led by Steve Syatt)
I Squared Capital, a private equity firm, completed the acquisition of Whistler Pipeline, a leading natural gas infrastructure asset. Financial terms were not disclosed.
I Squared Capital sees increasing long-term demand for natural gas across the US Gulf Coast due to the growth in LNG liquefaction capacity being constructed in the region, as well as growing demand from Mexico. The Whistler pipeline offers the rare combination of strong free cash flow, high-quality contracts, and operating rights on highly strategic natural gas infrastructure.
Stonepeak was advised by RBC Capital Markets.
Inflexion, a private equity firm, agreed to acquire a majority stake in dss+, a provider of sustainability-focussed operations management consulting services, from Gyrus Capital, an investment firm. Financial terms were not disclosed.
"We are very proud to have partnered with the dss+ management team in their carve out from DuPont and the first stage of their growth path as an independent firm. We are delighted to be able to remain investors and continue that partnership in its next phase. We are confident Inflexion will bring additional support and resources to dss+ during their next growth phase," Guy Semmens, Gyrus Capital Managing Partner.
Owl Rock, a division of Blue Owl, led a $133m Series D round in Juniper Square, a provider of partnership enablement for the private funds industry, with participation from Ribbit Capital, Redpoint Ventures, Felicis Ventures, Fifth Wall and Pappy Capital.
"We are very excited to lead this round of financing for Juniper Square - we're seeing significant adoption of Juniper Square's products among GPs in private markets as demand continues to increase for modern investor relations and administration solutions," Darragh O'Flaherty, Owl Rock Principal.
83North, a global venture capital firm, led a $110m round in Via, a re-engineering public transit company, with participation from Exor NV, Pitango, Janus Henderson, CF Private Equity, Planven Entrepreneur Ventures, Riverpark Ventures, and ION Crossover Partners.
"We have known Daniel, Oren, and the Via team for many years now. Their ability to maintain rapid growth year over year, and to continue to innovate and deliver for their customers is unique. We believe in the company and the category, and are delighted to support Via in the future opportunities this funding will bring," Arnon Dinur, 83North Partner.
ARC Group, an international investment bank and financial services firm, agreed to acquire Luminous Capital, an US private equity and advisory firm. Financial terms were not disclosed.
“This is another key milestone in our growth strategy. Luminous Capital gives us a US presence in the financial hub of the world – New York City. We have worked with the Luminous team on their SPAC and observed the excellence and integrity their team brings to their advisory and investing practice. Luminous Capital is a step further in building out the ARC platform as we look to become an international financial institution strengthening the opportunities between Asia and the rest of the world,” Sergio Camarero, ARC Group President.
Highlander Partners, a private investment firm, completed the acquisition of Black Sage Technologies, a developer of defense technology systems, from Acorn Growth Companies, a middle-market private equity firm. Financial terms were not disclosed.
"The Black Sage executive team is excited to join forces with Highlander and High Point to continue our growth trajectory in the C-UAS, critical infrastructure, and security markets. The need for effective multi-mission C-UAS solutions is increasingly evident and we believe that Highlander will bring the necessary government and military relationships, industry experience, and long-term financial approach to accelerate our objectives in driving the business forward," Al White, Black Sage CEO.
Berkshire Hathaway cuts Activision stake as Microsoft deal flounders.
Warren Buffett’s Berkshire Hathaway trimmed its bet on Activision Blizzard in late 2022, as the video game maker’s agreed takeover by Microsoft came under regulatory scrutiny.
Berkshire sold 7.4m shares, or 12% of its position, in Activision in the fourth quarter. The sales by the sprawling industrials-to-insurance conglomerate reduced its stake by roughly $435m to $4bn, FT reported.
Ken Griffin's Citadel Securities reveals 5.5% stake in crypto firm Silvergate.
Citadel Securities, the market maker owned by Citadel’s Ken Griffin, on Tuesday reported a 5.5% stake in cryptocurrency-focused lender Silvergate Capital worth about $25m, according to a regulatory filing.
Shares in Silvergate jumped after the disclosure, and were last up about 14%, DealStreetAsia reported.
British Columbia's investment manager piles into private credit.
British Columbia Investment Management deployed a record amount of cash in private credit last year after banks pulled back from lending, Bloomberg reported.
The investment manager had $6.3bn in private debt as of March 31, the most since it first began investing in the asset class five years ago.
Bain Capital unveils $2.4bn tech fund.
Bain Capital plans to capitalize on lower pricing for tech companies with a new $2.4bn tech-focused private-equity fund that is nearly twice the size of its predecessor.
The firm will invest its Bain Capital Tech Opportunities Fund II in a dramatically different environment for tech deal-making than the one it faced when it closed its roughly $1.3bn debut tech opportunities fund back in 2020, Private Equity News reported.
Summit Partners closes forth fund at €1.4bn.
Summit Partners has held the first and final closing of its newest Europe growth equity fund, Summit Partners Europe Growth Equity Fund IV, at its hard cap with €1.4bn ($1.5bn) in total capital commitments. Launched in October 2022, the fund was oversubscribed.
The new fund will target minority and majority equity investments between €20m ($21m) and €80m ($86m) in Europe-based companies, applying the growth equity strategy the firm first pioneered on inception back in 1984.
Kainos Capital raises over $1bn for Fund III.
Kainos Capital, a private equity firm focused on the food and consumer products and services sectors, has closed Kainos Capital Partners III with over $1bn in capital commitments, making it the largest investment vehicle in Kainos’ history.
Kainos says existing investors provided a significant amount of Fund III’s capital and also referred many new investors to the fund. Consistent with Kainos’ approach over the past decade, Fund III will primarily target family-owned businesses and corporate carve-outs in the food and consumer products sectors with at least $10m in EBITDA. Fund III can commit in excess of $300m of equity, and potentially more with the firm's Limited Partner co-investment programme, in any single transaction.
Curie.bio raises $500m for two new funds.
Curie.bio, a new venture capital fund for biotech, launched with what it claims is a whole new model for financing the sector, raising over $500m across two funds.
"Curie.Bio is a new model for venture capital in biotech. We are focused on a singular mission – helping founders launch therapeutics companies that go on to raise an awesome next round of financing," Curie.bio.
D.E. Shaw closes first private equity fund shy of $500m target.
Quant pioneer D.E. Shaw raised more than $450m for its first dedicated private equity fund, just shy of the $500m target it set a year ago, Bloomberg reported.
The Voltaic fund is debuting after a drop in private-company valuations, and portfolio manager Edwin Jager said he expects to capitalize on further declines this year as startups grow more desperate for cash.
Rainier Partners announces closing of inaugural fund at $300m hard cap.
Rainier Partners, a private equity firm investing in lower middle-market services businesses, announced today that it has completed fundraising for Rainier Partners Fund I at its hard cap of $300m, in excess of its $250m target.
“We are proud to celebrate this important milestone in our firm’s history. We are thankful for the strong reception we’ve received and are honored to partner with world-class investors who share our excitement for our proven strategy,” Jon Altman, Rainier Partners Founder.
Hyland Hill closes first fund at $250m.
Hyland Hill Investment Partners, a value-oriented, alternative credit investment firm focused on acquiring small balance private loans in North America, closed its inaugural $250m fund, Hyland Hill Fund I.
"We are pleased with the significant support we have received for our inaugural Fund, which we believe is a testament to not only the strength of the team we have assembled, but also the tremendous opportunity set that exists for our investment strategy. We estimate that the US loan market is between $15-20tn in size and growing, and believe we are well positioned to become a financing solution of choice in an attractive segment of the market often under-trafficked by other investors," Jason Spaeth, Hyland Hill CEO and CIO.
EMEA
EU antitrust regulators have resumed their investigation into Broadcom's $61bn bid for cloud computing company VMware and will decide by June 7 whether to clear or block the deal, Reuters reported.
The EU competition watchdog had stopped the clock on its investigation on January 31, effective January 24, while waiting for the companies to provide requested information.
VMware is advised by Goldman Sachs (led by Sam Britton and Stephan Feldgoise), JP Morgan (led by Madhu Namburi), Gibson Dunn & Crutcher and FGS Global. Broadcom is advised by Bank of America (led by Kevin Brunner and Ron Eliasek), Barclays (led by Laurence Braham, Richard Hardegree and Gary Posternack), Citigroup, Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by David Karp, Ronald Chen and Viktor Sapezhnikov), Brunswick Group (led by Simon Sporborg) and Joele Frank. Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
KPS Capital Partners, a private equity firm, agreed to acquire Princess Yachts, a manufacturer of luxury motor yachts from L Catterton, a private equity firm. Financial terms are not disclosed.
"We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range and worldwide reputation for quality and innovation. KPS' investment will accelerate Princess' growth trajectory and fund numerous investments for its future. We look forward to working with Princess' existing stockholders, Chief Executive Officer Antony Sheriff, the senior leadership team and the talented employee base at Princess Yachts," Ryan Harrison, KPS Partner.
KLAR Partners, a private equity firm, completed the investment in GMC-Instruments, a provider of mission-critical electrical test and measurement solutions headquartered in Germany. Financial terms were not disclosed.
"In KLAR Partners we welcome a reliable partner with extensive sector expertise and the resources to further support our growth, both organically and through acquisitions. I look forward to continuing to support the Company as a shareholder and member of the Advisory Board," Hans-Peter Opitz, GMC-Instruments Managing Director.
TDR Capital-backed BPP Education Group, a United Kingdom-based provider of professional and academic education, completed the acquisition of Digital Marketing Institute, a provider of digital marketing training and certifications, from Spectrum Equity, a private equity firm. Financial terms were not disclosed.
"The acquisition of Digital Marketing Institute introduces a new vertical of programmes into the BPP portfolio. We are seeing an ever-increasing demand from our clients and customers that want to expand their skills in digital marketing. The acquisition of DMI will allow our customers to access market-leading certified programmes, whilst allowing the BPP Education Group to expand into new geographies and markets. The highly experienced team at DMI are a great cultural fit for BPP, and we look forward to welcoming them into the BPP Education Group," Graham Gaddes, BPP CEO.
Digital Marketing Institute was advised by Raymond James (led by Ian O'Neal and Laura Maddison). BPP was advised by Houlihan Lokey.
Genesis Capital, a private equity firm, and Avallon, an investment company, completed the acquisition of TES Vsetin, a Czech electro-mechanical engineering company, from ARX Equity Partners, a Central Europe-focused private equity firm. Financial terms were not disclosed.
Headquartered in Vsetin, Czech Republic, TES is involved primarily in the manufacturing of system components related to electrical machines in addition to the design and manufacturing of its own proprietary electric machines, such as generators and electric motors. TES supplies components and machines to several blue-chip customers across multiple industries.
HIG Capital, a global private equity investment firm, completed the acquisition of Pinalli, a distribution platform for beauty & personal care products. Financial terms were not disclosed.
"We are thrilled to partner with H.I.G. with the aim to further accelerate our growth path and consolidate our position as the reference Italian player in the distribution of high-level BPC products," Luigi Pinalli, Pinalli Co-Founder and Chairman.
Najafi set to launch $3.75bn takeover bid for Tottenham Hotspur.
Iranian-American billionaire Jahm Najafi, chair of MSP Sports Capital, is set to launch a $3.75bn takeover bid for English soccer club Tottenham Hotspur, Reuters reported.
MSP Sports Capital is working with a consortium of investors to structure the bid, the report said, adding that it is weeks away from formally approaching Spurs owner Joe Lewis and the football club's chair Daniel Levy.
Advent, CVC among bidders for Viatris European consumer-health assets.
Advent International's Zentiva generics business and Bain-backed drugmaker Stada Arzneimittel are evaluating offers for Viatris consumer-health assets, which could see €3bn ($3.2bn) in a sale.
The European over-the-counter portfolio is attracting possible interest from CVC Capital Partners. Viatris asked for preliminary bids for the business this month with some buyers only interested in parts of the portfolio, Bloomberg reported.
PIF invets $1.3bn in four construction firms.
Saudi Arabia's sovereign wealth fund has invested a total of $1.3bn in four local construction firms to support the sector tasked with spearheading projects across the kingdom, DealStreetAsia reported.
The Public Investment Fund acquired new shares as part of capital increases representing significant minority stakes in Nesma & Partners Contracting, ElSeif Engineering Contracting, AlBawani Holding and Almabani General Contractors.
ValueAct acquired a stake in Spotify Technology.
Investment firm ValueAct Capital Management has built a position in Spotify Technology, in a move that supports the music-streaming company's strategy led by Chief Executive Officer Daniel Ek to tighten its spending and become more efficient, Bloomberg reported.
ValueAct Chief Executive Officer Mason Morfit disclosed the position — which he described as the firm's "newest investment" — during a presentation at a Columbia University event Friday in New York, touting the music-streaming giant's innovative business model. Shares jumped as much as 4.7% to $126.55.
Fresenius may give up control of FMC dialysis business.
Fresenius, a European multinational health care company, is exploring steps to relinquish control of its dialysis subsidiary as Elliott Investment Management puts pressure on the German healthcare company to simplify its business.
Fresenius Chief Executive Officer Michael Sen is discussing a move to deconsolidate Fresenius Medical Care with its dominant shareholder, the Else Kroener-Fresenius Stiftung, which is in favor of the plan, Bloomberg reported.
Engine Capital acquired a 1% stake in Brenntag and call on spin off.
Engine Capital has taken a 1% stake in Brenntag and is calling on the German chemicals distributor to prioritize a separation of its specialties unit, a move the activist believes could double Brenntag's share price, Bloomberg reported.
Brenntag's specialties unit "will not realize the same valuation multiple as other pure-play specialty peers due to the conglomerate discount," said Arnaud Ajdler, Engine Capital Managing Partner and Brad Favreau, Engine Capital Partner.
OQ draws PIF as an anchor investor.
Oman’s OQ, an energy investment company, plans to raise as much as $244m from the initial public offering of its oil-drilling unit and has brought in Saudi Arabia’s wealth fund as an anchor investor.
Anchor investors will subscribe for 40% of the shares at the maximum price. Saudi Omani Investment Company, a unit of Riyadh’s Public Investment Fund, will buy 20%, while Royal Court Affairs and Schlumberger Oman will each take 10%.
Abraj Energy will take orders from institutional investors from February 20 to March 2, while retail buyers may bid until March 1. Final pricing will be announced on March 6, with trading in the shares due to start March 14, Bloomberg reported.
EQT sets €21bn hard cap for EQT Infrastructure VI.
EQT, a private investment firm focussed on energy, environmental, transportation and telecommunications investments, has set the hard cap for investor commitments to its latest global infrastructure fund at €21bn ($22.4bn).
EQT had previously announced that it was expecting to raise €20bn ($21.35bn) for the EQT Infrastructure VI fund, which according to the firm will follow an investment strategy materially in line with its predecessor fund, EQT Infrastructure V. That fund closed in November 2021 with €15.7bn ($16.76bn) in capital commitments.
Apollo, Goldman plan private credit funds for wealthy Europeans.
Apollo Global Management and Goldman Sachs AM are preparing to launch private credit funds aimed at wealthy European investors, trying to capitalize on a burgeoning corner of the credit market, Bloomberg reported.
The firms are developing strategies to target affluent individual investors interested in private lending for leveraged buyouts in the region. Arcmont Asset Management is also exploring a similar idea. The moves would follow a similar fund started by Blackstone last year.
APAC
Yuexiu Industrial Fund, an investment company, and Amnon Shashua, an Israeli computer scientist, led a $750m funding round in Zeekr, an electric car brand.
Zeekr, which sells two purely electric car models, said that proceeds from the funding round will be used to support technology research and the global expansion of the Zeekr brand.
Goldman Sachs AM, a capital market company, and TVS Capital, a private equity firm, led a $150m round in InsuranceDekho, an online platform, with participation from Investcorp, Avataar Ventures and LeapFrog Investments.
“We need to go beyond the urban regions when it comes to insurance penetration in the country. To realize our goal of democratizing insurance for the general public, we are expanding our reach and will continue to build on our tech-based solutions and empowered advisors so that they can serve every village and region of India by the end of the year,” Ankit Agrawal, InsuranceDekho Co-Founder and CEO.
Investment firms Lightspeed and Sequoia Capital led a $100m Series C round in Aspire, a Singaporean fintech firm, with participation from Paypal Ventures, LGT Capital Partners, Picus Capital and Mass Mutual Ventures.
"We are excited to partner with world-class investors to bring finance back to the driving seat of new age businesses in Southeast Asia. From delivering real-time financial data, to fast and transparent cross-border payments, to empowering business teams with world-class spend management capabilities to move fast and move right - we look forward to empowering every modern business, big or small, with the right financial tools to realize their full potential," Andrea Baronchelli, Aspire CEO.
Ribbit Capital, Tiger Global and TVS Capital, three investors, led a $100m round in PhonePe, a fintech platform.
"I would like to thank Ribbit Capital, Tiger Global and TVS Capital Funds for reposing their faith in us. We are privileged to have a great set of leading global investors, both existing and new, who believe in our mission of building massive technology platforms to bring at-scale financial and digital inclusion in India," Sameer Nigam, PhonePe CEO and Founder.
L Catterton, a global consumer-focused investment firm, completed the investment in Partner Pet, premium freeze-dried pet food company. Financial terms were not disclosed.
"More and more people are discovering the joys of having animal friends and are building stronger bonds with their pets. We therefore seek to help them maximize the quality and length of their lives together by providing them with healthy food that suit pets' natural diets. L Catterton's track record of creating value in the pet food space is second to none and we believe we can leverage its proven operating capabilities to accomplish our mission. We look forward to benefitting from its brand building, distribution, and supply chain optimization expertise," Zhi Qiao, Partner Pet Founder and CEO.
Blackstone turns to India as global investors grow cautious.
Blackstone is seeking minority stakes in companies to capture technological advances in India, even as global investors grow cautious after a short seller report rattled the empire of one of the nation’s richest men, Bloomberg reported.
“Obviously the events of the last few weeks have probably made global investors a little more cautious. I think because of all the entrepreneurship and technology strength - growth would be a natural place for us to expand, ” Jonathan Gray, Blackstone President and Chief Operating Officer.
Niva Bupa weighs $2bn stake sale.
Niva Bupa, an Indian general insurer backed by British United Provident Association is considering selling a minority stake that could value the firm at around $2bn.
Niva Bupa Health Insurance, a joint venture between the UK insurer and Indian private equity fund True North, is working with an adviser on the potential stake sale. The sale could raise as much as $100m , Bloomberg reported.
Byju’s in funding talks with TPG, sovereign funds as debt weighs.
Byju’s is in negotiations with investors including TPG to raise more than $500m, a much-needed capital infusion that could help the world’s most valuable edtech startup stave off potential debt issues, Bloomberg reported.
Several investment firms including TPG and two Middle Eastern sovereign wealth funds have begun due diligence on the Indian company, which is hoping to keep its valuation steady at about $22bn during the financing, people familiar with the matter said. That’s despite a global tech rout that’s prompted layoffs in the thousands, depressed global investment activity and shaved billions off the valuations of once high-flying tech startups.
TVS in talks with ADIA, Goldman and Carlyle for EV investment.
India's TVS Motor, a multinational motorcycle manufacturer headquartered in Chennai, is in talks with Abu Dhabi Investment Authority, Goldman Sachs and Carlyle Group for an investment in its electric vehicle arm, Reuters reported.
The $300m to $350m investment would value TVS at about $3bn to $3.5bn, likely making it India's most valuable EV two-wheeler manufacturer.
TPG in talks to buy $300m Malaysian education assets from KV Asia.
US private equity firm TPG is in advanced talks to buy Malaysian private education assets owned by regional buyout firm KV Asia Capital in a deal that could be worth more than $300m, Reuters reported.
An agreement could be struck as early as the first quarter, one of the sources said. TPG, which has $135bn of assets under management globally, has been expanding in Southeast Asia in recent years, including in Malaysia.
Khazanah unit UEM weighs sale of $230m cement firm.
A subsidiary of Khazanah Nasional, Malaysia’s sovereign wealth fund, is considering selling its cement unit, Bloomberg reported.
UEM Group, an infrastructure and services conglomerate, is working with financial advisers on the potential sale of Cement Industries of Malaysia. UEM is seeking a valuation of about MYR1bn ($230m) for CIMA, as the cement maker is known, and companies in the industry have shown interest.
CVC eyes a 30% stake in Samator Gas.
CVC Capital Partners has emerged as the leading bidder to buy a minority stake in PT Samator Indo Gas, an Indonesian industrial gas company, Bloomberg reported.
The Harsono family, which owns the majority of Samator Gas, could sign a deal with CVC as soon as the end of the current quarter. A deal could value the minority stake at $150m to $200m. The size of the stake could be as much as 30%.
PIF Tencent-backed VSPO to foray into Chinese games market.
Saudi Arabia’s wealth fund has made its first major foray into the Chinese games market, betting on a Tencent Holdings-backed esports tournament organizer, Bloomberg reported.
Savvy Games Group, a unit of the Public Investment Fund, invested $265m in VSPO, which promotes and runs competitive gaming events for titles such as League of Legends and PUBG. The Shanghai outfit, formerly known as VSPN and also backed by Sequoia China and Susquehanna International Group, did not disclose its valuation in the Series C round. Savvy now becomes VSPO’s single largest equity holder.
Berkshire cuts its stake in TSMC.
Warren Buffett's Berkshire Hathaway, an American multinational conglomerate holding company headquartered in Omaha, Nebraska, slashed its stake in Taiwanese contract chipmaker TSMC, as well as in some banks in the fourth quarter while bolstering its holdings in Apple.
Berkshire cut its position in Taiwan Semiconductor Manufacturing by 86.2% to 8.3m sponsored American depositary shares, according to a regulatory filing.
Warburg Pincus closes to take a stake in Zhong Ou.
Warburg Pincus is moving closer to buying a stake in Zhong Ou Asset Management from Intesa Sanpaolo, underscoring the US private equity giant's unabated interest in China's $3.8tn mutual fund industry, Reuters reported.
Italian banking group Intesa Sanpaolo disclosed in its 2021 annual report that its board had approved the sale of a 23.3% stake in Zhong Ou to Warburg Pincus. The report the stake was held by former UBI Banca, which Intesa Sanpaolo took over in 2020.
IFC proposes $100m senior loan to IIFL Home Finance.
The International Finance Corporation, a part of the World Bank Group, has proposed to make an investment of $100m in Gurugram-headquartered IIFL Home Finance, per a disclosure.
The proposed investment will be in the form of a senior secured loan for a tenor of up to six years. Once approved, the funding proceeds will be used to provide retail buyers with financing for affordable housing with a focus on the low-income group, DealStreetAsia reported.
KV Asia Capital said to close second fund by Q2 2023.
Southeast Asia-focused private equity firm KV Asia Capital is said to hit the final close of its second fund by the second quarter of this year.
The fund, which was launched in 2019, is seeking to close the vehicle at around $230-240m, lower than its initial target of $300m, DealStreetAsia reported.
Ex-partner at Joseph Tsai's family office to raise $200m for his own fund.
Danny Lee, who previously managed global private equity for the family office of Alibaba Group’s co-founder Joseph Tsai, is looking to raise about $200m for his own fund targeting wealthy investors.
Lee started the Cayman-domiciled fund VCA Capital in 2022 after an over-seven-year tenure at Hong Kong-headquartered Blue Pool Capital, which Alibaba’s Tsai co-founded with Alexander West in 2004 to invest in public and private equities, hedge funds, and real estate, DealStreetAsia reported.
IMMG launches new renewable energy vehicle.
IMM Investment Global, a South Korea-based alternative asset manager, has launched IMM Global Renewables Fund II, the second vehicle in its clean energy fund series.
The fund will focus on supporting the transition to clean energy. IMMG fundraised from its Asian investor base for the fund, DealStreetAsia reported.
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