AMERICAS
Nielsen Holdings said that shareholders have voted to approve a $16bn transaction in which the measurement company would be acquired by a private equity group led by Elliott Investment Management and Brookfield Business Partners.
Upon closing, Nielsen will become a private company, and its shares will no longer be traded on the New York Stock Exchange.
Nielsen is advised by Allen & Company, JP Morgan, PJT Partners, Baker McKenzie, Clifford Chance, Corrs Chambers Westgarth, DLA Piper and Wachtell Lipton Rosen & Katz. JP Morgan is advised by Cravath Swaine & Moore and White & Case. Brookfield is advised by Davis Polk & Wardwell and Weil Gotshal and Manges. Evergreen is advised by Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, Mizuho Securities, Gibson Dunn & Crutcher and Herbert Smith Freehills. Debt is provided Ares Capital, Bank of America, Barclays, Citigroup, HSBC, KKR Capital Markets, Mizuho Securities and Nomura.
Zendesk, a customer experience software company, commented on a report issued by Institutional Shareholder Services, an independent proxy advisory firm. In its report, ISS recommends that Zendesk stockholders vote for the proposed $10.2bn acquisition of the company by the consortium led by Hellman & Friedman and Permira with participation from Abu Dhabi Investment Authority and GIC.
"We are pleased that ISS recognizes that the acquisition by the consortium is the best path forward for Zendesk and provides stockholders with the best available outcome. ISS's support further validates our view that the immediate, attractive and certain value of the proposed transaction is superior to the risk of the standalone alternative. We urge Zendesk stockholders to follow ISS's independent recommendation and vote FOR the all-cash acquisition of 100% of the outstanding common shares of Zendesk by the Consortium," ISS.
Zendesk is advised by Goldman Sachs, Qatalyst Partners, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Financial advisors are advised by Morrison & Foerster and Sullivan & Cromwell. Hellman & Friedman is advised by Morgan Stanley, Fried Frank Harris Shriver & Jacobson, Kirkland & Ellis, Simpson Thacher & Bartlett and Finsbury Glover Hering. Debt provider are advised by Latham & Watkins. Permira is advised by Sard Verbinnen & Co. GIC is advised by Dechert.
CVS Health, a health solutions company, agreed to acquire Signify Health, a health care platform that leverages advanced analytics, technology, and nationwide healthcare provider networks to create and power value-based payment programs, from New Mountain Capital, a private equity firm, for $8bn.
"Signify Health will play a critical role in advancing our health care services strategy and gives us a platform to accelerate our growth in value-based care. This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience. In addition, this combination will strengthen our ability to expand and develop new product offerings in a multi-payor approach," Karen S. Lynch, CVS Health President and CEO.
Signify Health is advised by Deutsche Bank, Goldman Sachs and Ropes & Gray. Goldman Sachs is advised by Skadden Arps Slate Meagher & Flom. CVS Health is advised by Bank of America, Dechert, Fried Frank Harris Shriver & Jacobson and McDermott Will & Emery.
Altamont Capital Partners, a private equity firm, agreed to invest in Nutrition 101, a provider of eco-friendly waste management services for food processors and retailers. Financial terms were not disclosed.
"101 is a pioneer in responsible waste management, and the company's relentless focus on service, sustainability, and investment in people is well-aligned with the principles that guide Altamont as a firm and the partnerships we pursue," Wande Olabisi, Altamont Principal.
Altamont Capital is advised by Brown Gibbons Lang & Company, Morrison & Foerster, Ropes & Gray, and Narrative Strategies. Debt financing is provided by Churchill Asset Management and Maranon Capital. Nutrition 101 is advised by Mesirow Financial and Dentons.
EQT, an integrated energy company, agreed to acquire the upstream assets of Tug Hill, an operator of an oil and gas exploration company, and the gathering and processing assets of XcL Midstream, a developer and operator of natural gas assets, for $5.2bn. Tug Hill and XcL Midstream are backed by Quantum Energy Partners.
"We believe the company is in a uniquely strong position as the largest producer of natural gas in the country, with a differentiated track record of operational excellence, a deep core inventory base and a peer-leading commitment to ESG. The Tug Hill and XcL Midstream assets are complementary to EQT's existing footprint, and we believe the company is now positioned to create even more value for its shareholders through this highly strategic combination," Wil VanLoh, Quantum Energy Partners Founder and CEO.
EQT is advised by RBC Capital Markets and Kirkland & Ellis. Tug Hill and XcL Midstream are advised by JP Morgan, Akin Gump Strauss Hauer & Feld, Wells Fargo Securities and Vinson & Elkins.
EIG, an institutional investor in the global energy and infrastructure sectors, agreed to acquire a 25% stake in Repsol Upstream, a gas-weighted global E&P company that will own and operate Repsol's globally diversified portfolio of upstream assets, delivering cash-generative and resilient operations, for $4.8bn.
"Energy transition informs every decision we make, and we are thrilled to partner with a global leader of Repsol's stature on this compelling opportunity to lead change in our industry. Evaluation of ESG impact is integrated into EIG's core investment and portfolio management functions, and we look forward to working with Repsol, a world-class operator, and energy transition leader, to continue building on the business's ESG best practices. As the world looks to meet the twin goals of decarbonization and reliability, we believe this partnership is well positioned to help meet the growing global demand for accessible, efficient, and safe energy," R. Blair Thomas, EIG Chairman and CEO.
EIG is advised by Goldman Sachs, JP Morgan, Lazard, Latham & Watkins and FGS Global. Repsol is advised by PJT Partners.
ManTech, a provider of innovative technologies and solutions, announced that its stockholders approved a proposal to acquire the company by Carlyle, a private equity firm, for $4.2bn. As previously announced, ManTech stockholders will receive $96 per share in cash under the transaction terms, representing a 17% premium.
"We thank our stockholders for their strong support of this transaction. We look forward to completing the transaction with Carlyle to deliver immediate and premium value to our stockholders, stronger outcomes for our customers, and more opportunities for our employees," Kevin M. Phillips, ManTech CEO, Chairman, and President.
ManTech is advised by Goldman Sachs, King & Spalding and Joele Frank. Goldman Sachs is advised by Sullivan & Cromwell. Carlyle is advised by Robert W Baird and Latham & Watkins.
EagleTree Capital, a middle-market private equity firm, completed the acquisition of MacKenzie-Childs, a heritage home decor brand, from Castenea Partners, a private equity firm. Financial terms were not disclosed.
“MacKenzie-Childs’ is a truly iconic brand with a devoted following. We have been fans and followers of MacKenzie-Childs for over a decade and are impressed with how far the business has come," Stuart Martin, EagleTree Partner.
MacKenzie-Childs was advised by Grant Thornton, Financo, Raymond James, Latham & Watkins and Little Voice PR. EagleTree was advised by Alvarez & Marsal and Jones Day.
Kelso & Co, a private equity investment firm, completed the acquisition of a majority stake in Emtec, an information technology consultant. Financial terms were not disclosed.
"Emtec's success has been made possible by our talented associates and our valued clients who trust Emtec with their most demanding digital engagements. We have developed a unique culture over our history, and we are excited to welcome a partner in Kelso who shares our passion for customer service, dedication to our associates, and commitment to investing for growth," Sunil Misra, Emtec CEO.
Kelso & Co was advised by Canaccord Genuity, Gibson Dunn & Crutcher and Profile Advisors. Emtec was advised by Guggenheim Partners and Dechert. Guggenheim Partners was advised by Sullivan & Cromwell.
Francisco Partners, an investment firm, completed the investment in Drawbridge, a provider of cybersecurity software and solutions to the financial services industry. Long Ridge remains significant equity holders in the company. Financial terms were not disclosed.
"Jason and Scott have done an exceptional job building Drawbridge's market-leading platform and have shown an impressive dedication to solving customers' critical cybersecurity and compliance needs. We are very excited to partner with Long Ridge and the Drawbridge team to accelerate growth and continue to drive innovation in the sector," Peter Christodoulo, Francisco Partners Partner.
Francisco Partners was advised by Kirkland & Ellis and Sloane & Company. Drawbridge was advised by Raymond James and Faegre Drinker Biddle & Reath. Long Ridge was advised by BackBay Communications.
Williams, a company with operations across the natural gas value chain, completed the acquisition of NorTex Midstream, a fully contracted natural gas pipeline and storage asset located in north Texas, from Tailwater Capital, a growth-oriented energy and growth infrastructure private equity firm, for $423m.
“Serving one the fastest growing population centers in the United States, this irreplaceable natural gas infrastructure is critical to bridging the gap between limited supplies and periods of peak demand, while supporting the viability of intermittent renewables like solar and wind. During the extreme cold of Winter Storm Uri, the NorTex pipeline and storage facilities reliably provided gas to residential customers and electric power plants throughout the entire storm. We see significant upside to integrating these assets, especially when combined with our existing transmission and storage capabilities,” Alan Armstrong, Williams President and CEO.
Williams was advised by Bank of America and Davis Polk & Wardwell. Tailwater Capital was advised by Wells Fargo Securities and Kirkland & Ellis.
Chase, a chemicals company, completed the acquisition of NuCera Solutions, a manufacturer of highly differentiated specialty polymers, from SK Capital, a private equity firm, for $250m.
“We are pleased to have completed this important strategic acquisition. The acquisition of NuCera is transformational in advancing Chase’s strategic growth priorities. NuCera’s culture and technology-driven growth oriented mindset closely align with those of Chase, and we are excited to welcome the NuCera team to Chase," Adam P. Chase, Chase President and CEO.
Chase was advised by Moelis & Co, Nelson Mullins Riley & Scarborough and Alpha IR. SK Capital was advised by Lincoln International and Goodwin Procter.
TA Associates, a growth private equity firm, agreed to acquire a minority stake in Hornetsecurity, a cloud security and compliance SaaS provider. Financial terms are not disclosed.
“Over the last two years, our partnership with PSG and Verdane has enabled us to execute on our strategic goal of providing all organizations with comprehensive cloud security and compliance solutions. We are excited to welcome TA as a new investor, and to continue our partnership with PSG and Verdane, as we invest further in our growth and product innovation. Together, we will work to deliver even greater value to our customers, partners, employees and the communities in which we do business,” Daniel Hofmann, Hornetsecurity Founder & CEO.
Hornetsecurity is advised by Raymond James. TA Associates is advised by Latham & Watkins. PSG is advised by Hengeler Mueller and Prosek Partners. Verdane is advised by Hengeler Mueller.
Gamut Capital, a New York-based middle market private equity firm, agreed to acquire Extreme Reach, a tech platform for video ad campaign workflow. Financial terms were not disclosed.
“We look forward to partnering with Extreme Reach’s strong management team to continue to bring transformative solutions to key industries that face complex challenges with the rise of streaming, media fragmentation, and content proliferation. Gamut will work with ER to leverage its strong roots in video delivery and commercial production payroll processing and invest in technologies and talent that accelerate growth in creative asset management, digital video activation, and the rich insights revealed by end-to-end workflow while enhancing its position in payroll solutions for the entertainment industry,” Stan Parker, Gamut Founding Partner.
Extreme Reach is advised by Moelis & Co and Kirkland & Ellis. Gamut Capital is advised by LionTree Advisors and Prosek Partners.
Harvest Partners and Cressey & Company-backed VetCor, an operator of a chain of veterinary clinics, completed the acquisition of People Pets & Vet, an operator of veterinary hospitals intended to partner with veterinarians to help them reach their full potential. Financial terms were not disclosed.
"Chris and his team have rapidly developed the founding PPV practice group into an impressive national network. We are excited to partner our organizations to expand the resources, support services, and career opportunities for our veterinary teams, as they continue to care for growing numbers of patients, clients, and communities," Dan Adams, VetCor CEO.
VetCor was advised by Jefferies & Company, Ropes & Gray and Lambert & Co. People Pets & Vets was advised by Harris Williams & Co.
SK Capital, a private investment firm, agreed to invest in VanDeMark Chemical, a global producer of life science chemistries. Comvest will remain a co-owner of the company. Financial terms were not disclosed.
SK Capital’s investment will serve as a catalyst for a new strategic direction as the Company seeks to deepen and expand its presence in fine chemistries for the global life science market.
“SK Capital has followed VanDeMark for many years, and we believe this is a great opportunity to partner with Comvest to bring our shared strategic vision to life. We feel privileged to play a part in VanDeMark’s story and will work closely with the company’s employees and customers to bring further success to fruition," Jon Borell, SK Capital Managing Director.
SK Capital is advised by King & Spalding and BackBay Communications. Debt financing is provided by CIT Group. Comvest is advised by Kirkland & Ellis.
Francisco Partners, a private equity firm, agreed to acquire a majority stake in Kobalt, an operator of an independent music services company focused on offering an alternative to the traditional music business model. MUSIC and Dundee Partners are also investing in Kobalt. Financial terms were not disclosed.
"Kobalt has been an agent of change and innovator for the past 20 years, and as a result, we have built an extraordinary brand and creative destination for the best creators in the world. We look forward to working with Francisco Partners to embark on Kobalt's next innovation chapter. The combination of FP's expertise in technology and our deep understanding of the music industry will ensure that Kobalt expands its reach and impact as a global music publisher. Our mission of being a positive transformative force for the benefit of all creators continues," Laurent Hubert, Kobalt CEO.
Francisco Partners is advised by The Raine Group and Sloane & Company. Kobalt is advised by Goldman Sachs.
3i Infrastructure, a closed-ended investment company, completed the acquisition of Global Cloud Xchange, an operator of information technology infrastructure and provider of business communication services, for $512m.
"GCX represents a great addition to the 3i Infrastructure portfolio. The company holds a valuable leadership position in an attractive and growing sector and we look forward to working with Carl Grivner and his experienced management team to continue GCX's growth," Scott Moseley, 3i Managing Partner and Co-Head of European Infrastructure.
3i Infrastructure was advised by Allen & Overy. GCX was advised by Moelis & Co and iMiller Public Relations.
Susquehanna Growth Equity, a private equity firm, led a $180m Series A funding round in Muck Rack, a public relations management platform.
"We're thrilled to partner with SGE to support our rapid growth and continue to define the role of PRM in the SaaS ecosystem. This investment is an indicator of the strength of our business and Muck Rack's bright future as we drive toward our mission to enable organizations to build trust, tell their stories and demonstrate the unique value of earned media," Gregory Galant, Muck Rack Co-Founder and CEO.
SGE was advised by Gasthalter & Co. Muck Rack was advised by AQ Technology Partners.
PSG, a growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth, completed a $100m investment in Bitwarden, an open-source password manager for both individuals and businesses.
"Our investment in Bitwarden reflects our conviction that the password management market is poised for considerable growth as online account use grows and security concerns mount in the hybrid working environment. In our view, Bitwarden distinguishes itself among the available alternatives by virtue of its open-source architecture, flexible deployment options and zero-cost offering which millions of individuals have utilized. These unique attributes remain unchanged, and we look forward to helping the team bring this solution and the next generation of password management tools to a broader group of customers," Tom Reardon, PSG Managing Director.
Bitwarden was advised by Liberty Communications. PSG was advised by Prosek Partners.
Burlington Capital Partners, a private equity firm, completed the acquisition of Sokol & Company, a SQF Level III certified wet-fill manufacturer of food ingredients and retail-ready food products. Financial terms were not disclosed.
The investment will enable Sokol to pursue growth initiatives designed to leverage the company's expansive manufacturing and packaging capabilities and quality-first operating expertise established over five generations of family management.
Burlington Capital Partners was advised by Fredrikson & Byron and Koley Jessen.
Arcline Investment Management, a growth-oriented private equity firm, completed the acquisition of Kings III of America, a third-party provider of elevator and pool emergency monitoring solutions, from private equity firms Rockbridge Growth Equity and Thayer Street Partners. Financial terms were not disclosed.
"Arcline's passion for growth, innovation and culture is a perfect match with our management team, employees, and customers. Our success would not have been possible without the dedication and excellence of the entire team at Kings III, and this acquisition is a testament to their hard work. We look forward to working with Arcline to continue our incredible trajectory and we are excited to leverage Arcline's deep experience in the elevator industry to accelerate our growth," Dennis Mason, Kings III CEO.
Arcline was advised by Piper Sandler and Joele Frank.
A group of investors including Softbank Vision Fund 2, Bristol-Myers Squibb Company, Byers Capital, Emerson Collective Investments, Green Sands, Hitachi Ventures, Sixth Street, Parker Institute for Cancer Immunotherapy, Westlake Village BioPartners, the University of California, San Francisco Foundation Investment Company, Euclidean Capital, Waycross Ventures and Kleiner Perkins led a $220m Series B round in Arsenal Biosciences, a privately held programmable cell therapy company engineering advanced CAR T therapies for solid tumors.
"ArsenalBio's programmable cell therapy technology has shown great promise in preclinical development, giving us confidence that our approach may help address the unmet medical needs of cancer patients, ultimately helping alleviate human suffering. We look forward to entering the clinic so we can more fully understand the promise of our technology in treating ovarian and ultimately other devastating cancers," Ken Drazan, ArsenalBio Founder and CEO.
Arsenal Biosciences was advised by Gwen Gordon Public Relations.
CBRE, the world's largest commercial real estate services and investment firm, led a $125m Series E round in VTS, a technology platform that transforms how strategic decisions are made and executed across the asset lifecycle, with participation from BentallGreenOak, AmTrust, Brookfield Ventures, and Insight Venture Partners.
"Over the past two years, VTS has undergone a transformative evolution, shifting from a single-product company to a multi-product platform that serves every player in the ecosystem—from landlord to broker to tenant. This infusion of capital lets us double down there, allowing our customers to offer a completely tailored property experience to their tenants across their entire portfolios. We look forward to expanding upon our long-standing relationship with CBRE, which shares this same vision in providing their people and customer base with technology that delivers a modern, portfolio-driven experience across all asset types," Nick Romito, VTS CEO.
VTS was advised by Marino PR.
Francisco Partners, a private equity firm, completed a $60m investment in Reciprocity, a developer of enterprise software designed to turn corporate compliance from a cost center into a valuable strategic asset. Financial terms were not disclosed.
“Our vision is a world where risk is automatically identified and rapidly assessed in context of a customer’s business objectives and can be communicated in a way that everyone can understand. With our ROAR platform, companies can easily see, understand, and take action on their IT and cyber risks to quickly identify what is driving cyber risk for the business. With this investment from Francisco Partners, we’ll be able to accelerate product innovation and offer new levels of functionality and deeper intelligence with our technology, providing our customers with risk insight that is quantified and actionable," Michael Maggio, Reciprocity CEO and Chief Product Officer.
Francisco Partners was advised by Sloane & Company.
Beringer Capital, a North American private equity firm specializing in the information, marketing, and technology sectors, completed the acquisition of a majority stake in Dig Insights, a consumer insights and market research company. Financial terms were not disclosed.
“We founded Dig because we knew the market research industry could do better and over the last decade, our team, partners, and clients have helped us on our mission to build the world’s smartest insights company – but this is just the beginning. As we look forward, our new partnership with Beringer will push us to continue to be leaders, leveraging their value creation methodologies to introduce new and innovative ideas that will take Dig Insights to new heights,” Paul Gaudette, Dig Insights CEO.
Dig Insights was advised by Canaccord Genuity.
Sentinel Capital Partners, an investment firm, completed the acquisition of SmartSign, an online provider of customizable signs, labels, and tags for regulatory, compliance, and safety applications. Sentinel partnered with Norwest in the transaction. Financial terms were not disclosed.
"SmartSign is strategically positioned to capitalize on favorable secular trends underpinning the online signs, labels, and tags industry. With a talented and committed management team and a highly dedicated team of employees, we believe SmartSign is well-positioned to continue its rapid growth, both organically and through acquisitions. We are extremely excited about the opportunity to partner with the SmartSign team," Louis Brotherton, Sentinel Principal.
Sentinel Capital was advised by Broadgate Consultants.
Tecum Capital, a private capital firm, and Valley Ridge, a growth equity investment firm, agreed to invest in Keystone Foam, a fabricator of proprietary custom foam products for various end markets, with participation from Centerfield Capital Partners and Petra Capital Partners. Financial terms were not disclosed.
"Keystone represents another opportunity to partner with a passionate and proven management team right in our backyard alongside an experienced sponsor in VRIP. Brian and Jeep's commitment to the Company and its customers highlights the partnership mentality we look for in our management teams," Matt Harnett, Tecum Partner.
Tecum Capital is advised by Jones Day.
Oakley Capital, a mid-market private equity investor, agreed to invest in vLex, a developer of a legal information platform. Financial terms were not disclosed.
"vLex has all the hallmarks of an Oakley deal: a fast-growing, disruptive business model in a niche sector, led by ambitious business founders. We look forward to partnering with Lluis and Angel to help them build a successful product in the global market for legal information," Peter Dubens, Oakley Capital Founder and Managing Partner.
SoftBank nears $2bn sale of Fortress to Mubadala.
Mubadala Investment is nearing a deal to buy Fortress Investment Group, a global investment manager, from SoftBank Group in a purchase that could value the US asset manager at more than $2bn, Bloomberg reported.
The Abu Dhabi sovereign fund could announce an agreement in the coming weeks. Rajeev Misra, a key lieutenant to SoftBank founder Masayoshi Son with close ties to the Gulf emirate, is playing a key role in brokering the deal.
I Squared explores a $2bn sale of Inkia Energy.
I Squared Capital, a private equity firm, is exploring a $2bn sale of Inkia Energy, a Latin American power producer.
The Miami-based infrastructure-investment firm is considering selling the company as a whole or in parts. Inkia could attract energy companies and infrastructure investors, Bloomberg reported.
US gas firm EQT nears deal to buy Appalachia producer.
EQT, the largest US natural gas producer, is in advanced talks to acquire THQ Appalachia to expand in the Marcellus shale, Bloomberg reported.
THQ, backed by Tug Hill Operating and Quantum Energy Partners, and some midstream assets would be valued in the deal at about $5.2bn. The transaction will include Tug Hill’s XcL Midstream, a pipeline firm that moves gas in Appalachia to market.
Veritas Capital is going to acquire Chromalloy from Carlyle.
Private equity firm Veritas Capital Fund Management agreed to buy aircraft parts manufacturer Chromalloy Gas Turbine from Carlyle Group for more than $1.6bn, including debt, Reuters reported.
Chromalloy will be Veritas Capital's latest acquisition in the aerospace and defense sector.
Fountainvest, TPG, Warburg among bidders for Carlyle's Ambio stake.
Private equity firms Fountainvest Capital Partners, TPG and Warburg Pincus are among final-round bidders for Carlyle Group's stake in AmbioPharm, Reuters reported.
Carlyle, which is targeting a valuation of $1bn for Ambio in a sale, is expecting binding bids in the coming days. A deal could be reached by end-September at the earliest.
Kim Kardashian to launch private equity firm with former Carlyle partner.
Reality television star and entrepreneur Kim Kardashian and a former partner at Carlyle Group are launching a new private equity firm focused on investing in consumer and media businesses.
The new firm to be launched by Kardashian and Jay Sammons will be named SKKY Partners. The firm will make investments in sectors including consumer products, hospitality, luxury, digital commerce and media.
Battle Motors announces Series B capital raise of $150m.
Battle Motors, formerly Crane Carrier Company, has completed a Series B investment round with $150m in new growth capital from a cornerstone global institutional investor. This capital raise follows a $120m Series A investment round announced in December 2021.
“We have validated our strategic growth initiatives and the attractive sector fundamentals while identifying additional market opportunity,” Michael Patterson, Battle Motors CEO.
Copenhagen Infrastructure Partners reach final close on CI Energy Transition Fund I at €3bn hard cap.
Copenhagen Infrastructure Partners, a private equity firm, has reached final close on its new fund, CI Energy Transition Fund I. The fund was oversubscribed and closed at the hard cap of €3bn. This makes CI ETF I the largest dedicated clean hydrogen fund globally.
CI ETF I achieved commitments from investors across the Nordics (~25% of commitments), Europe (~45%), Asia-Pacific (~20%) and North America (~10%) with approximately a 50/50 split between existing investors in CIP funds and new investors. The fund's investor base comprises approximately 65 institutional investors, primarily pension funds, life insurance companies, sovereign wealth funds, asset managers, and family offices.
"We are very pleased to welcome a prominent group of existing and new institutional investors to CI ETF I and are delighted that investors share our confidence in and appetite for clean energy infrastructure projects and invest alongside CIP in the next phase of the energy transition. Solutions such as Power-to-X will be key for countries and industries to take the next big leap within reaching the commitments of the Paris agreement and achieving energy independence. As an industry pioneer and one of the global market leaders in greenfield renewable infrastructure investments, CIP is uniquely positioned to invest in this segment," Jakob Baruël Poulsen, CIP Managing Partner.
LaSalle Asia opportunity VI raises over $2.2bn.
LaSalle Investment Management has raised over $2.2bn of equity for LaSalle Asia Opportunity VI, including sidecars and co-investment programmes, exceeding its initial target of $1.5bn. The committed capital has been secured from global institutional investors and will provide buying power for over $7bn worth of assets.
LAO VI is the sixth in LaSalle’s closed-ended, opportunistic fund series focusing on the Asia Pacific. In keeping with its predecessor funds, LAO VI seeks to take advantage of mispriced assets with opportunities to add value through repositioning and redevelopment in Asia Pacific’s key markets, including Australia, China, Hong Kong, Japan, Korea, and Singapore, having invested approximately 25% of committed capital so far in a diversified portfolio. To date, the LaSalle Asia Opportunity Fund series has invested in over $13bn worth of assets. In the last 10 years, the average asset returns generated by the series have exceeded its target of 18% net IRR.
Ardian closes its second-generation Americas Infrastructure fund at $2.1bn.
Ardian, a private investment house, announced the final closing of $2.1bn for its latest Americas infrastructure fund – Ardian Americas Infrastructure Fund V. Continuing its successful investment strategy, AAIF V will invest in high-quality, mid-market US and other OECD American essential infrastructure assets in the telecommunications, transportation, and energy transition sectors.
The Ardian Infrastructure team now has over $21bn in assets under management across the globe. AAIF V was significantly oversubscribed, exceeding its hard cap of $2bn, and significantly larger than the inaugural AAIF IV which raised $800m in 2018.
The successful fundraise attracted over 60 investors from 17 countries across the Americas, Europe, Middle East, and Asia, comprising major pension funds, insurance companies, sovereign wealth funds, Fund of Funds, endowments, and high-net-worth investors. With a mix of returning investors, who on average doubled their previous commitments to the strategy, and new investors, the successful fundraising of AAIF V demonstrates the growing appetite for Ardian’s Americas infrastructure and asset management strategies.
Kapor Capital collects $126m for Fund III.
Kapor Capital announced that it has closed its largest fund to date, a $126m investment vehicle set to back early-stage founders of color and social impact ventures.
The new fund, which has been in the works since February 2021, was raised by managing partners Uriridiakoghene “Ulili” Onovakpuri and Brian Dixon, who succeeded the firm’s co-founders Mitch Kapor and Freada Kapor Klein earlier this year.
"Fund III is taking things to a whole new level. I’ve been an investor at Kapor Capital for over 10 years, and this is the first time our firm has partnered with external LPs. This is huge for us, and it offers a new level of access to our investment strategy for people who’ve long championed our work from afar. We have over 50 LPs invested in Fund III and supporting our growth and expansion. It’s truly an exciting time," Brian Dixon, Kapor Capital managing partner.
Ares Management hires Mark Serocold from Blackstone. (People)
Ares Management, a private equity firm, has hired Mark Serocold from Blackstone to run a new investment unit targeting wealthy Europeans.
Serocold, who joins in November, will head the EMEA arm of Ares Wealth Management Solutions, a unit created last October to target wealthy individual investors through private banks and wealth management firms. He will be based in London.
Serocold joins from Blackstone where he was a managing director at the Private Wealth Solutions team, a division tasked with broadening the New York-based manager's fund raising efforts beyond institutional investors, Bloomberg reported.
Advent International appoints new CFO. (People)
Advent International has appointed Susan Gentile as CFO and Managing Director, effective 1 October, 2022. Gentile succeeds Eileen Sivolella, who has served in the role since 2009 and will assume the role of strategic advisor on an interim basis to provide continuity.
Gentile brings nearly two decades of experience across financial services. She most recently served as Chief Financial & Administrative Officer at HIG Capital, where she was responsible for leading the strategic direction of the global private investment firm since 2018, including managing its development and growing assets.
EMEA
Shareholders of Euromoney, a business and financial information company, recommend a £1.66bn acquisition by private equity firms Astorg and Epiris.
The outcome of meetings means that conditions have been satisfied. The scheme remains subject to the sanction by the Court at the Court Hearing, which is expected to take place in Q4 2022, and the satisfaction of the other conditions to the scheme that remain outstanding.
Euromoney is advised by Numis Securities, Goldman Sachs, UBS, Freshfields Bruckhaus Deringer and FTI Consulting. Astorg is advised by Bank of America, Raymond James, Latham & Watkins and Greenbrook. Financial advisors are advised by Norton Rose Fulbright.
Qualium Investissement, a private equity investment firm, agreed to acquire a minority stake in AmeXio, a digital services provider. Financial terms were not disclosed.
"We were attracted by of AmeXio’s highly talented management team, led by Xavier Morcillo. His visionary spirit, his level of expertise, and his sense of service have enabled the group to establish its position of European leadership with prestigious clients. We are delighted to support AmeXio's ambitions for further development," Jean Eichenlaub, Qualium Investissement Managing Partner.
Qualium Investissement is advised by Eight Advisory, Advention, Sirsa and Mayer Brown. Debt financing is provided by Schelcher Prince Gestion and Artemid. Debt providers are advised by Goodwin Procter. AmeXio is advised by Eight Advisory, Rothschild & Co and Fidufrance.
Borromin Capital, an investment firm, agreed to acquire Aerotec Europe, a provider of repair and maintenance services of air cargo containers, from AURELIUS, a private equity firm. Financial terms were not disclosed.
"The fabulous development of Aerotec, as well as the successful management buy-out, exemplify our special expertise in facilitating successful succession planning in medium-sized companies. We contribute our extensive operational expertise to this process. We always cooperate with our portfolio company as a close and reliable partner along the development path," Eric Blumenthal, AURELIUS Managing Partner.
Borromin Capital is advised by Taylor Wessing. Debt financing is provided by Muzinich & Co. AURELIUS is advised by Ebner Stolz, CIL Management Consultants, Stephens and EGO HUMRICH WYEN.
Private equity firms CVC and Nordic Capital have increased their offer price for Cary Group, a Swedish glass repair company, to $6.5 per share in an attempt to sway shareholders who had previously resisted the takeover.
The consortium announced plans to buy the firm for $6.43 per share at the end of June, just nine months after the company listed on Nasdaq Stockholm.
AMF Pension, the third largest shareholder in Cary Group, said it would turn down the original offer as it didn't reflect "the long-term value of the company." In August, the bidding consortium only controlled 40% of the Group's share capital.
The revised offer is recommended by an independent bid committee appointed by Cary Group's board and will not be increased further, Nordic Capital and CVC Funds said in a statement. The new level values Cary Group at $853m and is equivalent to the price set at its initial public offering. The consortium has also extended the acceptance period for the offer to September 22.
CVC is advised by Carnegie Investment Bank. Cary Group is advised by Jefferies & Company and White & Case.
Insight Partners, a private equity firm, agreed to invest in DataSnipper, an Amsterdam-based software company focused on transforming the financial audit industry. Financial terms were not disclosed.
"It is the perfect moment to team up with a partner that strongly believes in our mission. This minority investment from leading software investor Insight Partners enables us to deliver on our promise to make every auditor in the world more successful and impactful. DataSnipper's value isn't limited to auditors. As we continue to expand globally, early customers in these new markets are excited about the value DataSnipper delivers, and we're looking to continuously improve our platform and service offerings," Maarten Alblas, DataSnipper Founder and Co-CEO.
Insight Partners is advised by Willkie Farr & Gallagher. DataSnipper is advised by De Brauw Blackstone Westbroek.
Melrose, an investment company, agreed to demerge GKN Automotive, a multinational manufacturer of driveline components, and GKN Powder Metallurgy, an engineering solutions provider, shaping powder metal into high performance and high precision components. Financial terms were not disclosed.
“Since acquiring GKN in 2018 we have reinvigorated each business to achieve its potential. The proposed demerger now gives each an exciting opportunity to individually grow shareholder value through organic growth and acquisition in both platforms. Meanwhile, we remain on track to meet our full year 2022 expectations with full inflation recovery and providing good momentum for the intended Demerger in the new year," Justin Dowley, Melrose Industries Chairman.
Melrose is advised by Rothschild & Co and Montfort Communications.
Canada Pension Plan Investment Board, a pension fund agreed to acquire a minority stake in Universal Investment, a provider of investment management services, from Montagu Private, a European private equity firm. Financial terms were not disclosed.
“Our development into one of the fastest growing European fund service platforms was a decisive factor for CPP Investments to invest. Backed by the great partnership with Montagu we have leveraged our full potential and have become one of the few players active in Germany, Ireland and Luxembourg, offering not only ManCo services but also fund administration and distribution services. We are delighted to welcome CPP Investments and with both investors by our side, we are excited to take on a more global perspective for the business," Michael Reinhard, Universal Investment CEO.
Montagu Private is advised by Rothschild & Co and Greenbrook.
Accenture, a professional services company, completed the acquisition of the Netherlands, Belgium and Bulgaria unit of Waterland Private Equity-backed Sentia, a cloud consulting company. Financial terms were not disclosed.
"Accenture Cloud First's priority is to help clients with total enterprise reinvention by building their digital core, optimizing operations and accelerating growth. Adding the Sentia team expands our migration and modernization capabilities, and further equips us to help companies optimize their workloads across the cloud continuum," Karthik Narain, Accenture Cloud First Global Lead.
Accenture was led by Freshfields Bruckhaus Deringer. Sentia was led by Allen & Overy.
DCC, an international sales, marketing, and support services group, agreed to acquire Medi-Globe Technologies, an international medical devices business focused on minimally invasive procedures, from Duke Street, a private equity firm, for €245m.
"The synergistic acquisition of Medi-Globe significantly expands and enhances DCC Vital's position in the medical devices sector. It will create a leading international platform in single-use medical devices for minimally invasive procedures, with strong product development capability. The acquisition of Medi-Globe and other recent acquisitions in DCC Healthcare and DCC Technology are consistent with our ambition to really scale our operations in these higher-growth sectors. We are very pleased with DCC Vital's progress in expanding its market positions beyond Britain and Ireland - we now have strong European growth platforms in both medical devices and primary care supplies," Donal Murphy, DCC CEO.
DCC is advised by Powerscourt.
Private equity firms SK Capital Partners and Edgewater Capital Partners, agreed to acquire the crystals and detectors business of Saint-Gobain, a business conglomerate, for $214m.
This transaction aims at focusing the Group's High Performance Solutions activities on markets where Saint-Gobain, thanks to its leadership positions and its innovation capabilities, enables its customers to accelerate towards carbon neutrality and circularity. It is part of Saint-Gobain's continued business profile optimization strategy, in line with the "Grow & Impact" plan objectives.
Cinven, an international private equity firm, agreed to acquire Säkra, an insurance broker headquartered in Stockholm, from Adelis Equity Partners, a growth partner for well-positioned, Nordic companies. Financial terms were not disclosed.
"Cinven is very pleased to be making this investment in Säkra. It is a highly attractive, resilient specialist insurance intermediary business with strong long-term growth opportunities across all of its segments and a history of consistent growth through various economic cycles. The investment is supported by a resilient underlying market in Sweden and is well-positioned to grow organically, with further upside through its demonstrated M&A trajectory. Säkra offers a high-quality scalable platform, with associated benefits for clients as the business develops and expands over the long-term. We look forward to working with Säkra's CEO and her colleagues in further developing and growing the business," Luigi Sbrozzi, Cinven Partner.
Blackstone-led consortium completed the acquisition of an additional 11.6% stake in Luminor, a bank, from Nordea, a financial services group. Financial terms were not disclosed.
"Our improving performance, solid financial standing and prudent risk management means that Luminor, under the executive leadership of Peter Bosek, is well placed to continue the positive momentum it has shown in recent years. This will allow us to expand our activities with individuals and companies across all three Baltic countries," Nils Melngailis, Luminor Chairman.
AnaCap-backed MRH Trowe, an owner-managed commercial lines insurance broker in Germany, completed the acquisition of a majority stake in afm Holding, an industrial insurance broker. Financial terms were not disclosed.
This latest investment follows the strategic roadmap undertaken by the group, aimed at expanding its in-house capabilities and strengthening its geographical coverage. With this acquisition, MRHT is further increasing its coverage in Northern Germany, aided by the creation of a strong footprint in Hamburg.
GTCR confirms a potential offer for GB Group.
GTCR, a US-based private equity firm, is considering making a potential cash offer for GB Group, a London-listed identity-data-intelligence specialist. The firm confirmed its takeover intention regarding GB Group in response to recent press speculation.
GB Group, which has a market capitalization of $1.52bn on the London Stock Exchange. There can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made.
GTCR is advised by Jefferies & Company.
Media company United Group to invest $2bn in Greece by 2027.
Balkan telecoms and media company United Group plans to invest €2bn ($2bn) in Greece up to 2027 to upgrade its telecoms infrastructure, Reuters reported.
United Group, majority owned by private equity firm BC Partners, will install a 10-gigabit fiber optics network to service 4.5m customers, the office of Prime Minister Kyriakos Mitsotakis said in a statement.
Aquila Capital unveils €2bn renewable investment in Spain, Portugal.
Aquila Capital on Wednesday unveiled a spending push of more than €2bn ($1.98bn) to fund solar and wind projects in Spain and Portugal, in what marks a major expansion at one of Europe's largest private renewables investors, Reuters reported.
The funding covers 50 projects of Aquila Clean Energy EMEA, Aquila's European cleantech arm, mostly photovoltaics and onshore wind with a total generation capacity of 2.6GW, enough to power 1.4m households a year.
Darktrace and Thoma Bravo terminate deal discussions.
Thoma Bravo, a private equity firm, does not intend to make an offer for Darktrace, a provider of cyber security AI. The Board of Darktrace confirms that discussions with Thoma Bravo have been terminated.
Discussions were first announced on August 15, 2022, in response to media speculation, after Darktrace received several unsolicited, preliminary, and conditional proposals from Thoma Bravo. As a result of the announcement, Darktrace is no longer in an offer period for the purpose of the UK Takeover Code.
EMZ emerges as bidder for Equistone's digital marketing agency PIA.
Private equity firm EMZ Partners is looking to acquire German digital marketing agency Performance Interactive Alliance.
Sponsor Equistone Partners launched a process to sell the portfolio company last year, advised by Baird, marketing the business off €25m ($25m) to €28m ($28m) EBITDA.
Arcmont raises €800m for debut capital solutions strategy.
Arcmont Asset Management, a European private debt asset management firm, completed the fundraising for its Capital Solutions Fund I and associated vehicles, attracting total strategy capital of approximately €800m.
The fund exceeded the firm's initial target and reflects the strong support received from new and existing Arcmont investors globally, including private and public pension funds, insurance companies, asset managers, and family offices.
The fund is over 50% deployed and has fully realized several investments, illustrating the strategy's ability to originate, structure, and execute attractive investment opportunities across various situations and market environments.
Aston Martin raising $660m in rights issue.
Aston Martin is raising $660m in a rights issue as major investors including Saudi Arabia’s sovereign wealth fund keep faith with the struggling luxury British carmaker, Private Equity Insights reported.
The rights issue is part of a previously announced equity raising of $753m, which makes Saudi Arabia’s Public Investment Fund one of the company’s largest shareholders.
Richemont shareholders reject proposals from activist investor Bluebell.
Luxury goods group Richemont successfully batted away proposals from activist investor Bluebell Capital at an annual shareholder meeting Wednesday in which tensions flared, Reuters reported.
An overwhelming majority of the Cartier maker's shareholders rejected Bluebell's candidate Francesco Trapani, a former executive of rival LVMH, to represent holders of publicly traded A shares on the group's board and instead opted for current board member Wendy Luhabe.
Volkswagen to discuss Porsche IPO today.
Volkswagen's leadership will discuss the planned public listing of its Porsche brand when it convenes today.
The company has carried out a feasibility study for an initial public offering and its management board and supervisory board will discuss in various meetings if the IPO "at the end of September/beginning of October 2022 should be pursued." The governance bodies will also decide whether to approve the sale of 25% and one share of the ordinary shares to Porsche Automobil Holding, the main investment vehicle of the Porsche and Piech billionaire owner family.
The German carmaker has been working for months on the plan to list a minority stake in its sportscar brand this year in what could be one of Europe's biggest initial public offerings ever. However, difficult market conditions have brought a standstill to listings generally.
Big-name investors including T Rowe Price Group and Qatar Investment Authority have already indicated interest in subscribing to the IPO in that valuation range. Porsche has also been gauging interest from billionaires including the founder of energy drink maker Red Bull, Dietrich Mateschitz, as well as LVMH Chairman Bernard Arnault, Bloomberg reported.
Golding closes two infrastructure funds well above target at combined €1.5bn.
Golding Capital Partners, an independent asset manager for alternative investments, has held successful final closings for its two current infrastructure funds, with total commitments of some €1.5bn ($1.5bn).
The flagship fund of funds “Golding Infrastructure 2020” closed at €943m ($941m), significantly above its target of €700m ($698m), making it the biggest fund in Golding’s company history and one of the largest fund of funds on today’s infrastructure market overall.
DeA Capital launches first special situations fund, eyes €300m.
DeA Capital is further expanding its range of products by launching a new alternative Special Situations fund. The fund will have initial capital of over €100m ($99m) in addition to a fundraising target of €300m ($298m).
"The experience that we have built up at DeA Capital Alternative Funds and the loyalty of our main investors has enabled us to create the Flexible Capital Fund, which is a balanced company turnaround model, an innately ESG solution and a unique and attractive opportunity for institutional investors in Italy and abroad," Gianandrea Perco, DeA Capital Alternative Funds CEO.
Jera Capital holds first close of new €100m secondaries fund.
Jera Capital, a Copenhagen-based investment management firm focused on the private equity secondary market, has successfully achieved the first closing of its new Luxembourg private equity fund, Jera Direct Access Private Equity which is structured as a RAIF, and is well on track to reach €100m ($99m) within its first year of operation.
The fund aims to invest its clients’ capital in a responsible way by integrating environmental, social, and governance factors in line with the UN SDG themes.
HSBC Asset Management appoints Head of Real Assets & Head of Private Credit. (People)
HSBC Asset Management has appointed Victoria Sharpe as Head of Real Assets, and Scott McClurg as Head of Private Credit for its alternatives division, HSBC Alternatives.
Sharpe will be responsible for the strategic development and management of the real assets proposition which today consists of Direct Real Estate teams and Listed Infrastructure Equity teams. She will assume the role from Joanna Munro, who has been acting Head of Real Assets, in addition to her role as CEO, HSBC Alternatives.
APAC
Foresight Group, sustainability-led alternative assets and SME investment manager, completed the acquisition of Infrastructure Capital, an Australian specialist infrastructure manager, for $95m.
"Acquiring Infrastructure Capital is a transformational deal for Foresight and well-aligned with our ambitious growth plans. We have been in Australia since 2015 and know that Infrastructure Capital, with its significant infrastructure presence and strong institutional client base, is a highly complementary fit for the Group," Bernard Fairman, Foresight Executive Chairman.
Foresight Group was advised by Lazard, Marsh, PricewaterhouseCoopers, Allens, Travers Smith and Citigate Dewe Rogerson. Debt financing was provided by Numis Securities. Infrastructure Capital was advised by Ernst & Young, Berkshire Global Advisors and Piper Alderman.
A year after the deal was announced, the Competition Commission of India approved payments major PayU's $4.7bn acquisition of online payments firm BillDesk. The deal was delayed as the competition watchdog sought more information about it.
The acquisition, which will see PayU, the payments and fintech business of Prosus, which operates in more than 20 high-growth markets, become one of the leading online payment providers globally by total payment volume.
BillDesk is advised by Shardul Amarchand Mangaldas & Co. Prosus is advised by Avendus, PJT Partners, Brunswick Group and Edelman. Visa and General Atlantic are advised by AZB & Partners.
MegaChips Corporation, a ASIC and SoC services company, led a $140m Series B funding round in Morse Micro, a fabless semiconductor company, with participation from Blackbird Ventures, Main Sequence Ventures, Clean Energy Finance Corporation, Skip Capital, Uniseed and SpringCapital.
“MegaChips pursues strategic partnerships and investments with promising startups like Morse Micro that have innovative ideas, cutting-edge applications and are expanding their businesses in areas such as industrial IoT, wireless communications and energy control,” Tetsuo Hikawa, MegaChips President and CEO.
Morse Micro was advised by Green Flash Media.
Amber Infrastructure, a specialist international investment manager, and DIF Capital Partners, a global independent investment manager, agreed to acquire Rail First, a provider of full-service vertically integrated rolling stock leasing and maintenance solutions to the rail industry, from Anchorage Capital Partners, a specialized private equity firm. Financial terms were not disclosed.
"This transaction is a significant milestone for Rail First and reinforces our commitment to our people and customers. We thank Anchorage for their contributions to our business over the last three years, and we are excited to partner with Amber and DIF to take Rail First into its next phase of growth," Mark Kirkpatrick, Rail First CEO.
Rail First is advised by Teneo.
KH Investment Group, a South Korean private equity firm, completed the acquisition of a 95% stake in Daehan Shipbuilding, a mid-sized Korean shipbuilder, from Korea Development Bank, a wholly state-owned policy development bank in South Korea, for $148m.
Daehan, which was an affiliate of Daejoo Group, entered a debt workout program during its restructuring in 2009. Korea Development Bank became its lead investor in 2014 when the shipyard emerged from court management. KH Investment was named the preferred bidder in January and signed the contract for the buyout in May.
SDIC, a state-owned investment holding company, led a $129m Series B funding round in JLC Group, a manufacturer of printed circuit boards, with participation from Xiamen C&D Emerging Industry Equity Investment and Eastern Bell Capital.
The group has expanded its manufacturing services to the mechanical sector, offering services such as 3D printing, Computer Numerical Control machining, and sheet metal processing, among others.
Cipla, JB Chemicals, Torrent lead $562m race for Medley Pharma.
Cipla, KKR-owned JB Chemicals and Torrent Pharmaceuticals are in the final race for acquiring Medley Pharmaceuticals in a deal worth around $562m, The Economic Times reported.
Half a dozen bids were in for Medley, including bids from 2-3 private equity funds. However, the pharma majors offered a higher price, in the range of $562m and have made the cut following the non-binding bid submissions.
SG-based 99 Group looking to buy Vietnamese proptech startup Propzy.
Fresh off a funding round led by Gaw Capital, Singapore-based property portal 99 Group is understood to be looking at acquisitions in Southeast Asia, which could include Vietnamese proptech startup Propzy, DealStreetAsia reported.
Prozy’s operations are broadly in line with the general strategy of 99 Group. But, any acquisition would require a detailed process and due diligence.
KKR considers sale of pub chain Australian venue.
KKR & Co has hired investment bank Jefferies to help evaluate a potential sale of Australian Venue, an owner of pubs and other entertainment venues.
The US private equity giant is keen to sound out potential buyers after two failed attempts at listing the company in Sydney, Bloomberg reported.
Hong Kong’s ESR closes $509m sustainability-linked loan.
Hong Kong-based ESR Group announced the completion of its HKD4bn ($510m) sustainability-linked loan, with a possibility to upsize it to HKD7bn ($892m), DealStreetAsia reported.
The five-year unsecured facility, with a Hong Kong Interbank Offered Rate at 1.8% plus, has a tiered incentive mechanism where ESR will be entitled to an interest reduction should the firm achieve its sustainability target. The proceeds will be leveraged on the firm’s refinancing of existing borrowings, investments, working capital and general corporate purposes.
Indian rural lending startup SarvaGram in talks to raise funds from Temasek.
SarvaGram, an Indian fintech startup focused on rural areas, is in talks with a host of investors, including Singapore’s Temasek and existing backer Elevar Equity, to raise funding as it looks to expand operations in the country.
Negotiations are at an advanced stage and if talks fructify, the deal could be closed over the next few months, DealStreetAsia reported.
Asia Digest and Sequoia launch startup expansion platform.
Tech investment firm Sequoia India & Southeast Asia has launched Pathfinders, a platform to help regional early-stage startups expand globally through its network of senior entrepreneurs.
Sequoia India & Southeast Asia has launched Pathfinders, a platform that connects early-stage founders from India and Southeast Asia with seasoned business leaders who can help them expand into new markets, with a strong focus on the US.
The support will include shaping the startups’ go-to-market strategy, landing the initial set of global customers, making key hires, and thinking through company design choices.
A 100-year-old Indian bank set to raise $100m amid curbs.
Tamilnad Mercantile, a regional Indian bank, which drew international anchor investors
including Nomura and Societe Generale for its initial public offering, is poised to raise about $100m amid various challenges it faces.
Tamilnad Mercantile Bank, whose history stretches back over a century, is considering pricing 15.84m shares at $6.38 a share, near the bottom of a marketed range. The IPO, which was oversubscribed by nearly three times, closed Wednesday, and trading is slated to start on September 15, Bloomberg reported.
The demand to invest in the Tamil Nadu-based bank hasn’t been deterred by minority shareholders’ objections and various curbs imposed on it. The lender needs permission from a high court to hold annual shareholder meetings and has been restricted by the central bank from opening new locations. Last week, minority shareholders’ appeals to halt the IPO, citing concerns about the sale, got dismissed by an agency within the country’s securities regulator.
China-focused Welkin Fund plans $300m London IPO.
Welkin China Private Equity, an investment company focused on buying stakes in private Chinese companies, is planning to seek as much as $300m in a London initial public offering, Bloomberg reported.
The newly established vehicle aims to list on the London Stock Exchange’s premium segment and expects to publish its prospectus in the coming days. It will be managed by Welkin Capital Management (Asia), a growth investment firm started by financier Johnny Kong.
General Atlantic-backed Indian eye-care chain ASG readies plan to launch IPO.
As part of the exercise, it has set up an IPO office in Mumbai with a team comprising both in-house and external persons to take stock of details such as reporting and accounting standards, among others. ASG expects to be IPO-ready by next year.
ASG Eye Hospitals is a chain of super-specialty eye hospitals serving many Cities in India. It was started by eye experts from AIIMS, New Delhi, and has its expansion in North and North East India, Rajasthan, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Jharkhand, Bihar, and Assam.
Baring PE Asia raises $11bn for eighth flagship fund.
Baring Private Equity Asia has raised about $11bn for its latest flagship fund and may announce the final close as soon as this month, DealStreetAsia reported.
The reported amount far exceeds the firm’s target of $8.5bn eighth fund. The predecessor vehicle was closed at $6.5bn in January 2020. BPEA has recently received commitments from US pension funds as well as the Canada Pension Plan Investment Board. It secured a $100m commitment from the Teachers’ Retirement System of the State of Illinois.
SC Lowy raises $450m to double down on APAC's special situations deals.
Hong Kong-based SC Lowy, a global banking and asset management group, has held the final closing of its latest direct lending fund at $350m, alongside $100m in a parallel co-investment managed account, to double down on Asia-Pacific's special situations opportunities.
SC Lowy plans to deploy the new capital commitments to the Asia-Pacific region with a focus on private lending, debtor-in-possession and rescue financing, trade claims, non-performing loans and bridge financing. SC Lowy will focus more on markets such as South Korea, Hong Kong, Australia, India and Indonesia, said the American-British law firm, DealStreetAsia reported.
SC Lowy is advised by Hogan Lovells.
Chinese VC YuanBio Venture raises $219m so far for latest fund.
Chinese life sciences and healthcare-focused venture investor YuanBio Venture Capital, also known as bioVenture, has so far raised $219m for its latest fund, DealStreetAsia reported.
The amount only include US investors' capital investment.
CREDAI, Venture Catalysts partner to set up $100m proptech fund.
In a move that is sure to disrupt India’s real estate sector, The Confederation of Real Estate Developers’ Associations of India and startup incubator Venture Catalysts have come together to set up a $100m proptech fund to invest in startups, DealStreetAsia reported.
The fund will invest in early-to growth-stage startups that have the potential to transform the real estate industry through technology, data analytics, blockchain, AI and augmented reality. It will focus on startups catering to all the major segments of real estate, including residential, commercial, institutional and industrial.
Yili Group sets up a $100m PE fund to invest overseas.
China's dairy producer Yili Group, fully known as Inner Mongolia Yili Industrial Group, has launched a $100m private equity fund to invest overseas, according to the company's filing with the Shanghai Stock Exchange.
Yili Group's fully-owned subsidiary - Hong Kong Jingang Trade Holding - will serve as the fund manager to invest $100m into the fund while YJLC GP, a subsidiary of Hong Kong Jingang Trade Holding, will serve as the limited partner.
The fund will enable Yili, one of the top five dairy products makers in the world in terms of dairy turnover, to back consumer industry-focused companies, as well as to catch up with the latest business model and products arising from the consumer sector, DealStreetAsia reported.
Taiwanese insurers Cathay Life, Fubon Hyundai Life commit $70m to PE funds.
Taiwanese insurers Cathay Life Insurance and Fubon Hyundai Life Insurance have made a total of $70m in new capital commitments to two private equity funds, DealStreetAsia reported.
Cathay Life Insurance, the insurance subsidiary of Taiwanese conglomerate Cathay Financial Holdings, has agreed to commit $50m to Blackstone Capital Partners IX.
Saudi Arabia pledges to back Indonesian soonicorns & unicorns with new joint fund.
Saudi Arabia has pledged to back later-stage startups in Indonesia through a proposed joint fund with Indonesia-focused venture capital firms as part of the Kingdom’s digital push towards a post-oil economy, DealStreetAsia reported.
The fund was mentioned during a signing ceremony between the Center of Digital Entrepreneurship at the Saudi Ministry of Communications and Information Technology and the Nexticorn Foundation held in Bali late Friday.
Macquarie Asset Management appoints private credit and asset finance head. (People)
Macquarie Asset Management has appointed Peter Glaser as Global Head of its Private Credit and Asset Finance team. The firm's private credit offering spans solutions for clients across infrastructure, real estate, and structured credit, with $11.4bn of assets under management.
Macquarie Asset Management also invests in movable transportation assets via its $1.7bn asset finance business, leasing aircraft, rotorcraft, and rail assets.
Benjamin Tan exits Tin Men Capital. (People)
Singapore-based venture capital firm Tin Men Capital, once a three-man founding team investing in early-stage B2B tech startups in Southeast Asia, is now down to two.
According to recent filings with Singapore’s Accounting Corporate and Regulatory Authority, Benjamin Tan, co-founder of Tin Men Capital, ceased to be a director for its second fund on August 17. His ordinary shares in the company were transferred to co-founders Jeremy Tan and Murli Ravi on the same day.
Tin Men’s focus is enterprise technology segments with large and growing total addressable markets in Southeast Asia.
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