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AMERICAS
Macquarie-backed Aligned Data Centers, a technology infrastructure company offering innovative, sustainable, and adaptive scale data centers and build-to-scale solutions for global hyperscale and enterprise customers, completed the acquisition of ODATA, a data center service provider that offers scalable, reliable, and flexible IT infrastructure, from Patria Investments, an asset management firm. Financial terms were not disclosed.
"Driven largely by the needs of hyperscale companies, cloud service providers, and government customers, the demand for energy-efficient and scalable infrastructure continues its upward trajectory across Latin America. Joining forces with an incumbent data center provider whose focus on strategic scale, thoughtful innovation, and sustainable design could not be better timed," Andrew Schaap, Aligned Data Centers CEO.
Aligned Data Centers was advised by Guggenheim Partners, JP Morgan, Vinson & Elkins (led by Gabriel Silva and Eamon Nolan) and 180 Marketing Communications (led by Jennifer Handshew). Financial advisors were advised by Paul Hastings. CyrusOne was advised by CMS. SDC Capital was advised by Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg). Patria Investments was advised by DH Capital, Evercore, Cuatrecasas Goncalves Pereira (led by Antonio Baena and Dèlcia Capocasale), Pinheiro Neto, Proskauer Rose and Hill+Knowlton Strategies.
Hg Capital, a private equity firm, completed an investment in GTreasury, a treasury, payments, and risk management software provider. Financial terms were not disclosed.
"This is a great moment for the team at GTreasury as it will support further product development and geographic expansion, helping us to continue innovating and bringing new products and features to an ever-growing customer base. Hg's global software specialization and deep knowledge in this area will help accelerate this strategy significantly," Renaat Ver Eecke, GTreasury CEO.
GTreasury was advised by Clement | Peterson (led by Bret Clement). Hg Capital was advised by McKinsey & Company, Ernst & Young, William Blair & Co, Skadden Arps Slate Meagher & Flom (led by Richard Youle and Blair Thetford) and Brunswick Group (led by Harry Mayfield). Mainsail Partners was advised by Guggenheim Partners and Wilson Sonsini Goodrich & Rosati (led by Todd Cleary and Rich Mullen).
Fortress, a global investment manager, and Mubadala, a sovereign wealth fund, agreed to acquire the remaining 90.01% stake in Fortress Investment from SoftBank, an investment holding company. Financial terms were not disclosed.
"Fortress is a world-leading investment manager with a proven track record of delivering superior risk-adjusted returns to its investors throughout business cycles. Over the last 20 years, they have built an incredible franchise and established themselves as a premier credit and asset investor while simultaneously growing investment strategies across a wide range of asset classes. We have a strong existing relationship with Fortress' exceptional management team, and are excited to deepen the relationship further in the years ahead based on a strong alignment of vision, while delivering even greater value to our investors," Hani Barhoush, Mubadala CEO and Managing Director.
Manulife Investment Management, a private equity firm, agreed to acquire a majority stake in Serverfarm, a data center owner and operator. Financial terms were not disclosed.
"Partnering with Manulife Investment Management, an investor that shares Serverfarm's vision for growth and customer service, will allow us to effectively address the next wave of demand from our existing and new customers. Our new relationship with Manulife Investment Management provides Serverfarm with additional expertise and new capital to execute on a number of attractive development opportunities and give our customers a long-term growth runway," Avner Papouchado, Serverfarm Founder and CEO.
Serverfarm is advised by Citigroup, TD Securities, Alston & Bird and Dentons. Manulife Investment Management is advised by TAP Advisors and Paul Weiss Rifkind Wharton & Garrison (led by Cullen Sinclair).
nVent, a provider of electrical connection and protection solutions, completed the acquisition of ECM Industries, a global manufacturer and supplier of electrical products for construction and maintenance, irrigation and landscape supply, from Sentinel Capital Partners, a private equity firm, for $1.1bn.
"I am excited to welcome the ECM team to nVent. ECM's complementary electrical power connection and grounding solutions portfolio further positions nVent with the electrification of everything. The addition of ECM is exciting, and we are confident it will deliver significant value for our customers, employees and shareholders," Beth Wozniak, nVent Chairperson and CEO.
ECM was advised by Lincoln International (led by Robert Reifman and Sean Bennis) and Robert W Baird (led by Mike Lindemann). nVent was advised by Foley & Lardner. Debt financing was provided by JP Morgan. Sentinel Capital was advised by Broadgate Consultants (led by Roland Tomforde).
Miami International Holdings, a financial exchanges and execution services provider, completed the acquisition of LedgerX, a developer of an institutional derivatives exchange platform for digital currencies, from FTX Trading, a cryptocurrency exchange and crypto hedge fund, for $50m.
"The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry. We are pleased to complete this acquisition and welcome the LedgerX team to the MIH family as we continue to execute on our strategy of operating regulated financial markets both in the US and internationally," Thomas P. Gallagher, MIH Chairman and CEO.
MIH was advised by Piper Sandler, Cleary Gottlieb Steen & Hamilton and Gallagher, Briody & Butler. FTX Trading was advised by Joele Frank.
WHP Global, an investment company, and Express, a fashion retailer, completed the acquisition of Bonobos, a menswear fashion brand, from Walmart, a supermarket operator, for $75m.
“Bonobos joined the Walmart family to expand our assortment and expertise in menswear. Since acquiring Bonobos, Walmart.com has grown from 70 million to hundreds of millions of items. After nearly six years, we’ve decided it’s the right time to sell Bonobos,” Walmart.
Tenth Avenue-backed From You Flowers, a floral ecommerce company, completed the merger with Nexus Capital-backed FTD, a floral company. Finanical terms were not disclosed.
"We are bringing together two businesses with a shared vision to deliver exceptional service to our florist members and consumers," said Chapin. "The merger will enable From You Flowers' best-in-class ecommerce operation to accelerate the growth of FTD's already impressive floral distribution network," Michael Chapin, From You Flowers Founder and CEO.
FTD was advised by Jefferies & Company and Munger Tolles & Olson. From Your Flowers was advised by Zukerman Gore Brandeis & Crossman.
KKR and L Catterton, two investors, led a $135m round in Restaurant365, an all-in-one restaurant enterprise management software provider, with participation from ICONIQ and Bessemer Venture Partners.
"R365 has achieved continuous, accelerated growth, which is a testament to our strong team who is eager to change the restaurant industry for the better. Anytime we receive funding, we recognize it as a privilege. However, the primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry. Having recently crossed exciting milestones of $100m in revenue and $1bn in value, we can't wait for what's next," Tony Smith, Restaurant365 CEO and Co-Founder.
Restaurant365 was advised by Next PR.
KeHE Distributors, a distributor of fresh, natural & organic, and specialty products in North America, agreed to acquire DPI Specialty Foods, a food distributor, from Arbor Investments, a private equity firm.
“KeHE is dedicated to being a source for good, and this expansion provides an opportunity to deliver enhanced experiences for customers, suppliers, and ultimately, consumers. This year we’re celebrating seven decades of serving and feeding America, and this acquisition continues to position KeHE as the preferred supply chain partner in North America," Deb Conklin, KeHE President & CEO.
KeHE Distributors is advised by BMO Capital Markets.
Insight Partners, a private equity firm, completed an investment in Kabal, a logistics software services provider. Financial terms were not disclosed.
"The entire Kabal team is excited to work with Insight Partners. With their long history and success of scaling software companies, we look forward to working with Insight Partners as Kabal continues solving energy industry challenges for customers across the globe," Jan Inge Pedersen, Kabal Co-Founder and CEO.
Spark Capital, a venture capital firm that invests in the consumer, commerce, fintech, software, frontier, and media sectors, led a $450m Series C round in Anthropic, an AI-driven research company that focuses on increasing the safety of large-scale AI systems, with participation from Google, Salesforce Ventures, Sound Ventures, Zoom Ventures.
"We are thrilled that these leading investors and technology companies are supporting Anthropic's mission: AI research and products that put safety at the frontier. The systems we are building are being designed to provide reliable AI services that can positively impact businesses and consumers now and in the future," Dario Amodei, Anthropic CEO.
AyurMaya Capital, a private equity firm, led a $401m Series D round in ElevateBio, a biotechnology company, with participation from Woodline, Novo Nordisk, Matrix Capital Management, The Invus Group, Emerson Collective, SoftBank Vision Fund 2, Fidelity Management & Research Company, MPM Capital, F2 Ventures, Redmile Group, EcoR1 Capital, Samsara BioCapital, Surveyor Capital, EDBI, Vertex Ventures and iTochu.
“ElevateBio has created a truly disruptive business model with integrated technologies, capabilities, and capacity for which we see accelerating need as the complexity of cell and gene therapies continues to grow. In this still-nascent industry, we believe ElevateBio is looking several steps ahead to pave the path for partners across the biopharmaceutical industry to accelerate innovation and bridge the gap between discovery and widespread delivery of cell and gene therapies as everyday medicine,” Khalil Barrage, The Invus Group Managing Director.
Pitango, a venture capital company, led a $108m Series C round in Patient21, a healthtech company, with participation from Bertelsmann Investments, Artian, Target Global, Piton Capital, PICO Venture Partners, Mario Kohle and Maria Raga.
“Dentistry inherently requires in-person consultations for comprehensive diagnosis and treatment. The nature of dentistry involves visually inspecting oral health, utilizing diagnostic tools like x-rays and addressing emergencies promptly. These aspects are best served through onsite consultations to ensure the highest standards of care," Chris Muhr, Patient21 Co-Founder and CEO.
MS Alpa Participações, a family-owned investment firm, offered to invest $67m in Alpargatas, a footwear, apparel, and sports items manufacturer.
Shares in Alpargatas, which were down roughly 40% so far this year, jumped more than 17% after the announcement.
Ryan Specialty, an international specialty insurance firm, agreed to acquire Socius Insurance, a wholesale insurance broker, from Abry Partners, an investment company. Financial terms were not disclosed.
“We are thrilled to have the high-quality Socius team join Ryan Specialty. We have known them for many years and admire their professional approach to the business, technical acumen, and phenomenal execution. We look forward to embracing these talented individuals and providing even more opportunities to them as they become a part of the RT Specialty platform," Tim Turner, Ryan Specialty President.
Private equity firms, Boyne Capital and Breakwater North completed the formation of Integral Energy Services, a renewable energy equipment manufacturer. Financial terms were not disclosed.
"We believe that IES is well-positioned to support the clean energy transition, serving a diverse set of assets across the nuclear, wind, battery storage and solar sectors. With up to $3tn of clean energy investment expected over the next decade driven by the Inflation Reduction Act, there is a clear need to bolster the current clean energy services supply chain to ensure that new and existing assets are properly constructed, maintained and optimized," Derek McDowell, Boyne Managing Partner and CEO.
Blackstone nears a $750m deal for New Tradition Media.
A fund managed by Blackstone is nearing an agreement to buy a majority stake in private billboard operator and owner New Tradition Media. A transaction would value the out-of-home advertising firm at $500m to $750m.
An announcement could come as soon as this month. Management including Chief Executive Officer Evan Richheimer and Chief Operating Officer Bret Richheimer will continue to run the company, Bloomberg reported.
FFL Partners completed the exit in ProService.
FFL Partners, a private equity firm focused on growth investments in Healthcare and Tech-Enabled Services businesses, announced it has exited its investment in ProService, a leading provider of bundled HR solutions. Financial terms were not disclosed.
"Our partnership with ProService delivered fantastic value to clients, employees, and all ProService stakeholders. We are pleased to have been able to help ProService grow their business in Hawaii, plus export their unique PEO model to other specialized markets around the country. "ProService is well positioned to pursue their next chapter of growth as the demand for outsourced HR services continues," Cas Schneller, FFL Partners Managing Partner.
GTCR closes fund XIV at $11.5bn.
GTCR, a private equity firm focused on the technology, healthcare, financial, and consumer services sectors, has held the final closing of closing of GTCR fund XIV with aggregate commitments of $11.5bn, exceeding its initial target of $9.25bn.
The fund includes total limited partner commitments of $11bn and a commitment from GTCR of approximately $500m. The predecessor fund, GTCR fund XIII, was raised and initiated in 2020 with aggregate commitments of approximately $7.9bn.
Axa Venture Partners eyes $1.6bn for new tech fund.
Venture capital fund Axa Venture Partners is looking to raise $1.6bn for a new late-stage fund that will make investments in European and North American tech startups, with a focus on businesses that expect to go public within three to four years.
The new fund will extend Axa Venture's existing range of venture, growth and funds of funds stage investment vehicles, and could potentially remain invested in portfolio companies after any IPOs.
Insight Partners raises $1.3bn for its Continuation Fund II.
Insight Partners, a private equity firm, announced the closing of its Continuation Fund II with HarbourVest Partners and Lexington Partners leading a group of limited partners investing in the fund. The transaction closed with total commitments of approximately $1.3bn.
"Insight's Continuation Fund II is a vehicle we are proud to launch, allowing us to extend our relationship with portfolio companies from earlier funds, while enabling us to provide the option of more near-term liquidity to our LPs. We are grateful for the shared conviction in the value of this portfolio with HarbourVest and Lexington and the continued commitment by a large portion of existing LPs in these specific assets. We look forward to working together to see these companies reach their fullest potential," Ian Sandler, Insight Partners Managing Director and COO.
Insight Partners was advised by Lazard and Willkie Farr and Gallagher. HarbourVest and Lexington was advised by Ropes & Gray.
QED Investors closes nearly $1bn in new funds.
Global fintech venture capital firm QED Investors has closed two new funds with combined capital commitments of $925m – Fund VIII, an oversubscribed $650m early stage fund, and Growth II, a $275m early growth-stage fund.
The new funds will allow QED to continue to invest in disruptive fintech companies in the US, the UK and Europe, Latin America, India and Southeast Asia and Africa.
Spicewood Mineral first close second fund in $120m.
Spicewood Mineral Partners, a Dallas based mineral and energy investment management firm, announced the initial closing of Spicewood Mineral Partners II, with approximately $120m in capital commitments.
"We are grateful for the continued support and confidence that our investment partners have placed in our firm. With this fund, we will continue our pursuit and growth trajectory to build a pre-eminent mineral portfolio in the most prolific basins in the country," Kyle Bebee, Spicewood Managing Partner and Co-Founder.
KKR starts private credit fund with more flexible access to cash.
KKR is seeking to raise a multi-billion-dollar direct lending fund in Europe that allows investors the option of depositing and withdrawing their cash more frequently than typical closed-ended vehicles.
The new euro-denominated fund, which primarily provides unitranche loans to European private equity-owned businesses, has a permanent capital structure, Bloomberg reported.
KKR names head of global private credit. (People)
Global investment firm KKR has appointed Dan Pietrzak as global head of private credit. Most recently, Pietrzak served as co-head of private credit alongside Matthieu Boulanger, who is leaving the company to pursue other opportunities.
KKR’s private credit business includes direct lending, junior debt and asset-based-finance strategies and has grown from $8bn at the start of 2017 to $76bn today. KKR’s broader credit business manages over $200bn of assets with a global team of approximately 190 investment professionals, including 110 dedicated to private credit.
I Squared Capital appoints global CIO. (People)
I Squared Capital, a global infrastructure investment manager, has appointed Gautam Bhandari, co-founder and managing partner, has been appointed as global chief investment officer, responsible for leading the firm’s investment strategy in close collaboration with founder, chairman and managing partner Sadek Wahba.
This new appointment is part of additional changes to the firm's management and governance structure, with Mohamed Adel El-Gazzar and Harsh Agrawal also being named as senior partners and members of the Executive Committee of the firm. The newly formed Executive Committee will lead the strategic development of the firm.
EMEA
GHO Capital, a healthcare investment company, and Partners Group, a global private markets firm, agreed to invest in Sterling Pharma, a global contract development and manufacturing organisation. Financial terms were not disclosed.
“We have achieved remarkable growth over the last four years becoming a trusted partner to the pharmaceutical and biotechnology industries. We are proud of our success in meeting the often complex and demanding manufacturing needs of our customers on an international scale. Our continued sustainable growth has been underpinned by our partnership with GHO Capital, which has been instrumental in our success to date. We are delighted to welcome Partners Group, which, alongside GHO, will support our ambitious global growth trajectory. We look forward to continuing to provide industry leading service throughout the entire product lifecycle, to an ever-expanding international customer base,” Kevin Cook, Sterling Pharma CEO.
Sterling Pharma is advised LEK Consulting, Deloitte, Jefferies & Company and Macfarlanes. Partners Group is advised by Ernst & Young, Alvarez & Marsal, PricewaterhouseCoopers and Ropes & Gray. GHO Capital is advised by Deloitte, Jefferies & Company, Kirkland & Ellis, Slaughter & May and Consilium Strategic Communications (led by Amber Fennell).
Bridgepoint, a British private investment company, agreed to acquire a majority stake in Windar Renovables, a global manufacturer of towers and foundations for onshore and offshore wind turbines. Financial terms were not disclosed.
"Bridgepoint has followed Windar Renovables' outstanding journey closely over the last five years and we are delighted to partner with Orlando Alonso and his exceptional team. Windar is a company that is at the forefront of renewable energy development, with a leading position in the manufacture of wind towers and foundations, and ideally positioned for the increasing demand for wind energy, both offshore and onshore. We are very pleased to support the company in its next expansion phase," Héctor Pérez, Bridgepoint Partner.
Windar Renovables is advised by Ernst & Young, Rothschild & Co and Garrigues. Bridgepoint is advised by KPMG, Boston Consulting Group, Citigroup and Uria Menendez. Siemens Gamesa is advised by Gomez-Acebo & Pombo.
Blackstone, an American alternative investment management company, agreed to acquire International Gemological Institute, a diamond, colored stone and jewelry certification organization, from Fosun, a Chinese multinational conglomerate holding company. Financial terms were not disclosed.
"IGI has spearheaded the certification of natural diamonds, lab-grown diamonds, and colored stones, becoming a global market leader and providing confidence to manufacturers, retailers, and consumers around the world. We are bringing the best of Blackstone to the business – our operational expertise, capabilities in technology, and global track record in building successful businesses to help the company expand its global footprint," Mukesh Mehta, Blackstone Senior Managing Director.
International Gemological Institute is advised by Deloitte, Ernst & Young, Deutsche Bank and Freshfields Bruckhaus Deringer. Blackstone is advised by KPMG, Cyril Amarchand Mangaldas and Simpson Thacher & Bartlett.
Baird Capital, a private equity fund, completed the investment in Freemarket, a fintech platform for regulated B2B cross-border payments and currency exchange. Financial terms were not disclosed.
"Alex and team have built a fantastic business. We are excited to support Freemarket's ambitious growth plans. Freemarket is a high growth business with a differentiated technology platform operating in a large and resilient global market. The business has many potential growth avenues, and we are delighted to be selected as Freemarket's investment partner." Michael Holgate, Baird Capital Partner.
Freemarket was advised by Osborne Clarke. Baird Capital was advised by Oliver Wyman, Grant Thornton, finnCap and Squire Patton Boggs.
Hillenbrand, a provider of highly engineered, mission-critical, processing equipment and systems, agreed to acquire Schenck Process' food and performance materials business, a business that specializes in the design, manufacturing, and service of feeding, filtration, baking, and material handling technologies, from Blackstone for $730m.
"With this acquisition, we further strengthen our leadership across the attractive, growing end markets of food, durable plastics and chemicals, through strong brands that enhance the breadth of our technology and service capabilities. By combining the applications and systems processing expertise of our Advanced Process Solutions segment with FPM, we will be positioned to offer greater value to our customers and drive scale benefits across manufacturing, engineering, and procurement," Kim Ryan, Hillenbrand President and CEO.
Private equity firms Eurazeo, Trocadero Capital Partners and Bpifrance completed an investment in Eowin, an IT services provider. Financial terms were not disclosed.
"After a first phase of development outside the Acolad group where Hivest provided us with valuable assistance, particularly during the acquisition of Xdemat, we are very pleased with the recognition and confidence shown by Eurazeo, TCP and Bpifrance in Eowin. They will provide us with the means for our ambitions thanks to their know-how in supporting ETIs so that we can both address the considerable challenges of the nuclear sector while being able to continue our development in other sectors of the economy," Marc Lestrade, Eowin President.
Eowin was advised by Rothschild & Co. Eurazeo was advised by Havas Paris.
QIA, a Qatar's sovereign wealth fund, led a $250m Series D round in Builder.ai, a software company, with participation from Iconiq Capital, Jungle Ventures and Insight Partners.
“Builder.ai was founded on the promise that everyone should be empowered to unlock their human potential. Today this means being able to build software to be able to do more with less. We are entering an incredible time in history where the very notion of software is changing; from something that had a shelf life of years to what will eventually have a shelf life of a conversation and the volume of what is being created is only going to grow exponentially” Sachin Dev Duggal, Builder.ai Chief Wizard and Founder.
Builder.ai was advised by Goodwin Procter.
KKR, InfraVia vie for €3bn renewable firm Akuo.
KKR and InfraVia Capital Partners are among suitors competing to buy French renewable project developer Akuo Energy, Bloomberg reported.
Antin Infrastructure Partners has also been pursuing the Paris-based company. Akuo is now asking shortlisted bidders to prepare second-round offers.
Billionaire Drahi tightens grip on BT, building stake to 25%.
Billionaire Patrick Drahi increased his stake in BT Group to 24.5%, giving him double the holding of the next-biggest investor and increasing his control over the UK telecommunications giant, Bloomberg reported.
Altice UK doesn’t intend to make an offer for all of BT, Drahi’s investment vehicle said in a statement on Tuesday, which begins a six-month commitment under UK takeover rules. Drahi added 650m shares, which is worth about £962m ($1.2bn) at the average share price over the last three months and ups his holding from 18%.
Asset manager GAM talks to Carne Group about transfer of part of business.
Asset manager GAM is in exclusive talks on the transfer of its fund management services in Luxembourg and Switzerland to Carne Group.
"Following the recent announcement of our intention to transfer the Fund Management Services business in Luxembourg and Switzerland to another provider, we are pleased to confirm that we are in exclusive discussions with the Carne Group," GAM.
Liontrust earlier this month conditionally agreed to acquire GAM in a deal that valued the company at CHF107m ($119m) and under which Liontrust would offer 0.0589 ordinary shares of Liontrust for one GAM share. Also, Swiss entrepreneur Marco Garzetti is prepared to invest CHF65m ($73m) in GAM and provide an alternative to the Liontrust offer.
Bregal Milestone closes €770m Fund II.
Bregal Milestone, a private equity firm, raised $770m to continue partnering with founders and management teams of fast growing and profitable European technology champions. Fund II, which represents a 56% increase from its predecessor fund, secured new commitments from a diverse group of investors including asset managers, family offices, fund of funds, and pension plans, and brings Milestone's assets under management to $1.4bn.
"We are extremely grateful for the support we have received during the course of this fundraise and look forward to building long-term relationships with our valued partners. We are excited about the opportunity to continue investing in a rapidly expanding and underserved European technology ecosystem, at a time when our strong track record of delivering capital efficient growth is increasingly valued by both management teams and investors. We maintain a high degree of conviction that our pan-European approach, high intensity direct sourcing strategy, and operational focus means that we are well placed to capitalise on these opportunities through pricing discipline and relative value optimisation," Cyrus Shey, Milestone's Founders and Managing Partners.
Bregal Milestone was advised by Houlihan Lokey and Goodwin Procter.
QIA set up a $275m market-making program.
The Qatar Investment Authority is setting up a $275m market-making program as the country seeks to draw more foreign investor interest and deepen its capital markets, Bloomberg reported.
The initiative will run over the next five years and offer an economic incentive by way of a rebate to lower trading costs for established market makers. The permanent program will help enhance liquidity in the market, improve price discovery, and diversify the capital markets in Qatar.
Blazehill Capital closes fund II at £250m.
Blazehill Capital, a credit opportunities debt fund providing flexible financing solutions to mid-market businesses, has held the final close of its £250m ($310m) Fund II, just two years on from the launch of its maiden fund.
With £250m ($310m) in fresh capital from global investor, InterVest Capital Partners, Fund II will build on the success of Fund I, focusing on the mid-market and providing facilities of between £5m ($6.2m) and £50m ($62m). The fund will also support the business' wider growth strategy, which aims to build a platform with in excess of £1bn ($1.2bn) in assets under management over the next five years. Blazehill provides supportive capital to companies requiring new or additional financial support, which they cannot necessarily access from traditional funding sources. It covers a range of financial transactions including acquisitions, growth capital, refinancings and recapitalizations.
Moonfire Ventures raises $115m to fund European tech startups and AI firms.
Moonfire Ventures, launched in 2020 by former Atomico co-founder Mattias Ljungman, said that it had raised $115m to invest in European startup technology firms and in the AI sector.
The fund-raising by Moonfire Ventures highlights the growth in Europe of artificial intelligence, which has led politicians around the world to examine how AI could be better regulated.
"Europe has been a leader in AI and we find our best fit is to support the next generation of founders solving some of our greatest challenges within health, work, finance and gaming," Mattias Ljungman, Moonfire Ventures Founder.
Perwyn appoints partner and head of capital formation. (People)
European private equity investor Perwyn has appointed Andrew Harrison as partner and its new head of capital formation. Harrison has over 20 years of experience, having previously served as managing director and head of EMEA private capital advisory at Greenhill & Co.
Prior to his tenure at Greenhill & Co, Harrison served as head of investor relations at Silverfleet Capital Partners, where he helped develop and oversee the firm's investor base while serving as a member of the investment, portfolio monitoring, and the ESG and valuation committees.
APAC
Brookfield India REIT, an India-based institutionally managed real estate investment trust, and GIC, a Singaporean sovereign wealth fund, agreed to acquire two commercial assets from Brookfield Asset Management, a global alternative asset manager, for $1.4bn.
"We are pleased to partner Brookfield India REIT as Brookfield is a leading market player with a strong track record in India. In addition, this marks our first joint venture with a public REIT in India and will allow us to scale up our investments through this avenue. We look forward to adding value to the assets, which are well-located within key gateway cities," Goh Chin Kiong, GIC Deputy Chief Investment Officer of Real Estate.
Brookfield India REIT is advised by Bank of America and Shardul Amarchand Mangaldas & Co. Brookfield Asset Management is advised by Morgan Stanley and Khaitan & Co.
KKR completed the $120m investment in EQuest Education Group, a private educational institution.
"This substantial investment will position CIS as the most financially robust international school system in Vietnam, ensuring long-term financial stability without compromising on the highest educational standards. This will instill strong confidence in parents seeking a holistic international education for their children," Tham My Linh, EQuest Managing Director of CIS system.
G42, an artificial intelligence and cloud computing company, led a $108m Series D round in eFishery, an agtech company, with participation from SoftBank Vision Fund II and Northstar Group.
42XFund contributed $100m to the round, while SoftBank Vision Fund II chipped in nearly $5m, per eFishery’s filings with Singapore’s Accounting and Corporate Regulatory Authority. Meanwhile, Southeast Asian private equity major Northstar Group invested $3m.
Qatar Investment Authority, the Qatar's sovereign wealth fund, and Esas Private Equity, a private equity arm of ESAS, completed an $105m investment in Insider, a marketing platform.
"Following QIA's lead in Insider's Series D round in 2022, we have been encouraged by Insider's growth strategy and resilience. We are pleased to further support the company's vision to expand. Led by our specialist technology, media, and telecoms investment team, QIA looks to partner with companies at the forefront of innovation and development. As a female-led tech unicorn, Insider is proving to be a leader in the marketing tech ecosystem," Ahmed Ali Al-Hammadi, QIA CIO of Europe.
General Atlantic, a global growth equity firm, completed a $100m investment in PhonePe, an Indian digital payments and financial services company headquartered in Bengaluru.
The investment reaffirms General Atlantic's conviction in PhonePe's business and growth potential.
GQG raises Adani stake to $3.5bn, plans to buy more.
Veteran investor Rajiv Jain's GQG Partners has raised its stake in billionaire Gautam Adani's conglomerate by about 10% and will take part in the conglomerate's future fund raising, doubling down on what he calls "the best infrastructure assets available in India", Bloomberg reported.
"Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family. We would certainly want to be partners in any of Adani Group's new offerings" Rajiv Jain, GQG CIO.
Fivetran raises $125m debt financing from Vista Credit Partners.
Fivetran, a global leader in automated data movement with a presence in India, announced raising $125m in debt financing from Vista Credit Partners, a subsidiary of US-based Vista Equity Partners, DealStreetAsia reported.
The investment will be used to support Fivetran's continued innovation and enterprise growth, bolstering its leadership position in the automated data movement market.
IFC, M&G invest in Vivriti Retail Asset Fund.
Global investment firms IFC and M&G have invested in Vivriti Asset Management’s securitisation fund Vivriti India Retail Asset Fund, which is domiciled in GIFT City IFSC. The fund, which has a target size of $250m, has raised $106m from these two investors.
The fund will generate a return of 12% in rupee terms, which translates to around 8% in dollar terms. Equity will make more than 8% return while debt will be lower. M&G Catalyst has provided equity investment for 10 years, while the IFC has extended a debt exposure for a term of four years.
“In countries like South Korea, China, Australia and the US, international participation in ABS markets is common. However, India's ABS market has predominantly relied on domestic investors. Vivriti aims to create a proof of concept by bringing in renowned global investors," Vineet Sukumar, Vivriti Asset Management Managing Director.
M&G Investments is advised by TT&A
Boyu, Hillhouse, others vie for HK-based medical device firm Quasar.
Private equity firms Boyu Capital, Hillhouse Capital and BPEA EQT are among bidders vying for Longreach Group's Hong Kong-based medical device maker Quasar.
Longreach, an Asia-focused private equity firm, is targeting a valuation of as much as $600m or more for the entire company, Reuters reported.
Potentia walks away from offer to buy Australia's Tyro Payments.
Australia's Tyro Payments has ended deal discussions with suitor Potentia Capital, after the private equity firm said it does not intend to proceed with a proposal to acquire the company. Potentia had first offered to buy Tyro for $0.84 per share in September, then improved its offer to $1.06 in December, DealStreetAsia reported.
Tyro rejected both offers, saying they undervalued the company. The company said on Monday it was disappointed that Potentia was ultimately unable to deliver a revised offer, adding that the company prospects remain strong.
A.P. Moller Capital and VinaCapital to launch a Vietnam-focused transportation and logistics infrastructure platform.
A.P. Moller Capital, a global fund manager focused on high-growth markets, and VinaCapital, Vietnam's most diversified asset manager, have established a joint platform to grow and scale investments in transportation and logistics infrastructure in Vietnam.
The partnership, which will be majority-owned by a fund managed by A.P. Moller Capital, brings together this sector expertise with the regional knowledge and expertise of VinaCapital, both leaders in their respective spheres, to build and scale a portfolio of assets that target top quartile returns in a private capital structure. Investment and other major decisions will be made jointly.
Bain targets November for Virgin Australia's $665m IPO.
Bain Capital is targeting November to relist Virgin Australia Airlines through an initial public offering that could raise about $665m, the country's largest in two years, Bloomberg reported.
The private equity owner plans to sell down about 40% of its stake in the carrier, which it rescued in a $2.5bn deal in 2020. A listing could give Virgin Australia a valuation of nearly $1.7bn. Its rival Qantas Airways has a market value of around $7.7bn.
India-focused PE firm Kedaara Capital gears up to raise over $1bn for fourth fund.
Kedaara Capital, an India-focused private equity firm, has initiated discussions to raise its fourth investment vehicle targeting a corpus of at least $1bn, DealStreetAsia reported.
The initial preparation is being done as it looks to raise the new fund. They are already talking to both foreign and domestic but the formal process will be started in a couple of months.
IDG Capital, HK's Towngas reach first close of zero-carbon fund at $713m.
A zero-carbon technology investment fund, jointly launched by IDG Capital and Hong Kong sole piped-gas supplier, Hong Kong and China Gas Company (Towngas), has raised $713m as China ramps up efforts to meet its goal of achieving carbon neutrality by 2060, DealStreetAsia reported.
The Zero-Carbon Fund, first revealed in January 2022, had a target of raising $1.4bn in total, with $713m expected for its first close. Limited partners of the fund include sovereign wealth funds, China regional governments, and government guidance funds, as well as local and international insurance companies, IDG Capital said in a Friday statement. The fund will be based in Changzhou City in eastern China Jiangsu Province to help promote local new energy growth and net-zero progress. It will connect portfolio companies with the Changzhou government for policy support. The fund invests in technological innovations that address pain points in achieving net-zero carbon emissions across various industries.
Matrix Partners India closes its fourth fund at $550m.
Matrix Partners India, an early backer of ride aggregator Ola and payments startup Razorpay, it has hit the final close of its fourth fund with over $550m in commitments.
Matrix, which floated its fourth fund in June 2022, initially planned to raise $450m. The venture capital firm had increased its fund size to $525m as it looks to ramp up investments in India’s burgeoning startup ecosystem, DealStreetAsia reported.
Hashkey Group seeks funds at $1bn valuation.
The Hong Kong-based investment firm Hashkey Group is looking to raise $100m to $200m at a valuation above $1bn.
The move comes as Hong Kong looks to push investments in the digital asset space to strengthen its reputation as a forward-looking financial hub. That reputation took a hit after years of pandemic-related slowdown and talent migration.
BEENEXT in the market to raise fifth early-stage vehicle and third accelerate fund.
Singapore-based venture capital firm BEENEXT is in the market looking to raise two new vehicles, its fifth early-stage fund and third accelerate fund. The vehicles will have a target size of around $100m each, adding that half of the investments from each fund will be earmarked for India and the rest for Southeast Asia, DealStreetAsia reported.
BEENEXT plans to rope in a diverse set of limited partners for the new funds like Japan- or US-based conglomerates. Some of the sectors it is looking at are e-commerce, fintech, healthtech, agritech, edutech and AI- and data-driven technology domains.
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