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AMERICAS
Standard General, an American hedge fund, highlighted the significant support it has received from numerous civil rights organizations, legislators, labor, and minority media groups for its $8.6bn acquisition of TEGNA, a firm that owns or operates 66 television stations in 54 markets.
Standard General reiterated that the proposed acquisition of TEGNA will yield significant public interest benefits by strengthening local broadcasting in communities across America and creating the largest minority-owned and female-led broadcast station group in US history, dramatically increasing minority broadcast ownership and diversity of viewpoints.
Standard General is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, Cooley, Fried Frank Harris Shriver & Jacobson, Pillsbury Winthrop Shaw Pittman, and Joele Frank (led by Andrew Brimmer and Jamie Moser). Debt financing is provided by RBC Capital Markets. TEGNA is advised by Evercore, Greenhill & Co, JP Morgan, Covington & Burling, Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Igor Kirman, Victor Goldfeld, and Andrew Brownstein), and FGS Global (led by George Sard). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg).
Aquarian Holdings, a diversified holding company, completed the acquisition of majority stake in Somerset Reinsurance, a provider of reinsurance solutions for asset-intensive life insurance and annuity business, from Atlas Merchant Capital, a private equity firm. Financial terms were not disclosed.
“We’re looking forward to building on the strong growth that Somerset Re experienced in 2022 with Aquarian as a partner. Having executed five new reinsurance treaties in the fourth quarter of 2022, we have tremendous momentum leading us into 2023. The Aquarian platform gives us a long-term strategic partner with exceptional asset management capabilities that perfectly complements our solutions-based approach to reinsurance,” Jeff Burt, Somerset Re Chief Executive Officer.
Thoma Bravo and Sunstone Partners completed the acquisition of UserTesting for $1.3bn.
Thoma Bravo, a software investment firm, and Sunstone Partners, a private equity firm, completed the acquisition of UserTesting, a video-based human insight company, for $1.3bn.
"We believe the combination of UserTesting and UserZoom will unlock tremendous value for our customers by further integrating and expanding the suite of research methods, testing types, and measurement options available—all while making the voice of the customer and human insight more accessible across an organization and easily integrated into their processes and workflows," Andy MacMillan, UserTesting CEO.
UserTesting was advised by Morgan Stanley, Fenwick & West (led by David Michaels), FGS Global (led by John Christiansen and Joe Berg), and Sapphire Investor Relations. Morgan Stanley was advised by Cooley (led by Jamie Leigh and Ben Beerle). Thoma Bravo was advised by Kirkland & Ellis (led by Aisha P. Lavinier). Sunstone Partners was advised by Goodwin Procter. Thoma Bravo and Sunstone Partners were advised by Jefferies & Company.
VICI Properties, a real estate investment trust, completed the acquisition of a 49.9% stake in MGM Grand Las Vegas and Mandalay from Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $2.75bn.
“VICI Properties has been an outstanding partner on these assets and we are incredibly pleased to have delivered such exceptional returns for our BREIT investors. Las Vegas continues to be a high conviction market for Blackstone," Jon Gray, Blackstone President and COO.
VICI Properties was advised by Morgan Stanley and Hogan Lovells (led by Stacey McEvoy). Blackstone was advised by Barclays, PJT Partners and Simpson Thacher & Bartlett (led by Erik Quarfordt).
Vista Equity Partners, an investment firm, agreed to acquire Duck Creek, an intelligent solutions provider, for $2.6bn.
“This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium. Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud," Michael Jackowski, Duck Creek CEO.
Industrial Growth Partners-backed APCT to acquire Advanced Circuits from Compass Diversified for $220m.
Industrial Growth Partners-backed APCT, a manufacturer of high-reliability printed circuit boards, agreed to acquire Advanced Circuits, a manufacturer of printed circuit boards serving automotive, consumer electronics, and aerospace industries, from Compass Diversified, an operator of middle-market businesses, for $220m.
"We partnered with John and Jeff Yacoub and the Advanced Circuits management team over sixteen years ago. They have been exceptional partners and friends over that period, and we are proud to have supported them as they built a true industry leader at Advanced Circuits. Our permanent capital structure and the longer holding period it afforded CODI in this partnership helped create significant value for our shareholders. APCT represents the right partner for the company in the next step of its journey, and we wish them success," Elias Sabo, Compass Diversified CEO.
Compass Diversified is advised by Jefferies & Company, Ropes & Gray, Gateway Investor Relations (led by Cody Slach), and The IGB Group. APCT is advised by Kirkland & Ellis.
Lone View Capital, a growth-oriented private equity firm investing across the technology ecosystem, completed the investment in Trend Health Partners, a provider of credit balance management and payment accuracy solutions. Financial terms were not disclosed.
"We are thrilled to partner with Lone View Capital on our mission to deliver value to both payers and providers by reducing reimbursement and administrative costs. Lone View brings deep industry and operational expertise as well as an appreciation for the unique employee ownership culture we've created at Trend," Jeff Donnelly, Trend Founder and CEO.
Trend was advised by Cain Brothers and Gebhardt & Smith. Lone View Capital was advised by William Blair & Co, Paul Weiss Rifkind Wharton & Garrison (led by Jeremy M. Veit and Austin Pollet) and Edelman.
Qatar Investment Authority, a sovereign wealth fund, completed the acquisition of a minority stake in Advanced Integration Technology, a manufacturer of automated tooling and equipment intended for the global aerospace, defense and space launch vehicle industries, from Onex, an investment company. Financial terms were not disclosed.
“QIA is among the world’s most sophisticated investors. We’ve been deliberate in our choice of partner and are excited for this next chapter in our history. AIT is emerging from the pandemic with the highest quality contracted backlog in its history. Our ability to attract high quality investors is testament to the critical role automation technology is playing in restoring factory production rates, easing cost pressures and enabling industry product launches after a two-year pandemic disruption," Ed Chalupa, AIT Founder, Chairman and CEO.
AIT was advised by Citigroup, Morgan Stanley, Fried Frank Harris Shriver & Jacobson and White & Case. QIA was advised by Sullivan & Cromwell.
InTandem Capital Partners, a private equity firm, completed the investment in HouseWorks, a private-pay home care company. Financial terms were not disclosed.
“We are thrilled to be partnering with InTandem Capital and their experienced team. We searched to find a partner who is aligned with our mission to deliver the highest quality of care and has a passion for achieving a meaningful impact in patients’ lives each and every day—and we found that in InTandem Capital. The Firm brings a wealth of industry expertise that will enable us to drive innovation and continue our growth strategy,” Mike Trigilio, HouseWorks CEO.
HouseWorks was advised by SVB Securities and Mintz Levin. InTandem Capital Partners was advised by Edgemont Partners, Goodwin Procter and FGS Global (led by Robin Weinberg).
Golden Gate Capital, a private equity firm, completed an investment in Parallel Advisors, a wealth management firm. Financial terms were not disclosed.
“Parallel has demonstrated an impressive trajectory of both organic and inorganic growth, underscored by a holistic platform approach and full array of wealth services offerings. We believe the firm is well-positioned to continue this momentum through the execution of its strategic plan, which includes a significant increase in organic growth as well as further M&A activity, and are thrilled to support C.J. and the rest of the Parallel management team on these initiatives in the coming years,” Dan Haspel, Golden Gate Capital Managing Director.
Parallel Advisors was advised by Republic Capital Group, Alston & Bird and Riezman Berger. Golden Gate was advised by Paul Weiss Rifkind Wharton & Garrison (led by Jeremy Veit) and FGS Global (led by David Isaacs).
Nassau Financial Group, a growth-focused and digitally-enabled financial services company, completed the acquisition of Angel Island Capital, a specialty credit investment firm, from Golden Gate Capital, a San Francisco-based private equity investment firm. Financial terms were not disclosed.
"This transaction significantly strengthens Nassau's financial profile, adding an incremental $300m in capital and third-party fee earning AUM, in support of our growth plans. AIC has established itself as a differentiated credit manager with a strong performance track record and talented team. We are excited to welcome the AIC team to the Nassau family and appreciate Golden Gate Capital's continued support and long-term commitment to expanding the Nassau platform," Phil Gass, Nassau Chairman and CEO.
OceanSound Partners, a growth-oriented private equity firm, completed the investment in Gannett Fleming, an engineering and infrastructure solutions provider. Financial terms were not disclosed.
"The need for sustainable infrastructure optimizing total lifecycle cost of ownership is becoming more urgent as climate change accelerates and decades of underinvestment in critical infrastructure accumulates. Gannett Fleming has differentiated technology-enabled solutions spanning transportation, electrification, and water management that make them well-positioned to capitalize on growth of the infrastructure services market," Joe Benavides, OceanSound Managing Partner.
Gannett Fleming is advised by Houlihan Lokey and Holland & Knight. OceanSound is advised by Skadden Arps Slate Meagher & Flom (led by Kenneth Wolff and Brett Fleisher) and Stanton PRM (led by Charlyn Lusk).
HKW, a middle-market private equity firm, completed the acquisition of CMIT Solutions, an IT services firm. Financial terms were not disclosed.
“HKW shares our goal of accelerating our company’s growth while creating more value for our clients. Their expertise and support will be instrumental as we achieve the next phase of our maturity through new initiatives in marketing, sales, and operations, including adding centralized fulfillment capabilities," Roger Lewis, CMIT CEO.
CMIT Solutions was advised by Cowen & Company and Revenue Rocket. HKW was advised by Taft Stettinius & Hollister. Debt financing was provided by LBC Credit Partners.
CrowdOut Capital, an Austin-based investment firm, agreed to acquire Sourceability, a distributor of electronic components, from Zollner Elektronik, a provider of electronic manufacturing services. Financial terms were not disclosed.
"I could not think of a better inaugural investment for our newly launched long-term private equity fund. Sourceability has transformed electronic component distribution and has experienced extraordinary growth. We are thrilled to partner with and support Jens and the management team on the purchase of the Company. The entire Sourceability team continues to push the envelope in the development of software products designed to improve the user experience for their clients," Alexander Schoenbaum, CrowdOut Co-Founder & CEO.
Sourceability is advised by Team Lewis (led by Katie Jacobs). CrowdOut Capital is advised by Norton Rose Fulbright. Zollner is advised by Whitman Breed Abbott & Morgan and KPMG.
Align Capital Partners, a growth-oriented private equity firm, completed the investment in Cleartelligence, a data engineering and analytics consulting firm. Financial terms were not disclosed.
"Cleartelligence has built a highly respected firm in its markets and ACP is excited to invest in the continued expansion of the Cleartelligence team and service offering. Together with management, we will also be pursuing strategic add-on acquisitions to expand the Company's reach and better serve its customers," Jack Parks, ACP Partner.
Cleartelligence is advised by Equiteq and Fox Rothschild. ACP is advised by McGuireWoods.
Symphony Technology Group, a private equity firm, agreed to acquire SAI360, a provider of risk management software and online learning products, from BPEA EQT, a private equity firm. Financial terms were not disclosed.
"We are proud of SAI360's transformation into a global leader in GRC software and would like to thank CEO Peter Granat and the SAI360 team for their contributions along the way. We are excited to see the next stage of the company's growth following the strategic developments that took place under our ownership," Nicholas Macksey, BPEA EQT Partner.
BPEA EQT is advised by Deloitte, Evercore and Allen & Overy.
NOVA Infrastructure, an infrastructure investment firm, completed the acquisition of ATS Logistics, a provider of transportation and warehousing services. Financial terms were not disclosed.
“ATS is an essential component of the Port of Charleston’s supply chain and import/export activity. Combining the talented ATS team with Harbor Logistics brings additional operating expertise and complementary customer relationships to a strategically located port market with structural tailwinds," Allison Kingsley, NOVA Infrastructure Founder and Partner.
NOVA Infrastructure was advised by Jones Day (led by Tom Devaney), Scudder Law Firm, and Sloane & Company (led by Zef Vataj).
Targa Resources, a provider of midstream services, completed the acquisition of a 25% stake in Grand Prix NGL Pipeline from Blackstone Energy Partners, an energy-focused private equity firm, for $1.05bn.
"The performance of our Grand Prix NGL Pipeline has exceeded expectations since it began full operations in the third quarter of 2019, integrating our leading NGL supply aggregation position in the Permian Basin to key demand markets in Mont Belvieu and along the US Gulf Coast. Our business has strong momentum for 2023, and this acquisition further simplifies Targa while also increasing our fee-based margin and providing additional cash flow stability," Matt Meloy, Targa CEO.
Targa Resources was advised by Truist Securities and Vinson & Elkins (led by Benji Barron).
DIF Capital Partners, an independent infrastructure equity fund manager, agreed to acquire Tonaquint, a data center provider in the Mountain West region in the United States. Financial terms were not disclosed.
"Working with the DIF team has been such a great experience. A very experienced team and a good strategic fit as they will be able to help our management team grow Tonaquint as we have envisioned in our overall business strategy. Our goals still remain the same: provide our customers with the best infrastructure and match it with the best client experience. That's who we are," Matt Hamlin, Tonaquint CEO.
Tonaquint is advised by Bank Street Group. DIF Capital is advised by Agentis Capital.
The Column Group, a venture capital firm, led a $100m Series C round in Synthekine, an engineered cytokine therapeutics company.
“Synthekine has made significant progress since our founding in 2019. We have advanced our alpha/beta-biased IL-2 partial agonist, STK-012, into the clinic, developed a novel cytokine approach to empower CAR-Ts and other adoptive cell therapies, matured our three distinct cytokine engineering platforms, and secured our first pharmaceutical partnership through a deal with Merck. We are thankful for the support from these elite healthcare investors, which enables us to pursue our bold vision of advancing novel cytokine science to benefit patients with debilitating cancers and inflammatory diseases," Debanjan Ray, Synthekine CEO.
Synthekine was advised by Evoke Canale (led by Will Zasadny).
Cressey & Company, a private investment firm, and Health Enterprise Partners, a healthcare-focused investment firm, completed the acquisition of The InterMed Group. Financial terms were not disclosed.
"The Cressey and HEP teams will help us further our mission as a trusted provider to our clients and serve an even greater number of healthcare providers with leading-edge, cost-effective health technology products and equipment maintenance solutions. Cressey and HEP are ideal partners for our next phase of growth with extensive track records of investing in many of the country's leading healthcare services and technology companies. We look forward to what's next, particularly in terms of the enhanced benefits we'll be able to provide our clients," Rick Staab, InterMed CEO.
The InterMed Group was advised by Harris Williams & Co (led by Andy Dixon).
One Equity Partners completed the acquisition of a majority stake in Mythics from Emergent.
One Equity Partners, an investment firm, completed the acquisition of a majority stake in Mythics, an IT services provider, from Emergent, a public sector-focused IT services firm. Financial terms were not disclosed.
"We are excited to partner with the founders and management team of MEG to help accelerate the company's growth and enable MEG to enhance its position with transformational acquisitions. As a key provider of cloud-based solutions to federal and SLED customers, we expect MEG to be an important participant in the public sector's shift to next generation technologies," Carlo Padovano, One Equity Partners Managing Director.
One Equity Partners was advised by Stanton PRM.
Nomura Strategic Ventures, an investment firm, agreed to invest in Percent, a loan marketplace. Financial terms were not disclosed.
“Our strategic initiatives will help unlock the potential of the platform that we have built thus far and help realize our long term vision to modernize private credit markets. Prior to Percent, transaction parties relied on antiquated systems and disjointed processes to manage the lifecycle of a private credit deal,” Nelson Chu, Percent Founder and CEO.
Percent is advised by Caliber Corporate Advisers.
Canada Pension Plan Investment Board, a global investment management organization, led a $175m Series B round in Asimov, the synthetic biology company building tools to design living systems, with participation from Fidelity Management & Research Company, KDT, Casdin Capital, Pillar, Andreessen Horowitz and Horizons Ventures.
"The field of engineered medicines is advancing rapidly. A wave of therapeutics that used to be the stuff of science fiction is now reaching patients. But the technology to design and manufacture these drugs hasn't kept up. At Asimov we're integrating synthetic biology and computer-aided design to address the challenges of high manufacturing costs, drug quality, and scalability. We're energized to partner with such an acclaimed set of investors that shares our vision," Alec Nielsen, Asimov CEO.
Triwise Capital, an investment firm, led a $131m in Series B round in Immune-Onc Therapeutics, a clinical-stage cancer immunotherapy company, with participation from Proxima Ventures and Wuxi Biologics.
"Immune-Onc had an incredible year of growth and development with two myeloid-checkpoint inhibitor programs progressing in the clinic in the US and China for multiple types of cancer where great unmet needs remain. We are confident in the long-term growth prospects for Immune-Onc and believe that our progress this past year provides a compelling foundation for continued success in 2023," Charlene Liao, Immune-Onc Founder and CEO.
GV and Geodesic Capital led a $115m Series C round in Chronosphere, the only cloud-native observability platform that puts engineering organizations back in control by taming rampant data growth and cloud-native complexity, with participation from Addition, Founders Fund, General Atlantic, Greylock, Glynn Capital, and Lux Capital.
"In a cloud-native world where businesses are looking for both efficiency and effectiveness, there's a dire need for organizations to get observability right. Chronosphere has cracked the code to tame the data deluge in complex environments and provides better tools that quickly sift through the most meaningful data for better customer experiences and business outcomes," Sangeen Zeb, GV Partner.
Novo, Catalio Capital Management and SymBiosis led a $100m Series B extension round in Metagenomi, a genetic medicines company with a versatile portfolio of wholly owned, next-generation gene editing systems.
"At Novo Holdings, our purpose is to improve people's health and the sustainability of society and the planet. Metagenomi continues to display an impressive track record of rapidly developing novel gene editing systems and advancing them through preclinical validation," Ray Camahort, Novo Partner.
Mubadala Investment Company, an Abu Dhabi sovereign investor, agreed to invest in Resilience, a technology-focused manufacturing company dedicated to broadening access to complex medicines. Financial terms were not disclosed.
"We are excited to expand the footprint of our Resilience manufacturing network outside of North America. This is a significant milestone, not just for our company but also for our nation. We look forward to working alongside America's allies in the region to ensure that trusted, cutting-edge biopharmaceutical manufacturing capacity is available to support local, regional, and global economies," Rahul Singhvi, Resilience CEO.
Advisor360, an integrated technology platform, completed the acquisition of wealth management technology assets of Agrement Express, a technology solutions provider, from Frontier Growth, a private equity firm. Financial terms were not disclosed.
“Advisor360° gives wealth managers technology solutions that transform the way they connect with clients, which is why this transaction was a perfect fit. 2022 was a year of strong organic growth for Advisor360°. With our first acquisition completed, we’re not slowing down: the Agreement Express transaction meaningfully accelerates our ability to offer expanded choice and connectivity on our platform and we’ll continue to raise the bar in 2023 and beyond,” Rich Napolitano, Advisor360 Chief Executive Officer.
Ad Populum, an advertising agency, completed the acquisition of Enesco, a designer and wholesaler of gifts, from Balmoral Funds, a private equity fund. Financial terms were not disclosed.
“This sale further strengthens the future for Enesco, our artist partners, our thousands of independent retailers, and our valued end consumers. The winning combination of Enesco’s world class brands coupled with Ad Populum’s brands, intellectual property, and growth assets lay the foundation for another 50+ years where Enesco remains the Company for “bringing joy every day,” Todd Mavis, Enesco CEO.
Arlington Capital Partners, a private equity firm, completed the acquisition of avian vaccine services business of Charles River Laboratories, a pharmaceutical company. Financial terms were not disclosed.
“Identifying and investing behind mission-critical inputs within the biologic manufacturing end market has long been an area of focus for Arlington. Over its 60+ year history, AVS Bio has established itself as the global leader in its market with an extensive domestic manufacturing footprint and an unmatched reputation for quality, biosecurity, and reliability. We are eager to partner with current management to not only establish the Company as a standalone entity, but also capture the opportunities we have collectively identified to produce additional growth through both new product development and strategic acquisitions," Malcolm Little, Arlington Partner.
Lone Star in talks to acquire Titan for $2bn.
Lone Star Funds, a private equity firm, has held buyout talks with the owners of Titan Acquisition Holdings that could value the military contractor at about $2bn.
Lone Star has held talks with lenders about financing for an acquisition. While Lone Star is among the groups circling Titan, a final agreement hasn’t been reached and the owners could elect to keep the business or sell to another party.
Titan’s owners, Carlyle Group and Stellex Capital Management, have been working with an adviser to examine strategic options for the company, including a sale, Bloomberg reported.
KKR commits additional $1.15bn to aircraft leasing.
KKR is making an additional $1.15bn commitment to expand its global portfolio of leased commercial aircraft in partnership with Altavair. The investment will come from KKR’s credit and infrastructure funds.
KKR has deployed and committed $1.7bn of capital into aircraft deals since forming a partnership with Altavair and acquiring an interest in the company in 2018. The partnership has acquired more than 90 commercial and freighter aircraft through a variety of transactions, including lessor trades, airline direct used and new delivery sale leasebacks, structured transactions and passenger-to-freight conversions, and has successfully leased more than 75% of the portfolio to tier-one airlines and operators around the world.
Univar Solutions draws interest from Apollo, Platinum.
US chemical distributor Univar Solutions has attracted interest from potential bidders including Apollo Global Management and Platinum Equity.
The private equity firms have been studying the business. Suitors are holdings talks with Univar management, Bloomberg reported.
Elliott snaps up risky 12% dividend debt in latest credit move.
Elliott Investment Management has scooped up several struggling buyout loans in the past few months, and now it’s also turning its eye to risky debt offerings that pay sponsors chunky payouts.
In late December, the investment firm bought significantly more than half of a $415m leveraged loan by McAfee Enterprise with a 12% coupon that paid private equity sponsor Symphony Technology Group a large dividend, Bloomberg reported.
US VC funding cools from 2021.
Funding for US startups fell by one-third from their peak in 2021, despite record amounts of capital raised by new and existing venture funds. Private venture-backed companies raised a total of $238.3bn last year, 31% lower than the record of $344.7bn in 2021, Reuters reported.
"VCs didn’t want to price a falling knives situation so things came to a near-screeching halt. No one wants to lean in when they aren’t sure how far the bottom is," Pegah Ebrahimi, FPV Ventures Co-Founder.
Blue Owl Capital closed a $12.9bn fund.
Blue Owl Capital, a direct lending and capital solutions provider, announced the final closing of Dyal Capital Partners V with $12.9bn of committed capital. Fund V closed on December 30 and was almost $4bn larger than the team's previous fund, Dyal Capital Partners IV.
Fund V's objective is to provide passive, minority equity capital primarily for building GP balance sheets that enable leading firms to invest more capital alongside their investors. Fund V expects to invest in approximately 20 private equity firms diversified by asset class, strategy, and geography.
"The strong investor support for Fund V underscores the attractiveness that a GP Capital Solutions investment can provide to investors during times of economic uncertainty. With over $2tn of dry powder across the private equity industry and a leading group of GPs already in the Fund V portfolio, we are incredibly optimistic that we will drive value for both our investors and the general partners," Michael Rees, Blue Owl Co-Founder and Co-President.
Blue Owl Capital was advised by Fried Frank Harris Shriver & Jacobson.
TSG Consumer Partners closes TSG9 with $6bn capital commitments.
TSG Consumer Partners, a private equity firm, announced the final closing of its ninth fund, TSG9, with $6bn of capital commitments.
"We are grateful for the support and confidence from our long-standing investors as well as our new limited partners. We see continued and significant investment opportunities in the market as we focus on higher-growth businesses that address consumer needs in innovative ways. Our investment team and operating group are equipped to add substantial value post-investment as we work to support our management teams and maximize equity returns," Chuck Esserman, TSG Consumer Partners CEO and Founder.
Ares Management closes fund V at $5bn.
Ares Management, a global alternative investment manager, announced the final closing of its Infrastructure Debt Fund V, which is focused on making subordinated investments across the digital, utilities, renewables, energy and transportation sectors, at approximately $5bn, including General Partner commitments and related transaction vehicles.
"We appreciated the strong support and interest from our existing and new investors in IDF V. Our investors' confidence and trust reflects the strength of the Ares Infrastructure Debt strategy, which is backed by our global team with a long track record supported by the increasing capital demands for infrastructure debt," Patrick Trears, Ares Partner and Global Head of Infrastructure Debt.
Khosla Ventures wants to raise $3bn.
Khosla Ventures, an American venture capital firm founded by Vinod Khosla, said in regulatory filings it plans to raise $3bn across three new funds.
Khosla Ventures plans to raise $1.5bn for its eighth flagship fund, $1bn for its second opportunities fund and $400m for its latest seed fund.
Dextra Partners announces formation with $2.5bn of investable capital.
Dextra Partners announced its formation as an independent, multi-strategy investment firm focused on providing investors with differentiated middle market private equity opportunities.
Headquartered in New York, the firm has been established with $2.5bn of investable capital in vehicles managed by Dextra from a select group of strategic partners. Dextra’s six Founding Partners, who own a controlling interest in the firm, represent nearly 150 years of collective investment experience across primary fund commitments, secondaries, private debt, structured capital, equity-co-investment, and GP seeding/staking.
Goldman Sachs raises $1.6bn private capital for climate fund.
Goldman Sachs Asset Management, the fund arm of Goldman Sachs, said it had raised $1.6bn for its first private equity fund focused on investing in companies providing climate and environmental solutions.
The final close of GSAM's Horizon Environment & Climate Solutions I comes as investors increasingly turn their attention to companies that can help in the world's fight against global warming.
CalPERS commits $1bn to PE startups.
CalPERS has made a $1bn commitment aimed at identifying and supporting the next generation of investor entrepreneurs in the private markets sector.
CalPERS will partner with two of its long-standing asset managers, TPG and GCM Grosvenor Elevate, with each firm receiving a $500m allocation from the pension fund.
Andros Capital Partners closes second energy fund at $750m.
Andros Capital Partners, a private equity firm, announced the closing of its second investment fund Andros Energy Capital at its $750m hard cap.
“We are extremely grateful for the continued support and confidence that our investors and partners have placed in our firm. Our team continues to source and execute on compelling investment opportunities during this period of fundamental macro dislocation in global energy markets caused by the rapid recovery of hydrocarbon demand and continued global underinvestment," Phillip A. Gayle, Andros Founder and Managing Partner.
Andros is advised by Gibson Dunn & Crutcher.
Shoreline raises $450m for the second private equity fund.
Shoreline Equity Partners, a purpose-driven lower middle market private equity firm, announced the close of its second private equity fund, Shoreline Equity Partners Fund II, which reached hard cap of $450m.
"We are very grateful to all of our limited partners for their continued support as well as the hard work put in by our growing team at Shoreline. We do not take lightly the trust our blue-chip partners have placed in us in an incredibly difficult fundraising environment. The overwhelming interest in SEP II further solidifies the value in our approach and strength of the team we have built," Mike Hand, Shoreline Managing Partner.
Cresset Partners launches private credit fund.
Cresset Partners launched the Cresset Partners Private Credit Fund, an evergreen vehicle that will invest in a diversified portfolio of private senior secured loans, among other private credit opportunities.
"We are incredibly excited about our private credit fund offering. The demand for private credit continues to grow, driven by the attractive merits of direct lending for both borrowers and investors who lend to private companies. This growing, $1tn asset class represents a significant opportunity for our investors. Cresset has utilized our significant scale, along with our deep industry relationships and strong reputation, to provide investors with an institutional-quality solution to invest in private credit," Kevin O'Donnell, Cresset Executive Managing Director.
Blackstone’s Spasov Departs, joining a slew of hedge fund exits. (People)
Blackstone managing director Vlado Spasov has left the alternative asset manager, the latest in a slew of departures from its hedge fund arm.
The London-based executive was part of the New York-based firm’s hedge fund solutions group, focusing on special situations including through its Blackstone Strategic Opportunity Fund.
Blackstone appoints global head of private credit strategies. (People)
Blackstone has promoted Brad Marshall, senior managing director, to the new role of global head of private credit strategies, after nearly two decades with the firm.
The report cites Blackstone spokesperson Kate Holderness as confirming the appointment along with the addition of Jonathan Bock who has joined as co-CEO of the firm's two business development companies, Blackstone Private Credit Fund and the Blackstone Secured Lending Fund.
Alberta Investment hires ex-goldman banker David Scudellari as foreign chief. (People)
Alberta Investment Management hired David Scudellari as head of international investment and to lead a credit partnership with another large Canadian pension fund.
Scudellari will oversee foreign expansion, credit and private debt, and management of key external relationships. He’ll also act as vice-chair of Aimco’s investment committee.
EMEA
Triton, a private equity firm, offered to acquire Caverion, a provider of technical solutions for buildings and industries, for $1.2bn. Crayfish Bidco proposes to acquire all issued and outstanding shares in Caverion Corporation at an offer price of $8.46 per share, representing a 14.3% premium.
The Board of Directors will consider Crayfish Bidco's offer from the point of view of Caverion and its shareholders. The tender offer announced by North Holdings 3 continues to be valid in accordance with its terms as set out in the tender offer document dated November 24, 2022.
Triton is advised by Danske Bank, Deutsche Bank, Avance, and Tekir. Debt financing is provided by DNB Bank, Danske Bank, Deutsche Bank, JP Morgan, OP Corporate Bank, and Swedbank. Caverion is advised by Bank of America and Castren & Snellman (led by Thomas Landell and Janne Lauha).
FSN Capital, a Northern European private equity investment firm, and Verdane, a specialist growth equity investment firm, agreed to invest €135m in Polytech, a wind turbines company.
“As wind turbines are growing bigger and more complex, there is a need for more sophisticated solutions to enhance and protect these assets. Through strategic partnerships, we support our customers in ensuring that their wind turbines withstand a lifetime of more than 35 years with optimized energy production in a harsh environment. The partnership between FSN and Verdane reinforces our ambitions of being on the forefront of technology development and further international growth within the wind industry,” Mads Kirkegaard, Polytech CEO.
Bregal Sagemount, a growth-focused private capital firm, agreed to invest in CGE Partners-backed Enhesa, a provider of regulatory and sustainability intelligence worldwide. Financial terms were not disclosed.
"We are thrilled to be partnering with Sagemount as we enter our next stage of growth. With their and CGE's support and deep industry expertise, we believe we are well-positioned to further invest in our current offerings as well as accelerate new content coverage, use cases, and customer verticals," Peter Schramme, Enhesa CEO.
Bregal Sagemount is advised by Raymond James (led by Laura Maddison), Goodwin Procter and BackBay Communications. Enhesa and CGE Partners are advised by J. Roderick Public Relations (led by John Roderick), Houlihan Lokey and Travers Smith (led by Ian Keefe).
Apex Group completed the acquisition of Pacific Fund Systems from Pollen Street.
Apex Group, a global financial services provider, completed the acquisition of Pacific Fund Systems, an international fund administration software business, from Pollen Street, a private equity firm. Financial terms were not disclosed.
"Through a combination of partnerships with award-winning technology providers, as well as our own market-leading platforms, we deliver high-quality solutions to asset managers globally. PFS-PAXUS is a proven global technology solution for the funds industry that enables our clients and third parties to automate all fund administration components on a single platform. Bringing PFS-PAXUS into the Group will help us to continue exceeding client expectations by delivering a single-source solution which improves administrative efficiencies, implements essential controls, and manages our clients' operational risk," Peter Hughes, Apex Group Founder and CEO.
Apex Group was advised by Alvarez & Marsal, Deutsche Bank and Kirkland & Ellis (led by Chris Connolly and David Higgins). Pacific Fund Systems was advised by Arma Partners and Proskauer Rose.
Carlyle to acquire a majority stake in Groupe Lacour.
Carlyle, a global investment firm, agreed to acquire a majority stake in Groupe Lacour, a French software provider for the automotive after-sales value chain. Financial terms were not disclosed.
"Lacour has a range of outstanding software products and deep customer relationships, and we believe it is well-positioned to capture this growth opportunity in France and across Europe. With Carlyle's experience in the automotive sector and in software and our track record of growing and internationalizing high-quality, independent European businesses, we believe the opportunity to partner with Angelo Maida and the team in a primary deal of this nature is perfectly suited to CETP's expertise," Cyril Bourdarot, Carlyle Managing Director.
Groupe Lacour is advised by Alvarez & Marsal (led by Jonathan Gibbons), Natixis Partners (led by Pierre Ruaud), and McDermott Will & Emery (led by Gregoire Andrieux). Carlyle is advised by Shearman & Sterling (led by Xavier Norlain, Matthieu Lampel, and Maud Manon).
Inflexion, a mid-market private equity firm, completed the investment in Proteros biostructures, a contract research organization focused on early-stage drug discovery. Financial terms were not disclosed.
"I am excited to have Inflexion on board as a partner. Their track record in backing innovative businesses combined with their operational experience within all areas of rapidly growing companies gives me great conviction they are well placed to support Proteros in its further growth trajectory," Torsten Neuefeind, Proteros Founder and CEO.
Proteros biostructures was advised by Houlihan Lokey, Hengeler Mueller (led by Daniel Moritz), and MC Services (led by Katja Arnold).
Alpha Dhabi, a business conglomerate and Mubadala, a private equity firm, agreed to form a joint venture to invest $2.5bn over next five years.
“We have continued to assess the private credit market asset class recently with a keen interest, particularly given the current global market environment. We are proud to partner with Mubadala and Apollo – both of which are renowned in this space – to address the global market need for alternative forms of liquidity and credit. The asset class provides further diversification to our portfolio and attractive risk adjusted returns," Hamad Salem Al Ameri, Alpha Dhabi CEO and Managing Director.
Korian completed the acquisition of Grupo 5 from Corpfin Capital.
Korian, a European care and support services group, completed the acquisition of Grupo 5, a mental health and brain damage rehabilitation manager, from Corpfin Capital, a private equity and venture capital firm. Financial terms were not disclosed.
"This acquisition allows the group to significantly reinforce its presence in Spain through the integration of a recognized network dedicated to specialized care and mental health, very complementary to the activities we have developed in geriatrics and in mental health. It is in line with the Group's strategy of developing proximity healthcare services to meet the growing needs of care in relation to chronic diseases," Sophie Boissard, Korian CEO.
Korian was advised by Brunswick Group. Corpfin Capital was advised by AZ Capital.
Five Arrows and Synova-backed Mintec, a global provider of price data, analytics, and forecasts for agri-food, completed the acquisition of AgriBriefing, a source of agribusiness intelligence, from Horizon Capital, a private equity firm. Financial terms were not disclosed.
"We are delighted that AgriBriefing has joined Mintec on this exciting journey. All of our combined customers can now further optimize their business strategy with access to even more robust and reliable price data and analytics for the key commodities they buy, sell, and consume. By combining the extensive range of unique data and market intelligence available, we will be offering access to the most comprehensive solution and resource for businesses to navigate the global pressures impacting their costs and overall profitability," Spencer Wicks, Mintec CEO.
AgriBriefing was advised by Houlihan Lokey and CMS.
Sofinnova Partners, an independent venture capital firm, led a $138m Series C funding round in Amolyt Pharma, a global company specialized in developing therapeutic peptides for rare endocrine and related diseases, with participation from ICG, Tekla Capital, CTI Life Sciences, Andera Partners, Novo Ventures, Kurma Partners, EQT, Bpifrance Investissement, Sectoral Asset Management, Pontifax, Orbimed, Mass General Brigham Ventures, ATEM, Credit Agricole and Turenne Capital.
"We are very pleased to complete this large Series C financing, which will enable us to build on our momentum with eneboparatide and accelerate the growth of Amolyt Pharma and its pipeline globally. We are thankful to Sofinnova Partners and ICG for co-leading this financing round and to all our new and existing investors for their confidence in our team and for their support of our strategy to build a global and sustainable rare disease company. This investment will allow us to continue working tirelessly on bringing novel, life-changing treatments to patients with rare endocrine and related diseases," Thierry Abribat, Amolyt Pharma Founder and CEO.
Amolyt Pharma was advised by LifeSci Public Relations (led by Ashley Robinson).
Rivean Capital, a European private equity investor in mid-market transactions, agreed to acquire CED, a full-service claims management service provider, from BlackFin Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are proud of the partnership with BlackFin and the growth we have achieved together and would like to thank the BlackFin team for their support over the past years. We look forward to continuing this growth together with Rivean. The best customer experience and the development of our employees are conditional in this respect," François Goffinet, CED Group CEO.
BlackFin Capital Partners is advised by JP Morgan.
Bencis, an investment company, completed the acquisition of Heytex Group, a functional technical textiles manufacturer, from Deutsche Beteiligungs, a private equity company. Financial terms were not disclosed.
Heytex Group is a global leading manufacturer of engineered technical textiles offering customers a differentiated combination of materials, application expertise, coating technology and global manufacturing capabilities. The Company employs a range of coating technologies, including knife coating and calendaring, as well as a variety of lamination techniques to produce its products.
Marlin Equity Partners, a global investment firm, completed the investment in CTS, a software provider for Google Workspace and M365. Financial terms were not disclosed.
"We believe CTS is well-positioned to capitalize on the momentum behind Google Cloud Platform, one of the fastest-growing public cloud platforms. We see growing demand for our leading professional and managed services capabilities across the sectors and regions we serve. We are delighted to join Marlin, who brings a wealth of operational expertise and domain knowledge to our team, while continuing our relationship with NorthEdge. With their shared vision and support, we look forward to further strengthening CTS's position in the European market and continuing to invest in CloudM," Tom Ray, Cloud Technology Solutions Group CEO.
CTS was advised by Arma Partners.
TPG, a private equity firm, led a $230m Series D funding round in Enpal, a company that provides solar panels, with participation from Westly Group, Activate Capital, HV Capital, European Investment Bank, SoftBank Vision Fund 2 Capital, and Princeville Capital.
"Fighting climate change is the greatest challenge of the 21st century. We want to help tackle this global issue by putting solar panels on every roof, a battery into every home, and an electric vehicle with a charger in front of every door. We are thrilled to have high-profile global cleantech investors on board to support our mission to make clean energy simple, affordable, and accessible for every household. By joining forces, we can multiply our efforts to reduce carbon emissions, and we will pave the way towards a more sustainable society," Mario Kohle, Enpal Founder and CEO.
Aioi Nissay Dowa and ENEOS Innovation Partners led a $140m Series C funding round in Oxbotica.
Aioi Nissay Dowa, an automobile insurance provider, and ENEOS Innovation Partners, a corporate venture capital firm, led a $140m Series C funding round in Oxbotica, a provider of autonomous vehicle software, with participation from bp ventures, BGF, Halma, Hostplus, Kiko Ventures, Ocado Group, Tencent, and ZF.
"This landmark investment from world-class investors is a tremendous validation of our strategy to apply self-driving technology where there is persistent and urgent demand—in supply chains, industrial sectors, and in decongesting our cities. We share a common purpose with our investors as well as our growing number of customers and partners to make the Earth move more safely, more sustainably, and more efficiently. We're invigorated by their confidence and are moving quickly to accelerate the benefits of autonomy for everyone," Gavin Jackson, Oxbotica CEO.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, and Ma'aden, one of the world's fastest-growing mining companies, agreed to form a joint venture to invest in mining assets globally. Financial terms were not disclosed.
"This is a significant step for Ma'aden as we develop the mining sector in Saudi Arabia and position the Kingdom as a key ally in securing the metals of the future. The global energy transition relies on the strategic minerals needed for renewable energy and battery storage, and our focus on these will give us a foothold in the global commodity value chain, where major supply constraints are combined with growing demand," Robert Wilt, Ma'aden CEO.
BC Partners explores a £3bn sale of VetPartners.
BC Partners, a private equity firm, has hired JP Morgan and Jefferies to oversee a £3bn ($3.5bn) sale of VetPartners later this year.
A deal will see one of the industry's biggest operators changing hands. A number of large buyout firms have begun to prepare bids for the company, with those already having investments in the sector including CVC Capital Partners, which has a stake in Medivet, a rival operator, Sky News reported.
Investcorp set to invest $1bn in GCC real estate over next five years. (RE)
Investcorp, a global alternative investment firm, is planning to invest up to $1bn in the real estate market in the GCC over the next five years.
“The Saudi Arabian real estate market is experiencing strong growth. The logistics and industrial sectors have enormous potential as key pillars of Saudi Arabia’s Vision 2030 agenda to transform the Kingdom into a leading industrial powerhouse and a global logistics hub. Investcorp is a natural partner in this growth journey, and this acquisition leverages our global experience investing in the logistics sector – particularly in the US, Europe and India. This is the first in a series of investments that we are planning to make in the near future – with a view to investing $1bn over the next five years,” Hazem Ben-Gacem, Investcorp Co-Chief Executive Officer.
General Atlantic doles out $1bn to maturing Israeli startups.
General Atlantic, an investment firm, will invest $1bn in maturing Israeli startups, looking for next Mobileye while dipping into Mideast climate tech.
General Atlantic does not divide its global investment budget by region. Funding for individual companies ranges from $25m to $1bn. A single investment committee
decides which companies will receive the money.
“We have a lot of confidence that a number of those will come from Israel,” Alex Crisses, General Atlantic Managing Director.
Bluebell builds stake in Bayer.
Activist investor Bluebell Capital Partners built a stake in Bayer, a German multinational pharmaceutical and biotechnology company and one of the largest pharmaceutical companies in the world.
The fund is pushing for a breakup of the German pharmaceutical and agriculture company. UK-based Bluebell is also seeking an overhaul of Bayer's corporate governance.
EQT weighs options for Open Systems including partial sale.
EQT Partners is weighing options including a partial sale for Swiss cybersecurity networking and detection business Open Systems.
The Sweden-based sponsor has asked Bank of America to prepare a sale process for Open Systems’ larger secure access service edge network division with the expectation it will retain the response.
Genstar-backed firm plans South Africa services hub for asset managers.
Financial services provider Apex Group plans to turn South Africa into a “global hub” to assist asset managers from around the world following its purchase of two companies, Chief Executive Officer Peter Hughes said.
The company backed by San Francisco-based private equity firm Genstar Capital has 1.3k employees in South Africa after its acquisition of two fund administrators — Maitland Group and Sanne Group. Apex plans to double workers in the next two years, Bloomberg reported.
American investment fund could take PSG minority stake.
An American investment fund is interested in taking a minority shareholding in French soccer champions Paris Saint-Germain.
The unnamed firm is reportedly hoping to land a ten to 15% stake in the Ligue 1 club. PSG are currently valued at $3.2bn by Forbes, meaning any potential deal could be worth north of $300m.
The arrival of an external investor would also reportedly not be the beginning of the end for PSG’s current owner Qatar Sports Investments, SportsPro reported.
Man United, Liverpool or Spurs may be buyout targets for Qatar fund.
Manchester United, Liverpool FC or Tottenham Hotspur are among England’s top Premier League clubs being targeted by Qatar, the Middle Eastern nation buoyed from hosting the most expensive World Cup ever, Bloomberg reported.
Qatar Sports Investments chairman Nasser Al-Khelaifi recently held conversations with Tottenham Hotspur chairman Daniel Levy over the possible purchase of a stake in the London-based club. QSI is also considering both a full takeover or a stake in rivals including Manchester United or Liverpool FC.
Venom Foundation and Iceberg Capital launch $1bn venture fund to invest in web3.
Venom Foundation, a layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market, and investment manager Iceberg Capital have partnered to launch a $1bn venture fund, the two firms announced.
The $1bn vehicle, Venom Ventures Fund, is a blockchain-agnostic fund that will invest in pre-seed to Series A rounds for web3 protocols and decentralized applications that focus on trends like payments, asset management, DeFi, banking services and GameFi.
Muzinich & Co closes fund II at €800m.
Muzinich & Co held the final close of the Muzinich Pan-European Private Debt Fund II, which provides flexible debt capital solutions to lower middle-market companies across Europe and the United Kingdom, with €800m ($859m) in capital commitments.
The fund is broadly diversified across sectors and countries and, by the end of 2022, had completed 18 investments.
Salm-Salm closes first global timber fund at $130m.
German fund manager Salm-Salm raised the first $130m from institutional investors in Germany in the initial closing of its new fund, the Salm Global Timber Fund. The fund aims to build a diversified portfolio of timber assets in the US, Europe and Oceania.
The Salm Global Timber Fund, experiencing strong demand from investors, aims to build and sustainably manage a diversified portfolio of commercial forests in the most attractive and legally secure timber investment markets worldwide. The fund has already acquired two assets in New Zealand for a total of approximately $16
APAC
Bain Capital, an American private investment firm, completed the acquisition of a minority stake in EcoCeres, an innovative biomass utilization company, for $400m.
“Our partnership with a blue-chip investor like Bain Capital is yet another strong vote of confidence in our leadership in the critically important decarbonization sector. It is my heartfelt belief that both Bain Capital and Kerogen Capital have made their wise decisions to invest in EcoCeres – the innovative advanced bio-refinery platform. A good start means half success, I look forward to a strongly bonded and long-term win-win partnership to serve our common goal for a better and sustainable future,” Philip Siu, EcoCeres Co-founder and CEO.
Bain Capital was advised by TrailRunner (led by Trudy Wang).
Advent International, a private equity firm, led a $180m Series D round in KreditBee, a fintech platform, with participation from Azim Premji, Motilal Oswal, NewQuest Capital Partners, Mirae Asset Ventures and MUFG Bank.
"The latest round will help us to achieve our vision of serving over 400m middle-income population in the country,” Madhusudan Ekambaram, KreditBee Co-Founder and CEO.
Advent was advised by Avendus.
PAG, an investment firm, and Mapletree Investments, a global real estate development, investment, capital, and property management company, agreed to acquire Goldin Financial Global Centre, an office building featuring spacious interiors and flexible floor plans, for $713m.
"We are very pleased to be partnering with Mapletree on this major acquisition. GFGC is an iconic building in Hong Kong's CBD2 and represents very good value at a significant discount to replacement cost. This transaction further expands PAG Real Assets' footprint in Hong Kong, where we see the ongoing post-Covid recovery creating attractive opportunities for us and our investors," J-P Toppino, PAG President.
Mareterra, an energy investment group, completed the acquisition of a 24.5% stake in Nayara Energy, an Indo-Russian downstream oil company, from Trafigura, an independent physical trading and logistics business. Financial terms were not disclosed.
"We believe that reducing energy costs is possible in all industries, especially in the context of the energy transition. Nayara Energy is already implementing a number of low-carbon projects, plans to become a major manufacturer of petrochemical products, and is actively developing its network of retail service stations. In this context, we will share our relevant experience with Nayara Energy to strengthen both the technological and environmental leadership of the company in the Indian market," Filippo Ghirelli, Mareterra Founder.
Intermediate Capital Group, an asset management, and private equity firm, completed the investment in Big Mama Seafood, a manufacturer of natural seasonings intended to offer nutrition and taste to its customers. Financial terms were not disclosed.
"Big Mama Seafood is the dominant market leader in the Korean condiment manufacturing market, having enjoyed a first-mover advantage. We are delighted to partner with an experienced management team with a core focus on product excellence. We believe the company is extremely well-positioned for continued growth and look forward to leveraging our expertise to assist in this next phase of development," Wooseok Jun, ICG Head of Asia-Pacific Corporate.
JC Flowers aims to build on $1.4bn India bad loans buy.
JC Flowers will continue to hunt for deals in India after the private equity firm recently pulled off its biggest deal in the country by buying a portfolio of bad loans, Bloomberg reported.
“India seems like it’s in a nice spot,” Chris Flowers, Chief Executive Officer of the New York-based firm, said in an interview. JC Flowers, which invests purely in financial services companies, is looking for other opportunities in the sector apart from non-performing assets, he added.
Bain Capital is close to buying a stake in EcoCeres.
Private equity firm Bain Capital is nearing a deal to acquire a minority stake in EcoCeres, a biomass company majority owned by Hong Kong & China Gas, as it seeks to boost its sustainable investing strategy, Bloomberg reported.
The companies are hammering out the details of a deal that could be worth a few hundred million dollars. A potential transaction could be announced as early as Thursday.
PAG looking to buy Mom's Touch.
PAG, a Hong Kong-based alternative investment firm, joined the bidding to acquire South Korean homegrown burger franchise Mom's Touch & Co.
Private equity firm K&L Partners, which wholly owns Mom's Touch, hoped to sell the burger chain at around $80m last July when it hired Bank of America as a lead manager and prepared for the bidding process. The deal is expected to close at a lower price as potential buyers' fever has cooled over the past months.
Digital Edge partners with NIIF and AGP to build pan-India data center platform.
Digital Edge, an IT services provider, has entered into a partnership with the private equity firms National Investment and Infrastructure Fund and AGP to develop a pan-India portfolio of hyperscale data centers. The facilities will operate under the brand name Digital Edge DC and intend to support the country’s ongoing digital transformation and provide much needed capacity to the rapid growth of India’s cloud industry.
“This project is another key milestone in our ongoing growth journey and adds breadth and depth to our regional platform which now spans 16 data centers across six Asian markets. NIIF and AGP bring solid local know-how to our data center expertise, making a strong combination when it comes to executing the project at speed and to international standards.” He added, “Our mission is to build the foundation for the world’s digital future and we are excited to enter this dynamic market and contribute to India’s incredible digital transformation," Samuel Lee, Digital Edge CEO.
Japan banks target end-January for Toshiba bid loan decision.
Top Japanese banks are targeting the end of this month to issue commitment letters for a loan that backs Japan Industrial Partners-led consortium’s takeover offer for Toshiba, Bloomberg reported.
The banks, including Mizuho Financial, Sumitomo Mitsui Financial and Sumitomo Mitsui Trust, have resumed discussions with the JIP group on the terms of the $10.6bn loan.
Berkshire Hathaway sells 1.1m H-shares in China's BYD.
Berkshire Hathaway, the investment company owned by Warren Buffett, sold 1.1m Hong Kong-listed shares of electric vehicle maker BYD at an average price of $24.52 per share, Reuters reported.
The sale lowered Berkshire's holdings in BYD's total issued H-shares to 13.97% on January 3 from 14.06%, a filing to the Hong Kong Stock Exchange showed on Monday.
Tencent-backed WeDoctor plans IPO filing by the end of April.
Tencent-backed WeDoctor plans to file for an initial public offering by the end of April, the latest sign of increased capital activity from China’s internet companies as regulators soften their stance, Bloomberg reported.
The Hangzhou-based firm is preparing to go public in either the US or Hong Kong. WeDoctor is aiming its float for the second half of this year.
IFC proposes to invest $40m in Quadria's third fund worth $800m.
The International Finance Corporation, a part of the World Bank Group, has proposed to invest up to $40m in Quadria Capital Fund III, the third investment vehicle of healthcare-focused private equity investor Quadria Capital, DealStreetAsia reported.
Quadria Capital Fund III is targeting to raise a total of $800m. IFC’s support with a $40m equity investment will help the fund reach its first close.
Akulaku managed to raise $200m despite the tech winter.
Akulaku raised $200m in fresh funds from Mitsubishi UFJ, Japan’s largest bank. The latest fundraising could value the Indonesian fintech at $1.5bn, DealStreetAsia reported.
Akulaku had raised $100m in new funds in February 2022 in a funding round involving Siam Commercial Bank, which was, at the time, considered to be a pre-IPO round. Prior to this, it had raised funds from high-profile investors such as Silverhorn, Ant Financial, Sequoia Capital, and Qiming Venture Partners.
HESTA adds $200m to Stafford Capital private equity fund.
HESTA is committing a further $200m to the HESTA Sustainable Capital Investment Trust, a private equity program managed with Stafford Capital Partners.
The HESTA Sustainable Capital Investment Trust makes direct investments in lower-mid-market private equity businesses that contribute to one or more United Nations Sustainable Development Goals, including good health and wellbeing, gender equality, affordable and clear energy, climate action, clean water and sanitation, and decent work and economic growth.
ARCH launches pan-Asian digital infrastructure platform.
ARCH Capital, Hong Kong's real estate private equity firm, launched a pan-Asian digital infrastructure platform, Digital Halo. Based in Singapore, Digital Halo will invest, develop, and operate data centres, fibre towers, and renewable power facilities in North Asia and Southeast Asia, DealStreetAsia reported.
The establishment of the platform is an extension of Arch's partnership with Manulife Asset Management, the asset management unit of the Canadian insurer, from real estate to digital infrastructure.
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