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AMERICAS
The Competition Commission of India said it has granted its approval for the stake acquisition in climate technologies' business of Emerson Electric by Blackstone. The deal has been cleared under the green channel route, ET reported.
"There are no horizontal overlaps or existing and/or potential vertical or complementary relationships between the target business and the acquirers. Accordingly, the proposed transaction is being filed as a green channel filing. As such, the transaction raises no risk of any adverse effect on competition," CCI.
GIC is advised by Dechert (led by Mark Thierfelder). Blackstone is advised by Barclays (led by Richard Siegel and John McCann), Evercore (led by Naveen Nataraj), Guggenheim Partners, Corrs Chambers Westgarth (led by Jeremy Horwood), Herbert Smith Freehills (led by Joseph Dennis), Simpson Thacher & Bartlett (led by Elizabeth Cooper and William Allen) and Joele Frank (led by Jonathan Keehner). Debt financing is provided by RBC Capital Markets, SMBC Nikko Securities and Wells Fargo Securities. Emerson Electric is advised by Centerview Partners, Goldman Sachs, Baker McKenzie (led by Jannan Crozier), Davis Polk & Wardwell (led by Phillip R. Mills and Marc O. Williams), FleishmanHillard and Joele Frank. Financial advisors are advised by Sullivan & Cromwell.
Atlas, a global asset management company, agreed to acquire US Farathane, a manufacturer and supplier of functional black plastic, from The Gores Group, a global investment firm. Financial terms were not disclosed.
"USF has built a strong reputation as a leading automotive supplier and we are looking forward to working alongside Andy Greenlee and his highly capable team to support the next phase of USF's growth and development," Jacob Hudson, Atlas Managing Partner.
US Farathane is advised by Deutsche Bank and Goldman Sachs. Atlas is advised by Houlihan Lokey and Shearman & Sterling (led by Christopher Zochowski and Nathan Meredith). The Gores Group is advised by FGS Global.
Gryphon Investors, a private equity firm, completed the acquisition of Vetnique Labs, a pet health and wellness platform. Financial terms were not disclosed.
"We look forward to partnering with James and his outstanding team at Vetnique, and can't wait to get to work. After many years of evaluating the overall pet space, we are excited to support Vetnique's efforts to build the premier pet health and wellness platform. We are impressed with the business to date and are honored to welcome such a unique brand into the Gryphon family," Eddie Douglas, Gryphon Principal.
Vetnique Labs was advised by Raymond James (led by John Berg). Gryphon Investors was advised by William Blair & Co, Kirkland & Ellis and Lambert & Co.
Zinnia, a life and annuity insurance technology and digital services company, completed the acquisition of Policygenius, a digital insurance marketplace. Financial terms were not disclosed.
“At Zinnia, we want to provide solutions that simplify the process of buying insurance and deliver an exceptional experience for consumers from purchase to claim. Policygenius has always put consumer experience at the heart of their business, and their capabilities will accelerate our journey. We look forward to welcoming Policygenius clients, an experienced leadership team, and approximately 450 new team members to Zinnia, and are excited to power growth in our industry," Michele Trogni, Zinnia CEO.
Zinnia was advised by Sidley Austin, WilmerHale and Prosek Partners. Policygenius was advised by Latham & Watkins.
Great Hill Partners, a growth-oriented private equity firm, completed the investment in Fusion Risk Management, a provider of cloud-based operational resilience, business continuity, and risk management software and services. Financial terms were not disclosed.
"Fusion is a clear leader in the risk management space, driving unparalleled value for its customers by providing them with the comprehensive tools they need to become more aware, prepared, and resilient. The company fits the exact profile of the type of business we aim to invest in: high-growth companies that are driving transformative change in their industries. Leveraging our significant software and growth-investment experience, Fusion has tremendous potential to capitalize on opportunities ahead amid significant compliance and regulatory tailwinds and to continue deepening its strong, longstanding customer relationships. We're excited to partner with Michael, the entire management team, and Vista to strengthen Fusion's position at the forefront of operational resilience and risk management software," Chris Busby, Great Hill Managing Director.
Fusion was advised by William Blair & Co and Kirkland & Ellis. Great Hill was advised by FGS Global (led by Zachary Tramonti).
ARCH Venture Partners, a venture capital firm, led a $270m Series A funding round in Orbital Therapeutics, a company focused on enhancing global health by unleashing the full potential of RNA medicines to treat human disease, with participation from a16z Bio + Health and Newpath Partners, and new investors Abu Dhabi Growth Fund, Redmile Group, Exor, Invus, Moore Strategic Ventures, iGlobe Platinum Fund Group, Casdin Capital, Agent Capital, Alexandria Venture Investments, Rellim Capital Management, Heritage Medical Systems.
"Few companies can possess the know-how, technology and biologic insights to deliver on the full breadth of opportunity that RNA medicines could provide for patients. Orbital was founded and has been built to be that special company. We are pleased to partner with Orbital's team of industry leaders and visionaries in drug development to help them achieve a bold mission of bringing forward the next generation of RNA-based medicines," Kristina Burow, ARCH Venture Partners Managing Partner.
Berkshire Partners, an American private equity firm, completed the investment in Thompson Safety, a provider of onsite first aid, fire, and life safety services. Financial terms were not disclosed.
“We are thrilled to be working with Berkshire Partners for our next chapter of growth. The Berkshire team has an excellent reputation in the industrial services space, deep experience in helping companies reach scale, and a set of values that aligns with our own. We believe they have a unique ability to help us on our mission of becoming the first aid, fire, and life safety service provider of choice in North America. Their investment of time, know-how, and capital will be a valued asset during this expansion phase," Tommy Thompson, Thompson Safety Founder and CEO.
Berkshire Partners was advised by G2 Capital Advisors and Raymond James.
American Pacific Group, a private equity fund, completed the investment in XLR8, an electronic assembly solution provider. Financial terms were not disclosed.
"Jason and the XLR8 team are partners to some of the world's leading and emerging aerospace and defense, medical, consumer and industrial companies for a reason. The team has a proven track-record for executing a differentiated business model, and we see a compelling opportunity to bring XLR8 and Concisys together, and to leverage our value creation framework, the "Q Process," to further catalyze XLR8's trajectorym," Fraser Preston, APG Managing Partner.
APG was advised by Jones Day (led by Joseph Hatina) and brands2life.
Blue Sage Capital, an Austin, Texas-based private equity firm, and Four Point Capital Advisors, an independent broker-dealer that provides strategic financial solutions, completed the investment in NexGen Financial, a flexible capital solution for debt settlement companies. Financial terms were not disclosed.
"Partnering with Blue Sage and Four Point will enable us to meet the demands of our debt settlement partners that are rapidly growing in the current macroeconomic environment. By leveraging Blue Sage and Four Point's resources and strategic support, NexGen will be positioned to grow with our existing partners, begin supporting new partners, and expand our service offerings and analytical insight capabilities." James Shanahan, NexGen's Founder and President.
Blue Sage Capital was advised by Queen Saenz + Schutz.
Trillium Capital, an investment organization, offered to acquire Getty Images, a visual media company, for $3.95bn.
Getty shares still trade at a sharp discount to the Trillium bid, and the challenges to completing the proposed deal are substantial. Shares of Getty surged 40% on April 24 to $7.09, leaving them nearly 30% below the proposed offering price.
General Atlantic, a global growth equity firm, agreed to invest in Tripleseat, an event management software and integrated payments solution for the hospitality industry. Financial terms were not disclosed.
"We are thrilled to welcome General Atlantic as our partner and look forward to drawing upon their expertise as we work towards thoughtfully scaling our business, which sits at the intersection of software and payments. We are also grateful for Vista, Level, and EHI's continued support. Over the past several years, we have remained intently focused on building Tripleseat to cater to the unique needs of our customers and deliver long-term value. Looking ahead to our next phase of growth, we are energized to continue innovating and transforming the way the hospitality industry approaches event management," Jonathan Morse, Tripleseat CEO.
Curium, HIG compete for $2bn Cardinal Health unit.
Curium Pharma, a French maker of medical imaging supplies, and buyout firm HIG Capital are among suitors shortlisted in the bidding for Cardinal Health’s nuclear medicine business.
Cardinal has invited the remaining bidders to submit final offers by mid-May. A deal could value the business at about $2bn or more, Bloomberg reported.
Standard Real Estate Investments launches investment program with GCM Grosvenor for $150m.
Standard Real Estate Investments, a minority-owned national real estate investment and development firm with offices in Los Angeles and Washington, announced a new investment venture with funds managed by GCM Grosvenor that will target equity investments in approximately $150m of industrial property developments in markets across the United States over the next 12-18 months.
“We’re excited about the dynamics of the industrial development market, which we believe will enable us to source and close great investment opportunities through our venture with GCM Grosvenor. The user demand side remains strong – we see continued growth of both e-commerce and onshoring of overseas facilities – but the capital markets remain challenging for sponsors, and we believe our program can help fill a financing gap," Robert Jue, Standard CEO.
Standard Real Estate Investments is advised by Willkie Farr & Gallagher.
Activist investor Starboard attracts Algonquin Power.
Algonquin Power & Utilities, a Canadian renewable energy and regulated utility conglomerate, has attracted Starboard Value after another activist investor publicly called for an asset sale, Bloomberg reported.
Starboard has held amicable discussions with the Canadian utility for weeks. The size of Starboard’s stake and the changes it is seeking from the company couldn’t be immediately learned.
Blackstone looking to raise $10bn for new US direct lending fund.
Blackstone is aiming to raise $10bn for the first vintage of its new direct lending fund, which launched in the first quarter of the year and will be marketed to both institutional and insurance clients.
While Blackstone has yet to reveal the investment strategy of the new Blackstone Senior Direct Lending Fund, it will likely borrow from the Blackstone Private Credit Fund, BuyoutsInsider reported.
TPG closes TPG Tech Adjacencies II and Related Vehicles above at $3.4bn.
TPG secured $3.4bn of equity commitments for TTAD II and related vehicles, surpassing the fund’s target and more than doubling the capital raised for the inaugural TTAD fund in 2018.
“We’re grateful for the strong support from our new and existing investors, who have shown their trust in the impact and success of our strategy, as well as our broader tech franchise. This strategy reflects the best of TPG – our thematic approach, expertise across deal types, and commitment to bringing differentiated solutions to the market that can generate unique value for our investors,” David Trujillo, TPG Co-Managing Partner.
Ares Strategic Income Fund launches with $1.5bn.
Ares Management, a global alternative investment manager, has launched the Ares Strategic Income Fund, a perpetual capital, continuously offered, non-traded business development company, with around $1.5bn in initial investable capital.
The fund, which will look to invest primarily in directly originated, senior secured, floating-rate loans to US middle-market companies, raised more than $847m of equity commitments from certain existing institutional relationships in a private placement, and approximately $625m in credit facility commitments.
JP Morgan GEP closes inaugural growth fund at over $1bn.
JP Morgan Growth Equity Partners announced the final close of its inaugural Growth Equity Fund, with over $1bn in aggregate capital commitments raised from a broad set of institutions, family offices and individual investors across the Americas, Europe and Asia as well as JP Morgan.
Growth Equity Partners leverages JP Morgan's global franchise to invest in companies ranging from Series B to pre-IPO stage across software, fintech, real estate and consumer technology sectors. The Fund has more than 80% of its capital commitments available to deploy in new investment opportunities and to help existing portfolio companies scale.
"We are pleased to have raised in excess of $1bn for our inaugural fund, particularly in a challenging market environment where only two venture funds over $1bn were raised last quarter. JP Morgan Growth Equity Partners is well positioned to take advantage of the attractive investment opportunities in the current environment," Christopher Dawe, JP Morgan GEP Managing Partner.
VC Greycroft raises over $1bn across two funds.
Greycroft, a seed-to-growth venture capital firm, has raised more than $1bn of capital commitments across two new flagship funds – Greycroft Partners VII and Greycroft Growth IV – which will look to invest in early and growth-stage enterprise and consumer businesses.
The capital commitments, which bring the total raised by the company since inception to $3bn since the company’s inception, represent a significant increase from the firm's previous venture and growth funds. This demonstrates continued support from LPs for its model of investing in startups across the entire venture lifecycle from seed to exit.
Solum Partners closes Fund II with $850m.
Solum Partners, an investment management firm focused on the food and agriculture industry, announced the closing of its second fund, Solum Partners Fund II and related vehicles. Fund II surpassed its initial target to close with $850m in capital commitments from a broad range of global institutional investors.
Fund II invests in production assets globally across a variety of crop-types, including coffee, almonds, apples and berries. In deploying capital and managing its investments, Solum remains committed to supporting the local communities it invests in and aims to drive sustainable impact through active portfolio management.
Ridge Ventures raises $180m fifth fund.
Ridge Ventures, a San Francisco, CA-based early-stage venture capital firm specializing in Seed and early Series A enterprise software investments, closed its fifth fund, Ridge Ventures V, and related entities, with $180m in total capital commitments.
The fund will continue to pursue Ridge's longstanding, specialized strategy of investing in Seed and early Series A financing rounds for post-product, pre-product-market fit enterprise software companies started by experienced founders.
Capria Ventures hits first close of new emerging markets fund.
Capria Ventures, a global venture capital investment firm, has announced the first close of its second $100m fund that will focus on investing in 20-25 tech startups in India, Southeast Asia, Latin America, the Middle East, and Africa, DealStreetAsia reported.
Limited partners in the new fund include OIP Investment Trust and Gates Ventures as well as numerous foundations, individuals, and family offices, including Crystal Springs Foundation, Sall Family Foundation, Brakeman Family Trust, and two founders of Pioneer Square Labs.
Carlyle adds independent director to board. (People)
Global private investment firm Carlyle Group has appointed Sharda Cherwoo, a retired Ernst & Young senior partner, as an independent director of its Board of Directors and a member of the Audit Committee of the Board, effective 1 June, 2023.
With Cherwoo's appointment, Carlyle’s Board of Directors will now comprise 13 members. Cherwoo spent her entire, nearly 40-year career at Ernst & Young, with a specialised industry focus on private equity, financial services, health care, and emerging disruptive technologies, across diverse industries. Most recently, she served as EY’s Americas intelligent automation leader and partner, a role in which she spearheaded and founded the company’s intelligent automation strategy focused on robotic process automation and AI, leading to talent development and transformation.
EMEA
Providence Equity Partners, a specialist private equity investment firm, increases its offer for Hyve Group, an exhibitions and conferences organizer, to £524m ($652m).
"The increased acquisition price is final and will not be further increased, except that Bidco reserves the right to increase the acquisition price and/or otherwise to improve the terms of the acquisition if there is an announcement on or after the date of this announcement of an offer or a possible offer for Hyve by a third party offeror or potential offeror," Providence Equity Partners.
IK Partners, a mid-market European private equity group, agreed to acquire Medica Group, an international provider of high-quality telemedicine services, for £269m ($335m).
"The Board of Medica believes that the offer from Bidco represents an attractive and certain value in cash today for Medica shareholders which reflects our reputation as a leading, high-quality teleradiology and wider telemedicine provider with a compelling service offering. The Board of Medica believes that IK Partners is a strong and credible partner for the business and is well positioned to support its next phase of development, including accelerating investment in the company which will benefit our customers and their patients going forward," Roy Davis, Medica Chairman.
Development Partners International, an investment firm, agreed to acquire Solevo Group, an African distribution platform for specialty chemicals, from private equity firms Helios Investment Partners and Temasek. Financial terms were not disclosed.
“DPI’s partnership will help us to accelerate our scaling in new geographies, expand the firm’s portfolio of specialty chemicals across key sectors and implement digital transformation. We are working closely with our DPI colleagues on a new digitalisation and technology strategy to drive greater efficiencies across Solevo’s extensive distribution platform," Joris Coppye, Solevo CEO.
DPI is advised by BNP Paribas, PricewaterhouseCoopers, DLA Piper, Norton Rose Fulbright and Edelman. Helios is advised by KPMG, Rabobank, Rothschild & Co, Akin Gump Strauss Hauer & Feld and Teneo.
All Seas Capital, a pan-European private capital fund, agreed to invest in Nurture Landscapes, a ground maintenance and green services provider. Financial terms were not disclosed.
“We have built a successful business to date, and are excited for the next stage of growth. We’re delighted that All Seas Capital is backing our business to help us accelerate our growth. In taking this step, we were not just looking for capital investment, but also a partner that can add real value with their expertise to grow and strengthen the business. We have found that in All Seas and are looking forward to working with them,” Peter Fane, Nurture Founder and Executive Chairman.
Nurture Landscapes is advised by BDO, PricewaterhouseCoopers and Stephenson Harwood. All Seas Capital is advised by Deloitte, Crescent Capital Partners, RSM International, King & Spalding and Kepler Communications (led by Charlotte Balbirnie).
A&M Capital Europe, a private equity firm, completed the acquisition of IBG, a distributor of confectionery, baked goods and savoury snacks into the convenience retail, specialty, wholesale and grocery channels, from Sculptor, a private equity firm. Financial terms were not disclosed.
IBG will continue under the leadership of its existing management team, led by CEO Wayne Beedle, with Wayne and his team investing alongside AMCE.
A&M Capital was advised by Alvarez & Marsal, EY Parthenon, Houlihan Lokey, MDW Capital, Weil Gotshal and Manges, Ernst & Young and Palladium Digital.
Canada's Brookfield Asset Management has made a counter bid of $2.7bn to take over payments provider Network International, topping a joint proposal from CVC Capital and Francisco Partners.
United Arab Emirates-based Network International said it was evaluating Brookfield's proposal, in what could be the start of a bidding war for the largest payment processing firm across the Middle East and Africa, Reuters reported.
Cap10 Partners, a private equity firm, agreed to acquire Sureserve, an asset and energy support services group, for $266m.
“The offer presents an opportunity for Sureserve shareholders to realise an immediate and certain compelling value in cash at a meaningful premium and are therefore themselves going to vote the Sureserve shares in which they are interested in favour of the acquisition,” Nick Winks, Sureserve Chairman.
Apollo, a global private equity firm, agreed to acquire a 30% stake in the Südewo portfolio of Vonovia, a European multinational real estate company, for €1bn ($1.1bn).
"We are pleased to provide a long-term, cost effective capital solution to one of Europe's leading real estate companies. This transaction will help Vonovia execute on its strategy through a highly attractive investment. At Apollo, we continue to demonstrate how we can serve as a solutions provider to investment grade issuers and provide attractive risk-adjusted investment opportunities to our affiliated and third-party insurance clients, funds and other institutional clients," Jamshid Ehsani, Apollo Partner.
Apollo is advised by Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison. Vonovia is advised by JP Morgan and Freshfields Bruckhaus Deringer.
Silver Lake, a private equity firm agreed to acquire Software, a software developer, for $2.4bn.
"The Management Board welcomes the opportunity of a deepened strategic partnership with Silver Lake, following a thorough analysis of the Offer. Silver Lake has already demonstrated strong support for our strategic vision and values. With deep expertise in the integration market, experience in transitioning businesses to SaaS-first models and extensive M&A capabilities, Silver Lake is a valuable long-term partner for Software and our customers. A successful transaction would enable us to accelerate the execution of our strategy, double down on innovation in integration for customers, and provide greater opportunities to attract and develop talent. We would like to thank the Foundation and Dr Schnell for the many years of support in contributing to where Software is today,” Sanjay Brahmawar, Software CEO.
Sofware is advised by PJT Partners and Clifford Chance. Silver Lake is advised by Gleiss Luts.
Britain's Competition and Markets Authority said that Australian hearing device maker Cochlear's purchase of Demant's hearing implants business could hurt competition and mean higher prices for the National Health Service.
"The proposed $121m deal between two of the biggest players in Britain's hearing implant market could lead to worse outcomes for patients and higher prices for the state-funded NHS," CMA.
Oticon Medical is advised by Plesner. Cochlear is advised by Accura Advokatpartnerselskab.
True Green Capital Management, a private equity firm, completed an investment in Faradae, a solar energy company. Financial terms were not disclosed.
"Faradae shares our fundamental belief that distributed solar generation is the most attractive segment of our industry. Our collaboration paves the way for our rapid development in the distributed solar market in France," Panos Ninios, TGC Managing Partner and Co-Founder.
Faradae was advised by Edwards & Praly. TGC was advised by Jones Day.
I Squared Capital, a private equity firm, agreed to acquire Enva, an environmental consulting company. Financial terms were not disclosed.
I Squared’s acquisition supports the firm’s environmental infrastructure strategy, which aims to build a diverse portfolio of waste processing and recycling.
I Squared is advised by Brunswick Group.
TA Associates, a global private equity firm, agreed to acquire a minority stake in Diatech Pharmacogenetics, a pharmacogenetics and cancer precision medicine diagnostics company, from Alto Partners, a multi-family office. Financial terms were not disclosed.
"Diatech's comprehensive, market-leading product portfolio highlights the company's commitment to a rigorous and differentiated R&D process that consistently drives value creation. We look forward to partnering with Fabio, Oliva, and the entire management team to support Diatech's international and domestic growth journey," Lovisa Lander, TA Associates Director.
Point72 alum scores in bidding war for £2bn payments firm.
Former Point72 Asset Management trader David Rosen has emerged as one of the biggest winners from the bidding war for Middle East credit card processor Network International Holdings.
Rosen’s hedge fund Rubric Capital Management revealed in mid-March it was one of Network’s top holders with a 5% interest. News of takeover approaches came out weeks later, driving the London-listed firm’s market value up to £2.1bn ($2.6bn) as a buyout consortium backed by CVC Capital Partners started battling it out with Canadian giant Brookfield Asset Management.
Advent seeks new Rubix investor to fund Eriks takeover.
Advent International is exploring a stake sale in Rubix Group, a European provider of maintenance and repair services for industrial companies, to help fund a takeover of smaller Dutch rival Eriks.
Advent is seeking a private equity firm to help buy and co-own a merged Rubix-Eriks entity. SHV Holdings, a family-owned investment firm in the Netherlands, is currently preparing a sale of Eriks, Bloomberg reported.
Xavier Niel's group discloses a stake in GAM.
A group of investors, including French telecoms billionaire Xavier Niel, disclosed a 7.5% stake in Swiss asset manager GAM. The group comprises NewGAMe, controlled by Rock Investment, a subsidiary of Niel's personal holding company NJJ Holding, and Bruellan, a wealth management group. Together, they hold about 12m shares in GAM.
This investment follows GAM's recent attempts to solidify its future, having twice delayed its annual earnings to engage in takeover discussions.
UK Labour courts private equity investors while mulling tax hike.
Labour Party leader Keir Starmer and Shadow Chancellor of the Exchequer Rachel Reeves have held talks with private equity companies to discuss boosting investment in the UK, even as they plan to raise taxes on the same firms, Bloomberg reported.
Executives from Blackstone, Advent International and Brookfield Asset Management were among those to meet the Labour leadership team. Starmer praised the industry's role in boosting economic growth during the talks.
LCM Partners closes Credit Opportunities 4 Strategy at €4.1bn.
LCM Partners held the final close of the Credit Opportunities 4 Strategy, with total capital commitments of €4.1bn ($4.5bn) across the commingled fund together with several separately managed accounts.
LCM says that commitments have been received from 23 limited partners with support from many of the largest institutional investors globally including pension plans, sovereign wealth funds and insurance companies from North America, Europe and Asia.
RoundShield holds first close of latest fund at $750m.
After launching its fundraising process in December, RoundShield Partners recently held a first close – believed to be around $750m – for its latest fund, Fund V, which will focus on European asset-backed special situations and distressed opportunities.
With the first close achieving a reported re-up rate in the region of 80% and an increased amount of interest from European institutions, RoundShield plans to hold a further close for remaining capacity within the coming months.
Convent Capital commits €100m to AgriFood Growth Fund.
Convent Capital, an Amsterdam-based investment firm, announced the second closing of its AgriFood Growth Fund, which has now reached €100m ($110m). The Dutch insurance firm has committed €10m ($11m) to the closing.
Convent Capital, founded in 2011, is an independent asset manager. It has two funds that are primarily focused on growth and buyout opportunities in Europe.
Clayton, Dubilier & Rice names head of ESG in Europe. (People)
Private investment firm Clayton, Dubilier & Rice has expanded its ESG capabilities with the addition of Hannah-Polly Williams as a director and the head of ESG in Europe.
Williams will work closely with CD&R's European investment teams and the US and Global ESG team to accelerate initiatives that create value for the firm's portfolio companies in the UK and Europe.
APAC
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, and Spirit Super, an Australian industry super fund, completed the acquisition of GeelongPort, Victoria's second largest port located approximately 75km southwest of Melbourne. Financial terms were not disclosed.
"Closing this transaction marks another exciting milestone in the history of GeelongPort as it continues to serve its customers and the greater community of Victoria while playing an integral role in global trade. We believe GeelongPort has access to a meaningful set of opportunities for long-term growth, and we look forward to working with the GeelongPort team as we help them realize those opportunities while continuing to invest in existing objectives and supporting continued growth in the region," Darren Keogh, Stonepeak Senior Managing Director.
Spirit Super was advised by Citadel Magnus (led by James Strong) and Mountain Media. Stonepeak was advised by Gresham, Clayton Utz and King & Wood Mallesons.
Private equity firm British Columbia Investment Management and Mubadala, completed a $630m investment in Cube Highways InvIT, an infrastructure investment trust.
“This marks a significant milestone in the development of India’s infrastructure sector and InvIT in particular. The trust in Cube by such marquee investors affirms its capability and personnel. The Board and Cube’s team are eager to work with all stakeholders to continue generating value and worth for all. I’m thrilled to participate in Cube’s journey towards a more prosperous and sustainable future," U K Sinha, Cube Highways Independent Director.
Mubadala was advised by HSBC. BCI was advised by Edelman.
TPG, a private equity company, withdrew its offer to acquire InvoCare, a funeral homes and funeral services company, for $1.22bn.
The Board of Directors of InvoCare unanimously concluded that the
indicative proposal did not provide compelling value for shareholders and therefore access to full due diligence would not be granted to TPG.
Brookfield Renewable, an owner and operator of a portfolio of assets that generate electricity from renewable resources, completed the $1bn investment in Avaada Group, a green energy developer.
"We are pleased to be investing in Avaada through the Brookfield Global Transition Fund, which focuses on investments that accelerate the progress to a net-zero carbon economy. This strategic partnership will leverage Brookfield's global track record, access to capital and operational expertise alongside Avaada's strong local footprint, to enable their vision for the energy transition business. Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India's net-zero aspirations," Nawal Saini, Brookfield Managing Director of Renewable Power & Transition.
Brookfield in talks to acquire CleanMax Solar.
Canadian investor Brookfield entered into exclusive negotiations to invest as much as $363m to buy a controlling stake in CleanMax Solar, which provides renewable energy to commercial and industrial establishments.
The funds, largely primary equity infusion into the company, will be used to expand its business in India as well as southeast Asia and Gulf countries and to retire some debt.
Drone firm Aerodyne to pick Citigroup for funding round.
Aerodyne Group, a Malaysian drone services company, has picked Citigroup for a funding round ahead of its planned initial public offering, Bloomberg reported.
The company is looking to raise $150m to $200m and aims to make its first close in mid-year, ahead of an IPO in 2024 or 2025. Aerodyne will be a unicorn once its series C round closes.
Vietnamese VC Touchstone Partners actively looking to invest in hardware and deep tech startups.
Vietnamese venture capital firm Touchstone Partners is looking to invest in more hardware and deep tech startups as it spots great promise in the skills of the local engineering sector, DealStreetAsia reported.
"While Touchstone focuses on early-stage startups and is sector-agnostic, we will be more actively looking for startups in hardware, deep tech and the climate change mitigation space," Tu Ngo, Touchstone Partners General Partner.
SG's Keppel Capital launches three new private funds targeting to raise over $5bn.
Keppel Capital, an asset management arm of Singapore-listed Keppel, has announced the launch of three funds with a total target of over $5bn, DealStreetAsia reported.
"The board and management are excited about what the future holds for Keppel, as we steer the group's transformation into a global asset manager and operator, focused on investing in and creating solutions for a sustainable future," Loh Chin Hua, Keppel CEO.
South Korea preps $751m venture capital fund of funds.
South Korea's Ministry of SMEs and Startups has lined up a $751m fund of funds to support venture capital investments in the country, DealStreetAsia reported.
The Korean government's recent initiative aims to spur over $1.5bn in fundraisings by local general partners and encourage venture capitalists to execute an investment surplus of approximately $8.2bn by the end of 2022.
Carlyle raises $621m for latest Asia fund.
Private equity major Carlyle Group has raised about $621m for its latest Asia-focused buyout fund from US investors, DealStreetAsia reported.
Carlyle Asia Partners Growth II, launched in April 2021, has attracted commitments from 61 US investors. In total, the firm collected $950m for the Asia-Pacific growth fund, below its $1bn target.
Japan-Based VC firm GLOBIS Capital closes Fund VII at $543m.
Japan-based venture capital firm GLOBIS Capital Partners has announced the final close of Fund VII at $543m, DealStreetAsia reported.
With a maximum investment of $75m per company, Fund VII is GCP’s largest fund ever. The fund invests in startups looking to update large industries in Japan that can be expanded globally and aims to create unicorn and decacorn companies that break into new domestic markets.
Hitachi launches $300m fund.
Hitachi announced the establishment of a third fund for Hitachi Ventures, the global corporate venture capital arm of Hitachi, for the purpose of accelerating innovation and initiating new business opportunities in the digital domain.
The fund will begin with a size of $ 300m, which is twice the size of the first and second funds established previously and will make strategic investments in startups driving the latest digital trends including Web3 and generative AI technologies.
Future Fund aims to raise another $300m by Q3 to invest in VCs and startups.
The UAE’s Dubai Future Fund is on track to close an additional $300m in funding by Q3 this year to invest in the region’s VCs and startup, DealStreetAsia reported.
The funds will be raised from Emirati government entities and government-backed corporates and represents the first out of three tranches of capital injections aimed at bringing DF2’s total assets under management to $1bn by 2024.
Hopu raises $141m so far for Mongolia-focused buyout fund.
Hopu Investment Management, a Chinese private equity firm, has so far raised about $141m for the Hopu Magnolia Fund, a buyout fund that invests across Mongolia, according to the firm’s filing with the US SEC.
The filing showed that the fund, launched in 2021 has already received commitments from at least 18 investors. SEC filings typically reflect funds raised from US investors, DealStreetAsia reported.
India's Orios Venture Partners targets $120m corpus for latest fund.
India’s Orios Venture Partners is targeting a total corpus of $120m for its latest fund, as it looks to ramp up investments in early-stage startups, DealStreetAsia reported.
“The fund has seen over 50% institutional participation. It is expected to close over the next few months and is betting big on sectors such as domestic SaaS, climate and sustainability, financial services, education, and healthcare, among others,” Anup Jain, Orios Venture Partners Managing Partner.
Arm CEO to join SoftBank’s board as landmark IPO approaches. (People)
SoftBank Group has nominated Arm Chief Executive Officer Rene Haas to its board, underscoring the British chip designer’s importance ahead of its highly anticipated initial public offering.
The Japanese company will put Haas up for election at its shareholders’ meeting on June 21, replacing outgoing director and Z Holdings chairperson Kentaro Kawabe. All eight other existing directors will continue to serve.
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