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Eurazeo renews its support for electra to accelerate the development of European electric mobility

Eurazeo

Eurazeo has announced its Eurazeo Transition Infrastructure Fund will make an additional investment in Electra, a company specializing in fast charging solutions for electric vehicles. This commitment comes as part of a €304 million funding round – a record amount for the sector – thereby providing the resources the company requires to develop its European business.

Eurazeo first acquired a stake in Electra’s capital in June 2022, and became a cornerstone investor in the company. Electra has since witnessed a sustained period of rapid growth, expanding operations in eight European countries (France, Germany, Belgium, Luxembourg, Italy, Switzerland, Austria and Spain), deploying nearly 1,000 charging hubs, and establishing several strategic partnerships (including VINCI Autoroutes, Altarea, AccorInvest, G7, Stellantis, MG, Honda, and Europcar).

Specializing in electric vehicle charging solutions for urban areas, Electra is helping to facilitate the transition to electric mobility through the widespread deployment of reliable, easy-to-use, and rapid charging hubs in the public domain.

With this new round of fundraising, which marked the arrival of blue-chip investors – including the Dutch pension fund PGGM and French government investment arm Bpifrance – and with the renewed support of its existing investors, in particular Eurazeo, as well as RIVE Private Investment, Serena and the SNCF Group via 574 Invest, Electra has the resources for its next stage of growth.

With this additional investment in Electra, Eurazeo continues to deploy its Eurazeo Transition Infrastructure Fund into sustainable assets, having already invested in six companies involved in the ecological and digital transition (Ikaros Solar, Resource, Etix Everywhere, TSE, and 2BSI).

Aurélien de Meaux, co-founder and CEO of Electra, said:

“This round of fundraising will enable Electra to become one of the leading names in the European fast charging market. The support of PGGM, a long- term, blue chip European investor, and the renewed trust of existing investors, such as Eurazeo, will help us bolster our network and increase investments to continue expanding our coverage. The transition toward electric mobility is an essential component of the energy transition, as the transportation industry is the largest emitter of CO2 in France. We are creating a network of extremely easy-to-use hubs so people are excited about switching to an electric vehicle, rather than feeling they have to.”

Melissa Cohen, Managing Director – Infrastructure at Eurazeo, said:

“We are really pleased about the scale of the funds raised by Electra, which sees the arrival of high-profile investors. This injection of capital will enable the company to finance its expansion in Europe while continuing to provide the best user experience possible. We are proud to reiterate our support to Electra and help driving the transition toward a low-carbon economy by encouraging people to adopt electric vehicles, which is in line with our sustainable investment objectives.”

Dennis van Alphen, Director of Investment in Infrastructure at PGGM, said:

“The PGGM Infrastructure Fund fully supports Electra’s ambition to become a pan-European player in the market for ultra-rapid electric vehicle charging hubs. The company has a first-rate management team and occupies a solid position in strategic locations within a highly buoyant market that is set to enjoy rapid expansion in Europe over the coming years. The investment in Electra offers our clients, including the Pensioenfonds Zorg en Welzijn (PFZW), a strong, predictable yield over the long term. Here, policyholders’ investments are allocated to financing the transition toward sustainable electric mobility, thereby contributing to the sustainability objective, which is key to our clients. A good yield for clients’ policyholders goes hand in hand with a sustainable future.”

Information – Individual investors

Eurazeo Investment Manager (EIM) and Eurazeo Mid Cap (EMC) are merging to form Eurazeo Global Investor (EGI)

LEARN MORE

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CapMan Real Estate participates in the Science Based Targets initiative’s pilot test for the development of the Buildings Science-Based Target-Setting Guidance and Tool

Capman

CapMan Real Estate has been selected among the first companies globally to participate in the Science Based Targets initiative (SBTi) Buildings pilot test, putting CapMan on the forefront of developing tools for decarbonisation of buildings. The SBTi Buildings Project is developing science-based target-setting tools and guidance to help companies in the building sector to meet the 1.5°C climate goal – a goal which CapMan has committed to as well. The Pilot is central for the development of the tools we need to truly put the real estate industry on a science-based decarbonisation pathway.

The Science Based Targets initiative (SBTi) is a global body that helps companies set ambitious science-based emissions reductions targets in line with the latest climate science. As the building sector is responsible for over one third of the global energy consumption and emissions, the SBTi has initiated the Buildings Project to find pathways for buildings emissions to align with the 1.5 °C goal of the Paris Agreement.

The SBTi’s Buildings Project holds a pilot phase in which companies and financial institutions in the buildings value chain test its science-based target-setting guidance and tool drafts. By testing the guidance and tool drafts using real world data, the companies contribute to developing the guidance and help identify potential challenges in implementing it. The goal is to develop robust, clear, and practical resources that support building companies in setting 1.5°C-aligned science-based targets.

“We are thrilled to have been selected for this pilot test project as we get to be among the first ones in the world to test out best-practices for decarbonizing the building sector. We are looking forward to extending our existing greenhouse gas (GHG) reduction target scope from operational to embodied emissions and from near-term to long-term targets. This is to reach our net-zero targets which we are about to publish soon”, comments Anna Rannisto, Sustainability Manager at CapMan Real Estate.

In 2023, the SBTi validated CapMan’s near-term climate targets. The validated real estate specific targets are to reduce GHG emissions from residential buildings within the direct investment portfolio 50% per square meter by 2032 from a 2021 base year and from service (commercial) buildings within the direct investment portfolio 72% per square meter by 2032 from a 2021 base year.

CapMan, including CapMan Real Estate, has set long-term net-zero targets that will be communicated shortly. CapMan Real Estate plans to align these targets with the SBTi Building guidelines once they are finalised. In 2023, CapMan Real Estate prepared roadmaps to reach net-zero emissions including both operational and embodied emissions. The decarbonization work has already started.

CapMan Real Estate manages approximately €4.2 billion in real estate assets and the Real Estate Team comprises over 70 real estate professionals located in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Anna Rannisto, Sustainability Manager, CapMan Real Estate, +358 40 6266 383

Mika Matikainen, Managing Partner, CapMan Real Estate, +358 40 519 0707

About the Science Based Targets initiative

The Science Based Targets initiative (SBTi) drives corporate climate action by enabling businesses and financial institutions globally to set science-based greenhouse gas (GHG) emissions reduction targets. It was formed as a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), the World Wildlife Fund (WWF), and the We Mean Business Coalition. The SBTi’s goal is to enable companies worldwide to do what climate science requires of the global economy: to halve emissions by 2030, and achieve net-zero before 2050. The SBTi develops criteria and provides tools and guidance to enable businesses and financial institutions to set GHG emissions reduction targets in line with what science tells us is needed to keep global heating below 1.5°C.

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.  

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hyperexponential raises $73m Series B to expand its mission-critical insurance pricing platform

hyperexponential
Battery Ventures leads, Andreessen Horowitz (a16z) co-invests, and Highland Europe increases position

hyperexponential, the global leader in pricing decision intelligence (PDI) software, today announced completion of its $73m Series B funding round led by global technology-focused investment firm Battery Ventures, with participation from leading Silicon Valley investor a16z, and existing Series A investor Highland Europe, which increased its holding.

hyperexponential serves insurance and reinsurance companies in the multi-trillion-dollar global property-casualty insurance industry, which protects individuals and businesses from a wide array of risks. As factors such as climate change, geopolitical unrest, and cyberterrorism have increased the frequency and severity of risks, the industry has pursued next-generation risk pricing methods to augment or supplant traditional pricing models for a changing world.

The platform of choice for the world’s most significant insurers

hyperexponential’s PDI platform, hx Renew, enables insurers to leverage large and alternative datasets, develop and refine rating tools rapidly, and employ sophisticated machine learning approaches to price risk and make data-driven pricing decisions at the portfolio and individual level. Since the company’s Series A in 2021, hyperexponential has grown sales 10x while staying profitable, serving some of the world’s largest insurers, including Aviva, HDI, and Conduit Re.

This latest round of financing will support hyperexponential’s expansion into the United States, as it targets opening its New York office this year. It will also enable increased investment in new product capabilities to serve growing client demand in adjacent insurance markets, including the SME insurance sector. The company plans to double its global team to over 200 in the next year.

Sponsoring its Series B investment and joining hyperexponential’s board as a director is Battery Ventures Partner Marcus Ryu, Co-founder, Chairman, and former CEO of Guidewire Software (NYSE:GWRE), which has grown into one of the world’s largest Insurtech companies since its 2001 founding.  Also joining the company’s board is experienced Andreessen Horowitz General Partner Angela Strange.

Pricing for today’s frontier of risk

The hx Renew platform, named Insurance Insiders’ 2023 ‘Insurtech Product of the Year,’ enables customers like Convex and Conduit Re to sharpen their competitive edge with enhanced agility, efficient risk transfer, and aggregate loss avoidance. In 2023, Aviva’s Global Commercial and Specialty team was able to build 20 models in 9 months, unlock machine learning capabilities and improve the speed and accuracy of their pricing and underwriting decisions, even as the frequency and severity of risks continues to evolve continuously.

“The insurance industry is at the forefront of a rapidly changing world and must find ways to understand and respond to that change in risk profile,” said Amrit Santhirasenan, hyperexponential CEO and Co-founder. “We’ve focused on building a capital-efficient, independent business that was both high-growth and sustainable from the outset. Although we have more cash-on-hand than we’ve raised, we wanted to bring on new expertise in our target markets as we continue our growth into new verticals and geographies. We are delighted to have attracted a world-class set of investors who bring an unparalleled combination of experience, expertise, and support to hyperexponential in the next phase of our expansion.”

“I believe hyperexponential is among the most compelling new entrants in insurtech I have seen in over twenty years of serving the P&C insurance industry,” said Marcus Ryu. “As former software engineers and actuaries with top tier commercial insurers, Amrit and Michael each bring a deep practitioner’s grasp of the new requirements for risk pricing. hyperexponential is rapidly becoming an indispensable tool for the insurance industry to thrive in a future that is not reliably the same as the past.”

Angela Strange, General Partner at a16z says, “Pricing risk is the most critical function of an insurance carrier. Yet, most actuaries still work with cumbersome Excel models and are constrained by legacy software that limits their ability to dynamically incorporate new data and more sophisticated analytical techniques. Amrit and Michael’s actuarial experience helped them design the system the insurance market needed, and hyperexponential has achieved incredible traction with technical users and executives alike as they’ve completed multiple industry-leading deliveries around the world. hx Renew is rapidly becoming the operating system for pricing risk in the global insurance market. We are thrilled to join forces with the hyperexponential team as they launch in the US and expand beyond specialty lines”.  

Laurence Garrett and David Blyghton, Partners at Highland Europe, said: “The hyperexponential team have been superb to work alongside since we first invested in April 2021.  The business has repeatedly beaten its forecasts and we are delighted to support the company with additional capital. Working alongside entrepreneurs like Amrit and Michael is what makes the VC role awesome.”

To learn more about hx Renew and how transforming your approach to pricing can help you move the needle on profitability, contact our experts here.

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Safe Software Receives Strategic Growth Investment from JMI Equity

JMI Equity

The Investment will Support Continued Expansion of Safe Software’s Enterprise Solutions Offering and the Company’s Strong Growth Trajectory

VANCOUVER, British Columbia–(BUSINESS WIRE)–Today, Safe Software (Safe), the leading enterprise integration company with unrivalled support for spatial data, announced that JMI Equity (JMI) has made a strategic growth investment in the high growth, enterprise solutions provider.

Safe provides solutions that empower people and enterprises to unlock the full potential of their information, including spatial data. Safe is helping create a connected, informed, and innovative future, aligning with JMI’s focused strategy to invest in leading software companies with proven business models and long-term growth potential. The privately owned Canadian company has been profitable since its inception in 1993, and is well-positioned to continue to expand client growth in the enterprise sector.

“Our new investment partners at JMI have been following our journey for well over a decade, and they love what we have created and want to help us build upon our solid 30-year foundation as we enter an exciting next chapter,” comments Don Murray, Co-Founder & CEO, Safe Software. “Dale Lutz and I have built a phenomenal company in Safe Software, and I couldn’t be prouder of our team’s achievements over the last three decades.”

“Safe Software brings a groundbreaking and unique solution for enterprise data needs and represents a true industry success story. We have known Don and Dale for many years, and we are thrilled to be a part of Safe’s future,” says Brian Hersman, General Partner, JMI Equity. “We look forward to working closely alongside Safe’s leadership team as they continue to innovate and deliver industry leading solutions to their clients around the world.”

Don Murray will continue to lead the business as CEO and the rest of the leadership team will remain in their current roles. The company anticipates no updates to its day-to-day operations and will remain focused on serving clients globally.

For more information about Safe Software, please visit www.safe.com.

About Safe Software

Headquartered in Surrey, British Columbia, Safe Software is the creator of FME, the only enterprise integration platform with comprehensive support for spatial data. The company was founded in 1993 and has been focused on bringing life to data since its inception. Whether your challenges have to do with spatial data, big data, stream processing, cloud migration, or business intelligence, Safe Software is here to help you spend more time reaping the benefits of information, and less time fighting it.

About FME by Safe Software

The FME Platform has built-in support for thousands of systems as well as 800+ out-of-the-box transformers allowing users to build and automate custom integration workflows without having to code. Over 20,000 organizations worldwide trust FME technology for their enterprise integration solutions. Through Safe Software’s international partner network, FME is used in 120+ countries around the world and has been localized into multiple languages.

About JMI Equity

JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs. For more information, visit www.jmi.com.

Contacts

Media:

Safe Software:
Dan Gamble
DGPR
dan@dg-pr.com
+1778 873 0422

JMI:
Abby Ruck
H/Advisors Abernathy
abigail.ruck@h-advisors.global
+1 212 371 5999

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CapMan Social Real Estate Fund invests in daycare and school assets in central Helsinki, Finland, continues fundraising

Capman

CapMan Social Real Estate Fund invests in daycare and school assets in central Helsinki, Finland, continues fundraising

The newly established CapMan Social Real Estate Fund (CMSRE) makes its first investment, investing in two daycare and one school asset in central Helsinki, Finland. Two of the buildings house the French Jules Verne kindergarten and school and one, once refurbished, will house daycare facilities operated by the City of Helsinki. All three buildings are under long-term leases. As energy performance certificates are obtained the properties will become EU Taxonomy aligned. After this first investment, the fund continues fundraising targeting EUR 500 million of equity commitments and total investment capacity of nearly EUR 1 billion over the coming years.

All three historical buildings under long lease agreements are located within the same block in Helsinki city centre, close to Hietalahti market square with excellent traffic connections. Two buildings were recently refurbished to modern standards and are under a long-term lease with the French Jules Verne kindergarten and school while the third building is designated for day care use by the City of Helsinki and is currently undergoing a thorough refurbishment, which is expected to be completed in 2025. The buildings will accommodate some 350 children living in the surrounding areas.

CapMan Real Estate will invest in energy saving measures and perform accessibility related improvements in the buildings. Energy Performance Certificates will be obtained for each building after which the properties will be EU Taxonomy aligned. The properties will pursue LEED green building certifications targeting Gold rating (existing buildings, operations and maintenance, schools, building design and construction).

“We are very happy to invest in these three centrally located assets which represent the first investment for our social real estate fund. Educational properties are one of the main target sectors for CMSRE and the assets fit the investment criteria and the strategy of the fund well. We look forward to our long-term co-operation with the assets’ two tenants in the early childhood education sector and providing great premises for the children and personnel. The surrounding Hietalahti area is expected to develop favourably in the future further improving the quality of the assets”, comments Aleksi Konsti, Investment Director at CapMan Real Estate.

CapMan acquired the assets from HGR Property Partners.

CMSRE continues fundraising, looks for new investments

This is the first investment for CMSRE which continues fundraising, targeting EUR 500 million of equity commitments and total investment capacity of nearly EUR 1 billion over the coming years. The fund is looking to build a well-diversified portfolio of social real estate properties across Sweden, Finland, Denmark and Norway.

CMSRE invests in properties that are used for providing essential public services in sectors such as health care, education, civic services and emergency. Through long-term tenant relations, active leasing, operating expense management, targeted capex and ESG improvements, long-term value growth is created.

“The Nordic countries represent an attractive investment market where the volume of social real estate investments can be seen increasing rapidly. Currently, we continue fundraising while actively looking for investment opportunities across the Nordic countries which all present unique prospects within social real estate”, shares Mika Matikainen, Managing Partner and Head of CapMan Real Estate.

The fund is classified as an Article 8 financial product under the Sustainable Finance Disclosure Regulation (EU). The fund is a German special investment fund and it is primarily targeted to German institutional investors. HANSAINVEST Hanseatische Investment-Gesellschaft mbH acts as the alternative investment fund manager (“AIFM) of the fund. CapMan Real Estate acts as advisor for the fund.

CapMan Real Estate manages approximately €4.2 billion in real estate assets and the Real Estate Team comprises over 70 real estate professionals located in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Aleksi Konsti, Investment Director, CapMan Real Estate, +358 400 815 123

Mika Matikainen, Managing Partner, CapMan Real Estate, +358 40 519 0707

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.  

 

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Blackstone Announces New Co-Chief Investment Officers and Co-Head of Real Estate

Blackstone

Ken Caplan & Lionel Assant Promoted to Co-Chief Investment Officers of Blackstone
Nadeem Meghji Promoted to Global Co-Head of Blackstone Real Estate

NEW YORK – January 11, 2024 – Blackstone (NYSE: BX) announced today that Ken Caplan, current Global Co-Head of Real Estate, and Lionel Assant, European Head of Private Equity, have been elevated to newly created roles as Global Co-Chief Investment Officers (CIOs) of Blackstone. They will enhance the coordination and oversight of the Firm’s already rigorous investment process. Nadeem Meghji, Head of Real Estate Americas, will succeed Mr. Caplan as Global Co-Head of Real Estate alongside current Global Co-Head, Kathleen McCarthy.

These promotions underscore the increasing breadth of the Firm’s investment strategies and continued expansion, having recently surpassed $1 Trillion in Assets Under Management (AUM). The three executives collectively bring more than 60 years of Blackstone investing experience to what is expected to be an extremely active deployment period, with over $200 billion of dry powder.

Steve Schwarzman, Co-Founder, Chairman and CEO of Blackstone, said: “We are delighted to elevate three of our longest-tenured investors into these critical positions, as the firm readies itself for an active investment period. They bring strong track records of delivering for our customers, considerable institutional knowledge, and exceptional investment acumen to these new roles.”

Jon Gray, President & COO of Blackstone, said: “The promotion of these highly talented executives will help the firm better identify compelling global investment themes while also enhancing our disciplined investment process.”

Mr. Assant joined Blackstone in 2003 and has run the Firm’s European Private Equity business based in London since 2012. He will continue to serve in that capacity and, as Co-CIO of Blackstone, work in conjunction with the business unit CIOs and Group Heads to provide additional firm-level investment oversight across our Private Equity (PE) complex, including our Corporate PE, Infrastructure, Tactical Opportunities, Growth, and Life Sciences businesses.

Mr. Caplan joined Blackstone in 1997, led the Firm’s European Real Estate business from 2012-2015, served as Real Estate CIO from 2015-2017, and has co-headed the global Real Estate business alongside Ms. McCarthy since 2018. As Co-CIO, he will work in conjunction with the business unit CIOs and Group Heads to provide additional firm-level investment oversight, primarily across Real Estate and Credit & Insurance (BXCI).

CIOs across Blackstone will continue to report into their respective business units including Mike Zawadzki, CIO of Credit and Insurance (BXCI); David Ben-Ur, CIO of BAAM Portfolio Solutions (BPS); and Prakash Melwani, CIO of Corporate Private Equity, who will have an expanded role as Chairman of Blackstone Capital Partners (BCP) International.

Mr. Meghji joined Blackstone Real Estate in 2008 and since 2017 has overseen our Real Estate business in the Americas. He has helped lead the enormous growth of Blackstone’s U.S. and Canadian Real Estate business across its Opportunistic (BREP), institutional and private wealth Core+ (BPP & BREIT), with over $200 Billion of AUM and total asset value of approximately $400 Billion.

The firm also announced today the promotion of Gio Cutaia to be Global Chief Operating Officer of Real Estate. He will continue to lead Global Real Estate Asset Management (a role he has held since 2018), and in that capacity help manage the over 12,000 assets in Blackstone’s real estate portfolio.

Kathleen McCarthy, Global Co-Head, Real Estate, said: “Ken is a remarkable leader who I have loved partnering with. We look forward to his continued impact on our business as Co-CIO of the firm. Nadeem is the perfect leader to succeed Ken, given his tremendous investment acumen and operational experience. I am excited to partner with him in the years ahead. Nadeem and I are thrilled to elevate Gio Cutaia, who will play a critical role helping us oversee this world-class business.”

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

Contacts
Matt Anderson
Phone: 518-248-7310
Email: matthew.anderson@blackstone.com

Jeff Kauth
Phone: 212-583-5395
Email: jeffrey.kauth@blackstone.com

Categories: People

Apollo and Athene Announce Partnership with Top-Ranked PGA TOUR Golfer Patrick Cantlay

Apollo logo

 

NEW YORK, Jan. 11, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced a new partnership with top-ranked PGA TOUR golfer Patrick Cantlay. Cantlay will serve as the first brand partner for Apollo, Athene and its ecosystem, as the firm looks to deliver its asset management and retirement services to a full spectrum of clients.

Apollo and Athene Partner with Patrick Cantlay

“We are thrilled to partner with Patrick as he embarks on what we expect to be another successful season on the PGA TOUR,” said Apollo Co-President Jim Zelter. “His relentless pursuit of excellence, commitment to his craft and rigorous approach to the game aligns with our approach to investing. We look forward to supporting Patrick as he builds on his illustrious career and achieves new heights.”

Cantlay said, “As a leader and innovator in financial services, Apollo is well known for its high-performance culture and mission to deliver sophisticated solutions to institutions, companies and individuals around the world. The firm shares my focus on constant improvement and passion for learning, and I am confident that we will succeed together, both on and off the course.”

Starting the season ranked fifth in the Official World Golf Rankings, Cantlay is an eight-time winner on the PGA TOUR and was a member of the victorious US Ryder Cup (2020) and Presidents Cup (2019 and 2022) teams. His career highlights include winning the 2021 FedEx Cup Championship after back-to-back playoff wins at the BMW Championship and TOUR Championship. That same season, Patrick earned PGA TOUR Player of the Year honors. In 2022, Patrick successfully retained his BMW Championship title – the first defense of a playoff event in PGA TOUR history – en route to another multi-win season. Before turning professional, Cantlay enjoyed a prolific amateur career at UCLA, including a record 54 consecutive weeks as number one in the World Amateur Golf Ranking.

In 2019, Cantlay launched The Patrick Cantlay Foundation, a 501(c)(3) charitable organization focused on growing the game of junior golf as well as assisting and advocating on behalf of first responders.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2023, Apollo had approximately $631 billion of assets under management. To learn more, please visit www.apollo.com.

About Athene

Athene is a leading retirement services company with $270 billion of total assets as of September 30, 2023, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

Contacts

Noah Gunn

Global Head of Investor Relations

Apollo Global Management, Inc.

(212) 822-0540

IR@apollo.com

Joanna Rose

Global Head of Corporate Communications

Apollo Global Management, Inc.

(212) 822-0491

Communications@apollo.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/78c1e34a-5973-4404-8569-3b2fd46db9e2


Primary Logo

Apollo and Athene Partner with Patrick Cantlay

 

Apollo and Athene Partner with Patrick Cantlay

Source: Apollo Global Management, Inc.

Released January 11, 2024

 

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Partners Group reports AuM of USD 147 billion per end of 2023; increases guidance for gross client demand in 2024

Partners Group

Baar-Zug, Switzerland; 11 January 2024 | Ad hoc announcement pursuant to Art. 53 Listing Rules (LR)

  • USD 18 billion gross client commitments received; new firmwide record for number of mandates raised
  • USD 13 billion invested and USD 12 billion realized across private markets asset classes despite challenging transaction environment; thematic pipeline remains strong
  • 2024 guidance on gross client demand of USD 20 to 25 billion with a tilt towards H2

Partners Group received USD 18 billion in new commitments from its global client base in 2023 (guidance USD 17-22 billion), bringing the firm’s total assets under management (AuM)[1] to USD 147 billion as of 31 December 2023 (31 December 2022: USD 135 billion), up 8% year-over-year. The firm committed USD 13 billion[2] (2022: USD 26 billion) globally to investments across private markets asset classes and generated USD 12 billion (2022: USD 14 billion) in realizations. Partners Group guides for USD 20 to 25 billion in expected client demand for the full-year 2024. The higher end of the range assumes a normalization of the market environment in H2 2024.

David Layton, Partner and Chief Executive Officer, comments: “The strength of our integrated platform was highlighted again in 2023 by robust client demand for our bespoke solutions. We set a new Partners Group record for the number of mandates raised during the year, which is testament to our ability to craft differentiated and long-term private markets solutions for individual clients. In a challenging year characterized by a decrease in transaction volumes, slower exits, and muted fundraising activity overall, we were pleased to be able to deliver robust AuM growth. While transaction activity was slower to recover than anticipated in the second half, we do see signs of improvement in the market as we enter 2024. In this new private markets paradigm, our transformational investing approach and ability to tailor bespoke solutions for our clients will remain our key growth drivers.”

USD 18 billion in new client demand, led by bespoke client solutions

 

Managing over 300 diverse private markets portfolios in different stages of their lifecycle across all private markets asset classes is Partners Group’s key strength and differentiator. Overall, client demand resulted in total new commitments of USD 18 billion (2022: USD 22 billion). In H2 2023, Partners Group’s clients committed 27% more versus H1 as the pace of client conversion rates improved but remained slower than usual. For the full-year 2023, the firm generated solid demand across its three principal offering types:

  • Mandates (USD 8.3 billion raised): Partners Group’s differentiated portfolio management capabilities enable the firm to tailor investment content to each individual client’s desired risk/return profile and investment level, in order to deliver specific objectives and sustained results throughout market cycles. Mandates raised in 2023 will contribute to the base for future AuM growth. As of 31 December 2023, Partners Group manages 38% of its AuM in mandates (USD 56.5 billion).
  • Evergreens (USD 4.8 billion raised): these programs allow for a certain amount of liquidity and enable individual investors to access private markets more conveniently. Partners Group has been a leading global provider of evergreen programs for more than 20 years, offering private wealth clients access to private markets. As of 31 December 2023, Partners Group manages 30% of its AuM in evergreen programs (USD 44.1 billion).
  • Traditional closed-ended private market programs (USD 5.1 billion raised): beside the more bespoke solutions mentioned above, Partners Group continues to offer traditional commingled funds with multiple investors. These are typically limited partnerships with a pre-defined contractual life. In 2023, several new flagship programs were launched towards the end of the year. As of 31 December 2023, Partners Group manages 32% of its AuM in traditional private markets programs (USD 46.3 billion).

During the twelve-month period to 31 December 2023, AuM grew by USD 11.5 billion. Gross client demand stood at USD 18.2 billion before tail-down effects from mature private markets investment programs amounting to USD -8.2 billion, as well as redemptions from evergreen programs amounting to USD -4.5 billion. Foreign exchange effects further affected AuM growth by USD +2.9 billion during the period. A final USD +3.1 billion came from a select number of investment programs that link AuM to NAV development[3].

Breakdown of total AuM as of 31 December 2023 (in USD billion):

2023 2022 Last 5 years CAGR[4] Gross client demand
Private equity 75.5 71.2 + 13 % 7.7
Private debt 29.3 26.8 + 11 % 4.4
Private infrastructure 25.2 20.8 + 19 % 3.7
Private real estate 17.0 16.5 + 4 % 2.4
Total 146.9 135.4 + 12 % 18.2

 

 

USD 13 billion invested

 

Partners Group’s transformational investing approach led to USD 13 billion[5] (2022: USD 26 billion) invested on behalf of the firm’s clients into companies and assets that are well positioned in structurally growing areas of the economy. The transaction environment in the second half of the year improved only moderately despite the increased availability of financing. Partners Group placed emphasis on the conversion of its thematic investment pipeline to identify attractive businesses that operate within specific pockets of transformative growth. For example:

  • In private equity, Partners Group agreed to acquire ROSEN Group, a global provider of mission-critical inspection services for energy infrastructure assets, in November. ROSEN’s core service prevents avoidable incidents, which can have meaningful environmental and financial impacts, and endanger lives, helping customers to optimize throughput and extend the useful life of essential infrastructure assets. Value creation initiatives include expansion into new future energy sources such as hydrogen transportation pipes, adoption of artificial intelligence, and a further build-out of R&D.
  • In private infrastructure, Partners Group agreed to invest in Exus, an international renewables asset management and development firm. Exus is set to benefit from thematic trends including rising demand for decarbonization from corporates and strong regulatory support for renewables. Value creation initiatives will include transforming Exus into a builder, owner, and operator of assets, thereby owning the full value creation process. In addition, Partners Group will focus on scaling the origination capacity to over 1 GW per annum.

Partners Group invested 60% of its total global volume into direct assets on behalf of its clients. The remaining 40% of the total investment volume was invested into portfolio assets. These included secondary investments into globally diversified private markets portfolios, select primary commitments to other complementary private markets strategies, and investments into the broadly syndicated loan market.

USD 12 billion realized

Portfolio realizations amounted to USD 12 billion (2022: USD 14 billion). The transaction environment remained challenging throughout the majority of the year, and therefore several exits originally planned for H2 were postponed. A small number of businesses including Civica, a global provider of cloud software solutions, were successfully divested in 2023. Over the six-year holding period, Partners Group transformed Civica into a pure software business, doubling its EBITDA. Another example was the full exit of Borssele, an offshore windfarm in the Netherlands, which the firm sold to several infrastructure asset managers. Partners Group built this asset into a 731.5 MW windfarm from construction through to operation.

Outlook 2024

Partners Group continues to see strong structural tailwinds for the private markets industry and its outlook for long-term, sustainable growth remains in place. In particular, the firm sees two major areas of growth for private markets client demand: tailored mandates and investment solutions for private wealth investors. In both of these categories, Partners Group has an established leadership position with over 20 years of experience building bespoke solutions.

For the full-year 2024, Partners Group expects to raise between USD 20 to 25 billion in total client demand. The firm bases its guidance on an expected normalization of the investment environment and continued strong interest in its bespoke solutions and flagship offerings. Partners Group’s full-year estimates for tail-down effects from more mature closed-ended investment programs and redemptions from evergreen programs remain largely unchanged at USD -11.0 to -13.0 billion.

Sarah Brewer, Partner and Global Co-Head Client Solutions, adds: “Looking ahead to 2024, we anticipate that bespoke solutions will continue to be the key driver of fundraising as clients are increasingly looking to expand their exposure to private markets via differentiated solutions that meet their specific portfolio needs. Additionally, the mandates raised in and before 2023 are expected to contribute to future AuM growth because mandate clients are typically long-term, strategic relationships that increase their target allocations over time and in line with the rising set of investment opportunities. At the same time, we envisage solid demand for our traditional programs and expect that our evergreen solutions will remain an important contributor of client demand in 2024.”

Conference call today

Partners Group’s senior management will hold a conference call today at 6:15pm CET. To register for the call, please click here or use the contact details at the end of this press release.

Key dates/publications 2024

19 March 2024 Financial Results as of 31 December 2023
22 May 2024 Partners Group Holding AG shareholder AGM 2024
11 July 2024

03 September 2024

 Announcement of AuM as of 30 June 2024

Interim Financial Results as of 30 June 2024

[1] AuM is an Alternative Performance Metric (APM). A description of the APMs can be found in Partners Group’s 2022 Annual Report on pages 32-33, available for download at http://www.partnersgroup.com/en/shareholders/reports-presentations/. AUM figures are for Partners Group Holding AG, inclusive of all Partners Group affiliates.

[2] Respective year includes syndications.

[3] Partners Group reports fee-paying AuM. Most of the firm’s evergreen programs base fees on NAV. The portfolio performance during the period impacts the NAV of these products and this translates to a corresponding change in firm-level AuM. As always, calculations for semi-annual AuM numbers for evergreen programs are based on 31 May NAV valuations. Full-year AuM numbers are based on 30 November NAV valuations.

[4] CAGR: compound annual growth rate for net assets for the period 31 December 2018 – 31 December 2023.

[5] Respective year includes syndications.

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IK kicks off New Year with Partner promotions

IK Partners

IK Partners (“IK” or “the Firm”) is pleased to announce the promotion of Carl Jakobsson and Frederik Jacobs to Partner in the Mid Cap Investment teams in the Nordics and the Benelux respectively.

Carl joined the Stockholm office in 2013 and specialises in the Business Services sector. He has served on the Boards of numerous portfolio companies, including Aspia, Netel, Evac and Ramudden, since joining. Prior to IK, Carl worked within the Investment Banking department of SEB Enskilda. He holds an MSc and BSc in Finance from the Stockholm School of Economics.

Based in Amsterdam, Frederik joined IK in 2014. He has been involved in several notable transactions across the Benelux region and possesses specialist expertise in the Healthcare sector. Prior to joining IK, Frederik worked in Deutsche Bank’s Investment Banking Division focused on the Benelux region. He holds an MSc and BSc in Business Engineering from the University of Leuven.

Christopher Masek, CEO at IK, commented: “2023 was an exceptionally busy year for IK and we are incredibly proud of the contribution of our outstanding colleagues, especially Carl and Frederik whose hard work has been recognised with their promotions to the Partner Group. Both individuals have shown their ability to deliver results for investors and drive value creation across the portfolio, possessing the drive and level-headedness required in the current market.”

Carl Jakobsson, Partner at IK, added: “I feel privileged to have been given continuous opportunity to gain a wealth of experience over the past 11 years at IK. Since joining, I’ve worked locally in Sweden and across Europe with colleagues and portfolio companies to create growth opportunities.”

Frederik Jacobs, Partner at IK, commented: “I’m grateful to my colleagues for the support I’ve received over the past decade. This has enabled me to make significant progress within the Firm and I’ve had the good fortune of being involved in many interesting projects. I’ve worked alongside brilliant management teams to create excellent outcomes and value for all and I look forward to seeing what the future brings.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 180 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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Categories: People

Cinven announces Partner promotions

Cinven

International private equity firm Cinven announces the promotion of two individuals to Partner with effect from 1 January 2024.

Miguel Segura, Partner

Miguel joined Cinven in 2012 and is a member of the Business Services team and the Iberia regional team. He has been involved in a number of transactions, including Amara NZero, HBX Group (previously Hotelbeds), MasMovil, Planasa, Spire, Tinsa, Ufinet and Ufinet International.

Tarek Bayazid, Partner

Tarek joined Cinven in 2014 and is a member of the Investor Relations and Fundraising team. Since joining Cinven, he has contributed to the successful fundraisings of the Sixth, Seventh and Eighth Cinven Funds, the Strategic Financials Fund and capital raising for numerous co-investments.  He is the principal point of contact for Cinven’s investors in the Middle East, Asia and Australia.

Commenting on these promotions, Stuart McAlpine, Managing Partner of Cinven, said:

“Congratulations to Miguel and Tarek on their well-deserved achievement. Both have made a significant contribution to Cinven’s success over the years and their promotions reflect our commitment to the development of talent within the firm.” 

“Having just achieved the hard cap for our latest fund, the Eighth Cinven Fund, raising $14.5 billion, Cinven is well positioned to take advantage of the opportunities 2024 brings and we look forward to the year ahead.” 

Categories: People