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Innovation Industries Raises €500 Million For Investments In Deeptech

Innovation Industries

Fund oversubscribed, with the majority of financing coming from Dutch pension funds

Amsterdam, May 15, 2024 – Dutch venture capital fund Innovation Industries has raised €500 million for its third fund, which focuses on financing deeptech companies in the Benelux and Germany. Earlier this year, Innovation Industries also raised €100 million for another fund, the Strategic Partners Fund, which invests in scale-ups from the existing portfolio. This brings the total raised capital for this year to €600 million.

Deeptech companies develop groundbreaking technologies and bring them to market. These types of companies have the potential to offer innovative solutions to global challenges such as climate change, security, aging populations, food shortages, and energy supply. Due to the complexity and advanced nature of their products, deeptech companies have higher capital requirements and longer development times compared to more conventional enterprises.

Investors in the fund

Investors in the third fund include PME and PMT. These pension funds have also invested in Innovation Industries’ earlier funds. The fund also includes pension funds ABP, bpfBOUW, Pensioenfonds KPN, and TNO Pensioenfonds. Additionally, investors in the fund include ABN AMRO, Athora Netherlands, Rabobank, Oost NL, Brabantse Ontwikkelingsmaatschappij, Invest-NL, InnovationQuarter, European Investment Fund (EIF), KfW Capital, and Wachstumsfonds.

“Investing in deeptech is very attractive from various perspectives. Nevertheless, deeptech companies still face significant challenges in raising capital,” says Nard Sintenie, partner at Innovation Industries. “With our third fund, combined with the Strategic Partners Fund, we are taking an important step in addressing this issue for Dutch deeptech companies.”

Harm de Vries, partner at Innovation Industries, stated, “We are very pleased that in addition to pension funds PME and PMT, other pension funds are now also participating in our fund. We share a long-term vision with these pension funds, combining good financial returns with a contribution to the future resilience of the Dutch deeptech ecosystem. With currently around €900 million in capital under management, we will serve as a magnet for groundbreaking technologies in Europe.”

“Our team currently operates from offices in Amsterdam and Eindhoven. Soon, we will add an office in Munich,” explains Chris Sonnenberg, partner and co-founder of Innovation Industries. “With a solid European presence, we can identify the best technology companies and thereby strengthen the competitive position of the Netherlands,” he adds.


About Innovation Industries

Innovation Industries has been active since 2017 and has investments in more than 30 deeptech companies. An example is Nearfield Instruments, a spin-off of TNO that develops advanced measuring machines for the semiconductor industry. Companies in the portfolio have also been sold, such as Luxexcel, which was acquired by Meta (the company behind Facebook) in 2021. Luxexcel manufactures 3D-printed lenses for digital glasses.

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EQT Future holds final close; over EUR 25 billion (USD 27 billion) raised across EQT Private Equity in fundraisings concluded during 2024 to-date

eqt
  • The EQT Future fund closes at EUR 3 billion (USD 3.3 billion) in total fund commitments, with total fee-generating commitments to the strategy, which includes co-investments, totaling EUR 3.6 billion (USD 3.9 billion)
  • This brings the combined final closes by the EQT Private Equity platform in 2024 to more than EUR 25 billion (USD 27 billion) in total commitments, following the EUR 22 billion (USD 24 billion) close of EQT X
  • EQT Future is a private equity strategy that invests in two themes: Climate & Nature and Health & Wellbeing. Its innovative approach enables EQT Private Equity to hold companies for longer, leveraging EQT’s proven active ownership approach and a tailored impact management and measurement toolbox to drive attractive downside protected returns

EQT is pleased to share that EQT Future (or the “Fund”) has held its final close. The Fund raised EUR 3 billion (USD 3.3 billion) in total commitments, with total fee-generating commitments for the overall strategy, including co-investments, totaling EUR 3.6bn (USD 3.9 billion)1. The close brings the combined final closes by the EQT Private Equity platform in 2024 to more than EUR 25 billion (USD 27 billion) in total commitments.

An integrated part of EQT Private Equity, EQT Future backs robust and downside-protected business models in two thematic areas: Climate & Nature and Health & Wellbeing. By adding a tailored impact management and measurement toolbox and having a more flexible investment mandate, it aims to innovate on EQT’s proven approach and create long-term value in its portfolio. The Fund is Article 9 accredited and has innovated around ways to align sustainability with financial returns, linking carried interest to sustainability targets.

The Fund received commitments from investors across the Americas, Asia-Pacific, the Middle East, Europe and the Nordics. It has a diversified investor base, including forward-thinking institutional and private wealth clients, notably family offices, with a greater share of commitments coming from the latter segment compared to the EQT Private Equity flagship funds.

Simon Griffiths, Partner and Head of the EQT Future Advisory team, said: “That EQT has been able to introduce a new strategy and receive strong backing for EQT Future’s attractive downside-protected offering shows that investors are keen to see innovation within private markets. We’ve married EQT’s proven private equity approach with new impact thinking to invest in market leaders that can be grown over the longer term and that can potentially transform whole industries. This differentiates EQT Future from many other impact funds, which typically focus on venture and growth-stage opportunities. We have partnered with three businesses where the founders and management share our vision of driving more sustainable products and services, and the portfolio has already shown its resilience.”

Per Franzén, Head of Private Capital Europe & North America at EQT and Chairman of the EQT Private Equity Investment Committees, including EQT Future, said: “EQT Future is a perfect complement to our Equity strategy. Having a longer-hold mandate makes us an ideal partner to long-term owners, such as industrial families and entrepreneurs. It also enables us to acquire crown jewels and develop them to their fullest potential. As an integrated part of our Private Equity strategy, EQT Future makes us a smarter thematic investor. It enables us to select the right opportunities with a focus on sustainable long-term value creation, and makes us a better partner to our clients.”

The Fund is currently circa 40-45 percent invested across three high-quality, downside-protected companies, which all show strong underlying earnings growth and are realizing their impact potential:

  • Global pest-control service provider Anticimex offers a biocide-free digital solution, paving the way for a sustainable pest control industry and contributing to curbing biodiversity loss
  • Bloom Fresh International develops innovative disease-resistant varieties of fruit, reducing the use of fungicides that have a negative impact on soil health, ecosystems and human health, while increasing the agricultural output and shelf life of the fruits
  • Pioneering autoinjector developer SHL Medical enables advanced drug self-administration for greater patient autonomy, thereby reducing the burden on healthcare systems

Management fees for the Fund are charged on invested capital during its full term. This means that management fees will be charged only as and when investments are made by the Fund. Co-investment figures included are invested capital that is fee and carry-paying.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 33

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​232​‌ billion in total assets under management (EUR ‌​​‌130​‌ billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 20 countries across Europe, Asia and the Americas and has more than 1,800 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

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DIF Capital Partners raises EUR 6.8 billion for its latest infrastructure funds

DIF

The successful fund raisings for DIF VII and CIF III represent a 50% increase compared to the prior funds.

DIF Capital Partners (DIF), a leading global infrastructure fund manager, is pleased to announce it has raised EUR 6.8 billion for its latest infrastructure funds with final closes across DIF Infrastructure VII (DIF VII) EUR 4.4 billion, DIF Core-Plus Infrastructure Fund III (CIF III) EUR 1.6 billion, and certain Co-investment vehicles EUR 0.8 billion.

DIF experienced strong investor demand from both existing and new institutional investors across the globe, enabling both DIF VII and CIF III to exceed their target fund sizes of EUR 4.0 billion and EUR 1.5 billion respectively. Total commitments for the predecessor funds (DIF VI and CIF II) equaled EUR 3.0 billion and EUR 1.0 billion.

DIF VII targets infrastructure investments, often concession-based or with long-term offtake agreements offering stable and predictable cash flows as well as attractive risk-adjusted returns. Sectors covered are transportation, (renewable) energy, digital infrastructure as well as utilities.

CIF III targets investment opportunities with strong growth potential. It focuses on a broad range of infrastructure sectors including digital infrastructure (specifically datacenters and fibre), energy transition as well as sustainable transportation.

Both fund strategies target a mix of operational and greenfield investments and predominantly focus on Europe and North America.

The funds received commitments from a diverse institutional investor base of more than 110 investors across Europe, the Americas, Asia, and the Middle East, including public and private pension plans, sovereign wealth funds, insurance companies, financial institutions, foundations, and private wealth investors.

Wim Blaasse, CEO at DIF Capital Partners, said: “We are extremely grateful to our investors for their trust and support, and this successful fundraising reinforces DIF’s leading position in the infrastructure market.

In addition, we are excited by the journey ahead as we team up with CVC, and accelerate the growth of our investment capabilities, our geographic reach, and lever the CVC network”.

Gijs Voskuyl, Deputy CEO at DIF Capital Partners, said: “An ever growing demand for infrastructure capital provides an exciting investment opportunity for us, and with our investment track record and experienced teams on the ground across our network of offices in eleven countries, we are confident we can use this capital to take advantage of attractive investment opportunities.”

To date, both funds have invested or committed to nine investments each, thereby deploying around 50% of total commitments. For DIF VII this includes investments in Saur, a global water solutions provider, Fjord1, a Norwegian electric ferry concessions operator and Green Street Power Partners, a US distributed solar developer/IPP. For CIF III this includes investments in metrofibre, a German urban fibre roll-out platform, Tonaquint, a US datacenter platform and Rail First, an Australian rail leasing business.

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

For more information, please visit www.dif.eu or follow us on LinkedIn.

 

Press contact:

DIF Capital Partners: press@dif.eu

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CapMan Growth establishes its third fund: first closing at €110 million, surpassing target size

Capman

CapMan Growth establishes its third fund: first closing at €110 million, surpassing target size

The CapMan Growth Equity III fund initiates operations and makes its first closing at €110 million, surpassing its target size. The strong interest towards the fund is a testament to the successful growth stories and well-executed exits facilitated by the team. The fund is expected to reach its hard cap at €130 million by the end of April 2024.

At first closing CapMan Growth’s third fund already exceeds the size of the team’s previous fund which closed at €97 million. Since its establishment in 2017 CapMan Growth has raised over €300 million in total for growth investments.

Raising a fund larger than its predecessor in the current market environment clearly shows there is significant interest towards CapMan Growth’s investment strategy. Driving this interest is the team’s strong track-record in supporting multiple growth companies and achieving successful exits of which Picosun and Coronaria are good examples.

CapMan Growth’s strategy is to make active minority investments into entrepreneur-led growth companies, with the aim of further developing them together with the entrepreneurs and the operative management.

CapMan Growth’s investor base consists mainly of reputable Finnish institutional investors and successful Finnish entrepreneurs including several founders of CapMan Growth’s portfolio companies.

”Our investment strategy has gained a lot of interest amongst both owners of growth companies and investors. Many growth entrepreneurs seek an alternative to selling their business and we can support growth while letting entrepreneurs retain control in their company. Investors have also viewed our strategy as an interesting alternative to more traditional private equity funds. A warm thank you for the trust to all our current and new investors”, says Antti Kummu, Managing Partner at CapMan Growth.

CapMan Growth is the leading Finnish growth investor making significant minority investments in entrepreneur-led growth companies with revenues ranging between €10–200 million euros. We offer entrepreneurs an alternative to selling the majority of their business by facilitating a partial exit while also supporting growth and internationalisation. We have been part of building companies such as Coronaria, Cloud2, Digital Workforce, Fennoa, Fluido, Neural DSP, Picosun, Sofigate, Silmäasema and Unikie.

For more information:

Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and over €5 billion in assets under management. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. 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 and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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EQT X hits the hard cap, raising EUR 22 billion (USD 24 billion) in total commitments

eqt

In what is EQT’s largest ever fundraise, its flagship private equity fund raises EUR 22 billion (USD 24 billion) in total commitments, of which EUR 21.7 billion (USD 23.5 billion) are fee-generating assets under management, exceeding the EUR 20 billion (USD 21.6 billion) target

This represents a near 40 percent increase on EQT IX, thanks to strong support from existing and new investors, with a greater share of commitments coming from private wealth

EQT X builds on EQT Private Equity’s 30-year track record of strong performance, investing predominantly in the Healthcare, Technology and Tech-enabled Services sectors in Europe and North America

EQT is pleased to share that EQT X (the “Fund”) has held its final close, having raised EUR 22 billion (USD 24 billion) in total commitments, of which EUR 21.7 billion (USD 23.5 billion) are fee-generating assets under management. The fundraise exceeded the target size of EUR 20 billion (USD 21.6 billion) and represents a near 40 percent increase on EQT IX, which closed at EUR 15.6 billion in April 2021. It also represents one of the largest private equity funds ever raised.

The Fund received commitments from a broad range of investors, including pension and sovereign wealth funds, asset managers, and the private wealth segment. The latter made up an increased share of the total commitments, on the back of EQT’s recent strategic drive to offer the segment increased access to EQT funds with the launch of EQT Nexus. Fund investors were based across the Americas, Asia-Pacific, the Middle East, Europe and the Nordics.

EQT X is the latest fund in the EQT Private Equity strategy. For thirty years, the strategy has invested in the Healthcare, Technology, Tech-enabled Services and Industrial Technology sectors in Europe and North America, and over that time it has delivered a realized gross multiple on invested capital of 2.7x. The Fund has announced seven investments since June 2022, starting with the acquisition of Envirotainer, the globally leading provider of mission-critical transport services to the biopharma industry. Other investments include advanced medical components supplier Zeus, accounts receivable automation leader Billtrust, and animal pharmaceutical business Dechra Pharmaceuticals.

Per Franzén, Head of Private Capital Europe & North America at EQT and Chairman of the EQT Private Equity Investment Committees, said: “We remain focused on backing and futureproofing companies in attractive and resilient sectors, such as healthcare and technology, and have proven our ability to perform and return capital across cycles. We continue to invest in our sector expertise, sharpening our ownership model and developing our value-creation toolbox. Our thematic investment strategy and strong local presence are competitive advantages when sourcing opportunities, not least in a slower deal-making environment. EQT X is off to a strong start, having already announced four take-privates while offering substantial co-invest opportunities. We look forward to continuing to partner with our clients.”

Suzanne Donohoe, Chief Commercial Officer at EQT, said: “We would like to thank both our long-term and new clients for their support of EQT X. Around 70 percent of the commitments to the fund came from existing EQT IX investors, a testament to the long-term trust we have built together. We’re also grateful for the support from new clients, who recognized our 30-year track record of delivering strong and steady returns. We look forward to continuing to strengthen our partnerships for the next 30 years and beyond.”

As one of EQT’s eleven business lines, the EQT Private Equity team consists of more than 130 investment professionals spread across 15 offices in Europe and North America. They work with portfolio companies to accelerate growth, strengthen profitability and increase resilience through an active ownership model. They do this through hands-on support of management teams, employing long-term perspectives, and bringing deep expertise in areas such as AI, digitalization and sustainability. The teams also draw upon the expertise of EQT’s network of over 600 Industrial Advisors, who each bring experience leading companies in EQT Private Equity’s core sectors. EQT Private Equity works closely with EQT’s other private capital business lines, which include EQT Private Capital Asia, EQT Future, EQT Healthcare Growth, EQT Growth, and EQT Ventures.

EQT X is currently 30-35 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), based on the actual fund size.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​232​‌ billion in total assets under management (EUR ‌​​‌130​‌ billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 20 countries across Europe, Asia and the Americas and has more than 1,800 employees.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, X, YouTube and Instagram

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KKR Closes US$6.4 Billion Asia Pacific Infrastructure Investors II Fund

KKR
  • Fund is largest pan-regional infrastructure fund to have been raised for Asia Pacific
  • More than half of the Fund already invested or committed across ~10 investments

HONG KONG–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final close of KKR Asia Pacific Infrastructure Investors II SCSp (the “Fund”), a US$6.4 billion fund focused on infrastructure-related investments across Asia Pacific.

At close, the Fund is the largest pan-regional infrastructure fund to have been raised for Asia Pacific. This closely follows KKR’s inaugural Asia Pacific-dedicated infrastructure fund, KKR Asia Pacific Infrastructure Investors SCSp, which closed at US$3.9 billion in 2021 as the largest Asia-dedicated pan-regional fund at the time. Since the Fund’s launch, KKR has already invested or committed more than half of its capital across approximately 10 investments. KKR’s Asia Pacific infrastructure platform has organically grown to approximately US$13 billion in assets under management since its inception in 2019.

“Infrastructure is a key pillar of KKR’s global and regional strategy. We are proud to have built and scaled a market-leading platform in Asia Pacific in a short span of time, and are grateful for the continued support by our investors as we close our milestone second pan-regional fund,” said David Luboff, Co-Head of KKR Asia Pacific and Head of Asia Pacific Infrastructure at KKR. “The success of the fundraise is a testament to the confidence that global investors have in our ability to deliver strong risk-adjusted returns and differentiated value-add through our established multi-asset platform, local presence in key markets, and strong ability to collaborate across multiple strategies and the region. Their commitment underscores our shared conviction that Asia Pacific’s infrastructure sector holds tremendous potential over the long term.”

KKR’s infrastructure investment approach brings together a disciplined selection process with distinctive investment sourcing and structuring capabilities executed by a dedicated investment team based in markets across Asia Pacific. In line with this approach, the Fund will focus on critical infrastructure with low volatility and strong downside protection where KKR believes it can add value and achieve attractive risk-adjusted returns by leveraging its global network of industry experts, its highly experienced team in Asia Pacific, and long track record of operational value creation. The Fund has a broad investment mandate across various sectors, including renewables, power and utilities, water and wastewater, digital infrastructure, and transportation, among others.

Hardik Shah, a Partner on KKR’s Infrastructure team based in Mumbai, said, “As Asia accounts for more than 60% of global growth, driven by rising domestic consumption and productivity, rapid urbanization, and an enormous emerging middle class, the need for new infrastructure and sustainable energy sources will continue to accelerate. We believe this backdrop presents a significant opportunity for value-added private infrastructure investors, and we welcome the chance to invest behind the development and success of critical infrastructure across Asia Pacific.”

Keith Kim, a Partner on KKR’s infrastructure team based in Seoul, said, “Our ability to create investment opportunities and successfully fundraise in a challenging macro environment reflects the strength of our localized teams who have a deep understanding of the markets and business landscapes where we invest, as well as KKR’s global expertise and capabilities. We are pleased to significantly deepen our commitment to Asia’s infrastructure sector through the Fund.”

The Fund received strong backing from a diverse group of new and existing prominent global investors across the world, including public and corporate pensions, sovereign wealth funds, insurance companies, endowment funds, and asset managers.

Brandon Donnenfeld, a Managing Director in KKR Global Client Solutions added, “KKR has built a differentiated infrastructure investing approach that combines our decades-long experience of being a value-add investor, having localized teams, and maintaining a focus on downside protection. We are honored to have the continued support from our investors and look to continue delivering strong performance for them.”

KKR first established its global infrastructure team and strategy in 2008 and has since been one of the most active infrastructure investors around the world. Today, the Firm manages approximately US$56 billion in assets under management across more than 80 infrastructure investments, and has a team of more than 90 dedicated infrastructure investment professionals globally.

Debevoise & Plimpton LLP represented KKR as primary fund counsel for this fundraise.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media:

KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

KKR Americas
Liidia Liuksila or Emily Cummings
+1 212-750-8300
Media@kkr.com

Source: KKR

 

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Cinven raises $14.5 billion for the Eighth Cinven Fund

Cinven
  • Cinven has achieved the hard cap for the Eighth Cinven Fund, raising $14.5 billion (€13.2 billion)
  • Fund 8 is nearly 30% larger than its 2019 vintage predecessor fund, Fund 7
  • Cinven benefitted from a strong re-up rate from its longstanding Limited Partners, and welcomed a number of new investors to its global Limited Partner base
  • The success of Cinven’s fundraise was underscored by the strength of its long-term track record that has returned proceeds of c. €47 billion to the Cinven Funds; the depth and experience of its team; and the consistency of its strategy of building long-term, sustainable businesses with global growth opportunities

International private equity firm Cinven announces the final close of its latest flagship fund, the Eighth Cinven Fund (‘Fund 8’), having raised $14.5 billion (€13.2 billion) and reached the hard cap. Fund 8 is nearly 30% larger than its 2019 vintage predecessor fund, Fund 7, for which Cinven also reached the hard cap.

 

Over the course of its almost 50-year history, Cinven has focused on building world class companies using its sector expertise. Cinven has built deep, embedded local networks across Europe and has a growing presence in North America. Cinven’s international team works closely together in a Sector-Regional approach to execute its proven investment strategy to create strong and stable returns for its investors. Cinven’s ‘one team’ culture is fundamental to the firm’s values, philosophy and ethos, and the success of the Fund 8 raise demonstrates the continued strong support by Cinven’s Limited Partners for its team and investment approach.

 

Stuart McAlpine, Managing Partner of Cinven, said:

 

“Cinven has a long and proven track record of delivering strong and consistent performance to our investors. Our strategy for Fund 8 builds on the approach we have successfully deployed for previous Cinven Funds, investing in control positions in growth-oriented, market leading, cash generative companies with resilient characteristics where we can accelerate growth through our active management, and deliver break-out returns. We are very grateful to our Limited Partners for their continued support, and believe the investment opportunity for Fund 8 is very compelling.”

 

Alexandra Hess, Partner of Cinven and Head of Investor Relations, added:

 

“We greatly appreciate the support for Fund 8 that we have received from both longstanding and new investors. With their support, we have been able to complete another successful fundraise despite the difficult market backdrop. We believe market environments such as these support successful fund vintages for investors; particularly given Cinven’s experience identifying attractive opportunities across sectors and geographies in periods of volatility.”

 

Cinven seeks to build long-term, sustainable businesses which will grow, provide employment and generate economic benefit in an environmentally and socially responsible manner. At its core is a long and proven track record of investing successfully through economic cycles.

 

The Cinven Funds have completed investments in more than 150 portfolio companies across Europe and in North America, realised or listed more than 115 investments and returned proceeds of c. €47 billion to the Cinven Funds.

 

Originally founded as the private investment arm of the British Coal pension scheme in 1977, Cinven became independent in 1995; raised its first Fund in 1996; and has raised Funds of more than €50 billion in aggregate to date.

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KKR Closes $2.8 Billion Global Impact Fund II

KKR

Second Impact Fund More than Doubles Size of First,
Underscores Commitment to Contributing to the UN Sustainable Development Goals

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final closing of KKR Global Impact Fund II (“GIF II” or the “Fund”), a $2.8 billion fund dedicated to investing in companies whose products and services contribute measurable progress toward the United Nations Sustainable Development Goals (“SDGs”). The Fund is the successor fund to the first KKR Global Impact Fund.

“We launched KKR Global Impact in 2018 because we saw an opportunity to invest behind proven companies that deliver scalable, commercial solutions to global problems,” said Robert Antablin, KKR Partner and Co-Head of KKR Global Impact. “Since then, that opportunity set has continued to grow, and we are thrilled with the outcomes our portfolio companies have been able to achieve. We are grateful for the support of our investors who share our conviction in this space, which we believe is well placed given the strong performance of our first fund.”

Global Impact contributes to the SDGs by investing in companies where financial performance and positive societal impact are aligned, with a focus on four key investment themes: Climate Action, Sustainable Living, Lifelong Learning, and Inclusive Growth. These themes seek to address critical and locally-relevant challenges, including climate change and its consequences, reliance on non-renewable resources and increasing waste, lack of access to quality education and the widening skills gap, and social and economic inequality.

“Globally, there is increased urgency to solve some of the world’s greatest challenges, such as the energy transition, supply chain resiliency, digitization and a shortage of skilled workers. For example, analysis by KKR Global Impact portfolio company Lightcast found that the skills requested for the average U.S. job have changed 37% since 2016, requiring a significant acceleration of upskilling1,” said Ken Mehlman, KKR Partner and Co-Head of KKR Global Impact. “We believe our Global Impact strategy is well-positioned to invest behind these macro tailwinds.”

The dedicated KKR Global Impact team is comprised of more than 20 people and is supported by KKR’s full suite of global resources, which allows the team to offer more than just capital to support companies. Since its launch in 2018, KKR Global Impact has invested in 18 companies including GreenCollar, CoolIT, Advanta, Lightcast (formerly known as Emsi Burning Glass), and CMC Machinery.

The Fund received strong backing from a diverse group of new and existing global investors, including public pensions, family offices, insurance companies, and other institutional investors. KKR will be investing $250 million of capital in the Fund alongside investors through the Firm’s balance sheet, affiliates and employee commitments.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

____________________________
1 Lightcast. “New Report Measures Blazing Pace of Skills Change,” May 2022.

Media
Liidia Liuksila or Emily Cummings
+1 212-750-8300
Media@kkr.com

Source: KKR

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KKR Closes Third Tech Growth Fund At Nearly $3 Billion

KKR

Latest Fund Represents KKR’s Largest Commitment to the Technology Growth Equity Sector

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final close of KKR Next Generation Technology Growth Fund III (“NGT III” or the “Fund”), an approximately $3 billion fund focused on investing in leading growth technology companies across North America, Europe and Israel.

NGT III is the successor to the firm’s NGT I and NGT II growth funds. It continues KKR’s strategy of supporting high-growth technology companies by providing equity capital and access to the firm’s global capabilities and network.

The new fund comes at a time of accelerated digital transformation within enterprises globally, the next evolution of AI applications and the increasing adoption of technology in consumers’ daily lives. This has created an environment that will enable many new growth technology companies to emerge and scale.

“Even in challenging market environments, focusing on investing in technology that solves for the real needs of companies creates a long-term opportunity for performance. We’ve seen firsthand that innovation is a critical driver of investment returns,” said Dave Welsh, KKR Partner & Global Head of Tech Growth. “With the new fund, we are deepening our commitment to investing in leading companies that are advancing digital transformation by helping businesses operate and serve their customers better, and more securely.”

“KKR’s deep network of global resources has made us a partner of choice for some of the most innovative technology companies in the world, and our experience in the space has demonstrated a proven ability to add value and scale growing businesses,” said Jake Heller, Partner & Head of Tech Growth, Americas.

“Innovation across verticals coupled with organizations’ increasing reliance on technology has created an environment that is ripe for entrepreneurs to build sustainable and attractive business models. We see significant opportunity to continue partnering with the entrepreneurs leading these businesses and helping them achieve their growth ambitions,” said Stephen Shanley, Partner & Head of Tech Growth, Europe.

The Fund received strong support from a diverse group of both new and existing investors globally, including public pension plans, sovereign wealth funds, insurance companies, financial institutions, endowments, private wealth and fintech platforms, family offices and high-net-worth individual investors. KKR will be investing approximately $435 million of capital in the Fund alongside investors through the Firm’s balance sheet, affiliates and employee commitments.

KKR has established a proven track record of supporting technology-focused growth companies, having invested over $21.6 billion in related investments since 2014 and built a dedicated global team of more than 35 investment professionals with deep technology growth equity expertise. The Firm has executed several transactions as part of its tech growth strategy, including DarkTrace, KnowBe4, 09, Onestream, OutSystems, NetSPI and Restaurant365.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media:
Liidia Liuksila
212-750-8300
media@kkr.com

Source: KKR

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GTCR Closes $11.5 Billion Fund XIV

Fund to Support Management in Executing Upon Growth and Transformation
CHICAGO, IL — May 23, 2023

GTCR, a leading private equity firm, today announced the closing of GTCR Fund XIV (“Fund XIV” or the “Fund”), with aggregate commitments of $11.5 billion. The Fund, which had an initial target of $9.25 billion, reached its hard cap. The Fund includes total limited partner commitments of $11.0 billion and a commitment from GTCR of approximately $500 million. The predecessor fund, GTCR Fund XIII, was raised and initiated in 2020 with aggregate commitments of approximately $7.9 billion.

The Fund received strong support from limited partners in prior GTCR funds, many of whom have invested with the firm for decades, as well as several new investors. The diverse Fund XIV investor base includes leading global endowments and foundations, public and corporate pension plans, sovereign wealth funds, financial institutions and private wealth.

Consistent with GTCR’s investment approach, The Leaders Strategy™, Fund XIV will expand the firm’s capacity to partner with exceptional management leaders who have strong track records of value creation to identify, acquire and build market-leading companies in its core industry domains of Healthcare, Technology, Media & Telecom, Business & Consumer Services and Financial Services & Technology. GTCR’s investment approach emphasizes transformational growth to build better businesses with a long-term orientation.

On behalf of the firm, Dean Mihas and Collin Roche, Co-CEOs of GTCR, commented:

“We appreciate tremendously the support from our limited partners. That support is invaluable to us in working with our management partners to build great businesses through transformational growth and add-on acquisitions. This committed equity capital of Fund XIV positions GTCR and its investment teams with the resources to invest through periods of uncertainty and varied economic conditions.

For over four decades, GTCR’s approach has been to build deep domain expertise and broad executive relationships in our core industries. This approach enables us to partner with and support high caliber, experienced management leaders in pursuing opportunities for transformation, including corporate carve-outs, transformational mergers and growth through acquisition strategies. We also continue to build GTCR’s organization, growing our team, increasing our sourcing efforts and enhancing our ability to support management teams as they grow their businesses. We believe that our differentiated strategy, our high-quality and experienced team, and our committed capital resources position us to capitalize on unique opportunities in the current environment.”

“We are grateful for the confidence that GTCR’s limited partners have demonstrated in our team and in our strategy. We are focused on providing consistent, outstanding returns for our investors across economic environments, with a continued focus on alignment and transparency,” stated Jodi Rubenstein, Managing Director and Head of Investor Relations.

Kirkland & Ellis served as legal advisor to GTCR.

About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.

GTCR Contacts

Investor Relations
Jodi Rubenstein
312.382.2202
jodi.rubenstein@gtcr.com

Media Relations
Andrew Johnson
212.835.7042
andrew.johnson@gtcr.com

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