Tag Archives: Funds

Apollo Debt Solutions BDC Launches with More Than $1 Billion in Assets Under Management

Continuously Offered BDC Breaks Escrow with Approx. $657 Million of Equity

Apollo Global Wealth Expands its Alternative Solutions for Individual Investors

NEW YORK, Jan. 11, 2022 (GLOBE NEWSWIRE) — Apollo Debt Solutions BDC (“ADS” or the “Fund”) today announced that it has launched with more than $1 billion in assets under management. On Friday, January 7, the Fund broke escrow with approximately $657 million in equity net proceeds for its continuous public offering (the “Offering”). In connection with breaking escrow, the Fund issued and sold 26,258,912 shares of beneficial interest in the Offering. The Fund intends to continue selling shares in the Offering on a monthly basis.

The Fund invests primarily in directly originated assets, including debt securities, and in particular focuses on large-cap origination. The Fund is managed by an affiliate of Apollo (NYSE: APO), which has one of the world’s largest alternative credit businesses with approximately $341 billion in credit AUM.

Apollo Partner Earl Hunt, Chair and CEO of ADS, said, “We are pleased to break escrow and begin actively investing the Fund, leveraging our extensive experience across private credit, direct origination and our status as a preferred lending partner to thousands of companies and sponsors. We look forward to working with our distribution partners to continue growing ADS.”

Apollo’s Chief Client and Product Development Officer Stephanie Drescher added, “Individual investors have long been under-allocated to alternatives, and we believe this strong initial fundraise for ADS demonstrates the pent-up demand investors and their wealth advisors have for strategies of this kind. We’re excited for a growing set of investors and advisors to access Apollo’s asset management expertise through ADS and other current and prospective offerings.”

Apollo’s Global Wealth business is one of the Firm’s key strategic growth areas. The unit, focused on development and distribution of products for individual investors, has made significant new hires since its launch last year and, in December 2021, Apollo agreed to buy the wealth distribution and asset management businesses of Griffin Capital. Recently, Apollo also made venture equity investments in CAIS and iCapital, two of the leading technology platforms helping wealth and financial advisors access alternative strategies.

ADS is the first non-traded business development company sponsored by affiliates of Apollo and adds to a growing suite of solutions from the Firm that qualifying investors can access through their financial advisors. To learn more about the Fund and see important disclosures, please visit: https://gwms.apollo.com/debtsolutionsbdc.

About Apollo Debt Solutions BDC
Apollo Debt Solutions BDC (the “Fund”) is a regulated, non-listed BDC that provides individual investors access to investments targeted by the largest institutions. We believe it provides investors with a stronger and more diversified path to value than is typically available — and aims to offer a more beneficial risk-adjusted profile than public equivalents. The Fund focuses on senior secured large corporate direct origination, broadly syndicated loans, and, to a lesser extent, middle market direct lending. Together, we believe these attributes help position our BDC to perform.

About Apollo
Apollo is a global, high-growth 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 business 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, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.

Forward-Looking Statements
Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. ADS believes these factors also include but are not limited to those described under the section entitled “Risk Factors” in its prospectus, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or ADS’s prospectus and other filings). Except as otherwise required by federal securities laws, ADS undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Apollo Contact Information

For Investors:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

For Media:
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

 


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Source: Apollo Global Management, Inc.

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KKR Closes $4.0 Billion Health Care Strategic Growth Fund II

KKR

January 10, 2022

Successor Fund Reaffirms Firm’s Commitment to Investing in Innovative Health Care Growth Companies

MENLO PARK, Calif. & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final closing of KKR Health Care Strategic Growth Fund II (“HCSG II” or the “Fund”), a $4.0 billion fund dedicated to health care growth equity investment opportunities primarily in North America and Europe.

HCSG II is the successor fund to KKR Health Care Strategic Growth Fund (“HCSG I”), KKR’s first dedicated health care growth equity vehicle, which held its final closing in November 2017 on $1.45 billion in capital commitments. Similar to its predecessor fund, HCSG II will aim to generate strong returns for clients by investing in innovative health care companies with proven products and services that are seeking a partner to commercialize and scale. With a diversified portfolio approach, HCSG II will focus on the biopharmaceutical, medical device, health care services, life science tools / diagnostics, and health care information technology sub-sectors.

“Now more than ever there is a significant demand both for innovative products and services in the health care sector and for an experienced and flexible capital partner to invest in their growth and further their reach,” said Ali Satvat, Partner, Global Head of Health Care Strategic Growth, and Co-Head of Americas Health Care Private Equity at KKR. “Building on the robust momentum and tangible results that we have achieved thus far through HCSG I, we look forward to continuing to partner with best-in-class health care businesses to bring these much-needed products and services to market for the benefit of patients globally while delivering strong returns for our investors.”

HCSG II 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 $500 million of capital in the Fund alongside these investors through the Firm’s balance sheet, affiliates, and employee commitments.

“We are pleased to have the backing of this diverse group of investors who share our passion for the opportunities that we see in this growing market,” said Alisa Amarosa Wood, Partner and Head of the Private Markets Strategies Group at KKR. “At nearly three times the size of its predecessor, HCSG II not only speaks to the attractive investment opportunities that we are seeing but also demonstrates the strength of our health care investment team, our Health Care Strategic Growth strategy, and our strong investment performance to date.”

KKR has established a strong track record of supporting companies across the health care ecosystem, having invested approximately $18 billion across the sector since 2004. KKR’s health care team has grown to nearly 35 dedicated investment professionals globally. In addition to providing capital, the Firm helps companies grow through its industry experience and relationships, operational expertise, global infrastructure, and resources from more than 100 portfolio companies worldwide. In 2021, KKR executed a number of new investments as part of its Health Care Strategic Growth initiatives, including in Argenta, Nordic Bioscience, Sapphiros, Geode Health, and Cordis.

About KKR

KKR is a leading global investment firm that offers alternative asset management and 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 The 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 and on Twitter @KKR_Co.

Media:
Cara Major or Julia Kosygina
212-750-8300
media@kkr.com

Source: KKR & Co. Inc.

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Apollo Closes Second Dedicated Infrastructure Fund with More Than $2.5 Billion in Capital Commitments

NEW YORK, Jan. 06, 2022 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced the close of its second dedicated infrastructure fund, Apollo Infrastructure Opportunities Fund II LP (“AIOF II”), with approximately $2.54 billion in capital commitments.

Receiving strong support from a diverse base of new and existing investors, AIOF II will continue its strategy of investing in mid-market infrastructure assets primarily across communications, power and renewables, and transportation. The latest dedicated investment vehicle builds on Apollo’s 30-year track record in which it has invested more than $20 billion in infrastructure-related opportunities across its platform. Led by Partners Dylan Foo and Geoff Strong, the firm’s dedicated infrastructure business currently manages approximately $6 billion in infrastructure-related assets around the world.

“This is an incredibly exciting time to invest in infrastructure assets and to build our infrastructure franchise here at Apollo with our second dedicated fund,” said Geoff Strong, Partner and Co-Head of Infrastructure and Natural Resources at Apollo. “We’re grateful for the strong support of our limited partners, and we continue to differentiate ourselves in the market by focusing on scalable acquisitions in the middle market, structured solutions, and carve-out opportunities. We also expect to continue leaning into big-picture trends like the global energy transition and bridging the digital divide, where we have significant experience and expertise.”

Apollo Partner and Co-Head of Infrastructure Dylan Foo added, “This is a great milestone for our Infrastructure business as we look to become the leading global mid-market manager for high quality infrastructure assets. The expertise of our infrastructure team coupled with the extensive resources of our broader investment platform at Apollo have enabled us to execute complex and creative infrastructure investments with a strong focus on ESG. We will continue to partner with our investors to build on the momentum from our latest fund.”

As the demand for private investment in infrastructure continues to grow, Apollo has been at the forefront of key growth sectors, including renewable and transitional energy assets. Already, AIOF II has invested in leading energy storage and renewable energy platform, Broad Reach Power; formed the Ionic Blue joint venture with Johnson Controls to provide sustainability and energy efficiency services; created a joint venture to grow Great Bay Renewables’ renewable royalties business; and invested in U.S. Wind, a leading utility-scale offshore wind platform off the coast of Maryland. Recently, outside of AIOF II, the infrastructure team also led an $816 million investment to finance NextEra Energy Partners’ stake in a 2.5 GW renewable energy portfolio of 13 utility scale wind and solar assets.

AIOF II has also been active in telecommunications, investing in FirstDigital Telecom, a leading fiber-based carrier in the western United States, as well as acquiring Parallel Infrastructure, a US telecommunications platform with a portfolio of approximately 500 macro cell towers in operation and several hundred more under development.

Paul, Weiss, Rifkind, Wharton & Garrison represented Apollo in connection with the close of AIOF II.

About Apollo

Apollo is a global, high-growth 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 business 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, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Contact Information

For Investors:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

For Media:
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

 


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Source: Apollo Global Management, Inc.

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Linden Closes Oversubscribed Fund V, Raises $3 Billion of LP Commitments

Linden

Chicago, Illinois (December 23, 2021) – Linden Capital Partners (“Linden”), a leading healthcare private equity firm, today announced the closing for its fifth buyout fund, Linden Capital Partners V (“Fund V”). Similar to prior Linden buyout raises, this fundraise was oversubscribed above its hard cap of $3.0 billion of limited partner commitments.

“We are grateful for our investors’ support as we seek to create exceptional companies and deliver attractive returns,” said Tony Davis, Linden’s President and Managing Partner. “As one of the largest and longest-standing dedicated healthcare private equity firms, we believe we’re well-positioned to continue to execute our investment strategy over the course of Fund V.”

Since Linden Capital Partners’ founding in 2004, the firm has focused on middle-market healthcare investments across services, products, and distribution. Linden seeks to create long-term sustainable growth by implementing proprietary value creation programs, emphasizing human capital, and leveraging integrated financial and operating experience. Over the last several years, Linden has strategically built out its team, which has grown to 42 professionals, including a buyout investment team of 20 professionals. In addition to its buyout funds, Linden also manages a non-control, structured capital fund, which closed in June 2021.

“We’re extremely pleased with this outcome, especially in such a crowded fundraising environment,” added Katie Kornel, Linden’s Investor Relations Partner. “With this raise, we continued to diversify our investor base, which now includes investors from over 20 countries. We’re honored to manage capital on behalf of some of the world’s largest and most sophisticated institutions.”

Kirkland & Ellis LLP served as legal advisors, and PJT Park Hill served as placement advisor.

About Linden Capital Partners

Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 200 total transactions. The firm has raised over $6 billion in limited partner commitments since inception. For more information, please visit www.lindenllc.com.

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Thompson Street Capital Partners Announces First Continuation Fund in Partnership with AlpInvest

Carlyle
  1. LOUIS (December 22, 2021) – Thompson Street Capital Partners (“TSCP”), a private equity firm based in St. Louis, today announced the closing of its first Continuation Fund capitalized by AlpInvest and a leading group of limited partners.

The Continuation Fund was established to acquire Revenue Management Solutions (“RMS”) and BCM One Holdings, Inc (“BCM One”). The transaction closed with a combined enterprise value of approximately $1.2 billion and the Continuation Fund includes substantial additional capital to drive organic growth initiatives and strategic acquisitions at both companies.

The transaction was led by AlpInvest, a subsidiary of Carlyle Global Investment Solutions, and supported by a diverse group of high-quality investors, including both TSCP Fund IV and Fund V limited and general partners. The transaction includes significant equity contributions from the founders and management of both companies.

RMS, a TSCP Fund IV investment, provides more than 1,000 leading healthcare providers, revenue cycle management and other healthcare entities with automation solutions for more than $220 billion of cash payment reconciliations as well as correspondence management and other workflows. BCM One, a TSCP Fund V investment, delivers managed services to support unified communications, network management and optimization, and other technical services to more than 20,000 customers and channel partners.

“Establishing our first continuation fund represents a significant event for Thompson Street Capital Partners,” said Bob Dunn, Managing Partner of TSCP. “BCM One and RMS are two of the best-performing portfolio companies in TSCP’s twenty-year history and we are excited to continue our partnership with both businesses through this vehicle.”

Scott Thomas, CEO of RMS stated, “Our partnership with TSCP ensures we continue to deliver our customers the forward-thinking products and services they need to be successful. The additional support from both existing and new investors allows us to retain our leadership position in a fast-paced, quickly changing environment through ongoing technological innovation and the ability to take advantage of opportunities for both organic and strategic growth.”

Geoff Bloss, BCM One’s CEO said, “The resources TSCP provides has allowed us to better assist our customers in managing complex, scalable technologies to meet their network needs while remaining focused on our own prospects for growth. We’re excited about their additional support and our ability to position ourselves for continued success moving forward as a leading managed service provider around its Next Gen Communication offerings.”

Brian Kornmann, Managing Director at TSCP, added “We are grateful to AlpInvest and all the investors who supported this effort.  We have been fortunate to partner with RMS and BCM One and look forward to working closely with the executive teams and founders of the businesses to continue to aggressively pursue, and execute on, growth strategies to continue the strong performance of both businesses.”

Garrett Hall, Managing Director at AlpInvest said, “We are excited to expand our partnership with Thompson Street Capital Partners and support two exceptional companies in their continued value creation on behalf of new and existing investors.”

Evercore served as financial advisor to TSCP in the transaction with Kirkland & Ellis serving as TSCP’s legal counsel. BCM One was supported in the transaction by both William Blair and QAdvisors while RMS was supported by RW Baird.  Sidley Austin served as legal counsel to both Companies. Ropes & Gray LLP acted as legal counsel for AlpInvest.

About Thompson Street Capital Partners

Thompson Street Capital Partners (tscp.com) is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses in the Life Sciences & Healthcare, Software & Technology, and Business and Consumer Services and Products sectors. TSCP partners with management teams to increase value by accelerating growth, both organically and via acquisitions.

About BCM One Holdings, Inc.  

Founded in 1992, BCM One (www.bcmone.com) is a leading managed solutions provider offering businesses a one-stop shop for integrated technology needs. Now serving more than 19,000 customers worldwide, BCM One offers a variety of solutions supporting businesses’ critical network infrastructure – unified communications, SIP Trunking and UCaaS services, SDWAN, cloud, security and connectivity solutions.

About RMS

Founded in 2006, and based in Oklahoma City, Oklahoma, RMS (www.rmsweb.com) is the leading technology-based healthcare remittance automation platform tool available in the market. Currently used by more than 1,000 acute care, revenue cycle management, dental and pharmacy clients, RMS allows healthcare providers, outsourcers and facilities to optimize the remittance matching, reconciliation, and management processes. The Company, which processes over 16 million transactions each month, offers its technology-driven solutions both directly to customers and through established channel relationships with leading financial institutions throughout the United States.

Contact:

Jeremy Milner
BackBay Communications
(401) 862-9422
jeremy.milner@backbaycommunications.com

Brittany Berliner
(212) 813-4839
brittany.berliner@carlyle.com

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Maki.vc closes a new sustainability and deep tech-focused fund at EUR 100 million

Tesi

 

Helsinki-based venture capital investor Maki.vc has raised its second fund, sized at 100 million euros. Maki.vc Fund II will invest in seed-stage startups across Europe with a focus on sustainability and deep tech. Among others, investors include both Tesi and KRR IV fund-of-fund it manages. Tesi has also invested in the investor’s previous fund, Maki.vc Fund I.

“With Maki.vc, we are particularly intrigued by their open and enthusiastic approach to companies promoting deep tech and sustainability, as well as their courage to invest in these sectors. For instance, Maki.vc has invested in IQM, a company that develops quantum computers, and in Spinnova, which develops cellulose into raw material for the textile industry. Maki.vc’s portfolio companies create positive societal impact and that is why we wanted to invest in their new fund, too,” comments Investment Director Tapio Passinen.

Read more:

Blog post on the Maki.vc Fund II by Maki.vc 15.9.2021

Additional information:

Tapio Passinen, Investment Director, Fund Investments, Tesi
+358 40 840 3681
tapio.passinen@tesi.fi

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with private co-investors, to create new success stories. Our investments under management total 2.1 billion euros. www.tesi.fi | @TesiFII

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Vaaka Partners raised EUR 250 million for its new fund very quickly, bringing in new international investors

The private equity firm Vaaka Partners has raised a new EUR 250 million fund, Vaaka Partners Buyout Fund IV Ky. The fund attracted strong interest from both existing and new investors and was significantly oversubscribed in a rapid process that lasted only 11 weeks.

Vaaka Partners’ fourth buyout fund is a continuation of Vaaka’s three previous funds, through which Vaaka has supported medium-sized Finnish companies in achieving ambitious growth targets. Vaaka invests in companies that have a strong market position and significant growth potential with a controlled level of risk. Through the fourth fund, Vaaka continues partnering with similar companies in the future as well.

“We added new international investors, who will now contribute to the growth of Finnish companies. The imperative for Finland to attract international capital is to maintain its predictable and low-risk operating environment also in the future,” says Juha Peltola, the Managing Partner of Vaaka Partners.

“We had the pleasure of choosing for the new fund, for example, Alfred I. DuPont Charitable Trust, the US non-profit foundation with a very special mission as an investor,” Peltola continues.

The Trust, through its beneficiary the Nemours Foundation, is one of the largest institutions in the United States focused exclusively on pediatric healthcare. Hospitals funded by the charitable foundation treat half a million children in need of care each year, regardless of their ability to pay.

“As a long-time investor in global private markets, we seek long-term partnerships with high-integrity teams investing in and growing small businesses globally. We were first introduced to Vaaka Partners in 2016 and have developed a deep admiration of the team’s investment judgment and ability to find and partner with management to build great businesses in Finland and beyond. In addition to finding a high-caliber, high-integrity team in Vaaka Partners, we have found Finland to be an attractive investment environment due to the favorable business climate and depth of intellectual and managerial talent. We couldn’t be more excited to partner with Vaaka on their journey to building Finland’s next great business champions,” says Sean Kelly, Associate Director of Investment Operations of Alfred I. DuPont Charitable Trust.

Active and constructive collaboration creates growth

Together with the operating management of its portfolio companies and entrepreneurs, Vaaka Partners has, on average, more than tripled the revenue of its portfolio companies during its period of ownership. Half of the portfolio companies’ growth has come through organic growth, in addition to which they have grown by implementing and integrating more than 100 strategy-supporting acquisitions. Behind the growth is a model of active and constructive collaboration.

Artti Aurasmaa, the recently nominated CEO of Vaaka portfolio company Staria Oyj, describes collaboration as follows:

“The co-operation has started extremely well and upbeat: the atmosphere is goal-oriented, but at the same time human in the right way, as people are the source of creative growth even in the digitalizing world. Vaaka’s approach has opened up new angles for my thinking about growth, the most important of which is the ability to combine mutual respect and extreme goal-orientation particularly well,” says Aurasmaa.

Founder of another current Vaaka portfolio company, Jungle Juice Bar, Noora Fagerström describes the importance of Vaaka for herself and the company:

“From a personal perspective, the most important thing has been having someone sharing the financial risk. From the company’s perspective, moving forward. Almost everything has been developed and the company has grown into a major player in the industry.”

Collaboration is one of Vaaka’s core values.

“We are not a passive investor; we bring our portfolio companies new know-how and previous experience in, for example, internationalization or growth through acquisitions,” Peltola explains.

The role of Vaaka Partners has also been significant in the internationalization of Framery, with origins in Tampere.

“Vaaka has provided the grounds for rapid development for both me and the company. When the board and the management team get the best expertise in the whole world instead of just the best in the province, things start to happen. We would certainly have succeeded without Vaaka’s involvement, but with Vaaka we have made the same development in three years as we would have done in ten alone,” explains Samu Hällfors, CEO of Framery.

“The creation of significant profitable growth has also led to high returns with a controlled risk profile, which the companies’ key employees have been able to enjoy together with the funds’ investors,” Peltola continues.

—

Vaaka Partners is an ambitious private equity company that helps medium-sized Finnish companies to become business champions. Current Vaaka champions are e.g. AINS Group, Staria, Framery and Jungle Juice Bar. With its fourth buyout fund, the company is responsible for over EUR 0.6 billion of private equity funds. To realize new growth opportunities, Vaaka’s approach combines strategic and operational expertise with trust-based collaboration. The largest investors in Vaaka funds are leading pension funds.

www.vaakapartners.fi/en

More information:
Juha Peltola, CEO
Vaaka Partners
tel. +358 50 514 8401

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Advent International raises $4 billion for second global technology fund

Advent International
  • Advent Tech II exceeds $3 billion target and reaches $4 billion hard cap in six months
  • New fund is double the size of its predecessor, Advent Tech, which has invested in 20 companies since its launch in 20191
  • Dedicated tech team will leverage Advent’s global reach, cross-sector network and ecosystem of company-building resources to help businesses scale

PALO ALTO, NEW YORK, BOSTON and LONDON, December 9, 2021 – Advent International, one of the largest and most experienced global private equity investors, today announced that it has completed fundraising for Advent Global Technology II (“Advent Tech II”), its second dedicated technology fund. Advent Tech II exceeded its target of $3 billion by 33% and reached its hard cap of $4 billion after six months in the market.

The new fund is double the size of its predecessor, Advent Tech, which has invested in 20 software, data and cybersecurity companies since its launch in 2019.1 Following the same strategy as the prior fund, Advent Tech II will back innovative companies led by visionary management teams, focusing on high-growth acceleration and complex transformation opportunities. It will invest mainly in North America and Europe and selectively in other global markets where Advent has an established presence. A dedicated team of 27 tech specialists based in Palo Alto, New York, Boston and London will deploy the new fund.

“We launched Advent Tech two years ago to bring the power of Advent to tech investing,” said Bryan Taylor, Managing Partner and head of Advent’s technology team. “The strong support from existing and new investors in our second fund is a validation of our strategy and approach. With our global reach, deep cross-sector network and vast ecosystem of company-building resources, we believe we’re ideally positioned to help businesses innovate and grow at scale.”

“Core to our strategy are two underlying beliefs,” said David Mussafer, Managing Partner and Co-Chair of Advent’s Executive Committee. “First, that tech is a horizontal, impacting virtually every industry and business. Second, that tech is one ecosystem, where success means understanding both disruptors and incumbents. These beliefs help us partner with the most promising innovators of today with the goal of building them into the market leaders of tomorrow.”

Deep cross-sector network
“Our 30-year history of investing in multiple industries gives us the knowledge and relationships to help tech companies disrupt their markets,” said James Brocklebank, Managing Partner and Co-Chair of Advent’s Executive Committee. “At the same time, our tech team provides us with greater visibility on disruption in all of our sectors and improves our ability to apply technology-driven value creation plans in our portfolio companies worldwide.”

One team, flexible capital
In addition to investing the new fund, the tech team makes technology investments for Advent’s $17.5 billion Global Private Equity IX (“GPE IX”) fund. “This gives us the flexibility to invest across a broad spectrum of deal sizes and types,” said Lauren Young, a Managing Director on Advent’s tech team. “With the tech fund alone, we can make smaller investments—from $50 million of equity—in early disruptors. Together with GPE IX, we can deploy $2 billion or more in established, market-leading incumbents.”

“The tech ecosystem thrives from a constant cross-pollination of ideas, talent and customers,” said Eric Wei, a Managing Director on Advent’s tech team. “Having one team with extensive experience across the growth continuum enables us to identify and support ambitious tech companies, whether they’re seeking a minority growth round or a billion-dollar investment to fuel accelerated growth or major transformation.”

Strong investment momentum
Building on Advent Tech’s momentum, Advent has already closed or signed four investments for Advent Tech II.2 It co-led an investor group that agreed to acquire McAfee Corp. (Nasdaq: MCFE), a global leader in online protection, for over $14 billion in the largest-ever take-private of a software company.3 It also invested in Iodine Software, a leading healthcare AI company, and Tekion, developer of a cloud-native SaaS platform for the automotive retail industry. The fund’s fourth investment has not yet been announced.

Diverse investor base
Advent Tech II received commitments from a diverse group of institutional investors around the world. These include public pension funds, endowments, foundations, family offices, sovereign wealth funds, funds of funds, insurance companies and corporate pension funds. More than 90% of the committed capital came from Advent’s existing investor base, with the remaining commitments provided by a select number of new investors.

In addition to Advent Tech II and GPE IX, Advent is investing its seventh Latin American private equity fund, LAPEF VII, capitalized at $2 billion.

This press release is not an offer or solicitation of an offer, or an invitation or inducement, to invest in any Advent International fund. No person may invest in any Advent International fund except in accordance with and subject to the terms of the applicable fund documentation and applicable law.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 companies in 42 countries, and as of June 30, 2021, had $81 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 250 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:

Advent Tech: adventtech.com
Advent Global: adventinternational.com

1 Includes two pending transactions. Advent cannot ensure any pending transactions will be completed.
2 Includes two pending transactions. Advent cannot ensure any pending transactions will be completed.
3 Dealogic

Media contacts

US
Anna Epstein or Sophia Templin
Finsbury Glover Hering
Tel: +1 646 805 2000
Adventinternational-US@finsbury.com

UK
Graeme Wilson or Harry Cameron
Tulchan Group
Tel: +44 20 7353 4200
Advent@tulchangroup.com

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Blackstone Announces $5.6 Billion Final Close of Second GP Stakes Fund

Blackstone

NEW YORK – November 22, 2021 – Blackstone (NYSE: BX) today announced the final close of Blackstone Strategic Capital Holdings II (“BSCH II”), the second Blackstone fund in GP Stakes. BSCH II closed with $5.6 billion of investor capital.

Blackstone GP Stakes specializes in value-added, long-term, minority investments in the management companies of leading private equity firms. This year the team has made investments in Great Hill Partners, GTCR and Sentinel Capital Partners.

Mustafa M. Siddiqui, Head of Blackstone GP Stakes said, “We are thrilled with the positive response we received from a diverse group of limited partners. This is a strong recognition of Blackstone’s unique value proposition in the GP Stakes market and the rigorous approach our team brings to identifying and investing behind great firms.”

Mike Nash, Chairman of Blackstone GP Stakes said, “We have strong momentum in the GP Stakes market as we seek to invest with the most successful GPs across the private-market landscape. As long-term investors, we make it a priority to deliver Blackstone’s substantial resources and know-how to help them build enduring franchises.”

Blackstone GP Stakes offers substantial advantages to the firms in which it invests. These include cost savings at the portfolio company level by leveraging the buying power of the more than $150 billion revenue base across Blackstone’s global procurement platform. Blackstone also makes available a range of other business-building resources and services it provides internally and to its portfolio companies, spanning new product development, business strategy, ESG, cybersecurity, back-office operations, and other functional areas.

About Blackstone
Blackstone is the world’s largest alternative investment firm. 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 $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, 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 Twitter @Blackstone.

Blackstone Contact
Paula Chirhart
+1-347-463-5453
paula.chirhart@blackstone.com

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General Atlantic Closes Sixth Flagship Growth Equity Fund at $7.8 Billion, Bringing Total Committed Capital to $23.8 Billion

General Atlantic

General Atlantic, a leading global growth equity firm, announced today the final close of its sixth flagship fund, GA 2021, at $7.8 billion, above its initial target of $5 billion. The fund received commitments from new and existing capital partners, including family offices, endowments, foundations and institutional investors around the world.

The firm, which pioneered the growth equity asset class more than four decades ago, now has $23.8 billion in committed capital and over $78 billion in assets under management.[1] General Atlantic partners with high-growth, tech-enabled companies globally across its five core sectors: Consumer, Financial Services, Healthcare, Life Sciences and Technology. Since its founding, General Atlantic has invested $49 billion in more than 445 global growth companies.

“Our global growth equity strategy positions us to capitalize on the profound acceleration of digital innovation and global entrepreneurship as we seek to deliver attractive risk-adjusted returns to our capital partners,” said Bill Ford, Chairman and CEO of General Atlantic. “Our ability to partner with management teams, help build rapidly growing, technology-enabled companies on a global scale, and generate strong and consistent investment performance distinguishes General Atlantic with both entrepreneurs and investors.”

“We believe that growth equity plays a critical role in driving innovation and delivering both strong performance and positive impact,” said Graves Tompkins, Managing Director and Global Head of Capital Partnering for General Atlantic. “The enthusiasm for our global investment strategy and partnership approach enables us to scale our capital base to meet our expanding opportunity set while creating strategic and long-term relationships with family and institutional investors.”

General Atlantic operates outside of the traditional fundraising cycle, with a unique capital structure that enables the firm to scale its capital base on an ongoing basis.

The firm’s capital structure includes:

  • Closed-end funds;
  • Five-year managed accounts and evergreen accounts; and
  • A GP commitment, representing the largest single investor in GA’s core investing program.

This access to a stable, global pool of capital allows General Atlantic to maintain its focus on making the most attractive long-term decisions for both its portfolio companies and capital partners.

Amran Hussein and Conrad van Loggerenberg of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to General Atlantic.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $78 billion in assets under management inclusive of all products as of June 30, 2021, and more than 190 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

[1] AUM is inclusive of all products as of June 30, 2021.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

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