Tag Archives: Investments

CDPQ launches a platform focused on U.S. forestland and invests in Chinook Forest Partners

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  • The newly created platform will build a diversified and high-quality portfolio of forestland in the Pacific Northwest region of the United States
  • Deployment of capital and management of forestland assets will be carried out by Chinook Forest Partners

CDPQ, a global investment group, and Chinook Forest Partners, a natural capital investment manager, today announced the launch of a new investment platform that will deploy significant capital to build a diversified and high-quality portfolio of forestland in the Pacific Northwest region of the United States.

The deployment of capital and management of assets will be carried out by Chinook, of which CDPQ will become a minority shareholder to support the firm’s growth as it looks to boost its portfolio of natural capital assets and develop more structures to meet the needs of new investors.

Established in 2018, the Chinook team is made up of experienced forestland and natural capital investment professionals with comprehensive understanding of the natural capital and landscape investment space, as well as a vast network of landowners, forest products manufacturers, external partners, and natural capital investors across the United States.

“This partnership represents a fantastic opportunity to efficiently deploy capital while increasing operational efficiencies across our forestland ownership base, which will better serve our investors”, said Scott Marshall, Founding Partner and CEO of Chinook Forest Partners. Chinook Founding Partner Kelly Droege added, “We could not be more excited about our partnership with CDPQ. The alignment of culture, values and commitment to sustainability provide a solid foundation for the long-term management of forestlands in the Pacific Northwest”.

“We are thrilled to partner with Chinook as we look to deploy our constructive capital to contribute to the preservation and sustainable management of lands in the Pacific Northwest region of the United States, the world’s second largest forest area,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “By investing in forestland, we are not only protecting valuable natural assets but also contributing to the transition towards a greener economy.”

CDPQ’s Sustainable Land Management initiative

CDPQ is making this investment as part of its Sustainable Land Management initiative, established in 2020 within the Infrastructure portfolio. The mandate seeks to deploy capital in land-focused assets with long term positive environmental impact and the highest ESG standards. Over the past fours years, CDPQ has established partnerships with industry leaders in sustainable timberland, agriculture, wetlands restoration, carbon capture and species protection across the United States and Australia.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

ABOUT CHINOOK FOREST PARTNERS

Chinook Forest Partners, LP is a natural capital investment manager providing clients with opportunities to invest in long-term, sustainability managed real assets. Our executive team has over 60 years of combined experience in the natural resource investment space, and we pride ourselves on our landscape approach to resource management, conservation, and positive community impacts. For more information, visit chinookforestpartners.com.

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Brookfield Raises $2.4 billion for Catalytic Transition Fund Supported by Anchor Commitment from ALTÉRRA

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Additional capital raised from CDPQ, GIC, Prudential and Temasek, among others

Targeting up to $5 billion, anchored by $1 billion catalytic capital investment by ALTÉRRA

Brookfield Asset Management (NYSE: BAM, TSX: BAM) (“Brookfield”) today announced an initial closing of $2.4 billion for the Catalytic Transition Fund (“CTF” or “the Fund”), marking a significant milestone towards the target of raising up to $5 billion for deployment towards clean energy and transition assets in emerging markets.

CTF was previously launched at COP28 with up to $1 billion of catalytic capital provided by ALTÉRRA funds (“ALTÉRRA”), the world’s largest private investment vehicle for climate finance based in the United Arab Emirates with the purpose of mobilizing investment at scale to finance a new climate economy. As it looks towards innovative approaches to catalyze capital for climate solutions in emerging markets, ALTÉRRA’s fund commitment has been designed to receive a capped return, thereby improving risk-adjusted returns for other investors in the Fund. Brookfield has committed to provide 10% of the Fund’s target to align itself with investment partners and investors.

Today, Brookfield is announcing four additional investment partners for CTF: CDPQ, GIC, Prudential and Temasek, among others. These leading institutional investors are important global players in transition investing and will be valued partners to Brookfield as CTF gets deployed in its target markets. CTF has now raised approximately half of the $5 billion total capital targeted for the Fund.

CTF is focused on deploying capital into clean energy and transition assets in emerging markets in South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe. This strategic partnership will help drive clean energy investment into emerging markets, where investment needs to increase sixfold over current levels to reach the $1.6 trillion required annually by the early 2030s in line with global net zero targets. The Fund benefits from ALTERRA’s push to significantly expand private finance and fuel ambitious new climate strategies, as well as Brookfield’s global leadership in clean energy and transition investing, building on over three decades of operational experience in renewable energy technologies and its track record as the world’s largest transition investor among alternative asset managers.

The Fund expects to announce its initial investments later in 2024, and a traditional first close – with additional capital from Brookfield’s ongoing fundraising efforts through its extensive network of institutional investors – is expected by early 2025.

H.E Majid Al-Suwaidi, CEO of ALTÉRRA, said:

“CTF demonstrates ALTÉRRA’s catalytic capital as a powerful multiplier of climate finance to the Global South. This early momentum around CTF shows strong global demand not just for climate strategies, but for opportunities to invest in climate solutions in emerging markets. ALTÉRRA looks forward to working with CDPQ, GIC, Prudential and Temasek and other partners who share our ambitions to redefine how the world invests in climate solutions and go beyond business-as-usual to deliver positive impact for both people and planet.”

Mark Carney, Chair and Head of Transition Investing at Brookfield Asset Management, said:

“These anchor commitments from CDPQ, GIC, Prudential and Temasek demonstrate significant momentum for the Catalytic Transition Fund. The support from the world’s most sophisticated investors for the CTF strategy underscores the unique combination of the major commercial opportunity and the climate imperative. We look forward to working with other like-minded investment partners to accelerate the transition in these critical and vastly underserved markets.”

Marc-André Blanchard, Executive Vice-President and Head of CDPQ Global and Global Head of Sustainability, said:

“Globally, around $6.5 trillion will be needed yearly for the energy transition over the next 15 years. It’s a staggering figure, and various partnerships and investments are necessary to accelerate the path forward. For CDPQ, the energy transition is key to creating lasting value. By investing in Brookfield’s Catalytic Transition Fund, we are supporting innovative approaches to mobilize capital for climate solutions in emerging markets, where investments are critical to tackle the global environmental challenge.”

Don Guo, Chief Investment Officer, Prudential plc, said:

“We believe there is an opportunity to drive scalable positive change in emerging markets through investing in the climate transition. Prudential’s investment in Brookfield’s Catalytic Transition Fund underscores our belief that responsible investment is not only an environmental imperative but also a significant opportunity for growth in emerging markets. By supporting a just and inclusive transition, we enable the benefits of sustainable development to be shared widely, contributing to social equity and long-term prosperity.”

Notice to Readers

This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to, among other things, CTF’s fundraising target, the expected impact and returns of CTF and the expected timing for announcing initial investments and the first close of CTF.

Although Brookfield believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in Canada and the United States, or that are not presently known to Brookfield or that Brookfield currently believes are not material, could cause actual results to differ materially from those contemplated or implied by forward-looking statements.

Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

About Brookfield Asset Management

Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $1 trillion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

Brookfield operates one of the world’s largest platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 34,000 megawatts of installed capacity and a development pipeline of approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse, a leading global nuclear services business, and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.

As a signatory to the Net Zero Asset Managers initiative, Brookfield is committed to supporting the goal of achieving net-zero greenhouse gas emissions by 2050 or sooner—in line with the Paris Agreement.

For more information, please visit our website at www.brookfield.com.

About ALTÉRRA

ALTÉRRA is the world’s largest private investment vehicle for climate finance. Launched at COP28 with a US$30 billion commitment from the UAE, ALTÉRRA aims to build innovative partnerships to mobilize US$250 billion globally by 2030 to finance the new climate economy and accelerate the climate transition.

ALTERRA’s dual-arm structure enhances its impact: the US$25 billion Acceleration Fund directs capital towards projects crucial for accelerating the global transition to a net-zero and climate-resilient economy at scale. The US$5 billion Transformation Fund incentivizes investment flows in high-growth climate opportunities in underserved markets by providing catalytic capital.

Alterra Management Limited is duly licensed and authorised by the ADGM Financial Services Regulatory Authority under the Financial Services Permission No. 200001.

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Teralys Capital raises largest-ever $475 million Venture Capital Catalyst Initiative Fund

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Celebrating 15 years of success supporting entrepreneurs as the largest and sole independent Venture Capital institutional investor in Canada

Teralys Capital, Canada’s largest and sole independent innovation-focused institutional investor, is proud to announce an additional $475 million in commitments, making it the largest-ever fund of funds awarded under the Government of Canada’s Venture Capital Catalyst Initiative (VCCI) in collaboration with the Government of Québec.

Backed by a prestigious network of private investors

In addition to investments from BDC Capital under the VCCI program, and the Government of Québec through its mandated agent Investissement Québec, Teralys is privileged to count on the support of a prestigious network of local and international private investors including: (i) leading institutional investors such as CDPQ, Beneva, Fondaction and Bpifrance; (ii) world-class innovation-focused universities such as Concordia University, Polytechnique Montréal and HEC Montréal; (iii) and several successful Canadian entrepreneurs and family offices.

Supporting tech entrepreneurs to generate outperforming financial performance

Teralys Capital is leading the support to technology funds and companies across all key innovation sectors, including information technology, life sciences as well as clean and industrial innovations. The founding principle remains to propel entrepreneurs to successfully grow their businesses into anchor companies across fields vital to Canada’s new economy, such as artificial intelligence and precision medical therapies, generating benefits to all stakeholders and delivering strong financial performance for our investors.

15-Year leadership

This new initiative builds on Teralys’ 15‑year leadership and efforts in leading the renewal of Canada’s venture capital and life sciences sector, launching a new program for emerging managers in Quebec, and building bridges with investors and strategic partners across North America and Europe.

“This year marks our fifteenth anniversary of sustained growth and support to exceptional entrepreneurs”, says Jacques Bernier, Managing Partner, Teralys Capital. “We are proud to be the largest and sole independently owned and operated Canadian institutional investor in its class. Since our foundation, our team has been committed to fostering a lasting world-class innovation ecosystem in Canada. As such, we are excited to see Kauffman Fellows holding its global annual Summit for the first time in Montreal this week”.

About Teralys Capital

Teralys Capital is a private fund manager financing private venture capital funds investing in information technology, life sciences, and clean or industrial innovations. Our partner funds cover the entire investment spectrum from early-stage start-ups to expansion, growth and technology buy-outs.

With more than $2.5 billion in assets under management across 5 specialized venture capital fund-of-funds, Teralys is the largest innovation-focused investor in Canada.

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BlackRock and Partners Group establish strategic partnership to transform retail wealth access to private markets

Partners Group

New York, US; 12 September 2024

  • Firms to launch first-of-its-kind model portfolio solution streamlining retail wealth access to private equity, private credit, and real assets
  • Will enable advisors to deliver a one-stop multi-private markets portfolio managed by two global asset managers
  • Positions BlackRock and Partners Group to capture accelerating growth in private markets and managed models

BlackRock (NYSE: BLK) and Partners Group (SIX: PGHN) have teamed up to launch a multi-private markets model solution set to transform how retail investors access alternative investments. The solution will provide access to private equity, private credit, and real assets in a single portfolio – currently not available to the US wealth market – managed by BlackRock and Partners Group. This first-of-its-kind solution will empower advisors to offer a diversified alternatives portfolio with the simplicity, efficiency, and practice management benefits of a traditional public markets model.

The strategic partnership combines BlackRock’s experienced alternatives team, operational expertise, and whole portfolio capabilities powered by Aladdin technology with Partners Group’s long track record of innovation in bringing private markets to the wealth market, leveraging its extensive investment platform and portfolio management capabilities.

“We are simplifying how individual investors and advisors access private markets,” said Mark Wiedman, Head of BlackRock’s Global Client Business. “In a world where private markets are growing by USD 1 trillion or more every year, many financial advisors still find it too difficult to help their clients participate. We aim to crack that. With Partners Group, we are creating a single, managed account with unified portfolio construction and management. The result? Simplified, efficient access for financial advisors and their clients.”

The solution will enable ease of access through a single subscription document versus requiring subscription documents for each underlying fund. It will feature robust operating procedures and risk management, including model rebalancing and comprehensive private markets asset allocation. Retail wealth investors will choose from three risk profiles to determine allocations to BlackRock and Partners Group funds, including BlackRock’s private equity, private credit, and systematic funds and Partners Group’s private equity, growth equity, and infrastructure funds.

“This separately managed account solution has the potential to revolutionize the wealth management industry, setting a new benchmark for institutional-quality programs that meet wealth investors’ private markets portfolio needs,” said Steffen Meister, Partners Group’s Executive Chairman. “The financing of business has undergone a major transformation in recent decades with private markets playing a key role in the real economy, so it is vital that investors have access to private markets investments as part of a balanced portfolio.”

Retail wealth investors are leading the adoption of private markets as they seek portfolios offering exposure to the companies and assets they cannot access via public markets and therefore the potential for uncorrelated returns. These investors allocated USD 2.3 trillion to private markets in 2020 and are expected to increase their allocations to USD 5.1 trillion by 2025 according to a Morgan Stanley/Oliver Wyman Study. Managed models also present a significant growth opportunity. BlackRock expects managed model portfolios to roughly double in AUM over the next five years, growing into a USD 10 trillion business.

Overall, BlackRock sees significant growth opportunity in US private wealth and is actively positioning the firm to become an integral, whole portfolio partner to advisors in an increasingly complex market. BlackRock’s US Wealth Advisory business is a key growth-driver for the firm, generating a quarter of BlackRock’s revenues in 2023.

Partners Group has accumulated more than two decades of leadership in managing private markets evergreen solutions since launching its first such product in 2001. The firm launched the first US private equity evergreen fund in 2009, which today remains the largest in the market with a total fund size of USD 15.5 billion. As of 30 June 2024, evergreen funds accounted for 30% of Partners Group’s global AUM.

To learn more about the opportunity in private markets, read BlackRock and Partners Group’s recent paper: Solving the private markets allocation gap: From products to portfolio construction.

Forward-Looking Statements

This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

About Partners Group
Partners Group is one of the largest firms in the global private markets industry. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and its primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to transform businesses and assets into market leaders. For more information, please visit www.partnersgroup.com

About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit http://www.blackrock.com/corporate

Shareholder relations contact, Partners Group
Philip Sauer
Phone: +41 41 784 66 60
Email: philip.sauer@partnersgroup.com

Media relations contact, Partners Group
Jenny Blinch
Phone: +44 207 575 2571
Email: jenny.blinch@partnersgroup.com

Media relations contact, BlackRock
Christa Zipf
Phone: +1-646-231-0013
Phone: +1-347-814-3447
Email: christa.zipf@blackrock.com

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Bain Capital Life Sciences Raises Fourth Fund

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Fund will invest in innovative life sciences companies that seek to improve the lives of patients with unmet needs

BOSTON – September 10, 2024 – Bain Capital Life Sciences (BCLS) has raised its fourth fund, with approximately $3 billion of total commitments.  The fund includes approximately $2.5 billion of outside commitments from existing and new investors.  Bain Capital partners, employees, and affiliates committed the balance of the fund, continuing the firm’s heritage of collectively being the largest investor across its funds.

The fund will draw on BCLS’ multi-decade investment experience to invest scale capital globally in transformative medicines, medical devices, diagnostics, and life sciences tools that have the potential to improve the lives of patients with unmet medical needs. The BCLS investment team includes more than 25 professionals, as well as a distinguished group of advisors, who together bring extensive private and public market investing experience, operating and consulting experience, and deep scientific and medical insights to each investment. These core capabilities are further complemented by the reach and resources of Bain Capital’s global platform.

Since its inception in 2016, BCLS has raised approximately $6.7 billion and invested in more than 70 companies that have initiated more than 100 clinical trials, achieved 16 regulatory authority approvals, and launched numerous products.

About Bain Capital Life Sciences 
Bain Capital Life Sciences (www.baincapitallifesciences.com) was founded in 2016 and builds on Bain Capital’s forty-year history of healthcare and life sciences investing across private equity, public equity, credit, venture capital, and real estate. Bain Capital Life Sciences invests in biopharmaceutical, medical device, diagnostic, and life science tool companies across the globe, with a focus on companies that drive medical innovation to improve the lives of patients with unmet medical needs. The Bain Capital Life Sciences investment team has organically grown to more than 25 professionals with extensive public and private investing expertise, operating and consulting experience, and colleagues who bring deep scientific and medical insights.  The team’s differentiated skillset enables Bain Capital Life Sciences to invest scale capital and provide value-added strategic support to clinical and commercial-stage companies around critical phases of value creation.

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Warburg Pincus Announces $4.0 BN of Total Commitments for its Inaugural Capital Solutions Fund

Warburg Pincus logo

Raised over double the initial target, reflecting strong investor support of the firm’s highly differentiated hybrid capital fund strategy

NEW YORK, Sept. 4, 2024 /PRNewswire/ — Warburg Pincus, a leading global growth investor, today announced the close of its Capital Solutions Founders Fund (“WPCS FF”), with total commitments to the fund of over $4.0 billion.  The fund is dedicated to pursuing thesis-based investing opportunities in curated structured transactions, capitalizing on the firm’s nearly two-decade track record of structured investing. Leveraging Warburg Pincus’ collaborative one-firm model, Capital Solutions professionals work closely with domain experts across Warburg Pincus’ core sectors and geographies to source and execute structured, value additive transactions.

Launched in 2023, WPCS FF closed on over $4.0 billion of capital, significantly exceeding its initial target of $2.0 billion. Despite a challenging fundraising environment, the fund was met with strong support from leading world-class investors. WPCS FF follows the success of the firm’s global flagship fund, Warburg Pincus Global Growth 14, which closed with $17.3 billion, also exceeding its initial target fund size of $16 billion.

“We are thrilled with the successful close of our first Capital Solutions focused fund and are deeply appreciative of the support of top-tier investors that partnered with us in this raise. We are confident our Capital Solutions strategy will generate attractive opportunities while positioning our investors well across various market cycles,” said Jeffrey Perlman, CEO, Warburg Pincus. “Our Capital Solutions offering looks to capitalize on the large and growing pipeline of structured investment opportunities, resulting in high-quality transactions with attractive, risk-adjusted return profiles. We look forward to continuing to offer differentiated strategies while remaining disciplined and focused on our investor first approach.”

The Capital Solutions group is responsible for the firm’s structured investment opportunities, offering a flexible and solutions-oriented approach to provide debt or equity for balance sheet optimization, shareholder liquidity, M&A, and growth. The group collaborates with domain experts across Warburg Pincus’ core sectors, geographies, and stages to continue prospecting efforts on structured transactions.

“Our Capital Solutions effort allows us to leverage Warburg Pincus’ exceptional sector expertise and sourcing network, coupled with the deep structured capital and credit underwriting experience of the Capital Solutions team.  Our one-firm approach to Capital Solutions allows us to capitalize on a wide range of opportunities across the firm, creating a truly differentiated franchise,” said Dan Zilberman, Global Head of Capital Solutions and Global Co-Head of Financial Services, Warburg Pincus. “The launch of WPCS FF and its successful fundraise reflects the firm’s expanded capabilities as we continue to partner with management teams to deliver solutions that meet their complex and sophisticated needs,” added Gaurav Seth, Head of Capital Solutions, Americas, Warburg Pincus.

The global Capital Solutions team is comprised of five seasoned Managing Directors, with an average of 20+ years of investing experience, as well as a large, dedicated team of investment professionals and senior advisors. The team collaborates closely with the firm’s 270+ investment professionals and 40+ value creation executives across Warburg Pincus’ global industry verticals, critical to sourcing and underwriting differentiated, attractive investments for the fund.

In addition to a long and successful track record of investing in capital solutions like transactions historically, the Warburg Pincus Capital Solutions Founders Fund portfolio consists of investments including, DriveCentric, Excelitas, Nord Security, Service Compression, and MIAX.

About Warburg Pincus

Warburg Pincus LLC is the oldest private equity firm and a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.  For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

Contact

Kerrie Cohen | Managing Director, Global Head of Communications & Marketing
kerrie.cohen@warburgpincus.com

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Canada Growth Fund, CDPQ, Investissement Québec and BDC Capital invest $145 million in MKB’s Third Energy Transition Fund

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The Canada Growth Fund (CGF), CDPQ, Investissement Québec (IQ) and BDC Capital (BDC) are pleased to announce their $145 million commitment to MKB, a Québec growth equity firm investing in companies that are leading the energy transition. As part of this transaction, CGF will commit up to $50 million to MKB Partners Fund III, L.P. (Fund III), while CDPQ and IQ will each be investing $35 million, and BDC, $25 million.

MKB is currently raising its third fund to help scale fast growing and innovative companies, primarily in North America. Fund III will target growth-stage businesses which are commercializing proven, innovative emission reduction technologies in MKB’s areas of focus, which include clean energy, mobility, built environment and industrials.

“Through its cleantech funds strategy, CGF is seeking to provide further investable capital to Canadian managers to speed up the growth of Canadian cleantech champions,” said Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc. “CGF is pleased to invest $50 million in MKB’s energy transition fund to scale the impact of its strategy and to foster growth and innovation in the Canadian clean technology sector.”

“This additional investment in MKB—a Montréal-based firm focused on accelerating the energy transition—not only positions our capital in a promising and profitable sector for our economy, but also confirms our ambition to encourage the sustainable growth of companies,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “It’s an opportunity for us to support climate technology that will have an impact on decarbonization and will shape our future.”

“Along with key partners in Québec’s financial ecosystem, Investissement Québec is proud to take part in this round initial closure, which is completely in line with its mission. Acting in a sector that is strategically important for the sustainable development of our economy, MKB Partners Fund III will help consolidate the capital chain and accelerate investments in the energy transition” said Bicha Ngo, President and CEO, Investissement Québec.

“BDC is delighted to co-anchor MKB’s third fund, recognizing the team’s commitment to Canadian clean technology companies and the clear alignment with our corporate values,” added Paula Cruickshank, Senior Vice-President, Fund Investments, BDC Capital. “The Fund’s orientation on late and growth-stage opportunities responds to a critical need in the Canadian market, supporting the often-complex capital requirements of homegrown cleantech ventures and facilitating their expansion. This is exactly the kind of market gap BDC is designed to address.”

ABOUT CGF

CGF is a $15 billion arm’s length public investment vehicle that helps attract private capital to build Canada’s clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains.

Further information on CGF’s mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca.

ABOUT CANADA GROWTH FUND INVESTMENT MANAGEMENT

In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. Canada Growth Fund Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

ABOUT IQ

Investissement Québec’s mission is to play an active role in Quebec’s economic development by stimulating business innovation, entrepreneurship, and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Québec businesses with export activities.

ABOUT BDC

As Canada’s bank for entrepreneurs, BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the country’s most innovative firms. We are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers. BDC was the first financial institution in Canada to receive the B Corp certification in 2013 and it is the B Corp movement’s national partner in Canada. For more information on BDC’s products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.

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Early Stage Fund IX and Growth Fund II: Our commitment to European founders

Balderton

The Balderton Leadership Team

I am proud to share our latest and largest fundraise. Today, we are committing $1.3bn to Europe’s most ambitious founders through Balderton’s Early Stage Fund IX and Growth Fund II. 

Reflecting on Europe’s tech journey

When I joined Balderton in 2008, the European tech ecosystem was still quite nascent, and there had not been many successes at scale. I’d spent the previous 18 years building Business Objects – going from $0 to $1.5bn in revenue, before selling to SAP in what was, back then, the third largest software acquisition of all time. I was eager for a new challenge and to re-invest my time and energy in the European tech ecosystem.

At the time, Balderton had just raised a fund of $480M and we were ready to go. The challenge, much to my surprise, was that we struggled to find companies that we wanted to invest in. In fact, it took us five years to deploy that fund. Back then, fewer people were starting businesses. Fewer still dared to think big and dream beyond the borders of their home country. And many of those that did have the vision and ambition to build global giants opted to do so from the US, where access to capital and the right support was easier.

Today, the landscape is very different. Our ecosystem is thriving, with world-class talent and an established community of entrepreneurs, executives, advisors and directors who have significant startup and scale up experience. More people than ever are starting businesses – and those that do have global ambitions. They are determined to build companies like Spotify or Revolut instead of smaller regional leaders.

This story is reflected in the European VC investment numbers too: In 2008, venture investments in European startups were less than $8bn. In 2023, more than $50bn went into backing Europe’s tech entrepreneurs. And the returns speak for themselves, with European VC funds outperforming North American funds over both a 10 and 15 year period.

As we announce these new funds, I am filled with more optimism and confidence in Europe’s tech scene than ever before. A sentiment that is matched by our investors – an increasingly global mix of LPs who have strong confidence in Europe’s leading position on the global stage. They share our belief that the best way to change the world is to build a business, and have chosen, once again, to trust us in delivering on this vision.

Investing early in Europe’s best founders

The truth is, VCs don’t change the world. Founders do. And they work tirelessly, day in and day out, relentless in their determination to build something significant and to have a real impact on the world.

At Balderton, our mission is to be the partner of choice for Europe’s best entrepreneurs – identifying them early and helping them build global giants. We have been fortunate to find many of these pioneers at the very beginning of their journey – and to continue supporting them as they mature into global leaders in their fields.

Indeed, one thing that we pride ourselves on is the ability to build strong conviction early in the development of a new company. We don’t jump on trends or follow others just for the sake of it, we invest with a high degree of conviction. We build this through our experience working together as a partnership, our rigorous IC process, our experiences with portfolio companies and through our data and thesis driven approach. And we can continue to support our portfolio companies throughout their entire journey with our growth fund.

This includes trailblazers like Alex Kendall, who we first met in his Cambridge University dorm room, and whose outsized ambition and contrarian approach have led Wayve (Series A, 2019) to become the global leader in autonomous driving that it is today. Or Nik Storonsky, who we met when Revolut (Seed, 2015) was just a bold idea on a pitch deck. We’ve been at the team’s side at every step of the way to becoming the multi-billion dollar success story it is now, and we remain today the single largest institutional investor in the company. Or Simon Beckerman, whose unparalleled creative flair and all-consuming passion blew us away when he came to us for depop’s seed funding in 2012 – a company that has since completely transformed consumer fashion. The list goes on and on…

Thank you all for trusting us, and for the incredible ride so far.

A new era of innovation, supercharged by AI

As we close these new funds, we look ahead. Developments in artificial intelligence are propelling us forward into a new era of innovation and transformation, and Europe – with its world class institutions and engineers – has proven to be a clear leader in this next chapter.

We have already invested in many of the European leaders driving the new AI wave – like Writer, Wayve and Photoroom, among others. In Early Stage Fund VIII, AI-first companies made up a substantial portion of our investments, and the remaining companies are almost all investing in AI at some level as they continue to innovate and stay ahead of the competition. The pace of change in AI is unlike anything we’ve seen before, and while it’s impossible to predict exactly what the future will look like, it is clear that AI will change our lives in significant ways.

From fintech to health to climate – and equipped with the most powerful new technology we have seen in decades – the next generation of trailblazing entrepreneurs are already pushing innovation beyond its limits. They are building world-changing companies with more passion, drive and ambition than ever before.

With $1.3bn in fresh funds, 25 years of experience, and the same excitement and dedication as always, we can’t wait to see what this next chapter holds.

Here’s to the next generation of European founders, and to a remarkable journey ahead.

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CDPQ assigns $600 million to Fiera Capital as part of its ambition to allocate $8 billion to Québec fund managers

CDP Logo
Québec, Funds and External Management
Montréal, 

 

  • Investment is aligned with commitment to support Québec’s financial expertise and the growth of its asset managers
  • CDPQ intends to double the amount invested with Québec fund managers by 2028

CDPQ, a global investment group, today announced that it has invested $600 million with Fiera Capital, a leading Québec asset management firm, as part of its ambition to increase the funds entrusted to Québec asset managers to $8 billion by 2028.

This investment is part of CDPQ’s commitment to support Québec’s financial expertise and to stimulate growth in the local asset management industry. Within four years, CDPQ intends on more than doubling the amounts it entrusts to Québec fund managers. This commitment is complementary to CDPQ’s global objective of reaching $100 billion in investments in Québec by 2026.

The $600 million invested with Fiera Capital will also support the firm’s international expansion and will be allocated to its Active and Strategic Fixed Income and Fiera Atlas Global Companies strategies. In addition,  CDPQ has recently made investments in the Québec Emerging Manager Program (QEMP), and the Investi and Inovia Capital funds. It also entrusted sums to Québec portfolio firms including Bastion Asset Management, Montrusco Bolton Investments and Van Berkom Global Asset Management.

“Contributing to Québec’s economic development is at the heart of CDPQ’s mission. By entrusting $600 million to Fiera Capital, a well-established and successful manager, we are benefiting from local financial expertise and supporting the growth of Québec’s asset management industry, while also contributing to the diversification and performance of our portfolio,” said Vincent Delisle, Executive Vice-President and Head of Liquid Markets at CDPQ.

“CDPQ’s renewed trust in Fiera Capital, a pillar of Québec finance, underscores our role as an investment leader. Fiera Capital stands out for its ability to offer optimized portfolio solutions, combining innovation and precision in risk and return management. Our commitment to excellence allows us to meet the diverse needs of our clients,” said Maxime Ménard, President and CEO of Fiera Capital Canada and Global Private Wealth.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

ABOUT FIERA

Fiera Capital is a leading independent asset management firm with a growing global presence. Fiera Capital delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia. Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.

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Marktlink Capital closes second Venture Capital Fund-of-Funds at €80 million

Marktlink Capital

Amsterdam 15 July 2024 – Marktlink Capital has successfully closed the subscription for its second venture capital fund-of-funds in six months, securing €80 million in capital commitments from approximately 150 private investors. This second fund follows the success of the first fund launched in 2022, which was fully subscribed within six months. A significant portion of the private investors in the new fund also invested in the first fund, attracted by the access to top venture capital funds in Europe and North America.

Unicorns and trends
The strategy, size, and diversification of the funds in the second venture capital fund-of-funds are largely similar to those in 2022. Based on extensive research, the Marktlink Capital team selects funds that perform exceptionally well. “There are thousands of VC funds, but only a few consistently perform well”, says Bouke Marsman, partner at Marktlink Capital. “In venture capital, good funds continue to perform well year after year. 85% of Unicorns (companies valued over a billion) are owned by just 5% of the funds.”

Marsman continues, “Only 0.5% of companies grow into Unicorns, but ten companies in our portfolio have achieved that status. This is relatively high, especially considering we’ve only been operating for a year and a half. The results so far are in line with our expectations.”

Marktlink Capital has taken broader technological trends into account when composing its portfolio, including Artificial Intelligence (AI). Marsman explains, “With an investment in Saga Ventures, a fund specialising in AI led by Max Altman, and in funds backing the European AI champion Mistral, we aim to reflect this trend in our portfolio.”

About Marktlink Capital
Marktlink Capital, born from the merger of Marktlink Investment Partners and Welt Ventures, is an investment company providing entrepreneurs and private investors with access to the best private equity and venture capital funds in Europe and North America. The team consists of approximately 35 FTEs with specialist knowledge and experience in private equity and venture capital. To date, more than €1.5 billion in committed capital has been secured, almost entirely from Dutch entrepreneurs. The initiator of Marktlink Capital is Marktlink, which has been advising entrepreneurs on the sale or purchase of companies in the upper mid-market segment since 1996. With more than 300 employees and 150 deals per year, Marktlink understands the critical role private equity and venture capital play in the development and growth of businesses.

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