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artners Group reports gross client demand of EUR 13 billion and new investments

Partners Group

Download press release 11.01.2018

Baar-Zug, Switzerland, 11 January 2018

Partners Group reports gross client demand of EUR 13 billion and new investments of USD 13 billion in 2017; total AuM up 14% to EUR 62 billion; guidance for 2018 gross client demand stands at EUR 11-14 billion

EUR 13 billion gross client demand in 2017; AuM stands at EUR 62 billion
Partners Group, the global private markets investment manager, received EUR 13.3 billion in new commitments from its global client base across all private markets asset classes in 2017. This demand for programs and mandates brings total assets under management (AuM) to EUR 61.9 billion as of 31 December 2017 (31 December 2016: EUR 54.2 billion) and represents net growth of 14%.

The breakdown of total AuM as of 31 December 2017 is as follows: EUR 32 billion private equity (51%), EUR 11 billion private debt (18%), EUR 11 billion private real estate (17%), and EUR 8 billion private infrastructure (14%).

AuM development in 2017

Gross client demand of EUR 13.3 billion in 2017 moderately exceeded the communicated expected bandwidth of EUR 10-12 billion for the full year. This record amount was based on the combination of a solid pipeline of investment opportunities and strong client demand for the firm’s flagship programs and mandates. Tail-down effects from mature private markets investment programs and redemptions from liquid and semi-liquid vehicles amounted to a total of EUR -4.1 billion in 2017 (guidance provided: EUR -3 to -4 billion).

Given that 36% of Partners Group’s AuM is USD-denominated, the weakening of the US Dollar against the Euro by 12% in 2017 negatively affected the firm’s total AuM in Euros. In 2017, foreign exchange effects amounted to EUR -2.9 billion. A positive contribution of EUR +1.4 billion stemmed mainly from performance-related effects from certain investment vehicles. Overall, this resulted in net AuM growth of EUR 7.8 billion during the period.

USD 13 billion invested in a highly disciplined manner
In 2017, Partners Group invested a total of USD 13.3 billion on behalf of its clients. The firm continued to take a highly disciplined and prudent approach to investment and maintained its high standards of selectivity in a market characterized by full valuations across all private markets asset classes. Investment professionals screened 3,843 direct transactions across all asset classes, investing in only 77 of them and registering a decline rate of 98%. Partners Group’s secondary investment specialists screened USD 137 billion in private markets assets and invested in less than 2% of these.

Christoph Rubeli, Partner and Co-Chief Executive Officer, comments: “Our investment approach across private markets is guided by both structural change as well as transformative trends. In particular, we focus on sectors benefiting from the global megatrends we believe have the ability to support assets in generating higher top-line growth than the rest of their industry. These include digital transformation, new generation living and consumption, and the energy revolution.”

Of the total amount of USD 13.3 billion invested, USD 8.3 billion (62% of total investment volume) was deployed in direct transactions, of which USD 4.1 billion was invested in individual assets across private equity, private real estate and private infrastructure and USD 4.2 billion was invested in corporate credits. The firm’s secondaries investment teams invested a total of USD 2.2 billion (17% of total investment volume) in globally diversified private markets portfolios. To complement its direct and secondary investments, the firm committed USD 2.8 billion (21% of total investment volume) to select private markets managers.

Client demand expected to be strong in 2018
For the full year 2018, Partners Group expects gross client demand of EUR 11-14 billion (2017: EUR 10-12 billion), together with EUR -4.5 to -5.5 billion (2017: EUR -3 to -4 billion) in tail-down effects from the more mature Partners Group programs and potential redemptions from liquid and semi-liquid programs.

André Frei, Partner and Co-Chief Executive Officer, comments: “Client demand in 2017 was characterized by the successful closing of a number of flagship programs across all private markets asset classes. We have started 2018 with a sustained pipeline of demand from clients across the globe, and expect the supportive fundraising environment to lead to similar results as last year.”

Conference call today
Partners Group’s senior management will hold a conference call today at 9am CET. Dial-in details can be obtained by using the contact details below. The annual results as of 31 December 2017 will be published on 20 March 2018.

Key dates 2018

20 March 2018 Annual results and report as of 31 December 2017

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Apex’s acquisition of M.M.Warburg & CO’s Asset Management

Apex, Genstar and SALU Capital jointly announce Apex’s acquisition of M.M.Warburg & CO’s Asset Management and Servicing Business in Luxembourg

Apex’s Third Acquisition in Six Months Will Add $50bn in Assets under Administration and Custody (“AuA” and “AuC”) Bringing Apex Closer to Achieving its Goal of Becoming one of the Top 5 Largest Administrators Globally

HAMILTON, BERMUDA, SAN FRANCISCO, and NEW YORK (January 8, 2018) – Apex Group Ltd. (“Apex”), Genstar Capital (“Genstar”), and SALU Capital (“SALU”), today jointly announce Apex’s acquisition of M.M.Warburg & CO’s Asset Management and Servicing business in Luxembourg (“Warburg”). Upon completion of the transaction, Apex, a Genstar portfolio company, will have nearly $350 billion of AuA.

The transaction is the third for Apex in the space of six months following the acquisition of both Equinoxe Alternative Investment Services and Deutsche Bank’s Alternative Fund Services business in 2017. This latest move reaffirms Apex’s position as the fastest growing fund administrator in the world and brings it closer to achieving its goal of becoming one of the top five largest fund administrators globally. Apex and Genstar partnered with SALU Capital, led by Managing Partner Markus Philipp Ehrhardt, whose market knowledge and network was instrumental in the successful origination and execution of the transaction.

The transaction will see Warburg Invest Luxembourg S.A. and M.M.Warburg & CO Luxembourg S.A. become part of Apex, adding a further $50bn to Apex’s global AuA. The Group’s unique operating model and globally connected service provision opens up additional jurisdictional expertise and investment options to Warburg clients.

The full depositary services and private equity depositary solutions provided by the Warburg Luxembourg units brings will add further weight to Apex’s strength in delivering a complete service to European regulated funds, and will further complement the services integrated via the Deutsche Bank AFS acquisition.

Parent company, M.M. Warburg & CO (AG & Co.) KGaA, and Apex will form a strategic partnership for Luxembourg based asset management services businesses whilst Warburg Invest (Germany) will also continue to focus on its German asset management business.

Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions, including regulatory approval and is expected to be completed in the second quarter of 2018.

“The addition of the Warburg team and product suite further strengthens our capabilities in the highly regulated European market as we continue to develop the most complete service offering in the sector. There are benefits for both the transitioning Warburg clients and existing Apex clients in this combined offering and as we continue to grow we want to help them to grow with us,” stated Peter Hughes, Founder and CEO at Apex.

Joachim Olearius, Spokesman for the Partners of M.M.Warburg & CO, stated, “In Apex we have found a partner for this transaction that perfectly meets the requirements and expectations of our customers. Apex’s independence and unfailing dedication to delivering exemplary service to its clients means we can be confident that the transition will be smooth and service levels maintained. Our continued commitment to working closely with Apex as a strategic partner aptly demonstrates our trust and confidence in this combination.”

“With our first deal, we are proud to be part of this significant transaction with strategic partners of the caliber of Apex and Genstar, and with a seller as reputable as M.M. Warburg & Co, proving our ability to originate and execute on complex investment opportunities,” says Markus Philipp Ehrhardt, Managing Partner of SALU Capital.

Willkie Farr & Gallagher LLP and Arendt & Medernach provided legal counsel to Apex and Genstar.

About Apex Group  

Apex, established in Bermuda in 2003, is one of the world’s largest independent fund administration and middle office solutions providers with offices in 35 locations worldwide. Apex has continually improved and evolved its product suite by surrounding these core administrative services with additional products spanning the full value chain; from information delivery and regulatory products to a full middle office solution and fund listings database. Apex now administers the investments of some of the largest funds and institutional investors in the world. www.apexfundservices.com

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for nearly 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of approximately $9 billion and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries. Genstar’s current and previous investments in financial and business services companies include Ascensus, AssetMark, Strategic Insight, Mercer Advisors, Institutional Shareholder Services and Altegris.

About SALU Capital

SALU Capital (www.salucapital.com) is a special situations and private equity investment firm with focus on the global financial services and insurance sectors. SALU works with an established network of family offices and institutional investors enabling the firm to target investments with an equity value of between $20 million and $300 million for individual transactions. SALU’s leadership and investment partners have deep and broad experience in global financial markets, private equity and the investment management industry, and SALU relies upon a network of senior advisors that includes former CEOs and senior operators with decades of experience in the sectors that SALU invests in.

About M.M. Warburg & CO

Founded in 1798, M.M.Warburg & CO is an independent German private bank. As a universal bank, it provides sophisticated banking services to discerning private clients, corporate clients, and institutional investors in its core business segments of Private Banking, Asset Management, and Investment Banking. The Warburg Banking Group has own funds of EUR 423.7 million, assets under management of EUR 54.1 billion, and 1,232 employees (as of December 31, 2016). It comprises M.M.Warburg & CO as well as the subsidiaries Marcard, Stein & Co, M.M.Warburg & CO Hypothekenbank and Warburg Invest.

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MEDIA INQUIRIES:

Genstar Capital
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

Apex
Rosie Guest
Global Marketing Director
rosie@apexfunds.co.uk
+44 (0) 7770 858 280

SALU
Markus Philipp Ehrhardt
Managing Partner
mehrhardt@salucapital.com

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Investor Group to Acquire Voya’s Closed Block Variable Annuity Business

Apollo

–Consortium Led by Apollo, Crestview Partners, and Reverence Capital Partners to Form Industry Solution for Variable Annuities–

NEW YORK–(BUSINESS WIRE)–Dec. 21, 2017– An investor group led by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE:APO), Crestview Partners (“Crestview”), and Reverence Capital Partners (“Reverence”), today announced they have entered into a definitive agreement to acquire Voya Financial, Inc.’s (“Voya”) (NYSE:VOYA) Closed Block Variable Annuity business (the “CBVA Business”). The investment will be made through a newly formed standalone entity (“Venerable Holdings, Inc.” or “Venerable”). The proposed transaction, which is expected to close in the second or third quarter of 2018, is subject to regulatory approvals and other customary closing conditions. Apollo, Crestview, and Reverence will own equal stakes in Venerable, and Athene Holding Ltd. (“Athene”) (NYSE:ATH) and Voya will also acquire minority positions in Venerable.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171221005353/en/

The investors in Venerable are all well-established strategic investors with significant regulatory credibility and experience in successfully building and growing insurance businesses with patient, long-term capital. Upon closing of the transaction, Venerable will be conservatively capitalized to CTE 98+. The investors in Venerable believe it is advantageous that the CBVA Business will operate as a private company, with a hedging strategy that will focus on the economic and regulatory stability of the underlying assets and statutory capital strength rather than reducing GAAP earnings volatility. In connection with the transaction, Voya Investment Management will become Venerable’s preferred asset management partner. Voya has substantial heritage and knowledge in this area and will manage the assets of the CBVA Business as well as the assets from future acquisitions of closed block variable annuities by Venerable.

Apollo, Crestview and Reverence said, “We are attracted to Voya’s CBVA Business due to the strength of the team and platform, and the structure and stability of the underlying assets. We believe blocks such as the CBVA Business are best owned through private ownership. In addition, we believe success in variable annuities is primarily calibrated with effective risk management, which is Venerable’s most significant core competency. With a sole focus on variable annuities and support from an outstanding group of strategic investors, Venerable is uniquely positioned to serve as a leading industry solution for the consolidation of variable annuity blocks and the creation of long-term economic value.”

In connection with the transaction that is being announced today, Athene has signed a definitive agreement to reinsure approximately $19 billion of Voya’s fixed and fixed indexed annuities, which will be administered by Venerable, and Athene Asset Management will provide asset management services for these fixed annuities. In addition, Athene will be Venerable’s strategic partner for fixed annuity blocks as opportunities arise going forward.

The senior leadership team of the current CBVA Business, including Patrick Lusk, David Wiland, and Timothy Brown, will remain in place at Venerable and will continue to perform the same functions. Venerable will also establish a core group of employees exclusively focused on risk management and operational efficiency.

Venerable’s headquarters will remain in the CBVA Business’s current headquarters in West Chester, Pennsylvania, and the CBVA Business’s existing U.S. operations will be consolidated in Des Moines, Iowa. Over time, as Venerable acquires additional variable annuity portfolios, it expects to build a meaningful presence in Des Moines and establish a center of excellence for variable annuities.

Barclays is serving as financial advisor and Sidley Austin LLP is serving as legal counsel to Venerable in connection with this transaction.

About Apollo Global Management

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management (AUM) of approximately $242 billion as of September 30, 2017 in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

About Crestview Partners

Founded in 2004, Crestview Partners is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with over $7 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: energy, financial services, industrials and media. For more information: www.crestview.com.

About Reverence Capital Partners

Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets and (5) Financial Technology/Payments. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The Partners collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors.

Forward Looking Statements

This press release may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2017, as such factors may be updated from time to time in our periodic filings with 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 press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Source: Apollo Global Management, LLC

Apollo
For investor inquiries regarding Apollo:
Gary M. Stein, 212-822-0467
Head of Corporate Communications
Apollo Global Management, LLC
gstein@apollolp.com
or
Noah Gunn, 212-822-0540
Investor Relations Manager
Apollo Global Management, LLC
ngunn@apollolp.com
or
For media inquiries regarding Apollo:
Charles Zehren, 212-843-8590
Rubenstein Associates, Inc. for Apollo Global Management, LLC
czehren@rubenstein.com
or
Crestview
Jeffrey Taufield/Daniel Yunger, 212-521-4800
Kekst and Company
jeffrey.taufield@kekst.com / daniel.yunger@kekst.com
or
Reverence
Milton Berlinski,212-804-8022
Co-Founder and Managing Partner
Reverence Capital Partners
milton.berlinski@reverencecapital.com

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EQT Credit Opportunities III holds final close at EUR 1.3 billion

eqt

  • EQT Credit Opportunities III holds final close at EUR 1.3 billion, exceeding target
  • Continuation of the successful diligence-led investment strategy deployed by the two predecessor funds
  • Supported by a blue-chip investor base of pension funds, insurance companies, family offices and foundations in Western Europe, the Americas and Asia
  • Approximately 20% of the fund has already been committed

EQT today announces the successful closing of the EQT Credit Opportunities III fund (the “fund”) with total commitments of EUR 1.3 billion, well exceeding its initial target and its predecessor fund.

The fund focuses on medium-term investment opportunities in complex situations via the secondary market and by providing creative capital solutions to companies that are unable to access the capital markets.

Cyril Tergiman, Partner, Investment Advisor to the fund, comments: “Our focus on local sourcing and diligence, supported by EQT’s network of Industrial Advisors, as well as the fund’s ability to invest in a broad range of situations, has been key to our investment approach over the last ten years”.

Andrew Konopelski, Partner and Head of EQT Credit, Investment Advisor to the fund, adds: “Looking ahead, we are excited by the opportunities in the market and believe they play to EQT Credit’s strengths as a due diligence-focused investor. Thanks to the strong support demonstrated by existing and new investors, EQT Credit is well placed to capitalize on these opportunities over the coming years”.

Investors in the fund include a diverse group of European, Asian, North and South American pension funds, insurance companies, endowments, foundations and family offices.

“The outcome of the EQT Credit Opportunities III fundraising is yet another successful development in the growth of the EQT Credit platform, which covers the full range of risk profiles and investor appetites”, says Jussi Saarinen, Partner and Head of Investor Relations at EQT Partners.

Recognized by Private Equity International and Private Debt Investor as European Lender of the Year 2016, EQT Credit has positioned itself as an integrated capital provider across the credit risk spectrum.

The fundraising for the EQT Credit Opportunities III fund has now closed. As such, the foregoing should in no way be treated as any form of offer or solicitation to subscribe for or make any commitments for or in respect of any securities or other interest or to engage in any other transaction.

Contacts:
Andrew Konopelski, Partner and Head of EQT Credit, Investment Advisor at EQT Partners +44 20 7430 5525
Cyril Tergiman, Partner, Investment Advisor at EQT Partners +44 207 430 5554
Carlota Sanchez-Marco, Managing Director, Investor Relations at EQT Partners +34 674 345 701, carlota.sanchez-marco@eqtpartners.com
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading alternative investments firm with approximately EUR 38 billion in raised capital across 25 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About EQT Credit
The EQT Credit platform, which spans the full risk-reward spectrum investing with three strategies: senior debt, direct lending and credit opportunities, has invested approximately EUR 4.0 billion across approximately 150 companies since inception in 2008.

For more information: www.eqtpartners.com/Investment-Strategies/Credit

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Inventure launches its third early-stage venture capital fund

Inventure

Investments in funds – 2017-12-19

Already at the first closing, Inventure Fund III is the largest pure early-stage technology fund ever raised in Finland.

Helsinki, 19th December 2017: Inventure, a Nordic venture capital firm investing in seed and early-stage technology companies, today announces that it has completed a first closing of Inventure Fund III at €110 million. Already at the first closing, Inventure Fund III is the largest pure early-stage technology fund ever raised in Finland.

The first closing of the fund was led by European Investment Fund (EIF), Finnish Industry Investment (Tesi), Elo, Ilmarinen, Nordea Life Finland and other institutional and private investors. The fundraising continues throughout 2018 towards the target size of €135 million.

“Our conviction about the Nordic opportunity is greater today than ever before. By playing our part in building successful tech companies in the Nordics, we hope to contribute to growth and development of the whole region,” says Sami Lampinen, Inventure’s Managing Partner. “Already today, Inventure portfolio companies employ 1350 people. We want to triple this number in the years to come.”

Inventure has been supporting Nordic entrepreneurs over the past twelve years – first, from its headquarters in Helsinki, and lately from the new office in Stockholm. With the new fund, Inventure stays true to its investment strategy of supporting the entrepreneurs as early as possible. The increase in the fund size provides the team with an additional capacity to lead investments not only at seed stage, but all the way through expansion stages.

”In its two previous funds, the Inventure team has proven the ability to create value in dozens of companies and to generate good financial returns for investors. We are excited to be backing the new fund, and we are looking forward to new success stories rising from the portfolio”, says Tapio Passinen, Investment Director at Tesi.

Having the roots in Finland, the team makes big bets on deep tech – artificial intelligence, internet of things, new materials, virtual and augmented reality. New era of connectivity, future mobility, personalized healthcare, and next-generation UX platforms are key areas Inventure continues investing in.

“With its two prior funds Inventure has established its position as one of the leading early stage VCs in the highly innovative and successful Nordic ecosystem. We are pleased to continue backing a strong local investor like Inventure, which can provide close support to the most promising start-ups both operationally as well as financially”, says Juho Aminoff from the European Investment Fund (EIF).

More information
Sami Lampinen
Managing Partner
sami@inventure.fi
+358 40 520 5295

About Inventure
Inventure is a Nordic venture capital firm investing in seed and early-stage technology companies. Over the past 12 years, Inventure has been working with some of the best entrepreneurs in Finland, the Nordics and the Baltics, supporting innovative start-ups and high-tech companies. Inventure’s team is a great mix of experienced entrepreneurs, industry experts, and investment professionals committed to help start-ups build global success stories. Inventure operates in Helsinki, Stockholm, and Shanghai. For more information, please visit www.inventure.fi.

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Ratos: Jonas Wiström new CEO of Ratos, Per-Olof Söderberg new Chairman of the Board

Ratos

Press release 13 December 2017

This information is information that Ratos AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 7:45 a.m. CET on 13 December 2017.

Ratos’s Board of Directors has appointed current Chairman of the Board, Jonas Wiström, as the company’s new CEO as of 13 December 2017. In conjunction with this change, Magnus Agervald will step down from Ratos effective immediately. The Board of Directors has appointed Per-Olof Söderberg as the company’s new Chairman of the Board, and Jan Söderberg to the new position of Deputy Chairman. The Board’s assessment is that these changes are necessary to enable the company to create value.

“The Board is not satisfied with Ratos’s performance. To succeed in implementing the new strategic direction established during the year, we believe a different leadership is needed. We believe Jonas Wiström’s experience and leadership is more relevant for the updated strategic agenda. During its more than 150 years as a company, Ratos has continuously changed and reinvented itself, and this type of change is more necessary today than ever before,” says Per-Olof Söderberg, the company’s new Chairman of the Board.

“I look forward to taking on an operational role at Ratos. The Board of Directors and I believe in the new strategic direction. Now my goal is to work with Ratos’s organisation to figure out how to best implement it. The management teams and boards of the portfolio companies possess critical expertise that I also want to leverage to ensure better value creation for Ratos as a whole. My task is clear: to increase shareholder value,” says new CEO Jonas Wiström.

Chairman of the Board Per-Olof Söderberg, concludes:

“The Board also wants to extend its sincere thanks to Magnus Agervald, who left an important mark during his time at Ratos. He has cut the company’s operational administration costs, discontinued underperforming companies and completed an important platform acquisition.”

According to his employment contract, Magnus Agervald is entitled to a notice period of 12 months, which will be offset against any income earned from new assignments. A maximum total cost will be recognised in Ratos’s next interim report.

For further information, please contact:

Per-Olof Söderberg, Chairman of the Board of Ratos, +46 8 700 17 98
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

Financial calendar from Ratos:
Year-end report 2017                                              16 February 2018
Interim report January-March 2018                         3 May 2018
Interim report January-June 2018                           17 August 2018
Interim report January-September 2018                  25 October 2018

Ratos owns and develops unlisted medium-sized companies in the Nordic countries. Our goal as an active owner is to contribute to long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 14 medium-sized Nordic companies and the largest segments in terms of sales are Industrials, Consumer goods/Commerce and Construction. Ratos is listed on Nasdaq Stockholm and has a total of approximately 13,400 employees.

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GSO to Launch New Direct Lending Business; Announces Transition Plan for FS Investments Funds

Blackstone

New York, December 11, 2017 – GSO Capital Partners LP (together with its credit-focused affiliates “GSO”), Blackstone’s (NYSE: BX) credit platform, today announced that it will launch a new, fully integrated, internal direct lending business – combining the firm’s superior origination and investment capabilities in this area with its industry-leading institutional and retail distribution channels.

Bennett Goodman, Co-Founder of GSO Capital Partners and Senior Managing Director of Blackstone, said: “Given the evolution of our firm, moving ahead independently to control our own destiny in this area was the right decision for our business. Bringing together our direct lending investment expertise with our strong institutional and growing retail distribution capabilities represents an extremely powerful combination. Our shareholders will also now receive a much larger share of the value we create through managing these types of portfolios.”

Concurrently, GSO will be concluding its investment sub-advisory relationship with FS Investments’ funds (the “FS Funds”) effective April 9, 2018. During the interim, GSO will continue to provide investment services to the FS Funds and help ensure a smooth transition. In consideration of such services and GSO’s partnership with FS Investments in the FS Funds’ business over the last decade, GSO will receive payments totaling $640 million from FS Investments, substantially all of which are expected to be paid in 2018. Blackstone anticipates utilizing those cash proceeds for the benefit of its shareholders and will provide additional details on those actions early next year.

The $640 million in cash proceeds represent approximately three years of revenues from the FS Funds.  In addition, GSO expects to begin its new direct lending business and generate additional revenue in 2018. GSO anticipates that its internal direct lending business will fully replace, and ultimately exceed, the current revenues and earnings to Blackstone shareholders from the FS Funds.

Goodman added: “We thank FS Investments for their partnership over the years and wish them the best going forward. We are proud of the investment performance and portfolio construction of the funds and are committed to working with FS to make sure there is a smooth transition.”

From the formation of the GSO and FS Investments partnership in 2008, the direct lending FS Funds have generated strong performance, exceeding substantially all of the relevant market benchmarks. For the FS Investment Corporation (FSIC) fund, the oldest fund in the complex, annualized net returns have been 12.4 percent since inception.


About Blackstone
Blackstone is one of the world’s leading investment firms. 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 asset management businesses, with over $385 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, 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.

Contact:
Matt Anderson
+1-212-390-2472
matthew.anderson@blackstone.com

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CapMan has established a MEUR 86 fund focusing on growth investments

CapMan has established a MEUR 86 growth investment fund that focuses on minority investments in unlisted companies with strong growth potential. The investors of the fund are, among others, successful entrepreneurs who want to support Finnish entrepreneurship in a new way. The investor demand for the fund has exceeded our expectations and the fund was clearly oversubscribed.

The successful fund raising demonstrates the investor appetite for active minority investments. CapMan Growth Equity team’s track record is strong, as demonstrated by strong value creation in eight portfolio companies and several successful exits. The newly established fund aims to invest MEUR 2-10 to the target company and develop it for 2-5 years together with the entrepreneur. Minority investing is a good option e.g. in a situation where there are ownership changes in the company or when the growth of the company can be accelerated by additional capital. Minority investing is targeted typically into companies that have passed the start-up phase.

In conjunction with the establishment of the fund CapMan sells its shares in six growth companies to the fund for MEUR 26.6 and makes a corresponding equity commitment into the fund. The sales price is based on the fair values of the investments and does not have a profit impact.

Juha Mikkola and Antti Kummu are two experienced private equity professionals who are responsible for the new fund’s investment activity. Mikkola has 25 years of experience in private equity. During his career he has helped to build dozens of successful companies. Kummu has extensive experience of both operative management and minority investments in growth stage and industrial companies. Kummu has previously acted as CFO of Touhula Varhaiskasvatus and as Director in Finnish Industry Investments.

“Minority investing is a new way to use external know-how to accelerate the growth of a company. We in the CapMan Growth Equity team closely co-operate with the entrepreneur and we also have support from a broad group of fund investors that possess unique know-how of developing and growing companies,” says CapMan Growth Equity team’s Managing Partner Juha Mikkola.

“Minority investing differs from traditional private equity investments as the entrepreneur maintains the majority ownership and decision-making power in the company, but still receives the know-how and financing from the investor that helps to grow the business further,” explains Antti Kummu, partner in CapMan Growth Equity team.

“I am very proud of our newly launched growth investment fund and of our Growth Equity team. We at CapMan create new products and investment strategies, which resonate with the market demand and meet the needs of our clientele in the best possible way,” says Joakim Frimodig, CEO of CapMan.

For further information, please contact:
Juha Mikkola, Managing Partner, Growth Equity, CapMan Plc, tel. +358 50 590 0522
Antti Kummu, Partner, Growth Equity, CapMan Plc, tel. +358 50 432 4486
Joakim Frimodig, CEO, CapMan Plc, tel. +358 50 529 0665 

CapMan
www.capman.com
twitter.com/CapManPE

CapMan is a leading Nordic investment and specialised asset management company. As one of the Nordic private equity pioneers we have actively developed hundreds of companies and real estate and thereby created substantial value in these businesses and assets over the last 28 years. CapMan has today 110 private equity professionals and manages €2.7 billion in assets. We mainly manage the assets of our customers, the investors, but also make direct investments from our own balance sheet in areas without an active fund. Our objective is to provide attractive returns and innovative solutions to investors and value adding services to professional investment partnerships, growth-oriented companies and tenants. Our current investment strategies cover Buyout, Growth Equity, Real Estate, Russia, Credit and Infrastructure. We also have a growing service business that currently includes fundraising advisory, procurement activities and fund management.   

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Apax Partners closes $1 billion tech-focused growth fund, Apax Digital

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Apax Digital

Launch of Apax Digital, a new global fund focused on minority and buyout investments in leading, growth-stage technology companies

Successful fundraise reflects Apax’s high-quality team, long-standing success in the technology sector, and its global platform

New York and London, 6 December 2017 – Apax Partners LLP (“Apax”), a leading global private equity advisory firm, today announced the successful final close of its Apax Digital fund (“Apax Digital” or “the Fund”) at its $1 billion hard cap, exceeding the initial $800 million target. Apax Digital also announced separately today that it has made its first investment in Moda Operandi, a leading ecommerce business offering luxury goods from the world’s top designer brands.

Apax Digital will make minority and buyout investments in high-growth enterprise technology and consumer internet companies globally.  Investments will be concentrated in subsectors where Apax has ample proven expertise, including vertical software, data and analytics, tech-enabled services, marketplaces, digital media, and disruptive e-commerce.  The Fund targets individual equity investments of $30 million-$150 million, with the ability to complete larger investments alongside its limited partners. The Apax Digital fundraise follows the successful close of Apax IX in December 2016 at its hard cap of $9 billion.

Apax Digital is advised by a dedicated 14-person team, based in New York and London. This team, which is comprised of experienced technology investment and operating specialists, is co-led by Marcelo Gigliani and Daniel O’Keefe. Marcelo joined Apax in 1999 and has been a Partner focused on investments in digital businesses, including Trader Corporation, Dealer.com, and Idealista. Dan re-joined Apax in 2016 from Technology Crossover Ventures, where he was a Partner focused on investments in digital businesses, including Spotify, VICE Media, and Rent the Runway. The Apax Digital team comprises longstanding Apax investors as well as new hires from leading technology investment firms, including Insight Venture Partners, Summit Partners, TA Associates and Technology Crossover Ventures.  In addition, Mark Beith, an accomplished technology investor from Silver Lake, joins in January as a Managing Director to lead the Apax Digital London team.

Marcelo Gigliani, Managing Partner of the Apax Digital team, commented: “Apax Digital is a natural extension of Apax’s proven strength in driving robust growth in leading tech companies worldwide. By combining a best-in-class investment team with the resources of the global Apax platform, we can better identify and accelerate meaningful operating value creation in the companies with which we partner.”

Daniel O’Keefe, Managing Partner of the Apax Digital team, continued: “As the technology industry has become one of the most important contributors to global growth, we see an opportunity to back its market leaders in achieving their next phase of development. We’re excited to bring all of Apax Partners’ substantial global capabilities to the growth equity market, and to our partner companies.”

Mitch Truwit, Co-CEO of Apax Partners and Chairman of the Apax Digital strategy, commented: “We are delighted with the strong investor support and believe it is a recognition of the calibre of the digital team we have built, Apax’s successful track record in technology investing, and the ability to leverage the global Apax platform. The new fund complements the main buyout fund, Apax IX, allowing us to work with smaller growth businesses in sub-sectors Apax understands well and in geographies where Apax has a presence.”

Previous technology and digital investments by Apax Funds include: Auto Trader Group and Trader Corporation, the largest online automotive marketplace and software solutions providers in the UK and Canada, respectively; Duck Creek, a leading US-based provider of property and casualty insurance software; King, the leading global mobile games company; Evry AS, the leading Nordic IT services business; and Sophos, the leading UK-based IT security and data protection provider. Since 2003, Apax Funds has invested over $10 billion in 35 leading technology and digital companies across growth and buyout stages.

For further information on Apax Digital please see: http://digital.apax.com.

About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history,

Apax Partners has raised and advised funds with aggregate commitments of $51 billion*. Apax Partners’ Flagship Funds invest in companies across four global sectors of Tech and Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax Partners, please visit http://apax.com.

About Apax Digital
Apax Digital is a $1 billion fund raised in 2017 focused on minority and buyout investments in high-growth enterprise technology and internet companies globally. Advised by Apax Partners, Apax Digital’s investments are focused on subsectors where Apax Partners has expertise, including vertical software, data & analytics, tech-enabled services, marketplaces, digital media, and disruptive e-commerce. For further information about Apax Digital, please visit http://digital.apax.com.

* Funds raised since 1981, commitments converted from fund currency to USD at FX rates as at 30 September 2017.

Contacts: 

Andrew Kenny, Head of Communications
Apax Partners
Tel: +44 20 7872 6371
Email: andrew.kenny@apax.com

Media Enquiries – EMEA
Matthew Goodman, James Madsen or Annabel Clay
Greenbrook Communications
Tel: +44 20 7952 2000
Email: apax@greenbrookpr.com

Media Enquiries – The Americas
Todd Fogarty
KEKST
Tel: +1 212 521 4854
Email: todd.fogarty@kekst.com

 

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ALTIN – Decision to delist

Altin

Zug, 5 December 2017 – ALTIN Ltd. (SIX: ALTN)

Altin Ltd. («Altin») has requested – in connection with the planned squeeze-out merger with Absolute Invest Ltd. («Absolute Invest») – the delisting of its registered shares from SIX Exchange Regulation.

SIX Exchange Regulation granted this application subject to the approval of the merger by the extraordinary shareholders’ meeting of Altin on 18 December 2018 and the subsequent entry in the Commercial Register of the Canton of Zug. The last trading day of the Altin share and the day of its delisting shall be determined by SIX Exchange Regulation in consultation with Altin as soon as the extraordinary shareholders’ meeting has approved the merger, and this has been entered in the Commercial Register of the Canton of Zug.

SIX Exchange Regulation will publish its decision during the day.

For further information, please contact:

Thomas Amstutz
Tel. +41 (0)41 760 6257
info@altin.ch

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