Tag Archives: Investments

PAI Partners raises €7.1 billion for eight flagship funds

PAI Partners

PAI Partners (“PAI” or “the Firm”) today announces the successful final close of its latest Flagship Fund, € (“Fund VIII” or “the Fund”). Fund VIII surpassed its fundraising target, securing €7.1 billion in total capital commitments, highlighting the strong investor confidence in PAI’s investment strategy of transforming businesses into high performing strategic global assets in Europe and North America within the Real Economy.

Despite the challenging fundraising environment, the Fund is c. 40% larger in size compared to its predecessor (PAI Europe VII), which closed at €5.1 billion in 2018.

The Fund received strong support from leading public and private pension funds, sovereign wealth funds, financial institutions and family offices, with growth in commitments from every region. With a re-up rate of c. 90% and over €2 billion of capital sourced from new investors, PAI’s approach has continued to resonate with existing investors and the wider market.

PAI remains steadfast in its commitment to executing its investment strategy, leveraging its industry networks and deep sector expertise to build sustainable European and global leaders. PAI invests behind thematics within traditional industry sectors that are at the heart of economic activity and that are underpinned by solid fundamentals and sustainable growth horizons.

Fund VIII has already deployed c. 35% of its total capital with seven investments to date, including ECG / Vacanceselect, NovaTaste, the Looping Group, ECF Group, Azets Group, Infra Group and Alphia, Inc.

Richard Howell, a Managing Partner at PAI, said: “This successful final close for PAI Partners VIII, at a size 40% larger than its predecessor in a challenging environment, reaffirms the confidence investors have in PAI’s Real Economy strategy and our ability to perform consistently through the cycle. We are grateful for the strong support from both existing and the many new investors that joined the Fund, who share our vision for creating value in traditional industries. We are excited about the investments we have made thus far and look forward to identifying further opportunities that align with our strategy.”

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has c. €26 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised c. €23 billion in proceeds from 58 exits. PAI has built an outstanding track record through partnering with ambitious management teams, where its unique perspective, unrivalled sector experience and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

Media contact

PAI Partners
Dania Saidam
+44 20 7297 4678

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Ardian Acquires $2.1 Billion Private Equity Portfolio from CPP Investments

Ardian

Underscores Ardian’s position as a world leader in secondary buyout funds

Ardian, a world-leading private investment house, today announced it has acquired a US$2.1 billion portfolio of limited partnership interests in 20 private equity funds from Canada Pension Plan Investment Board (CPP Investments™), a global investment management organization with C$575 billion of assets under management. The portfolio comprises 20 limited partnership interests, a majority of which are North American but also includes European buyout funds.

The deal continues Ardian’s secondary funds strategy to provide active portfolio management solutions to large institutions looking to rebalance their portfolios and monetize their private equity investments. Ardian has the world’s largest Secondaries and Primaries platform with more than $89 billion under management or advisement. Over the last four years, Ardian has deployed more than US$40 billion in secondary private equity investments.

“This latest acquisition comes at a significant time for the industry where many LPs continue to address the denominator effect and are looking for portfolio management opportunities like this to open up capital for future commitments. We have acquired a portfolio of well-diversified North American and European buyout funds led by high-quality GPs who we know well.” Mark Benedetti, Member of the Executive Committee, Co-Head of Ardian US, Co-Head of Secondaries & Primaries and Member of the ASF Management Committee, Ardian

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 17 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACT

ARDIAN

THE NEIBART GROUP MAEVE MALONEY

ardian@neibartgroup.com+1 781 987 4287

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819 Evergreen Fund I Coöperatief U.A. is live!

Recently we launched 819 Evergreen Fund I Coöperatief U.A. (“819 Evergreen Fund” or “the Fund”).

 

819 Evergreen Fund is incorporated to enable sustainable value creation in essential sectors, such as healthcare, by investing in key enabling technologies (deep tech).

The Fund’s predecessor is Lumana Invest. Since the transition to 819 Evergreen Fund last period, we have already welcomed our first new investors to the Fund.

819 Evergreen Fund has an open-ended structure. The Fund invests in start-ups and scale-ups and has a focus on minority interest. The Fund currently has 8 active portfolio investments.

The Fund is a collective investment undertaking (beleggingsinstelling) within the meaning of section 1:1 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht) (“FMSA”). The Fund and its Manager (819 Capital Partners) are registered with the AFM in accordance with section 2:66a of the FMSA (AFM Fund ID: 50033383).

Zuidbroek assisted in setting up the Fund.

Feel free to contact us for more information.

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KKR To Invest In Life Sciences Firm Catalio Capital Management

KKR

KKR buys minority stake in Catalio and invests in its funds

Investment is additive to KKR’s existing health care growth strategy

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced an agreement to invest in Catalio Capital Management, LP, a multi-strategy investment firm focused on breakthrough biomedical technology and innovative health care companies. The addition of new capital is expected to accelerate Catalio’s growth trajectory and talent acquisition, as well as anchor its investment strategies. Pursuant to the agreement, KKR is acquiring a minority economic stake in Catalio and will invest in Catalio’s funds.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231017308280/en/

Henry Kravis, Co-Founder and Co-Executive Chairman of KKR, will be named as the Chairman of a new Board of Advisors for Catalio that will help guide the strategic growth of the business. Members of the Catalio Board of Advisors will include, among others, Alex Gorsky, the retired Chairman & CEO of Johnson & Johnson, Andrew Liveris, the retired Chairman & CEO of Dow Chemical Co., Dina Powell McCormick, the Vice Chairman & President of Global Client Services at BDT & MSD, and Tim J. O’Neill, a longtime Partner and retired Co-Head of Goldman Sachs Asset Management.

“The life sciences sector represents a growing market opportunity and has been an important area of focus for our health care growth strategy, which will be further accelerated through our partnership with Catalio. We are impressed not only by Catalio’s entrepreneurial leadership team but also by its vast network of leading scientists who serve as venture partners,” said Ali Satvat, Partner, Co-Head of Americas Health Care and Global Head of Health Care Strategic Growth at KKR. “We look forward to supporting Catalio in taking the platform to the next level and unlocking the next generation of biomedical technology.”

“We are grateful to KKR for its support, which we believe affirms the success of Catalio’s strategy and recognizes the value of our experienced life sciences investment team,” said George Petrocheilos and R. Jacob Vogelstein, Co-Founders and Managing Partners of Catalio. “KKR’s investment comes at an exciting time in Catalio’s development. We believe that we will now be even better positioned to empower the world’s most innovative clinical scientists to turn next-generation biomedical discoveries into valuable treatments and cures and create profitable, well-run companies that advance the boundaries of care.”

Following the completion of the transaction, Mr. Petrocheilos and Dr. Vogelstein will continue to own a controlling stake in Catalio, and the day-to-day management and operation of the Catalio business will remain the same.

KKR has a long track record of supporting health care companies globally, having committed over $20 billion to the sector since 2004. In the life sciences sector specifically, KKR has already committed well over $1 billion in capital from its health care growth strategy, including investments in BridgeBio Pharma, Dawn Bio and Treeline Biosciences, and will be funding this investment from its balance sheet. KKR’s health care growth strategy is focused on investing in high-growth health care-related companies to which KKR can be a unique strategic partner in helping reach scale.

Kirkland & Ellis LLP served as legal advisor to KKR. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Catalio.

About KKR

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

About Catalio

Catalio Capital Management, LP, is a multi-strategy life sciences investment firm focusing on breakthrough biomedical technology companies developing the next generation of drugs, devices, diagnostics, and data-driven insights. Catalio has partnered with over 44 world-renowned scientists with extensive academic and scientific achievements who have each also started well-established companies based on their research. Catalio has offices in New York and London. Learn more about Catalio Capital Management by visiting www.cataliocapital.com.

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

Charles V. Zehren
212-843-8590
czehren@rubenstein.com

Source: KKR

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CVC Credit prices Cordatus XXIX, eighth new CLO of 2023

CVC Capital Partners

CVC Credit is pleased to announce that it has successfully closed Cordatus XXIX, the eighth Collateralized Loan Obligation (“CLO”) of 2023 by CVC’s €39 billion Credit platform, and the fourth new CLO in Europe.

The new vehicle totals c.€375m (c.$394m) and brings CVC’s aggregate value of newly priced CLOs in 2023 to €3.3bn (c.$3.6bn). Cordatus XXIX was raised from a broad group of new and existing investors. BNP Paribas acted as the lead arranger.

Despite CLO new issuance volumes being down year-on-year, CVC has been able to strategically price eight new CLOs. The majority equity portion for each of these vehicles is been made by CVC’s dedicated third generation CLO equity vehicle, which enhances CVC Credit’s ability to control the pace of new CLO issuance and enhances its flexibility to price opportunistically, rather than relying on third-party CLO equity.

Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit said: “We are delighted to have priced our fourth new issue European CLO in 2023, a result which we believe reflects the strength of our investor base, the conservative profile of our portfolios and the underlying attraction of our leading platform to investors seeking investment opportunities in Performing Credit. This pricing also consolidates our market position in Europe with European CLO assets under management now close to €11.5 billion.”

Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, said: “The pricing of Cordatus XXIX is CVC’s eighth new CLO vehicle of 2023, which together mean we have now priced €3.3 billion of new CLOs in the year-to-date. This is a fantastic result and achieved despite challenging market conditions.”

Quotes

The pricing of Cordatus XXIX is CVC’s eighth new CLO vehicle of 2023, which together mean we have now priced €3.3 billion of new CLOs in the year-to-date.

Gretchen BergstresserManaging Partner and Global Head of Performing Credit

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Eurazeo and ICAPITAL® announc eglobal partnership to widen access to Eurazeo’s PRivate Markets Opportunities for Wealth managers and their clients

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Eurazeo

Eurazeo will leverage iCapital’s cutting-edge technology and iCapital Marketplace to distribute Eurazeo’s suite of alternative offerings to Wealth Managers globally

 

Eurazeo, a leading global investment company with a diversified portfolio of €35 billion in assets under management, and iCapital1, the global fintech platform driving access to alternative investments for the wealth management industry, have today announced a partnership to increase Wealth Managers’ access to Eurazeo’s broad range of private markets opportunities.

Through this partnership, Eurazeo will leverage iCapital’s cutting-edge technology and iCapital Marketplace to support Eurazeo in distributing its suite of alternative offerings to Wealth Managers globally. The first launch available will be a feeder fund into Eurazeo’s new impact fund focused on Transition Infrastructure.

Eurazeo has a long-standing, 20-year track record of providing Wealth Managers and their high-net-worth clients with innovative investment solutions. Leveraging the technology and distribution of iCapital Marketplace, the partnership will support Eurazeo’s continued commitment to bring its broad suite of capabilities to Wealth Managers globally enabling them to build diversified portfolios for their clients.

Eurazeo has significant expertise across private equity, private debt, real estate and infrastructure strategies and is invested in around 600 companies. It launched a number of new products for private clients in 2023, highlighting its deep sector knowledge and its focus on delivering the best possible opportunities for its clients.

 

Luc Maruenda, Head of Wealth Solutions at Eurazeo, said:

“Addressing private individual investors and helping them broaden access to the private markets is part of our DNA and strategy. Based on our 20-year successful track record in France, we believe iCapital will be instrumental in replicating this strategy in Europe and beyond. With its leading technology and global positioning, iCapital was a natural choice to enhance the range of investment solutions for our Wealth Managers globally.”

 

Marco Bizzozero, Head of International at iCapital, said:

“We are delighted to welcome Eurazeo, a leading global investment company with considerable private markets experience, to iCapital Marketplace to support Eurazeo in distributing its investment offering to Wealth Managers and their clients around the world. This partnership demonstrates that iCapital is the partner of choice for Asset Managers accessing the growing pool of private wealth as Wealth Managers increasingly seek to benefit from including private markets investments in a diversified portfolio for their private clients.”

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Glendower Capital raises US$5.8 billion for its fifth global secondary private equity fund

CVC Capital Partners

Glendower Capital, CVC’s secondaries platform, is pleased to announce the final close of its fifth global secondary private equity fund, Glendower Capital Secondary Opportunities Fund V (“SOF V”). Glendower has raised aggregate capital commitments of US$5.8 billion for the SOF V program to deploy in the secondary market. SOF V is the first fund closed since Glendower completed a strategic merger with CVC in 2022.

Glendower operates in the private equity secondaries mid-market, targeting buyout fund investments managed by high quality GPs. The fundraise concluded at the hard cap and represents the next stage of growth for Glendower’s successful two-pronged strategy in private equity secondaries, which provides balanced exposure to portfolio sales by LP investors as well as GP-led transactions.

The fundraise attracted investment from a diversified and global institutional investor base of over 230 returning and new limited partners.

Carlo Pirzio-Biroli, CEO and Managing Partner of Glendower, commented, “We are grateful for the support of our existing investors, as well as the new investors that joined our program for this fund. The completion of this fundraise is another significant milestone for us, and we continue our mission to be a lead investor and key partner of choice for LPs and GPs globally. The opportunity for our investment strategy has never been greater and we look forward to deploying this capital into a highly attractive secondary market environment.”

Quotes

The completion of this fundraise is another significant milestone for us, and we continue our mission to be a lead investor and key partner of choice for LPs and GPs globally. The opportunity for our investment strategy has never been greater and we look forward to deploying this capital into a highly attractive secondary market environment.

Carlo Pirzio-Biroli CEO and Managing Partner of Glendower

Rob Lucas, CVC Managing Partner, said, “We are delighted with the progress of our partnership with Glendower since the transaction completed last year. Congratulations to Carlo and team who have achieved their largest ever fundraise with SOF V.  With access to the broader CVC Network, the secondaries platform is well-positioned to continue to deliver sustainable value for our investors in this growing market segment, and we look forward to the continued success of this strategy.”

Glendower today manages US$13 billion in AUM across its private equity secondary funds with a team of over 35 dedicated investment professionals. CVC manages more than €140 billion of AUM globally across its six complementary strategies comprising CVC Europe/Americas, CVC Asia, CVC Strategic Opportunities, CVC Growth, CVC Credit and CVC Secondaries (Glendower).

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EQT Exeter Industrial Value Fund VI closes at USD 4.9 billion, exceeding target size of USD 4.0 billion

eqt
  • Successful fundraise reflects EQT Exeter’s top ventile, proven outperformance for its global clients in geo-sector focused real estate investment products
  • The Fund pursues a high alpha, value-add strategy focused on acquiring, developing, renovating, leasing, and operating logistics properties in the US

EQT is pleased to announce that EQT Exeter Industrial Value Fund VI (the “Fund”) has held its final close at USD 4.9 billion in fee generating assets under management. Demand from existing and new investors was strong, with commitments coming from a diverse group of pensions, foundations, insurance, and sovereign clients across North America, South America, Europe, Asia, and the Middle East.

The Fund pursues a value-add strategy to acquire, develop, renovate, lease, operate, and sell industrial properties serving major markets throughout the US and emphasizing single-tenant, modern supply chain assets, which include big box fulfillment center and last mile assets used by the world’s largest corporations to implement their delivery systems. In the US and Mexico alone, EQT Exeter employs investment and leasing professionals across 25 offices who provide a keen selection of submarkets and properties and whose insights into tenant demand are informed by over 1,200 industrial tenant relationships.

While acknowledging the prudence required amid global macroeconomic uncertainty, EQT Exeter believes that current conditions for acquisitions are fertile, as the higher interest rate environment has resulted in reduced asset pricing. Meanwhile, sustained high occupancy nationally and the elevated cost to build new facilities have led to remarkable rental rate growth. The Fund seeks to capitalize on these market fundamentals by utilizing EQT Exeter’s in-house, local leasing professionals to increase occupancy, reset rental rates to market levels upon lease expirations, and secure strong credit tenants who better withstand market cyclicality. EQT Exeter will also execute high-yielding ground-up construction by utilizing the team’s sophisticated in-house design and development expertise.

“We are grateful to our investors for their support, particularly during this challenging environment for making new fund commitments,” said Rayenne Chen, Global Client Solutions. “This fund is among the largest single-property sector, operator funds ever raised, and we attribute our investor partners’ support and confidence to our proven experience in navigating the opportunities and risks of challenging market cycles.”

Matt Brodnik, Chief Investment Officer, EQT Exeter, said, “We look forward to assembling this portfolio amid significant pricing resets due to today’s choppy markets. More than ever, we count on our longtime and far-reaching relationships with owners, the brokerage community, and lenders to uncover opportunities and serve as their most preferred and reputable buyer.”

Henry Steinberg, President, EQT Exeter, said, “The direct relationships we have developed with global logistics users have enabled us to serve as their essential real estate solutions provider. Winning their business will drive the Fund’s occupancy and value appreciation no matter the market cycle. Furthermore, we are developing analytic tools to leverage our in-house, locally sourced acquisition and leasing data across geographies and product types to make EQT Exeter an even more effective and informed operator.”

Contact
US media inquiries: Stephanie Greengarten, stephanie.greengarten@eqtpartners.com, +1 646-687-6810
International media inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT Exeter
EQT Exeter is a global real estate solutions provider serving corporate and consumer tenants with scope and scale. With a legacy dating back 75 years, EQT Exeter is among the largest real estate investment managers in the world, focused on acquiring, developing, leasing, and managing logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. EQT Exeter was created through the combination of Exeter Property Group and EQT.

A tenant-centric, global leader in sheds, beds, and meds, EQT Exeter currently oversees a portfolio totaling over 320 million square feet across 1,550 buildings. The EQT Exeter Team comprises more than 450 experienced professionals operating in more than 50 offices around the globe. Together, they have consummated over 1,800 real estate investments corresponding to over 2,500 properties totaling more than $30 billion in property value. As part of EQT, the team leverages the firm’s industry-leading sustainability credentials and framework and in-house digitalization skills to generate increased value for its investor clients.

About EQT
EQT is a purpose-driven global investment organization with EUR 119 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

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AVP launches a new strategy to invest in late-stage tech companies with a targeted €1.5bn fund of which €750m invested by AXA.

AXA
  • AXA intends to invest €750m, as anchor investor, in a new Late Growth strategy and confirms its commitment to support AVP in launching a fund with no European equivalent.
  • This strategy will invest in global tech leaders in Europe and North America. It will support them until the IPO and will potentially, as a long-term investor, remain invested post-IPO.
  • The ambition of the strategy is also to contribute to the development of a strong European-based financing environment for the tech ecosystem.
  • The future fund naturally extends the current range of AVP funds (Venture, Growth and Funds of Funds) and broadens the AVP capacity to invest in all stages of tech companies.
  • AVP will significantly reinforce its team in Europe and North America with new talents to support this strategy.

AVP announced today the launch of a new €1.5bn Late Growth strategy dedicated to supporting global technology leaders. The first closing is expected in Q1 2024 with a final close expected in 2025. AXA intends to invest €750m in the future fund, starting in the first closing.

The strategy will target AVP’s existing focus sectors of Software, Fintech/Insurtech, Digital Health and Consumer technologies in Europe and in North America. It will invest in companies that have fully proven product market fit and sales execution in one or several markets, that intend to continue their growth through global expansion and have the potential to IPO in the next three to four years. The future fund will act as a long-term investor supporting companies ahead of IPO and post IPO. It will benefit from the relationships developed over the years with entrepreneurs first in the Venture Fund or in the Growth fund to quickly build a pipeline with the most promising Late Growth companies.

AVP Late Growth strategy will lead rounds with initial investment size of up to €150m and be an active investor with Board representation. The future fund will build a portfolio of 12/15 of the most promising late-stage European and North American tech companies. In Europe in particular, growth of the most promising European innovative companies is held back by the difficulty of raising sufficient capital from funds based in Europe as Late Growth rounds are up to now mainly carried out by non-European investors. AVP strongly believes it is crucial and timely to provide Europe, where it aims to deploy about two third of the strategy, with a competitive global platform to support the best technology companies. As such, the Late Growth strategy is fully aligned with the objectives of the Scale-up Europe project and Tibi 2 initiative. Being a European long-term investor providing long-term capital and able to support European global tech leaders towards their IPO and post their IPO, the AVP Late Growth strategy addresses a new market segment and provides an answer to the current gap that exist.

AVP will at the same time keep its transatlantic DNA and the Late Growth strategy will also invest in global leaders in North America. As such, AVP aims at becoming one of the few global platforms specialized in investing in technology, from Early Stage to Late Growth. AVP’s experience in Venture and Growth investing is a strong competitive advantage to access these Late Growth companies, understand the objectives of the entrepreneurs and be able to support them in the new phase of their journey.

“We are very happy and proud with the launch of the new AVP strategy. I am also extremely happy to see the commitment of AXA, as an anchor investor, with an intended significant investment of €750m. We clearly see the long-term value- creation potential of technology in general. We believe that with AXA IM, and in particular with AXA IM Alts, to which AVP is part of, AXA benefits from a unique platform and unique expertise to invest in yield producing asset classes.” said Marco Morelli, Member of AXA Management Committee, AXA IM CEO and Chairman of AVP.

“We are extremely happy to support the launch of the new AVP Late Growth strategy as a cornerstone investor like we did for previous strategies with a very material investment. This shows our commitment to continue to invest in tech companies, but also our appreciation of AVP’s excellent job and track-record in the past 7 years from Venture to Late Stage. The strength of AXA’s balance sheet allows us to make such commitment and to benefit from technology tailwinds, which are clearly long-term trends. We also believe that the recent correction in valuation in the tech sector will provide opportunities in the years to come” added Jean-Baptiste Tricot, AXA Group CIO.

“I believe that we have, in less than 7 years, created a strong transatlantic investment platform, focused on North America and Europe, dedicated to entrepreneurs in the tech space, with a very solid LP base. Launching this Late Growth strategy is a great achievement and a key milestone for the AVP team. The continued support and trust of such a sophisticated investor as AXA comes as a validation of the expertise and track record of the AVP team. The all AVP team is very grateful for this and very proud to have deserved the trust of such a top institutional investor” commented François Robinet, Managing Partner of AVP.

“Our DNA comes from Venture investing: we understand entrepreneurs, their challenges and the partners they want to work with. This DNA will make a significant difference in Late Growth investing. We now have the capacity to support outstanding entrepreneurs along their journey, from early stages to IPO and even post IPO which is a key differentiation in the market. Like what we have successfully done with our Venture (AVP Venture I and II) and Growth funds (AVP Capital I and II), we will continue to strive to be “best-in-class” and to aim investing in the best possible tech companies in Europe and in the US. In Europe in particular, we believe that we will have a powerful value proposition. We will provide an investment alternative to European entrepreneurs who wish to have a long-term European investor in their capital and keep their European roots.”. adds François Robinet.

To support its strategy and accelerate on its ambition, the future fund will be managed by Partners from the existing team and new Partners in the US and in Europe. The overall team will be significantly strengthened.

About AVP

AVP (AXA Venture Partners) is a global venture capital firm investing in high-growth, technology-enabled companies, with €1.3bn of assets under management through three pillars of investment expertise: early stage, growth stage, and fund of funds. Since its launch in 2016, AVP deployed capital across 60 technology companies in Venture and Growth stages in the US and in Europe. The launch of this new product confirms AVP’s ambition and commitment to support the best tech companies throughout their journey.

With offices in New York, London and Paris, AVP helps companies scale internationally and offers portfolio companies unique business development opportunities to further accelerate their growth. AVP is part of AXA IM- Alts, the alternative investment business unit of AXA IM.

Contact

AVP – Sébastien Loubry : sebastien@axavp.com / + 33 6 15 31 61 68
Primatice Conseil – Thomas de Climens : thomasdeclimens@primatice.com / + 33 6 78 12 97 95

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EQT Life Sciences closes Dementia Fund at the hard cap

eqt
  • The LSP Dementia Fund has held its final close at approximately EUR 260 million, at the hard cap and above its original target fund size of EUR 100 million
  • Investors include the Alzheimer’s Association, the European Investment Fund, several global pharmaceutical companies, and insurance companies, amongst other
  • The Fund aims to bring new treatments to patients suffering from Dementia, which is one of the greatest healthcare challenges of our time
  • Led by Professor Philip Scheltens, one of the world’s leading experts on dementia, the LSP Dementia Fund further strengthens EQT’s position as one of the leading and most active private markets investors in the healthcare sector

EQT Life Sciences has held the final close of its inaugural LSP Dementia Fund (“the Fund”), raising approximately EUR 260 million in fee-generating assets under management, meeting the hard cap and surpassing the target fund size of EUR 100 million. The fund is dedicated to investing in companies that are developing breakthrough drug therapies and medical technologies across the spectrum of neurodegenerative diseases.

Dementia is the greatest health challenge of our time: there are 54 million patients with the disease worldwide, and without significant time and investment in battling the disease, this number is predicted to triple by 20501. Despite the graveness of the situation, investment in dementia research and development is substantially lower compared to other major healthcare challenges such as cancer, HIV/AIDS, and cardiovascular disease. The LSP Dementia Fund has been created to help bridge this gap by advancing breakthrough dementia innovation to bring new drugs to patients, while simultaneously seeking to generate strong financial returns for its investors.

The LSP Dementia Fund investment team is led by Philip Scheltens, MD, PhD, professor emeritus at Amsterdam University Medical Center and one of the world’s most renowned dementia researchers, having (co)authored over 1100 scientific publications. The other partners in the investment team are Felice Verduyn-van Weegen, MBA, Cillian King, PhD, and Arno de Wilde, MD, PhD, MBA. The team is supported by the expertise and network of EQT Life Sciences, which has over 30 years of investing experience and closed its flagship LSP 7 fund at over EUR 1 billion in fee-generating assets under management in 2022. It will also become an integral part of EQT’s Healthcare sector platform, further strengthening EQT’s global expertise in the sector and ability to support companies from venture-stage to mature, market leaders.

The Fund is supported by a broad range of investors including the Alzheimer’s Association, the world’s largest charity and advocacy organization in the field, insurance companies, the European Investment Fund, and several global pharmaceutical companies – including from Asia and the US – which underlines the industry’s interest in European life sciences venture opportunities. Other investors include endowments, foundations, and other private wealth investors.

The Fund intends to invest in 10 to 15 companies in total. Having made its first investment in NewAmsterdam Pharma (Nasdaq: NAMS), which focuses on cardiovascular and Alzheimer’s disease, in January 2021, the fund has since invested in four companies: Muna Therapeutics (Alzheimer’s disease and Parkinson’s disease), AviadoBio (Frontotemporal Dementia (FTD) and Amyotrophic lateral sclerosis (ALS)), Nobi (smart care solutions in nursing homes) and QurAlis (FTD and ALS).

Prof. Philip Scheltens, Partner and Head of the LSP Dementia Fund commented: “The final close marks the end of a very successful fundraising journey in which we have experienced strong interest and commitment. This gives us the confidence to invest in groundbreaking science and entrepreneurship, which this field so urgently needs. I am very proud to be leading such an experienced team of neuroscientists and investors and being part of an organization with such a high standing in the field of life sciences.”

Dr. René Kuijten MD, PhD, MBA, Partner and Head of EQT Life Sciences, said: “EQT Life Sciences aims to improve patient’s lives by supporting the development of breakthrough therapies. We strongly believe that neurodegenerative diseases are the next big challenge after oncology and cardiovascular diseases. With this fund, EQT Life Sciences is now in a strong position to support companies at the cutting-edge of battling this disease.”

Michael Bauer, Partner and Co-Head of EQT’s Global Healthcare sector team, concluded: “EQT is already one of the world’s most active and leading healthcare investors and the close of this fund further strengthens this position. From the earliest stages all the way through to global market leaders, EQT has the experience, expertise, and firepower to support companies in every phase of their development.”

Notes to Editors

The LSP Dementia Fund is a Dutch fund managed by a Dutch AIFM.

[1]Source: Prince, M. Prina, M & Guerchet, M. The Global Impact of Dementia: 2013 – 2050. Alzheimer’s disease international.

Contact
Prof Dr. Philip Scheltens, Partner and Head of the LSP Dementia Fund, philip.scheltens@eqtpartners.com

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 113 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About EQT Life Sciences
EQT Life Sciences was formed in 2022 following the integration of LSP, a leading European life sciences venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients. The team combines deep sector knowledge, analytical skills, and investment experience to provide the added value that inventors seek.

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