Investcorp, a leading global alternative investment firm, today announced the final closing of Investcorp North American Private Equity Fund I, L.P. (“Fund I” or “the Fund”), which focuses on control buy-out investments in middle market services businesses in North America. Fund I closed at over $1.2 billion in capital commitments from blue-chip institutional investors, including pension plans, family offices, private wealth funds and an insurance company across North America, Europe and the Gulf region.

Fund I currently has a strong portfolio of seven investments in companies across the strategy’s core business services verticals, which align with the team’s deep domain knowledge and expertise. The investment strategy is focused on family- and founder-owned business across six subsectors including: tech-enabled, knowledge & professional, data & information, supply chain, industry and specialty consumer services. Investcorp targets companies that demonstrate resilience while also being well-positioned for market growth through multiple value creation levers.

“We have a long and established history of investing in North America mid-market services companies, and we look forward to continuing to broaden and deepen our institutional investor base as this strategy continues to scale,” said Mohammed Alardhi, Executive Chairman, Investcorp. “We are grateful for the trust that our institutional investors have placed in us during this time of greater uncertainty and a more challenging capital raising environment.”

“We are extremely thankful for the support we received from institutional investors in Fund I and remain highly focused on executing our strategy to identify and capitalize on consistent, high quality investment opportunities in this and future funds. We are excited about the potential growth and value creation opportunities presented by Fund I’s existing portfolio companies and our robust pipeline of potential new investments,” added Dave Tayeh, Head of Private Equity, North America.

“We are delighted for our North American PE team reaching this important milestone and look forward to continuing our long history of forging strong partnerships with our investors and delivering quality investment opportunities as our capital base continues to grow and diversify,” said Laura Coquis, Global Head of Institutional Capital Raising.

Investcorp’s North America Private Equity group has been investing in North American mid-market businesses for over 40 years and has completed approximately 70 transactions, deploying more than $22 billion in transaction value since inception.

October 23, 2022

Paris, 6 January 2022 – Altamir and the funds managed by Amboise Partners have sold their investment in Alain Afflelou as of 31 December 2021 to holding companies held by Mr Alain Afflelou for a total amount de €63m. Excluding the repurchase of a secondary position in the Apax France VII private equity fund (renamed Aho20), Altamir realised a multiple of 1.8 times its initial investment in 2012.
Alain Afflelou was the last remaining portfolio investment of Altamir’s legacy investment strategy, which consisted in investing alongside the funds managed by Apax Partners SA.

Since 2011, Altamir investment strategy has been to invest primarily in funds managed by Apax Partners SAS and Apax Partners LLP and to co-invest alongside these same funds.
As announced at the time of the takeover by Amboise in 2018, Altamir can take advantage of other investment opportunities to increase its exposure to fast-growing markets (North America and Asia) or to invest with a time horizon that is longer than that of traditional private equity funds when a company’s growth and value-creation potential is still significant. Accordingly, Altamir has allocated €90m to the Altaroc Global 2021-23 vintages (ca. €30m p.a.) and invested €100m in THOM Group’s top-level holding company, thereby becoming its lead shareholder.

About Altamir
Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995, with a NAV of more than €1.2bn. Its objective is to provide shareholders with long-term capital appreciation and regular dividends by investing in a diversified portfolio of essentially unlisted companies.
Altamir’s investment policy is to invest principally via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.
In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation (Tech & Telco, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and large companies in Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as a SCR (“Société de Capital Risque”). As such, Altamir is exempt from corporate tax and the company’s investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.
For more information: www.altamir.fr
Contact
Claire Peyssard-Moses
Tel.: +33 1 53 65 01 74 / +33 6 34 32 38 97
E-mail: investors@altamir.fr

New York, January 3, 2022 – Blackstone (NYSE: BX) priced its offering of $500 million of 2.550% senior notes due 2032 and $1.0 billion of 3.200% senior notes due 2052 of Blackstone Holdings Finance Co. L.L.C., its indirect subsidiary. The notes will be fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P.  Blackstone intends to use the proceeds from the notes offering for general corporate purposes.

The notes were offered and sold to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S under the Securities Act of 1933.

The notes have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.  This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.

Investor and Media Relations Contacts

For Investors                          For Media
Weston Tucker                      Matthew Anderson
Blackstone                              Blackstone
Tel: +1 (212) 583-5231          Tel: +1 (212) 390-2472
tucker@blackstone.com    Matthew.Anderson@blackstone.com

Henry McVey: A Different Kind of Recovery

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today released its 2022 Global Macro Outlook piece by Henry McVey, Head of Global Macro and Asset Allocation (GMAA) and CIO of KKR’s Balance Sheet.

In “A Different Kind of Recovery,” McVey outlines his team’s perspective on entering a period of reflation that will look dramatically different from other recent economic recoveries and why this environment will favor investors who take a thematic top-down approach and are willing to lean into uncertainty.

In McVey’s view, the following five factors make this recovery unlike the prior cycle that unfolded after the 2008 downturn:

1. This recovery is being driven by the West, not the East.
2. It is heavily front-loaded, with the one-two punch of both monetary and fiscal stimulus.
3. Input costs, the team believes, will stay higher for longer, driven by rising wages and reconfiguration of global supply chains.
4. Periodic growth slowdowns will likely be more driven by supply constraints rather than demand issues, with COVID flare-ups and the global energy transition amplifying tightness in supply.
5. Outside of China, real rates generally will lag this cycle.

Against this economic backdrop, McVey and his team highlight the following top-down themes for investors to consider as they look ahead to 2022:

• Pricing Power: Higher input costs and supply chain pressures have created an environment that strongly favors companies with pricing power, which leads us to expect a major valuation differential to emerge between price makers and price takers.

• Collateral-Based Cash Flows: Given the unusual backdrop of rising cyclical inflation, more stimulus, and higher commodity prices, we believe that demand for collateral-based cash flows, including Infrastructure, Real Estate, and Asset-Based Finance, will accelerate more than many investors now think.

• Digitalization and Decentralization: We are in an “innovation boom” and the pace of disruption only continues to accelerate. In particular, we believe that blockchain-driven decentralization is a cross-industry development that investors should watch closely.

• Normalization and Return to Services: We believe that investors should consider increasing exposure to the service sector, which is likely to grow with consumers ramping up their exposure to “experiences” over the next 24-36 months. We are not bearish on goods, but some mean reversion in the services sector is likely to occur, we believe.

• The Energy Transition: Environmental considerations are a major investment opportunity, particularly amidst growing concerns about supply chain resiliency. This mega theme is broad-based, and as such, we think that almost all aspects of Environmental, Social and Governance (ESG) factors are worth considering, including climate action.

• Savings Bull Market: There are several important forces to consider that we think make savings an extremely compelling investment theme to pursue, including retirement products and financial planning linked to intergenerational wealth transfer.

In addition to the aforementioned insights and themes, the report details the GMAA team’s updated views on growth, interest rates, commodities, currencies, and asset allocation. It also provides a view on potential macro and geopolitical risks, as well as possible hedging strategies to mitigate downside risk.

Links to access this report in full as well as an archive of Henry McVey’s previous publications follow:

• To read the latest Insights, click here.
• To download a PDF version, click here.
• For an archive of previous publications please visit www.KKRInsights.com.

About Henry McVey

Henry H. McVey joined KKR in 2011 and is Head of the Global Macro, Balance Sheet and Risk team. Mr. McVey also serves as Chief Investment Officer for the Firm’s Balance Sheet, oversees Firmwide Market Risk at KKR, and co-heads KKR’s Strategic Partnership Initiative. As part of these roles, he sits on the Firm’s Investment Management & Distribution Committee and the Risk & Operations Committee. Prior to joining KKR, Mr. McVey was a Managing Director, Lead Portfolio Manager and Head of Global Macro and Asset Allocation at Morgan Stanley Investment Management (MSIM). Learn more about Mr. McVeyhere.

About KKR

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

The views expressed in the report and summarized herein are the personal views of Henry McVey of KKR and do not necessarily reflect the views of KKR or the strategies and products that KKR offers or invests. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. This release is prepared solely for information purposes and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy. This release contains projections or other forward-looking statements, which are based on beliefs, assumptions and expectations that may change as a result of many possible events or factors. If a change occurs, actual results may vary materially from those expressed in the forward-looking statements. All forward-looking statements speak only as of the date such statements are made, and neither KKR nor Mr. McVey assumes any duty to update such statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211216005361/en/

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

Source: KKR