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.

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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.

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

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

Source: KKR

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.”

• 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
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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.