EQT Credit and Ardian Private Debt provide financing for Hg’s investment in MediFox

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EQT Credit, through its Mid-Market investment strategy, today announces that it has provided a senior secured financing solution together with Ardian to support Hg’s (“Hg”) investment in MediFox.

Founded in 1994, MediFox is a leading provider of software solutions to over 6,000 ambulatory care services, elderly care homes and therapists in Germany. Its software solutions support care providers with key services including resource and route planning, care and support documentation, management information systems, as well as billing, factoring and administration services. It is headquartered in Hildesheim, Germany and employs 265 people.

Paul Johnson, Partner at EQT Partners’ Credit team, Investment Advisor to EQT Credit, commented: “MediFox is well established as a leading software provider for elderly care in Germany. The company enjoys an attractive market leadership in the outpatient segment, long-term track record and product quality. We would like to thank EQT’s independent Industrial Advisors, who as senior executives in the German care home segment, provided key support to the EQT Credit deal team throughout the due diligence process. EQT Credit looks forward to supporting MediFox and its management team under Hg’s ownership.”

Contacts

Paul Johnson, Partner at EQT Partners, Investment Advisor to EQT Mid-Market Credit, +44 207 430 5554
Nakul Sarin, Director at EQT Partners, Investment Advisor to EQT Mid-Market Credit, +44 208 432 5420
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT Credit
EQT Credit invests through three complementary strategies: senior debt, Mid-Market Credit (direct lending) and credit opportunities. Since inception, EQT Credit has invested in excess of EUR 5 billion in over 160 companies. EQT Credit’s direct lending strategy seeks to provide flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. These businesses may be privately-owned corporates seeking alternative funding to grow or be the subject of private equity-led acquisitions or refinancings.

More info: www.eqtpartners.com/Investment-Strategies/Credit
About EQT

EQT is a leading alternative investments firm with approximately EUR 50 billion in raised capital across 27 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

 

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HQ Capital successfully closes secondary funds ASF IV and AASF

HQ Capital

New York, Frankfurt and Hong Kong. 02 May 2018 – HQ Capital (“HQC”), a leading independent manager of alternative investments, announced the final closing of its global secondary fund, Auda Secondary Fund IV (“ASF IV”), and its Asia-focused secondary fund, Auda Asia Secondary Fund (“AASF”), with combined third-party capital commitments of US$674 million.

 

Both funds were oversubscribed, receiving significant interest from existing and select new investors from around the globe. ASF IV closed on US$503 million of capital, exceeding its original target of US$450 million, and AASF closed at its hard cap of US$250 million, surpassing its US$200 million target (inclusive of US$79 million in capital allocated by ASF IV and by Auda Asia IV, HQC’s Asia-focused platform fund).

 

Like its predecessor funds, ASF IV will seek to construct a globally diversified portfolio of private equity assets through a combination of traditional and non-traditional secondary market transactions. Traditional deals will typically involve the purchase of limited partner interests in buyout, growth equity, venture capital and other private funds. Non-traditional deals will generally include sponsorship of private equity fund recapitalizations; purchases of portfolios of direct company interests; and purchases of securities in a single company. AASF will employ the same market approach, investment strategy, structured investment process, and key portfolio construction guidelines as ASF IV, but will focus exclusively on Asia-based secondary transactions. Both funds will target small and mid-sized transactions, typically ranging from US$10-20 million in value.

 

Chris Lawrence, Managing Director at HQC, said: “The strong demand we have seen from investors demonstrates a continued high level of interest in secondaries. We believe our focus on the generally less crowded small and mid-sized transaction segment, will provide opportunities for negotiated purchases, better pricing and enhanced risk-adjusted returns for ASF IV. As the secondary market continues to grow and evolve, we look forward to applying our 29 years of experience and local market expertise in the U.S., Europe and Asia toward identifying and executing on attractive and innovative investment solutions.”

 

Georg Wunderlin, CEO of HQC, added: “The successful closing of ASF IV and AASF marks another milestone in our specialized strategy, manifesting our position as a leading, independent manager of alternative investments. We are proud to have earned investors’ trust and are fully committed to using our experience and global presence to find attractive niche investment opportunities.”

 

ASF IV and AASF are the fourth and fifth funds raised by HQC dedicated to making private equity secondary investments. HQC will draw on its global resources in managing ASF IV and AASF, with sourcing and execution of transactions led by investment professionals operating out of offices in New York, Frankfurt and Hong Kong. To date, the funds have already closed on a combined 25 transactions representing approximately US$230 million in committed capital.

 

HQ Capital’s limited partners include insurance companies, pension funds, financial institutions and family offices as well as high net worth individuals, endowments and foundations.

 

Fundraising for ASF IV and AASF is now closed. Accordingly, the foregoing text should in no way be interpreted as any form of offer or solicitation to subscribe to or make any commitments for or in respect of any securities or other interests or to engage in any other transaction.

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Public value new focus area for EQT

eqt

Seeking new business opportunities is a natural part of EQT’s DNA. New initiatives typically tap into an asset class, sector or region where the EQT platform can make a difference. EQT has not yet explored the opportunities within the public setting – until now.

The core of EQT’s business model is to build strong and sustainable companies that are future-proofed for the long-run. Portfolio companies have an average increase in sales by 10%, EBITDA by 11% and number of employees by 10% – each year. EQT is also an active stakeholder within the equity capital markets, more specifically in Northern Europe, and has made 16 IPOs since inception.

As a first step to dig deeper into the opportunities that lie within publicly listed mid-market companies, Investment Advisor EQT Partners is teaming up with Zeres Capital, creating a Public Value team with both strong buyout and public market advisory experience. Fredrik Åtting, Partner at EQT Partners, will head the initiative together with Joakim Rubin, founder of Zeres Capital, who subsequently will become Partner and Investment Advisor at EQT Partners. Fredrik Åtting comments:

“Over the years, we have come across many listed mid-cap companies where we believe an active ownership approach could have unlocked their full potential. We believe this represents an opportunity for an active ownership and value creation model. Having access to the EQT network, the firm’s widespread sector expertise in addition to all the other benefits the global EQT platform offers would enable further value creation opportunities.”

Zeres Capital is an independent Stockholm-based investment firm, founded in 2013, with a history of creating value by supporting the building of robust, healthy businesses within the public market. Joakim Rubin highlights some of the aspects behind why he, together with a team of six public markets specialists, have decided to join EQT Partners:

“EQT Partners and Zeres Capital share the same philosophy when it comes to active and responsible ownership, and the importance of engaged management teams, boards and shareholders that are aligned on strategy – we believe our skills will be a great combination.”

Fredrik Åtting concludes: “The combination of a private equity mindset and a significant public market experience, will enable EQT to explore and leverage the EQT way of developing companies in a new and attractive marketplace.”

 

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Ardian raises €230 million for second growth fund

Ardian

The new fund is three times the size of the previous generation, attracting in record time a wide range of institutional investors and entrepreneurs

Paris, 12 April 2018: Ardian, a world-leading private investment house, today announces that it has raised €230 million for its latest Growth Equity fund, Ardian Growth Fund II. The size of this new fund, raised in four months, is three times bigger than Fund I (€70M raised in 2014) and confirms Ardian Growth’s leading position in the European growth equity market.

The fundraise has generated strong interest from both institutional investors such as the European Investment Fund (FEI) and Bpifrance – which invests on its own account and within the framework of the Investments for the Future Programme via the MultiCap Croissance fund – and as well as from more than 50 leading European entrepreneurs in the digital sector. The strong demand highlights the quality of the team and its track record, combining knowledge of entrepreneurship with deep sector expertise.

As a long-standing player in the market with around €500 million of assets under management, Ardian Growth is a preferred partner for entrepreneurs looking to grow their business. Since 1998, Ardian Growth has supported more than 100 companies in the digital sector (software, internet, etc.), most recently including Bricoprivé and Ivalua in France, Lastminute.com in Italy and T2O in Spain.

Benefitting from Ardian’s international presence and its track record in Europe and the U.S., the team takes both minority and majority positions, investing up to €25 million in fast growing and profitable companies that want to accelerate their international development and external growth. Active in France, Italy, Spain and Benelux, the team pursues a pan-European investment strategy.

Laurent Foata, Head of Ardian Growth, said: “This fundraise was completed at a record speed and was heavily over-subscribed, demonstrating the trust given to our team and strategy by both existing and new investors. By welcoming a new group of leading entrepreneurs as investors, we significantly add to our ability of offering a truly differentiated approach to portfolio companies. With the substantial size of the fund, the fundraise strengthens Ardian Growth’s positioning as a leading growth catalyst for ambitious entrepreneurs across Europe.”

During the last twelve months, Ardian Growth has been particularly active with more than 9 exits, 5 investments and 9 build-ups.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$67bn managed or advised in Europe, North America and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 490 employees working from 13 offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of about 700 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Follow Ardian on Twitter @Ardian

PRESS CONTACTS

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3i announces final close of the 3i European Operational Projects Fund on €456 million

3I

3i Group plc (“3i”) today announces the final close of the 3i European Operational Projects Fund (“3i EOPF”), with €456 million of commitments received from European and Asian investors, including a commitment of €40 million from 3i Group.

3i EOPF, which is managed by 3i’s infrastructure team, invests in operational projects across Europe, with a focus on France, the Benelux, Germany, Italy and Iberia. It targets a wide range of sub-sectors, primarily social infrastructure and transportation, but also telecoms and utilities, excluding renewable energy projects. It aims to provide long-term yield to institutional investors. The Fund has already invested and committed to invest approximately €85 million in assets across Europe.

Phil White, Managing Partner and Head of Infrastructure, 3i Investments plc, commented:

“We are delighted to announce the final close of the 3i European Operational Projects Fund at €456 million, exceeding our €400 million target. This new fund is complementary to our Infrastructure business. We received strong interest from financial institutions attracted by our pan-European platform, our track record of successful management of operational projects, and our pipeline of investment opportunities in this sector of the market.”

-Ends-

 

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FS Investments and KKR Close Transaction, Creating Largest BDC Platform

KKR

Investors Overwhelmingly Approve New Partnership

PHILADELPHIA and NEW YORK, April 9, 2018 /PRNewswire/ — FS Investments and KKR today announced the closing of their previously announced transaction to create the market’s largest business development company (BDC) platform, with $18 billion in combined assets under management.

Effective today, a new partnership, FS/KKR Advisor, LLC, will serve as the investment adviser to six BDCs:  FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II), FS Investment Corporation III (FSIC III), FS Investment Corporation IV (FSIC IV), Corporate Capital Trust, Inc. (NYSE: CCT) and Corporate Capital Trust II (CCT II).  All of the BDCs are able to participate in the same transactions alongside each other and KKR Credit’s institutional funds and accounts.

“We have been working closely with the KKR team over the past several months to prepare for this transition and are now looking forward to realizing the full benefits of our combined platform for investors,” said Michael Forman, Chairman and Chief Executive Officer of FS Investments. “Our focus will continue to be on optimizing the platform and enhancing performance as we also evaluate potential mergers of these BDCs to create value.”

Todd Builione, President of KKR Credit and Markets, said, “We have enjoyed working with our partners at FS over the past many months.  We firmly believe that through our collective scale and complementary expertise, our combined BDC franchise is positioned to drive superior results for our investors – and holistic financing solutions to our sponsor and corporate clients.”

FS Investments and GSO Capital Partners (GSO) have concluded their relationship with respect to all of FS Investments’ sponsored funds that were sub-advised by GSO.

About FS/KKR Advisor LLC 
FS/KKR Advisor, LLC is a partnership between FS Investments and KKR Credit that serves as the investment adviser to six business development companies (BDCs) with approximately $18 billion in assets under management as of December 31, 2017. The BDCs managed by FS/KKR include FS Investment Corporation, FS Investment Corporation II, FS Investment Corporation III, FS Investment Corporation IV, Corporate Capital Trust, Inc. and Corporate Capital Trust II.

About FS Investments
FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth and focuses on setting industry standards for investor protection, education and transparency.

FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit fsinvestments.com to learn more.

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Contact Information:

Media (FS Investments)
Marc Yaklofsky or Kate Beers
media@fsinvestments.com
215-495-1174

Media (KKR)
Kristi Huller or Cara Kleiman Major
media@kkr.com
212-750-8300

Forward-Looking Statements
This press release may contain certain forward-looking statements, including statements with regard to the future performance or operations of FSIC, FSIC II, FSIC III, FSIC IV, CCT and CCT II (collectively, the “Funds”). Words such as “believes,” “expects,” “projects” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings the Funds make with the U.S. Securities and Exchange Commission. The Funds undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/fs-investments-and-kkr-close-transaction-creating-largest-bdc-platform-300626249.html

SOURCE FS Investments

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GSO Capital Partners’ Third Capital Solutions Fund Closes on $7 Billion in LP Commitments

Blackstone

New York, April 5, 2018 – GSO Capital Partners, Blackstone’s (NYSE: BX) credit platform, today announced the final closing of its third stressed / distressed fund, GSO Capital Solutions Fund III (“the Fund”), at its hard cap of $7.0 billion, an increase of approximately 40% from GSO’s second capital solutions fund raised in 2013. GSO received strong support from both existing and new investors, with demand surpassing the Fund’s $7.0 billion hard cap. GSO sourced commitments from a global investor base, including U.S. state, corporate and international pension funds, financial institutions, endowments, foundations and family offices.

This is GSO’s third fund designed to provide capital solutions to companies facing liquidity issues, including pending debt maturities, liquidity shortfalls and temporary cyclical challenges, needing capital to avoid imminent bankruptcy, or needing assistance in their exit from bankruptcy. GSO has deployed over $8.7 billion in the strategy to date across a broad range of sectors and geographies, with a focus on the U.S. and Europe.

Bennett Goodman, Senior Managing Director and Co-Founder of GSO Capital Partners, said, “We are delighted by and appreciative of the significant demand for our third fund from limited partners. This Fund provides us with the capital necessary to continue our strategy of being a partner of choice to those companies seeking capital to solve their balance sheet and liquidity needs, enabling them to focus on their business and growth objectives.”

About GSO Capital Partners
GSO Capital Partners LP is the global credit investment platform of Blackstone. GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies. Overall, Blackstone’s credit platform, which also includes Blackstone Insurance Solutions and Harvest Fund Advisors LLC’s energy MLP business, has assets under management of approximately $138 billion.

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 $430 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.

Contacts
Blackstone
Public Affairs
New York
212-583-5263

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Mark Voccola joins Ardian as Co-Head of US Infrastructure

Ardian

New York, March 27, 2018: Ardian, a world-leading private investment house, today announces that Mark Voccola will join Ardian New York office in August 2018 as Managing Director of Ardian Infrastructure.

As an industry veteran, Mark has extensive energy sector experience. He will co-lead Ardian’s US infrastructure activities alongside Stefano Mion, Managing Director and Co-Head of Ardian US Infrastructure, and he will be part of Ardian Infrastructure global team now composed of 30 investment professionals.

Mark Voccola will play a leading role shaping Ardian Infrastructure’s vision and strategy in the American continent. When he begins his role in August, he will be responsible for evaluating potential investment opportunities and working alongside Ardian’s industrial long-term partners to identify high-quality American essential infrastructure assets.

Previously, Mark was a Partner in Ares EIF within the Ares Private Equity Group where he was responsible for appraising investment opportunities and monitoring portfolio companies. Prior to joining Ares in 2015, he was a Partner at Energy Investors Funds (EIF).

“Mark’s exceptional credentials and deep energy expertise position him well to lead Ardian Infrastructure’s expansion into the American mid-market alongside Stefano Mion, co-head of Ardian US Infrastructure”, said Mathias Burghardt, Member of the Executive Committee of Ardian and Global Head of Ardian Infrastructure. “His appointment underscores our commitment to the American region, and he will play a critical role in growing our US infrastructure team in the New York office. We welcome him to the team.”

Ardian, already one of the leading European infrastructure manager, has made significant inroads in North America. Mark’s appointment follows Ardian recent announcement that it partnered with Transatlantic Holdings (TPH) to create a renewables platform, Skyline Renewables and acquire Whirlwind, a 60MW windfarm in Texas. Ardian also previously announced its acquisition of LBC Tank Terminals, a global operator of bulk liquid storage facilities with a significant US presence.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$67bn managed or advised in Europe, North America and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 490 employees working from thirteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of around 700 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

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Ratos forms new management group

Ratos

To adapt the company to the next phase, Ratos has made changes to its management group and investment organisation. The changes mean that a total of five people leave their employment at Ratos.

Ratos’s management group will consist of:

Jonas Wiström, CEO                            
Helene Gustafsson, Head of IR and Press
Robin Molvin, Vice President
Anders Slettengren, Vice President
Magnus Stephensen, General Counsel
Carina Strid, Finance Manager

In conjunction with the change in management, Mikael Norlander, Senior Investment Director, and Lars Johansson, Senior Investment Director, both of whom were formerly members of Ratos’s management group, will be leaving their positions at Ratos.

“I look forward to continuing to focus on Ratos’s development, and would like to extend my sincere thanks to Mikael Norlander and Lars Johansson, who have both made a major contribution during their time at Ratos. During his many years at the company, Mikael carried out important work in several of our portfolio companies, including the successful development and listing of Arcus, the sale of Haglöfs and the recent transformation of Bisnode. As Acting CEO of Ratos, Lars initiated the restructuring that is now being carried out and has played a pivotal role in the changes to our company portfolio in recent years,” says Ratos’s CEO Jonas Wiström.

Following these organisational changes, Ratos’s investment organisation will consist of nine individuals.

For further information, please contact:
Jonas Wiström, CEO, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

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PAG to Receive Strategic Minority Investment from Blackstone Fund

Blackstone

New York, March 26, 2018 – Blackstone (NYSE: BX) announced today that its Strategic Capital Holdings Fund has acquired a passive minority stake in PAG, a leading Asia-focused alternative investment firm.

Blackstone’s Strategic Capital Holdings Fund is part of Blackstone Alternative Asset Management (BAAM) and specializes in minority partnerships with leading alternative asset managers.

PAG, based in Hong Kong, is one of the largest independent alternative asset firms in Asia, with more than US$20 billion in capital under management in private equity, absolute return and real estate strategies.

Terms of the deal were not disclosed.

“We welcome this investment in our business by Blackstone’s Strategic Capital Holdings Fund, and we appreciate its endorsement of PAG as a best-in-class asset manager,” said PAG Chairman and CEO Weijian Shan. “Our focus on and commitment to creating value for the investors in PAG’s various funds will continue unchanged.”

“As a diversified asset manager operating in an attractive region, we believe PAG is well positioned for growth,” said Scott Soussa, Head of BAAM’s Strategic Capital Group. “The firm’s experienced team of investment professionals, extensive industry relationships, differentiated sourcing networks and disciplined investment approach makes it a compelling investment opportunity for Blackstone.”

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 US$430 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.

ABOUT PAG
PAG is a leading Asia-focused alternative investment firm with funds under management across private equity, real estate and absolute return strategies. PAG delivers value to its investors and portfolio companies by providing a world-class platform and an unparalleled network of local, experienced investment professionals in 10 offices across Asia and around the world. Founded in 2002, PAG currently manages more than US$20 billion in capital for some of the world’s largest institutional investors. For more information, visit www.pagasia.com.

CONTACTS:
Blackstone
Paula Chirhart
+1(212) 583-5011
paula.chirhart@blackstone.com

PAG
Tim Morrison
+852 3719 3375
tmorrison@pag.com

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