Tag Archives: Investments

Blackstone Announces Agreement to Acquire DCI, a Pioneer in Technology-driven, Quantitative Credit Investing

Blackstone

NEW YORK, November 30, 2020 – Blackstone (NYSE:BX) today announced that it has agreed to acquire DCI, a pioneer in quantitative credit investing with approximately $7.5 billion in AUM across the global investment grade, high yield and emerging corporate credit markets. The firm, based in San Francisco, applies a proprietary, fundamental-based, technology-driven model to deliver differentiated returns to clients. DCI is led by a team of seasoned professionals who are recognized experts in quantitative and systematic fixed income research.

DCI will become part of Blackstone Credit, a global leader in private lending, syndicated leveraged loans and collateralized loan obligations. The transaction will broaden Blackstone Credit’s capabilities in high yield and investment grade, enable the integration of DCI’s models and technology across the combined Blackstone Credit and DCI platforms and increase access to investors via a UCITs platform. DCI’s investment process will benefit from Blackstone’s resources, scale and deep relationships across global financial markets.

Dwight Scott, Global Head of Blackstone Credit, said: “DCI has a more than 15-year track record of developing and applying technology-driven strategies and is at the forefront of the evolution towards quantitative investing in the corporate bond market. DCI will strengthen and differentiate the solutions we provide to our retail, institutional and insurance clients.”

Tim Kasta, CEO of DCI, said: “Joining Blackstone Credit will provide DCI’s team and investors with access to unparalleled institutional resources and asset management expertise and accelerate the development of innovative solutions in corporate credit.”

Blackstone Credit is one of the world’s largest credit-focused asset managers, with $135 billion in AUM and a team of over 350 professionals (as of September 30, 2020). Its strategies cover the corporate credit market, with leading positions in both liquid and private markets.

About DCI
DCI is an independent asset management firm specializing in investment grade, high yield, and emerging market corporate credit strategies. The firm manages long-only and long/short strategies for some of the world’s largest institutional and private wealth investors. DCI deploys a fundamental based, systematic approach seeking to exploit potential inefficiencies in the corporate credit markets. DCI was awarded the Hedge Fund Journal’s “Corporate Credit – Market Neutral, Best Performing Fund in 2019 and over 2, 3, 4, 5, and 7 Year Periods” for the DCI Market Neutral Credit Fund (UCITS). This is the 4th consecutive year DCI has been presented with this award. DCI was co-founded in 2004 by Stephen Kealhofer, Mac McQuown and David Solo.

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 $584 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Contact
Kate Holderness
Kate.holderness@blackstone.com
917-318-6818

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CVC Credit Partners prices its fifth CLO since June

Cordatus XIX increases CVC Credit Partners’ total new CLO issuance in 2020 to more than $2 billion

CVC Credit Partners (“CVC Credit”) is pleased to announce the pricing of Cordatus XIX, a Collateralized Loan Obligation (“CLO”) fund totalling €379 million arranged by Barclays.

This will be the fifth CLO fund raised by CVC Credit in 2020 and increases our aggregate global issuance for the year to c.$2.0 billion (c.€1.7 billion). It is also the third European CLO fund raised, following the closing of Cordatus XVII in June (€290 million) and Cordatus XVIII in November (€383 million), together these three funds total more than €1 billion.

Cordatus XIX was assembled in just six weeks from a warehouse which opened in October and will have a four-year reinvestment period (which is a market first in Europe post-COVID). As with previous Cordatus CLOs, the fund is primarily comprised of broadly syndicated First Lien Senior Secured Loans.

Guillaume Tarneaud, Senior Managing Director and Portfolio Manager at CVC Credit Partners, said: “We are delighted to have priced our third European CLO of the year and pleased to have constructed a robust portfolio by taking advantage of attractive loan prices pre US elections. This latest raising increases our aggregate CLO AUM in Europe to circa $7.5 billion.”

Gretchen Bergstresser, Global Head of Performing Credit at CVC Credit Partners, said: “Despite the challenging economic environment we have continued to grow our CLO business in 2020 and now have global CLO assets of more than $17 billion. We have a top class, transatlantic performing credit business, split evenly between London and New York and we hope our next U.S. focused CLO will come to market soon.”

Closing is expected in January 2021 and is subject to customary closing conditions.

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BENCIS ANNOUNCES THE €575 MILLION FINAL CLOSING OF ITS SIXTH FUND

Bencis

23 November 2020

AMSTERDAM, BRUSSELS, DÜSSELDORF
Bencis Capital Partners is pleased to announce that it has raised Bencis VI, reaching the hard cap of €575 million within months after starting the fundraising process.

Continued strong support from existing investors combined with significant interest from new investors from all over the world made for an efficient and successful fundraising. The investor base of Bencis VI consists of pension funds, fund-of-funds, asset managers, insurance companies, family offices and private individuals.

Bencis VI’s investment strategy is unchanged from prior funds. From offices in Amsterdam, Brussels and Düsseldorf the Fund will invest in profitable companies, headquartered in the Benelux and Germany. The targeted companies present multiple opportunities for further growth. Focus will be on companies with operating profits up to €50 million.

Proskauer and Loyens & Loeff acted as legal and tax advisors.

BACKGROUND ON BENCIS CAPITAL PARTNERS
Bencis is an independent investor that supports owners, entrepreneurs and management teams in realizing their growth ambitions, both organically as well as via acquisitions.

Since its inception in 1999, Bencis has invested in 62 companies with an average transaction value of c. €60 million. Furthermore, Bencis has acquired over 190 companies as add-ons to these companies. The current portfolio consists of 24 companies with a combined turnover over €1.9 billion and that together employ approximately 9,600 employees.

For more information on Bencis:
+31 (0)20 5400 940 / info@bencis.com / www.bencis.com

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KKR to Present at the Goldman Sachs US Financial Services Conference 2020

KKR

November 24, 2020

NEW YORK–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) announced today that Scott C. Nuttall, Co-President and Co-Chief Operating Officer, will present at the Goldman Sachs US Financial Services Conference 2020 on Tuesday, December 8, 2020 at 1:00PM ET.

A live webcast of the presentation will be available on the Investor Center section of KKR’s website at https://ir.kkr.com/events-presentations/. For those unable to listen to the live webcast, a replay will be available on the website shortly after the event.

Any questions regarding the webcast may be addressed to KKR’s Investor Relations group at investor-relations@kkr.com.

ABOUT KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners 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. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Investor Relations:
Craig Larson
+1 (877) 610-4910 (U.S.) / +1 (212) 230-9410
investor-relations@kkr.com

Media:
Kristi Huller, Cara Major or Miles Radcliffe-Trenner
+ 1 (212) 750-8300
media@kkr.com

Source: KKR & Co. Inc.

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FS/KKR Advisor Announces Proposed Merger of FS KKR Capital Corp. and FS KKR Capital Corp. II

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KKR

November 24, 2020

Merger adds scale, operating leverage and portfolio diversification to a leading BDC franchise

Combined company will have approximately $15 billion in assets and over $3 billion of committed capital available for new investment opportunities

PHILADELPHIA and NEW YORK, Nov. 24, 2020 /PRNewswire/ — FS/KKR Advisor, LLC (FS/KKR), a partnership between FS Investments and KKR Credit Advisors (US), today announced that FS KKR Capital Corp. (NYSE: FSK) and FS KKR Capital Corp. II (NYSE: FSKR), two publicly traded business development companies (“BDCs”) advised by FS/KKR, have entered into a definitive merger agreement. The merger of FSK and FSKR would create one of the largest BDCs in the U.S., with $14.9 billion in assets under management, $7.2 billion in net asset value (“NAV”) and over $3 billion of committed capital available to new investment opportunities, each on a pro forma basis as of September 30, 2020.

Under the terms of the agreement, shareholders of FSKR will receive a number of FSK shares with a NAV per share equal to the NAV of the FSKR shares they hold, as determined shortly before closing, subject to payment of cash in lieu of fractional shares at the election of FSK. FSK will be the surviving entity and will continue to be managed by FS/KKR and trade on the New York Stock Exchange under the ticker symbol “FSK”.

Michael Forman, Chairman and Chief Executive Officer of both FSK and FSKR, commented, “The merger of FSK and FSKR represents a significant step toward our long-term strategic goal of creating a premier middle-market lending franchise and industry leading BDC. The combined company will have a well-diversified investment portfolio and enhanced access to the investment grade debt markets. The combination will also result in reduced overall expenses and a stronger dividend profile.”

The board of directors of FS KKR Capital Corp. and FS KKR Capital Corp. II have unanimously approved the merger. The transaction is expected to close during the second or third quarter of 2021, subject to approval by FSK and FSKR shareholders and other customary closing conditions. Prior to the closing of the merger, FS/KKR currently expects FSK and FSKR each to continue to declare quarterly distributions in the normal course of business, subject to board approval.

The combined company’s investment strategy will continue to focus predominantly on senior secured debt investments. Based on publicly available information as of September 30, 2020, on a pro forma basis, approximately 72% of the combined company’s investment portfolio will be comprised of senior secured debt investments.

The transaction is expected to provide a range of benefits for both FSK and FSKR shareholders, including:

  • Increased Size and Scale: The combined company had, on a pro forma basis, $14.9 billion in assets as of September 30, 2020. The combined company’s investment portfolio consisted of 216 investments across 23 industries, as of September 30, 2020.
  • Enhanced Balance Sheet Size: The combined company’s larger balance sheet may lead to improved access to the capital markets over time.
  • Cost Synergies: The merger is projected to generate approximately $5 million in near term annual synergies by eliminating duplicative internal and external functions.
  • Enhanced Liquidity and Institutional Investor Visibility: The combined company is expected to benefit from increased trading liquidity with respect to its common stock.  The combined company also may improve its ability to attract a broader and more diverse investor base.

In connection with the merger, the board of FSK has also approved an amended advisory agreement for the combined company. Upon the closing, the combined company will permanently reduce its income incentive fee to 17.5% from the existing level of 20.0%. The hurdle rate will remain at 7.0%. In conjunction with the permanent fee reduction, the look back provision in the existing FSK advisory agreement will be removed. At the closing of the merger, FS/KKR has agreed to waive $90 million of incentive fees spread evenly over the first six quarters following the closing. This waiver equates to $15 million per quarter.

RBC Capital Markets, LLC served as financial advisor to the independent board members of FSK, and J.P. Morgan served as financial advisor to the independent board members of FSKR.  Dechert LLP served as legal advisor to FS/KKR Advisor.

Conference Call Information

FS/KKR will host a conference call at 10:00am (Eastern Time), today, November 24, 2020, to discuss the announcement. All interested parties are welcome to participate and can access the conference call by dialing (833) 818-6808 and using the conference ID 1368478 approximately 10 minutes prior to the call. The conference call also will be webcast, which can be accessed from the Investor Relations section of FSK’s and FSKR’s website at www.fskkradvisor.com/fsk and www.fskkradvisor.com/fskr, respectively, under Events and Presentations.

A replay of the call will be available shortly after the end of the call by visiting the Investor Relations section of FSK’s and FSKR’s website at www.fskkradvisor.com/fsk and www.fskkradvisor.com/fskr, respectively, under Events and Presentations or by dialing (855) 859-2056 and using conference ID 1368478.

About FS/KKR Advisor, LLC

FS/KKR Advisor, LLC (FS/KKR) is a partnership between FS Investments and KKR Credit that serves as the investment adviser to BDCs with approximately $15 billion in assets under management as of September 30, 2020. The BDCs managed by FS/KKR are FS KKR Capital Corp. (NYSE: FSK) and FS KKR Capital Corp. II (NYSE: FSKR).

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 Leawood, KS. Visit www.fsinvestments.com to learn more.

KKR Credit is a subsidiary of KKR & Co. Inc., a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, 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. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Contact Information

Institutional Investors
Robert Paun
robert.paun@fsinvestments.com

Financial Advisors and Retail Investors
877-628-8575

Media (FS Investments)
Melanie Hemmert
media@fsinvestments.com

Media (KKR)
Kristi Huller / Cara Major / Miles Radcliffe-Trenner
media@kkr.com
212-750-8300

Forward-Looking Statements

Statements included herein may constitute “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements with regard to future events or the future performance or operations of FSK and FSKR (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. Factors that could cause actual results to differ materially include changes in the economy, risks associated with possible disruption to a Fund’s operations or the economy generally due to terrorism, natural disasters or pandemics such as COVID-19, future changes in laws or regulations and conditions in a Fund’s operating area, failure to obtain requisite shareholder approval for the Proposals (as defined below) set forth in the Proxy Statement (as defined below), failure to consummate the business combination transaction involving the Funds, uncertainties as to the timing of the consummation of the business combination transaction involving the Funds, unexpected costs, charges or expenses resulting from the business combination transaction involving the Funds and failure to realize the anticipated benefits of the business combination transaction involving the Funds. Some of these factors are enumerated in the filings the Funds made with the Securities and Exchange Commission (the “SEC”) and will also be contained in the Proxy Statement when such document becomes available. The inclusion of forward-looking statements should not be regarded as a representation that any plans, estimates or expectations will be achieved. Any forward-looking statements speak only as of the date of this communication. Except as required by federal securities laws, the Funds undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Additional Information and Where to Find It

This communication relates to a proposed business combination involving the Funds, along with related proposals for which shareholder approval will be sought (collectively, the “Proposals”). In connection with the Proposals, the Funds intend to file relevant materials with the SEC, including a registration statement on Form N-14, which will include a joint proxy statement of the Funds and a prospectus of FSK (the “Proxy Statement”). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. SHAREHOLDERS OF THE FUNDS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE FUNDS, THE BUSINESS COMBINATION TRANSACTION INVOLVING THE FUNDS AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s web site, www.sec.gov, or from the FSK’s website at www.fskkradvisor.com/fsk or FSKR’s website at www.fskkradvisor.com/fskr.

Participants in the Solicitation

The Funds and their respective directors, executive officers and certain other members of management and employees, including employees of FS/KKR Advisor, LLC, Franklin Square Holdings, L.P. (which does business as FS Investments), KKR Credit Advisors (US) LLC and their respective affiliates, may be deemed to be participants in the solicitation of proxies from the stockholders of the Funds in connection with the Proposals. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Funds’ stockholders in connection with the Proposals will be contained in the Proxy Statement when such document becomes available. This document may be obtained free of charge from the sources indicated above.

SOURCE FS/KKR Advisor, LLC

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CBPE announces the final closing of CBPE Capital Fund X at £561 million hard cap

CBPE

CBPE Capital LLP (“CBPE”) has today announced the final close of its latest fund, CBPE Capital Fund X.  The Fund, which was oversubscribed, surpassed its target of £525 million and achieved its hard cap of £561 million in capital commitments.

The Fund is the successor to CBPE Capital IX, which closed in August 2016 with capital commitments of £459 million, and will be CBPE’s third fund as an independent GP having completed a buyout from Close Brothers Group in 2008.

This successful fundraise enables CBPE to continue its disciplined and consistent investment strategy.  CBPE targets investments in UK head-quartered businesses with Enterprise Values between £25 million and £150 million, focusing on primary buy-out and development capital investments in specific sub-sectors. CBPE partners closely with management teams to enhance the businesses and to pursue tailored plans to accelerate growth.

CBPE received strong support from existing investors, with over 75% of commitments from returning investors. The balance of the capital came from a select number of new, sophisticated international investors. The investor base, which is entirely institutional, includes public and private pension funds, fund-of-funds, insurance companies, endowments and foundations.

Investors in the Fund were attracted to the long-term commitment CBPE has shown to its investment strategy and to the compelling returns that this has generated.  Since the firm began investing in lower mid-market buyout transactions in 2000, CBPE has made a total of 52 investments. Of these, 40 have been realised, delivering aggregate realised returns of 2.8x invested capital.

The closing of the Fund is the latest success for CBPE in a busy year to date. The exits of ABI in February and of SpaMedica in April were the first two realisations from Fund IX and delivered aggregate returns of 4.9x invested capital.  CBPE’s current portfolio of investments includes a number of resilient and growing companies including Xceptor (process automation software for blue-chip financial services clients), Blatchford (manufacturer of some of the world’s most advanced lower limb prosthetic technology) and Rodericks (an expanding group of dental practices across the UK).

Eleanor Mountain, Partner and Head of Investor Relations at CBPE said:

“We are delighted with the support that we have received in the raising of Fund X, which is a testament to the team’s proven ability to generate consistent returns for our investors.  We appreciate the high level of support from our existing investors, and would like to welcome our new investors to the fund.”

Sean Dinnen, Managing Partner of CBPE said:

“CBPE is looking forward to deploying Fund X. We have a long term, demonstrable track record of building great businesses, while delivering returns for investors. We continue to see excellent opportunities in our target market, and we have the right team to capitalise on them.”

Rede Partners acted as global placement advisor and Macfarlanes acted as legal advisor for the fundraise.

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EQT continues to accelerate portfolio companies’ ESG performance

eqt

  • EQT launches its second ESG-linked Subscription Credit Facility (“SCF”), now within the Infrastructure business line, partnering with a strong syndicate of global financial institutions
  • The SCF is a further example of EQT’s commitment to future-proofing companies and way of aligning the interest of its investors with the broader community by incentivizing portfolio companies’ Environmental, Social and Governance (“ESG”) performance
  • The SCF is currently at EUR 2.7 billion and has an upper limit of around EUR 5 billion

EQT is continuously exploring systematic ways of making a positive impact by future-proofing companies and integrating ESG throughout all aspects of its operations. Today, EQT is proud to announce the launch of a new ESG-linked Subscription Credit Facility (the “SCF” or “bridge facility”) to the Infrastructure business line.

The bridge facility, which is currently at EUR 2.7 billion with an upper limit of around EUR 5 billion, is backed by a syndicate of global financial institutions, including BNP Paribas and SEB acting as Sustainability Coordinators and BNP Paribas as Agent and Sustainability Agent. This new bridge facility follows EQT’s launch of an ESG-linked SCF in its Private Equity business line in June 2020, which had the same upper size limit and represented the largest ever ESG-linked bridge facility in the global fund financing markets.

The SCF will be coupled with an innovative pricing model designed to inspire and incentivize portfolio companies to improve their performance in the areas of i) gender equality on the board of directors and ii) renewable energy transition, supported by iii) a fundamental sustainability governance platform.

The pricing mechanisms are directly linked to EQT’s societal ambitions around diversity and climate as well as EQT’s proven governance model and strong commitment to transparency and accountability. The aggregated results from the portfolio companies’ ESG efforts will be compared with pre-set KPI targets and eventually impact the ESG-bridge facility’s interest rate. In other words, the more ESG progress the portfolio companies demonstrate, the better the financing terms the fund will receive. At the same time, as targets are fulfilled, the societal impact will be substantial, effectively improving female board representation to 40% and the use of renewable electricity to 85% across the portfolio companies.

Lennart Blecher, Deputy Managing Partner and Head of EQT Real Assets commented: “As a responsible owner, we are continuously exploring new opportunities which can accelerate progress within the environmental, social and governance areas. A bridge facility is an excellent way of rewarding and encouraging the portfolio companies’ advancement in ESG-related areas, and by accelerating their progress we make a very tangible impact. At the same time, we are aligning interests of value-driven investors and financial institutions, joining forces in partnership to drive real change and scale our positive impact”.

Therése Lennehag, Head of Sustainability at EQT, added: “This new bridge facility demonstrates how private equity can play an instrumental role as a catalyst of change, moving the entire financial community to stimulate more sustainable businesses. As a leading market player, EQT always aims to lead by example, future-proofing companies and making a positive impact”.

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

About EQT
EQT is a purpose-driven global investment organization with a 25-year track-record of consistent investment performance across multiple geographies, sectors, and strategies. EQT has raised more than EUR 75 billion since inception and currently has more than EUR 46 billion in assets under management across 16 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 16 countries across Europe, Asia Pacific and North America with more than 700 employees.

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

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Searchlight Capital Partners Closes Third Fund at $3.4 Billion

Searchlight Capital

Searchlight Capital Partners Closes Third Fund at $3.4 Billion

 

18th November, 2020: Searchlight Capital Partners, L.P. (“Searchlight” or “the Firm”), a leading global private investment firm, today announced the final close of Searchlight Capital III, L.P. (“the Fund”), with total committed capital of $3.4bn. This is the third private equity fund the firm has raised since it was founded in 2010.

“We are truly grateful for the support of our investors,” the Founding Partners of Searchlight said. “The Firm’s capital structure flexibility, industry expertise, and geographic reach position us very well to invest in this unprecedented environment. The Fund is already 30% committed to investments in partnership with leading management teams and entrepreneurs.”

Like its predecessors, Searchlight’s latest Fund will target investments in North America and Europe, leveraging the Firm’s teams in both geographies to pursue opportunities in a range of sectors including communications, media and financial and business services, amongst others.

Latham & Watkins LLP served as legal counsel to the Fund.

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Capricorn welcomes Prof. Bart De Moor as Chairman of the Capricorn Digital Growth Fund

Capricorn

Bart De Moor is a full professor at the KULeuven at the Department of Electrical Engineering, and a guest professor at the University of Siena. His research interests are in numerical linear algebra, optimization, algebraic geometry, systems and control theory, data driven AI and machine learning with applications in the process industry and bio-medical big data processing. During his career, he co-founded 8 spinoff companies, 7 of which are still active (www.ipcos.be, www.tmleuven.be, www.trendminer.com (acquired by Software AG), www.cartagenia.com (acquired by Agilent), www.ugentec.com, www.lindacare.com, www.aspect-analytics.com). Since 2018, he is one of the architects and coordinators of the AI Program of the Flemish Government (research, valorisation, education, ethics). Full details about his resume and his publications can be found at www.bartdemoor.be .

Katrin Geyskens, partner at Capricorn states “Because of his background and interests, Bart is the perfect combination of cutting-edge academic AI knowledge and entrepreneurship. Previous spin-off companies in which Bart was involved were targeting applications in the healthcare area as well as in non-healthcare. As Bart was previously part of the Advisory Board of the Capricorn ICT Arkiv Fund, he knows the Capricorn team and our way of working well. We are honoured that he accepted to take up the role of Chairman in our Capricorn Digital Growth Fund.”

The Capricorn Digital Growth Fund invests in data science and core AI technologies and their applications with a main focus on two verticals that will benefit substantially from a data driven approach: Digital Health and Industry 4.0. The fund invested already in the Ghent-based Indigo Diabetes (www.indigomed.com) who is working on a nextgen invisible glucose monitor, and in Gradyent (www.gradyent.com), a Dutch start-up developing digital twins to optimize district heating networks. The Capricorn Digital Growth Fund currently has more than € 50 million capital committed and still is open to new investors.

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STG raises $2.0 billion for STG VI in a four-month fully virtual fundraise

Stg Partners

STG raises $2.0 billion for STG VI in a four-month fully virtual fundraise

STG VI exceeded its $1.5 billion target and was heavily oversubscribed

Palo Alto, CA – November 16, 2020 – STG Partners (“STG”, or the “Firm”), a leading private equity firm focused on investing in the software, data analytics and software-enabled technology services sectors, is pleased to announce the final closing of STG VI (the “Fund”) on $2.0 billion of committed capital, including limited partner commitments of $1.85 billion. The Fund exceeded its $1.5 billion target and was oversubscribed at its limited partner hard cap in approximately four months from formal launch of the fundraise, which was executed as an entirely virtual process. Evercore Private Funds Group acted as the exclusive global placement agent for the fundraise.

The Fund will continue STG’s value-oriented investment strategy focused on middle market investments in the enterprise software and software-enabled technology services sectors. STG distinguishes itself through a value-oriented and operationally-focused approach to transforming middle market companies in its sectors into market leaders. Since Symphony’s founding in 2002, STG has cultivated its reputation as a premier investment firm in the space through its continued ability to drive operational efficiencies, top-line enhancement, and breakout innovation within portfolio companies.

STG VI launched in June 2020 amidst the COVID-19 pandemic and resulting shutdown. With investors unable to meet in person, STG moved ahead with a virtual process, driven by high conviction in the robust market opportunity for STG’s differentiated, value-oriented strategy within the technology sector and top quartile performance of STG’s predecessor funds across market cycles. STG made extensive use of video conferencing to meet with limited partners, as well as virtual due diligence sessions including an investor diligence day webcast to further showcase the organization in the absence of in-person meetings or events. STG VI received strong support from existing investors, as well as a diverse group of new investors that includes public and corporate pensions, insurance companies, endowments and foundations, family offices, consultants, and asset managers from North America, Europe, and Asia.

On behalf of the leadership team of the Firm, William Chisholm, Managing Partner and Chief Investment Officer, commented: “We are incredibly grateful to our existing and new investors for their support, especially given the context of the unprecedented environment in which we raised STG VI. We are excited about the opportunity ahead for the Fund, as well as the team and platform we have in place as we head into the next chapter for STG.”

Richard Anthony, CEO of Evercore Private Funds Group, stated: “We are delighted to have once again advised STG on another highly successful fundraise, executed in a fully virtual environment. The expediency of the raise to its hard cap speaks volumes about the caliber of William and his team at STG.”

Kirkland & Ellis LLP acted as legal counsel to STG.

About STG Partners

STG is the private equity partner to market leading companies in software, data analytics and software-enabled technology services sectors. The firm brings expertise, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market winning portfolio companies, STG creates sustainable foundations for growth that bring value to all existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world class management teams. STG and its predecessor, Symphony Technology Group (“Symphony”), have raised approximately $5.0 billion in total capital commitments across five funds and their expansive portfolio has consisted of more than 30 global companies. For more information, please visit www.stgpartners.com.

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