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

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

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

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

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

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

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

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

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

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

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

About AVP

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

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

Contact

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

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819 bed PBSA scheme in Bristol forward sold to KKR

KKR

Watkin Jones plc
(‘Watkin Jones’ or the ‘Group’)

Watkin Jones, the UK’s leading developer and manager of residential for rent, is pleased to announce that the Group has exchanged contracts with funds managed by KKR, a leading global investment firm, to forward fund an 819-bed purpose-built student housing (PBSA) scheme in Dalby Avenue located in Bedminster, Bristol. The consideration will be payable to Watkin Jones over the course of the development, which is due for completion in August 2024, and includes an initial net cash receipt for Watkin Jones of c. £25 million. KKR is making the investment through its European Core Plus Real Estate strategy, which focuses on thematic investments in high-quality, substantially stabilised assets with long-term growth potential.

Upon completion, the 819-bed scheme will be fully leased to The University of Bristol on a long-term basis. The development will deliver a mix of 5-12 bed cluster flats together with c.15,000 sq.ft. of internal amenity space and considerable external amenity space including a private terrace, courtyard, and gardens. The site has excellent transport links to the University campuses and is conveniently located close to Bedminster train station and within walking distance to Bristol’s city centre.

With two established universities in the city, Bristol continues to be a leading destination of choice for students in higher education. However, accommodation in the UK’s eighth largest city is stretched across both the build-to-rent (BtR) and PBSA markets. The creation of this new major PBSA development in Bedminster is important in helping the city to address the on-going and increasing demand for student accommodation. The PBSA scheme is located in one of the five key sites identified in Bristol City Council’s Bedminster Green Framework as a priority for redevelopment.

Bristol is the UK’s greenest city, and the scheme is sustainably designed, and is targeting BREEAM ‘excellent’ rating. Additionally, best-in-class delivery and execution for residents will be available when it comes to enjoying a technology-enabled experience as the development is targeting WiredScore Silver. Attractive landscaping will support and encourage local biodiversity and residents will enjoy outdoor communal amenity space including a courtyard, high quality public realm and access to the newly restored Malago River corridor.

Alex Pease, Chief Investment Officer, Watkin Jones, said: “We are delighted to have secured our second deal with KKR, and would like to thank them for their efforts and partnership approach in reaching this agreement. This is an exciting opportunity to develop a key area of regeneration in the Bedminster area of Bristol for the ever-growing student needs in the city.

The sale is further evidence of the attractive investment and operational fundamentals of both PBSA as a sector and Bristol as a city and a good sign of investment markets re-opening.

Watkin Jones has a strong track record of developing PBSA schemes in Bristol as rising demand continues, including work recently completed at Wilder Street and Unity Street last year, in addition to work currently underway on a PBSA site on Gas Lane.

We are really excited as Bristol is widely regarded as one of the UK’s top university towns for education but also it represents one of the most vibrant and inclusive cities for students to live. Offering a wide range of bars, shops, and restaurants, it is a city for students to enjoy.”

Seb d’Avanzo, Managing Director and Head of Real Estate Acquisitions for KKR in Europe, commented: “We’re delighted to be investing in this well-located PBSA scheme which will deliver exceptional-quality accommodation for one of the UK’s top universities. Watkin Jones is a leading developer and manager in the sector, and we are pleased to undertake another attractive venture with Alex and his team. The student housing market has compelling and resilient fundamentals and this property benefits from a long-term lease, making it a good fit for our Core Plus Real Estate strategy and our growing ambitions in the student housing sector.”

Watkin Jones were advised by Cushman & Wakefield and Addleshaw Goddard LLP. KKR were advised by Bryan Cave Leighton Paisner LLP.

– Ends –

Media enquiries:

Buchanan (Watkin Jones)
Henry Harrison-Topham / Jamie Hooper
watkinjones@buchanan.uk.com
Tel: +44 (0) 20 7466 5000
FGS Global (KKR)
Faeth Birch / Sophia Johnston
KKR-Lon@FGSGlobal.com
Tel: +44 (0) 20 7251 3801

Notes to Editors

Watkin Jones is the UK’s leading developer and manager of residential for rent, with a focus on the build to rent, student accommodation and affordable housing sectors. The Group has strong relationships with institutional investors, and a reputation for successful, on-time-delivery of high-quality developments. Since 1999, Watkin Jones has delivered 48,000 student beds across 143 sites, making it a key player and leader in the UK purpose-built student accommodation market, and is increasingly expanding its operations into the build to rent sector. In addition, Fresh, the Group’s specialist accommodation management business, manages over 22,000 student beds and build to rent apartments on behalf of its institutional clients. Watkin Jones has also been responsible for over 80 residential developments, ranging from starter homes to executive housing and apartments.

The Group’s competitive advantage lies in its experienced management team and capital-light business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.

Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L.  For additional information please visit www.watkinjonesplc.com

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 and on Twitter @KKR_Co.

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KREST Names Julia Butler As Chief Investment Officer

KKR

Appointment of veteran KKR real estate investor bolsters KREST’s senior leadership team to capitalize on the opportunity in private real estate

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that the Board of Directors of KKR Real Estate Select Trust Inc. (“KREST” or the “Fund”) has appointed Julia Butler to the newly created role of Chief Investment Officer (“CIO”) of KREST. A veteran real estate investor and Managing Director at KKR, Ms. Butler is now on KREST’s dedicated senior leadership team. She will oversee investment management for the Fund as it continues to scale its high-quality global portfolio of private real estate equity and credit investments and seeks to capitalize on opportunities in the current environment to create long-term value for investors.

“We have built KREST to provide individual investors access to the full breadth of KKR’s global real estate platform with a dynamic investment strategy designed to deliver attractive yield and long-term performance across different macroeconomic environments,” said Ralph Rosenberg, Chairman of KREST and Global Head of KKR Real Estate. “We are committed to building a best-in-class management platform as KREST continues to scale. Julia is a senior leader of our real estate business with two decades of experience investing across the real estate capital structure as both an equity and credit investor. She has played an integral role in scaling KKR’s real estate business to over $65 billion in assets under management and she will be a key contributor to the continued commercial success of KREST.”

KREST is designed to provide individual investors with access to income-oriented private real estate equity and debt investments managed by KKR. The Fund seeks to deliver on its objective of providing investors with stable, tax-efficient income and long-term appreciation in the private real estate asset class by focusing on three complementary strategy pillars: stabilized real estate, prime single tenant and real estate credit. As market conditions have evolved, KREST has utilized its flexible strategy to seek to optimize its portfolio across high-quality, income-oriented real estate equity and credit exposures.

Billy Butcher, Chief Executive Officer of KREST and Chief Operating Officer of KKR Global Real Estate, said: “We believe we are entering a once-a-decade real estate investing environment with the debt capital markets pullback creating potential attractive new investment opportunities for KREST. The addition of Julia to the team positions KREST ideally to take advantage of these opportunities to continue to deliver exceptional performance for our investors.”

“I am thrilled to join the KREST leadership team and look forward to working with Ralph, Billy and my colleagues across KKR to position the Fund for continued success,” said Ms. Butler. “We see significant opportunities on the horizon for private real estate investors with a long-term outlook, and expect 2023 to be a strong vintage for private real estate. I look forward to continuing to build on our thematic investing, rigorous portfolio management and investment discipline that leverages KKR’s global platform to deliver on further downside-protected growth.”

Ms. Butler joined KKR in 2017 and is a Managing Director on the Real Estate team. Prior to joining KKR, Ms. Butler was an Executive Vice President at iStar, a publicly-traded REIT, where she was responsible for sourcing, managing and executing on new investment opportunities in the US and Europe. Earlier in her career, Ms. Butler worked in the Treasury Department of The Walt Disney Company in Los Angeles, CA.Ms. Butler graduated cum laude from Harvard College with a B.A. in Government. She currently sits on the Board of Directors of Women in Need (WIN), NYC’s largest homeless organization for women and children, and is involved with several real estate organizations, such as the Urban Land Institute (ULI) where she serves as a council leader, the Commercial Real Estate Finance Council (CREFC), WX and others.

About KREST

KKR Real Estate Select Trust Inc. (“KREST”) is a continuously offered, 1940 Act-registered closed-end fund with REIT taxation that thematically invests in high quality, stabilized, income-oriented commercial real estate equity and debt. The fund is open to all investors with daily subscriptions and its primary investment objective is to provide attractive current income, with a secondary objective of long-term capital appreciation. KREST is managed by KKR Registered Advisor LLC, an affiliate of KKR & Co. Inc., and utilizes the experience and reach of KKR’s global real estate team and the resources available through the KKR platform. For additional information about KREST, please visit its website at www.krest.reit.

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 and on Twitter @KKR_Co.

Media Contacts
Miles Radcliffe-Trenner and Julia Kosygina
+1 212-750-8300
media@kkr.com

Source: KKR

Categories: People

KLAR Partners enters the Netherlands market as a growth partner to hallo, with the mission to build Europe’s leading SME-focused IT services provider.

Klar Partners

Funds advised by KLAR Partners Limited (“KLAR Partners” or “KLAR”) have signed an agreement to invest as a growth partner in hallo,. As a leading Dutch provider of mission-critical IT services for SMEs, the company is well-positioned for accelerated growth and, with support from KLAR, aspires to become the champion in the growing SME market in Europe. KLAR will invest alongside the present owners, Vortex Capital Partners and hallo’s management.

hallo,’s automated services platform provides small and medium-sized clients with a one-stop-shop for mission-critical IT services. Services include among others the Microsoft modern workplace, security, communication/UC, connectivity/SD-WAN and a growing practice in Dynamics CRM and Data Warehousing/Power BI. hallo, currently employs 350 people, with offices in The Netherlands, Spain and the Caribbean. In 2022, the company achieved sales of approximately EUR 70 million.

“This investment aligns perfectly with KLAR’s strategy to support companies providing mission-critical services in resilient and growing markets. The strong growth of hallo, in recent years has been impressive and clearly reflects the strength of the platform, as well as the culture of the company. We look forward to working with management and Vortex to support the company in further accelerating its growth, particularly its plans to expand across Europe”, commented Alex Kulikowski of KLAR Partners.

“This partnership marks the next strategically important step for hallo, and opens an exciting new chapter in our journey. The support of KLAR’s expertise and resources will enable us to accelerate our growth, both organically and through acquisitions. We believe in building a sustainable, culture-driven company for the long-term and this fits well with the values of the KLAR team. We look forward to working together in pursuit of our ambition to become a leading European player, empowering SMEs wherever we operate,” commented Barry Wissink, CEO at hallo,.

We are proud of hallo,’s exceptional growth trajectory and the leading position the company obtained in the Dutch market. With its scalable platform and strong focus on standardization and automation, hallo, is very well positioned to grow further inside and outside of the Netherlands. We are keen to take part in the next wave of growth as we believe that the new partnership with KLAR will enable international expansion and further value creation. We look forward to working with the management team and KLAR on hallo,‘s mission ‘to make IT work for you’”, commented Evert Jan de Groot of Vortex Capital Partners.

This transaction is conditional upon regulatory approvals from the relevant authorities.

For more information:

Fredrik Brynildsen
fb@klarpartners.com
Tel: +44 7388 439 890

Carl Johan Falkenberg
cj@klarpartners.com
+44 7918 941 391

About hallo,
hallo, is the trusted IT service partner for SMEs with a one-stop-shop offering of mission-critical managed IT services.

hallo,’s mission is to make IT services accessible for customers and their end-users in the best possible way, for maximum impact on productivity. In the fragmented landscape of IT service providers, the company aims to become the go-to brand for everyday IT service needs. With a digital customer journey including self-service tooling to simplify the complex IT service buying experience that SMEs typically experience. And with an enthusiastic and professional team of 350 IT service professionals (affectionately referred to as ‘digital energizers’) ready to help.

hallo, currently has offices in The Netherlands, Spain and the Caribbean. For more information please visit https://hallo.eu/.

About KLAR Partners
KLAR Partners is a European private equity firm focused on investments in companies operating in business services and industrial technology. The companies in which KLAR invests each have an annual turnover of approximately EUR 50-500m and are headquartered in the DACH, Nordics, and Benelux regions. With investment professionals located in London, Stockholm, Frankfurt, and Brussels, together with a broad international network in the industry, KLAR has a proven business model to support, develop, and grow companies. KLAR’s senior professionals have worked together for many years and have more than 50 years of combined investment experience in KLAR’s industry-specific and geographical focus area. KLAR Partners is a signatory of the United Nations Principles for Responsible Investment.

About Vortex Capital Partners
Vortex Capital Partners is a specialist investment firm with a focus on small and medium-sized tech companies with a high growth potential. Since 2012 Vortex invested in 22 platform companies with close to 30 add-on investments. The team combines years of M&A experience with deep technical expertise and first-hand operational experience to support ambitious entrepreneurs and management teams as an active partner in realizing their growth ambitions.

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Cathay Health Increases its Stake in TISSIUM with €50M Series D

Cathay Capital

New financing to support TISSIUM’s commercial launch and platform extension

 

Paris, (France), May 23, 2023 – Today, Cathay Health announced its participation in the €50M Series D round of TISSIUM, a privately-owned medtech company developing biomorphic programmable polymers for tissue reconstruction. The investor syndicate brings new investors such as Fonds Stratégique des Transitions, managed by ISALT as well as Merieux Developpement, and includes historical investors such as Credit Mutuel Innovation and Sofinnova Partners.

Cathay Health reinvested over pro rata in this round of financing, based on the progress the company has made to get into clinical studies, its corporate development and its advancing commercial plans as well as its vision for further developing its product pipeline.

This latest funding round coincides with the achievement of important milestones for TISSIUM, notably its on-going first-in-human study on its first nerve repair product, COAPTIUM Connect, in Australia and the preparation of the commercialisation of its first products in nerve and hernia repair. The financing will allow TISSIUM to continue to execute on its development plan, funding the company for the commercialisation of its first products in nerve and hernia repair and fueling the extension of its pipeline of products and its platform.

TISSIUM will continue to pursue rapid international expansion, leveraging in-house production and state-of-the-art manufacturing facilities, as well as entering partnerships in certain verticals. In parallel, it will broaden its platform with more specialized products in the existing verticals (nerve, herna and cardiovascular) while also extending to other verticals in new therapeutic areas.

Christophe Bancel, CEO of TISSIUM, said: “With the closing of our Series D financing round, TISSIUM is well-positioned to finance the commercialization of its first products. This funding significantly bolsters our ability to move with speed towards our goal of enhancing tissue reconstruction for patients. We look forward to continuing our work to bring innovation in the space and develop products that make a difference in patients’ lives.”

Hongjie Hu, Managing Partner at Cathay Health, added: “Since leading TISSIUM’s 2021 Series C, we’ve been continuously impressed with the team and the company’s strong progress in developing multiple clinical programs off the TISSIUM biopolymer technology platform. We continue to believe that TISSIUM is creating the future of tissue reconstruction and are proud to continue supporting the company’s clinical and commercial growth of its expandable platform that can be applied toward driving better outcomes in multiple, large therapeutic areas.”

 

#####

 

About TISSIUM

TISSIUM, a privately-owned MedTech company based in Paris, France and Boston, USA, is dedicated to the development and commercialization of products derived from its unique biopolymer platform. The company’s products will address multiple unmet clinical needs, including atraumatic tissue repair and reconstruction.

TISSIUM is developing a portfolio of products that leverage its proprietary family of fully biosynthetic, biomorphic, and programmable polymers, which are the foundation of the company’s technology platform. Currently, the Company has a pipeline of seven products across three verticals, including sutureless nerve repair, hernia repair and cardiovascular sealants. Each product is designed to enhance the tissue reconstruction process in a unique way. In addition, the company develops complementary delivery and activation devices for enhanced performance and usability of its products.

TISSIUM’s technology is based on world-class research and intellectual property from the laboratories of Professor Robert Langer (MIT) and Professor Jeffrey M. Karp (Brigham and Women’s Hospital), who co-founded the company in 2013.

For more information, please visit: www.TISSIUM.com

Follow us on LinkedIn, Twitter @TISSIUMtech.

​​About Cathay Health

Cathay Health, affiliated to Cathay Capital, is a tech bio fund investing at the convergence of healthcare, life sciences and technology. As a multi-stage venture and growth fund, it backs convergence medicine companies across Europe, North America and Asia whose tech-enabled solutions catalyze groundbreaking advances in medicine. From the world’s leading life sciences and technology hubs, including San Francisco, New York, London, Cambridge, Paris, and Basel, Cathay Health aims to partner with future leaders in the data-driven medicine era to transform human health and care in all its dimensions.

For more information, please visit us on the web or follow us on LinkedIn and Twitter @CathayHealth.

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August Equity are delighted to announce significant investment in StarTraq

August Equity

August Equity has invested alongside management in StarTraq – a leading compliance software business providing solutions for offence processing, licensing & permitting. August will provide funding to enable the business to scale internationally and enter new adjacent markets.

Headquartered in Oxfordshire, UK, StarTraq is the market leader in offence processing software. It has long standing relationships with police and local authorities in the UK, and a growing international footprint. It provides cloud solutions that automate back-office processes including the processing of traffic violations, permit offences, permit applications, and environmental offences. Billy Kennedy, who joined the business in 2011, will continue to lead StarTraq. Allan Freinkel, who founded the business in 2002, will stay on and support as a Non-Executive Director. Industry veteran Gordon Wilson will be joining the board as Chair, who was CEO of software business Advanced Computer Software since 2015 and has recently moved to Chair.

The team, supported by August, intend to invest in the continued organic growth of the business supported by targeted M&A into new geographies and adjacent end markets. StarTraq represents a strong adjacency to previous August Equity investments in compliance-driven tech and cloud software businesses, such as Agilio, Amtivo, OneTouch and Wax Digital.

The team at August was led by Mehul (Mickey) Patel and Greg Walsh with support from Sam Hardy, Bethany Shiers, Ollie Reynolds and Matt Benstead.

David Lonsdale, Managing Partner at August Equity, commented:

“StarTraq represents an attractive platform investment for August and is aligned with our focus on primary buyouts of B2B software and services businesses in compliance driven end markets.”

Mickey Patel, Partner at August Equity, commented:

“We are delighted to be backing the StarTraq team, an exciting cloud software platform investment for us to scale and build an international software business with a focus on traffic, offence management and adjacent software solutions.”

Gordon Wilson, Chair at StarTraq, commented:

“I am pleased to be working with August and the StarTraq team as I embark on my plural career. The plan to grow StarTraq organically and acquisitively has many similarities to businesses I have grown in the past and I look forward to supporting the management team as they grow.”

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ABN AMRO Ventures invests in ThreatFabric

Abn Amro Ventures

ABN AMRO Ventures, the corporate venture fund of ABN AMRO, has invested in the EUR 11.5m Seed round of ThreatFabric, an Online Fraud Detection solution that helps ABN AABN AMRO Ventures, the corporate venture fund of ABN AMRO, has invested in the EUR 11.5m Seed round of ThreatFabric, an Online Fraud Detection solution that helps ABN AMRO protect its clients from the growing fraud and malware epidemic.MRO protect its clients from the growing fraud and malware epidemic.

The battle against online fraud has become a lot more complex with continuous data breaches and the availability of AI driven tools. In 2022 alone, criminals in the Netherlands caused €62.5 million in damage through payment fraud, including bank helpdesk fraud and phishing, which is 25% higher than two years earlier according to the 

Dutch Banking Association

. Banks and e-commerce platforms are continuously searching for accurate warning systems before payments are made.

ABN AMRO Ventures invested in ThreatFabric because online fraud does not show any signs of slowing down, with the bank’s clients as the most vulnerable part of the chain. ThreatFabric’s software can positively contribute to this fraud epidemic by helping their clients – banks and financial institutions – protect their end-users from fraud and malware by using different protection layers, such as on-device malware detection and behavioural analytics.

This EUR 11.5m Seed round is co-led by ABN AMRO Ventures and Motive Ventures, alongside 10xFounders and 14Peaks capital. The capital will be used to increase ThreatFabric’s international expansion and extend its fraud detection layers with behavioural based detection. This consists of the fraudster’s footprint with advanced AI models that include continuous threat modelling of attack paths inside online signup and payment journeys.

Han Sahin, CEO at ThreatFabric: “The ever-changing online fraud threat landscape can proactively be protected by including AI driven threat modelling in behavioural based defence layers. Fraudster also have a strong need which is strongly reflected in their digital footprint. This Seed Round with investment capital from ABN AMRO Ventures, Motive Ventures, and participation from 10xFounders and 14Peaks capital will be used for further expansion and to extend our Fraud Risk Suite platform focused on new proactive fraud controls. For example, with behaviour-based location intelligence and behavioural biometrics that use advanced AI models that forecast potential fraudsters online footprint inside payment journeys”.

Hugo Bongers, Managing Director at ABN AMRO Ventures: “The fraud issue is large and complex problem, that is only expected to get bigger in the future, as technologies like AI further develop. As a long-standing partner of ThreatFabric, ABN AMRO Bank has seen ThreatFabric’s profound understanding of the fraud issue and the high-quality solution the company offers. ABN AMRO Ventures is proud to support the co-founders Han and Yorick, and the entire ThreatFabric team in their next stage of growth and their mission to combat fraud and malware.”

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BGF successfully exits waste management company RiverRidge

BGF

BGF has announced a successful exit of its investment in RiverRidge, Northern Ireland’s largest fully integrated waste management company.

Founded in 2011, RiverRidge started out as a small skip hire and landfill business and has since grown into Northern Ireland’s premier waste management, recycling and energy from waste company. Under the direction of CEO Brett Ross, the company now serves seven local authorities across the province and over 5,500 commercial clients, providing collection services and the treatment and disposal of over 400,000 tonnes of waste each year.

BGF partnered with RiverRidge in 2016, introducing experienced waste sector director Jim Meredith as non-executive chairman, to accelerate the growth of the business. BGF’s investment has helped the company to expand its operations across Northern Ireland (both organically and via acquisition), develop state-of-the-art recycling infrastructure, and build out the top tier management team.

Revenues have increased by 40% since 2016, and RiverRidge now employs 280 staff, across five sites in Belfast, Mallusk, Coleraine, Portadown and Derry/Londonderry. The company is also a minority stakeholder in Northern Ireland’s only energy from waste plant.

Cube Infrastructure Managers and Equitix Investment Management have jointly completed the acquisition of a majority stake in the business and now plan to pursue further growth, through delivering a pipeline of development opportunities, further improving treatment options in the Northern Irish market.

Graham Clarke, Investor at BGF, said: “It is fantastic to see RiverRidge attracting this significant investment to deliver the next phase of its ambitious growth plans. Over the past six years, we have developed a strong relationship with Brett and his team. It is therefore extremely pleasing that, following this investment, the company is well positioned for the next phase of its growth journey.”

“This is BGF’s second material exit in Northern Ireland in recent months, delivering another strong return of over 2x MM against BGF’s minority investment, and again underlines the quality of business and management teams that exist in the province. BGF is extremely proud to have played a part in supporting Brett and his team through a period of significant growth, and we wish them the best of luck as they continue to expand RiverRidge in Northern Ireland and beyond.”

RiverRidge has grown from humble beginnings in 2011 to a company in 2023 which is at the forefront of waste treatment technology. We have been true to the vision and values of the group over this period and believe that today’s announcement is an endorsement of the hard work from our team as well as the strategy chosen to revolutionise the sector. BGF and Jim have been with us every step of the way during the past six years, and I’d like to thank them for their guidance and support during a period of significant growth.

Brett Ross, CEO, RiverRidge

Saket Trivedi, Partner of Cube Infrastructure Managers, said: “The investment in RiverRidge Holdings represents a unique opportunity for Cube to acquire an essential infrastructure asset in a new geographic location, with the embedded opportunity to pivot towards the generation of renewable energy from waste. We are excited to be able to enter this journey with Equitix as our long-term partner, which will be instrumental in providing valuable expertise for the future growth of the company.”

Hugh Crossley, CEO of Equitix, added: “Equitix has known and had excellent collaboration with RiverRidge for near to 10 years. We have a huge respect for the management team and are very pleased to extend this relationship by acquiring a stake in the company. This also allows us to proudly increase our commitment and presence to Northern Ireland.”

“With the RiverRidge management team and our partners, Cube, we expect to invest in and effectively grow the business over the coming years. This important investment aligns with our strategic vision of working in partnership to help reduce the impact of waste on climate change, avoid unnecessary landfill disposal, and provide sustainable energy to the communities which our assets serve.”

Cube and Equitix have been advised by Eversheds Sutherland and PwC, while RiverRidge Holdings Limited and BGF have been advised by Carson McDowell, A&L Goodbody and KPMG.

BGF has invested in seven companies from Northern Ireland to date: Braidwater, RiverRidge, Audit Comply, Uform, Bob & Berts, Mzuri Group and Clarke Group.

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GTCR Closes $11.5 Billion Fund XIV

Fund to Support Management in Executing Upon Growth and Transformation
CHICAGO, IL — May 23, 2023

GTCR, a leading private equity firm, today announced the closing of GTCR Fund XIV (“Fund XIV” or the “Fund”), with aggregate commitments of $11.5 billion. The Fund, which had an initial target of $9.25 billion, reached its hard cap. The Fund includes total limited partner commitments of $11.0 billion and a commitment from GTCR of approximately $500 million. The predecessor fund, GTCR Fund XIII, was raised and initiated in 2020 with aggregate commitments of approximately $7.9 billion.

The Fund received strong support from limited partners in prior GTCR funds, many of whom have invested with the firm for decades, as well as several new investors. The diverse Fund XIV investor base includes leading global endowments and foundations, public and corporate pension plans, sovereign wealth funds, financial institutions and private wealth.

Consistent with GTCR’s investment approach, The Leaders Strategy™, Fund XIV will expand the firm’s capacity to partner with exceptional management leaders who have strong track records of value creation to identify, acquire and build market-leading companies in its core industry domains of Healthcare, Technology, Media & Telecom, Business & Consumer Services and Financial Services & Technology. GTCR’s investment approach emphasizes transformational growth to build better businesses with a long-term orientation.

On behalf of the firm, Dean Mihas and Collin Roche, Co-CEOs of GTCR, commented:

“We appreciate tremendously the support from our limited partners. That support is invaluable to us in working with our management partners to build great businesses through transformational growth and add-on acquisitions. This committed equity capital of Fund XIV positions GTCR and its investment teams with the resources to invest through periods of uncertainty and varied economic conditions.

For over four decades, GTCR’s approach has been to build deep domain expertise and broad executive relationships in our core industries. This approach enables us to partner with and support high caliber, experienced management leaders in pursuing opportunities for transformation, including corporate carve-outs, transformational mergers and growth through acquisition strategies. We also continue to build GTCR’s organization, growing our team, increasing our sourcing efforts and enhancing our ability to support management teams as they grow their businesses. We believe that our differentiated strategy, our high-quality and experienced team, and our committed capital resources position us to capitalize on unique opportunities in the current environment.”

“We are grateful for the confidence that GTCR’s limited partners have demonstrated in our team and in our strategy. We are focused on providing consistent, outstanding returns for our investors across economic environments, with a continued focus on alignment and transparency,” stated Jodi Rubenstein, Managing Director and Head of Investor Relations.

Kirkland & Ellis served as legal advisor to GTCR.

About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.

GTCR Contacts

Investor Relations
Jodi Rubenstein
312.382.2202
jodi.rubenstein@gtcr.com

Media Relations
Andrew Johnson
212.835.7042
andrew.johnson@gtcr.com

Category: | Press Releases | Recent News

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ARCH Venture Partners Announces Appointment of Jami Rubin as Venture Partner

Arch Venture Partners

CHICAGO — ARCH Venture Partners today announced the appointment of life sciences industry veteran Jami Rubin as Venture Partner.

“ARCH is committed to building an extraordinary team in support of our portfolio companies and we are extremely pleased that Jami has joined us,” said ARCH Co-founder and Managing Director Robert Nelsen. “She is an exceptional and recognized talent in guiding corporate strategy and transactions, with deep insight from her decades of experience as an analyst, investment banker, CFO, and board member.”

“I am thrilled to join the ARCH team as a Venture Partner. I have always been impressed with ARCH’s track record of identifying cutting edge technologies and forming transformational companies. I look forward to putting my decades of experience to work as a member of the ARCH team,” said Rubin.

Rubin has spent more than 30 years in the biopharma industry, as a long-time biopharma analyst, investment banker, board member and executive operator. Most recently, she was CFO of EQRx where she led the December 2021 public offering process, raising $1.35 billion in total capital, guided key strategic decision-making, and built a world class finance organization. She is a former partner at Goldman Sachs where she was ranked as a top pharmaceutical analyst and partner at PJT Partners. Over the course of her career, she played a key role in significant corporate transactions, including spinouts and M&A, with leading pharmaceutical companies including Pfizer, Abbott, AbbVie, Eli Lilly, and Mylan. Rubin serves as an Independent Board member and Audit Chair of Relay Therapeutics and holds a B.A. in history from Vassar College.

About ARCH Venture Partners
ARCH Venture Partners creates and invests in ground-breaking life science and technology companies. The firm is a recognized leader in commercializing technologies developed at academic institutions, corporate research groups and national laboratories. ARCH invests primarily in companies it co-founds with leading scientists and entrepreneurs, bringing innovations in life sciences and physical sciences to market.
For more information, visit www.archventure.com.

Contact:
Morgan Warners
FGS Global
Morgan.Warners@fgsglobal.com

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