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Motive Partners and Apollo Launch Lyra Client Solutions

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Lyra Provides End-to-End Client Services Across Institutional and Wealth Channels
Former Advent International CFO Eileen Sivolella joins as Board Chair and Independent Director

New York, March 6, 2025 – Motive Partners (“Motive”), a specialist private equity firm focused on financial technology, and Apollo (NYSE: APO) today announced the launch of Lyra Client Solutions Holdings, LLC (“Lyra”). A spin-out from Apollo’s client services division, Lyra offers a differentiated client-servicing solution, delivering technology and operations capabilities that enhance efficiency and the client experience in both the institutional and wealth channels. Motive and Apollo have both invested capital in the new company to support the stand-up and commercialization of the business.

Private markets continue to see rapid growth fueled by product innovation, shifting portfolio allocations and a growing investor base. In meeting this demand, alternative asset managers are expected to not only deliver top-tier investment products and returns, but to also uphold superior service levels that are increasingly difficult to sustain amid cost and efficiency pressures. As a standalone client service solutions business, equipped with leading operations talent supported by next-generation technology, Lyra provides scalable, white glove services that investors demand, including pre-trade, onboarding, and post-trade capabilities.

As part of the launch of the new company, Eileen Sivolella has joined Lyra as the Board’s Chair and Independent Director. Most recently, Sivolella served as Managing Director and Global Chief Financial Officer of Advent International, a private equity firm with $90 billion in assets under management, from 2009 until her retirement in 2022. Prior to Advent, she was the Global Chief Financial Officer of Bain Capital and served on the firm’s key committees, including the valuation, operational audit, and compensation committees. Before that, she was a Partner at Deloitte and a founder of its private equity practice in New York.

Scott Kauffman, a Founding Partner and Head of the Investment Team at Motive Partners, commented, “We believe Lyra is a foundational component of private markets in both the institutional and wealth channels. As private market investments continue to grow, alternative asset managers will need to maintain operational excellence and scale using technology. Investments in companies such as Lyra help create a network that makes Motive’s portfolio companies well-positioned to deliver compelling value to asset managers, wealth managers and their clients.”

Stephanie Drescher, Partner and Chief Client & Product Development Officer at Apollo, added, “Investors continue to turn to private markets as they seek excess return per unit of risk and greater diversification than what has historically been offered by traditional portfolio construction. Amid this growing demand, Apollo is committed to ensuring the client experience keeps pace. Lyra is a testament to that commitment, providing a technology-enabled, best-in-class experience for institutional, wealth, and family office investors.”

Neil Cochrane, a Partner on the Investment Team at Motive Partners, added, “The investment in Lyra is another step towards digitizing and scaling private markets. Our goal is to make private market investments as accessible and serviceable as public securities through advancements in technology and specialist operational offerings like Lyra. Technology will empower investors to have greater access to private markets, while Lyra enables asset managers to scale efficiently and effectively. At Motive Partners, we continue to define, and invest in, the next era of wealth and asset management.”

About Motive

Motive Partners is a specialist private equity firm with offices in New York City, London and Berlin, focusing on growth equity and buyout investments in software and information services companies based in North America and Europe and serving five primary subsectors: Banking & Payments, Capital Markets, Data & Analytics, Investment Management and Insurance. Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in financial technology companies. Motive Ventures is the early-stage investment arm of Motive Partners, focused on pre-seed through to Series A financial technology investments in North America and Europe. For more information, please visit www.motivepartners.com

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

For more information, please visit motivepartners.com.

Contact Information
Apollo

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
+1 212 822 0540 | IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
+1 212 822 0491 | Communications@apollo.com

Motive Partners

Britt Zarling
Head of Marketing and Communications
+1 414 526 3107 | Britt.Zarling@motivepartners.com

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American Securities Acquires Integrated Global Services, Inc.

American Securities

American Securities LLC, a leading U.S. private equity firm, today announced that it has closed the acquisition of Integrated Global Services, Inc. (“IGS” or the “Company”) from investment affiliates of J.F. Lehman & Company, LLC. Financial terms of the transaction were not disclosed.

Founded in 1975, IGS is a leading global provider of efficiency and reliability solutions to the industrial, power generation, and energy sectors. Headquartered in Richmond, Virginia, the Company develops, manufactures, and applies a portfolio of proprietary industrial surface enhancement solutions that promote asset integrity, reliability, efficiency, and environmental sustainability. The Company operates in more than 70 countries across six continents, serving over 500 customers globally.

Rich Crawford, President and CEO at IGS, commented: “We are thrilled to partner with American Securities as we continue to build on the significant growth our team has achieved in recent years. Their industry expertise and resources make them the ideal partner, and we look forward to building on our momentum together in this next chapter.”

“We admire the special business that IGS management and employees have built and share Rich’s conviction in the Company’s growth prospects,” said Michael Sand, Managing Director at American Securities. “We look forward to partnering with IGS’s talented team to accelerate adoption of their unique custom solutions.”

Houlihan Lokey served as lead financial advisor to IGS, with Stifel serving as a co-advisor, and Jones Day acting as legal advisor. Harris Williams served as financial advisor, and Kirkland & Ellis acted as legal advisor to American Securities.

About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $23 billion under management. For more information, visit www.american-securities.com.

About Integrated Global Services, Inc.
Headquartered in Virginia, Integrated Global Services, Inc. (IGS) is an international provider of on-site surface protection solutions. With over 35 years of experience helping customers solve metal wastage, reliability, and energy efficiency problems in mission-critical equipment, IGS is an industry leader in the development and application of solutions in challenging operating environments. Learn more at https://integratedglobal.com/ or follow us on LinkedIn, X, YouTube, or Facebook.

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Homecare specialists Medi-Markt and Unizell merge to form Liveo Group

GIMV

The Liveo Group brings a highly capable supplier to the German homecare market specialising in the sophisticated, long-term care of chronically ill or impaired people in their home environment. Mannheim-based Medi-Markt Group and Unizell Medicare GmbH from Bad Schwartau are combining their strengths with the assistance of European private equity company Gimv.

The new Liveo Group’s service offering comprises a broad range of products and services required for domestic care and support such as absorbent or drainage incontinence products, care for stoma patients, care aids, diabetes products and enteral nutrition therapies as well as nursing courses, training and emergency call systems. The Liveo Group will employ over 450 people. The Group operates throughout Germany and will achieve total combined sales revenues of approximately EUR 150 million.  The two merging company groups will retain their existing brand names.

Gimv acquired a majority in Medi-Markt as part of a succession plan in 2018. Since then, it has worked with management to continuously develop its offering and its market position, helping the company to achieve strong growth. The acquisition of the Saxony-based firm mediclean Home Care Service GmbH greatly expanded the supply of medical resources and consumables in the federal states of Eastern Germany and in the nursing sector. Since Gimv came on board the offering for patients has expanded, significant investments were made in digitisation, and sales revenues have jumped by around 70%. Thanks to this strong growth, Gimv has achieved returns above its long-term average targets throughout its entire investment period in Medi-Markt.

Under the more than 30-year leadership of its managing partner Jürgen van der Smissen, Unizell has developed into a successful full-service provider for homecare patients. The expansive, customer-centred portfolio comprises products, training courses, qualifications and personal support.

“The merger improves our performance and enables us to offer innovative digital solutions that make life easier for our customers, for patients, for caregiving relatives and for specialist staff, improving their use of our offerings. This step will make for even better care. Our employees are the key to our success. By combining their knowledge, we are laying a strong foundation for continued growth and development – for our customers, our employees and our shareholders”, explains Dr. Torge Doser, CEO of Medi-Markt and of the new Liveo Group.

This view is shared by Jürgen van der Smissen, Managing Partner of Unizell who will support the group as a significant minority shareholder and advisory board member following the transaction: “I am delighted to see two quality-leading suppliers now coming together whose philosophy centres around customers’ needs and desires and who complement each other perfectly. Together they are forming a group that stands for very similar values and that will be able to shape the homecare market even more actively than before, to everyone’s benefit.”

Philipp v. Hammerstein and Lars Timmer, Partner specialising in healthcare and Senior Principal at Gimv’s Munich office, add: “With Unizell, Medi-Markt has found the perfect fit. The Liveo Group will give even more people greater control over their day-to-day lives while improving the quality, efficiency and cost-effectiveness of their care. We look forward to assisting the Liveo Group with all our energy over the coming years.”

Gimv will hold a majority interest in Liveo and will continue to grow the group with Jürgen van der Smissen. The transaction remains subject to the usual official approval and is expected to be completed in the coming weeks. Upon completion, the Liveo Group will be among Gimv’s five largest portfolio companies.

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Bain Capital Agrees to Acquire Supermarket & Specialty Stores Businesses from Seven & i Holdings

TOKYO, March 6, 2025 – Bain Capital, a leading global private investment firm, today announced that it has signed a definitive agreement to acquire York Holdings’ headquarters and subsidiary management functions, along with its supermarket and specialty store businesses (“SST Business Group”). Bain Capital has also agreed with Seven & i Holdings regarding the absorption-type split and the implementation of a partial reinvestment from Seven & i Holdings.

Established in October 2024 as a wholly owned subsidiary of Seven & i Holdings, York Holdings oversees 29 subsidiaries and affiliated companies, including major supermarket chains Ito-Yokado and York-Benimaru, as well as specialty retailers including Loft, Akachan Honpo, and Seven & i Food Systems (which operates the family restaurant chain Denny’s).

Founded in 1920 in Japan, Ito-Yokado has grown over 100 years under the philosophy of “striving to be a trustworthy company for customers, business partners, employees, and all kinds of stakeholders.” The company has built a reputation for high-quality food offerings, while demonstrating values of supporting the local community and the lives of customers.

York-Benimaru has a strong presence in the Tohoku and northern Kanto regions, operating community-focused supermarkets that provide fresh and ready-to-eat foods, daily necessities, home supplies, and clothing.

In addition to its supermarket operation, York Holdings manages specialty retailers such as Loft and Akachan Honpo, as well as restaurant chain Denny’s. As an integrated retailer that enriches customers’ daily lives through clothing, food, and housing, York Holdings is a leading force in the retail and consumer goods industry.

“SST Business Group is one of Japan’s leading companies in the industry, centered around businesses such as Ito-Yokado, which has a history of over 100 years; York-Benimaru, loved by locals as the community’s kitchen; as well as Loft, Akachan Honpo, and Denny’s, that together as a comprehensive retail enterprise, support our daily lives,” said Naofumi Nishi, a Partner at Bain Capital Private Equity. “We are delighted to have the opportunity to partner with such a remarkable Group and further support its growth. Bain Capital will work closely with the Group, leveraging our expertise in supporting retail and consumer goods companies both globally and locally in Japan, to bolster the company’s continued growth. In addition, we will work closely with our in-house real estate specialist team to provide comprehensive support to maximize the value of the group-operated facilities by taking on initiatives such as attracting the best tenants to these facilities.”

Bain Capital has extensive experience supporting businesses in the retail and consumer goods sectors, including drugstore chains such as Kirindo and Dollarama (a dollar store operator in Canada), as well as brand and specialty retailers such as MASH Holdings, Snow Peak, and Canada Goose. Drawing on investment insights that Bain Capital has cultivated in this sector, Bain Capital will support SST Business Group in further strengthening its operational base and accelerating its medium-to long-term business growth, in partnership with the management and employees.

On this transaction, Bain Capital’s financial advisors include BNP Paribas (as the lead), along with Citigroup Global Markets Japan Inc., and Mizuho Securities Co., Ltd. Legal advisors include Anderson Mori & Tomotsune and Ropes & Gray LLP.

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About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management.

To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

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Hassana Investment Company and Warburg Pincus Sign MoU to Explore Investment Opportunities in Saudi Arabia

Warburg Pincus logo

Riyadh /New York 5 March 2025 –- Hassana Investment Company and Warburg Pincus, the pioneer of private equity global growth investing, have signed a Memorandum of Understanding (“MoU”) to strengthen the firms’ strategic partnership and collaborate on investment opportunities within the Kingdom of Saudi Arabia.

On the sidelines of a roundtable discussion that was held at the Ministry of Investment, in the presence of His Excellency the Assistant Minister, Eng. Ibrahim Almubarak, the MoU was signed by Mr. Ahmed W. Alqahtani, CIO of Regional Markets at Hassana, and Mr. Jeffrey Perlman, CEO, Warburg Pincus.

The partnership between Hassana and Warburg Pincus reinforces their mutual commitment to identifying and investing in high-growth sectors across different asset classes. Through this collaboration, both firms will leverage their respective expertise to explore and execute investment opportunities that contribute to the Kingdom’s long-term economic growth.

As one of the region’s most active institutional investors, Hassana is dedicated to creating long-term value and delivering the best outcomes across asset classes and geographies. Warburg Pincus, with its nearly 60-year track record of delivering consistent returns to investors, has remained focused on disciplined investing, diversification and investing in global, growth-oriented businesses. Both institutions will bring strategic insights and access to high-quality investment opportunities.

Commenting on the partnership, Hani Al-Jehani, Chief of Investment Officer – International Markets, Hassana Investment Company, stated: “Our relationship with Warburg Pincus in international markets is a decade long partnership and we look forward to extending the partnership to consider potential opportunities in the Kingdom of Saudi Arabia. Warburg Pincus has deep expertise in several domains that align with the economic goals of the Kingdom and is entrusted by LPs globally to manage their assets.”

He added: “At Hassana, we look forward to expanding our cooperation to explore potential investment opportunities in the Kingdom, as it is witnessing economic transformations that reflect the objectives of Saudi Vision 2030, contributing to creating an attractive investment environment for local and international investors.”

Jeffrey Perlman, Chief Executive Officer, Warburg Pincus, added: “We see incredible investing opportunities in the Middle East. This agreement reflects our shared commitment to support growth in the Kingdom of Saudi Arabia. Partnering with Hassana deepens our relationships in the region and allows us to identify strong investment opportunities and management teams looking for their next chapter of growth.”

-Ends-

About Hassana Investment Company

Hassana Investment Company is the investment manager of the General Organization Social Insurance in Saudi Arabia. Hassana manages one of the largest pension funds in the world with over SAR1.2 trillion Saudi riyals (300 billion US dollars) of assets under management.

Hassana’s investment strategy focuses on long-term growth and uses a comprehensive approach to asset management, aiming to secure the future retirement pensions of Saudi generations.

To learn more, please visit: www.Hassana.com.sa

About Warburg Pincus
Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $86 billion in assets under management, and more than 230 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

For media inquiries, please contact:

Kerrie Cohen | Managing Director, Global Head of Communications & Marketing, Warburg Pincus

kerrie.cohen@warburgpincus.com

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Darwinbox Raises $140 Million Investment Co-led by Partners Group and KKR to Accelerate Global Expansion

KKR

HYDERABAD, India–(BUSINESS WIRE)– Darwinbox, a leading global human resource (“HR”) technology platform, today announced the signing of definitive agreements under which Partners Group, one of the largest firms in the global private markets industry (acting on behalf of its clients), and funds managed by KKR, a leading global investment firm, will co-lead an investment of $140 million in the company, with additional participation from Gravity Holdings. The addition of Partners Group and KKR to an already-solid cap-table underscores Darwinbox’s strong momentum over the recent years. The investment positions Darwinbox well to deepen its technology leadership and accelerate its international expansion plans.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250304817935/en/

Founded in 2015, Darwinbox is a mobile-first and AI-enabled human capital management platform that serves more than 1,000 enterprises around the world. In less than a decade, Darwinbox has expanded internationally across multiple markets, including Asia Pacific, the Middle East, the United Kingdom, and the United States. In particular, since its entry into North America two years ago, the company has seen significant traction and is doubling down on its regional presence. Over the last two years, Darwinbox has built a robust and diversified global portfolio, having achieved a fivefold growth in revenue in international markets, with over 60% of new revenue coming from international markets.

In 2024, Darwinbox was recognized as a Challenger in the Gartner Magic Quadrant for Cloud HCM Suites for enterprises with more than 1,000 employees, making it the youngest and only Asian company to receive the accolade.

“This investment is a testament to Darwinbox’s strong fundamentals and the trust we have earned from our 1,000+ global customer base,” said Jayant Paleti, Co‐founder of Darwinbox. “By placing the employee experience front and center — and ensuring our platform is deeply configurable to diverse local needs — we have helped transform HR for enterprises globally. With top-tier investors backing us, we’re poised to amplify our global momentum and deliver innovative AI‐powered solutions for thousands of enterprises worldwide.”

Cyrus Driver, Managing Director, Private Equity, Partners Group, comments, “Darwinbox operates in the rapidly growing HR tech market, which we have been tracking through our thematic research. The company is acting as a key disruptor to legacy platforms in this space, investing heavily in product innovation, generative AI, and global expansion, and is well positioned to take market share. We look forward to working with Darwinbox’s talented management team on driving future growth. The company represents another exciting addition to our private equity growth portfolio.”

Akshay Tanna, Partner and Head of India Private Equity, KKR, said, “Darwinbox has established itself as a leading player in the human capital management space in a short span of time through its focus on innovation and customer centricity. We are pleased to support Darwinbox on its next stage of growth and will look to draw from our global network and expertise to accelerate its international expansion ambitions.”

Globally, over 3 million employees from leading brands — including Starbucks, Nivea, AXA, Cigna, WeWork, Crisil (an S&P company), T-Systems, and more — rely on Darwinbox’s platform for modern HR management. Darwinbox’s recent wave of product rollouts — highlighted by a multi-country payroll solution and enhanced GenAI features — demonstrates its commitment to next-generation HR innovation.

Partners Group invests through its growth equity strategy, which applies a thematic approach to identify investment opportunities in growth-stage companies globally. Partners Group made its first growth investment in 2013 and has deployed around $2.5 billion in the space to-date. The firm’s recent growth investments include Lumin Digital, a leading cloud-native digital banking provider, and Neara, one of the first AI-powered predictive modeling software platforms for critical infrastructure.

KKR makes its investment from its Asia Next Generation Technology strategy, which seeks to support the growth of innovative, disruptive companies in Asia across consumer technology, software, and FinTech. This marks KKR’s latest growth equity investment in India and the region, including Rebel Foods, an internet restaurant company in India; Lenskart, an omni-channel eyewear retailer; Livspace, an omni-channel home interior and renovation platform; KiotViet, a SaaS platform for SMBs in Vietnam; and Privy, a digital trust provider in Indonesia.

Avendus Capital acted as the financial advisor and investment banker on this transaction.

About Darwinbox

Founded in 2015, Darwinbox is a global HR tech leader that empowers enterprises to better manage their talent with new-age employee experiences and disruptive AI-powered technology. Its cloud-based Human Capital Management (HCM) software caters to an organisation’s HR needs across the entire employee lifecycle. Darwinbox is trusted by over 3 million employees from more than 1000 enterprises across 130 countries. Darwinbox has been backed by global investors like TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed and Endiya Partners among others.

About Partners Group

Partners Group is one of the largest firms in the global private markets industry, with around 1’800 professionals and over USD 150 billion in assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to build businesses and assets into market leaders. For more information, please visit www.partnersgroup.com or follow us on LinkedIn.

About KKR

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

About Gravity Holdings

Gravity Holdings is a technology growth equity firm. Gravity invests in technology businesses whose persistent competitive advantages support unusually high growth and cash generation over the long term. Gravity leverages its global network to unlock bespoke growth opportunities for the firm’s small handful of partnerships. For further information please visit www.gravityholdings.com.

Media Contacts

For more information, please contact:

For Darwinbox
Rishita Chiranewala
Rishita.Chiranewala@darwinbox.in

For Partners Group
Henry Weston
Henry.Weston@partnersgroup.com

For KKR Asia Pacific
Wei Jun Ong
WeiJun.Ong@kkr.com

Source: KKR & Co. Inc.

 

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Cottonwood Technology Fund announces a first close on its fourth fund

March 5, 2025. Santa Fe/Denver USA; Enschede The Netherlands. Cottonwood Technology Fund announces a first close on its fourth investment fund, Cottonwood Technology Fund IV. Fund IV continues Cottonwood’s commitment to the hard tech investment space, where it has established itself as uniquely willing to support disruptive hard tech innovation at the earliest stages. Fund IV, like Fund III, targets $80 million as the right size to target a diversified portfolio of early-stage, IP-driven Business-to-Business startups that specialize in hardware technologies across deep-tech industries that have the potential to establish a new industry standard.

Fund IV will continue Cottonwood’s strategic focus on innovation-driven regions lacking adequate capital at the early stages to support hard tech start-ups properly. Specifically, Cottonwood focuses on the Southwest United States and Northwest Europe, both of which are known for their strong hard tech ecosystems. With previous funds backing groundbreaking technologies in sectors like advanced materials, nanotechnology, micro- and nano-electronics, quantum, photonics, medical technology and clean energy; Cottonwood aims to seed and support startups that are tackling some of the world’s most pressing challenges.

Cottonwood Technology Fund, began making investments in 2010.  Dave Blivin, founder and managing partner, says: “The shift of traditional venture firms to software technologies over the last 15 years leaves a large gap for hard tech support, particularly at the earliest stages. Yet this is where the greatest opportunity lies for long-term disruptive impact. These companies take longer to grow and exit so we appreciate the patient support of our current investors.” These include Caterpillar Ventures, The Merrion Oil & Gas Family, Dutch regional investor NOM, Netherlands Enterprise Agency (RVO), and over 20 other entrepreneurs and family offices who backed our first close of $25 million of our venture fund.

By providing crucial early-stage funding, Cottonwood Technology Fund is well-positioned to support the next wave of disruptive startups. “There is equally disruptive innovation in northwest Europe with an even greater need for seed stage capital than the US.” says Alain le Loux, a General Partner of the fund and leading the European activities. “More than 10 years after opening our office in the Netherlands, we see strong advantages of a venture capital fund active on two continents. We bring technologies from the United States to Europe and vice versa. All our investments have been focused on global growth from the start, creating an economic and sustainable impact and contributing to a better world.”

Cottonwood is recently joined by Lee Rand, a seasoned venture investor and successful entrepreneur. Lee Rand: “Having worked with the Cottonwood team for over more than a decade, it’s an honor to join their team and support Cottonwood’s vision to be a sustainable capital source for disruptive innovation well into the future.”

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About Cottonwood Technology Fund
Cottonwood Technology Fund is a top-decile performing early-stage venture capital fund. Its focus is on hard science and deep tech, providing (pre-)seed and early-stage funding to IP-driven companies. Cottonwood makes impact investments in Key Enabling Technologies such as Photonics, Micro- and nanoelectronics, Advanced Materials, Nanotechnology, Medical Technology, Climate Tech, Advanced Manufacturing, and Robotics. Cottonwood focuses on startups from Northwest Europe and Southwest USA, regions with numerous national laboratories, research universities, and research centers.

Current and prior investments include Skorpios Technologies, Sarcos Robotics (NASDAQ: PDYN), BayoTech, Sencure, Infinitum Electric, Flexiramics, Armonica Technologies, SoundEnergy, Circular Genomics, Green Theme Technologies, Orange Quantum Systems and Q*Bird.
For more information, please visit our website: www.cottonwood.vc

Press contact USA
Dave Blivin
E-mail: dave@cottonwood.vc
Telephone: +1 505 412 8537

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KKR to Sell Seiyu to Trial Holdings

KKR

Transaction marks significant outcome for KKR and poises Seiyu for further success

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, and Seiyu, a nationwide supermarket chain in Japan, today announced the signing of definitive agreements to sell Seiyu (the “Company”) to Trial Holdings, Inc. (TSE stock code 141A; “Trial”), a distribution and retail business operator in Japan that operates a network of stores offering “everyday essentials” in Kyushu. This transaction represents a significant outcome for KKR and follows transformational work that positions Seiyu strongly for continued success.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250304329234/en/

KKR first acquired a 65% majority stake in Seiyu from Walmart in 2021, before acquiring an additional 20% stake from Rakuten in 2023, taking KKR’s shareholding to 85%. As part of the transaction, Walmart will also sell its 15% stake to Trial.

As committed investors in Seiyu, KKR and Walmart have collaborated closely to support Seiyu’s growth by focusing on improving operational efficiency, product quality and selection, profitability, and productivity through technology adoption. Since 2021, Seiyu has benefited from a range of value creation efforts, such as:

  • Improving the quality and selection of products, especially for fresh produce, delicatessen, and Seiyu’s popular in-house brands, which are all major revenue drivers for Seiyu;
  • Developing standard operational processes and adopting technological solutions, such as self-checkout and automatic restocking systems, to aid workers, leading to solid man-hour productivity increases;
  • Transforming Seiyu from a traditional General Merchandise Store (GMS) into a “supermarket” by optimizing its product assortment and distribution strategies; and
  • Accelerating Seiyu’s digital transformation to enable superior customer experience, including through strengthening and modernizing its IT infrastructure.

Hiro Hirano, Deputy Executive Chairman of KKR Asia Pacific and CEO of KKR Japan, said, “We are incredibly proud of what we have achieved with Seiyu and our strategic partners Walmart and Rakuten over the course of our ownership, and how this has delivered tremendously for Seiyu’s customers and our investors. Seiyu serves as an outstanding example of how global investors with deep local knowledge, global connectivity and know-how can help iconic Japanese brands and local champions unlock their full potential. We are confident that Seiyu is well-placed to build on its achievements and wish the company and Trial continued success.”

Tsuneo Okubo, CEO of Seiyu, said, “We would like to thank our longstanding shareholders, including KKR and Walmart, for their support, which has enabled us to create substantial value for our customers and business. Over the past few years, we have leveled up our merchandising strategies and in-store operational capabilities while reinvesting in our stores, employees, and IT capabilities as part of our transformation. We now look forward to building on this success with the support of our new shareholder Trial in Seiyu’s next chapter.”

KKR made its investments in Seiyu from its Asian Fund IV. The transaction is expected to close in the second quarter of 2025, subject to regulatory and customary closing conditions.

About Seiyu
Established in 1963, Seiyu is a nationwide supermarket chain in Japan with more than 240 retail units. Through its supermarket and hypermarket formats and Seiyu Netsuper delivery service, Seiyu offers customers a broad assortment including fresh food, general merchandise, and apparel products across Japan.

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

For more information, please contact:

Media Inquiries

For Seiyu
Corporate Communications, Corporate Planning
+81 4222 68 7102

For KKR
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

For Walmart
Rachael Simmons
Rachael.simmons@walmart.com

Source: KKR & Co. Inc.

 

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ITE Management Announces Strategic Investment by Blackstone and Launch of Financing Partnership

Blackstone

NEW YORK – March 5, 2025 – ITE Management, L.P. (“ITE”), a leading alternative asset manager focused on transportation infrastructure, announced today a strategic minority investment from funds managed by Blackstone Credit & Insurance (“BXCI”). The investment and strategic partnership enable ITE and BXCI to collaborate and enhance ITE’s leadership position amidst a growing opportunity set within the transportation infrastructure sector.

BXCI and ITE also launched a strategic forward flow partnership, with BXCI targeting to provide ITE with up to $2 billion of capital for investments and financing over the initial phase of partnership. ITE, with over $10 billion in assets and over 70 investment and operating professionals, focuses on asset-backed investments, primarily in the transportation infrastructure sector, most notably: rail, intermodal, specialty aviation, port and infrastructure equipment, and electric vehicles.

“This investment and partnership with Blackstone is recognition of ITE’s leading position in transportation infrastructure finance and the growing opportunity set within the sector,” said Jason Koenig, Co-Founder of ITE. “Our firm will benefit from Blackstone’s debt and equity financing as well as its expansive global network.”

“ITE is a respected leader in the transportation infrastructure space, where they own, operate, and finance critical assets that support key segments of the U.S. economy,” said Robert Horn, Global Head of Infrastructure & Asset Based Credit at BXCI. “We are excited to partner with ITE on large scale transportation infrastructure investment opportunities across the capital structure and return spectrum.”

BXCI’s Infrastructure and Asset Based Credit platform manages over $90 billion and has over 70 investment professionals, among the largest in the asset-backed marketplace. The platform is focused on providing investment grade credit, non-investment grade credit, and structured investments across the real economy in sectors such as digital infrastructure, energy transition infrastructure, consumer finance, commercial finance, and residential real estate.

Transaction proceeds will be directed towards growing existing ITE products and funding growth initiatives, including new products and platforms. ITE will continue to operate independently under the ongoing leadership of Co-Founders Jason Koenig and David Smilow.

Advisors
Goldman Sachs & Co. LLC is acting as the exclusive financial advisor to ITE and Weil, Gotshal & Manges is acting as legal advisor to ITE. Guggenheim Securities, LLC is acting as financial advisor and Kirland & Ellis is acting as legal advisor to Blackstone.

Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

About ITE Management L.P.
ITE Management L.P. (“ITE”) is a privately held, SEC-registered, alternative investment firm focused on transportation infrastructure. We seek to generate stable risk-adjusted returns for investors through a highly diversified portfolio of critical, income-generating transportation assets. ITE’s investment process is built on its deep operational expertise within the industry, access to extensive data, and focus on portfolio construction.  Founded in 2012, ITE is headquartered in New York and manages over $10B in asset value.

Blackstone
Thomas Clements
Thomas.Clements@blackstone.com
(646) 482-6088

ITE Management
Matt Liszt
mliszt@itemgmt.com
(212) 220-5802, extension #4

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First Intuition acquires three more franchises

We are pleased to announce that First Intuition has acquired it’s Cambridge, Leeds and Chelmsford franchises, bringing the number of franchises acquired to six and increasing its learner base by c.3,800 students.

 

First Intuition is an award-winning professional education provider with expert tutors and exceptional pass rates. It offers a full range of accountancy training pathways leading to qualifications and membership of the four main accounting bodies: AAT, CIMA, ACCA and ICAEW.

 

“First Intuition has been steadily consolidating its position as a market leader in professional education,” said Jess French, Apiary Investment Director. “We look forward to supporting the management team as they continue to deliver impressive growth in their business.”

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