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Carlyle provides strategic capital for Jordanes

Carlyle

Oslo, Norway, 06 January 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a strategic capital package of NOK 2,750 million ($250 million) to Jordanes ASA (“Jordanes”), one of Norway’s leading brand houses. The financing will be used to finance a management buyout of Jordanes, led by co-founders Jan Bodd and Stig Sunde, as well as refinance the company’s existing indebtedness and fund its future growth.

Jordanes is an established Scandinavian brand house, focused on everyday products and services, with a diverse portfolio including more than 20 brands, spanning across foods, fitness and beauty, casual dining, as well as international brands. Since its inception in 2007, the company has continued to expand its portfolio to include iconic regional brands such as Sørlandschips, Synnøve, Peppes Pizza and Bodylab.

This strategic investment, led by Carlyle Credit Opportunities, will further consolidate the ownership of Jordanes’ co-founders, strengthen the company’s financial foundation by refinancing and extending certain existing indebtedness, and provide additional growth capital to accelerate Jordanes’ ongoing expansion through both organic growth and M&A.

Taj Sidhu, Head of European and Asian Private Credit at Carlyle, said: “We are delighted to provide this strategic capital package to Jordanes, and support the company’s ambition to continue expanding its well-diversified suite of iconic Nordic brands, which benefit from high levels of brand loyalty among its regional customer base. The transaction demonstrates our ability to provide flexible capital solutions for strong entrepreneur-owned businesses to accelerate their growth trajectory.”

Jan Bodd and Stig Sunde, Co-founders of Jordanes, said: “We are grateful for the support of Carlyle, which enables Jordanes to continue driving growth through its unique consumer offering and diversified portfolio of “local champion” brands. This transaction marks a significant milestone in Jordanes’ growth journey.”

This transaction follows the final close of the third Carlyle Credit Opportunities Fund (“CCOF III”) in December 2024, with $7.1 billion in investable capital.

Carlyle’s Global Credit platform manages $194 billion in assets under management, as of September 30, 2024. It regularly pursues investments in privately negotiated debt and capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies.

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Jordanes

Jordanes was founded in 2007 by Jan Bodd and Stig Sunde and is today an established Scandinavian brand house focusing on everyday products and services. Jordanes owns and operates a diverse portfolio of iconic brands, including Synnøve, Sørlandschips, Peppes Pizza, Bodylab, and Backstube. In 2023, the Group had Revenue of NOK 6,466 million, approximately 2,700 employees, and 9 factories across Scandinavia.

 

Media contacts:

Carlyle:

Charlie Bristow

Tel: +44 (0) 7384 513568

Email: charlie.bristow@carlyle.com

 

Jordanes: 

Nikolai Steinfjell (CFO)

Tel: +47 975 44 712

Email: nikolai.steinfjell@jordanes.no

 

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NextDecade Announces $175 Million Senior Secured Loan

Fsn Capital

Proceeds Will be Used to Repay Existing $50 Million Revolving Credit Facility and $12.5 Million Interest Term Loan and for Working Capital and General Corporate Purposes

HOUSTON–(BUSINESS WIRE) –January 6, 2025– NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that its wholly owned subsidiary, Rio Grande LNG Super Holdings, LLC, has entered into a credit agreement with General Atlantic Credit’s (“GA Credit”) Atlantic Park Fund that provides for a $175 million senior secured loan (the “Senior Loan”).

Proceeds from the Senior Loan were disbursed at closing on December 31, and net proceeds, after fees and related transaction expenses, will be used to repay outstanding borrowings under the Company’s existing $50 million revolving credit facility and $12.5 million interest term loan, and to fund working capital and general corporate purposes, including development expenses for expansion trains 4 and 5 at the Rio Grande LNG Facility.

The Senior Loan matures six years from the closing date. Borrowings under the Senior Loan bear interest at 12.0%, with interest payable quarterly. Interest may be paid in-kind for the first two years after the closing date and then up to 50% paid in-kind thereafter.

On the closing date, NextDecade issued to GA Credit approximately 7.16 million warrants. The warrants are each exercisable for one share of NextDecade common stock at the option of GA Credit, and are exercisable for five years after the closing date. 50% of the warrants are exercisable at $7.15 per share, which represents the 30-day volume weighted average trading price for the 30 trading-day period immediately preceding the closing date, and the remaining 50% of the warrants are exercisable at $9.30 per share.

Santander acted as exclusive financial advisor and Latham & Watkins LLP acted as legal advisor to NextDecade. Akin Gump Strauss Hauer & Feld LLP and Baker Botts L.L.P. acted as legal advisors to GA Credit.

About NextDecade Corporation

NextDecade Corporation is an energy company accelerating the path to a net-zero future. Leading innovation in more sustainable LNG and carbon capture solutions, NextDecade is committed to providing the world access to cleaner energy. Through our subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are developing a 27 MTPA LNG export facility in South Texas along with one of the largest proposed carbon capture and storage projects in North America. We are also working with third-party customers around the world to deploy our proprietary processes to lower the cost of carbon capture and storage and reduce CO2 emissions at their industrial-scale facilities. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.

About General Atlantic Credit

General Atlantic Credit (“GA Credit”) is the dedicated credit investment platform within General Atlantic, a leading global growth investor. GA Credit leverages a demonstrated track record of strategic credit partnerships across market cycles and capital structures alongside General Atlantic’s more than 40 years of domain expertise and company-building capabilities. GA Credit’s Atlantic Park strategy provides flexible capital to high-quality companies seeking a strategic partner at various stages of the corporate and economic lifecycle. This partnership approach enables Atlantic Park to create customized capital solutions tailored to a company’s specific capital needs. General Atlantic manages approximately $100 billion in assets under management, inclusive of all strategies, as of October 1, 2024, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” “forecast,” and “target,” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in NextDecade’s periodic reports that are filed with and available from the Securities and Exchange Commission. Additionally, any development of subsequent trains at the Rio Grande LNG Facility or CCS projects remains contingent upon execution of definitive commercial and financing agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.

Contacts

NextDecade

Investors
Megan Light
mlight@next-decade.com
832-981-6583

Media
Susan Richardson
srichardson@next-decade.com
832-413-6400

General Atlantic
Emily Japlon / Sara Widmann
media@generalatlantic.comRe

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Fueling the Future: Announcing our VIII Fund for India’s Boldest Founders

Accel

Fueling the Future: Announcing our VIII Fund for India’s Boldest Founders

Sixteen years ago, Accel embarked on a journey to partner with visionary founders across India—continuing the firm’s decades-long history of partnering with founders on a global scale. Today, we are announcing our eighth early-stage fund, a $650 million commitment to empower the next generation of category-defining startups; companies that will set new benchmarks in innovation and aim to transform industries. This fund underscores our belief in the secular India growth story and the transformative power of bold ideas, innovative technology, and founders who truly understand their markets.

The startup ecosystem in India has reached a critical inflection point. India’s GDP is expected to be approximately $8tn over the next decade, fueled by rising incomes, digital adoption, and sustained investments in public infrastructure. This growth opens new doors for entrepreneurs to build solutions with global relevance while addressing local challenges—and we can’t wait to meet them.

With Fund VIII, we aim to back founders operating in:

  • Artificial Intelligence: Enterprise AI (Platforms that enable enterprise AI use cases using agentic technologies, LLMs and SLMs), Services as Software (AI startups taking advantage of India’s large IT services capabilities to provide better automation offerings), Vertical AI (Startups taking advantage of India’s large AI talent pool to integrate AI in vertical specific use cases).
  • Consumer: Bharat (Startups catering to the top 30% of households in India’s tier 2+ regions), India Native (Startups catering to the increasing demand by Indian consumers for higher service levels), and Aspirational Brands (Startups aiming to capitalize on the increasing discretionary spending of India’s consumption-first Gen Z demographic).
  • Fintech: Wealth Management (Startups catering to affluent consumers seeking personalized wealth advisory services through digital channels), Fintech Infrastructure (Startups bringing banks and fintechs together to enable best-in-class digital experiences for consumers and businesses), and Digital Distribution (Startups acceleratingthe distribution of financial products by leveraging India’s digital public infrastructure)
  • Manufacturing: India To Global (Startups catering to global demand for diversified supply chains), India Native (Startups focused on high-quality production and IP-driven, value-added manufacturing), and Industry 5.0 (Next-gen digital technologies transforming every factory floor leading to more efficient operations, higher-quality output, and sustainability)

India’s benchmark equity index Nifty 50 has tripled over the past decade, and public markets are embracing technology-led businesses. Companies like BlackBuck and Swiggy, where Accel was an early backer, are recent examples of creative and relentless founders and what’s possible when innovation meets execution.

While venture-backed companies currently represent less than 5% of India’s market capitalization, the opportunity ahead has never been bigger. With strong public and private markets, founders today have a once-in-a-generation chance to build transformative businesses that shape the economic landscape.

What excites us about the future is how we can closely collaborate with founders to realize their vision. Over the past 16 years, we’ve supported companies that have reimagined industries—from e-commerce and SaaS to manufacturing and logistics. With our early partnerships in companies like Acko, BlackBuck, BrowserStack, Flipkart, Freshworks, Swiggy, UrbanCompany, and Zetwerk, we’ve had the privilege of watching them grow into category leaders.

Beyond investment, some of our key initiatives, which reflect our commitment to making the founder’s journey as frictionless as possible while fueling the growth of the broader ecosystem, are:

  • SeedToScale: An open-source platform delivering company-building insights from successful founders, operators, and industry leaders.
  • Accel Atoms: Our early-stage scaling program, now in its fourth iteration, has supported 36 startups that have collectively raised over $200 million.

As we embark on this next chapter with Fund VIII, we are grateful for the trust of our founders, LPs, and the broader ecosystem. The opportunities ahead are as vast as the ambition of the founders we back.
‍

— The Partners at Accel

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Digital Edge DC raises over US$1.6 billion in new equity and debt capital to fund continued platform expansion

Stonepeak

SINGAPORE, 6 January 2025 – Digital Edge (Singapore) Holdings Pte Ltd. (“Digital Edge”), a leading developer and operator of interconnection and hyperscale edge data centers across Asia and portfolio company of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced it has raised over US$1.6 billion in new capital through a combination of equity and debt financing to fuel its next phase of growth.

The capital raise includes approximately $640 million of equity investment from both existing and new investors as well as $1 billion of total debt financing across multiple campus expansions. The equity raise was significantly oversubscribed, and welcomes some of the world’s largest institutional investors and sovereign wealth funds as new co-investors.

The growth capital will accelerate Digital Edge’s expansion to meet the increasing and nuanced cloud and AI demands of its customers across the region. Digital Edge was established in early 2020 and now owns and operates 21 data centers with over 500 MW of critical IT load in service and under construction and development, with another 300 MW held for future development, across strategic locations in Japan, Korea, India, Malaysia, Indonesia, and the Philippines.

This past October, Digital Edge opened its third data center in Korea, known as SEL2. The 36MW SEL2 facility is the first building in its 100MW Incheon campus in Seoul. This followed the expansion of Digital Edge’s Jakarta footprint with the opening of its 23MW EDGE2 facility earlier in the year. Looking forward, Digital Edge is set to open the first facility in its 300MW campus in Navi Mumbai in Q2 of 2025, as well as a hyperscale edge facility in downtown Tokyo known as TY07, its ninth data center facility in Japan.

“The level of interest received from existing and new investors is testament to Digital Edge’s proven track record, expansion capacity, and relentless focus on delivering for our customers across the Asia Pacific region,” said Andrew Thomas, Chairman of Digital Edge and a Senior Managing Director at Stonepeak. “Since making the founding investment in Digital Edge in 2020, Stonepeak has been proud to support the platform’s expansion into six countries and a truly pan-APAC footprint.”

Samuel Lee, Chief Executive Officer of Digital Edge commented, “This is a major milestone for Digital Edge and an affirmation of the quality of this platform and our team. We are very proud of what we have achieved and are excited to deliver on the next phase of AI-ready data center developments.”

“We would like to thank our investors and financing partners for their continued support and confidence in Digital Edge’s strategy,” said John Freeman, President of Digital Edge. “This efficient and flexible funding will accelerate the continued execution of our vision, enabling us to further build-out our digital infrastructure to better meet our customers’ cloud, AI, and interconnection requirements.”

About Digital Edge

Headquartered in Singapore, Digital Edge is a trusted and forward-looking data center platform company, established to transform digital infrastructure in Asia. Through building and operating state-of-the-art, energy-efficient data centers rich with connectivity options, Digital Edge aims to bring new colocation and interconnect options to the Asian market, making infrastructure deployment in the region easy, efficient and economical.

Backed by leading alternative investment firm Stonepeak, Digital Edge has established itself as a market-leading pan-Asia data center platform. The company provides data center and fiber services across Asia, with a presence in Japan, Korea, India, Malaysia, Indonesia and the Philippines. You can visit the company’s website at www.digitaledgedc.com.

Media Contacts

Digital Edge
Dina Yang, Associate Director Corporate Communications
dina.yang@digitaledgedc.com
+82 10 9874 2655

Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

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Bart Price appointed Chief Executive Officer of Lendlease-Warburg Pincus life sciences, R&D and innovation joint venture

Warburg Pincus logo

The JV platform, with S$2 billion of assets under management, aims to capitalize on the attractive opportunities in APAC’s life sciences, R&D and innovation sector

Singapore, January 2, 2025 – Warburg Pincus and Lendlease are pleased to announce the appointment of Bart Price as Chief Executive Officer (CEO) of their life sciences, R&D and innovation real estate joint venture platform, effective immediately. Bart, who is based in Singapore, will oversee the platform’s strategic growth plans, identifying opportunities to further scale the platform and generate outsized returns for its investment partners.

Bart brings with him extensive experience and wide-spanning industry relationships, built over his two decades of career experience in real estate / infrastructure investments and capital markets across multiple markets in Asia Pacific. Prior to this appointment, Bart was most recently Head of Growth Markets Real Assets at the Abu Dhabi Investment Council (ADIC), where he oversaw Asia Pacific real estate and Asia Pacific / Latin American infrastructure.  Prior to joining ADIC, he held the position of Senior Vice President for Real Estate Investments covering Asia Pacific at GIC for six years.

Established in July 2024, the joint venture between Warburg Pincus, a pioneer of global growth investing, and Lendlease, a market-leading Australian integrated real estate group, is the industry-leading life sciences, R&D and innovation real estate platform in the Asia Pacific with over S$2 billion of assets under management. The platform, alongside its managed investment vehicle LINO, acquired a ~S$1.6b portfolio of assets in Singapore in August 2024, marking one of the largest private portfolio transactions for industrial assets in the country.

As the largest pan Asia Pacific pure-play real estate investment platform for life sciences, R&D and innovation, the platform is well-positioned to capture the strong growth of the sector in the region. It combines a high barrier-to-entry life sciences project and construction management business, with a specialized investment management business backed by sophisticated institutional investors. Leveraging the proven track records and extensive network of resources and relationships of both Warburg Pincus and Lendlease, the platform is committed to generating high-performance returns for its investors.

Bart Price, CEO of the life sciences, R&D and innovation real estate joint venture said,“It is a privilege to be appointed as CEO of Asia Pacific’s industry-leading life sciences, R&D and innovation real estate platform. The platform has deep relationships and a differentiated capability in the sector, with the platform (through its prior history within Lendlease) having worked on more than 200 projects for over 100 life sciences and pharmaceutical companies over the past 20 years. In addition, the platform’s investment management business has delivered strong returns for its investors.

“The Asia Pacific life sciences and R&D industry is gaining significant momentum, underpinned by multiple tailwinds such as demographic shifts, increasing healthcare demand, growing wealth, supply chain realignment and strong government support driving robust demand for facilities. I believe there are tremendous opportunities to grow the platform and deliver outsized returns to investors. I look forward to working with the team to execute on our strategy, as we build on the solid foundation established by Lendlease and Warburg Pincus.”

Justin Gabbani, CEO, Investment Management, Lendlease said,“I am pleased to welcome Bart as CEO, following a comprehensive search.  Bart has over 20 years of experience and leadership in real estate, having led real asset transactions valued at more than US$20b across multiple markets in Asia Pacific and across multiple formats. His expertise in the region and deep understanding of real estate are invaluable as we look to build momentum and further scale the business.”

Takashi Murata, Managing Director, Co-Head of Asia Real Estate and Head of Japan at Warburg Pincus said,”We are excited to have Bart to spearhead our joint venture with Lendlease. Bart’s wealth of experience and proven track record in the industry, make him the ideal leader to drive the joint venture’s growth. His strategic vision and leadership will be instrumental in advancing our commitment to building a leading real estate platform in Asia Pacific to focus on life sciences, R&D and innovation, and delivering exceptional value to our stakeholders. We look forward to a successful partnership ahead.”

About Lendlease

Lendlease is a market-leading Australian integrated real estate group. Headquartered in Sydney, we are listed on the Australian Securities Exchange. Our core capabilities are reflected in our operating segments of Investments, Development and Construction. The combination of these three segments provides us with a sustainable competitive advantage in delivering innovative integrated solutions for our customers. For more information, please visit: www.lendlease.com

About Warburg Pincus

Warburg Pincus LLC is the pioneer of 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.

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Categories: People

Spectrum Equity Announces 2025 New Year Team Promotions

Spectrum Equity

Boston, San Francisco, and London, December 31, 2024 – Spectrum Equity is thrilled to ring in the new year with a round of well-deserved team promotions.

Three members of our investment team have been promoted to the role of Principal: Emily Calkins, Kevan Olander, and Annaliesa Routh. Two additional members of our team have also been promoted – Chanel Andre to Director, Talent, and Johnathon Broekhuizen to Director of IT Services.

Emily Calkins to Principal

Emily joined Spectrum in August 2021 as a Vice President from Stanford’s Graduate School of Business. Since joining Spectrum, Emily has dedicated extraordinary energy and creativity to our origination efforts, developing substantive relationships with our future portfolio leaders, acting as a key member of our deal team, and creating value across the portfolio through her ongoing support of companies like SponsorUnited, Litmus, Presence and Prezi. Emily also plays a pivotal role mentoring members of our investment team, and fostering collaboration across our whole firm.

Kevan Olander to Principal

Kevan joined our San Francisco office in May 2020 as a Senior Associate and was subsequently promoted to Vice President in January 2021. Kevan hit the ground running early in his Spectrum tenure by stepping into active portfolio company work across ExamSoft, Teachers Pay Teachers and Headspace, where he demonstrated his much-relied-upon technical transaction execution skills. He has since expanded his impact across a range of new investments including Ease, and now Employee Navigator, as well as Rover and Otter.ai.

Annaliesa Routh to Principal

Annaliesa joined Spectrum in the summer of 2020 as an MBA intern, returning after graduation to become an indispensable member of our team. Upon her return, she has taken active board roles at RapidRatings, Tenstreet and Seamless. Annaliesa’s natural curiosity, analytical rigor, and exceptional rapport building with management teams has been particularly noteworthy on her transaction work. Beyond that, she’s a trusted advisor to her portfolio companies and a natural leader, lending her guidance and mentorship to our investment team.

Chanel Andre to Director, Internal Recruiting & Talent Management

Chanel joined Spectrum in September 2022 as a Senior Manager on our Talent Team, where she primarily focuses on Investment Team recruiting and professional development. During her tenure, Chanel has improved our internal processes, enabling the firm to scale Investment Team hiring, particularly across Associate, Analyst, and Intern positions. Beyond recruiting, she coordinates Investment Team onboarding, modeling and technical skills training, and performance review processes. Chanel brings professionalism and positive energy to her role at Spectrum as we continue to attract the best and brightest talent in our industry.

John Broekhuizen to Director of IT Services

John joined Spectrum in May 2023 as the Senior Manager on our IT Team. While at Spectrum, John has spearheaded many IT initiatives and network and security upgrades. In particular, he has continued to finetune our cybersecurity controls, upleveled our outsourced IT vendors and software providers, and improved the internal process for handling all of our computer, phone and connectivity needs.

About Spectrum Equity

Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet-enabled software, data, and information services companies.

With offices in Boston, San Francisco, and London, the firm is investing its tenth fund with $2 billion in limited partner capital. Representative investments include Ancestry, Definitive Healthcare, GoodRx, Lucid Software, Origami Risk, RainKing, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit our Portfolio page.

Categories: People

Rivean Capital to become major shareholder in Valcon

Rivean
  • Leading European transformation consultancy to partner with PE firm

Utrecht: Valcon, a leading European digital transformation service provider specialising in data, consulting and technology, is delighted to announce its partnership with Rivean Capital, a pioneer in European mid-market private equity, who will acquire a majority stake, subject to ACM approval (the Netherlands Authority for Consumers and Markets) and the advisory process with Valcon’s Dutch works council. This strategic collaboration is set to accelerate Valcon’s growth and the firm’s ability to help organisations across Europe achieve transformative business outcomes.

Rivean Capital’s investment underscores its confidence in Valcon’s ability to drive impactful transformation across different industries and will support Valcon to further expand its services, invest in cutting-edge solutions and strengthen its position as a trusted partner for organisations navigating complex business challenges. Rivean Capital will replace Waterland as the existing majority investor, with the latter continuing to invest as a minority shareholder.

Geert van den Goor, CEO of Valcon, commented: “We are thrilled to join forces with Rivean Capital in this exciting new chapter for Valcon. This partnership marks a significant milestone in our journey to become the benchmark for digital transformation in Europe. With Rivean’s support, we are well-positioned to amplify our impact and achieve our ambitious goals for organic and acquisitive growth. And Waterland’s re-investment as a minority shareholder is a testament to its continued belief in our business.”

Hidde Vedder, Partner at Rivean Capital, said: “We are delighted with the opportunity to partner with Valcon’s management team and contribute to Valcon’s further expansion in NorthWestern Europe. Valcon has a great reputation for delivering transformative results for its clients and we are excited to be working with them to provide support to further scale their operations and unlock new opportunities in the European market.”

Wouter Roduner, Managing Partner at Waterland, commented: “It’s been a great journey partnering with the Valcon team. The team has consistently delivered growth – it is always looking to develop its capabilities, such as the addition of AI, to meet client needs. Waterland is therefore committed to continue to support Valcon on the next stage of its growth cycle.”

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Editors’ notes

About Valcon
Valcon is a digital transformation service provider which is the trusted partner for European enterprises to enable their competitive edge for tomorrow. Its 1600 skilled professionals have expertise in creating value for its clients by by providing profound data, business transformation and technology capabilities. Valcon works with large organisations across multiple industries, including financial services, retail, public, industrials and infrastructure. For more information, please visit www.valcon.com

About Rivean Capital
Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the DACH region, Benelux and Italy. Rivean Capital has assets under management in excess of €5bn and offices in Amsterdam, Brussels, Frankfurt, Zug and Milan. Since its inception in 1982, Rivean Capital has supported more than 250 companies in realizing their growth ambitions. For more information, please visit www.riveancapital.com

About Waterland
Waterland is an independent private equity investment company that supports companies in realizing their growth plans. With substantial financial resources and industry expertise, Waterland enables its portfolio companies to achieve accelerated growth both organically and through acquisitions. Waterland operates out of 13 offices across Europe and currently has approximately EUR 14 billion in equity funds. For more information, please visit www.waterlandpe.com

Contacts

Valcon
Lucy Clark
Lucy.clark@valcon.com
+44 (0) 7984184461

Rivean Capital
Maikel Wieland (Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30

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Velliv transfers the management of Core Sustainability Capital to Polaris

Polaris

Velliv and Polaris have entered into an agreement under which Polaris will take over the management of investments and activities in Danish management company Core Sustainability Capital, which was established by Velliv to promote sustainable development through investment in and lending to Nordic companies within renewable energy and energy optimisation, resource efficiency and social balance.

Velliv’s investments through Core Sustainability Capital have been made partly as minority equity investments and partly as sustainability-related financing.

As part of the agreement, Polaris takes over the management of these investments. Polaris will leverage the firm’s comprehensive experience from Polaris Private Equity and Polaris Flexible Capital, deep competencies within sustainability and tools from Polaris’ Excellence Model as well as a strong shared administration platform.

“We are pleased to have entered into an agreement for the management of activities in Core Sustainability Capital with Velliv, which is already an important investor in Polaris. We have created a strong shared platform for our three existing investment strategies in Polaris and thus have the competencies and resources to, jointly with Velliv, develop the four investments made through Core Sustainability Capital. In Polaris, we see this agreement as a unique opportunity to strengthen our already good competencies within sustainability and form even closer attachments to Velliv to expand our long-term partnership around investments in the Nordics,” says Jan Johan Kühl, Managing Partner at Polaris.

Velliv transfers the management of Core Sustainability Capital to Polaris as part of the pension company’s new investment strategy, which is based on simplicity and professional competence in investment processes to focus on core competencies and strategic partnerships. This is aimed at securing returns at the top of the market across Velliv’s range of savings products.

”We are convinced that Polaris has the right team to carry on the good line of thinking behind Core Sustainability Capital, and we are delighted to have chosen a partner with great ambitions and competencies within sustainability. There were other potential buyers in the running, but the choice fell on Polaris, who we know well already through many years of cooperation, and who have delivered good results. We are now strengthening this cooperation further,” says Thor Schultz Christensen, Deputy Chief Investment Officer at Velliv. The agreement is subject to customary closing conditions, and the transfer is expected to be completed in early 2025. The parties have agreed not to disclose additional details about the agreement. For further information: Mikkel Bro Petersen, Head of Media Relations, Velliv, tel. +45 24 83 86 30 Jan Johan Kühl, Managing Partner, Polaris, tel. +45 23 25 32 66 Malmøgade 3 DK-2100 Copenhagen Tel (+45) 3526 3574 polaris@polarisequity.dk 1

About Velliv Velliv offers pension plans to both private individuals and companies and is, with more than 420,000 customers, Denmark’s third largest commercial pension company. All our customers are co-owners of Velliv through their automatic membership of Velliv Foreningen (The Velliv Association), which owns the pension company. Read more at www.velliv.dk

About Polaris Polaris is a Nordic investment company based in Copenhagen, which invests in and provides capital to well-established medium-sized companies in the Nordics. Polaris has three investment strategies: Polaris Private Equity, Polaris Flexible Capital, and Polaris Public Equity. Since 1998, Polaris has raised seven funds and secured more than DKK 15 billion in capital commitments, focusing on companies with growth and development potential. To date, Polaris Private Equity has invested in more than 60 companies along with more than 100 add-on investments in portfolio companies. Polaris has active investments in 27 companies across the three investment strategies. Learn more at www.polarisequity.dk

Categories: News

Scaling Science and Sustainability: Voima Ventures Finalises Fund III, north from €100M.

Voima Ventures

Helsinki, Finland – Voima Ventures has announced the final closing of its €100M+ Fund III, an Article 8 compliant deep tech fund. Based in both Helsinki and Stockholm, the fund has already begun deploying capital with 8 finalised investments from its first closing to accelerate breakthrough innovations across the Nordic and Baltic deeptech landscape.

Key Highlights:

  • €100M+ final close of Voima Ventures Fund III
  • Focused on science and deeptech startups across the Nordic and Baltic region
  • Investing into 25-30 companies, with initial entry tickets varying from €200k to 3M€.
  • Article 8 compliant under the EU’s SFDR, reinforcing Voima’s dedication to sustainable and impact-driven investing thesis
  • Investors of the Voima Ventures Fund III include among others European Investment Fund EIF, Finnish Tesi and its fund of funds KRR, VTT of Finland, Saminvest from Sweden, and pension funds Nordea Life and Elo, as well as established foundations, and family offices.

Inka Mero, CEO and Managing Partner of Voima Ventures

Scaling Nordic Deeptech- From Labs to Unicorn Potential

With this closing, Voima Ventures emphasised its unique insight to invest in visionary scientific founders and entrepreneurs who are reshaping whole industries, including Life Sciences, energy, food, quantum and advanced AI, to mention a few.

The new Fund is uniquely positioned to support the next generation of science-driven unicorns. Initial investment tickets range from €200k to €3M, with the capacity for significant follow-on investments. The firm aims to further grow its presence in the Nordic and Baltic regions while being the go-to and longterm partner for early-stage university spinouts and startups.

Since its foundation in 2019, Voima Ventures established itself as a trusted partner for early-stage founders, leveraging deep expertise and networks within academia and industry to bridge the gap between research and commercial success. With over 70% of its portfolio companies originating directly from university spin-offs or research ecosystems, the firm remains committed to fostering groundbreaking innovation at its roots.

Growth and Impact

Voima Ventures prioritises high-potential VC investments that deliver both financial returns and positive environmental and societal impact. The fund is committed to ESG principles and is aligned with the EU’s Sustainable Finance Disclosure Regulation (SFDR), as an Article 8 fund.

“In deeptech, pushing the boundaries of science-driven entrepreneurship isn’t just about innovation, it’s about delivering meaningful global impact alongside strong returns,” said Inka Mero, Founder and Managing Partner of Voima Ventures. “Our recent Impact Report highlights this commitment, showing that Voima Ventures Fund III achieves a net impact score of +48%, compared to the average -8% impact of US Fortune 500 companies. This means that every Euro we invest creates significant positive change, driven by more sustainable practices and transformative technologies.”

Voima Ventures Partners From Left to Right: Jussi Sainiemi, Jenny Engerfelt, Inka Mero, Pontus Stråhlman

The Journey Continues

Lately, Voima Ventures has focused on expanding its presence in Sweden, hiring Stina Wallmark as Life Sciences Investment Director and promoting Jenny Engerfelt to Partner earlier in the year. Together, they are driving efforts to strengthen operations and manage the growing deal flow from the region.

The fund will make 25-30 investments and has so far done 8 new investments. Closed investments include examples like ÄIO – replaces palm oil, coconut oil and animal fats with sustainable and healthier alternatives, Liquid sun – sustainable aviation fuel from carbon dioxide and Avenue Biosciences – protein optimization platform enhancing production yield and the quality of pharmaceuticals.

“The Nordic and Baltic regions are setting the global standard for deep tech innovation, and we are proud to grow alongside this thriving ecosystem,” said Jussi Sainiemi, Partner at Voima Ventures. “With a unique blend of cutting-edge research and entrepreneurial talent, these regions are driving solutions that not only tackle global challenges but also redefine industries, creating sustainable value for future generations.”

Voima Ventures Team Day at Solein Production Facility, with Juha-Pekka Pitkänen CScO of Solar Foods Centre

About Voima Ventures

Voima Ventures, founded in 2019, is a Nordic early-stage investor investing in science-based innovations and companies across the Nordics and Baltics. Voima Ventures help founders to accelerate the growth of deep technology ventures to global markets. Voima Ventures is a team of 12 investment and growth entrepreneurship professionals who share a passion for science-based tech. Voima Ventures holds a strong track record in investing in high-growth science-based solutions by being an early investor in success stories like Solar Foods, Dispelix, MVision, Betolar and EniferBio.

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EQT to Exit Indian Renewable Energy Platform O2 Power

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EQT and Temasek to sell O2 Power to JSW Neo Energy for USD 1.5 billion.

O2 Power was established as a new company in 2020 by EQT and Temasek and has since grown to become a leading player in India’s renewable energy sector, achieving 4.7 gigawatt of total capacity.

O2 Power represents EQT’s first infrastructure investment in Asia Pacific, as well as EQT’s first infrastructure exit in the region.

EQT Infrastructure IV (“EQT”) and Temasek today announced the 100% sale of O2 Power (the “Company”) to JSW Neo Energy, a wholly owned subsidiary of JSW Energy, for USD 1.5 billion. Established as a new company in 2020 by EQT and Temasek, both organizations have worked to build and support O2 Power from a greenfield renewables start-up, into one of India’s largest renewable energy platforms, specializing in utility-scale projects across solar, wind and hybrid energy technologies. Headquartered in Gurgaon, India, the Company has secured a total capacity of 4.7 gigawatt since its inception, with 2.3 gigawatt expected to be operational by June 2025.

The Company was built around robust governance structures, operational processes and scalable systems, alongside a diverse board with both global and local expertise. This laid the foundation for growth while upholding transparency and accountability.

Under EQT and Temasek’s ownership, O2 Power successfully diversified into solar, wind, hybrid technologies and adjacent battery energy storage solutions. The Company also expanded its presence serving both the public utility and Commercial & Industrial segments, securing its position as a leader in India’s renewable energy market.

As a result, since its inception, O2 Power has grown from a team of experienced co-founders into a professional organization with over 300 employees. In addition to deep project lifecycle expertise, the Company established robust central functions in finance, compliance, HR and other key areas to position itself for long-term success. Despite the challenges posed by the COVID-19 pandemic, the Company demonstrated resilience and strategic agility, achieving continued growth through disciplined expansion and targeted acquisitions.

The transaction marks a significant milestone for EQT in Asia Pacific, as O2 Power was EQT’s first infrastructure investment in the region, and it is now the firm’s first infrastructure exit. O2 Power aligns with EQT’s thematic investment focus on energy transition infrastructure, including renewable platforms. India’s renewable energy market remains one of the fastest-growing globally, driven by the government’s ambitious targets of achieving 500 gigawatts of installed renewable capacity by 2030. O2 Power’s track record and strategic positioning equip it to continue contributing meaningfully to a cleaner and more sustainable energy future for the country.

Piyush Singhvi, Managing Director and Head of India & Southeast Asia for the EQT Infrastructure advisory team, said, “India is one of the most exciting renewable energy markets globally, and O2 Power has been playing a key role in advancing its clean energy transition. We are proud to have been part of this pivotal effort. O2 Power’s success as a scaled and diversified renewable energy platform is a true testament to the power of disciplined governance, strategic innovation, and a shared vision for a greener future. Under Parag’s exceptional leadership, O2 Power has built a strong platform that will further thrive with JSW Neo Energy’s support. We look forward to seeing it continue to drive the energy transition in India and a cleaner, more sustainable future.”

Parag Sharma, CEO of O2 Power, said, “This transaction marks an exciting new chapter for O2 Power. I want to thank our incredible team, especially the site teams, whose dedication has been critical to our success. We remain committed to providing our team with continuing opportunities for growth as we work to commission incremental capacity and expand our pipeline. We are deeply grateful to EQT and Temasek for their support in establishing O2 Power as a leader in India’s renewable energy sector. With the backing of JSW Neo Energy, we aim to build India’s most impactful renewable energy business, solidifying our position as a market leader while driving the nation’s renewable energy goals.”

Barclays served as financial advisor to EQT and Temasek, and A&O Shearman served as legal advisor to EQT and Temasek.

EQT Contact
EQT Press Office, press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

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

About Temasek
Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$389 billion (US$288b) as at 31 March 2024. Operating on commercial principles, it seeks to deliver sustainable returns over the long term. Temasek has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia.

More info: www.temasek.com.sg

About O2 Power
O2 Power is a leading renewable energy company in India with expertise in wind and solar energy across both utility-scale and C&I segments. The company holds an extensive portfolio of both commissioned and under development capacity. Operating across eight states, O2 Power leverages innovative energy solutioning and strong execution capabilities to drive India’s transition to sustainable energy.

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