Category Archives: News

Synova makes 7.3x return on the sale of InsurEvo

Synova Capital

Growth investor Synova is delighted to announce that an agreement has been reached for the sale of travel insurance data specialist, InsurEvo Group (including AllClear Insurance, InsureandGo, and JustCover; together “InsurEvo” or the “Group”), to US headquartered specialist insurance provider, NSM Insurance Group. The transaction, which remains subject to regulatory approval, will generate a return of 7.3x invested capital to Synova.

Following Synova’s investment, and under CEO Chris Rolland’s leadership, InsurEvo has transformed in scale and profitability, increasing revenues fivefold to £60m and placing £150m of GWP into the market this year, a sixfold increase in the investment period.

InsurEvo’s growth was delivered through a significant investment in best-of-breed technology, including actuarial AI, to capitalise on its unique data sets and the delivery of a highly effective multi-year sales and marketing strategy. Operating under the AllClear Insurance, InsureandGo and JustCover brands, the Group has provided cover to more than 4 million travellers, additionally allowing essential access to travel cover to people suffering from pre-existing medical conditions. InsurEvo employs over 350 staff across five offices in three countries, a near fourfold increase in employees since Synova’s investment.

Chris Rolland, CEO of InsurEvo, noted:

“I have enjoyed every minute of my partnership with Synova; their knowledge of our industry, their understanding of the building blocks of growth, and the discipline that comes from having a focused investor has been invaluable in accelerating the growth of the business.

“We’re absolutely thrilled to join forces with NSM to help us continue to grow and scale the business. Over the last two decades, our dedicated and talented team has helped us grow into the force we are today, and we look forward to extending that growth with NSM. NSM has the prowess and proven track record to help our business grow by expanding our distribution channels — further enhancing our technology platforms and expanding our global market reach. We are confident that NSM will lead to a bright future filled with growth, development, and success.”

David Menton, a Managing Partner of Synova and Non-Executive Director of InsurEvo Group, commented:

“The InsurEvo journey, in partnership with Chris Rolland, Cameron Jack, and their talented team, adds another chapter to Synova’s highly successful Financial Services story. The substantial scaling was achieved by harnessing AllClear’s strong reputation in the impaired travel market, its proprietary pricing database, and combining this with the vision of an experienced and ambitious leadership team.

Achieving these levels of growth, and generating outsized returns for our investors, was made more rewarding given InsurEvo’s clear social purpose. We remain grateful to the team, and to the Chair, Dr Ian Owen, for their energy and their vision, and wish them well on the next stage of their journey with Geof McKernan and his colleagues at NSM.”

Geof McKernan, CEO of NSM Insurance Group, said:

“Today marks an exciting new chapter for AllClear and InsureandGo. We are delighted to welcome these renowned brands to the NSM family,” said Geof McKernan, CEO & Founder of NSM Insurance Group. “Chris has done a tremendous job growing both brands and leading process and technological change while maintaining strong growth. Together, we will drive continued innovation to deliver exceptional value to our clients and expand our global presence.”

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KKR To Acquire Majority Ownership In Agiloft

KKR

Existing investor FTV Capital to invest additional capital in the Company

NEW YORK & REDWOOD CITY, Calif.–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that a fund managed by KKR has entered into an agreement to acquire a majority stake in Agiloft (“the Company”), a trusted global leader in data-first contract lifecycle management (“CLM”). As part of the transaction FTV Capital, a sector-focused growth equity firm and an existing investor in Agiloft, will make an additional investment in the Company, and JMI Equity, a growth equity firm focused on investing in leading software companies, will join as a new investor in the Company. The investment will help the Company continue to expand as it grows market share, acquires new customers, further innovates product solutions, and extends its world-class standard of customer success.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240530171221/en/

Agiloft is a leading provider of data-first CLM software, enabling legal, procurement, sales and other departments to streamline and leverage their contracting efforts. Agiloft acts as a system of record and provides its customers a global view of all their contracts across all phases, including contract approval, storage, and pre- and post-signature processes and performance. The Company’s flexible platform allows Agiloft to handle significant complexity, serve a wide range of business needs, and integrate with other software systems, resulting in increased efficiencies and improved operational outcomes.

“I am enormously proud and humbled by what we have been able to accomplish at Agiloft. While the business has grown significantly, we have always focused on and maintained our number one differentiator: customer satisfaction and retention, which is predicated on our uniquely agile solution, reliable implementation success, and human-centric approach to contracting,” said Eric Laughlin, CEO of Agiloft. “This new investment from KKR and JMI Equity and continued support from FTV Capital serve as a testament to the caliber of our team’s ability to provide and deliver differentiated world-class products and services to our customers.”

“As businesses increasingly look for efficient ways to ensure regulatory compliance, realize cost efficiencies and manage complex workflows, Agiloft has differentiated itself by providing a simple, one-stop solution to meet its customers’ needs,” said Jimmy Miele, Director, Tech Growth at KKR. “We are deeply impressed by Eric’s leadership and the rest of the Agiloft team, and we look forward to working together to capture additional opportunities in the market.”

“Since FTV’s initial investment in 2020, Agiloft has driven impressive growth by delivering a truly unique no-code platform to a quickly growing customer base globally,” said Alex Mason, Partner at FTV Capital. “The CLM market, while still young, represents a multi-billion dollar opportunity, and we look forward to working with KKR as we continue to support Agiloft in fueling expansion and sustaining its notable leadership in workflow automation.”

As part of the transaction, KKR, JMI Equity and FTV Capital will support Agiloft in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars in equity to over 100,000 non-senior management employees across more than 40 portfolio companies.

KKR is making the investment through its Next Generation Technology III Fund. Agiloft adds to KKR’s global portfolio of technology and software investments, which includes OneStream, o9, OutSystems, ReliaQuest (also an FTV Capital portfolio company), RainFocus and Restaurant365.

Moelis & Company LLC served as exclusive financial advisor to Agiloft. Baker McKenzie served as legal advisor to Agiloft. Gibson, Dunn & Crutcher LLP served as legal advisor to KKR.

About Agiloft
As the most trusted global leader in data-first contract lifecycle management (CLM) software, Agiloft connects contractual commitments to real business outcomes using its flexible Data-first Agreement Platform (DAP). With contract data as the foundation, customers quickly and collaboratively reach agreement and leverage contract visibility to thrive with competitive advantage. Employing powerful, pragmatic artificial intelligence as a legal force multiplier, and robust integration capabilities as a data liberator, organizations around the world trust Agiloft’s certified implementers to deliver connected, intelligent, and autonomous solutions across the entire contract lifecycle. With a 99.6% implementation success rate, it’s clear why some of the largest companies choose Agiloft to unlock the value of contract data and accelerate business. Learn more at www.Agiloft.com.

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

About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in enterprise technology and services and financial technology and services. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 140 portfolio companies, including EBANX, Kore.ai, Lean Solutions Group, LogicSource, Luma, Patra, ReliaQuest and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Tango Card (acquired by Blackhawk Network) and VPay (acquired by Optum). FTV has offices in New York, San Francisco, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs. For more information, visit www.jmi.com.

Media

For Agiloft:
Jeffrey Miesbauer
650-459-5637 ext 4003
news@agiloft.com

For KKR:
Emily Cummings or Liidia Liuksila
212 230-9722
media@kkr.com

Source: KKR

 

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KKR to Acquire Majority Ownership in Agiloft

FTV Capital

NEW YORK & REDWOOD CITY, Calif.–(BUSINESS WIRE)–KKR, a leading global investment firm, today announced that a fund managed by KKR has entered into an agreement to acquire a majority stake in Agiloft (“the Company”), a trusted global leader in data-first contract lifecycle management (“CLM”). As part of the transaction FTV Capital, a sector-focused growth equity firm and an existing investor in Agiloft, will make an additional investment in the Company, and JMI Equity, a growth equity firm focused on investing in leading software companies, will join as a new investor in the Company. The investment will help the Company continue to expand as it grows market share, acquires new customers, further innovates product solutions, and extends its world-class standard of customer success.

Agiloft is a leading provider of data-first CLM software, enabling legal, procurement, sales and other departments to streamline and leverage their contracting efforts. Agiloft acts as a system of record and provides its customers a global view of all their contracts across all phases, including contract approval, storage, and pre- and post-signature processes and performance. The Company’s flexible platform allows Agiloft to handle significant complexity, serve a wide range of business needs, and integrate with other software systems, resulting in increased efficiencies and improved operational outcomes.

“I am enormously proud and humbled by what we have been able to accomplish at Agiloft. While the business has grown significantly, we have always focused on and maintained our number one differentiator: customer satisfaction and retention, which is predicated on our uniquely agile solution, reliable implementation success, and human-centric approach to contracting,” said Eric Laughlin, CEO of Agiloft. “This new investment from KKR and JMI Equity and continued support from FTV Capital serve as a testament to the caliber of our team’s ability to provide and deliver differentiated world-class products and services to our customers.”

“As businesses increasingly look for efficient ways to ensure regulatory compliance, realize cost efficiencies and manage complex workflows, Agiloft has differentiated itself by providing a simple, one-stop solution to meet its customers’ needs,” said Jimmy Miele, Director, Tech Growth at KKR. “We are deeply impressed by Eric’s leadership and the rest of the Agiloft team, and we look forward to working together to capture additional opportunities in the market.”

“Since FTV’s initial investment in 2020, Agiloft has driven impressive growth by delivering a truly unique no-code platform to a quickly growing customer base globally,” said Alex Mason, Partner at FTV Capital. “The CLM market, while still young, represents a multi-billion dollar opportunity, and we look forward to working with KKR as we continue to support Agiloft in fueling expansion and sustaining its notable leadership in workflow automation.”

As part of the transaction, KKR, JMI Equity and FTV Capital will support Agiloft in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars in equity to over 100,000 non-senior management employees across more than 40 portfolio companies.

KKR is making the investment through its Next Generation Technology III Fund. Agiloft adds to KKR’s global portfolio of technology and software investments, which includes OneStream, o9, OutSystems, ReliaQuest (also an FTV Capital portfolio company), RainFocus and Restaurant365.

Moelis & Company LLC served as exclusive financial advisor to Agiloft. Baker McKenzie served as legal advisor to Agiloft. Gibson, Dunn & Crutcher LLP served as legal advisor to KKR.

About Agiloft
As the most trusted global leader in data-first contract lifecycle management (CLM) software, Agiloft connects contractual commitments to real business outcomes using its flexible Data-first Agreement Platform (DAP). With contract data as the foundation, customers quickly and collaboratively reach agreement and leverage contract visibility to thrive with competitive advantage. Employing powerful, pragmatic artificial intelligence as a legal force multiplier, and robust integration capabilities as a data liberator, organizations around the world trust Agiloft’s certified implementers to deliver connected, intelligent, and autonomous solutions across the entire contract lifecycle. With a 99.6% implementation success rate, it’s clear why some of the largest companies choose Agiloft to unlock the value of contract data and accelerate business. Learn more at www.Agiloft.com.

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

About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in enterprise technology and services and financial technology and services. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 140 portfolio companies, including EBANX, Kore.ai, Lean Solutions Group, LogicSource, Luma, Patra, ReliaQuest and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Tango Card (acquired by Blackhawk Network) and VPay (acquired by Optum). FTV has offices in New York, San Francisco, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs. For more information, visit www.jmi.com.

Contacts

Media

For Agiloft:
Jeffrey Miesbauer
650-459-5637 ext 4003
news@agiloft.com

For KKR:
Emily Cummings or Liidia Liuksila
212 230-9722
media@kkr.com

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Ratos company HENT wins billion-krone contract for the new Bodø airport in Norway

Ratos

Avinor has tasked HENT with building a new passenger terminal and several other operational facilities at the new Bodø airport in Norway. The contract has a ceiling of NOK 2.4 billion.

The new Bodø airport will go into operation in 2029/2030. The entire project has a cost ceiling of NOK 7.2 billion and this was the last of two major contracts that have been announced.
Three competitors submitted bids and HENT scored the highest in the evaluation process, thereby winning the contract. The contract is a turnkey partnering project based on the Norwegian “samspillsentreprise” model. This means that HENT and Avinor will work together on the details of the project to come to an agreement about the final design and cost.
“That Avinor has entrusted HENT to help with one of society’s most important buildings is further proof of the strong position that HENT has in an otherwise challenging construction market. Ratos’s construction operations primarily focus on public sector customers and properties that are important for society. Our order books are strong and we are optimistic about the future,” says Christian Johansson Gebauer, CEO of HENT and President, Business Area Construction & Services, Ratos.
“Naturally, we’re very pleased that Avinor chose us. The entire bid process was long and thorough. We used the full breadth of the company’s expertise, together with several external partners. The teamwork behind our responses to the award criteria, including price, understanding of the task and project organisation, meant that we won out over the competition. This is important recognition for all of HENT and our partners,” says Jan Jahren, CEO, HENT.
About HENT
HENT is a leading construction company that mainly works with new construction of public and commercial real estate. HENT focuses on project development, project management and purchasing. Its projects are carried out with their own project administration and in collaboration with a knowledgeable network of quality-assured subcontractors. They conduct projects throughout Norway and in selected segments in Sweden and Denmark.
For more information, please contact:
Josefine Uppling, VP Communication & Sustainability, Ratos, +46 76 114 54 21
About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 34 billion in net sales (LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Ardian launches an open version of Ardian AirCarbon platform to help airports reach net-zero

Ardian

Ardian AirCarbon is a software platform for airports to quickly and effectively quantify and act on aviation emissions
• This open version of Ardian AirCarbon provides access to average carbon emissions1 per country and fuel efficiency data for most commercial airports globally
• Ardian’s ambition is for Ardian AirCarbon to become a key platform for airports working to reach net-zero targets

Ardian, a world-leading private investment house, is launching a free, open version of Ardian AirCarbon, its proprietary emission quantification and reduction tool for the aviation industry. This is the first platform showing average daily carbon emissions per country and aircraft efficiency indicators for most commercial airports worldwide. The platform is available on www.air-carbon.com.

Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports and has always put the net zero target for the industry by 2050 at the heart of its strategy, as detailed in the study published in 2022 The Fight for a Net Zero Aviation.

As part of this strategy, Ardian AirCarbon has been developed since 2019 by Ardian’s Data Science and IT teams in close collaboration with our portfolio airport teams to support the Scope 3 emissions dynamic assessment at airports where the Infrastructure team is an investor. Scope 3 is estimated to represent more than 95% of an airport’s emissions as it covers all indirect emissions, such as those generated by an aircraft landing, take-off and taxiing, or airport ground vehicles. The platform uses granular, real-time operations data to quantify and project emissions2. This enables airport operators to effectively monitor and reduce their CO2 emissions. Following successful usage by the airports and inquiries from non Ardian owned airports to access the platform, it has been decided to provide Ardian AirCarbon more broadly. The platform is currently deployed in five airports across Europe (Keflavík, Milan Malpensa, Milan Linate, Naples and Turin) and covers a total of 59 million yearly passengers3.

This new open version of Ardian AirCarbon is open to everyone and aims at monitoring on a global scale the progress made on the decarbonization trajectories for the aviation industry. The platform will thus provide open access to the aggregated Scope 3 carbon emissions of airports within each country, alongside more in-depth aircraft efficiency indicators such as the proportion of high, medium and low fuel efficiency aircraft in the overall aircraft mix of an airport at any given date. It complies with recommended methodology from the Airport Carbon Accreditation (ACA), the global certification program for airport carbon management. More information on which emissions are displayed, which airports or flights are mapped, or how Ardian AirCarbon computes emissions can be found in our FAQ.

Airports who would like to go further can also subscribe to the Pro version to access a complete view of their Scope 3 emissions, based on their operations data and including additional Scope 3 items such as half-cruise and ground service equipment emissions.

Ardian AirCarbon has already been used by airports to reach important sustainability and net-zero reporting milestones. For example, in 2024, Milan’s SEA airports used Ardian AirCarbon to renew their ACA 4+ certification for the current year. This was the first time the platform had been used by an airport to report half-cruise flight emissions to the ACA.

The goal is for the platform to become a tool for the entire airport ecosystem and to support the aviation sector in achieving net-zero.

“Making Ardian AirCarbon open and available to all stakeholders is an important step in supporting the transition to a more sustainable industry. As a long-term investor and shareholder in airports, it is our duty to help secure the future of aviation for the next generations and to meet the goals of the Paris Agreement. We look forward to working with the entire aviation ecosystem to control emissions, because collectively we need to act now.” Mathias Burghardt, Executive Vice President and Head of Infrastructure, Ardian

“Ardian AirCarbon is an essential tool for airports seeking to reduce their carbon footprint and participate in the decarbonization of the industry. With this open version, we are proud to offer our expertise and help the industry achieve its ambitious net-zero goals by making it easier to access and track emissions data. We invite the whole aviation industry to use Ardian AirCarbon and join us in this essential mission.” Pauline Thomson, Head of Data Science and Managing Director Infrastructure, Ardian

1 The platform is accounting for other types of emissions than CO2 only, but all are expressed in carbon equivalent on Ardian AirCarbon

2 The open version the Ardian AirCarbon platform computes data from multiple sources (see details in our FAQ). In the Pro version Ardian AirCarbon platform, each airport may provide its own data to refine the emissions assessment.

3 Based on the number of passengers at each airport in 2023

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

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ArcLight and Elevate Announce New York City’s Largest Battery Storage Project To Date

Arclight

News provided by

ArcLight Capital Partners 

May 29, 2024, 09:00 ET

First of its Kind Project to Enable More Renewable Power and Enhanced Grid Reliability for New York

BOSTON and NEW YORK, May 29, 2024  /PRNewswire/ — ArcLight Capital Partners (“ArcLight”) and Elevate Renewables (“Elevate”), a leading battery storage developer, today announced a milestone battery storage infrastructure project at the Arthur Kill Power Station in Staten Island, NY. The 15 MW/60 MWh distribution-level project will help provide more renewable power by replacing existing generation planned to retire in 2025. Elevate is a wholly owned subsidiary of a fund managed by ArcLight.

Elevate Renewables
Elevate Renewables

Once completed, the project will be the largest battery storage installation in New York City. The facility will be able to power more than 10,000 households during peak demand periods.

 

Elevate Renewables has completed contracting to construct a state-of-the-art battery storage facility to store power during non-peak hours and discharge power during peak demand periods, as well as to provide ancillary services that help maintain grid stability and resiliency. This infrastructure will help support New York City’s electric grid and progress the clean energy transition.

“The Arthur Kill re-development project will install the latest energy storage technology on the site of a former power generation plant. This project is illustrative of Elevate’s battery expertise, significant development pipeline, and ability to help enable strategic battery storage infrastructure to help meet New York State’s energy storage target of 6 GWs by 2030,” said Eric Cherniss, Head of Development at Elevate Renewables. “It further demonstrates our ability to catalyze large-scale battery storage projects and help provide low-cost renewable power with increased grid reliability to consumers.”

“We believe battery storage infrastructure has the potential to be transformative and will be necessary to help meet the growing power needs from electrification and data centers, and is also a complement to the ongoing build-out of wind and solar renewable infrastructure,” said Dan Revers, Founder & Partner at ArcLight. “ArcLight is well positioned to capitalize on the renewable infrastructure mega trend. This project builds upon ArcLight’s extensive track record within the power and renewable infrastructure sectors over the past 20 years.”

“We are excited to advance this first-of-its-kind contracted infrastructure project that is one of many brownfield development opportunities we have within our funds’ power portfolio, which is one of the largest in the U.S.,” said Angelo Acconcia, Partner at ArcLight. “The Arthur Kill project, when commissioned, will be New York City’s largest battery storage system installed and the region’s first such existing power facility to be repurposed for battery storage. We believe there are many more of these types of opportunities that leverage ArcLight’s value add strategy, resources, and expertise across the electrification infrastructure value chain.”

About Elevate Renewables
Elevate Renewables is a utility scale battery storage company focused on strategically deploying battery infrastructure co-located with existing power infrastructure facilities. The Company has significant experience and resources to effectuate utility scale battery infrastructure with an extensive brownfield pipeline of over 4 GWs.  Elevate Renewables is active throughout the United States, where electrification and the rapid growth of intermittent renewables has created a need and advantage for renewable utility scale battery storage. For more information, please visit www.elevaterenewableenergy.com.

About ArcLight Capital Partners
Founded in 2001, ArcLight is a leading value-added infrastructure investment firm with strategic partnerships and investments across the power, renewables, strategic gas, battery storage, and transformative infrastructure sectors.  ArcLight has a long and proven track record of investing across the electrification infrastructure value chain to help support reliability, security, and sustainable infrastructure. ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm’s ~1,900-person asset management partner. Since 2001, ArcLight’s funds have invested in infrastructure and related business with nearly $70 billion of total capitalization. For more information, please visit www.arclight.com.

SOURCE ArcLight Capital Partners

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Ardian raises €530m for third-generation Growth platform

Ardian

his dynamic fundraising illustrates the renewed confidence of its investor base for the team’s entrepreneur-centric approach and deep sector expertise

This dynamic fundraising illustrates the renewed confidence of its investor base for the team’s entrepreneur-centric approach and deep sector expertise Ardian, a world-leading private investment house, today announced that it has raised €530m for its third-generation Growth platform, Ardian Growth Fund III. In a more challenging fundraising environment, the fund closed above the €500 million target size and more than doubled in size compared to the previous generation, which closed at €230 million in 2018.

The successful fundraise attracted investments from an increasingly diversified and global LP base, in addition to achieving a strong re-up rate from existing investors. Ardian Growth Fund III received commitments from investors across 12 countries, including from major banks and insurance companies, entrepreneurs, pension funds and government agencies. Near 120 LPs in the fund are entrepreneurs, showcasing the trust they have in the team and its ability to steer high-quality growth stories.

Building on the progress already made through previous fund generations, Ardian’s Growth team will continue to target profitable, fast-growing companies across continental Europe thanks to its unique sourcing capabilities. The fund strategy remains aligned with the team’s sector-focused approach, targeting digital at large (software, web and tech-enabled businesses,…), expert B2B services and health & wellness companies, particularly those benefiting from digital transformation and disrupting the traditional value chain in their sector.

“Our approach has always been about more than just funding; we are focused on partnering with entrepreneurs to accelerate their business growth, achieve their ambitions and expand their footprint internationally. The current market presents one of the most exciting opportunities of the last 20 years for growth investment, particularly given the scale and pace of digitalization, and our team of experts bring best-in-class expertise and deep sector knowledge to support management teams with their growth. We have already made three investments from the fund, and our unique sourcing capabilities will see us invest further to help transform more growing companies with the next phase of their journeys.” Alexis Saada, Head of Growth & Senior Managing Director, Ardian

The fund is already close to 25% deployed following three transactions in category leaders, including investments in Théradial, a dialysis solutions provider; My Pie, an innovative snacking concept; and Aprium Pharmacie, a pharmacy banner company.

The fund falls under the Article 8 of the European Union Sustainable Finance Disclosure Regulation (SFDR) and integrates sustainability into its strategy to create long-term value shared across our stakeholders.

The Ardian Growth team has more than 20 years’ experience investing in the European growth market and now comprises 4 partners for a total of 14 investment professionals. The team now has €1 billion of assets under management and has supported more than 120 businesses since 1998.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

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PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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EQT Exeter to Acquire Five-Million-Square-Foot Industrial Assemblage from Prologis

eqt
  • Acquisition reflects EQT Exeter’s conviction in the industrial sector and emphasis on investing behind high-quality assets across the globe
  • Assemblage is strategically located along key logistics routes in the major metropolitan area of Minneapolis-St. Paul
  • EQT Exeter will leverage its unique, vertically-integrated operating platform to upgrade, reposition and re-lease the Assemblage

EQT Exeter, a leading global real estate investment manager, today announced that the EQT Exeter Industrial Value Fund VI (“EQT Exeter”) has acquired 20 industrial properties (“the Assemblage”) strategically located in Minneapolis, MN, from Prologis, Inc. (“Prologis”), with plans to acquire an additional four properties by the final closing date.

The Assemblage consists of over five million square feet and features a mix of bulk, light industrial and last mile facilities with an average building size of more than 200,000 square feet. The properties are located across four prime Minneapolis logistics submarkets and offer proximate access to the I-494/I-694 beltway around the Minneapolis-St. Paul Metropolitan Area, serving as a key logistics route in the region. The properties also reflect in-demand building specifications and functional designs required by today’s modern, blue-chip tenants. The properties are 90% leased by 54 unique tenants, of which approximately 20% are existing tenants within EQT Exeter’s portfolio, demonstrating the depth of our global tenant client relationships.

“This transaction highlights our continued conviction in the industrial sector and reflects our keen asset selection and ability to swiftly execute on compelling small-, medium-, or large-scale opportunities in today’s market, while many of our peers stay on the sidelines,” said Matt Brodnik, Partner and Chief Investment Officer at EQT Exeter. “EQT Exeter is well-positioned to unlock the inherent value of these functional, well-located assets through our extensive network of ‘hyper-local’ real estate professionals that provide real estate solutions to over 1,200 corporate tenants globally. In opening our 28th U.S. office in Minneapolis, we plan to locally serve many of our existing tenants and leverage our in-house leasing and property management teams to upgrade, reposition and re-lease the Assemblage.”

With a population of over four million people, Minneapolis-St. Paul is the nation’s 16th-largest Metropolitan Statistical Area situated over 400 miles from the nearest major U.S. population center. Given its segregation from the national supply chain, Minneapolis-St. Paul is a market that rewards deep local presence and operations. The market’s sizeable end-user consumer base also attracts major corporate tenants that EQT Exeter serves on a global basis across its existing portfolio.

“Our strategy of engaging with the community, embodied in our ‘locals with locals’ approach, will not only help to better serve our new and existing tenant clients, but also create opportunities to add additional high-quality properties to our Minneapolis-St. Paul portfolio,” said Steve Stein, Managing Director at EQT Exeter. Minneapolis continues to experience positive market fundamentals driven by its declining new construction pipeline and positive net absorption figures, along with continued rent growth acceleration, which will benefit owners of existing, high-quality assets.

“We are pleased to add the Assemblage to our portfolio and plan to position these assets for long term success, particularly through strategic capital improvements and sustainability-focused upgrades like energy efficient LED lighting and select solar array installations,” said Stein.

The entire transaction is expected to close during the second quarter of 2024, subject to customary closing conditions.

Josh McArtor and Caitlin Clinton of Eastdil Secured arranged the transaction with assistance from Michael Caprile and Jusdon Welliver of CBRE National Partners.

Contact

EQT Press Office, press@eqtpartners.com

About EQT Exeter

EQT Exeter is a global real estate investment manager with nearly $30 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 440 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/

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BC Partners’ and Mount Logan Capital’s Opportunistic Credit Interval Fund passes over $100m AUM

  • Opportunistic Credit Interval Fund (“SOFIX”) hits $100m milestone in April 2024 ahead of 2nd anniversary
  • Fund has raised c.$30m since April alone, with SOFIX’s AUM reaching approximately $130m as of May 24th, 2024
  • Fund targets attractive risk-adjusted returns via Private Lending & Structured Equity, Specialty Lending, and Dislocated Liquid Credit investments
  • The fund focuses on the significant opportunity in the middle market for small and medium businesses, which are turning to non-traditional platforms as bank lending remains muted

BC Partners and Mount Logan Capital, today announced their Opportunistic Credit Interval Fund (“SOFIX” or “The Fund”) hit $100m in assets under management in April, underlining significant investor appetite and conviction in the Fund’s strong track record. Since reaching this important milestone, fund raising has accelerated and SOFIX’s AUM now stands at approximately $130m as of May 24th, 2024.

SOFIX, an all-weather total return strategy, has seen returns of 36.99% since inception with an annualized distribution of 12% as of March 31, 2024. The fund works to target private originations and secondary investments through three approaches: Private Lending & Structured Equity, Specialty Lending, and Dislocated Liquid Credit. SOFIX focuses on a broad sector allocation under these strategies, allowing for a diversified risk profile, with target sectors including financial services, industrials, technology, healthcare and consumer discretionary, among others.

Ted Goldthorpe, Partner and Head of Credit at BC Partners said: “The success of the Fund in drawing $130m in assets under management underlines the strength of our offering and track-record since inception, and builds off the successful opportunistic credit platform we’ve managed for institutional investors since 2017.”

Matthias Ederer, Partner at BC Partners and SOFIX Portfolio Manager added: “We believe the Fund’s flexible mandate and focus on the middle market are key differentiators, especially as large bank lending remains muted and regional banks move away from credit provisions. SOFIX is therefore able to capitalize on opportunities in higher yielding assets with strong downside protection across its target sectors as SMEs turn to non-traditional platforms for capital. Ultimately, we see significant opportunities through this Fund to deliver on investor interest in sourcing all-weather, targeted opportunities across the US and European middle markets.”

The successful raise follows BC Partners’ $400m investment in Riddell, announced in April 2024, with the firm providing a convertible preferred equity and debt commitment to the group to fund future growth and deliver returns to investors. SOFIX invested in both instruments.

The Fund remains open and is available for purchase on Schwab, Fidelity, Pershing, and other custodial platforms. BC Partners’ SOFIX is advised by Mount Logan Management, LLC.

– ENDS –

About BC Partners BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners. For further information, please visit https://www.bcpartners.com/

About Mount Logan Capital Inc. Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly-owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. The Company also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle. Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies acquired by Mount Logan in the fourth quarter of fiscal year 2021. Ability is unique in the insurance industry in that its long-term care portfolio’s morbidity risk has been largely re-insured to third parties, and Ability is no longer insuring or re-insuring new long-term care risk.

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Labrador Island Link Welcomes New Investor

KKR

KKR to acquire Emera’s equity interest in critical clean energy transmission project

This news release constitutes a “designated news release” for the purposes of Emera’s prospectus supplement dated November 14, 2023 to its short form base shelf prospectus dated October 3, 2023.

  • Transaction value of $1.19 billion CAD.
  • Proceeds from the transaction will be used to reduce Emera’s corporate debt and support its investment opportunities in its regulated utility businesses.
  • KKR has a history of successful long-term investments in similar scale infrastructure projects.
  • Transaction is expected to close on or about June 4, 2024.

NEW YORK & HALIFAX, Nova Scotia & ST. JOHN’S, Newfoundland and Labrador–(BUSINESS WIRE)–Today, Emera Inc. (Emera), an international energy and services company, and KKR, a leading global investment firm, announced they have entered into a definitive agreement where KKR will acquire Emera’s indirect minority equity interest in the Labrador Island Link (LIL). The transaction value is $1.19 billion CAD, made up of $957 million CAD in cash and $235 million CAD for assuming Emera’s obligation to fund the remaining initial capital investment.

As part of its overall commitment to the Lower Churchill Project, Emera has been an equity investor in the construction of the LIL alongside Newfoundland and Labrador Hydro (NL Hydro), which owns and operates the LIL. The transaction announced today provides for a one-time, up-front payment at closing in exchange for Emera’s indirect interest in the LIL, meaning KKR will receive quarterly distribution payments over the remaining life of the 50-year LIL contract and allow Emera to reduce corporate debt and fund its investments in its regulated utility businesses. Emera will remain actively engaged in the LIL partnership, along with NL Hydro, by continuing to provide sustaining capital investments to support ongoing operations. This transaction has no impact on Emera’s ownership of the Maritime Link transmission line and no impact on Nova Scotia Power, or its customers.

“This agreement is an important step in strengthening our company and positioning us to continue to capitalize on the growth opportunities in front of us, said Scott Balfour, Emera Inc. CEO. “With this transaction, we look forward to a new relationship with KKR while remaining committed to our partnership with NL Hydro.”

“KKR has a long history of investing in stable, reliable and essential transmission assets like the Labrador Island Link, and we look forward to beginning this long-term strategic partnership with Emera and NL Hydro to deliver clean energy across the region,” said Brandon Freiman, KKR Partner and Head of North American Infrastructure. “We’re pleased to be part of the future success of the Labrador Island Link.”

“The LIL is a strategic asset for Newfoundland and Labrador as it continues down the path of building its clean energy future,” said Jennifer Williams, CEO, Newfoundland and Labrador Hydro. “This new arrangement is evidence of the quality of the LIL and the critical role that it plays to harness clean, renewable energy and deliver it to our customers here in Newfoundland and Labrador across the region and beyond.”

The LIL is a 1,100 km high voltage transmission line that delivers renewable energy to Newfoundland, Nova Scotia and beyond, helping meet the growing demand for clean energy across the region. Officially commissioned in 2023, the LIL is a vital transmission line of strategic importance to Atlantic Canada and has helped strengthen the Newfoundland and Labrador power grid.

The Lower Churchill Project is helping enhance energy infrastructure and facilitate clean energy delivery between the provinces and is essential in supporting the energy transition in Atlantic Canada. The Project also includes the Maritime Link, an Emera-owned transmission line that delivers renewable energy from Newfoundland to Nova Scotia.

KKR’s interest in the LIL reinforces the importance of clean energy infrastructure to serve Atlantic Canada and markets beyond. KKR has significant experience investing in infrastructure globally and has stable, ongoing access to capital, which affords the firm the ability to take a long-term “buy and hold” view. KKR is making this investment through capital accounts advised by KKR.

The transaction is expected to close on or about June 4, 2024.

TD Securities is acting as exclusive financial advisor to Emera in connection with the transaction. Scotiabank is acting as exclusive financial advisor to KKR.

About Emera

Emera is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $39 billion in assets and 2023 revenues of $7.6 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution, with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and the Caribbean.

About NL Hydro

Newfoundland and Labrador Hydro (NL Hydro) is a provincial crown utility—providing safe, cost-conscious, reliable electricity while harnessing sustainable energy opportunities to benefit the people of Newfoundland and Labrador. NL Hydro manages Newfoundland and Labrador’s electricity system, generating and transmitting the vast majority of electricity used by people in the province every day. For more than 50 years, Hydro has been there for families, friends, and neighbours across the province–and beyond. For more information, visit nlhydro.com.

About KKR

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

Forward Looking Information

This news release contains forward‐looking information within the meaning of applicable securities laws, including statements concerning the acquisition of Emera’s indirect interest in the LIL by KKR, Emera’s future financial performance, the service life of the LIL, Emera’s engagement in the LIL, including future sustaining capital investments, and market conditions and demand for clean energy in Atlantic Canada in the future. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward‐looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward‐looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward‐looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca.

Contacts

Emera Media Contact
Dina Bartolacci Seely
media@emera.com

KKR Media Contact
Liidia Liuksila
media@kkr.com
(212) 750-8300

NLH Media Contact
Jill Pitcher
JillPitcher@nlh.nl.ca

 

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