Category Archives: News

Sands Capital’s Pulse Fund III Secures $555M Close

Sands Capital

The Life Sciences Pulse strategy partners with private companies helping transform how diseases are defined, diagnosed, and treated.

Sands Capital is pleased to announce the close of our third life sciences fund, Sands Capital Life Sciences Pulse Fund III (“Pulse III”), raising $555 million. Pulse III was met with high demand from both existing and new limited partners. This close increases total Pulse strategy capital commitments to $1.3 billion, including Sands Capital Life Sciences Pulse Fund (“Pulse I”) and Sands Capital Life Sciences Pulse Fund II (“Pulse II”). The team will continue investing with the same emphasis on private therapeutics, diagnostics, medical devices, and life sciences tools businesses, in support of the strategy’s mission to help transform how diseases are defined, diagnosed, and treated.

“The life sciences sector continues to innovate at a rapid pace, leading to breakthroughs that benefit both patients and society as a whole.”

“The life sciences sector continues to innovate at a rapid pace, leading to breakthroughs that benefit both patients and society as a whole,” said Stephen Zachary, Managing Partner. “We are grateful to both the investors joining us in Pulse III and the talented management teams we’ve partnered with since the strategy’s inception.”

The Pulse investment team comprises senior professionals led by founders, operators, PhDs, and experienced investors with the ability to leverage the resources and capabilities of the entire firm to execute its strategy. The team also draws upon Sands Capital’s more than three decades of deep research and experience investing in innovation in public markets.

Disclosures:

As of October 1, 2021, Sands Capital was redefined to be the combination of Sands Capital Management, LLC and Sands Capital Ventures. Both firms are registered investment advisers with the United States Securities and Exchange Commission in accordance with the Investment Advisers Act of 1940. The two registered investment advisers are combined to be one firm and are doing business as Sands Capital. Sands Capital operates as a distinct business organization, retains discretion over the assets between the two registered investment advisers, and has autonomy over the total investment decision-making process.

This communication is for informational purposes only and does not constitute an offer, invitation, or recommendation to buy, sell, subscribe for, or issue any securities. The material is based on information that we consider correct, and any estimates, opinions, conclusions, or recommendations contained in this communication are reasonably held or made at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions, or recommendations. It should not be construed as investment, legal, or tax advice and may not be reproduced or distributed to any person.

The activities of the Life Sciences Pulse Team, including investment due diligence and sourcing, may be supported on an ad hoc basis by various members of the broader global research team of Sands Capital Management. Please refer to the biographies of the Life Sciences Pulse Strategy Team members. Members of the Life Sciences Pulse team also provide services with respect to other strategies of Sands Capital.

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Ratos Company Aibel and Hitachi Energy sign framework agreement with RWE to accelerate offshore wind integration

Ratos

Aibel and Hitachi Energy have signed separate framework agreements with the German company RWE for multiple high-voltage direct current (HVDC) systems to accelerate the integration of offshore wind power into grid. The agreement follows the signing of a Capacity Reservation Agreement (CRA) last November that reserves the engineering and production capacity to develop three major HVDC projects. The projects will allow electricity transmission from offshore wind farms to onshore connection points.

 

Under the global framework agreements, RWE has contracted Aibel and Hitachi Energy in a split contract model. The framework agreement stipulates how the three projects, and potentially additional projects in the future, will be handled. It allows Aibel and Hitachi Energy to manage resources such as securing supply chain, hiring workforce, allocating engineering and manufacturing capacity, and ordering materials ahead of time.

“The success story in Aibel continues at a high and steady pace. It is very pleasing that this contract now is in place. It gives both the opportunity to invest even more in the future and to do so in a sustainable way. The importance of Aibel and its partners in the transition towards a more energy efficient and sustainable future is significant – in this project part of the scale and speed needed to be even more successful are secured,” says Christian Johansson Gebauer, board member of Aibel and President, Business Area Construction & Services, Ratos.

“The agreement with RWE confirms that we have a competitive concept developed in collaboration with Hitachi Energy, and a reliable common delivery model with a balanced risk-reward profile. The capacity reservation provides predictability and further strengthens our position as a leading supplier to the offshore wind market,” says Mads Andersen, President and CEO of Aibel.

Securing the capacity early and the signing of CRA demonstrates RWE’s intent to accelerate the pace at which offshore energy can be integrated to the grids. The new framework agreement has the potential to deliver other possible projects worldwide.

The three projects are the latest of several jointly undertaken by Aibel and Hitachi Energy since the two companies announced their strategic partnership in 2016. Key offshore wind projects won by the two companies include converter stations for Dogger Bank A, B, and C and Hornsea 3 Link 1 and Link 2 in the UK, as well as Dolwin 5 in Germany.

About Aibel
Aibel builds and maintains critical infrastructure for the energy sector and is one of the largest supplier companies in Norway. In the last five years, the company has provided products and services worth NOK 50 billion to the Norwegian Continental Shelf and is also the largest supplier of solutions within the area of electrification of offshore installations and onshore facilities. Currently, Aibel has five deliveries to offshore wind parks in Germany and the UK sector with a total contract value of more than NOK 15 billion and is the largest Norwegian supplier of infrastructure for the offshore wind industry. More than 4,950 employees work at the company’s offices in Norway, Thailand and Singapore and the company owns modern offshore yards in Haugesund, Norway, and Laem Chabang and Map Ta Phut, Thailand, with significant prefabrication and construction capacity. The Ratos holding in Aibel is 32%.

For more information, please contact:
Josefine Uppling, VP Communication, 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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FSN Capital Compass Fund holds final close, raising more than its €400 million target to invest in purpose-driven companies in Northern Europe

Fsn Capital

FSN Capital has announced the successful closing of the Compass Fund, with total commitments of over €400 million backing a thematic investment strategy.

The Compass Fund is a small-cap fund which invests within future-oriented themes that seek to address society’s key challenges over the coming decade, including Green Transition and Knowledge Economy.

The new strategy is an integrated part of the FSN platform, developed over 25 years and six flagship mid-cap funds. The latest flagship fund, FSN Capital VI, closed in 2021 at €1.8 billion. The Compass Fund leverages the same advisor team and processes, tailoring the investment approach and value creation model for smaller-sized companies. Portfolio companies benefit from the FSN funds’  Executive Advisor network of experienced industrial leaders, as well as the FSN Execution Framework (FEF) and FSN Capital’s* team of 20 operating professionals, specialized in areas including Digital, ESG, and Finance.

The Compass Fund is considered an Article 8+ fund under the EU Sustainable Finance Disclosure Regulation (SFDR). The fund draws on FSN Capital’s industry-leading ESG platform, including established processes for governance, decarbonization, and ESG measurement and reporting. The Compass Fund also introduces new innovations, such as a proprietary impact assessment framework used in the investment screening process, developed with Bridgespan Social Impact.

The Fund is supported by two dedicated partners at FSN Capital, Erik Nelson and Justin Kent. The Compass Fund is approximately 30% invested and will continue to invest primarily in the Nordics and DACH, typically with equity tickets between €20-60 million. To date, the Fund has made four platform investments:

  • – Solcellespesialisten, Norway’s largest supplier and installer of solar energy systems
  • – Firesafe, the market leader in the Nordics for fire safety services
  • – Epista Life Science, an IT Services and consulting firm supporting the Life Sciences industry with digitalization and compliance
  • – Seriline, a Swedish provider of Identity and Access Management (IAM) solutions needed for secure access control

 

Justin Kent, partner at FSN Capital dedicated to the Compass Fund, said: “This is an opportunity to invest in companies that will play an important role as society tackles some of the most pressing challenges we face—unlocking significant commercial opportunities in doing so.”

Erik Nelson, partner at FSN Capital dedicated to the Compass Fund, said: “The Compass Fund has partnered with four businesses to date, led by purpose-driven founders and entrepreneurs. We’ve seen the value that the Compass Fund can bring to these businesses to help them reach full potential, whether it’s to build a platform to scale further, support with M&A, or set science-based targets.”

Robin Muerer and Ulrik Smith, Co-Managing Partners at FSN Capital, said: “The Compass Fund is a natural step for FSN. The small-cap thematic strategy complements FSN’s mid-cap flagship strategy, reopening a highly attractive part of the market where FSN’s repeatable value creation model, ESG leadership, and ethos make us a valued partner for growing businesses.”

Morten Welo, Partner, COO and Head of Investor Relations at FSN Capital, said: “FSN is grateful for the trust and support from leading investors around the world. The Compass Fund leverages the structural capital  built over the last 25 years and marks another step on the FSN funds’ journey as leader in responsible private equity ownership.”

The Compass Fund’s diverse investor base includes leading institutional investors and family offices, including endowments, pensions, insurance companies, and funds of funds in the Americas, Europe, and Asia. More than half of commitments came from North America, with approximately 30% from the Nordics and DACH.

The Compass Fund was advised by Campbell Lutyens as placement agent and Kirkland & Ellis as legal counsel, supported by Carey Olsen.

*FSN Capital Partners acts as investment advisor to the Compass Fund.

 

About FSN Capital

Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds. FSN Capital has a team of more than 90 professionals across Oslo, Stockholm, Copenhagen, and Munich. Our ethos, “We are decent people making a decent return in a decent way” defines our core values.

The FSN Capital Funds have more than €4 billion under management and make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities.  The FSN Funds are committed to being responsible investors and having a positive environmental and social impact across its portfolio while achieving market-leading returns. The FSN Funds are supported by 14 executive advisors with extensive industry experience.

Learn more about FSN on our website: www.fsncapital.com

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QIA announces intent to anchor an investment commitment to Ardian Semiconductor

Ardian

This investment with a preeminent French fund reflects QIA’s commitment and faith in the value of the semiconductor industry
• This investment commitment also demonstrates QIA’s belief in the pervasiveness of semiconductors in the world economy

Qatar Investment Authority (QIA) has announced today its intent to anchor an investment commitment in Ardian Semiconductor, reflecting QIA’s commitment to a world-leading private investment house with a first-of-its-kind thematic fund, aiming to enhance the semiconductor industry in France and Europe. This investment demonstrates QIA’s position as the financial partner of choice in key technology sub-sectors, including semiconductor & semiconductor supply chain.

As a long-term, disciplined investor in technology, this intent to anchor this investment commitment also aligns with QIA’s efforts to work with diverse businesses at the forefront of innovation.

This investment commitment is rooted in a shared goal of advancing innovations in the semiconductor industry, driving the adoption and commercialization of semiconductor-related innovations globally.

This intent to anchor an investment commitment to Ardian Semiconductor demonstrates QIA’s belief in the pervasiveness of semiconductors in the world economy, and their impact on digital and green transformations across key sectors such as artificial intelligence, mobility or consumer technology.

Semiconductor & Semiconductor Supply Chain remain an important investment area for QIA across all regions. Other notable recent investments by QIA in this value chain include Kokusai Electric Corporation, a leading semiconductor manufacturing company with world-class technology, playing a key role in the evolution of semiconductor devices. In June 2023, QIA announced it took a minority stake in Kokusai Electric Corporation.

ABOUT QIA

Qatar Investment Authority (“QIA”) is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state reserve funds. QIA is among the largest and most active sovereign wealth funds globally. QIA invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar.

qia.qa

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 CONTACTS

QATAR INVESTMENT AUTHORITY

media@qia.qa 

ARDIAN

KEKST CNC

ardian-GCC@kekstcnc.com 

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Anders Invest Food & Agri Fund participates in Poultry Company Hillco B.V.

Anders Invest

nders Invest Food & Agri Fund has acquired a majority stake in Hillco Poultry Company B.V. The company produces and sells chicken products for the Dutch, Belgian, and German foodservice markets. Together with the new management team – Jaap Randewijk and Dinand Heijkamp – as well as the existing Hillco team, the focus will be on further growing the business in existing and new markets.

Hillco Poultry Company B.V. is a Dutch family-owned business that has specialized in processing responsible chicken products for over 40 years. Under the brand Family Chicken, Hillco offers a thoughtfully curated range of chicken products aimed at the foodservice sector. Particularly, restaurants, fast-food chains, caterers, and gas stations are among the key target groups. With a strong focus on taste, quality, stability, and clear pricing policies, Family Chicken has secured a strong position in the Dutch foodservice industry. Additionally, Hillco aims to significantly expand its own brand “Smikkelkip” in the coming years.

The company has been transferred from the Van den Brink family to Anders Invest, Dinand Heijkamp, and Jaap Randewijk. The reason for this is that the Van den Brink family sees ample growth opportunities for Hillco and is seeking a suitable new owner to realize these growth opportunities. Therefore, it has been agreed that Dinand Heijkamp and Jaap Randewijk will lead the management and, together with Anders Invest, implement the growth strategy. After a transition period, the Van den Brink family will focus on other activities.

Evert Hein Schuiteman, partner at Anders Invest, is pleased with the arrival of Hillco: “They are a major player in the market with a substantial turnover and solid margins. I am impressed by the high-quality products and the team’s expertise in product development and sales. The market is also interesting; although meat consumption per capita is slightly declining, we see growth in the consumption of high-quality chicken snacks, especially in the foodservice channel. This inspires confidence, and we anticipate a wide range of opportunities for Hillco’s positioning and strategy.”

Ap van den Brink, one of the sellers, says, “We are glad that we could transfer it this way. The enthusiasm and energy of Jaap, Dinand, and the whole team, together with the ambitions and professional support of Anders, provide confidence for the future. Additionally, it is our desire that the Biblical truth of Psalm 127:1 will not be forgotten in the future. Unless the Lord builds the house, the builders labor in vain. Unless the Lord watches over the city, the guards stand watch in vain.”

For more information:

Anders Invest: http://www.andersinvest.nl/

Evert Hein Schuiteman (Partner Anders Invest food & agri fund) – +31 6 55 766 513 / Evert Hein Schuiteman ehschuiteman@andersinvest.nl

Jurjen van der Werf (Investment Manager Anders Invest) – +31 6 23 80 27 83 / jvanderwerf@andersinvest.nl

Hillco Poultry Company: www.hillcopoeliersbedrijf.nl

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KKR And Marriott International To Launch Midscale Hospitality Segment In Japan With Four Points Express By Sheraton

KKR

Conversion of 14 hotels marks Marriott International’s debut of affordable midscale segment in Asia Pacific

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, and Marriott International, Inc. (Nasdaq: MAR) today announced the launch of each company’s foray into the midscale hospitality space in Japan, which follows KKR’s completion of the acquisition of Unizo Hotel Company, Limited and a portfolio of 14 hotels in Japan from Unizo Holdings. The 14 hotels will be converted to Four Points Express by Sheraton. This marks Marriott’s entry into the affordable midscale segment in Japan and the brand’s debut in Asia Pacific following its global launch in this space in 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240506764860/en/

The portfolio of 14 hotels is located in major tourist destinations in 10 cities across Japan, including Hakodate, Morioka, Utsunomiya, Yokohama, Kanazawa, Nagoya, Osaka, Kyoto, Kobe, and Hakata. The properties are expected to open in the second half of 2024, adding more than 3,600 new rooms to KKR’s and Marriott’s respective hotel portfolios in Japan.

Four Points Express by Sheraton will offer value-conscious consumers a seamless hotel experience in convenient locations throughout Japan, with principles of reliability, simplicity and value in both the design and guest experience. The brand has been tailored to meet guests’ needs, and the brand standards contemplate an efficient cost model that is intended to provide an effective pricing strategy for franchisees and help drive meaningful growth for Marriott.

Rajeev Menon, President, Marriott International, Asia Pacific excluding China, said, “There’s a growing consumer demand for reliable-yet-affordable accommodation in the region. Our goal is to be everywhere our guests want us to be, with the right property in the right location, at the right price point. This collaboration with KKR will expand our ability to do exactly that – starting in Japan, with opportunity to grow our midscale presence in the region. Our new midscale brand will offer hotel owners an affordable conversion opportunity with an efficient operational design, access to Marriott International’s expansive distribution systems and the backing of our powerful award-winning Marriott Bonvoy travel program.”

Kensuke Kudo, Managing Director, Real Estate, at KKR, said, “International and domestic tourism in Japan has rebounded strongly since the pandemic and continues to pick up pace. As demand for midscale hotels grows rapidly, we see a tremendous opportunity to offer high-quality and comfortable accommodation at great value. We are delighted to be strategic partners with Marriott International, one of the world’s pre-eminent hotel companies, to launch the Four Points Express by Sheraton brand in Japan. By combining KKR’s real estate investment and operational expertise and Marriott’s deep hospitality experience, we look to deliver outstanding-yet-affordable lodging experiences to international and domestic travelers across Japan.”

This new midscale brand is part of Marriott’s award-winning Marriott Bonvoy® loyalty platform, which boasts over 200 million global members. It will leverage Marriott’s world class Global Sales Organization, and strong digital platforms like Marriott.com and the Marriott Bonvoy mobile app, to generate direct bookings.

KKR is making this investment from its Asia Pacific real estate strategy. This transaction marks KKR’s latest real estate investment in Asia Pacific and builds on KKR’s momentum investing in Japan’s real estate sector, including making investments in: an iconic full-service hotel located in Shinjuku; KJR Management (formerly Mitsubishi Corp.-UBS Realty Inc.), a leading Japanese real estate manager that oversees two Japanese REITS; a portfolio of multifamily properties in Tokyo; and office assets across Japan.

Additional details of the transaction have not been disclosed.

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 Marriott International

Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,900 properties across more than 30 leading brands in 141 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

Media

For KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
weijun.ong@kkr.com

For Marriott International
Ching Yee Wong
+65 9386 3082
chingyee.wong@marriott.com

Source: KKR

 

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Blackstone and Vista Equity Partners Complete Acquisition of Energy Exemplar

Blackstone

SALT LAKE CITY, Utah, May 9, 2024 – Energy Exemplar, a leading global provider of energy market simulation software, today announced the completion of its acquisition by private equity funds affiliated with Blackstone (”Blackstone”) and Vista Equity Partners (“Vista”).

“Completing our transaction with Blackstone and Vista marks the beginning of an exciting partnership that will accelerate investment in our leading SaaS platform providing accurate simulation and decision support for our customers in today’s rapidly changing energy landscape,” said David Wilson, CEO of Energy Exemplar. “I’d like to thank everyone across the Energy Exemplar organization for their unwavering commitment throughout this process and for maintaining exceptional service to our clients as we continue to grow as one global team.”

“Software is a vital component of the global energy transition, and Energy Exemplar provides critical modeling and analytics solutions to customers across the industry to help them become more efficient, reliable and profitable,” said Ryan Atlas, Managing Director at Vista Equity Partners. “We look forward to partnering with David, Blackstone and the entire Energy Exemplar team during this exciting next phase of growth.”

Bilal Khan, Senior Managing Director at Blackstone Energy Transition Partners, added: “We’re thrilled to be backing Energy Exemplar, a mission-critical software provider supporting the growth of renewable energy, battery storage, and transmission grid investment required for the energy transition. Blackstone’s energy market expertise and network of connections can enhance the company’s growth trajectory. We couldn’t be more excited to work with Vista, David, and the management team to drive the next stage of development for Energy Exemplar and its technology solutions supporting grid reliability and decarbonization. This investment is the latest in a series demonstrating Blackstone’s conviction in the energy transition.”

About Energy Exemplar

Energy Exemplar is a market leader in the technology of optimization-based energy market simulation. Our cloud software suite, headlined by PLEXOS® and Aurora, is used across every region of the world for a wide range of applications, from short-term analysis to long-term planning studies. It is relied upon by hundreds of organizations worldwide to inform multi-million-dollar decisions. Our people continually think of novel approaches and more realistic simulations that enhance decision making, create market opportunities and enable utilities and regulatory authorities to become smarter, more energy efficient and profitable. Energy Exemplar continues to ‘push the envelope,’ being first-to-market with the latest advances in programming and energy market simulations, as it strives to offer the most comprehensive energy analytics platform to its customer base.

Blackstone Energy Transition Partners

Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $21 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable, and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Vista Equity Partners

Vista is a leading global investment firm with more than $101 billion in assets under management as of September 30, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.

Media Contacts

For Energy Exemplar
Erin Marks
Erin.marks@energyexemplar.com
(636)-686-8649

For Blackstone
Kate Holderness
Kate.holderness@blackstone.com
(917) 318-6818

For Vista Equity Partners
Brian Steel
media@vistaequitypartners.com
(212) 804-9170

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Silver Lake Closes $20.5 Billion Fundraise for SLP VII

Silverlake

Underscores Continuing Global Leadership in Large Scale Technology Investing as AI Era Accelerates

MENLO PARK, Calif. & NEW YORK – May 8, 2024 – Silver Lake, the global leader in technology investing, today announced a final close on Silver Lake Partners VII at $20.5 billion in capital commitments, topping its prior flagship fund.

In aggregate over the past five years, Silver Lake has raised $47 billion behind the firm’s singular mission of creating value by partnering with exceptional founders and management teams to build and grow great companies driven by technology at scale.

“We are deeply grateful to each of our investors, new and returning, for the confidence they place in Silver Lake,” said Co-Chief Executive Officers Egon Durban and Greg Mondre on behalf of the firm’s Managing Partners. “We are similarly appreciative of the truly special management teams we are so fortunate work with – the world’s best – with whom we have cultivated successful and winning relationships based on deep engagement and trust through multiple cycles of technology investing at scale.”

“As the promises and risks of the AI era accelerate, our talented team, strong industry network, and ability to commit substantial strategic and operational resources means our horizon of opportunity to make highly select, impactful investments with the potential to generate exceptional performance has never been more compelling,” Mondre and Durban concluded. “We look forward to many more years of collaboration, partnership and sustained value creation together.”

Over the past 15 years, Silver Lake’s flagship funds have in aggregate generated a 21% rate of return, net of fees.

Since the beginning of 2023, distributions to Silver Lake’s investors – including anticipated proceeds based on portfolio company transaction agreements signed to date – will total approximately $20 billion, anchored by the record-setting sale of Silver Lake portfolio company VMware to Broadcom.

On the investment side over the past year, Silver Lake successfully completed a public tender offer to acquire Software AG for approximately $2.6 billion and led three other transformational transactions: the take private of Qualtrics in an all cash transaction valued at approximately $12.5 billion, a $6.4 billion equity re-investment with DigitalBridge in Vantage Data Centers across North America and EMEA, and an agreement to take Endeavor private at an equity value of $13 billion and a consolidated enterprise value of $25 billion.

Silver Lake also recently announced that Christian Lucas, a Managing Director and co-head of the firm’s activities in Europe, has been named a Managing Partner.  Jim Whitehurst, who had previously served as a Senior Advisor to Silver Lake before being named Interim CEO at Unity, has returned to Silver Lake as a Managing Director who will lead operating and investment team initiatives.

Silver Lake invests across the wide spectrum of the global technology sector and in technology-enabled businesses in verticals including sports and live events, media and entertainment, e-commerce, financial services, and health care. Silver Lake’s portfolio of companies represent more than $1 trillion of cumulative enterprise value.

Investors in Silver Lake Partners VII include public and corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations, funds of funds, family offices, technology industry leaders and individual investors across the Americas, Asia-Pacific, and EMEA.

About Silver Lake

Silver Lake is a global technology investment firm, with approximately $102 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate nearly $258 billion of revenue annually and employ approximately 517,000 people globally.

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Stirling Square, TA Associates, and Macquarie Capital Complete Acquisition of Byggfakta

Stirling Square

Stockholm, 8 May 2024 – A consortium consisting of Stirling Square, TA Associates (“TA”), and Macquarie Capital has completed the acquisition of Byggfakta, a leading information and software provider within the construction industry. The acquisition follows a public offer to the shareholders of Byggfakta, unanimously recommended by the Independent Bid Committee of Byggfakta’s Board of Directors.

Byggfakta is a leading provider of data, insights, and software solutions for the global construction industry, serving over 50,000 customers. The company, headquartered in Ljusdal, Sweden, was founded in 1936 and has more than 2,000 employees spanning more than 20 countries. Byggfakta’s core operations encompass five areas: Project Information, Specification, Market Intelligence, Product Information, and E-tendering.

Stirling Square has been the largest shareholder in Byggfakta since 2017, with its relationship to senior management dating back to 2014. TA acquired a significant minority stake in Byggfakta in September 2020, joining Stirling Square. Since their initial investments, Stirling Square and TA have enabled value creation by supporting Byggfakta’s efforts to improve its commercial and operational capabilities, and in executing on its acquisition strategy to broaden the company’s service offering and expand internationally. Stirling Square and TA have now formed a partnership with Macquarie Capital, to support Byggfakta’s future journey.

Stirling Square, TA, and Macquarie Capital see great opportunities for Byggfakta to become a global champion within the construction technology industry with a central role in the ongoing development of the sector. By facilitating operational and financial resources and leveraging the consortium’s combined track record from similar growth stories, Byggfakta will be positioned to accelerate delivery of continued organic growth and strategic M&A.

Ben Hopper, Managing Director, Stirling Square,commented:

“The return to a private markets environment is an important moment for Byggfakta as we continue supporting the company to achieve its ambition to become a global leader in data and software solutions for the construction industry. We believe this transition from the public markets will enable the company to accelerate its long-term growth potential through further international M&A supported by long-term shareholders providing additional capital and deep domain expertise. We are delighted to be working alongside Dario and the talented team at Byggfakta together with our longstanding partner TA and to welcome an investor we have long admired in Macquarie Capital.”

Naveen Wadhera, Managing Director, TA, comments:

“Since partnering with Byggfakta in 2020, we have witnessed significant progress and are optimistic about the substantial opportunities that lie ahead with the acceleration of the company’s M&A strategy. We look forward to working with the Byggfakta team, Stirling Square and Macquarie in the execution of our new joint strategy.”

Adam Joseph, Head of Private Equity for Macquarie Capital Principal Finance Europe, comments:

“We have been following the development of Byggfakta for some time and are impressed with its achievements to date that have positioned the company as a leader within the construction software and data industry. We are looking forward to joining forces with Stirling Square and TA in supporting Byggfakta’s continued growth journey.”

Dario Aganovic, CEO, Byggfakta:

“Over the years, Byggfakta has successfully established unique database content, market leading software, and strong customer engagement. Looking ahead, we have a clear strategy to become an even stronger global player and a world-leading company in our industry. I am excited to deepen our partnership with Stirling Square and TA and to join forces with Macquarie Capital in the years to come,enabling an acceleration of our strategy.”

On 6 May 2024, the offer was closed with Stirling Square, TA, and Macquarie Capital, through Giant BidCo, controlling 99.8 per cent of the shares in Byggfakta.

About Byggfakta

Byggfakta Group is a global data and software company with roots stretching back to 1936, more than 2,000 employees and operations in 26 countries. The Company offers services that connect the construction sector, thereby increasing total growth and promoting better construction. Its unique data, insights and software solutions help customers to maximise sales, increase efficiency and build more sustainably. The core operations encompass five areas: Project Information, Specification, Market Intelligence, Product Information, and E-tendering. Byggfakta mainly generates subscription revenue, which currently exceeds SEK 2 billion annually. Byggfakta’s goal is to grow organically by 10% per year and to grow an additional 5–15 percent per year through acquisitions. Byggfakta Group has been listed on Nasdaq Stockholm since 2021.

About Stirling Square

Stirling Square is a private limited liability company (société à responsabilité limitée) governed by the laws of the Grand Duchy of Luxembourg, having its registered office at 8, rue Lou Hemmer, L-1748 Senningerberg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B 259546.

Stirling Square is a leading pan-European mid-market private equity firm based in London. Stirling Square has extensive experience investing in the Nordics. Its current portfolio includes Infobric, Assist24, Logent and SAR. Founded in 2002, Stirling Square is a partner to leading European mid-market businesses, with over 20-year track record of investing with conviction in market-leading platforms in the EUR 100 million to EUR 500 million enterprise value range. Since inception, Stirling Square has invested in 30+ platform companies and 100+ add-on acquisitions globally, helping to create regional and global champions. The firm has raised four funds and manages over EUR 3 billion on behalf of a global and diverse investor base. The investment team consists of more than 20 investment professionals, who have in aggregate committed 16 per cent of the total capital of the fourth fund ensuring full alignment with the success of its portfolio companies and their management teams. Stirling Square has been the largest shareholder in Byggfakta since 2017, with its relationship to senior management dating back to 2014.

About TA Associates

TA is a private limited liability company (société à responsabilité limitée) governed by the laws of the Grand Duchy of Luxembourg, having its registered office at 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B 259878.

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries—technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. TA acquired a significant minority stake in Byggfakta in September 2020, alongside existing investor Stirling Square.

About Macquarie Capital

Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. It encompasses corporate advisory, a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s balance sheet. Macquarie Capital has deep sector expertise in the aerospace, defense and government services, consumer, gaming and leisure, critical minerals, energy, financial institutions, healthcare, industrials, infrastructure, services, software, technology, telecommunications and media sectors.

Macquarie Capital Principal Finance, the financing and principal investing arm of Macquarie Capital makes investments from Macquarie’s balance sheet, provides flexible primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, Europe and Australasia.

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KKR And Amante Capital Acquire Central London Hotel

KKR

London 08 May 2024 – KKR, a leading global investment firm, and its European hospitality partner Amante Capital, today announced the acquisition of the 132-bedroom Park Grand London Kensington Hotel from Bartek Holdings Limited. Terms of the transaction were not disclosed.

The transaction marks the first acquisition by KKR and Amante Capital since the launch of the vertically integrated hotel platform in 2022, and underscores KKR and Amante Capital’s strategic vision for the European hospitality sector. Amante Capital’s highly experienced team is focused on sourcing and acquiring hotel opportunities across Europe, asset management and operational capabilities.

Mai-Lan de Marcilly, Managing Director and Head of Transactions France and Hotels at KKR, said: “We are delighted to announce our first acquisition with Amante Capital since launching the strategic partnership. The transaction is a testament to the talented team, reaffirming our strong conviction in building a best-in-class operating platform to invest behind strong secular demand for European and UK hospitality and attractive pricing in a dislocated capital market.”

Following the acquisition, the property, located in London’s affluent Royal Borough of Kensington & Chelsea, is intended to undergo an extensive refurbishment to be repositioned as a boutique lifestyle hotel operated by Amante Capital under Marriott International’s Tribute Portfolio brand. The refurbishment is targeted to also enhance environmental credentials, reflecting KKR’s and Amante Capital’s commitment to an increasingly sustainable hospitality real estate industry.

The acquisition was made through KKR’s Real Estate Partners Europe II (“REPE II”), a fund dedicated to value-add and opportunistic real estate investments in Western Europe.

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 KKRs 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 Amante Capital

Founded in 2022, Amante Capital is dedicated to investing in hotel real estate across Europe. With its experienced team specializing in origination, transactions, asset management, capex deployment and operations.

 

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KKR

KKR-Lon@FGSGlobal.com

Amante Capital

Info@amantecapital.com

 

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