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EQT Future holds final close; over EUR 25 billion (USD 27 billion) raised across EQT Private Equity in fundraisings concluded during 2024 to-date

eqt
  • The EQT Future fund closes at EUR 3 billion (USD 3.3 billion) in total fund commitments, with total fee-generating commitments to the strategy, which includes co-investments, totaling EUR 3.6 billion (USD 3.9 billion)
  • This brings the combined final closes by the EQT Private Equity platform in 2024 to more than EUR 25 billion (USD 27 billion) in total commitments, following the EUR 22 billion (USD 24 billion) close of EQT X
  • EQT Future is a private equity strategy that invests in two themes: Climate & Nature and Health & Wellbeing. Its innovative approach enables EQT Private Equity to hold companies for longer, leveraging EQT’s proven active ownership approach and a tailored impact management and measurement toolbox to drive attractive downside protected returns

EQT is pleased to share that EQT Future (or the “Fund”) has held its final close. The Fund raised EUR 3 billion (USD 3.3 billion) in total commitments, with total fee-generating commitments for the overall strategy, including co-investments, totaling EUR 3.6bn (USD 3.9 billion)1. The close brings the combined final closes by the EQT Private Equity platform in 2024 to more than EUR 25 billion (USD 27 billion) in total commitments.

An integrated part of EQT Private Equity, EQT Future backs robust and downside-protected business models in two thematic areas: Climate & Nature and Health & Wellbeing. By adding a tailored impact management and measurement toolbox and having a more flexible investment mandate, it aims to innovate on EQT’s proven approach and create long-term value in its portfolio. The Fund is Article 9 accredited and has innovated around ways to align sustainability with financial returns, linking carried interest to sustainability targets.

The Fund received commitments from investors across the Americas, Asia-Pacific, the Middle East, Europe and the Nordics. It has a diversified investor base, including forward-thinking institutional and private wealth clients, notably family offices, with a greater share of commitments coming from the latter segment compared to the EQT Private Equity flagship funds.

Simon Griffiths, Partner and Head of the EQT Future Advisory team, said: “That EQT has been able to introduce a new strategy and receive strong backing for EQT Future’s attractive downside-protected offering shows that investors are keen to see innovation within private markets. We’ve married EQT’s proven private equity approach with new impact thinking to invest in market leaders that can be grown over the longer term and that can potentially transform whole industries. This differentiates EQT Future from many other impact funds, which typically focus on venture and growth-stage opportunities. We have partnered with three businesses where the founders and management share our vision of driving more sustainable products and services, and the portfolio has already shown its resilience.”

Per Franzén, Head of Private Capital Europe & North America at EQT and Chairman of the EQT Private Equity Investment Committees, including EQT Future, said: “EQT Future is a perfect complement to our Equity strategy. Having a longer-hold mandate makes us an ideal partner to long-term owners, such as industrial families and entrepreneurs. It also enables us to acquire crown jewels and develop them to their fullest potential. As an integrated part of our Private Equity strategy, EQT Future makes us a smarter thematic investor. It enables us to select the right opportunities with a focus on sustainable long-term value creation, and makes us a better partner to our clients.”

The Fund is currently circa 40-45 percent invested across three high-quality, downside-protected companies, which all show strong underlying earnings growth and are realizing their impact potential:

  • Global pest-control service provider Anticimex offers a biocide-free digital solution, paving the way for a sustainable pest control industry and contributing to curbing biodiversity loss
  • Bloom Fresh International develops innovative disease-resistant varieties of fruit, reducing the use of fungicides that have a negative impact on soil health, ecosystems and human health, while increasing the agricultural output and shelf life of the fruits
  • Pioneering autoinjector developer SHL Medical enables advanced drug self-administration for greater patient autonomy, thereby reducing the burden on healthcare systems

Management fees for the Fund are charged on invested capital during its full term. This means that management fees will be charged only as and when investments are made by the Fund. Co-investment figures included are invested capital that is fee and carry-paying.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 33

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​232​‌ billion in total assets under management (EUR ‌​​‌130​‌ billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 20 countries across Europe, Asia and the Americas and has more than 1,800 employees.

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

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CapMan’s Annual Report for 2023 published

Capman

CapMan has published its Annual Report for 2023 on its website at www.capman.com/annual-report/. The report includes the Report of the Board of Directors, the Group Financial Statements, the Auditor’s Report, the Corporate Governance Statement and the Group Sustainability Report.

CapMan also publishes the Annual Report in accordance with European Single Electronic Format (ESEF) reporting requirements with the format of the report being Extensible Hypertext Markup Language (xHTML). In line with the ESEF requirements, the primary statements have been labelled with XBRL tags and notes have been labelled with XBRL block tags. Ernst & Young, Authorised Public Accountants has provided an independent auditor’s reasonable assurance report on the ESEF Financial Statements. The information has been assured in accordance with the international standard on assurance engagements ISAE 3000. The Annual Report is available in pdf and xHTML formats at www.capman.com/annual-report/ and as attachments to this release.

The sustainability report is prepared in accordance with the GRI Standards and includes material sustainability information for CapMan Group. In addition, the report provides information on sustainability commitments and the progress towards sustainability objectives. CapMan publishes a separate overview on sustainability topics related to its real estate, infrastructure assets and portfolio companies as the information becomes available later in the spring.

The Corporate Governance Statement and Remuneration report have also been published as separate pdf files at www.capman.com/shareholders/governance/ and www.capman.com/shareholders/governance/remuneration/ and as attachments to this release.

CAPMAN PLC

Distribution:
Nasdaq Helsinki
Principal media
www.capman.com

For more information, please contact:
Linda Tierala, Director, IR and Sustainability, +358 40 571 7895, linda.tierala@capman.com

Attachments: 
Annual Report 2023
Financial Statements 2023
Corporate Governance Statement 2023
Remuneration report 2023
Sustainability Report 2023
743700498L5THNQWVL66_2023-12-31-en

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and over €5 billion in assets under management. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs approximately 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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DIF Capital Partners raises EUR 6.8 billion for its latest infrastructure funds

DIF

The successful fund raisings for DIF VII and CIF III represent a 50% increase compared to the prior funds.

DIF Capital Partners (DIF), a leading global infrastructure fund manager, is pleased to announce it has raised EUR 6.8 billion for its latest infrastructure funds with final closes across DIF Infrastructure VII (DIF VII) EUR 4.4 billion, DIF Core-Plus Infrastructure Fund III (CIF III) EUR 1.6 billion, and certain Co-investment vehicles EUR 0.8 billion.

DIF experienced strong investor demand from both existing and new institutional investors across the globe, enabling both DIF VII and CIF III to exceed their target fund sizes of EUR 4.0 billion and EUR 1.5 billion respectively. Total commitments for the predecessor funds (DIF VI and CIF II) equaled EUR 3.0 billion and EUR 1.0 billion.

DIF VII targets infrastructure investments, often concession-based or with long-term offtake agreements offering stable and predictable cash flows as well as attractive risk-adjusted returns. Sectors covered are transportation, (renewable) energy, digital infrastructure as well as utilities.

CIF III targets investment opportunities with strong growth potential. It focuses on a broad range of infrastructure sectors including digital infrastructure (specifically datacenters and fibre), energy transition as well as sustainable transportation.

Both fund strategies target a mix of operational and greenfield investments and predominantly focus on Europe and North America.

The funds received commitments from a diverse institutional investor base of more than 110 investors across Europe, the Americas, Asia, and the Middle East, including public and private pension plans, sovereign wealth funds, insurance companies, financial institutions, foundations, and private wealth investors.

Wim Blaasse, CEO at DIF Capital Partners, said: “We are extremely grateful to our investors for their trust and support, and this successful fundraising reinforces DIF’s leading position in the infrastructure market.

In addition, we are excited by the journey ahead as we team up with CVC, and accelerate the growth of our investment capabilities, our geographic reach, and lever the CVC network”.

Gijs Voskuyl, Deputy CEO at DIF Capital Partners, said: “An ever growing demand for infrastructure capital provides an exciting investment opportunity for us, and with our investment track record and experienced teams on the ground across our network of offices in eleven countries, we are confident we can use this capital to take advantage of attractive investment opportunities.”

To date, both funds have invested or committed to nine investments each, thereby deploying around 50% of total commitments. For DIF VII this includes investments in Saur, a global water solutions provider, Fjord1, a Norwegian electric ferry concessions operator and Green Street Power Partners, a US distributed solar developer/IPP. For CIF III this includes investments in metrofibre, a German urban fibre roll-out platform, Tonaquint, a US datacenter platform and Rail First, an Australian rail leasing business.

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

For more information, please visit www.dif.eu or follow us on LinkedIn.

 

Press contact:

DIF Capital Partners: press@dif.eu

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Fremman Capital Enters Into A Put Option Agreement To Acquire Innovative Beauty Group, A Pioneering Turn-Key Solution Provider Servicing Retailers And Brands In The Beauty And Personal Care Space

Fremman

Fremman Capital (“Fremman”) is pleased to announce the execution of a put option agreement to acquire Innovative Beauty Group (“IBG”), a Beauty and Personal Care service provider, part of the Albéa group.

The Company offers its clients a 360-degree product development service, with end-to-end product management capabilities addressing the more complex aspects of bringing a product to market, including the ideation of the product, formulation, filling, packaging solutions and marketing.

IBG leverages its extensive global network, with 10 offices across three different continents, to provide local expertise to its +200 customers. With creative and sourcing capabilities across North America, Europe, and Asia, IBG’s 300 employees offer unrivalled expertise across the entire Beauty and Personal Care value chain, acting as a true value-added partner to its customers.

Xavier Leclerc de Hauteclocque, CEO of IBG, said: “We look forward to this next stage of growth together with Fremman as a new shareholder. We operate in an exciting and fast- growing market with a great opportunity to scale up presence and capabilities across geographies, product categories and customer segments and further elevate our value-add and quality, following our vision to provide the best service to our clients.”

Olivier de Vregille, founding partner of Fremman, said: “We look forward to working with Xavier and his team to accelerate the growth of the company. We have been following this industry for a long time and we strongly believe in the innovative IBG model which disrupts the traditional Beauty and Personal Care supply chain while driving excellence and best results for all stakeholders.”

Subject to final closing of the contemplated transaction, Fremman will have 8 platform investments in its debut fund, which closed in 2023 having raised over €600 million. Since inception in 2020, the firm has completed six platform investments in highly growing markets: Bollo Natural Fruit (Spain), VPS (Netherlands), Medinet (UK), Palex Medical (Spain), Kids Planet (UK), and Connexta (Germany), and more than 50 add-on investments. The Fund has also recently signed the acquisition of HT Médica, one of the leading radiology operators in Spain.

The contemplated transaction is subject to the consultation of the relevant employee representative bodies of the Albea group.

About IBG

IBG is a Beauty and Personal Care service provider, helping businesses create quality beauty products. The Company covers the entire value chain, offering a wide spectrum of solutions from design to formulation, packaging and marketing. IBG has an international team of over 300 people across 10 locations worldwide. For more information about IBG please visit: https://innovativebeautygroup.com/

About Fremman

Fremman is a pan-European, mid-market investment firm with offices in London, Luxembourg, Madrid, Munich and Paris that looks to partner with successful management teams to help transform businesses from local champions to multinational sustainable leaders. Its senior Partners have a long history working together, with over 100 years of combined investment experience. Fremman’s goal is to build better, more sustainable businesses that have a positive impact on society.

For more information about Fremman please visit: https://fremman.com/

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Cibus Capital raises USD 600m to invest in the sustainable food and agriculture transition

Cibus Capital

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4 March 2024, LONDON UK – Cibus Capital LLP (‘Cibus’), the specialist investment advisory firm focused on sustainable food and agriculture, is pleased to announce the successful close of its second mid-market private equity fund, Cibus Fund II (‘CF II’) with over USD 510 million in commitments, and its second venture fund, Cibus Enterprise Fund II (‘CE II’) with over USD 135 million in commitments.

The fundraise attracted investment from a diversified investor base consisting of returning and new participants. Investors in the two funds include Los Angeles County Employee Retirement Association (‘LACERA’) and Retail Employees Superannuation Trust (‘Rest’), one of Australia’s largest profit-to-member superannuation funds, amongst other major institutional investors.

“Rest expects our investment in Cibus Fund II to deliver long-term value for our members while growing our exposure to companies at the forefront of sustainable agriculture practices. It also brings us closer to our target of achieving a one per cent allocation to impact investments across our total portfolio by 2026,” said Rest’s Head of Responsible Investment & Sustainability, Leilani Weier.

CE II invests in late-stage venture through innovative companies driving technologies with the potential to disrupt food production or processing, increasing resource efficiency and sustainability. The Fund has already made ten investments across sectors, including robotics, precision chemistry for crop protection, and natural capital.

Rob Appleby, Founder and CIO of Cibus Capital comments: “Farmers and landowners have taken centre stage in the debate about food security and environmental conservation. This coincides with a clearer view of the risks and opportunities faced by investors and stakeholders alike in food production. We thank our original supporters and those looking at Cibus for the first time, for the support they have provided us as we direct capital to those companies contributing to carbon reduction, increasing biodiversity and making compelling financial returns.

Alastair Cooper, Head of Venture of Cibus Capital comments: “Agri-Food Technology provides the potential for unprecedented positive change across resource efficiency, GHG emissions, biodiversity, food security, human health and animal welfare. We are excited about the possibilities to come, deploying capital to innovative companies supporting the technological revolution much needed in our food system.”

 

—END—

About Cibus Capital LLP

Cibus Capital LLP is the London-based investment advisor to the Cibus funds. The Cibus funds partner with food and agriculture companies that provide investors with a risk-adjusted return on capital and a sustainable competitive advantage. Cibus has raised over USD 1bn to invest in two strategies: mid-market growth/buyout investments in food production and processing businesses and late-stage agrifood technology companies. For more information visit cibusfund.com.

For more information, please contact:
Montfort Communications
+44(0)7752 329 851
cibus@montfort.london

 Legal References and Disclaimer: 

References herein to  “Cibus Fund II” are references to Cibus Fund II LP; “Cibus Enterprise Fund II” refers to Cibus Enterprise Fund II LP, which are both managed by Cibus Investments II Limited and advised by Cibus Capital LLP.  References to “Cibus” are to Cibus Capital LLP.  None of Cibus or Cibus Investments Limited make any representation as to the accuracy, reliability or completeness of this Press Release. This release does not constitute an offer to subscribe for interests in the Cibus funds or any other actual or prospective fund advised by Cibus Capital LLP.

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Bene Bono closes a funding round of 10 million euros

AXA

Bene Bono closes a funding round of 10 million euros to accelerate the fight against food waste at its source and to become the undisputed leader in the European market.

As a service of sustainable groceries, Bene Bono saves farmers and manufacturers products from waste, to offer them to its clients at a cheaper price. The company marks a significant milestone in its green and social commitments. The foodtech player announces a 10 million euro fundraising led by AVP (AXA Venture Partners) with the participation of 2050 and historical investors (Stride VC and Project A).

1- Bene Bono: a strong appetite for combating waste at its source

As 1.6 billion tons of food are lost or wasted each year (BCG study), Bene Bono intends to fight this number for good. The company has already saved more than 2,600 tons of products. Their magical recipe? Selling all the good products that do not fit aesthetic or logistical standards. Since 2020, Bene Bono has thus been helping organic farmers and manufacturers in selling their qualitative products directly to consumers.

This way, the brand has provided access to organic, local, and seasonal fruits and vegetables, as well as over 500 grocery items that also need to be saved, such as grocery food, drinks, wines, beers, sweets, hygiene, beauty, and cleaning products, all at a discount up to 40%.

The service now covers nearly 300 cities in France, following its recent expansion to Toulouse and Bordeaux, in addition to the four metropolitan areas where it was already active (Paris, Lyon, Marseille, Lille, and their surroundings). This growth has led to the preparation of several thousand orders per week for the benefit of 30,000 active clients in 2023, three times more than the year before.

While food price inflation, reaching 21% over the last two years(1), would prevent 9 million French people from eating healthily(2), Bene Bono has enabled its loyal customers to save an average of 200 euros per year.

On the supplier side, the brand now collaborates with over 400 local organic producers, twice as many as in 2021, and 150 committed manufacturers, thereby contributing to providing them with an additional revenue and a long term professional relationship made of trust.

2- Recognized and supported commitment with a 10 million euro investment

This 10 million euro funding round was led by AVP (AXA Venture Partners) with the participation of 2050 and historical investors – Stride VC and Project A. This new funding round will allow Bene Bono to strengthen its position as a major player in the fight against waste at its source.

With this capital raise, the Foodtech player aims to:

  • Recruit new talents for strategic positions, such as a Director of Purchasing, a Head of Product, and a Lead Data Manager.
  • Expand its range of saved products to new categories, aiming for 1,000 references by the end of the year and further develop its private label (already 7 products).
  • Expand its business activities in the French market and continue the expansion of its service in Spain (particularly in Seville and Malaga).
  • Reduce its environmental footprint by implementing reusable bags and delivery by electric vehicles and bicycles, amongst other things.
  • Develop new features to continue satisfying a maximum number of customers and optimize its logistics processes.

These new features have been initiated at the end of 2023, transforming Bene Bono’s operational mode to fully customizable weekly orders, leveraging a unique technology. Indeed, customers can now fully customize their groceries, choosing from over 500 available saved products.

Sven Ripoche, co-founder of Bene Bono – “This funding round follows the very successful year of 2023 marked by our successful launch in Spain and over 2,100 tons of products saved by our users. It will allow us to fight against waste on a larger scale, offering even more good products at reduced prices to the French and Spanish people!”

François Robinet, Managing Partner at AVP – “We are delighted and extremely proud to have been selected by the founders of Bene Bono, a major player in Foodtech, to accompany them in the next chapters of their story and this new phase of growth. We have been impressed by the intrinsic merits of the company and its remarkable development so far. This investment also demonstrates AVP’s commitment to investing in key sectors for the sustainable development of our societies, such as the fight against waste. The sector in which Bene Bono operates is at the heart of the challenges of transforming everyone’s food habits. We are pleased, along with current investors and 2050, to provide Bene Bono with the means to continue developing the platform in France and Spain and to support Grégoire, Sven, Claire, and all their teams in this new stage. »

About AVP (AXA Venture Partners)

AVP (AXA Venture Partners) is a global venture capital firm specializing in high-growth, technology- enabled companies, managing $1.3 billion in assets across four investment strategies: Venture, Growth, Late Stage, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Growth stages in the US and Europe.

With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. AVP operates under AXA IM- Alts, the alternative investment business unit of AXA IM.

For more information, visit axavp.com
Contact: Sébastien Loubry, Partner Business development (sebastien@axavp.com)

About Project A

Project A is one of the leading early-stage tech investors in Europe with offices in Berlin and London. In addition to $1bn assets under management, Project A supports its portfolio companies with a team of over 120 functional experts in key areas such as software and product development, data, brand, design, marketing, sales and recruitment. The venture capital firm was founded in 2012 and has backed more than 100 startups. The portfolio includes companies such as Trade Republic, WorldRemit, sennder, KRY, Spryker, Quantum Systems and Voi.

About 2050

2050 (Paris, France) is a new breed of investment fund that combines performance and company alignment. It empowers those who are building a fertile future, a world aligning economic, social and ecological challenges. Through its unique structure of a stewardship-owned evergreen model, and its ecosystem investments, the fund aims to invest over one billion euros by 2030, catalyzing positive change for a better future. The young portfolio includes companies such as Sweep, Peabbl, Fifteen and Kickstarter.

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IK Partners to invest in Checkmate Fire

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed
an agreement to acquire Checkmate Fire (“Checkmate” or “the Company”), the UK’s largest
passive fire protection specialist, from YFM Equity Partners (“YFM”). IK is making its first UK investment from the Fund’s dedicated pool of Development Capital. The existing management
team will be reinvesting alongside IK. Financial terms of the transaction are not disclosed.

Established in 1989 and headquartered in West Yorkshire, Checkmate provides a comprehensive range of passive fire protection services to organisations across the Healthcare, Education, Government, Social Housing and Commercial sectors. The Company inspects, installs, remediates and maintains passive fire systems and also provides installation and maintenance of active fire systems.

Checkmate engineer remediating a fire door

Checkmate operates across the UK and has over 200 employees. The Company is responsible for maintaining passive fire systems in around 2,000 buildings nationally to ensure compliance with increasingly stringent regulations, carrying out over 30,000 fire door remediations or replacements per year. The focus is on maintaining fire doors rather than replacing them; an approach that aligns with the Company’s commitment to strong environmental, social and governance practices across the business.

Since YFM’s investment and under the existing management team, Checkmate has scaled rapidly, expanding its service offering and supporting more customers in managing their passive fire systems through multi-year contracts. In partnership with IK, Checkmate will look to further develop its passive fire offering, particularly its inspections division, in a market with compelling long-term growth dynamics. The Company will also continue to invest in its people and technology to enhance operational efficiency, while also executing a targeted M&A strategy.

Completion of the transaction is subject to regulatory approvals.

John Lewthwaite, CEO at Checkmate, said: “We are very much looking forward to working with IK after a successful partnership with YFM. IK’s track record of supporting businesses in the fire protection market, combined with our position as UK’s leading passive fire specialist, means that we are best placed to drive future growth in a market with attractive dynamics. We would like to take this opportunity to thank YFM for all their support and guidance over the last five years.”

Simon May, Partner at IK and Advisor to the IK SC III Fund, added: “This is an exciting first investment for the IK Development Capital strategy in the UK. Under the stewardship of John and his team, Checkmate has established itself as a high-quality provider in a rapidly growing and increasingly regulated market. We have been impressed with the Company’s journey to date and see plenty of opportunities for continued growth. We look forward to working with the team at Checkmate and leveraging the resources and expertise of the wider IK platform to deliver an ambitious strategy.”

Steve Harrison, Partner at YFM Equity Partners, commented: “It has been an absolute pleasure working with John and the entire team at Checkmate since we first invested in 2018. The business has seen rapid growth and development during this period, establishing itself as the leading player in the UK passive fire protection market. We wish Checkmate the best of luck for the future with the support of IK.”

For further questions, please contact:

Checkmate Fire
Ian Turpin
Phone: +44 7841 443948
info@checkmatefire.com

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

YFM Equity Partners
Viktoria Harrison
Phone: +44 7716 097 774
viktoria.harrison@yfmep.com

About Checkmate Fire

Checkmate Fire is the UK’s leading specialist passive fire protection company and a founder member of the BRE/LPCB passive fire protection certification scheme. Checkmate delivers a full turnkey service, from initial assessments and surveys, through to full pre-planned maintenance packages. For over three decades, the firm has served a growing list of industries with the same reliable, ethical, quality service that makes it the most trusted contractor in specialist passive fire protection. For more information, visit www.checkmatefire.com.

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 180 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com.

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About YFM Equity Partners

YFM invests £3m to £15m into businesses with strong growth potential located across the UK through a regional network of offices in London, Leeds, Manchester, Reading and Birmingham.

YFM Equity Partners are specialist, independently owned, private equity investors. Having recently celebrated 40 years of investing experience, our portfolio may have changed over the years, but our ethos has remained the same – to support small businesses across the UK in their next phase of growth. We seek to unlock value and growth potential by providing up to £10 million of equity to fuel the development of established business throughout the UK regions. We do this by helping our portfolio companies launch new initiatives, make transformative acquisitions, and upgrade technologies and systems. We are dedicated to working alongside management teams to create long-term value for our investors, the companies we invest in, and make a positive economic impact for the communities in which we work. We manage funds in excess of £630 million which include venture capital trusts and private equity funds.

YFM Equity Partners conducts its investment business through its subsidiary YFM Private Equity Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 122120).

For more information, please visit www.yfmep.com or follow us on LinkedIn.

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BB Capital takes majority stake in health app VYTAL

BB Capital

THE HAGUE – BB Capital Investments has taken a majority stake in VYTAL, an IT platform specialized in digital total solutions for the sports and health industry. Both parties announced this today. The company from Alphen aan den Rijn will use the investment to expand its unique market position in the Netherlands and Europe.

VYTAL supplies a complete software package to support coaches in their business processes and coaching activities. The company has been active in the growing digital health solutions market since 2019. The nutrition app managed to develop into an innovative platform with a complete offering where users and providers come together. The entire team of ten employees remains active from the head office in Alphen aan den Rijn.

Stephan Laurs, founder and CEO: “With BB Capital on board, we can roll out our strategy to become the all-in-one platform for coaches even more effectively. Our mission is to create a real vitality movement where, on the one hand, we help our users to become and remain vital, while we give our coaches all the tools to support users in this. From business administration to community and marketing support.”

Susan van Koeveringe, Managing Partner BB Capital Investments: “VYTAL has a clear focus on building a digital platform within which all activities for coaches come together. With the knowledge and drive of the VYTAL team, we are working with ambition to offer a total solution in this growing but fragmented market. We are excited to build a strong and innovative company together, both through organic growth and through multiple follow-up acquisitions in the Netherlands and abroad.”

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Coller Capital becomes largest investor in Permira continuation fund

Coller Capital
  • Coller represents 50% of secondary commitments into new Permira continuation fund
  • Permira continuation fund to include assets from Permira IV and V

London, 04 March 2024 – Coller Capital, one of the world’s leading investors in the secondary market for private assets, has committed to Permira’s new continuation fund. The commitment makes Coller Capital the largest investor, accounting for 50% of the fund.

The continuation fund will include five assets from Permira’s existing funds and provide capital over a five-year period to support further value creation in the underlying companies.

This transaction is Coller Capital’s second GP-led secondary investment with Permira, having also been the lead investor on a Permira GP-led secondary transaction which closed in 2020. Coller and Permira have transacted numerous times beforehand, specifically as it relates to Permira funds IV and V, attesting to the strong partnership between the two organisations.

Martin Fleischer, Coller Capital, commented: “We are pleased to partner with Permira once again on another GP-led transaction. This is exactly the type of investment we specialise in, focusing on high quality underlying companies managed by an outstanding GP”.

This transaction demonstrates Coller’s ability to structure unique investments that provide exposure to strong growth across the private equity lifecycle. This solution allows existing investors to maintain access to these promising assets ‘status quo’ or to take liquidity if desired.

Mentions

Martin Fleischer

Principal, Investment
Press contact
Edelman Smithfield
coller@edelmansmithfield.com+44 (0)7980 684 247

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General Atlantic Announces Investment in Plusgrade, Joining Existing Investor CDPQ

Partnership to support Plusgrade’s continued expansion as a leader in ancillary revenue solutions for the travel industry

New York, NY and Montreal, Canada – General Atlantic, a leading global growth investor, today announced a strategic growth investment in Plusgrade, a global leader powering ancillary revenue solutions for the travel industry. With this transaction, Novacap will fully exit its stake in Plusgrade, and existing investor CDPQ will remain a significant shareholder. General Atlantic intends to partner with Plusgrade to support the company’s continued growth, including through the acceleration of new business segments and go-to-market efforts, strategic M&A opportunities, and key operational initiatives.

Over 200 partners worldwide across the airline, hospitality, cruise, passenger rail, and financial services industries trust Plusgrade’s portfolio of leading ancillary revenue offerings and loyalty expertise to create incredible travel experiences and new revenue opportunities.

In 2022, Plusgrade acquired Points.com, bringing together two of the largest sources of ancillary revenue to create even greater impact for travel businesses worldwide. Plusgrade further expanded its portfolio in 2023 with the acquisition of UpStay, a provider of hotel upgrade and ancillary revenue solutions for the hospitality industry.

Ken Harris, Founder and CEO of Plusgrade, commented, “Ancillary revenue has become a critical driver of financial robustness for travel companies in every sector, and as the global ancillary revenue powerhouse, Plusgrade plays a central role in helping our travel partners create, grow, and enable major new revenue opportunities. We believe we have significant opportunity ahead of us to continue innovating and building out our leading portfolio even further. Our team is deeply grateful to Novacap for their transformative partnership and all the new heights that we achieved together. We are thrilled to welcome General Atlantic as a strategic partner to help us accelerate our mission and vision by leveraging the firm’s deep expertise across travel, software, and technology.”

Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, said, “Ken and the Plusgrade team have worked diligently to scale the business and offer partners a differentiated portfolio of solutions. With ancillary revenues and loyalty programs standing as some of the most important drivers of growth in the travel industry today, we believe Plusgrade is strongly positioned to continue capturing the market. We have strong conviction in Plusgrade’s vision and are excited to support the company in future value creation initiatives.”

“CDPQ is proud to reiterate its support for Montréal-based Plusgrade, which has grown significantly since we became a shareholder in 2018. Alongside this new and experienced partner, we look forward to pursuing value creation in this leader in the travel industry’s ancillary revenue market, which will benefit our depositors,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

Financial terms of the transaction were not disclosed.

Barclays served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor and Goodmans LLP served as co-counsel to General Atlantic. J.P. Morgan served as lead financial advisor, Scotiabank served as financial advisor, and Davies Ward Phillips & Vineberg LLP served as legal advisor to Plusgrade.

About Plusgrade

Plusgrade powers the global travel industry with its portfolio of leading ancillary revenue solutions. Over 200 airline, hospitality, cruise, passenger rail, and financial services companies trust Plusgrade to create new, meaningful revenue streams through incredible customer experiences. As the ancillary revenue powerhouse, Plusgrade has generated billions of dollars in new revenue opportunities across its platform for its partners, while creating enhanced travel experiences for millions of their passengers and guests. Plusgrade was founded in 2009 with headquarters in Montreal and has offices around the world. For more information, please visit: www.plusgrade.com

About General Atlantic

General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has approximately $83 billion in assets under management inclusive of all products as of December 31, 2023, and more than 280 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

About CDPQ

CDPQ invests constructively to generate sustainable returns over the long term. As a global

investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. CDPQ is active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

Media Contacts

Plusgrade
Carrie Mumford
Director, Brand & Communications
pr@plusgrade.com

General Atlantic
Emily Japlon & Sara Widmann
media@generalatlantic.com

CDPQ
Kate Monfette
Director, Media Relations
+ 1 438 525-2520
kmonfette@cdpq.com

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