Main Capital Partners acquires SAP licensing specialist VOQUZ Labs AG

Main Capital Partners (“Main”) announces its seventh platform investment for Main Foundation II.

March 31, 2025, Munich – Main Capital Partners (“Main”) announces its investment in VOQUZ Labs AG (“VOQUZ”), a German provider of SAP license management and IT spend optimization software. The company serves private enterprises, with a comprehensive suite of specialized tools. The acquisition marks the seventh platform investment for Main’s latest fund, Main Foundation II, launched in April 2024.

On March 28, 2025, shareholders of VOQUZ Labs AG, listed on the open market of the Munich Stock Exchange and Vienna Stock Exchange (ISIN: DE000A3CSTW4) signed a share purchase agreement with Main for the sale of their 95.3% stake in the company. The transaction, which values VOQUZ Labs in the lower double-digit million range, is expected to close by the end of April 2025. Following completion, Main intends to initiate a squeeze-out of minority shareholders in accordance with applicable legal provisions.

VOQUZ Labs, headquartered in Berlin, employs approximately 40 staff and offers a highly specialized software portfolio including samQ, visoryQ, and remQ. These solutions enable enterprises to automate SAP license management, streamline access governance, and ensure compliance. A core strength of VOQUZ lies in its ability to optimize and automatically reassign SAP-licenses, delivering significant SAP cost savings and ensuring that customers remain continuously and optimally licensed.

In addition, VOQUZ plays a strategic role in supporting organizations with their S/4HANA migration and RISE with SAP journeys. The company provides tools to calculate tailored business case scenarios, helping customers determine the most efficient and cost-effective S/4HANA license setup — a critical factor in successful SAP transformation initiatives.

With a global customer base of over 230 organizations and active operations across Europe, the Americas, and Asia, VOQUZ has built a strong reputation as a trusted partner in the complex world of SAP licensing and IT financial governance. While the SAP ecosystem is undergoing a significant transformation driven by the global shift to S/4HANA and RISE with SAP, VOQUZ is well-positioned to support enterprise clients through this transition. As organizations face increasing complexity and cost pressure during their migration, VOQUZ’s solutions provide critical tools to ensure optimize licensing and build cost-efficient migration scenarios.

The existing VOQUZ management team will work closely with Main to accelerate both organic and inorganic growth initiatives. Main brings a strong track record in scaling B2B software companies. Together, the partnership will focus on strengthening VOQUZ’s leadership position in SAP optimization, expanding its international presence, and further developing its innovative product suite.

Note: The shares of VOQUZ Labs AG are not listed on a regulated market within the meaning of Section 1(1) of the German Securities Acquisition and Takeover Act (WpÜG). Therefore, Main is not required and does not intend to submit a takeover offer to the remaining shareholders.

Martin Kögel, CEO of VOQUZ, said, “We are proud and excited to announce our partnership with Main Capital Partners and are convinced that Main is the ideal partner, bringing unmatched expertise in the software buy-and-build market. This success wouldn’t be possible without the dedicated team we’ve built and the strong partners we’ve surrounded ourselves with. We’re looking forward to the next chapter.”

Sven van Berge, Managing Partner and Head of DACH at Main, concluded, “We have closely followed VOQUZ’s development and see strong capabilities in navigating the complexities of SAP license management, compliance, and IT cost control. With continued strong demand for IT cost transparency and control, we consider the business a great fit for our portfolio.”

With continued strong demand for IT cost transparency and control, we consider the business a great fit for our portfolio.”

– Sven van Berge, Managing Partner and Head of DACH at Main

Martin Kögel, CEO of VOQUZ, said, “We are proud and excited to announce our partnership with Main Capital Partners and are convinced that Main is the ideal partner, bringing unmatched expertise in the software buy-and-build market. This success wouldn’t be possible without the dedicated team we’ve built and the strong partners we’ve surrounded ourselves with. We’re looking forward to the next chapter.”

Sven van Berge, Managing Partner and Head of DACH at Main, concluded, “We have closely followed VOQUZ’s development and see strong capabilities in navigating the complexities of SAP license management, compliance, and IT cost control. With continued strong demand for IT cost transparency and control, we consider the business a great fit for our portfolio.”

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Topcon to Accelerate Growth through Management Buyout with KKR and JIC Capital

KKR

Powerful combination of KKR and JICC creates stable foundations for Topcon to pursue long-term growth

TOKYO–(BUSINESS WIRE)– Topcon Corporation (“Topcon” or the “Company”; TSE stock code 7732) today announced that it is launching a management buyout (“MBO”) led by Topcon President and CEO Takashi Eto. The MBO will receive investment from funds managed by KKR, a leading global investment firm, and JIC Capital (“JICC”), a wholly owned subsidiary of Japan Investment Corporation (“JIC”). In connection with the MBO, TK Co., Ltd. (the “Offeror”), an entity owned by investment funds managed by KKR, intends to make a tender offer for the common shares and share acquisition rights, etc. of the Company. Topcon’s Board of Directors has resolved to support this tender offer and recommends that shareholders and share acquisition right holders tender their securities.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250327998023/en/

The tender offer price will be JPY 3,300 per share, determined after negotiations between KKR and Topcon.

The proposed tender offer price represents1:

  • A 99.5% premium over the simple average closing price of Topcon’s stock for the 12 months up to December 9, 2024; and
  • A 105.2% premium over the simple average closing price of Topcon’s stock for the 6 months up to December 9, 2024.

KKR is making this investment predominantly from its Asian Fund IV, and it is planned that KKR will indirectly hold a majority interest in Topcon. Following the completion of the tender offer, JICC intends to indirectly hold voting rights in Topcon through JIC PE Fund No. 1 and JIC PE Co-Investment Fund No. 1, investment limited partnerships managed by JICC. Topcon President and CEO Takashi Eto also intends to participate in the tender offer and plans to make a reinvestment after the completion of the tender offer; the details of his investment are yet to be determined.

Topcon is pursuing its long-term vision leading up to its 100th anniversary in 2032, and the Company has been implementing its “Mid-Term Management Plan 2025” covering the fiscal years 2023–2025. Under this plan, Topcon has pursued sustainable business growth and improved profitability by deepening its orientation towards customers, and as the next step, the Company aims to evolve into “New Topcon 2.0,” a business structure that will further accelerate the competitiveness of the Topcon Group. In particular, to transform its eye care business from a hardware-based business to a solutions business, and to achieve further growth in its positioning business, where the competitive environment is rapidly changing, the Company believes that bold, long-term investments and fundamental transformations beyond conventional business reforms are necessary.

Following an in-depth evaluation of all options, Topcon concluded that a management buyout in strategic partnership with KKR and JICC offers the Company the best path to achieve its long-term objectives and enhance its corporate value to benefit all stakeholders, including shareholders. Topcon’s competitive edge lies in the combination of its advanced hardware design and manufacturing capabilities, rooted in Japanese craftsmanship, and its rapidly growing solutions business, particularly in the United States. Topcon believes that it is essential to develop an agile corporate structure to undertake bold investments and implement long-term initiatives. As a private company, the strategic partnership and patient capital support from KKR and JICC will enable Topcon to stay agile, undertake the bold investments and implement the long-term initiatives needed to accelerate its growth and strengthen its competitiveness. Topcon’s current management team will continue to operate the Company and work with its shareholders to implement management initiatives to efficiently and quickly achieve its long-term goals.

Additionally, Topcon leverages its cutting-edge optical technology to develop and manufacture products for the space and defense industry, which is critical to Japan’s national security. Therefore, JICC’s investment will help the Company to develop these business areas and increase its value in the long term.

For KKR, Japan is a key market for its Asia Pacific and global strategy; it has around $18 billion in assets under management in the country. In the ophthalmology sector related to Topcon’s business, KKR has a long track record, including National Vision, an optical retailer in the US; nexeye, a provider of value-for-money eye care in Europe; and Lenskart, an omni-channel eyewear retailer in India, and in the adjacent construction and civil engineering fields within the industrial sector, GeoStabilization International, a provider of geohazard mitigation solutions and roadway safety services in the US. KKR looks to support Topcon’s growth after the privatization by leveraging its global network, deep operational expertise and investment experience in the ophthalmology, healthcare, and industrial sectors to share best practices and help Topcon expand internationally, including in the US, a priority market.

JICC, as a government-affiliated fund, has built deep public-private networks and operational know-how through extensive investment experience in Japan and overseas. JICC will support Topcon’s transformation into a global solutions company centered on its eye care business, which will contribute to the creation of new industries and strengthen international competitiveness, and JICC will support this due to its policy significance. In particular, JICC’s long-term, neutral funds will be essential to support Topcon’s long-term structural reforms and growth strategies. Also, JICC will complement KKR’s private markets expertise, with this combination of public and private funds providing medium- to long-term risk sharing and strong capital and credit alignment.

Takashi Eto, President and CEO of Topcon, said “Today’s announcement represents a crucial step in realizing “Topcon 2.0” and in achieving our long-term vision and to drive future growth. Strategically partnering with KKR and JICC will enable us to focus on bold, agile investments and management initiatives, including structural reforms, without being constrained by potential short-term uncertainties. I am confident that our close alignment between the management team and our future shareholders for this MBO will enable us to address mid- to long-term challenges together, implement management initiatives more effectively, and accelerate our business expansion.”

Hiro Hirano, Deputy Executive Chairman of KKR Asia Pacific and CEO of KKR Japan, said, “We have long admired Topcon’s strong product offering and are delighted to have the opportunity to invest behind their long-term global ambitions. As like-minded strategic partners, we are also pleased to join forces with JICC, who possess a deeply unique understanding of Japan and Topcon’s critical sectors and equal commitment towards the Company’s success. We look forward to collaborating closely with Mr. Eto and his talented management team and JICC to help Topcon accelerate its growth, including through our global network of industry experts and portfolio companies, and achieve its goal of becoming a leading global solutions company.”

Shogo Ikeuchi, President and CEO of JIC Capital, said, “This transaction and joint investment with KKR marks a significant milestone for JICC. We believe that this strategic partnership between our three companies will certainly enhance the stability of Topcon’s management, while at the same time paving the way for KKR to contribute significantly to Topcon’s business. KKR has unique strengths that other investors and companies cannot achieve, and by making the most of KKR’s outstanding strategic insights and resources, we are confident that Topcon will be able to achieve sustainable, stable growth and strengthen its leadership in the global market. Topcon is an excellent example of Japan’s manufacturing prowess, and JICC aims to be a strong partner for Topcon to continue to grow its business in Japan and achieve its bold corporate strategy to transform from a hardware company to a global solutions business with significant overseas growth.”

The tender offer is expected to commence around the end of July 2025, subject to the satisfaction or waiver of certain conditions precedent, including regulatory approvals in Japan and other jurisdictions. For details regarding the conditions of the commencement of the tender offer, please refer to the full text of the release issued by the Offeror today titled, “Notice Regarding the Planned Commencement of Tender Offer for the Shares of Topcon Corporation (Securities Code: 7732) by TK Co., Ltd. as part of the MBO Implementation and Capital Participation by KKR and JICC.”

Forward-looking Statements

This press release should be read in conjunction with the release issued by the Offeror today titled “Notice Regarding the Planned Commencement of Tender Offer for the Shares of Topcon Corporation (Securities Code: 7732) by TK Co., Ltd. as part of the MBO Implementation and Capital Participation by KKR and JICC”.

The purpose of this press release is to publicly announce the tender offer and it has not been prepared for the purpose of soliciting an offer to sell or purchase in the tender offer. When making an application to tender, please be sure to read the Tender Offer Explanatory Statement for the tender offer and make your own decision as a shareholder or share acquisition right holder. This press release does not constitute, either in whole or in part, a solicitation of an offer to sell or purchase any securities, and the existence of this press release (or any part thereof) or its distribution shall not be construed as a basis for any agreement regarding the tender offer, nor shall it be relied upon in concluding an agreement regarding the tender offer.

The tender offer will be conducted in compliance with the procedures and information disclosure standards set forth in Japanese law, and those procedures and standards are not always the same as the procedures and information disclosure standards in the U.S. In particular, neither Sections 13(e) or 14(d) of the U.S. Securities Exchange Act of 1934 (as amended; the same shall apply hereinafter) or the rules under these sections apply to the tender offer; and therefore the tender offer is not conducted in accordance with those procedures and standards. In addition, because the tender offer is a corporation incorporated outside the U.S., it may be difficult to exercise rights or demands against them that can be asserted based on U.S. securities laws. It also may be impossible to initiate an action against a corporation that is based outside of the U.S. or its officers in a court outside of the U.S. on the grounds of a violation of U.S. securities-related laws. Furthermore, there is no guarantee that a corporation that is based outside of the U.S. or its affiliates may be compelled to submit themselves to the jurisdiction of a U.S. court.

Unless otherwise specified, all procedures relating to the tender offer are to be conducted entirely in Japanese. All or a part of the documentation relating to the tender offer will be prepared in English; however, if there is any discrepancy between the English-language documents and the Japanese-language documents, the Japanese-language documents shall prevail.

This press release includes statements that fall under “forward-looking statements” as defined in Section 27A of the U.S. Securities Act of 1933 (as amended) and Section 21E of the Securities Exchange Act of 1934. Due to known or unknown risks, uncertainties or other factors, actual results may differ materially from the predictions indicated by the statements that are implicitly or explicitly forward-looking statements. Neither the Offeror nor any of its affiliates guarantee that the predictions indicated by the statements that are implicitly or expressly forward-looking statements will materialize. The forward-looking statements in this press release were prepared based on information held by the Offeror as of today, and the Offeror and its affiliates shall not be obliged to amend or revise such statements to reflect future events or circumstances, except as required by laws and regulations.

The Offeror, its and the Company’s respective financial advisors and the tender offer agent (and their respective affiliates) may purchase the common shares and share options of the Company, by means other than the tender offer, or conduct an act aimed at such purchases, for their own account or for their client’s accounts, including in the scope of their ordinary business, to the extent permitted under financial instrument exchange-related laws and regulations, and any other applicable laws and regulations in Japan, in accordance with the requirements of Rule 14e-5(b) of the U.S. Securities Exchange Act of 1934 during the tender offer period. Such purchases may be conducted at the market price through market transactions or at a price determined by negotiations off-market. In the event that information regarding such purchases is disclosed in Japan, such information will also be disclosed on the English website of the person conducting such purchases (or by any other method of public disclosure).

If a shareholder exercises its right to demand the purchase of shares of less than one unit in accordance with the Companies Act, the Company may buy back its own shares during the tender offer period in accordance with the procedures required by laws and regulations.

About Topcon Corporation

Topcon Corporation is a global leader in the manufacturing of technology designed to address the essential challenges society faces in healthcare, agriculture, and infrastructure. Topcon specializes in developing optical, sensing and control solutions powered by leading digital transformation technologies for these industries. For more information about Topcon (Tokyo Stock Exchange: 7732), visit: www.global.topcon.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 JIC Capital

JIC Capital aims to supply risk capital to achieve policy objectives of creating new businesses and industries to realize Society 5.0, promoting business portfolio transformation for enhancing the international competitiveness, and establishing next-generation social infrastructure to promote Digital Transformation (“DX”).

1 Based on the closing price of Topcon on December 9, 2024, the day before speculative media reporting about the bidding process that impacted the Company’s share price.

Media Inquiries

For Topcon Corporation
Takaaki Hirayama
+81-3-3558-2568 (Media) and +81-3-3558-2532 (Investors)

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

For JIC Capital
Communications Group
press@j-ic.co.jp

Source: KKR

 

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EQT Infrastructure VI holds final close at its hard-cap, raising EUR 21.5 billion in total commitments

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EQT Infra VI Close

  • EQT Infrastructure VI raises EUR 21.5 billion in total commitments, including EUR 21.3 billion in fee-generating assets under management, exceeding the EUR 20 billion target and hitting hard-cap
  • This represents a 35 percent increase on the Fund’s predecessor, owing to strong support from both existing and new investors
  • The Fund builds on EQT Value-Add Infrastructure’s more than 15-year track record investing in infrastructure companies that provide essential services to society across Europe, North America and Asia Pacific

EQT is pleased to announce the closing of its flagship infrastructure fund, EQT Infrastructure VI (the “Fund”) on EUR 21.5 billion in total commitments, including EUR 21.3 billion in fee-generating assets under management. 

EQT Infrastructure VI received commitments from a diversified, global group of institutional investors, including pension funds, sovereign wealth funds, asset managers and insurance companies. The private wealth segment represented an increased share compared to the predecessor vehicle. Fund investors were based across the Americas, Asia Pacific, Europe, the Middle East and the Nordics.

The Fund is 35 percent larger than its predecessor which closed on EUR 15.7 billion in November 2021. EQT Infrastructure VI invests in infrastructure companies that provide essential services to society, have a stable or growing underlying demand, predictable cash flows, and an asset-based, contracted and well-protected business model. It pursues attractive investment themes such as digital infrastructure; generating, storing, and distributing energy; decarbonization and electrification of industrial processes and transport; resource efficiency and circularity; and social infrastructure.

Masoud Homayoun, Head of Infrastructure at EQT, said: “EQT Infrastructure VI has had a great start with 12 highly thematic investments closed or signed. Our sector teams are continuing to deliver on a healthy investment pipeline and we are excited by the large opportunity set underpinned by global, long-term trends such as the transition to a decarbonized and circular economy and the digitalization of society. Our focus remains on creating lasting value in our portfolio and delivering outstanding performance for our clients.” 

Lennart Blecher, Head of Real Assets at EQT, added: “Since its inception in 2008, EQT Infrastructure has grown at pace and today, we have a 130-strong team and three investment strategies: Value-Add, Active Core and the recently launched Transition Infrastructure strategy. We are thrilled to announce the final close of EQT Infrastructure VI, our latest flagship fund within EQT’s EUR 75 billion1 global infrastructure business, and look forward to continuing to scale the platform.” 

Suzanne Donohoe, Chief Commercial Officer at EQT, commented: “We would like to thank our longstanding clients, whose commitments represented around 70% of this fundraise, for their continued confidence in the EQT Value-Add Infrastructure strategy. We are also grateful for our new partners’ trust in EQT and we aim to continue to deliver attractive returns through economic cycles.”

EQT Value-Add Infrastructure takes an industrial approach to value creation in mature infrastructure businesses. It actively partners with high-quality companies with significant and sustainable growth potential to build strong, resilient businesses through hands-on support of management teams, and bringing deep operational expertise in areas such as AI, digitalization and sustainability. The EQT Infrastructure team is further supported by EQT’s Industrial Advisors. This global network of more than 600 business executives and entrepreneurs is engaged in the entire investment process and act as board members to contribute operational and strategic expertise to portfolio companies.

EQT Infrastructure VI is 45-50 percent committed (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), based on the actual fund size. The Fund has closed ten investments, including in Constellation Cold Logistics, OX2, Statera and Universidad Europea in Europe; a new partnership with EdgeConnex, Arcwood Environmental (formerly Heritage Environmental Services), Lazer Logistics and Madison Energy Infrastructure in the US; and Rena (formerly KJ Environment) and SK Shieldus in Asia Pacific. It has also announced entering into exclusive negotiations to acquire a majority stake in Eutelsat Group’s ground station infrastructure business in Europe and a Joint Venture with T-Mobile to acquire Lumos in the US. 

Contact

Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

1Total AuM as of December 2024

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 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 ‌​​269 billion in total assets under management (EUR ‌​​‌136 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 25 countries across Europe, Asia and the Americas and has more than 1,900 employees

More info: www.eqtgroup.com

Follow EQT on LinkedInXYouTube and Instagram

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Blackstone Infrastructure to Acquire Minority Stake in AGS Airports and Invest Behind the Growth of the United Kingdom

Blackstone

NEW YORK – March 28, 2025 – Blackstone (NYSE: BX) announced today that Blackstone’s infrastructure strategy for individual investors has agreed to acquire a minority stake of 22% in AGS Airports (“AGS”), a platform of high-quality freehold airports providing access to key UK markets, from AviAlliance for £235 million.

Blackstone’s investment, together with AviAlliance and PSP Investments, is intended to support the continued growth of the travel and tourism industries across the United Kingdom.

AviAlliance, one of the world’s leading airport investors and operators, will remain the majority shareholder in AGS with a 78% stake.

AGS handles over eleven million passengers annually and is the owner and operator of three critical UK airports: Glasgow and Aberdeen in Scotland and Southampton in England.

Commenting on the announcement, Greg Blank, Chief Executive Officer of Blackstone Infrastructure Strategies, said, “Transportation remains a key thematic focus area for Blackstone, given continued strong global growth in leisure travel. AGS has access to one of the most diversified airline mixes of any major UK airport, and the company’s recent capital improvements aimed at accommodating large aircraft pave the way for new routes and higher traffic growth. We look forward to partnering with AGS to support this important growth in the United Kingdom.”

Sandiren Curthan, Managing Director and Global Head of Infrastructure Investments, PSP Investments, said: “We are pleased to bring Blackstone as a minority shareholder in AGS. Both PSP and Blackstone are like-minded investors with long-term patient capital to support the development of AGS, which will benefit from the operational expertise of AviAlliance.”

Gerhard Schroeder, Managing Director of AviAlliance, said: “We look forward to developing a constructive and long-term partnership with Blackstone for the benefit of AGS, its management and employees, as well as all other stakeholders at the three airports. Together, we will further strengthen the position of AGS in both Scotland and the wider United Kingdom.”

Blackstone Infrastructure has a strong track record of investing in transportation infrastructure, including through Mundys, the world’s largest toll road platform and manager of airports Roma Fiumicino and Ciampino, Signature Aviation, the world’s largest network of private aviation terminals, and ASPI, Europe’s largest toll road platform.

About Blackstone Infrastructure
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

Blackstone Media Contact
Matt Thomas
Matthew.Thomas@blackstone.com
+44 20 7451 4480

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Bain Capital Announces Strategic €150 Million Investment in Företagsparken, a Leading Swedish Light Industrial Property Company

BainCapital

LONDON – March 27, 2025 – Bain Capital, a leading global private investment firm, today announced it will invest €150 million into Företagsparken, a leading Swedish light industrial property company. The investment will enable the company to acquire new assets and expand its existing portfolio. As part of the transaction, Bain Capital has acquired 15.9 percent of the existing shares. Företagsparken owns and manages a diverse portfolio of more than 200 properties, focusing on light industrial and last-mile logistics situated in urban locations across Sweden. Företagsparken tenants base is highly diversified and typically consists of small and medium sized enterprises.

Ali Haroon, a Partner at Bain Capital and Head of Special Situations and Real Estate in Europe, added: “Our partnership with Företagsparken is an example of Bain Capital’s contribution to the growth of the European real estate landscape. In this instance, we are providing growth capital to Företagsparken to scale its operations and seize new opportunities in the market. While the senior management team has successfully grown the company’s assets in the last years, our investment is a testament to our confidence in both the team and the promising dynamics of the Swedish industrial real estate market.”

Rafael Coste Campos, a Partner at Bain Capital, commented: “Our collaboration with Företagsparken will focus on developing a leading light industrial and logistics player in Sweden. Demand for light industrial real estate in Sweden has been resilient, resulting in low vacancy rates and strong rental growth, trends we expect to continue in the following years. We believe this is the right platform and a strong management team to back. While the buildings in Företagsparken’s portfolio already meet stringent energy efficiency requirements, our investment will also focus on enhancing these initiatives.”

Leif Östling, Advisor and Shareholder of Företagsparken, said: “This is a positive development for Företagsparken. Bain Capital will provide excellent support in expanding the company in Sweden. There will be great business opportunities in supporting small and medium-sized industrial companies with real estate for their operations.”

Angeelica Holm, CEO of Företagsparken, said: “We have experienced strong organic growth within our existing portfolio and are now aiming to become a leader within the light industrial segment. With the right expertise and resources, we are well-positioned for success. Together with Bain Capital, we look forward to accelerating our growth journey through M&A opportunities and new acquisitions.”

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About Bain Capital:
Bain Capital is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management. for more information, visit www.baincapital.com.

About Företagsparken:
Företagsparken is a growth-oriented property company that acquires, develops and manages high-yielding properties and land within the light industrial, last mile logistics segments in urban business parks.

 

 Europe

 Jason Lobo

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Bain Capital to Acquire Namirial

BainCapital

Investment focusing on expanding Namirial’s international reach, enhancing product offerings, and pursuing M&A to consolidate its leadership in the Digital Transaction Management software sector.

LONDON – March 26, 2025 – Bain Capital, a leading global private investment firm, today announced it signed a definitive agreement to acquire a controlling stake in Namirial, leading provider of digital transaction management software solutions, from Italian private equity firm Ambienta. Namirial – headquartered in Senigallia, Italy – is renowned and trusted by customers for its comprehensive suite of digital solutions that include e-signature workflows, onboarding and digital identity orchestration, digital trust technologies, and qualified electronic archiving for Enterprises, SMEs and Professionals. Financial terms were not disclosed.

The company has successfully expanded its product offerings and market presence through both organic growth and strategic acquisitions, with a strong core market presence in Italy and growing international reach across Europe. The new partnership aims to capitalize on the regulatory tailwinds and growing demand for secure and compliant digital transactions in an increasingly digital world.

Enrico Giacomelli, Founder of Namirial said: “Partnering with Ambienta has been a transformative journey and their support helped us accelerate our growth, explore new geographies, and strengthen our global presence — all while remaining anchored to our core values. But what truly made this journey exceptional has been the incredible Namirial team: an international group of passionate, committed, and talented people who make the impossible possible every day. We are very excited about what the future holds for us and believe that Bain Capital is the ideal partner to support us in our next stage of growth and to create the global industry champion. As we now open a new chapter, we do so with gratitude, energy, and great excitement, and as I always like to say: #TheBestIsYetToCome”

Namirial CEO Max Pellegrini added: “Ambienta has been an invaluable partner in driving our growth and innovation. Now we are thrilled to welcome Bain Capital as a strategic partner as we embark on the next phase of our journey. With Bain Capital’s support and expertise, we are poised to elevate our business to new and exciting heights, driving innovation, and setting industry standards. Together, we are well-equipped to unlock our full business potential and shape the future of our industry.”

Giovanni Camera, Partner at Bain Capital, commented: “This investment further builds on our successful technology and Italian franchises and represents an exciting opportunity to support Namirial’s mission of delivering innovative and compliance-driven digital software solutions that transform how businesses operate. Namirial stands out with its impressive track record of sustained growth and relentless innovation in the digital transaction management space. We believe that our track record and expertise in scaling tech-driven enterprises is well suited to support Enrico, Max, and the management team to propel Namirial’s growth and continue to elevate its market presence as global leader.”

Giancarlo Beraudo, Partner at Ambienta, commented: “Namirial’s transformative journey is a prime example of the power of growth driven by environmental sustainability trends. It demonstrates how pairing our focus on companies that are driven by sustainability with a rigorous value creation strategy, we deliver results for businesses, investors, and the environment. We are proud to have been a part of Namirial’s incredible growth to becoming an international leader in the digital transaction management space and are sure that Enrico, Max, and the team will continue to deliver amazing results in their next stage of growth”

The transaction is expected to close in Q2 2025, subject to customary closing conditions and regulatory approvals.

Bain Capital has been advised by J.P. Morgan, Nomura, Klecha & Co, LABS Corporate Finance, Bain & Company, KPMG, EY Parthenon, Legance Avvocati Associati, Paul Weiss, Pirola Pennuto Zei & Associati, and Ropes & Gray.

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

About Namirial:
Namirial supports customers in their digital transformation journey by providing software solutions for trusted digital transaction management. Namirial digital trust products encompass solutions for customer onboarding, agreement automation, e-signature workflow orchestration, digital identification, certified communications, long-term qualified archiving, and electronic invoicing. Founded in 2000 in Italy, Namirial is operating today in over 85 countries, employing approximately 1000 people. Together with its international network of over 1,000 strategic partners, Namirial serves thousands of customers worldwide, processing several million transactions every day. Namirial is accredited as a qualified trust service provider under EU Regulation 910/2014 eIDAS and is actively engaging in the evolution of the EU Digital Identity Framework and new trust services as defined in EU Regulation 2024/1183. To learn more, visit www.namirial.com and follow Namirial on LinkedIn.

 

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CVC, Nordic Capital and ADIA complete acquisition of Hargreaves Lansdown to accelerate and enhance its transformation plan and deliver on its growth potential

CVC Capital Partners

ADIA PED) announce the completion of the acquisition of Hargreaves Lansdown and the subsequent delisting of the Company from the London Stock Exchange.

Hargreaves Lansdown is the UK’s market leading platform for retail investors with an impressive position and strong purpose in the attractive UK wealth market.

The Consortium is motivated by Hargreaves Lansdown’s mission to make it easier for people in the UK to find their financial freedom. Hargreaves Lansdown’s goal is to give more retail investors access to the tools, information and services required to make sound investment decisions, combined with a transparent approach and good value. The Consortium intends to continue investing in improving the client proposition and the customer experience, and will use Hargreaves Lansdown’s scale and experience to continue innovating and developing new features and services to help its customers achieve better outcomes and great value.

On behalf of the Consortium, Pev Hooper, Managing Partner at CVC, Emil Anderson, Partner at Nordic Capital Advisors and Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “Hargreaves Lansdown has an important purpose: to make it easy for people to save and invest for a better future. Over the 40 years since it was founded, Hargreaves Lansdown has built a strong and trusted brand, underpinned by high levels of customer loyalty and advocacy. The Consortium brings extensive experience in supporting businesses undergoing transformation, and its members have strong track records of investing in regulated financial services companies to build better businesses and create better customer experiences. We look forward to partnering with Hargreaves Lansdown’s management to accelerate its transformation plan – including investment in technology infrastructure, digital channels and service enhancement – all with client value, service, speed of innovation, and Hargreaves Lansdown’s clear purpose at the core.”

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Dun & Bradstreet Enters Into a Definitive Agreement To Be Acquired by Clearlake Capital Group

Clearlake

Dun & Bradstreet Shareholders to Receive $9.15 per Share in Cash Transaction Valued at $7.7 Billion

SANTA MONICA, CA and JACKSONVILLE, FL – March 24, 2025 – Clearlake Capital Group, L.P., (together with certain of its affiliates, “Clearlake”), today announced that it has entered into a definitive agreement to acquire Dun & Bradstreet Holdings, Inc. (“Dun & Bradstreet”) (NYSE: DNB), a leading global provider of business decisioning data and analytics, in a transaction valued at $7.7 billion, including outstanding debt / with an equity value of $4.1 billion.

Under the terms of the agreement, which has been unanimously approved by Dun & Bradstreet’s Board of Directors, Dun & Bradstreet shareholders will receive $9.15 in cash for each share of common stock they own.

“We have been on a strategic journey over the last six years, executing a major transformation that has strengthened our business and financial results. We have grown revenue by approximately 40%, EBITDA by 60%, expanded margins by nearly 600 basis points, and leverage has come down from 9 times to 3.6 times, all while extending our lead in data breadth, depth and quality,” said Anthony Jabbour, CEO of Dun & Bradstreet. “We are pleased to be partnering with Clearlake on this new leg of that journey. With their support, our team looks forward to evolving and growing the company with new ways to put our trusted, proprietary and mission-critical data assets to work for our clients.”

“Dun & Bradstreet has built a trusted, globally recognized brand and has amassed a preeminent set of data and analytics that empower organizations of all sizes. As companies become more data-centric in their decisioning in this fast-paced world, we see vast potential for Dun & Bradstreet to deliver AIpowered solutions to their global client base,” said Behdad Eghbali, Co-Founder and Managing Partner, and James Pade, Partner, at Clearlake. “We are excited to partner with Anthony and his team to support the company in unlocking its full potential.”

Transaction Details The purchase price will be funded by Clearlake with a combination of equity and debt financing on the terms set forth in the respective commitment letters executed in connection with the transaction.

The agreement provides for a “go-shop” period, during which Dun & Bradstreet, with the assistance of BofA Securities, will actively solicit, evaluate and potentially enter into negotiations with and provide due diligence access to parties that submit alternative proposals. The go-shop period is 30 days. Dun & Bradstreet will have the right to terminate the agreement and enter into a superior proposal, subject to the conditions and procedures specified in the merger agreement to be filed by Dun & Bradstreet with the Securities and Exchange Commission today on Form 8-K. There can be no assurance this process will result in a superior proposal. Dun & Bradstreet does not intend to disclose developments about this process unless and until its Board of Directors has made a decision with respect to any potential superior proposal.

The transaction is expected to close in the third quarter of 2025, subject to Dun & Bradstreet shareholder approval, regulatory clearances and other customary closing conditions. The Dun & Bradstreet Board unanimously recommends that shareholders vote to approve the merger at an upcoming special meeting of shareholders. Upon completion of the transaction, Dun & Bradstreet will become a privately held company and shares of Dun & Bradstreet common stock will no longer be listed on any public market. BofA Securities is serving as financial advisor to Dun & Bradstreet and Weil, Gotshal & Manges LLP is serving as legal counsel. Financial advisors to Clearlake include Morgan Stanley, Goldman Sachs, JP Morgan, Rothschild & Co, Barclays, Citi, Deutsche Bank, Santander, and Wells Fargo. Ares Credit Funds and HSBC also participated in the committed financing for the transaction. Sidley Austin LLP is serving as legal counsel to Clearlake.

About Dun & Bradstreet Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity.

About Clearlake Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused, approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational approach, O.P.S.® The firm’s core private equity target sectors are technology, industrials, and consumer. Clearlake currently has over $90 billion of assets under management and its senior investment principals have led or co-led over 400 investments, and has deployed over $57 billion in liquid and illiquid credit investments globally. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, Dublin, Ireland, Luxembourg, Abu Dhabi, UAE, and Singapore. More information is available at www.clearlake.com.

Cautionary Statement Regarding Forward-Looking Statements This communication contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the effects of the proposed acquisition of Dun & Bradstreet by an affiliate of Clearlake Capital Group, L.P. Forward-looking statements are based on Dun & Bradstreet’s management’s beliefs, as well as assumptions made by, and information currently available to, them. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “predicts,” “potential,” “expects,” “may,” “could,” “might,” “likely,” “will,” “should” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forwardlooking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. It is not possible to predict or identify all risk factors. Consequently, the risks and uncertainties listed below should not be considered a complete discussion of all of our potential trends, risks and uncertainties and, except as required by law, we undertake no obligation to make any revisions to any forward-looking statements contained in this communication or to update them to reflect events or circumstances occurring after the date of this communication, whether as a result of new information, future events/developments or otherwise. Investors are cautioned not to place undue reliance on these forward-looking statements. The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (ii) the inability to complete the proposed merger due to the failure to obtain shareholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger; (iii) risks related to disruption of management’s attention from our ongoing business operations due to the proposed merger; (iv) the effect of the announcement of the proposed merger on our relationships with our customers, operating results and business generally; (v) the risk that the proposed merger will not be consummated in a timely manner; (vi) our ability to implement and execute our strategic plans to transform the business; (vii) our ability to develop or sell solutions in a timely manner or maintain client relationships; (viii) competition for our solutions; (ix) harm to our brand and reputation; (x) unfavorable global economic conditions including, but not limited to, volatility in interest rates, foreign currency markets, inflation, and supply chain disruptions; (xi) risks associated with operating and expanding internationally; (xii) failure to prevent cybersecurity incidents or the perception that confidential information is not secure; (xiii) failure in the integrity of our data or systems; (xiv) system failures and personnel disruptions, which could delay the delivery of our solutions to our clients; (xv) loss of access to data sources or ability to transfer data across the data sources in markets where we operate; (xvi) failure of our software vendors and network and cloud providers to perform as expected or if our relationship is terminated; (xvii) loss or diminution of one or more of our key clients, business partners or government contracts; (xviii) dependence on strategic alliances, joint ventures and acquisitions to grow our business; (xix) our ability to protect our intellectual property adequately or cost-effectively; (xx) claims for intellectual property infringement; (xxi) interruptions, delays or outages to subscription or payment processing platforms; (xxii) risks related to acquiring and integrating businesses and divestitures of existing businesses; (xxiii) our ability to retain members of the senior leadership team and attract and retain skilled employees; (xxiv) risks related to changes in the political and legislative landscape in which we operate (including as a result of changes in domestic and international governments and policies) and potential corporate tax reform, and our ability to adapt to those changes as well as adaptation by our key customers and suppliers; (xxv) risks related to registration and other rights held by certain of our largest shareholders; (xxvi) an outbreak of disease, global or localized health pandemic or epidemic, or the fear of such an event, including the global economic uncertainty and measures taken in response; (xxvii) the potential for political, social, or economic unrest, terrorism, hostilities or war, including increased economic uncertainty related to the ongoing conflict between Russia and Ukraine, the conflict in the Middle East, and associated trends in macroeconomic conditions, and (xxviii) the other factors described under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note Regarding Forward-Looking Statements” and other sections of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 21, 2025 (the “Company’s 2024 Annual Report”).

No Offer or Solicitation; Additional Information and Where to Find It This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In connection with the proposed merger, the Company intends to file relevant materials with the SEC, including a preliminary proxy statement on Schedule 14A to be filed with the SEC (the “Proxy Statement”). This communication is not a substitute for the Proxy Statement or any other document that the Company may file with the SEC or send to its shareholders in connection with the proposed merger. SHAREHOLDERS OF THE COMPANY ARE ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER DOCUMENTS FILED BY THE COMPANY WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER AND THE BUSINESS TO BE CONDUCTED AT THE SPECIAL MEETING. All such documents, when filed, may be obtained free of charge at the SEC’s website (http://www.sec.gov). These documents, once available, and the Company’s other filings with the SEC also will be available free of charge on the Company’s website at https://investor.dnb.com/financials/sec-filings/default.aspx.

Participants in the Solicitation The Company, its directors and certain of its executive officers and employees may be deemed participants in the solicitation of proxies from stockholders in connection with the proposed merger. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s definitive proxy statement on Schedule 14A for its 2024 annual meeting of stockholders, filed with the SEC on April 25, 2024 (the “2024 Definitive Proxy”), which is available here. Please refer to the sections captioned “Executive Compensation” and “Security Ownership of Certain Beneficial Owners” in the 2024 Definitive Proxy. To the extent that certain Company participants or their affiliates have acquired or disposed of security holdings since the “as of” date disclosed in the 2024 Definitive Proxy, such transactions have been or will be reflected on Statements of Change in Ownership on Form 4 or amendments to beneficial ownership reports on Schedules 13D filed with the SEC, which are available at: https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001799208&owner=exclude. Such filings and the 2024 Definitive Proxy are available free of charge on the Company’s website at https://investor.dnb.com/financials/sec-filings/default.aspx or through the SEC’s website at www.sec.gov. Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the proposed merger.

For Dun & Bradstreet:

Media Contact:

PR@dnb.com 904-648-6130

Investor Contact:

IR@dnb.com 904-648-8006

For Clearlake:

Media Contact:

Jennifer Hurson jhurson@lambert.com 845-507-0571

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Contact Information for Inquiries Regarding Compensation for Tendering Securityholders in First Tender Offer for FUJI SOFT

KKR

TOKYO, March 25, 2025 – FK Co., Ltd. (“Tender Offeror”), an entity owned by investment funds managed by KKR, will provide compensation to the shareholders and share option holders who tendered into the First Tender Offer that was completed on November 5, 2024 (“Securityholders Eligible for Compensation”) in connection with the two-stage tender offer scheme for the common shares and share options of FUJI SOFT INCORPORATED (TSE stock code 9749; “FUJI SOFT”), as stated in KKR’s press release on November 15, 2024, “KKR Receives Support and Recommendation from FUJI SOFT for Second Tender Offer and Expects to Launch Tender Offer Next Week” (“KKR Press Release Dated November 15, 2024”). Accordingly, KKR is providing a dedicated contact point for inquiries for the Security Holders Eligible for Compensation.

Eligible Persons
Shareholders and share option holders of FUJI SOFT that tendered in the First Tender Offer.

Compensation
Securityholders Eligible for Compensation will be compensated in the amount calculated by multiplying the compensation amount per share or share option announced in the KKR Press Release Dated November 15, 2024 (namely 651 yen per common share, 130,200 yen per 5th Series Share Option, 130,200 yen per 6th Series Share Option, and 65,100 yen per 7th Series Share Option), by the respective number of shares or share options that the Securityholder Eligible for Compensation tendered in the First Tender Offer.

Next Steps
The Tender Offeror plans to contact the Securityholders Eligible for Compensation sequentially from mid-April 2025 onwards. If you are no contacted by the Tender Offeror by the end of April 2025, please reach out via the email address provided below.

Contact Point for Inquiries
Dedicated contact point for inquiries for the Security Holders Eligible for Compensation:
fujisoft_inquiry@kkr.com

 

This press release does not constitute, either in whole or in part, a solicitation of an offer to sell or purchase any securities. The existence of this press release (or any part thereof) or its distribution shall not be construed as a basis for any agreement regarding the First Tender Offer, nor shall it be relied upon in concluding an agreement regarding the First Tender Offer.

 

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KKR Enters into MoU with Founding Family of FUJI SOFT; to Acquire 100% of FUJI SOFT

KKR

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, announced today that in connection with the privatization of FUJI SOFT INCORPORATED (TSE stock code 9749; “FUJI SOFT” or the “Company”) by FK Co., Ltd. (“FK”), an entity owned by investment funds managed by KKR, a Memorandum of Understanding (“MoU”) was entered into on March 24, 2025 with the founding family of FUJI SOFT to take the Company private.

Under the MoU, the parties agree to:

  • collaborate in the implementation of a share consolidation that will result in FK and NFC Corporation (“NFC”) becoming the only shareholders of FUJI SOFT (“Squeeze-out”);
  • vote in favor of various proposals concerning the privatization, including the Squeeze-out, at the Extraordinary General Meeting of Shareholders to be held on April 25, 2025; and
  • the transfer of FUJI SOFT shares held by NFC to FUJI SOFT after the completion of the Squeeze-out (“Share Repurchase”).

In addition to the securities that FK acquired through the First and Second Tender Offers for the common shares and share options of FUJI SOFT, the Squeeze-out and Share Repurchase will result in FK acquiring 100% of the shares of FUJI SOFT. The Extraordinary General Meeting of Shareholders for the Squeeze-out is scheduled to be held on April 25, 2025, and the Share Repurchase is currently planned after early June 2025, after the Squeeze-out takes effect.

About KKR

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

For more information, please contact:

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

Source: KKR

 

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