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Carlyle provides financing package to Argon

Carlyle

Paris, France – 16 April 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a financing package of €180m to Argon & Co (“Argon”), a global management consultancy that specializes in operations strategy and transformation, to support the future growth of the business, including acquisitions.

Carlyle’s financing follows Bridgepoint’s recent investment in Argon for a significant minority stake via Bridgepoint Development Capital, its lower middle-market fund focused on supporting fast-growing businesses across Europe. Argon will continue to be majority owned by the company’s Partners.

Founded in 2005, Argon is a global management consultancy with expertise spanning supply chain planning, manufacturing, logistics, procurement, finance and shared services. The company has an established relationship among its highly diversified range of blue-chip clients for its deep sector knowledge in supply chain, global presence and breadth of offering. Since 2020, the company has pursued an active consolidation strategy, acquiring 13 strategic add-ons and successfully reinforcing its presence across its core markets. The company has 17 offices across Europe, North America, Australasia, Asia and the Middle East.

Carlyle’s investment will further consolidate Argon’s strong positioning in the operations consulting market across its key geographies, and provide additional growth capital to accelerate Argon’s ongoing expansion through both organic growth and M&A.

Otto Alaoui, a Managing Director in Carlyle Global Credit, said: “We are delighted to provide this strategic financing package to Argon, which represents a milestone transaction for our European Direct Lending strategy in France. This transaction underlines our established strategy of partnering with experienced and high-quality sponsors and management-led businesses, and supporting the build-up of strong, resilient companies by providing flexible capital solutions.”

Yvan Salamon, CEO of Argon & Co, said: “We are grateful to receive the support of Carlyle, which will enable Argon to continue capturing compelling growth opportunities through its highly differentiated client offering and expansion of the businesses’ global presence. This transaction is significant as we focus on consolidating Argon’s leadership position within this highly fragmented marketplace.”

Carlyle’s Global Credit platform manages $192 billion in assets under management, as of December 31, 2024. It regularly pursues investments in privately negotiated debt and capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies.

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Argon & Co

Argon & Co is a global management consultancy that specialises in operations strategy and transformation. Its expertise spans supply chain planning, manufacturing, logistics, procurement, finance, and shared services, working together with clients to transform their businesses and generate real change. Its people are engaging to work with and trusted by clients to get the job done.
Argon & Co has 17 offices across Europe, Australasia, America, Asia and the Middle East. www.argonandco.com

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

Media contacts:

Carlyle:

Charlie Bristow

Tel: +44 (0) 7384 513568

Email: charlie.bristow@carlyle.com

 

Categories: News

Grupo GSH’S next stage of growth backed by leading global investor CVC

CVC Capital Partners

Grupo GSH (“GSH”), a leading healthcare services provider in Brazil, is pleased to welcome CVC Capital Partners IX as its new majority shareholder. The new partnership will continue GSH’s strong service level culture and accelerate growth in both its existing core markets and through expansion into new product categories and patient services. CVC Funds will acquire the business from Rede D’Or, the largest integrated health care network in Brazil, and from private equity fund Opus Investimentos, which have supported the development of GSH for more than eight years. GSH will remain as the main provider of hemotherapy services to Rede D’Or.

Headquartered in Rio de Janeiro, Brazil, GSH is a pioneer in Brazil’s hemotherapy and nuclear medicine space with leading market positions, delivering mission-critical services and products at an attractive value proposition to hospitals and diagnostic centres. The hemotherapy division serves 31,000 beds in +270 hospitals through long-term contracts providing blood collection, storage and transfusion services. The nuclear medicine division develops and services radiopharmaceutical products and solutions focused on diagnostics and therapeutics for hospitals, diagnostics and cancer centres in Brazil. Facilities include cold kit plant, radiopharmacies and cyclotrons.

Paulo Moll, CEO at Rede D’Or, said: “GSH has demonstrated RDSL’s ability to successfully develop complementary services that enhance our core hospital services, providing the very best care consistent with RDSL’s network. After eight years supporting and nurturing GSH it is time for the business to welcome a new investor to help accelerate its growth and we are delighted to welcome CVC as the new steward for the company. We look forward to working with them and to continuing to offer GSH’s high-quality services to our patients.”

Marcos Faccioli, GSH management representative, commented: “The interest of CVC in GSH confirms the success of our trajectory. A history built with the support of RDSL and Opus together with our employees, clients, suppliers and partners. We are very excited in welcoming CVC as the new majority shareholder and to work with the CVC team on the development of our business and on continuing to provide world class products and services to our clients and their patients.”

Quotes

GSH represents CVC’s first healthcare investment in Latin America, building on our strong local presence in Brazil and our broad healthcare portfolio of over 25 businesses worldwide.

Fernando PintoPartner and Head of Latin America at CVC

Fernando Pinto, Partner and Head of Latin America at CVC, added: “GSH represents CVC’s first healthcare investment in Latin America, building on our strong local presence in Brazil and our broad healthcare portfolio of over 25 businesses worldwide. We are excited to partner with GSH’s management team to continue strengthening its high-quality hemotherapy and fast-growing nuclear medicine services, while also expanding into new complementary areas. We are proud to have been selected as GSH’s next long-term partner.”

The closing of the transaction is subject to approval by the relevant regulatory authorities and is expected in Q3 2025.

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Whitevision expands Intelligent Document Processing suite with the acquisition of Factuurportal

Main Capital Partners

Whitevision announces the acquisition of Intelligent Document Processing (IDP) software provider Factuurportal.

The Hague, April 15th 2025 – Today, Whitevision announces the acquisition of Intelligent Document Processing (IDP) software provider Factuurportal. The acquisition further solidifies Whitevision’s IDP product offering and market position within the Benelux, providing a solid foundation for further international growth. The transaction marks the second step in the buy-and-build strategy of Whitevision since partnering up with Main Capital Partners in August 2024.

Founded in 2018 and headquartered in Rotterdam (NL), Factuurportal is a developer and provider of AI-based software solutions designed to streamline document processing by automatically recognizing and converting various document types. The product suite of Factuurportal consists of tools for data recognition, validation and conversion. This allows users to automatically extract document data from various formats, check the data against legal and custom criteria, and convert the data into a format that integrates with the existing administrative systems. Factuurportal has a sector-agnostic customer base, yet has a stronger position in the government, healthcare and retail verticals. The customers are primarily located in the Benelux; notable examples i.a. include BMN, Staedion and Port of Amsterdam.

Factuurportal and Whitevision operate in the fast-growing Intelligent Document Processing (IDP) software market, driven by trends like increasing digitization and process automation, which are expected to continue expanding the global market. The IDP market remains relatively fragmented, with several large players driving consolidation. The combination of Factuurportal and Whitevision marks a strategic step in positioning Whitevision as a consolidator in the industry while enhancing its product portfolio.

The acquisition of Factuurportal by Whitevision perfectly aligns with our strategy to build software groups that are leaders in their product-market.”

– Sjoerd Aarts, Managing Partner & Head of Benelux at Main

Frank de Wit, Chief Executive Officer and Founder of Whitevision: “Together, Factuurportal and Whitevision share an ambition to grow internationally and become the leading Intelligent Document Processing software provider in Europe. Our partnership sets us on a path to achieve this ambition and, most importantly, to deliver a better and more complete software suite to all our customers.”

Rob Klaver, Chief Executive Officer of Factuurportal: “Both strategically and culturally, there is a very strong fit between Factuurportal and Whitevision. We are excited to join forces with the Whitevision team to accelerate our growth, both domestically as well as abroad. Additionally, I am really looking forward to the collaboration with Frank and the broader Whitevision team.”

Sjoerd Aarts, Managing Partner & Head of Benelux at Main Capital Partners: “The acquisition of Factuurportal by Whitevision perfectly aligns with our strategy to build software groups that are leaders in their product-market. This combination is an excellent example of how the buy-and-build journey benefits both companies and customers. Together, Whitevision and Factuurportal are ready to tackle the growing Intelligent Document Processing market with more accurate, more efficient, and better integrated solutions.”

About Factuurportal

Factuurportal, founded in 2018 and based in Rotterdam (The Netherlands) provides an AI-driven solution for the automated processing of incoming invoices using artificial intelligence and machine learning. This enables organizations to achieve structural time and cost savings while improving control over administrative processes. Factuurportal’s service focuses on continuous optimization in close collaboration with clients, with personal support as a core element of its approach.

About Whitevision

Whitevision, founded in 2005 and based in Breda (The Netherlands), is a developer and provider of software solutions to process documents in a digital and efficient manner. With its software, Whitevision helps its customers attain significant efficiencies through workflow automation related to the invoice booking process. The company is active in many different verticals but is a particularly prominent player in the construction & installation, professional services, technology, logistics and the automotive sectors. In total, the company serves over 1,650 customers, for which it processes over 20 million documents on an annual basis.

 

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KKR Acquires Three Build-to-Rent Properties in Manchester from L&G

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KKR

London, 15 April 2025 – KKR and Inhabeo, KKR Real Estate’s living sector platform in Europe, today announced the acquisition of The Slate Yard in Manchester, a high-quality portfolio of three Build-to-Rent (BtR) multi-family buildings (the “Portfolio”). KKR and Inhabeo have acquired the Portfolio for over £100m from L&G, a leading UK-based financial services group.

The Portfolio has strong sustainability credentials and consists of 424 high-quality residential units across three properties, totalling 270,000 square feet. It houses attractive amenities including a gym, residents’ lounges and co-working spaces. Situated in a prime waterfront location, The Slate Yard is close to the central business district and well positioned to serve Manchester’s fast-growing population of professionals in an undersupplied residential market.

Mark Ekinde, Principal in KKR’s European Real Estate team, said: “Through the acquisition of The Slate Yard, we are pleased to further our presence in Manchester and continue to grow our UK residential portfolio. Catering to one of the UK’s largest and fastest-growing cities, these properties are well placed to meet the growing demand for high-quality, yet affordable, residential real estate. Acquiring strategically located, high-quality residential assets in major urban centres continues to be one of our main investment themes in Europe, driven by positive market trends and compelling structural dynamics.”

The acquisition of The Slate Yard is KKR’s latest real estate investment in Manchester, joining a growing portfolio which includes the No. 1 St Michael’s development, which in December 2024 achieved fully-let status, and recent investments in logistics and hospitality properties serving the city’s real estate market. The investment also expands KKR’s portfolio of residential real estate in both the UK and Europe, including assets in London, Birmingham, Brighton & Hove as well as Germany, Finland and Denmark.

Dan Batterton, Head of Residential, L&G: “We know there’s a critical shortage of housing supply, coupled with increasing demand for high-quality rental homes in the UK. With our recently announced partnerships aimed at creating thousands of new homes across the country, this sale will allow us to continue to reinvest in the Build-to-Rent sector, delivering much-needed new homes.”

Ross Netherway, CEO of Inhabeo, added: “This acquisition marks an important milestone in the continued growth of our European living sector investments with KKR, which now exceed £500m. We look forward to building on this momentum to expand further into high-quality Build-to-Rent and Purpose-Built Student Accommodation assets across select European geographies.”

KKR and Inhabeo were advised by CBRE and DLA Piper; L&G were advised by Knight Frank and Macfarlanes.

About KKR

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

About inhabeo

Inhabeo is a specialist living sector platform founded in 2023. Inhabeo works in partnership with KKR across Europe with a focus on Build-to-Rent and Purpose-Built Student Accommodation for both core-plus and value-add strategies. For additional information about inhabeo, please visit www.inhabeo.com.

About L&G

Established in 1836, L&G is one of the UK’s leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

Media Contacts
KKR
Alastair Elwen / Jack Shelley
FGS Global
+44 20 7251 3801
KKR-LON@fgsglobal.com

 

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Wellington, Vanguard, and Blackstone to Collaborate on Investment Solutions Combining Public and Private Assets

Blackstone

BOSTON, VALLEY FORGE, AND NEW YORK, 15 April 2025 – Wellington Management (“Wellington”), Vanguard, and Blackstone (NYSE: BX) today announced a strategic alliance to transform how investors access institutional-caliber investment opportunities. The three firms will collaborate on developing simplified multi-asset investment solutions that seamlessly integrate public and private markets as well as active and index strategies.

The collaboration seeks to broaden access to sophisticated multi-asset portfolios ordinarily available to the largest global institutions. The new initiative, which is the first of its kind for the firms, brings together three world-class organizations drawing on their respective strengths:

  • Wellington’s nearly 100-year track record of active management and sophisticated asset allocation expertise;
  • Vanguard’s 50-year track record of delivering high-performing actively managed strategies and index funds at low cost to investors; and
  • Blackstone’s 40-year track record of cycle-tested performance and leadership position as the world’s largest alternative asset manager and number one provider of private markets solutions for individuals.

With this collaboration, the firms seek to address one of the most important long-term challenges facing investors and the asset and wealth management industry – building fully diversified portfolios that incorporate private assets and pursue higher returns. The firms aim to develop solutions that can support financial advisors’ efforts to meet their clients’ income and growth goals.

Solution details are expected to be announced in the coming months.

Jean M. Hynes, CEO of Wellington Management, said:
“Vanguard and Wellington have worked closely together for 50 years and have long admired Blackstone’s capabilities. We believe the unique combination of our investment expertise and well-respected brands will enable us to provide investors with comprehensive asset class exposure in easy-to-access investment solutions. We look forward to expanding these collaborative efforts over time to address evolving investor needs.”

Greg Davis, President and CIO of Vanguard, said:
“Vanguard’s expertise in both active and index strategies has helped our clients achieve investment success for five decades. Vanguard’s world-class active fixed income team combines top-down market and economic insights with bottom-up, research-driven security selection to consistently generate alpha. And Vanguard is an industry pioneer with extensive expertise in offering low-cost index funds. Through this unique collaboration with Wellington and Blackstone, we’re once again helping clients achieve investment success and changing the way investors access public and private markets.”

Jon Gray, President and COO of Blackstone, said:
“Blackstone has been a pioneer in revolutionizing how individual investors access private markets and today we’re proud to join forces with Wellington and Vanguard, two of the world’s leading asset managers, to further expand the benefits of private markets. This initiative builds on our proven track record of making institutional-quality investing available to individuals, with the power of Blackstone’s scale and expertise across asset classes.”

About Wellington Management
Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1.3 trillion, as of 31 December 2024, for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers, and other clients. Wellington aspires to provide excellent service to clients through a unique combination of independence enabled by its distinctive private partnership model, diverse perspectives through its unified, multi-asset investment platform, and relentless curiosity and intellectual rigor fostered by its enduring collaborative culture. For more information, visit wellington.com

About Vanguard
Founded in 1975, Vanguard is one of the world’s leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe – directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone Inc.’s current views with respect to, among other things, its operations and the potential for the development of, and the ability to develop, any investment solutions, as part of the strategic alliance referred to herein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone Inc. believe these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in its periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Blackstone Inc.’s periodic filings. The forward-looking statements speak only as of the date of this report, and Blackstone Inc. undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Past results do not predict future returns. This content is published by Wellington Management Company LLP. ©2025 Wellington Management Company LLP. All rights reserved.

Media Contacts:
Robyn Tice
rtice@wellington.com

Michael Nolan
michael_nolan@vanguard.com

Felix Lettau
felix.lettau@blackstone.com

Categories: News

Smith Hill Capital and Bain Capital Announce $235 Million Refinancing for Gurney’s Montauk Resort & Seawater Spa

BainCapital

NEW YORK – April 15, 2025 — Smith Hill Capital, the fully integrated commercial real estate debt investment management business of Procaccianti Companies, and Bain Capital today announced the firms’ joint venture completed a $235 million refinancing for the iconic Gurney’s Montauk Resort & Seawater Spa in Montauk, New York for BLDG Management Co., Inc., and Metrovest Equities.

The 158-key property is a celebrated oceanfront resort located on a 2,000-foot private beach in Montauk, divided between 109 guestrooms, 35 suites, eight beachfront cottages, and six residences, and features five dining venues, a 30,000 square foot onsite spa with four spa pools, full-size indoor saltwater pool, 20 treatment rooms, a salon and state of the art fitness center, and 25,000 square feet of meeting space.

“Gurney’s Montauk represents the type of irreplaceable, generational asset that aligns perfectly with our investment strategy—anchored by strong market fundamentals, exceptional sponsorship, and long-term value creation,” said Brendan McCormick, Managing Principal, Smith Hill Capital. “Even in today’s uncertain capital markets, we continue actively deploying capital for high-conviction opportunities like this. We’re proud to partner with Bain Capital and support BLDG and Metrovest in the continued evolution of this iconic resort, which is uniquely positioned as a luxury destination in one of the most sought-after leisure markets in the country.”

“The Gurney’s Montauk loan exemplifies our strategic approach to commercial real estate lending,” said David DesPrez, a Partner at Bain Capital. “This transaction underscores our commitment to providing flexible financing solutions to high-quality borrowers and assets through an uncertain macroeconomic environment.”

“Gurney’s Montauk is an exceptional and iconic property in a one-of-a-kind location with world-class amenities,” said Justin Kleinman, Executive Vice President and Chief Operating Officer at BLDG Management. “This property is a premier resort destination in the Northeast and is an elite asset in our portfolio.”

“Smith Hill Capital and Bain Capital proved to be outstanding lending partners on the Gurney’s project,” said Christopher Peck, Senior Managing Director and Co-Head of the New York Office, JLL. “The team’s expertise and collaborative approach were invaluable in financing this unique asset. They immediately recognized the exceptional value of this 20-acre resort in Montauk, and their flexible lending solutions perfectly aligned with the sponsors’ requirements.”

Smith Hill and Bain Capital’s joint venture focuses on serving the financing needs of hospitality companies and assets in demand-driven markets across the U.S. The partnership combines decades of industry and capital markets experience with a highly attractive market opportunity.

JLL represented the sponsors in the transaction.

###

About Smith Hill Capital
Smith Hill Capital (“Smith Hill” or “SHC”) is the fully integrated commercial real estate debt investment management business of the Procaccianti Companies (est. 1958). Smith Hill Capital was formed to invest in compelling commercial real estate debt opportunities that exist due to liquidity challenges and dislocation in commercial real estate financial markets. Smith Hill Capital is led by seasoned investment professionals who have multi-cycle investment experience and the tenured skill set to identify opportunities throughout the entire commercial real estate capital structure, spanning from securities to equity ownership. For more information, please visit www.smithhillcapital.com.

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 @Bain Capital on LinkedIn and X (Twitter).

About BLDG Management
BLDG Management Co., Inc., is a privately held New York City-based real estate investment and development company with a national portfolio of more than 300 assets across all sectors, including residential, retail, industrial, hospitality and office.

About Metrovest Equities
Metrovest Equities is a New York City-based real estate firm specializing in the acquisition, development, rehabilitation and management of real estate assets. Established in 1996, the firm focuses on residential, office, retail, and hospitality opportunities in prime locations across the northeastern region of the U.S. The firm manages resorts and hotels across the United States. With a focus on long-term growth and value creation, Metrovest Equities strives to provide quality real estate opportunities for investors seeking stable returns.

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 Scott Lessne

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Intel Announces Strategic Investment by Silver Lake in Altera

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Silverlake

Raghib Hussain Appointed Chief Executive Officer of Altera

Sale of 51% Stake to Silver Lake to Accelerate Altera’s Independence and Leadership in Programmable Semiconductor Solutions

Advances Intel’s Strategy to Focus on its Core Business and Strengthen its Financial Position

SANTA CLARA, Calif.; SAN JOSE, Calif.; and Menlo Park, Calif., April 14, 2025 – Intel Corporation today announced that it has entered into a definitive agreement to sell 51% of its Altera business to Silver Lake, a global leader in technology investing.

The transaction, which values Altera at $8.75 billion, establishes Altera’s operational independence and makes it the largest pure-play FPGA (field programmable gate array) semiconductor solutions company. Altera offers a proven and highly scalable architecture and tool chain and is focused on driving growth and FPGA innovation to meet the demands and opportunities of an AI-driven market.

Intel will own the remaining 49% of the Altera business, enabling it to participate in Altera’s future success while focusing on its core business.

Intel also announced that Raghib Hussain will succeed Sandra Rivera as chief executive officer of Altera, effective May 5, 2025. Hussain is a highly accomplished and visionary technology executive with strong business acumen and engineering credentials. He joins Altera from his previous role as president of Products and Technologies at Marvell. Prior to joining Marvell in 2018, Hussain served as chief operating officer of Cavium, a company he co-founded. Prior to Cavium, Hussain held engineering roles at both Cisco and Cadence and helped found VPNet, an enterprise security company.

“Today’s announcement reflects our commitment to sharpening our focus, lowering our expense structure and strengthening our balance sheet,” said Lip-Bu Tan, chief executive officer of Intel. “Altera continues to make progress repositioning its product portfolio to participate in the fastest growing and most profitable segments of the FPGA market. We are grateful for Sandra’s strong leadership and lasting impact throughout her 25-year Intel career and wish her continued success as she begins a new chapter. Raghib is a superb executive we selected to lead the business forward based on his vast industry experience and proven track record of success. We look forward to partnering with Silver Lake upon closing of the transaction, as their industry expertise will help to accelerate Altera’s efforts and unlock additional economic value for Intel.”

“This investment represents a once-in-a-generation opportunity to invest in a scale leader in advanced semiconductors. Together with Raghib, we will be focused on strengthening Altera’s technology leadership position and investing in emerging AI-driven markets such as edge computing and robotics,” said Kenneth Hao, chairman and managing partner of Silver Lake. “We look forward to working closely with Intel as a strategic partner who will continue to provide U.S.-based foundry services and complementary engagement with customers.”

“I am excited to lead Altera in its next chapter, and this milestone with Silver Lake furthers Altera’s journey to be the world’s No. 1 FPGA solutions provider,” said Hussain. “Backed by Silver Lake’s strong track record and now with clarity of focus as an independent company, Altera is well-positioned to build on its momentum and deliver breakthrough FPGA-based solutions that are shaping the future of compute driven by AI. I am grateful for the impact Sandra has made and the team she has built as we begin Altera’s next phase of growth.”

Altera has been at the forefront of driving FPGA innovations for more than 40 years. The company provides leading programmable solutions that are easy-to-use and deploy in a range of strategically important segments such as industrial, communications, data center and military, aerospace, and government, as well as emerging markets such as AI/edge and robotics. Its broad portfolio of programmable semiconductor solutions, software and development tools deliver the reliability and flexibility needed to accelerate customer technology innovation.

The transaction is expected to close in the second half of 2025, subject to customary closing conditions.

Upon closing, Intel expects to deconsolidate Altera’s financial results from Intel’s consolidated financial statements. In Fiscal Year 2024, Altera generated revenues of $1.54 billion, GAAP gross margin of $361 million and GAAP operating loss of $615 million. Altera’s Fiscal Year 2024 non-GAAP gross margin was $769 million and non-GAAP operating income was $35 million. Reconciliations between the GAAP and non-GAAP measures are provided below.

Morgan Stanley & Co. LLC acted as financial advisor to Intel.

Forward-Looking Statements

This release contains forward-looking statements that involve a number of risks and uncertainties, including with respect to the terms and anticipated timing of closing the agreed upon sale of a controlling interest in Altera and the potential benefits of such sale to Intel and Altera. Such statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including:  the risk that the transaction may not be completed in a timely manner or at all, including as a result of a failure to receive regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction; the risk that the expected benefits of the transaction, including as a result of the increased independence of Altera, may not be realized; the risk of future loss of the Altera business by Intel as a result of the sale of a controlling interest in Altera; disputes or potential litigation related to the transaction or the ownership, control and operation of the Altera business, including as it relates to Intel; unanticipated costs related to the transaction or the Altera business that may be incurred; risks as to the retention of key Altera personnel and customers; risks related to the diversion of management’s attention during the pendency of the transaction; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; changes in demand for Altera’s semiconductor products; the high level of competition and rapid technological change in the semiconductor industry; and other risks and uncertainties described in Intel’s 2024 Form 10-K and our other filings with the SEC.

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

All information in this press release reflects Intel management views as of the date hereof unless an earlier date is specified. Intel does not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

Non-GAAP Financial Measures

This release contains references to non-GAAP financial measures: Altera non-GAAP gross margin and Altera non-GAAP operating income / (loss) measures. Set out below are reconciliations of these measures to the most directly comparable GAAP financial measures. The non-GAAP financial measures disclosed herein should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. Please refer to “Explanation of Non-GAAP Measures” in Intel’s earnings release dated Jan. 30, 2025 for a detailed explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide investors with useful supplemental information.

Twelve Months Ended
(in Millions; Unaudited) Dec 28, 2024
GAAP gross margin             $       361
Acquisition-related adjustments                      402
Share-based compensation                          6
Non-GAAP gross margin             $       769
   
GAAP operating income / (loss)             $      (615)
Acquisition-related adjustments                      491
Share-based compensation                      122
Restructuring and other charges                        37
Non-GAAP operating income / (loss)             $         35

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.

About Altera

Altera is a leading supplier of programmable hardware, software, and development tools that empower designers of electronic systems to innovate, differentiate, and succeed in their markets. With a broad portfolio of industry-leading FPGAs, SoCs, and design solutions, Altera enables customers to achieve faster time-to-market and unmatched performance in applications spanning data centers, communications, industrial, automotive, and more. For more information, visit www.altera.com.

About Silver Lake

Silver Lake is a global technology investment firm, with approximately $104 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate nearly $252 billion of revenue annually and employ approximately 433,000 people globally.

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KKR to Acquire OSTTRA from CME Group and S&P Global for $3.1 Billion

KKR

New York, NY, April 14, 2025— KKR, a leading global investment firm, today announced the signing of a definitive agreement under which investment funds managed by KKR will acquire OSTTRA, a leading provider of post-trade solutions for the global OTC market, from CME Group and S&P Global. The terms of the deal for OSTTRA equaled total enterprise value at $3.1 billion, subject to customary purchase price adjustments, which will be divided evenly between S&P Global and CME Group pursuant to their 50/50 joint venture.

Established in 2021 as a joint venture between CME Group and S&P Global, OSTTRA serves the global financial ecosystem with a comprehensive suite of critical post-trade offerings across interest rates, FX, credit and equity asset classes. OSTTRA provides end-to-end connectivity and workflow solutions to banks, broker-dealers, asset managers, and other market participants across trade processing, trade lifecycle, and optimization.

The OSTTRA management team, led by co-CEOs Guy Rowcliffe and John Stewart, will continue to lead the company in their current roles. KKR will support OSTTRA’s customer-centric growth and role as a critical market infrastructure provider by increasing OSTTRA’s investments in technology and innovation across its leading post-trade solutions platform.

“We are incredibly grateful for our partnership with CME Group and S&P Global over the past several years and delighted to have KKR’s backing as we embark on this exciting new chapter for OSTTRA,” said Guy Rowcliffe and John Stewart, co-CEOs of OSTTRA. “With KKR’s support, we will further accelerate our strategic initiatives to enhance our market-leading post-trade solutions, drive innovation, and expand our global footprint. Together, we look forward to delivering even greater value to our customers and helping them navigate the ever-evolving OTC landscape.”

“We have long admired OSTTRA for its mission-critical solutions, deep customer relationships, and strong market position, which we believe provide a great foundation for future growth,” said Webster Chua, Partner at KKR. “We look forward to working with the OSTTRA team and leveraging our experience in the tech-enabled and financial services sectors to help the company further innovate and drive value for its customers.”

“OSTTRA has generated significant growth over the past several years, and we are pleased with the role our joint venture played in driving the company forward,” said CME Group Chairman and Chief Executive Officer Terry Duffy. “Looking ahead, as the post-trade marketplace continues to evolve, we are confident that KKR will further scale this business and extend the important efficiencies that OSTTRA delivers to clients.”

“We’re thrilled about this next chapter for OSTTRA, which, together with KKR, is ideally positioned to tackle today’s complex post-trade challenges and proactively meet future operational demands,” said John Barneson, Chairman of the Board of OSTTRA and Head of Enterprise Solutions at S&P Global Market Intelligence. “This transaction reflects S&P Global’s continued commitment to active portfolio optimization in support of our strategy and to fuel future growth.”

KKR is making its investment in OSTTRA primarily through its North American private equity strategy. Following the close of the transaction, KKR will support OSTTRA in creating a broad-based equity ownership program to provide all of the company’s nearly 1,500 employees the opportunity to participate in the benefits of ownership. This strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, more than 60 KKR portfolio companies have awarded billions of dollars of total equity value to over 150,000 non-senior management employees.

Further financial terms were not disclosed. The transaction is expected to close in the second half of 2025, subject to customary closing conditions and receipt of required regulatory approvals.

Barclays and Davis Polk served as financial and legal advisors, respectively, to S&P Global. Citi and Skadden served as financial and legal advisors, respectively, to CME Group. Goldman Sachs & Co. LLC and BofA Securities, and Simpson Thacher & Bartlett served as financial and legal advisors, respectively, to KKR.

 

About OSTTRA

Formed in September 2021 as a 50/50 joint venture between CME Group’s optimization businesses (Traiana, TriOptima, and Reset) and S&P Global’s middleware business (MarkitSERV), OSTTRA has established itself as a critical infrastructure provider in the post-trade space, processing over 80 million trades monthly.

About CME Group

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

 

About S&P Global

S&P Global (NYSE: SPGI) provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through sustainability and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world.

We are widely sought after by many of the world’s leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world’s leading organizations plan for tomorrow, today.

S&P Global provides essential intelligence. We enable governments, businesses, and individuals with the right data, expertise, and connected technology to make informed decisions. S&P Global is a leader in credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets.

 

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.

 

 

 

Media Contacts

CME Group
Laurie Bischel
laurie.bischel@cmegroup.com

S&P Global
Farhan Husain
farhan.husain@spglobal.com

KKR
Julia Kosygina or Lauren McCranie
media@kkr.com

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Bain Capital reaches agreement with Ageas to sell esure and establish a top-3 UK personal lines platform

BainCapital

Ageas and Bain Capital agree to a c. €1.510 billion cash transaction for esure
Ageas/esure combination creates multi-channel motor and home insurer with broad customer appeal across the UK

LONDON – April, 14, 2025 – Bain Capital today announced that it has reached an agreement with Ageas to sell esure, a leading digital personal lines insurer with strong positioning on price comparison websites (PCW) in the UK. The proposed transaction is fully aligned with Ageas’s strategic priorities for M&A in Europe under Elevate27. It increases Ageas’s European markets presence through the acquisition of a controlled entity, reinforces its positioning in the UK, generates shareholder value from the realization of synergies and enhances the cash generation of the Group.

The combination of Ageas UK and esure will create the third largest UK personal lines platform with a balanced and diversified distribution spanning Direct, PCW, brokers and partnerships. The acquisition of esure will enable Ageas UK to accelerate the diversification of its distribution strategy into the important PCW channel in the UK market. Its underwriting footprint will widen Ageas UK’s target customer demographics and enable growth to a top-line of £3.25 billion (€3.8 billion) by 2028.

Ageas UK has established itself as an accomplished insurer over the past four years by focusing on profitable growth solely in the personal lines business with a specialism in broker distribution, outstanding technical insurance skills and technology, and successfully delivering insurance solutions for its distribution partners and over four million customers.

esure is a leading UK personal lines insurer with a fully digital distribution model through the PCW channel and three popular brands – esure, Sheilas’ Wheels and First Alternative. In 2024, esure had more than 2.1 million policies and GWP of over £1 billion (€ 1.2 billion).

The acquisition of esure creates significant potential for operational synergies and capital benefits to be realized in the medium term. We expect economies of scale in our UK personal lines portfolio and the accelerated implementation of the EIS IT platform, including esure’s complementary claims module, to drive operational efficiencies and cost avoidance for Ageas UK. Continued focus on technology, data and AI is expected to create further competitive advantages. In addition, capital benefits from enhanced diversification and the inclusion of esure in Ageas’s partial internal model are expected to emerge over time.

Under the terms of the transaction, Ageas will pay Bain Capital a cash consideration of £1.295 billion (€ 1.510 billion) for esure, respecting a Solvency II target ratio of 150 percent as at year-end 2024.  The Group’s capital position will remain robust with Solvency II ratio expected to decrease by approximately only 10pp thanks to the inclusion of around €1 billion of Own Funds instruments in the financing mix.

The transaction will be financed through a combination of surplus cash and newly issued senior and hybrid debt and/or equity within the existing authorizations and subject to market conditions. A fully underwritten 2-year bridge facility is provided by BofA Securities and Deutsche Bank Luxembourg S.A..

The integration of Ageas UK and esure is anticipated to be completed, in all material respects, during the Elevate27 strategic cycle. Entering the next strategic period, we project that the transaction will generate a full cost saving potential in excess of  100 million (c. €115 million) per annum, before tax. On a run-rate basis, this transaction is expected to generate an unlevered return on investment of over 12 percent for Ageas and an uplift in the Return on Equity of more than 1pp. It will become Holding Free Cash Flow accretive per share of c. 10 percent as from 2028.

The completion of the transaction is expected to occur in 2H 2025 and remains subject to regulatory approvals.

Luca Bassi, Partner at Bain Capital, said: “We are pleased to have supported esure through its transformation and growth journey. During our ownership, esure has built the leading tech platform in UK insurance and their highly efficient operations have set a new standard for the industry. This transaction is a testament to esure’s strong market position and the state-of-the-art technology platform built under Bain Capital’s tenure, with the business now at record levels of profitability. We are confident that Ageas is the right partner to continue this legacy of success and innovation.”

Commenting on the agreement, Hans De Cuyper, Ageas Group CEO, said: “We are delighted to have reached an agreement to acquire esure. In recent years, Ageas has experienced significant growth in the UK, making it an increasingly important part of the Group. This transaction will allow us to offer competitive value propositions to a wider customer profile via a multi-channel distribution model, positioning Ageas UK as one of the top three personal lines insurers. Acquiring esure also supports our strategic ambitions of re-balancing our Group profile towards businesses with high cash conversion. We remain, of course, committed to our Elevate27 financial objectives, including our commitment to a progressive dividend policy, and will observe the full synergies of this transaction in the forthcoming strategic period.”

Ant Middle, Ageas UK CEO, said: “esure is a significant addition to the Ageas UK business and aligns perfectly with our growth strategy. As demand for motor and home insurance grows, Ageas will be perfectly positioned to gain market share and become the insurer of choice for our existing and new customers. The combined Ageas and esure franchise will benefit from an outstanding customer offering, through market leading technology and prominent brands, that will drive our expansion into new customer demographics. Under Elevate27, we want to continue to grow our broker and partnerships personal lines business in the UK, and esure will help us to rapidly expand our direct distribution, our customer reach, and our scale overall. esure’s technical capabilities will match Ageas UK’s and will enable us to develop our well-balanced business at greater pace and serve a wider range of customers. We’re really excited for the potential this brings our UK business and wider Group.”

David McMillan, esure Group CEO, said: “This transaction brings together two highly complementary businesses and creates an even stronger platform for continued innovation, growth and excellent delivery for our customers. Combining Ageas’s scale, financial strength and excellent broker relationships with esure’s strong retail brands, market-leading data capabilities and strength on PCWs, alongside a shared technology platform, will enhance our combined ability to invest in our customer proposition and open up new opportunities for growth. I am deeply proud of what the esure team has achieved to date. We look forward to working alongside the Ageas team to build the UK’s leading personal lines insurer.”

BofA Securities is acting as financial adviser and Allen Overy Sherman Sterling LLP is acting as legal counsel to Ageas in relation to the transaction

Fenchurch Advisory Partners LLP and Goldman Sachs International served as financial advisers to Bain Capital and esure. Weil, Gotshal & Manges (London) LLP served as legal adviser and Norton Rose Fulbright LLP served as regulatory adviser to Bain Capital and esure.

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About Bain Capital:

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. The firm has a significant history in Europe, starting with the establishment of a London office in 2000 and expanding to include other European locations, with a focus on private equity, credit and special situations investments. 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 esure Group:

esure Group is one of the UK’s leading providers of Motor and Home insurance products through the esure, Sheilas’ Wheels and First Alternative brands. Founded in 2000, esure Group has the scale, heritage and expertise capable of inspiring the trust and confidence of their 2.1m customers, combined with the entrepreneurial mindset and agility of an insurtech. esure Group is focused on using their market-leading technology platform, insights and data, alongside fantastic customer service, to deliver more personalized experiences that meet the evolving needs and expectations of customers.

About Ageas:

Ageas is a listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024.

For analysts:

An analyst meeting regarding this transaction will be held on Monday, April 14, 2025, from 10:00 to 11:00 am CET (9:00 to 10:00 am UKT). The Teams call can be accessed using the following link: https://ageas.com/en/esure-2025

Note to editors:

To support its expansion, in 2024 Ageas UK announced a partnership with Saga, growing its offering to the over-50s segment, which is strategically in line with Ageas’s focus on an ageing population.

 

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Apollo Funds Commit up to $400 Million for New Commercial Solar Partnership with Summit Ridge Energy

Apollo logo

NEW YORK and ARLINGTON, Va., April 11, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Summit Ridge Energy, LLC (“Summit Ridge Energy” or “Summit Ridge”), one of the nation’s leading commercial solar companies, today announced that Apollo-managed funds (the “Apollo Funds”) have committed up to $400 million for a new joint venture partnership with Summit Ridge to jointly own and operate a portfolio of commercial solar assets across Illinois.

Summit Ridge Energy is one of the largest owner-operators of commercial solar assets in the United States, with over 2GW of solar projects operating and in development across Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania and Maine, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. In 2022, Apollo Funds previously made a $175 million strategic investment in Summit Ridge.

Apollo Partner Corinne Still said, “We are pleased to expand our relationship with Summit Ridge Energy and enter this new partnership, which we believe represents a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands for households and businesses alike. Apollo is committed to serving as a leading capital provider enabling the new industrial renaissance and is excited to continue our support of Summit Ridge’s mission to deliver a more secure, self-reliant energy future for communities across the country.”

“As we expand our footprint of solar assets, Summit Ridge Energy is advancing a more reliable and locally driven energy system—bolstering the U.S. electric grid while delivering savings to businesses and households and helping to create thousands of American jobs,” said Adam Kuehne, Chief Investment Officer of Summit Ridge Energy. “We’re proud to partner with the Apollo team as we continue driving the nation toward greater energy independence.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately $58 billioni of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

Orrick, Herrington & Sutcliffe LLP served as legal counsel to the Apollo Funds.

____________________
i As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

About Summit Ridge Energy   

As the nation’s leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development.

Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar farms, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. Learn more at srenergy.com and connect with us on LinkedIn.

Contacts

For Apollo:

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
ir@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
communications@apollo.com

For Summit Ridge Energy:

Media

347-723-7231

press@srenergy.com

Business Development

business@srenergy.com

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