Category Archives: News

Apollo Debt Solutions BDC Launches with More Than $1 Billion in Assets Under Management

Continuously Offered BDC Breaks Escrow with Approx. $657 Million of Equity

Apollo Global Wealth Expands its Alternative Solutions for Individual Investors

NEW YORK, Jan. 11, 2022 (GLOBE NEWSWIRE) — Apollo Debt Solutions BDC (“ADS” or the “Fund”) today announced that it has launched with more than $1 billion in assets under management. On Friday, January 7, the Fund broke escrow with approximately $657 million in equity net proceeds for its continuous public offering (the “Offering”). In connection with breaking escrow, the Fund issued and sold 26,258,912 shares of beneficial interest in the Offering. The Fund intends to continue selling shares in the Offering on a monthly basis.

The Fund invests primarily in directly originated assets, including debt securities, and in particular focuses on large-cap origination. The Fund is managed by an affiliate of Apollo (NYSE: APO), which has one of the world’s largest alternative credit businesses with approximately $341 billion in credit AUM.

Apollo Partner Earl Hunt, Chair and CEO of ADS, said, “We are pleased to break escrow and begin actively investing the Fund, leveraging our extensive experience across private credit, direct origination and our status as a preferred lending partner to thousands of companies and sponsors. We look forward to working with our distribution partners to continue growing ADS.”

Apollo’s Chief Client and Product Development Officer Stephanie Drescher added, “Individual investors have long been under-allocated to alternatives, and we believe this strong initial fundraise for ADS demonstrates the pent-up demand investors and their wealth advisors have for strategies of this kind. We’re excited for a growing set of investors and advisors to access Apollo’s asset management expertise through ADS and other current and prospective offerings.”

Apollo’s Global Wealth business is one of the Firm’s key strategic growth areas. The unit, focused on development and distribution of products for individual investors, has made significant new hires since its launch last year and, in December 2021, Apollo agreed to buy the wealth distribution and asset management businesses of Griffin Capital. Recently, Apollo also made venture equity investments in CAIS and iCapital, two of the leading technology platforms helping wealth and financial advisors access alternative strategies.

ADS is the first non-traded business development company sponsored by affiliates of Apollo and adds to a growing suite of solutions from the Firm that qualifying investors can access through their financial advisors. To learn more about the Fund and see important disclosures, please visit: https://gwms.apollo.com/debtsolutionsbdc.

About Apollo Debt Solutions BDC
Apollo Debt Solutions BDC (the “Fund”) is a regulated, non-listed BDC that provides individual investors access to investments targeted by the largest institutions. We believe it provides investors with a stronger and more diversified path to value than is typically available — and aims to offer a more beneficial risk-adjusted profile than public equivalents. The Fund focuses on senior secured large corporate direct origination, broadly syndicated loans, and, to a lesser extent, middle market direct lending. Together, we believe these attributes help position our BDC to perform.

About Apollo
Apollo is a global, high-growth 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 to private equity with a focus on three business strategies: yield, hybrid, and 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 September 30, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.

Forward-Looking Statements
Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. ADS believes these factors also include but are not limited to those described under the section entitled “Risk Factors” in its prospectus, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “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 document (or ADS’s prospectus and other filings). Except as otherwise required by federal securities laws, ADS undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Apollo Contact Information

For Investors:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

For Media:
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

 


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Source: Apollo Global Management, Inc.

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CAIS Announces $225 Million Financing Round Led by Apollo and Motive Partners, Exceeds $1 Billion Valuation

New Capital, Including Investment from Franklin Templeton, to Accelerate the Digitization of Alternative Investments Access, Education, and Execution

Executives of Apollo and Motive Partners Join Fintech Pioneer CAIS Board of Directors

NEW YORK–(BUSINESS WIRE)– CAIS, the leading alternative investment platform, today announced a $225 million round of funding led by Apollo (NYSE: APO) and Motive Partners (“Motive”), with additional investment from Franklin Templeton (NYSE: BEN), which values CAIS at more than $1 billion. This new investment follows a previous investment by Eldridge and accelerates CAIS’s mission to modernize how financial advisors access alternative investments. Blythe Masters, Founding Partner of Motive, and Andrew Gosden, Managing Director in Financial Services & Strategy at Apollo, will join CAIS’s board of directors.

“We are honored to have Apollo, Motive, and Franklin Templeton as our new shareholders and partners,” said Matt Brown, Founder and CEO of CAIS. “This investment advances the critical role CAIS plays in revolutionizing how the alternative investment and wealth management communities engage, learn, and transact.”

Alternative assets are expected to make up to 24% of the global investable market by 2025, according to the Chartered Alternative Investment Analyst Association, up from 12% in 2018. CAIS has doubled its headcount in the last year to meet demand, as transaction volume has increased by 65 percent year-over-year with the number of platform users increasing by 60 percent. Building on that momentum, CAIS will use the proceeds of this financing round to fuel further advancements in technology, enhance the customer experience, invest in the digitization of product operations and processes, and explore strategic opportunities.

“We are excited to invest in CAIS, one of the fintech leaders transforming alternative investment access for wealth management. At Apollo, we want more individuals to access alternative strategies and companies like CAIS help to bridge the gap between asset managers and advisors through their growing platform. We believe this latest funding round will support the Company’s continued growth and success,” said Marc Rowan, Co-Founder and CEO of Apollo.

“CAIS has built a unique marketplace for alternatives through a commitment to excellent service and education. This investment will turbo-charge the technology transformation of the business towards a modular, flexible cloud-based architecture, which will modernize the way investors gain access to this asset class, allowing managers, investors, and their advisors to focus less on process and more on value-added interactions,” said Blythe Masters, Founding Partner at Motive.

CAIS serves the independent wealth management community, which has been historically under-allocated to alternatives when compared with large national broker-dealers or institutional investors, whether due to complexity, higher minimums, and fees, need for education, or other barriers to entry. As the first truly open marketplace for alternative investments, where financial advisors and asset managers can engage and transact at scale, CAIS seeks to remove these barriers, enabling advisors to enhance outcomes for their investors and providing managers with centralized access to a highly fragmented wealth management community.

“We believe that individual investors should have access to the same alternative investment solutions as large institutions, and CAIS is doing just that through its innovative and user-friendly platform,” said Jenny Johnson, President and CEO of Franklin Templeton. “CAIS shares our goal of making it easier for advisors and individual investors to diversify into alternatives to meet their investment objectives.”

Financial Technology Partners served as financial advisor to CAIS on the transaction.

About CAIS
CAIS is the leading alternative investment platform for financial advisors who seek improved access to, and education about, alternative investment funds and products. CAIS provides financial advisors with a broad selection of alternative investment strategies, including hedge funds, private equity, private credit, real estate, digital assets, and structured notes, allowing them to capitalize on opportunities and/or withstand ever-changing markets. CAIS also provides an industry-leading learning system, CAIS IQ, to help advisors learn faster, remember longer, and improve client outcomes.

All funds listed on CAIS undergo Mercer’s independent due diligence and ongoing monitoring. Mercer diligence reports and fund ratings are available to advisors on the CAIS password-protected platform. CAIS streamlines the end-to-end transaction process through digital subscriptions and integrated reporting with Fidelity, Schwab, and Pershing, which make investing in alternatives simple.

Founded in 2009, CAIS, a fintech leader, is empowering over 4,400+ unique advisor firms/teams who oversee more than $2T+ in network assets. Since inception, CAIS has facilitated over $13.8B+ in transaction volume as the first truly open marketplace where financial advisors and asset managers engage and transact directly on a massive scale. CAIS has offices in New York, Los Angeles, Austin, and San Francisco.

Securities offered through CAIS Capital LLC, member FINRA, SIPC.

About Apollo
Apollo is a global, high-growth 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 to private equity with a focus on three business strategies: yield, hybrid, and 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 September 30, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.

About Motive Partners
Motive Partners is a specialist private equity firm with offices in New York City and London, focusing on growth equity and buyout investments in software and information services companies based in North America and Europe and serving five primary subsectors: Banking & Payments, Capital Markets, Data & Analytics, Investment Management and Insurance. Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in financial technology companies. More information on Motive Partners can be found at www.motivepartners.com.

About Franklin Templeton
Franklin Resources, Inc. (NYSE:BEN) is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the Company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and over $1.5 trillion in assets under management as of November 30, 2021. For more information, please visit franklinresources.com.

Media

For CAIS:

Nadia Damouni

Pro-CAISPR@Prosek.com

For Apollo:

Joanna Rose, Global Head of Corporate Communications

Communications@apollo.com

Noah Gunn, Global Head of Investor Relations

IR@apollo.com

For Motive Partners:

Sam Tidswell-Norrish

Investor Relations

sam@motivepartners.com

For Franklin Templeton:

Matthew Walsh

matthew.walsh@franklintempleton.com

Source: CAIS

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Audax Private Equity Announces Investment in Centerline Communications

Audax Private Equity Announces Investment in Centerline Communications

JAN 11, 2022

Audax Private Equity (“Audax”) announced today that it has acquired a controlling interest in Centerline Communications LLC (“Centerline”), a leading professional services organization focused on the design, build, and maintenance of wireless and wireline network infrastructure from Wincove Private Holdings, LP (“Wincove”) and Stone-Goff Partners (“Stone-Goff”). This transaction took place in August 2021 and terms of the transaction were not disclosed.

Josh Delman, Founder and CEO of Centerline, will continue to lead the company alongside the existing management team. Josh and Wincove will maintain minority ownership positions in the company alongside Audax.

The investment will support Centerline’s continued organic and acquisition growth as it pursues its mission to grow its national footprint and further expand its scope of services focused on the development and maintenance of critical network infrastructure.

Since Audax’ initial investment, Centerline has completed three acquisitions that have helped expand the company’s geographic coverage and range of service offerings: Maicom LLC (“Maicom”), which closed in August 2021; P. Marshall & Associates (“PM&A”), which closed in December 2021; and J5 Infrastructure Partners (“J5”), which closed in December 2021.

Maicom is a critical infrastructure focused services organization based in North Andover, MA, that provides critical infrastructure installation and maintenance for major multiple-system operators (“MSO’s”) throughout the United States and Canada in support of their networks. Centerline acquired Maicom from the Boston-based investment firm, Heritage Holding.

PM&A is an engineering, real estate, and construction management organization based in Atlanta, GA that provides professional services to national wireless operators and major infrastructure owners throughout the southeast and gulf coast of the United States.

J5, based out of Irvine, CA, is a real-estate, construction management, and engineering firm supporting national wireless operators and several national and regional broadband providers throughout the western United States. Centerline acquired J5 from Raleigh-based investment firm, Ridgemont Equity Partners. The founders of each business (Paul Maiuri from Maicom, Patrick Marshall from PM&A, and John Barker from J5) and their respective management teams are planning to remain with the combined platform. With these strategic acquisitions, the Centerline platform now has over 1,200 professionals helping to support the deployment of critical infrastructure throughout the United States and Canada.

Josh Delman, Founder and CEO of Centerline, said, “We are thrilled to be partnering with Audax and look forward to benefitting from their deep industry expertise. We believe this partnership will help us to meet the growing demand within our customers to work with larger, self-performing service organizations that can provide turn-key solutions to critical infrastructure within their national networks. We are excited to have expanded our coverage through our recent acquisitions and to be diversifying our services within the platform to better support our customers.”

“We believe Centerline is well-positioned to grow organically and through acquisitions as it continues its mission to build out a broad range of critical infrastructure services nationally,” said David Wong, Managing Director of Audax. “We are thrilled to be partnering with the company’s highly-experienced management team to help take the business to the next level.”

Keybanc Capital Markets acted as an advisor to Centerline in the transaction with Audax and Husch Blackwell served as legal counsel. Ropes & Gray LLP and Fredrikson & Byron served as legal counsel to Audax.

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RLDatix Announces New Growth Investment by Nordic Capital

Nordic Capital
January 10 2022
RLDatix Announces New Growth Investment by Nordic Capital Image

 

  • Latest investment will help fuel the next phase of RLDatix’s rapid growth in governance, risk and compliance while accelerating its mission of making healthcare safer around the world

RLDatix, the international leader in governance, risk and compliance (GRC) solutions for healthcare, announced today that Nordic Capital has made a minority equity investment in the company. Existing investors Five Arrows and TA Associates will continue to maintain a majority equity stake. Financial terms of the transaction were not disclosed.

Nordic Capital brings decades of experience supporting the growth of innovative healthcare IT companies as well as additional financial strength and is joining Five Arrows and TA to support RLDatix in its organic and inorganic growth objectives. Most recently, RLDatix acquired Allocate Software, the leading provider of human capital management solutions that help healthcare organizations deliver safe and effective care.

“We are excited to welcome Nordic Capital to our collaborative team of strategic investors,” said Jeff Surges, CEO, RLDatix. “Nordic Capital offers the right balance of global reach, domain expertise and capital strength, that we need in our next phase of rapid growth. With this investment, we are well poised to accelerate our journey as the leading provider of SaaS solutions that make healthcare safer for patients, the workforce and organizations alike. I would also like to thank all of our employees, as well as our current investors Five Arrows and TA, for their incredible support in helping us evolve into a global healthcare IT leader and look forward to continuing the partnership in this next chapter of our growth.”

About RLDatix

RLDatix is on a mission to change healthcare. We help organizations drive safer, more efficient care by providing governance, risk and compliance tools that drive overall improvement and safety. Our suite of cloud-based software helps organizations report on adverse events, reduce healthcare-acquired infections and ensure patient safety learnings are implemented across the continuum of care. With more than 5,000 customers in over 20 countries, RLDatix software protects hundreds of millions of patients around the world. RLDatix is controlled by Five Arrows, TA Associates and Nordic Capital as major shareholders. For more information, visit www.rldatix.com.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”

About Five Arrows

Five Arrows Principal Investments (FAPI) and Five Arrows Capital Partners (FACP) (together, “Five Arrows”) are the European and US corporate private equity arms, respectively, of Rothschild & Co’s Merchant Banking business. Five Arrows is focused on investing in middle-market companies with highly defensible market positions; strong management teams; business models with high visibility of organic unit volume growth and strong free cash flow conversion; and multiple operational levers that can be used to unlock latent value. The sector focus at Five Arrows is limited to healthcare, data & software and technology-enabled business services.

For more information please visit: https://www.rothschildandco.com/en/merchant-banking/corporate-private-equity.

About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

For more information:

Mike Etzinger
VP, Marketing
RLDatix
metzinger@rldatix.com

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KKR-Mirastar Logistics Platform Expands European Portfolio with Investments in the Netherlands – Transaction is KKR’s first in Europe via its Core Plus Real Estate strategy

KKR

January 10, 2022

This transaction is KKR’s first via its pan-European Core Plus Real Estate strategy, which focuses on investing in high quality, substantially stabilised assets with long-term value growth potential.

The four assets are located in Eindhoven and Wijchen, strategic locations that comprise the South Netherlands’ primary logistics distribution corridor between Rotterdam and the German border. Both cities are attractively sited for logistics assets, with strong industrial sub-markets benefiting from multi-modal transportation close to major transport routes in the Netherlands. Mirastar will manage the assets.

Ian Williamson, Managing Director and Head of Core Plus Real Estate in Europe at KKR, said: “KKR’s Core Plus platform in Europe was launched to meet long-term investor demand for high quality assets in structurally growing areas of the real estate sector. These logistics assets are an excellent fit with our strategy and we expect logistics to remain a core thematic focus for KKR in Europe through our Core Plus platform. The assets have strong ESG credentials and our business plan includes transitioning them to the highest level by supporting de-carbonisation in-line with the Paris Climate Agreement.”

Diederik Schol, Principal in KKR’s European Real Estate team, added: “We are excited to continue growing our industrial portfolio in one of Europe’s top distribution markets with this high-quality portfolio. We believe these assets benefit from strong levels of occupier demand and a structural under-supply, driving long-term value appreciation. The Netherlands continues to be a key market for us across both Core Plus and Value-Add, particularly in the industrial and residential sectors.”

KKR is an active investor in logistics real estate across Europe and has a strong track record of investing across real estate sectors in the Netherlands. In 2018, KKR acquired two major student housing developments in Groningen and Utrecht, exiting the investment last year, and continues to actively seek investment opportunities in the Netherlands across all sectors. The KKR-Mirastar platform currently manages approximately 150,000 square meters of prime logistics assets in the Netherlands, which were acquired and developed in 2021 in Bleiswijk, Schiphol and Roosendaal.

-ends-

Media Enquiries

KKR: EMEA
Alastair Elwen / Sophia Johnston
Finsbury Glover Hering
+44 20 7251 3801
KKR_LON@finsbury.com

KKR: Netherlands
Corina Holla
Meines Holla
+31 6 12 75 40 36
corinaholla@meinesholla.nl

Notes to Editors

About KKR

KKR is a leading global investment firm that offers alternative asset management and 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 The 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 and on Twitter @KKR_Co.

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BioNTech and Crescendo Biologics announce global collaboration to develop multi-specific precision immunotherapies

Andera Partners

Collaboration leverages BioNTech’s proprietary multimodal immunotherapy expertise with Crescendo’s proprietary Humabody® VH platform to develop precision immunotherapies, including mRNA-based antibodies and engineered cell therapies against targets selected by BioNTech
▪ BioNTech will hold exclusive worldwide development and commercialization rights to all immunotherapies arising from the collaboration
▪ Crescendo will receive $40 million upfront, including a cash payment and an equity investment from BioNTech, as well as research funding, and will be eligible to receive development, regulatory and commercial milestone payments up to a total of more than $750 million, plus tiered royalties on global net sales

BioNTech SE (Nasdaq: BNTX, “BioNTech”) and Crescendo Biologics Ltd (“Crescendo”), a clinical stage immuno-oncology company developing novel, targeted T cell enhancing therapeutics, today announced that they have entered a multi-target discovery collaboration to develop novel immunotherapies for the treatment of patients with cancer and other diseases. The initial term of the discovery collaboration is three years.

Crescendo will contribute its unique, proprietary, transgenic platform to deliver fully human heavy-chain antibody domains (Humabody® VH) against targets nominated by BioNTech. Humabodies represent a novel class of therapeutics that retain the high-affinity binding and specificity of conventional therapeutic antibodies while providing additional advantages such as small size, enhanced tissue and tumor penetration, stability and molecular simplicity due to the lack of a light chain. In particular, the modular nature of Humabodies make them ideally suited for the development of multi-target immunotherapies.

“Crescendo’s platform provides excellent properties for exploiting novel targets and target combinations which we believe has great potential for the development of multi-specific mRNA and engineered cell-based therapies in a variety of disease areas,” said Ugur Sahin, M.D., Chief Executive Officer and Co-Founder of BioNTech. “We are excited to begin working with Crescendo to further strengthen and expand our multimodal immunotherapy portfolio and deliver breakthrough precision medicines for patients.”

“To collaborate with BioNTech and their world-class team is a transformational opportunity for Crescendo. We are looking forward to further leveraging our clinically validated Humabody VH platform within mRNA therapeutics to develop better treatment options for patients,” said Theodora Harold, Chief Executive Officer at Crescendo Biologics.

Under the terms of the agreement, Crescendo will receive $40 million upfront, including a cash payment and an equity investment from BioNTech, as well as research funding for the period of the collaboration. BioNTech will be responsible for global development and hold exclusive worldwide commercialization rights on any products arising from the collaboration. Crescendo will be eligible to receive development, regulatory and commercial milestones up to a total of more than $750 million, in addition to tiered royalties on global net sales.

Categories: News

KKR Closes $4.0 Billion Health Care Strategic Growth Fund II

KKR

January 10, 2022

Successor Fund Reaffirms Firm’s Commitment to Investing in Innovative Health Care Growth Companies

MENLO PARK, Calif. & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final closing of KKR Health Care Strategic Growth Fund II (“HCSG II” or the “Fund”), a $4.0 billion fund dedicated to health care growth equity investment opportunities primarily in North America and Europe.

HCSG II is the successor fund to KKR Health Care Strategic Growth Fund (“HCSG I”), KKR’s first dedicated health care growth equity vehicle, which held its final closing in November 2017 on $1.45 billion in capital commitments. Similar to its predecessor fund, HCSG II will aim to generate strong returns for clients by investing in innovative health care companies with proven products and services that are seeking a partner to commercialize and scale. With a diversified portfolio approach, HCSG II will focus on the biopharmaceutical, medical device, health care services, life science tools / diagnostics, and health care information technology sub-sectors.

“Now more than ever there is a significant demand both for innovative products and services in the health care sector and for an experienced and flexible capital partner to invest in their growth and further their reach,” said Ali Satvat, Partner, Global Head of Health Care Strategic Growth, and Co-Head of Americas Health Care Private Equity at KKR. “Building on the robust momentum and tangible results that we have achieved thus far through HCSG I, we look forward to continuing to partner with best-in-class health care businesses to bring these much-needed products and services to market for the benefit of patients globally while delivering strong returns for our investors.”

HCSG II received strong support from a diverse group of both new and existing investors globally, including public pension plans, sovereign wealth funds, insurance companies, financial institutions, endowments, private wealth and fintech platforms, family offices, and high-net-worth individual investors. KKR will be investing approximately $500 million of capital in the Fund alongside these investors through the Firm’s balance sheet, affiliates, and employee commitments.

“We are pleased to have the backing of this diverse group of investors who share our passion for the opportunities that we see in this growing market,” said Alisa Amarosa Wood, Partner and Head of the Private Markets Strategies Group at KKR. “At nearly three times the size of its predecessor, HCSG II not only speaks to the attractive investment opportunities that we are seeing but also demonstrates the strength of our health care investment team, our Health Care Strategic Growth strategy, and our strong investment performance to date.”

KKR has established a strong track record of supporting companies across the health care ecosystem, having invested approximately $18 billion across the sector since 2004. KKR’s health care team has grown to nearly 35 dedicated investment professionals globally. In addition to providing capital, the Firm helps companies grow through its industry experience and relationships, operational expertise, global infrastructure, and resources from more than 100 portfolio companies worldwide. In 2021, KKR executed a number of new investments as part of its Health Care Strategic Growth initiatives, including in Argenta, Nordic Bioscience, Sapphiros, Geode Health, and Cordis.

About KKR

KKR is a leading global investment firm that offers alternative asset management and 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 The 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 and on Twitter @KKR_Co.

Media:
Cara Major or Julia Kosygina
212-750-8300
media@kkr.com

Source: KKR & Co. Inc.

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Welby Health Partners with New Stack Ventures to Usher in a New Era of Tech-Enabled Care

New Stack Ventures

Revolutionizing Modern Healthcare through a Unique RPM Solution

January 9, 2022 · New Investment

When it comes to healthcare, the United States has become a leader in strategic innovations to improve patient care, outcomes, and the patient experience. That said, when it comes to chronic conditions that plague millions of Americans annually, there are few resources available to maintain top-tier healthcare from home. However, Welby Health, whose revolutionary WelbyCare platform to enhance at-home, longitudinal care, has recently closed a seed funding round from New Stack Ventures. The capital infusion will help Welby progress toward its goal to offer physicians and patients across the nation access to best-in-class support for the management of chronic diseases.

Created by doctors, for doctors, the WelbyCare platform was designed to help physicians manage patients with chronic conditions and complex health needs from their homes. CEO Seth Merritt works with an outstanding clinical team led by Dr. Taib Rawi, to ensure that the WelbyCare program is an extension of clinical practices, and provides physicians and patients greater support in managing chronic health conditions like diabetes and hypertension. Welby is combining a licensed clinical staff with hardware and software–including biometric data collection and digital engagement tools–to support physician offices in promoting patient engagement outside of the clinic.

“Physicians are already overworked, and asking them to take the burden of managing patients outside of the clinic themselves is just not realistic. By providing an opportunity to promote our tech-enabled clinical services to more physicians, we will be able to impact the lives of more patients and help them improve their health outcomes while also helping physicians get more enjoyment out of their profession” says Merritt.

In addition to a state-of-the-art remote patient monitoring program, the WelbyCare platform provides clinics with nationally recognized and clinically validated care guidelines to generate patient-specific care plans that comply with NCQA requirements for value-based care. Access to this level of clinical support would typically cost a clinic more than $20K annually to license and deploy, but the WelbyCare platform provides access to these guidelines to all participating clinics for no additional cost or fees, enabling the greatest possible outcomes from their remote patient monitoring programs.

By partnering with New Stack Ventures, Welby Health will be able to leverage its proprietary technology platform to break into new markets, reach new physicians, and partner with renowned clinics across the country to bring the future of healthcare to the millions of Americans requiring oversight to their chronic conditions while reducing the total cost of care. WelbyCare leverages the expertise of registered nurses and certified case managers for all patient-facing interactions, as opposed to other programs that often use non-clinically trained administrative staff that may satisfy regulatory requirements but have failed to deliver significant clinical results that physicians are looking for.

Austin Ju, deal lead at New Stack Ventures noted, “Remote patient monitoring is one of the fastest-growing segments in healthcare, projected to reach $117B by 2025. Despite this, existing solutions face poor adoption and retention. Welby’s white-gloved approach with their clinical partners addresses these major concerns.”

To learn more about Welby Health, please visit: https://www.welby.care/

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Invenergy Announces Approximately $3 Billion Investment from Blackstone Infrastructure Partners to Accelerate Renewable Development Activities

Blackstone
  • Blackstone’s commitment is one of the largest renewable investments in North American history
  • Investment will provide significant capital to drive an accelerated build-out of Invenergy’s clean energy platform
  • Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consistent with the broader energy transition
  • CDPQ and Invenergy management remain majority owners of the company and Invenergy will continue as managing member

NEW YORK, NY, CHICAGO, IL, AND MONTRÉAL, QC – JANUARY 7, 2022 – Today, Blackstone Inc. (NYSE: BX) announced that funds managed by Blackstone Infrastructure Partners have entered into a definitive agreement with Caisse de dépôt et placement du Québec (CDPQ) and Invenergy for an approximately $3 billion equity investment in Invenergy Renewables Holdings LLC (“Invenergy Renewables” or “the company”), the largest private renewable energy company in North America. Blackstone’s investment will provide capital to accelerate Invenergy’s renewables development activities. CDPQ and Invenergy management remain majority owners of the company and Invenergy will continue as managing member.

Invenergy Renewables is one of the largest and most well-respected renewable energy developers, with over 175 projects totaling nearly 25,000 megawatts developed across four continents, focused on long-lasting partnerships with utilities, financial institutions and commercial and industrial customers. The generation projects developed by the company power the equivalent of 8.5 million homes. Invenergy has received numerous industry recognitions, notably a #4 global rank for “Top Power Generators” based on renewables capacity by Energy Intelligence New Energy in 2020. The company’s developed projects have offset approximately 167 million tons of carbon dioxide, or approximately the annual emissions of the state of New York. Invenergy Renewables has a significant development and construction pipeline, and its affiliate Invenergy Transmission is solving power delivery challenges by advancing some of the world’s most innovative transmission infrastructure projects. The company is building both the largest wind and solar projects in the United States, that combined will deliver nearly 3 gigawatts (GW) of clean energy by 2023.

Commenting on the transaction, Sean Klimczak, Global Head of Infrastructure at Blackstone, said: “Blackstone is committed to investing behind the energy transition and Invenergy is the clear independent leader in the renewable energy sector. We look forward to a long-term partnership with the Invenergy and CDPQ teams and are excited to invest alongside them to support the accelerated build-out of Invenergy’s clean energy portfolio.”

Matthew Runkle, Senior Managing Director in the Infrastructure Group at Blackstone, added: “We are proud to have the opportunity to work with Michael Polsky and the world-class team at Invenergy. Invenergy has built an outstanding platform for delivering clean energy – which is essential to our future – and we are honored to be a part of their mission.”

Jim Murphy, President & Corporate Business Leader at Invenergy, said: “The Invenergy team is pleased to welcome Blackstone, a leader in the renewable investment space, as our partner. We greatly value our long-term relationship with CDPQ and are thrilled to continue to accelerate the clean energy transition with Blackstone’s additional investment and capabilities.”

Emmanuel Jaclot, Executive Vice President and Head of Infrastructure at CDPQ, added: “For nearly a decade, we have worked alongside Invenergy to build a key global player in the energy transition, in the United States and around the world. Michael Polsky, Jim Murphy and their team raise the bar when it comes to developing and operating sustainable energy solutions, making their company a true innovator and leader in its field. We are delighted to welcome our long-term partner Blackstone as a new investor, combining our global reach and resources to help position Invenergy for continued growth.”

The investment in Invenergy Renewables is the most recent example of a number of clean energy companies Blackstone is proud to support. Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consistent with the broader energy transition. Additionally in 2020, Blackstone announced a plan to reduce carbon emissions by 15% in aggregate within the first three years of ownership across all new investments where Blackstone has control over energy usage.

Lazard and CIBC served as M&A advisors to Blackstone and Kirkland & Ellis as legal advisor to Blackstone. Mayer Brown was legal advisor to CDPQ, and Sidley & Austin and White & Case represented the company and Invenergy.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Blackstone Infrastructure Partners
Blackstone Infrastructure Partners 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.

About CDPQ
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2021 CDPQ’s net assets total CAD 390 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.

About Invenergy Renewables
We are innovators building a sustainable world. Invenergy Renewables and its affiliated companies develop, own, and operate large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy’s home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland and Scotland. Invenergy has successfully developed more than 25,000 megawatts of projects that are in operation, construction or contracted, including wind, solar power generation facilities as well as transmission and advanced energy storage projects. For more information, please visit www.invenergy.com.

Contact
For Invenergy
Beth Conley
bconley@invenergy.com
312-429-2529

For Blackstone
Paula Chirhart
Paula.Chirhart@Blackstone.com
347-463-5453

For CDPQ
Conrad Harrington
Senior Director – International Media Relations
514-847-5493
charrington@cdpq.com

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Nordstjernan’s subsidiary Rosti acquires Plastic Components, Inc.

Nordstjernan

Nordstjernan’s wholly owned subsidiary Rosti has acquired 100 percent of the shares in the US company Plastic Components, Inc. (“PCI”). The acquisition of PCI strengthens Rosti’s global position in plastic injection molding and creates a platform for continued growth in North America.

Rosti develops and manufactures injection-molded plastic components. The company’s offering includes container closures and lids for the food industry as well as manufacturing of components and complete products for selected consumer and industrial sectors. The company has manufacturing operations in China, Malaysia, Poland, Romania, the UK, Sweden, Turkey and Germany. Rosti had sales of approximately EUR 323 million in 2020.

 

PCI offers plastic injection molding in North America, with long-standing business relationships with a diverse customer base. The company – which boasts a high degree of innovation, with state-of-the-art production facilities in Germantown, Wisconsin, Clearfield, Utah and Cary, North Carolina – was sold by MPE Partners and a number of minority investors. The parties have agreed keep the full terms and conditions of the transaction confidential.

 

“Through the acquisition of PCI, Rosti is establishing a global footprint in plastic injection molding. This add-on acquisition is aligned with Nordstjernan’s focus on building leading international industrial companies,” says Nordstjernan’s CEO Peter Hofvenstam.

 

“M&A is an important part of Rosti’s growth strategy. We actively look for high-quality companies that can add new areas of expertise, geographic markets and customer segments. Through the acquisition of PCI, we are broadening Rosti’s customer base and creating an important platform for continued growth in the US. This will benefit our new and existing customers,” says Rosti’s Chairman Eric Persson.

 

Rosti is part of Nordstjernan’s Industry sector, which accounts for approximately one-fifth of Nordstjernan’s net asset value. In the Industry sector, Nordstjernan invests in industrial companies with an established business and which have long-term global growth potential.

 

 

Peter Hofvenstam

President and CEO

Nordstjernan AB
For more information, visit

 

Peter Hofvenstam, CEO, Nordstjernan

E-mail: peter.hofvenstam@nordstjernan.se

 

Stefan Stern, Head of Communications, Nordstjernan

Telephone: +46 70 636 74 17

E-mail: stefan.stern@nordstjernan.se

 

 

 

Nordstjernan is a family-controlled investment company whose business concept is to be an active owner that creates long-term value growth. More information about Nordstjernan can be found on www.nordstjernan.se.

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