Category Archives: News

Sphera Announces Significant Growth Investment From Neuberger Berman Capital Solutions

Blackstone

CHICAGO, IL and NEW YORK, NY – September 3, 2025 – Sphera, a leading provider of integrated operational risk management software and data (the “Company”), today announced that Neuberger Berman Capital Solutions (“NBCS”), on behalf of client funds, has agreed to make a significant growth investment in the Company. NBCS will join existing investor, private equity funds managed by Blackstone (“Blackstone”) – which will retain a majority stake in the Company – in supporting Sphera’s next phase of growth.

Through SaaS software and proprietary data, Sphera works with organizations around the world to help them surface, manage, and mitigate operational risks related to the environment, health, safety, and sustainability, including through the supply chain. The company serves more than 8,500 customers and one million users in 100 countries to help companies keep their people safe, their products sustainable, and their operations productive.

“We’re delighted to welcome Neuberger Berman Capital Solutions as a strategic partner alongside Blackstone,” said Sphera’s founding CEO and President Paul Marushka. “The additional support is a strong endorsement of our vision, our team and the value we’re delivering to our customers every day in helping them manage sustainability and operational risks. With this investment, we’ll accelerate innovation, expand our global reach and continue empowering organizations to navigate complexity and drive sustainable performance.”

“Sphera has long stood out as a differentiated, industry leading company providing critical operational risk software and solutions with demand that is supported by long-term trends, and driven by an exceptional management team that is executing with discipline and consistency,” said David Lyon, Head of Neuberger Berman Capital Solutions. “We are thrilled to make this investment and look forward to partnering with the management team and Blackstone as Sphera continues to provide a value-additive solution to its existing and future customer base,” added Nikhil Krishnan, Managing Director, Neuberger Berman.

“Sphera has achieved impressive growth and product innovation during our investment, cementing its industry leading position,” said Eli Nagler, Senior Managing Director, and Kelly Wannop, Managing Director, at Blackstone. “We are very pleased to continue our partnership, together with the management team and Neuberger Berman, in support of the Company’s continued expansion and development of innovative solutions for its customers moving forward.”

Terms of the investment were not disclosed. Evercore and William Blair served as financial advisors, and Simpson Thacher served as legal advisor to Blackstone and Sphera. Harris Williams served as financial advisor, and Latham & Watkins served as legal advisor to Neuberger Berman Capital Solutions.

About Sphera
Sphera is a leader in sustainability and operational risk management software, data and consulting services for the world’s most successful companies. Our solutions cover Environment, Health, Safety & Sustainability (EHS&S), Process Safety, Product Stewardship and Supply Chain Transparency. For more than 30 years, we have served over 8,500 customers and over a million users in 100 countries to help companies keep their people safe, their products sustainable and their operations productive.  Learn more about Sphera at www.sphera.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 $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Neuberger Berman Capital Solutions
NB Capital Solutions provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives. NB Capital Solutions manages ~$10 billion in AUM and has made investments in over 100 companies across client funds. NB Capital Solutions led this investment alongside additional funds managed by Neuberger Berman Private Markets. Neuberger Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of June 30, 2025, Neuberger Private Markets manages over $140 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 450 professionals with a global presence across the United States, Europe, and Asia. For more information, please visit www.nbcapitalsolutions.com

Media Contact:

For Sphera:
 
Press@sphera.com

For Neuberger Berman:

Fiona Kehily
Fiona.kehily@nb.com

For Blackstone:

Jennifer Heath
Jennifer.Heath@blackstone.com

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Emerald leads $14M investment in Xampla, accelerating the replacement of single-use plastics

Emerald

CAMBRIDGE, UK – Emerald Technology Ventures, a global leader in climate-tech venture capital, has led a $14m of investment round in Xampla, a University of Cambridge spin-out that has created world-first natural materials from plant protein, to replace the world’s most polluting plastics. Other investors include BGF and Matterwave Ventures, and the funding will support more than ten billion units of single-use plastic replaced with Xampla’s Morro™ materials in the next five years, including plastic linings found in takeaway boxes, coffee cups and sachets.

Investors, including Neil Cameron of Emerald, and CEO Alexandra French of Xampla

Global plastic production is estimated to rise to a billion tonnes annually, and with less than 10% of plastic ever produced being recycled, there are now 8 billion tonnes of plastics and microplastics in our global environment. Xampla’s Morro materials offer a world-first natural polymer alternative. Made from abundant and natural plant protein feedstocks, including peas, rapeseed and sunflower, the materials are completely PFAS and plastic-free, and exempt from the European Union’s Single-Use Plastic Directive (SUPD).

Through partnerships with big names such as 2M Group of Companies, Huhtamaki and Transcend Packaging, Xampla has already replaced polluting coatings on boxes used by food delivery giant Just Eat Takeaway and Bunzl Catering Supplies. Unlike plastic, Morro™ Coating maintains the recyclability of cardboard without compromising on grease, oxygen and moisture barrier properties. The company’s Morro™ films, being commercialized through global partnerships, are soluble, giving them the potential to replace polluting plastic PVA films in dishwasher tablets and laundry pods.  They are also food-safe and can be used as edible replacements for packaging a wide range of single-serve products, from sweets to soups.

In addition, Xampla is working in partnership with leading FMCG brands and fragrance houses to deploy Morro™ materials in place of harmful plastic microencapsulates used to convey scents and active ingredients in homecare and beauty products.

Xampla’s Chief Executive, Alexandra French, said:

“This is a major vote of confidence for our revolutionary replacements for polluting plastics, and will see us expanding into Asia Pacific as well as growing in the UK and Europe. We have proven to investors and to brands that Morro™ materials are the real deal in making plastic a material of the past.  In just the next five years, Xampla will replace ten billion pieces of single-use plastic.  This is the technology industry has been crying out for. Our ambition now is nothing less than to see our products – proudly bearing their Morro marque – become the world’s go-to plastic replacement.”

Neil Cameron, Partner in Emerald’s sustainable packaging investment fund, added:

“Working with Xampla is part of our mission to turbocharge a revolution in innovative packaging. This technology hits the sweet spot I search for: a big solution to a big problem that can reap big rewards. And with its current global traction, there is huge potential to scale even further. The global barrier coatings market alone is set to be worth over $30bn by 2032, and that is just the beginning.”

Rowan Bird, Investor at the BGF, said:

“Xampla’s technology stands out as a truly scalable and practical alternative to plastic. Its patented, entirely natural and PFAS-free material is not only strong in performance but also drop-in ready for existing manufacturing lines, making it an attractive option for brands looking to adopt more sustainable solutions. We believe in the strength of the team, the quality of the product, and the positive role Xampla can play in helping reduce reliance on polluting plastics. We’re excited to support their continued growth as they bring this innovation to more partners and applications.”

Ines Kolmsee at Matterwave Ventures, added:

“Xampla’s mission fully aligns with ours: they are tackling a major sustainability issue with smart technology that can be used in existing manufacturing equipment, making it both easy to adopt and capital efficient. What really wowed us is their global team.  These are real experts, drawing on the best science from the University of Cambridge and elsewhere.  But this isn’t an academic exercise. They have got their product out of the lab and into the market.  It is a remarkable achievement and I know they will now go from strength to strength.”

For more information: www.xampla.com/morro-materials

More on Packaging and Materials at Emerald:

Shaping the Future of Packaging: Emerald’s Formed Fiber Sprint

Packaging and Materials

Emerald Invests in Cajo Technologies, Sustainable Laser Marking Leader

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm, founded in 2000, that manages and advises assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm invests in start-ups that tackle big challenges in climate change and sustainability, with four current funds, hundreds of venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups.

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc

CONTACT FOR EMERALD:

info@emerald.vc

About Xampla and Morro™ materials

Xampla is a materials innovation company unlocking the power of plants to create natural materials that change the world. Its range of world-first Morro materials are natural alternatives developed to address the plastic pollution crisis, and have been designed to eliminate the worldʼs most polluting plastics.

400 million tonnes of plastic waste produced every year globally according to figures from the  United Nations.. Morro™ materials re designed to leave nothing harmful behind.

Made from plants with no chemical modification, they are completely plastic-free, home compostable, fully biodegradable, and SUPD exempt. In scaling their Morro™ materials, Xampla has partnered with leading organisations including 2M Group of Companies, ELEMIS Skincare, Transcend Packaging, Just Eat and Gousto.

Find out more at www.xampla.com/morro-materials

Media contact:

Catherine Kitchen
Catherine@higginsonstrategy.com
+44 7763 671 844

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£10.2m investment in green materials innovation company Xampla

BGF

The funding from Emerald Technology Ventures, BGF and Matterwave Ventures will support Xampla’s mission to replace single-use plastics with plant-based alternatives.

3 September 2025
Xampla investors

A major injection of more than £10 million in private capital is set to accelerate UK materials innovation company Xampla’s mission to replace single-use plastics with alternatives made from plants.

The round has been led by Emerald Technology Ventures (which runs Europe’s first specialist, venture-backed investment fund targeting the full packaging lifecycle), alongside BGF and Munich-based Matterwave Ventures.

Over the next five years, the funding will see Xampla’s revolutionary Morro™ materials replace more than 10 billion units of the most polluting single-use plastic, including plastic linings found in takeaway boxes, coffee cups and sachets.

Global plastic production is estimated to rise to a billion tonnes annually, and with less than 10% of plastic ever produced being recycled, there are now 8 billion tonnes of plastics and microplastics in our global environment.

Alexandra French, Chief Executive at Xampla, said: “This is a major vote of confidence for our revolutionary replacements for polluting plastics, and will see us expanding into Asia Pacific, as well as growing in the UK and Europe.

“We have proven to investors and to brands that Morro™ materials are the real deal in making plastic a material of the past. In just the next five years, Xampla will replace 10 billion pieces of single-use plastic. This is the technology the industry has been crying out for. Our ambition now is nothing less than to see our products – proudly bearing their Morro marque – become the world’s go-to plastic replacement.”

Xampla’s Morro™ materials offer a world-first natural polymer alternative. Made from regenerative plant proteins, they are completely plastic-free, biodegradable and home compostable.

Xampla team developing Morro materials in the lab

Through partnerships with big names such as 2M Group of Companies, Huhtamaki and Transcend Packaging, Xampla has already replaced polluting coatings on boxes used by food delivery giant Just Eat Takeaway and Bunzl Catering Supplies.

Unlike plastic, Morro™ Coating also maintains the recyclability of cardboard without compromising on grease, oxygen and moisture barrier properties.

The company’s Morro™ films, being commercialised through global partnerships, are soluble, giving them the potential to replace polluting plastic PVA films in dishwasher tablets and laundry pods. They are also food-safe and can be used as edible replacements for packaging a wide range of single-serve products, from sweets to soups.

Xampla is also working in partnership with leading FMCG brands and fragrance houses to deploy Morro™ materials in place of harmful plastic microencapsulates, used to convey scents and active ingredients in homecare and beauty products.

Made from abundant and natural plant protein feedstocks, including peas, rapeseed and sunflower, the materials are completely PFAS and plastic-free, and exempt from the European Union’s Single-Use Plastic Directive (SUPD).

Rowan Bird, Investor at BGF, commented: “Xampla’s technology stands out as a truly scalable and practical alternative to plastic. Its patented, entirely natural and PFAS-free material is not only strong in performance, but also drop-in ready for existing manufacturing lines, making it an attractive option for brands looking to adopt more sustainable solutions.

“We believe in the strength of the team, the quality of the product, and the positive role Xampla can play in helping reduce reliance on polluting plastics. We’re excited to support their continued growth as they bring this innovation to more partners and applications.”

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Adams Street Opens Office in Abu Dhabi

Adams Street

Leila Kaissi named to lead the firm’s GCC presence

CHICAGO, IL – September 3, 2025 – Adams Street Partners, LLC, a leading private markets investment management firm with more than $62 billion in assets under management (“Adams Street”), announced the opening of its Abu Dhabi office, the firm’s first presence in the Gulf Cooperation Council (“GCC”). The new office is in ADGM, one of the region’s most dynamic financial districts. Adams Street’s on-the-ground presence will enhance the firm’s long-standing relationships across the GCC and support its growing investors and strategic partners.

The office will be led by Leila Kaissi, who has joined the firm as a Principal, Investor Relations. Kaissi will focus on developing and deepening institutional client and consultant relationships throughout the GCC. She will also work closely with clients in the management of their portfolios and aid in the development and monitoring of their private equity programs.

“The opening of our Abu Dhabi office is another milestone for Adams Street and a natural progression of our global expansion. Having a local presence marks our commitment to further developing strategic and long-standing partnerships in the region,” said Jeffrey Diehl, Managing Partner & Head of Investments at Adams Street.

“I am excited to lead Adams Street’s efforts in the Gulf,” commented Leila Kaissi, Principal, Investor Relations and head of the Abu Dhabi office. “GCC investors are eager to access investments in global venture capital, growth equity, buyout and private credit markets. Adams Street has a long and successful history delivering innovative investment opportunities in these areas. I look forward to building on the strong demand in the region and deepening our existing relationships.”

“I am delighted to have Leila at Adams Street to expand and build on all the work that we’ve done so far in the region,” added John Kremer, Partner & Head of Investor Relations (EMEA). “The GCC is strategically important to Adams Street’s global business objectives and a presence there will allow us to better serve our existing clients, strengthen client relationships, and capitalize on significant opportunities to match our ambitions in the region.”

Arvind Ramamurthy, Chief Market Development Officer at ADGM said, “The decision by leading international firms like Adams Street to establish offices in Abu Dhabi speaks of the tremendous opportunities that the UAE’s capital offers. As the richest city globally, Abu Dhabi is strategically positioned to attract world-class businesses in the asset management sector, and ADGM is proud to support its positioning. We are pleased to welcome Adams Street to ADGM’s vibrant and expanding ecosystem and look forward to seeing their growth strategy unfold in Abu Dhabi and the region.”

Prior to joining Adams Street, Leila was a Vice President at Gulf Capital where she was responsible for institutional investor relationships, including pension funds, sovereign wealth funds, corporates, and family offices in the GCC and across the globe. She also played an active role in the development of Gulf Capital’s investor relations strategy, managing co-investment opportunities, and overseeing investor due diligence.

About Adams Street Partners

Adams Street Partners is a global private markets investment manager with investments in more than 30 countries across five continents. The firm is 100% employee-owned and has $62 billion in assets under management across primary, secondary, growth equity, credit, and co-investment strategies. Adams Street strives to generate actionable investment insights across market cycles by drawing on over 50 years of private markets experience, proprietary intelligence, and trusted relationships. Adams Street has offices in Abu Dhabi, Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, Sydney, Tokyo, and Toronto. Visit www.adamsstreetpartners.com

Media Inquiries:
SEC Newgate
Daniela Gorini
daniela.gorini@secnewgate.ae
+971 (0) 58 129 3083

Ihab Youssef
ihab.youssef@secnewgate.ae
+971 (0) 55 768 4150

Categories: News

Novacap Financial Services Completes its First Continuation Vehicle

Novacap

The new fund will support the growth of Revau, accelerating their strategic expansion into the U.S. market

Novacap, a leading North American private equity firm, today announced that its Financial Services team has successfully closed its first continuation vehicle transaction, and the fourth for Novacap, in Revau.

The continuation vehicle is led by a consortium including funds managed by Northleaf Capital Partners, Export Development Canada (EDC) and Fonds de solidarité FTQ, and includes participation from several key institutional investors such as Manulife Investment Management. The transaction involved the continuation vehicle acquiring an interest in Revau from Novacap Financial Services, along with certain other shareholders. The transaction offered existing Novacap limited partners the option to receive liquidity or rollover while providing Revau with access to additional capital.

The transaction follows Revau’s recent U.S. acquisitions of Brazos Specialty Risk Insurance and Twenty Mile Insurance Services, two U.S.-based Managing General Agents (MGAs) specializing in trucking and construction-focused liability solutions. These acquisitions mark Revau’s strategic entry into the U.S. market, substantially broadening its footprint across North America and positioning it for future growth plans in the U.S.

“This continuation vehicle represents an important milestone for Novacap Financial Services, reflecting the value created at Revau to date and our commitment to support Revau in its future endeavours,” said Marcel Larochelle, Managing Partner at Novacap. “Our partnership with Revau’s strong management team has transformed the company into a Canadian leader. We look forward to continuing our collaboration as Revau executes its strategic vision to build a leader in the specialty insurance market in North America.”

Revau, a Canadian market-leading, tech-enabled MGA, has seen transformative growth since Novacap’s initial investment in October 2020. The company has significantly expanded from a regional player into Canada’s largest independent MGA, diversified across more than 30 products and programs, and has successfully executed nine strategic acquisitions.

Jean-François Raymond, President and CEO of Revau, added, “Novacap’s continued commitment and additional capital support through the continuation vehicle will help fuel our projects for the next phase, enabling us to leverage powerful data analytics and AI capabilities and further expand our specialized insurance offerings. With our recent U.S. acquisitions, we are now well positioned to capture significant opportunities in the much larger U.S. market, enhancing our ability to deliver tailored products and value-added service to brokers, carriers, and insureds across North America.”

UBS Investment Bank acted as exclusive advisor for the continuation vehicle. Davies Ward Phillips & Vineberg LLP, Willkie Farr & Gallagher LLP, and Fasken Martineau DuMoulin LLP acted as legal counsel.

 

About Revau

Revau Advanced Underwriting Inc. is a leading Canadian Managing General Agent (MGA) specializing in property and casualty insurance. With a strong presence across Canada and an expanding footprint in the United States, Revau delivers tailored insurance solutions for specialized and niche risks through its national network of brokers. Headquartered in Quebec, with offices and teams located in Quebec, Ontario, the Maritimes, Manitoba, Alberta, British Columbia, Texas, and Florida, Revau combines deep industry expertise with a cutting-edge digital platform to simplify the commercial insurance process and deliver exceptional value to brokers and their clients.

For more information, please visit www.revau.com

About Novacap

Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market and lower-middle market companies in four core sectors: Technologies, Digital Infrastructure, Industries and Financial Services. Novacap combines deep sector specific expertise and strategic and operational excellence to partner with entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over C$14 billion in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution.

www.novacapcorp.comFor more information, please visit www.novacapcorp.com

Categories: News

Aliter backed legal services group completes investment in Carter Bond

Aliter Capital

Deal supports scale-up strategy to create a UK leader with a national footprint

 

Aliter’s legal services portfolio company has completed its investment in commercial law firm Carter Bond for an undisclosed sum.

 

Carter Bond now becomes part of the existing group alongside BBS Law (BBS) which completed its investment from Aliter last year. The emerging group is rapidly growing to become a UK wide legal services provider, offering a full range of services to a customer base including high-growth, ambitious small-to-medium sized businesses, entrepreneurs and high-net-worth individuals.

North London based Carter Bond specialises in commercial and corporate law, with particular strengths in the healthcare sector. The firm has a consistent track record of impressive organic growth across the UK.

 

This transaction is a further investment in the Aliter-backed legal services group, since it completed the investment in BBS in October 2024.

 
Dov Black, Reena Popat and James Davies

Dov Black, Reena Popat and James Davies

Dov Black, Managing Partner and Head of Corporate, BBS said: “There is a great fit between BBS and Carter Bond, and we also believe strongly their arrival brings significant additional experience and resources to help us accelerate the next stage of the group’s development.”

 

Reena Popat, Managing Partner, Carter Bond, said, “After ten years of sustained organic growth at Carter Bond, this move comes at an ideal time. We are enthused about the opportunity to become part of this exciting journey to create a UK market leader and we look forward to realising the new opportunities it will bring for our clients and colleagues at Carter Bond.”

 

James Davies, Partner, Aliter Capital added: “Through our deep-seated knowledge and experience of the group’s main target markets, we will continue to support the continued drive for growth and provide access to capital for further expansion.”

 

Categories: News

Advent to acquire Australiaʼs Automic Group

Advent

Sydney, 03 September, 2025 – Advent, a leading global private equity investor, today announced that it has signed a definitive agreement to acquire Automic Group (“Automicˮ). Automic is a market leading technology company delivering financial market infrastructure to serve the mission-critical needs of investors and issuers in Australia and New Zealand. Terms of the agreement were not disclosed.

Automic is a proven disruptor in registry, employee share plan, shareholder analytics and fund administration services, with a proprietary cloud-native platform that supports multiple services in one solution to deliver a smarter, more efficient offering to its clients. The company leverages technology to provide insight-led services supporting over 1,400 companies and funds across Australia and New Zealand, with technology designed to be portable and scalable into new markets. Over the past 5 years, Automic has been the top performing share registry for IPOs and listed transitions in Australia.

“We see strong alignment between Automic Group and Adventʼs investment philosophy. We have identified a high-quality business in one of Adventʼs key sectors: business and financial services. We are confident we can deliver significant value creation by applying our hands-on, in-market, and global operational expertise,” said Beau Dixon, Managing Director and Head of Australia and New Zealand at Advent. “We are pleased to be making our first acquisition since opening Adventʼs Sydney office, and we look forward to working closely with Automic Groupʼs management team to support its next phase of growth.ˮ

“We are excited to be partnering with Advent, leveraging their global best practice and industry knowledge, long track record of value creation to deliver continued growth, and market leading solutions to our customers,ˮ said David Raper, CEO of Automic Group.
Hayden Neeland, Director at Advent, added, “Automic Group is a proven industry disruptor with a robust cloud-native technology platform that is scalable with significant growth opportunities ahead. We are excited by the companyʼs demonstrated track record of customer acquisition and ability to innovate, launch, and grow new products.ˮ

Advent has strong global investing experience in the business and financial services sector, with more than 95 investments made across 25 countries over the past 30+ years. Since 2008, Advent has invested more than USD $6.6 billion in 17 fintech companies worldwide. The Automic transaction continues Adventʼs efforts to pursue business opportunities in Asia Pacific and embed its local know-how alongside its global network and operating expertise in the region, which includes significant investments in India and China.

This transaction builds on Adventʼs existing Australian investments including luxury fashion brand ZIMMERMANN, Transaction Services Group (now part of Xplor Technologies), a leading provider of business management software and integrated payments solutions, as well as its investment in Ultra Electronics, a leading defence, aerospace and technology company with operations in Australia.

The transaction is expected to close by the end of 2025, subject to customary regulatory approvals.

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $100 billion in assets under management* and have made 435 investments across 44 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 675+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of June 30, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

About Automic Group

Automic Group is a leading provider of registry and fund administration services across Australia and New Zealand. The Group was founded in 2014 by Paul Williams and now serves more than 1,400 companies and funds. Automic combines innovative technology with a client-focused approach to enhance service quality, strengthen data security and support organisations as they scale.

Media Contacts

Peter Folland
Vice President, Advent
pfolland@adventinternational.co.uk

For Australia and New Zealand:
Katherine Kim
katherine.kim@teneo.com
+61 2 9063 5119

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Search, Perfected for AI: Why We’re Doubling Down on Exa

Lightspeed

Exa Co-Founders Will Bryk and Jeff Wang.

AI agents and AI-native products are here. These AIs need access to information, critical context that helps them perform at their best. “Garbage in, garbage out” still applies — no matter how intelligent the model, its reasoning is contingent on the availability of fresh, accurate data. In other words, they need search. Application builders are rapidly integrating and embedding search capabilities into a range of AI products – from consumer apps to B2B tools. This is where Exa comes in.

Exa is an applied AI lab training a search engine optimized for AI agents to perfect web search and improve upon the “ten blue links” paradigm that Google defined in the early days of the web. Exa’s goal is to create the world’s most powerful search technology, and unlike Google, they aren’t bound by optimizing for consumer clicks and SEO.

When Lightspeed led Exa’s Series A round last year, agents were only just beginning to take off. Now, they’ve taken over.

Exa has become the leading search engine for AI. For example, AI coding products like Cursor use Exa to retrieve technical documentation to output well-informed, up-to-date code. Today, thousands of developers, AI startups, and enterprises are building on top of the Exa API.

It’s why we’re excited to double down on our investment as part of Exa’s $85M Series B round, led by Peter Fenton at Benchmark Capital, alongside participation from YCombinator and NVIDIA Ventures. Peter served on the board of Elastic, the last major search company built, so we are delighted to see he shares our conviction about this massive opportunity.

Agents are merely large language models paired with appropriate tools. We believe search is one of the two big “killer tools” for agents, along with code execution. With code execution, agents become “Turing complete”, enabling them to write programs on the fly. With search, agents become “information complete” — they can acquire any public information needed to accomplish a task.

While AI models are trained on increasingly vast sums of data, AI models cannot perfectly memorize all the information on the public web, as their recall is unreliable. Further, there’s always a “last mile” of data — private data, alternative data sources, etc. — which will never end up in the training data of these models. For AIs to work with and reason about this data, they require search capabilities.

Exa is strategically positioned to power search for AI. Exa indexes billions of web documents, processes through them all with their custom models, and serves them through a state-of-the-art search and retrieval stack. The quality and craftsmanship of the Exa team is evident through benchmarks, where Exa is best-in-class in terms of relevance and latency.

This incredible performance is no longer limited to AI consumption — Exa now serves human users too via its new product, Websets, an agentic search tool for extracting structured information from the unstructured web. Non-technical users can write a query asking for lists of people, companies, and more (e.g., “US-based startups that have raised over $10M USD focused on longevity healthcare”) and get hundreds of results matching the exact criteria, verified by Exa’s AI agents. Websets has become incredibly popular for recruiting, lead generation, and market research use cases.

But they aren’t stopping there: the Exa team has set out an aggressive product roadmap for the coming years, with the goal of powering every AI app, indexing beyond the public web, and becoming the AI world’s data layer.

We are heading toward a future where AIs search far more than humans, where most search queries actually originate from an AI of some kind rather than a human. We believe this new world will require AI-native search infrastructure to support this new, rapidly growing consumer of the web.

That’s Exa — a single API to get any information from the web, built specifically for AI products. Lightspeed is proud to continue supporting Exa’s vision of perfect search. If you want to work on industry-changing, high-impact, massive-scale challenges, apply here.

 

The content here should not be viewed as investment advice, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any securities. Certain statements herein are the opinions and beliefs of Lightspeed; other market participants could take different views.

Authors

Guru Chahal

Guru Chahal

Nnamdi Iregbulem

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Karo Healthcare strengthens its portfolio of skin health brands in Northern Europe

KKR

Following the closing of KKR’s acquisition of Karo Healthcare (“Karo”) on 27 August, Karo today confirms that the agreement to acquire a portfolio of skin health brands, including ACO, has been transferred to Karo. The pending transaction was previously announced by a KKR-affiliated vehicle and Perrigo Company plc (“Perrigo”) on 14 July, 2025, and the terms remain unchanged with the transaction expected to close in Q1 2026. Perrigo’s Dermacosmetics branded business, which generated more than EUR 120 million in net sales in 2024 across the Nordics, the Netherlands, and Poland, includes trusted, science-backed skincare brands and has a strong strategic fit with Karo’s business.

 

This planned transaction marks another major milestone in Karo’s growth journey and is a testament to the company’s commitment to expanding its portfolio of brands and to building strong omnichannel market positions in European consumer healthcare. It is a complementary fit within Karo’s skin health category and supports the company’s ambition to provide superior consumer solutions, supported by healthcare professional endorsement and scientific credibility.

 

Karo will be acquiring an established business that includes the ACO (including Cosmica, Canoderm, Cliniderm, and Miniderm), Biodermal, Emolium, and Iwostin brands — each with strong brand heritage, high consumer trust, and a solid scientific foundation. The portfolio spans products across Face, Body, and Sun care categories, as well as medicated skin health brands.

 

In addition to the brands, the transaction also includes a dedicated organisation with proven capabilities across a number of important areas, which will contribute to Karo’s future-proofed operating model and its long-term commitment to the skin health category. The transaction also deepens Karo’s presence in its core Northern European markets. Moreover, it provides an attractive platform for establishing a presence in Poland, a growing consumer health market.

 

“This will be a major transformational step forward in our strategy of becoming a multi-channel European leader in consumer healthcare. It brings a portfolio of attractive, science-backed, and trusted skin health brands to Karo,  which have strong consumer positions and healthcare specialist endorsement in key markets. Following completion, we look forward to welcoming talented employees to Karo, adding critical capabilities that will support the continued strengthening and long-term development of our company,” said Christoffer Lorenzen, CEO of Karo.

 

“We are confident Karo is the ideal strategic partner for Perrigo’s Dermacosmetics business and its portfolio of trusted skin health brands. The strong foundation provided by Karo’s leading Nordics consumer healthcare platform and KKR’s deep experience in successful corporate carveouts, will position these businesses, brands and employees to thrive and deliver long-term success for partners and consumers,” said Hans Arstad, Managing Director at KKR.

 

This previously announced transaction is subject to customary closing conditions and regulatory approvals. It is expected to close in the first quarter of 2026.

 

Morgan Stanley & Co. International Plc acted as financial advisor to Karo, while Kirkland & Ellis, Simpson Thacher & Bartlett, and White & Case acted as legal counsel. PwC advised on financial due diligence, and Alvarez & Marsal acts as support in the integration.

For further information, please contact:
Christoffer Lorenzen, CEO, christoffer.lorenzen@karo.com
Michael Kaltenborn, CSDO, +49 171 681 0314, michael.kaltenborn@karo.com

Lisa Westerdahl, CPSO and Head of Corp. Comms, +46 733 297 004, lisa.westerdahl@karo.com

The information was submitted for publication by the contact persons set out above, at 9:00 CET on 2 September 2025.

 

About Karo Healthcare
Karo Healthcare is a leading European consumer healthcare company with the purpose of delivering “Smart choices for everyday healthcare”, empowering people to live life to the fullest. Our products are available in more than 90 countries and include trusted original brands such as Lamisil®, E45®, Pevaryl®, Proct®, AlphaFoods, Nutravita, Flux®, Locobase®, Multi-Gyn® and Paracet®. Headquartered in Stockholm, Karo employs about 470 people who work out of Karo’s 13 international hubs. For more info, visit karohealthcare.com.

 

About KKR

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

 

About Perrigo

Perrigo Company plc is a leading pure-play self-care company with over a century of experience in providing high-quality health and wellness solutions to consumers primarily in North America and Europe. As a pioneer in the over-the-counter (OTC) self-care market, Perrigo offers trusted self-care solutions that can be used without the need for a prescription, ensuring accessibility and choice for consumers across molecules, dosage forms, and value tiers. Perrigo’s unique business model leverages its complementary businesses, where cash-generative store brand private label offerings fuel investments for leading brands, including Opill®, Mederma®, Compeed®, EllaOne®, and Jungle Formula®. For more information, visit www.perrigo.com.

Categories: News

KKR Increases Its Investment in Mirastar

KKR

Mirastar’s team with Ekaterina Avdonina (seated front left) and Anthony Butler (seated front right)

London – 2 September 2025 – After five years of successful strategic partnership, funds managed by KKR, a global investment firm, are increasing their investment in Mirastar to continue building on the success of its leading pan-European industrial and logistics platform. Co-founded in 2019 by Ekaterina Avdonina and Anthony Butler, Mirastar will continue to be led by Avdonina as Chief Executive Officer and Butler will transition his day-to-day responsibilities as Chief Investment Officer and continue to support the business as a Non-Executive Director.

Since inception, Mirastar—together with KKR—has acquired over 70 properties and approximately €3 billion in assets and developments across six countries. The company has established six offices across Europe and grown to over 40 employees. KKR’s increased investment in Mirastar follows the firm’s purchase of a majority stake in 2020 and will support Mirastar’s continued expansion as KKR’s platform for acquiring and managing logistics properties across Europe.

Seb d’Avanzo, Head of Real Estate Acquisitions for KKR in Europe, said: “Industrial and logistics has been one of our highest conviction themes in European real estate and our strategic partnership with Mirastar has enabled us to acquire an exceptional portfolio that continues to deliver strong results for our clients. Our strategic partnership with Ekaterina and Anthony has been crucial in realizing our shared vision and we see bright opportunities ahead for Mirastar under Ekaterina’s continued leadership. Few people combine Anthony’s deep conviction, market insight, and relentless energy. We’ll miss Anthony’s daily presence, but we are fortunate to still have his counsel and experience as the journey continues.”

Anthony Butler, Co-Founder & CIO at Mirastar, said: “Building, launching, and growing Mirastar alongside Ekaterina into one of Europe’s most respected industrial and logistics platforms has been an incredible journey. I’m proud of what we’ve accomplished together, which is a testament to what’s possible with the right talent, strong strategic partnerships, and the support of an ambitious capital partner like KKR. As I look ahead, I remain committed to supporting Mirastar’s continued success and excited about what lies ahead in real estate – especially in global logistics.”

Ekaterina Avdonina, Co-Founder & CEO at Mirastar, added: “Co-founding Mirastar with Anthony has been one of the most rewarding experiences of my career. Together with KKR, we have built a platform that has exceeded all our expectations. I’ve learned a great deal from Anthony, both professionally and personally, and I’m grateful that he will remain involved as a non-executive director as we look to the future.”

Butler’s real estate career spans over 30 years, including senior European and global roles at leading institutions. Prior to launching Mirastar, he served as Head of European Real Estate for TIAA, where he led the acquisition of Henderson to form Nuveen. He also held the role of Global Head of Transactions & Indirect Investments for Generali, and senior leadership positions at MGPA, DWS, and Delin. His diverse experience includes roles as investor, developer, and operating partner.

— Ends —

About Mirastar

Mirastar is a pan-European logistics developer, investor and asset manager, founded in 2019 by Ekaterina Avdonina, Chief Executive Officer, and Anthony Butler, Chief Investment Officer. The team currently comprises senior real estate professionals based in London, Amsterdam, Stockholm and Frankfurt. The team at Mirastar have deployed over €20 billion of capital across key European markets and have built and constructed in excess of 4 million square meters of logistics assets collectively.

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
KKR / Mirastar
FGS Global
Oli Sherwood / Jack Shelley
KKR-Lon@FGSGlobal.com
Tel: +44 (0) 20 7251 3801

 

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