Category Archives: News

EQT Exeter to acquire 94,000 square-meters across four warehouses in Germany

eqt

Transaction comprises an attractive collection of high-quality properties in key distribution locations with capacity to serve a wide range of tenants

All four properties are fully-leased, with significant rental growth potential

EQT Exeter’s leasing and property management team plans to enhance value, particularly through significant sustainability-focused improvements

EQT Exeter, a leading global real estate investment manager, today announced that the EQT Exeter European Logistics Value Fund IV (“EQT Exeter”) has entered into an exclusive agreement to acquire four logistics properties, strategically located across the cities of Munich, Nuremberg, and Frankfurt in Germany, from VIB Vermögen AG.

The warehouses provide a high degree of third-party usability through the properties’ design and locations. The buildings are located across three prime German submarkets offering excellent access to the national road network. They are situated in supply-constrained consumption conurbations proximate to highly sought-after production and distribution hubs. The properties are fully-leased by five tenants, and offer the potential for significant value creation through future rental growth and sustainability-focused enhancements.

The transaction aligns with EQT Exeter’s focus on acquiring high-quality assets in key European submarkets, and further strengthens its presence in the Southern German logistics market. The properties are well-suited to benefit from EQT Exeter’s comprehensive asset and property management expertise, underpinned by its extensive local real estate team with experience in supporting assets throughout the entire property management lifecycle.

The transaction is expected to close in Q4 2024, subject to customary closing conditions.

Contact

EQT Press Office, press@eqtpartners.com

About

About EQT Exeter
EQT Exeter is a global real estate investment manager with over $29 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 440 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/

Follow EQT Exeter on LinkedIn

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EQT Acquires Leading SaaS Talent Solutions Provider PageUp to Accelerate Global Expansion and Product Innovation

eqt

PageUp will leverage EQT’s expertise to accelerate international expansion and drive product innovation in talent management software.

EQT’s investment builds on PageUp’s strong track record of expansion through organic growth and strategic acquisitions.

The partnership reinforces EQT’s commitment to supporting high-growth software businesses in Asia Pacific and international markets.

EQT and PageUp Group today announced that EQT, a purpose-driven global investment organization, has acquired Australian-founded PageUp, a global leader in SaaS talent acquisition, recruitment marketing, and talent management solutionsfrom existing majority owners, Battery Ventures.

The deal will enable PageUp to leverage EQT’s deep expertise in scaling high-growth global technology businesses to capture greater opportunities in the talent management software space, accelerate its international expansion, and enhance product innovation.

Founded in 1997, PageUp now delivers its cutting-edge talent acquisition and recruitment marketing software to top-tier corporates, universities, hospitals, and public-sector customers worldwide via offices in Australia, North America, and Europe. PageUp’s product suite powers the end-to-end talent management of global brands such as Flight Centre Travel Group, Ramsay Healthcare Australia, Bank of Ireland, Boston Medical Centre, and University of North Texas Systems.

EQT’s investment, through its BPEA Fund VIII (“EQT Private Capital Asia”), builds on PageUp’s operating momentum in achieving substantial organic and acquisition-led growth in recent years. This has included the acquisitions of Clinch in 2019 and eArcu and PathMotion in 2021. With EQT’s investment and strategic backing, PageUp will accelerate its expansion into priority international markets and deepen its offering in key sectors and verticals.

PageUp represents EQT’s latest investment in the Human Capital Management (“HCM”) software sector, which it views as an attractive and dynamic segment as HR professionals leverage technology to meet the challenges of attracting and retaining an evolving global workforce. PageUp adds to EQT’s global portfolio of investments in HCM software businesses across strategies, which includes Peakon, Unmind, Hume, Sana Labs, and HRBrain.

The investment further builds on EQT’s experience supporting market-leading Asia Pacific-based software businesses to capture global market opportunities. EQT will work with PageUp to construct a board of HR technology veterans from members of EQT’s industrial advisor network, pursue targeted inorganic growth opportunities in key markets worldwide, and accelerate the company’s AI product roadmap with help from EQT Digital.

Nicholas Macksey, Partner in the EQT Private Capital Asia advisory team, said: “PageUp’s impressive track record of innovation and growth makes it a standout leader in the talent management space. We are excited to partner with PageUp at this defining moment for the company. We look forward to leveraging EQT’s global reach and sector expertise to accelerate PageUp’s international expansion and amplify its product innovation, particularly in dynamic, high-growth markets. As the human capital management landscape rapidly evolves, we are committed to helping PageUp unlock new opportunities for its clients worldwide. This investment reinforces EQT’s strength in supporting software businesses that align with our core investment themes, allowing us to apply our deep expertise to foster innovation and drive impact in key industries.”

Following the successful completion of the transaction, Mark Rice has announced his intention to retire as CEO of PageUp. Over 13 years (initially as COO/CFO and as CEO for the last six years), Mark has led the Group’s dynamic and profitable growth and driven its international expansion both organically and through several successful acquisitions.

Commenting on the successful acquisition and his decision to retire as CEO, PageUp Group’s outgoing CEO Mark Rice said: “EQT’s investment is a ringing endorsement of our business and the significant opportunities for market and product expansion ahead. After 13 years leading the business, and with EQT’s investment now secured, I have decided that now is the right time for me to retire as CEO, safe in the knowledge the company I have helped build is in safe hands. I am immensely proud of what we have accomplished at PageUp as a team and this decision was made easier knowing the business is well-positioned with supportive partners for its next phase of growth.”

Mark will oversee a transition period with incoming CEO Eric Lochner. Eric has over 25 years of leadership experience scaling SaaS companies globally, most notably HR Tech companies Kenexa, Achievers, and Careerbuilder.com. Eric Lochner said: “Under Mark’s stewardship, PageUp has gone from strength to strength. I am delighted to have accepted the opportunity to step into the CEO role and look forward to working with our new partners in transforming our clients’ hiring experiences and empowering individuals to find opportunities where they are happy, engaged, and fulfilled. With EQT’s expertise and support, we’ll accelerate our strategy with increased focus on customer experience and innovation, including the continued integration of responsible AI to rapidly evolve our platform and enhance the automation of talent management.”

William Blair acted as the exclusive financial advisor to PageUp Group on this transaction. Barclays and Barrenjoey acted as the exclusive financial advisor to EQT on this transaction.

With this transaction, BPEA Private Equity Fund VIII is expected to be 80-90 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA Private Equity Fund VIII will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

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

About PageUp
From talent pipelining, recruitment, and onboarding to compliance, professional development, and performance management, PageUp solutions leverage responsible AI and automation.

PageUp’s innovative tools and services empower organizations to optimize their human resources investment processes, enhance workforce performance, and deliver a personalized experience to candidates and employees.

Customers choose PageUp for its deep functionality and ability to be custom-configured for various workflows and industries, all accompanied by outstanding customer service. Used in over 190 countries, PageUp is a genuinely global solution with offices in Melbourne, Sydney, New York, London, and Paris.

More info: www.pageuppeople.com

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Carlyle provides financing for the acquisition of Lanes Group by Global Infrastructure Partners (GIP), a part of BlackRock

Carlyle

Carlyle acts as sole lender to provide £205m of acquisition financing to support a leading UK wastewater infrastructure services provider

London, UK – 31 October 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a financing package of £205m to support the acquisition of Lanes Group, one of the UK’s leading providers of water and wastewater services, by funds managed by Global Infrastructure Partners (GIP), a part of BlackRock. 

With over 4,000 employees, Lanes Group has grown significantly under private ownership since its inception over 30 years ago. The company is widely recognised as a high quality, market leader in the UK wastewater infrastructure sector, combining strong local presence, a commitment to innovation, and exceptional client delivery in its critical support to water utilities and private sector businesses across the UK.  

This transaction will support Lanes Group to accelerate its growth plans, including expanding its service offerings, strengthening its long-standing customer relationships and continuing to invest in new technologies. 

Carlyle’s Global Credit platform manages $190 billion in assets under management, as of June 30, 2024. It regularly pursues investments in privately negotiated debt and capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies. 

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contact: 

Carlyle

Andrew Kenny

andrew.kenny@carlyle.com

+44 7816 176120

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Blackstone Announces Partnership With Travelodge Asia to Acquire Office Building in Seoul’s Gangnam District and Convert into Select-Service Hotel

Blackstone

SEOUL – November 1, 2024 – Funds managed by Blackstone Real Estate Partners (“Blackstone”) are partnering with Travelodge Asia, an integrated hotel investment and operating company focused on select-service hotels across Asia, to acquire an office building in Seoul’s Gangnam district, and convert into a new select-service hotel.

Chris Kim, Head of Real Estate – Korea, Blackstone, said: “We are thrilled to continue investing in South Korea and start work on this property by doing what we do best at Blackstone: transforming well-located assets and increasing their value. We are big believers in travel and leisure as an investment theme, including in South Korea, where its culture and medical services are driving demand. We look forward to partnering with Travelodge to create a new select-service hotel in one of Seoul’s busiest neighborhoods.”

Marcus Aw, Managing Director of Travelodge Asia, added: “We are delighted to partner with Blackstone for this investment, which will be our fifth acquisition in Seoul. We have been active in acquiring assets with strong value add upside potential from being repositioned as midscale hotels, with a particular focus on South Korea, Japan, Singapore and Hong Kong. South Korea continues to be a very popular destination amongst leisure and business travelers globally, so we are excited to team up with Blackstone on the upcoming hotel.”

Blackstone is one of the world’s largest investors in hotels – from The Cosmopolitan in the United States to Crown Resorts in Australia and Hilton Hotels around the world, the firm brings a global track record of transforming hospitality brands into leading destinations for dining and entertainment.

The building sits in the center of Gangnam’s prime office and commercial district, within walking distance to four subway stations, high-end residential complexes, hotels, retail and medical facilities. Seoul’s hospitality market has seen explosive growth following COVID, driven by the rise in inbound tourists. The country saw 7.7 million foreign arrivals in the first half of the year, a 74% increase from the same period in 2023.

This is the third real estate transaction from Blackstone in South Korea this year. Last month, Blackstone bought a large multi-story logistics asset in Gimpo. In April, Blackstone closed the sale of Arc Place, a Grade A office building in Gangnam. This sale – which was the largest commercial real estate transaction in Seoul’s major business district since 2022 – also marked the culmination of years of focused asset management to reposition Arc Place into a leading office building.

Blackstone Real Estate 
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $325 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Media Contacts
Ellen Bogard
+852 9731 9726
Ellen.Bogard@Blackstone.com

Wendy Lee
+852 9176 6179
Wendy.Lee@Blackstone.com

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Ardian Semiconductor completes first investment with the acquisition of Ion Beam Services (IBS)

Ardian

Ardian, a world-leading private investment house, today announces it has completed the first investment through its dedicated Ardian Semiconductor platform with the acquisition of Ion Beam Services (IBS), an innovative European semiconductor equipment and services company addressing high-growth specialty segments of the semiconductor market.

The acquisition of IBS will provide new growth financing to support an ambitious value creation plan and enable a management transition with the retirement of the company’s founder, Laurent Roux.

Founded in 1987 and based in France, IBS is a semiconductor equipment and services company specialized in ion implantation, a fundamental step in the semiconductor front-end manufacturing process. Its technology and products address high growth specialty applications in power, connectivity, imaging and sensing.

The semiconductor industry is a critical enabler of digital transformation and the green transition of the global economy. The industry is forecasted to double in size over this decade to reach $1 trillion by 2030, driven by powerful and predictable megatrends such as artificial intelligence, hyperconnectivity, electrification, mobility and industrial automation, and the growth of smart and connected devices. The expertise of IBS is contributing to enable these major developments.

Ardian Semiconductor was launched last year as a pioneering private equity investment platform through an exclusive strategic partnership with Silian Partners. Silian Partners brings together a team of highly successful senior executives from the semiconductor industry with more than 140 years of combined experience, who contribute unique industry relationships, strategic vision, and operational expertise to the Ardian Semiconductor platform. Together, Ardian and Silian Partners provide innovative and flexible capital solutions alongside strategic and operational capabilities to transform strong technology companies into global leaders in their market segments.

Ardian Semiconductor is uniquely positioned to seize opportunities in Europe, where the semiconductor sector is a global leader in mobility and industrial applications. Supported by a rich ecosystem of research centers, intellectual property, equipment and materials companies, in addition to government-backed incentives such as the €43 billion European Chips Act, Europe is well placed to drive the next wave of semiconductor innovation.

“We are delighted to inaugurate the Ardian Semiconductor platform with the acquisition of IBS. This exemplifies our mission to build semiconductor leaders in Europe through an innovative and deeply operational approach, leveraging our private equity capabilities and our unique strategic partnership with Silian Partners.” Lise Fauconnier, Senior Managing Director, Ardian

“We are excited to embark on a transformation journey with IBS. We will leverage IBS’s strong technological heritage of nearly 40 years, built by Laurent Roux and his talented team, and bring our strategic and operational expertise to sharpen product differentiation, strengthen customer focus, and scale the company through its next phase of growth.” Dr. Bernard Aspar, Partner, Silian Partners

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,680 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT IBS

IBS is a company specialized in innovative ion implantation solutions. IBS allows its customers flexibly benefiting from its ion implantation expertise through a unique 360° offering of equipment, equipment services, and foundry services. IBS operates primarily from its facilities in France, UK, and Singapore. IBS was founded in 1987 and is based in Peynier, France.

ion-beam-services.com

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Piper Sandler and BC Partners Credit Announce Strategic Alliance

BC Partners Logo

Piper Sandler Companies (NYSE: PIPR), a leading investment bank, and BC Partners Credit, the $8 billion credit arm of international investment firm BC Partners, today announced a strategic alliance. The alliance, which leverages the expertise and broad networks of Piper Sandler’s Financial Services Debt Capital Markets team and BC Partners Credit, paves the way for Piper Sandler’s clients across the financial services sector to best access the debt capital markets with customized structures and financing solutions as they grow their businesses. The firms anticipate additional institutional investors will join the alliance over time to further complement and support future growth across sectors.

Over the past decade, the Piper Sandler Financial Services Debt Capital Markets team has developed a specialized niche in managing debt transactions for regional and community banks, as well as non-bank specialty finance companies across the entire financial sector, executing more than 550 transactions and generating nearly $40 billion in gross proceeds. Leveraging its strong investment banking relationships, Piper Sandler expects to continue sourcing new debt mandates, ensuring a robust pipeline of opportunities, to provide bank and non-bank clients with a full suite of balance sheet, capital and funding solutions. While continuing traditional syndicated debt offerings in public and private markets, the strategic alliance with BC Partners Credit presents a supplementary avenue for growth and innovation in balance sheet solutions.

“Since the Federal Reserve’s historic rate-hiking campaign and the multiple bank failures in the spring of 2023, it has become significantly more challenging for small-cap, mid-cap, and privately-owned banks, as well as non-bank financial companies, to execute debt capital market financings,” said Jacques de Saint Phalle, Head of Piper Sandler Financial Services Debt Capital Markets. “BC Partners Credit’s substantial capital base and extensive distribution networks will significantly bolster our market-leading transactional distribution platform.”

BC Partners Credit is a fully diversified credit manager with a track record of providing bespoke capital solutions to companies across a range of industries, including banks, specialty finance companies, fintech platforms, insurers, and asset managers. In addition to providing capital, BC Partners Credit also has a dedicated team focused on managing the assets of insurance and re-insurance companies.

“We are excited to collaborate with Piper Sandler, offering their clients a comprehensive suite of financial solutions that can help propel their businesses” said Ted Goldthorpe, Head of BC Partners Credit. “As a fully diversified credit manager, with deep pools of capital and a vast network, we are well positioned to provide anchor demand, driving optimal structure and pricing. Likewise, our limited partners will have access to many compelling investment opportunities across the capital structure, with strong projected returns.”

Supporting this partnership will be Sam Reinhart, a newly appointed Managing Director and Head of FIG Solutions at BC Partners Credit. Reinhart previously served as Head of Banks and Diversified Financials at UBS Group AG and began his career working with Jacques de Saint Phalle. Mr. Reinhart said, “I’m excited to once again partner with Jacques and the Piper Sandler team to deliver efficient and innovative capital solutions to their exceptional financial services client base.”

ABOUT PIPER SANDLER Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; in the EU through Aviditi Capital Advisors Europe GmbH, a tied agent of AHP Capital Management GmbH, authorized and regulated by BaFin; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates.

Follow Piper Sandler: LinkedIn | Facebook | X

ABOUT BC PARTNERS AND BC PARTNERS CREDIT BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Financial Services, Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

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CVC DIF to acquire leading data centre operator Adam Ecotech

CVC Capital Partners

CVC DIF has agreed to acquire a 100% stake in Adam Ecotech, the data centre operator, with operations in Madrid and Barcelona, from Ogic Informatica.

  • Adam Ecotech owns three operating data centres in Barcelona and Madrid, with 7MW of enabled capacity.
  • This acquisition represents a landmark investment – CVC DIF’s first acquisition in the data centre sector in Europe.
  • CVC DIF will support expansion in other key regions of the country and across the European market.

CVC DIF, the infrastructure arm of leading global private markets manager CVC, has agreed to acquire Adam Ecotech, a prominent colocation data centre operator in the Spanish market.

CVC DIF will support Adam Ecotech in its expansion not just into other regions of Spain, but into the European data centre market more broadly.

Adam Ecotech owns three operating data centres in Barcelona and Madrid, encompassing a total floorspace of approximately 6,900 sqm and capacity of 7 MW. It is also in the process of developing a greenfield data centre and expanding its existing infrastructure to reach up to 12 MW of capacity in the coming years.

The company provides colocation housing, infrastructure as a service, cloud services, and other related solutions to a diverse customer base of over 200 clients. The company’s growth relies on a highly skilled team with extensive industry experience, led by CEO Jose Mejias.

“I am incredibly proud of the progress our team has made in establishing Adam Ecotech as a trusted provider of data centre services in Spain. Our success has been driven by a relentless commitment to our clients, accompanying them in their growth, and ensuring we delivered the highest operational standards. We are excited to embark on the next phase of our growth journey, which will enable us to enhance our infrastructure and expand our services to meet the growing demand for digital solutions” said Jose Mejias, CEO of Adam Ecotech.

Willem Jansonius, Partner and Head of the DIF Value Add funds at CVC DIF commented: “With its exceptional track record of providing reliable and secure digital infrastructure, Adam Ecotech is positioned as a key player in a rapidly growing market.”

“This acquisition provides us with a strong entry point into the European data centre market, establishing a solid platform for future growth in the region.

“We are excited to support the next phase of growth, providing both capital and strategic guidance and look forward to collaborating with the management team to strengthen its presence in Spain and beyond.”

CVC DIF has been advised by Linklaters (legal advisor), EY-Parthenon (Commercial advisor), EY (financial and tax advisor) and Colliers (M&A advisor). Ogic Informatica has been advised by KPMG (M&A advisor) and RocaJunyent (legal advisor).

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KKR and Energy Capital Partners Announce $50 Billion Strategic Partnership to Support AI Growth Through Investments in Data Centers and Power Generation

KKR

Strategic partnership with available capital and scale ready to meet the urgent need to fund data center, power, and grid infrastructure in the U.S. and globally

Scaling of AI and cloud infrastructure in the U.S. expected to cost at least $1 trillion by 2030

NEW YORK & SUMMIT, N.J.–(BUSINESS WIRE)– KKR, a leading global investment firm, and Energy Capital Partners (“ECP”), the largest private owner of power generation and renewables in the U.S., today announced a $50 billion strategic partnership. The collaboration aims to accelerate the development of data center and power generation and transmission infrastructure for the rapid expansion of artificial intelligence (AI) and cloud computing globally. This strategic partnership combines KKR’s deep expertise in digital infrastructure, power, and the energy value chain with ECP’s premier energy transition platform in electrification and power and renewable generation.

Advancements in AI are fueling an unprecedented demand for data centers, but a limited availability of reliable power is impeding the strategic goals of the world’s largest technology companies, enterprises, and governments looking to deploy AI. U.S. data center demand is projected to nearly triple by 2030, driving over $1 trillion in investment1. A single planned data center campus regularly exceeds 1 gigawatt (GW) of power demand and requires an investment of $15 billion or more across data center and power equipment.

“Data center power demand is expected to grow by 160% by 20302, a demand that will go unmet without the right infrastructure in place, which is critical to boosting productivity, supporting electrification and helping countries create a competitive edge in AI. At the same time, the scaling of this mission-critical infrastructure must be done affordably, reliably, and sustainably, while addressing the needs of all stakeholders – from technology companies to end consumers,” said Joe Bae, Co-Chief Executive Officer, KKR.

“In order for the U.S. to maintain its advantage in AI, we will need massive new investments in power infrastructure on an accelerated basis that are capable of addressing concerns related to electricity prices and carbon emissions,” said Doug Kimmelman, Founder and Senior Partner, ECP. “We are committed to delivering solutions for our strategic partners and our investors through ECP’s strong utility relationships and expertise investing across a wide variety of power generation, renewable, and battery storage assets.”

“Building out AI and power infrastructure will require collaboration across industries. KKR and ECP’s strategic partnership offers a new approach, with immediately available capital and the capabilities needed to deploy that capital to accelerate this effort. With our combined footprint and capabilities, we have a more than 8 GW existing datacenter pipeline, 100 GW of currently operating and development-ready power generation, and significant experience working with stakeholders across both industries to help realize this opportunity quickly and responsibly,” said Waldemar Szlezak, Partner and Global Head of Digital Infrastructure, KKR.

“The ECP and KKR teams have decades of experience working with constituents to bring infrastructure projects to completion on time and on budget,” said Tyler Reeder, Managing Partner, ECP. “This experience, along with ECP’s existing power and renewable asset base, history of decarbonizing existing assets through carbon capture and asset repowering, as well as KKR’s leading digital practice, provide our partners a clear path to delivering much needed computing capacity through a sustainable lens.”

The strategic partnership is designed to deliver scaled data center and power solutions for hyperscalers and other market participants to support their infrastructure needs across geographies to drive model training, tuning, and inferencing at scale. KKR and ECP plan to engage with industry leaders including utilities, power and data center developers, and independent power producers to accelerate the delivery of data center campuses required by hyperscalers.

“To develop a winning solution to support the growth of AI in the U.S., you need world-class capabilities along every step of the value chain – including power generation, transition, and deployment within data centers to serve hyperscalers and other market participants. With KKR and ECP’s industry-leading solutions in data center development, power, renewables, and capital formation, this partnership is bringing to bear the best of the best to accelerate the build out of AI,” said Neil Chatterjee, former FERC Chairman, Senior Advisor to KKR, and Board Member of ECP-owned Convergent Energy.

KKR is funding the strategic partnership from existing infrastructure and real estate strategies and insurance accounts managed by KKR. ECP is funding the strategic partnership from existing and future infrastructure capital pools.

KKR first established its global infrastructure team and strategy in 2008 and has since been one of the most active infrastructure investors around the world with $77 billion in infrastructure assets under management as of September 30, 2024. To date, KKR has invested more than $29 billion across 22 investments in relevant digital infrastructure companies across data centers and fiber, as well as $15 billion in power, utilities, and energy. KKR’s significant global data center footprint spans four platforms with several GW of deployed assets across over 100 facilities and more under development globally. KKR’s portfolio also includes over 10 renewable energy developers with over 50 GW of global development pipeline.

ECP has owned, controlled, and operated over 83 GW of power generation across all major U.S. power markets, spanning a variety of technologies including natural gas, geothermal, hydro, solar, wind, battery storage, and waste-to-energy since its founding in 2005. The ECP team, comprised of 90 people with 800 years of collective industry experience, deep expertise, and extensive relationships, has completed more than 100 equity transactions (representing nearly $60 billion of enterprise value), the majority of which have been focused on power and renewables. In addition to being the largest private owner of power and renewable generation assets in the U.S. through companies like Calpine, ECP is also the majority owner of an aeroderivative power turbine platform and manufacturer, ProEnergy, which will provide an important link in accelerating the delivery of electricity to data center projects.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Energy Capital Partners

Energy Capital Partners (ECP), founded in 2005, is a leading investment firm across energy transition infrastructure, with a focus on investing in electricity and sustainability infrastructure providing reliable, affordable and clean energy. Earlier this year, ECP combined with Bridgepoint Group to form a global leader in value-add middle-market investing, with a combined $73 billion of assets under management across private equity, credit, and infrastructure. For more information, visit www.ecpgp.com and www.bridgepoint.eu.

1 Goldman Sachs Global Macro Research Report, “Top of Mind,” 25 June 2024.
2 Goldman Sachs Equity Research Report, “AI, data centers and the coming US power demand surge,” 28 April 2024.

KKR
Liidia Liuksila
Media@KKR.com

ECP
FGS Global
Akash Lodh / Nick Rust
ECP@fgsglobal.com

Source: KKR

 

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MOTORMIA fuels its AI-powered automotive platform with $8M in funding

Seedcamp

Car enthusiasts are one of the most sophisticated and fastest-growing communities yet continue to be underserved by the traditional automotive industry.

We are excited to partner up with MOTORMIA, a new automotive enthusiast platform on a mission to revolutionise the automotive aftermarket industry through AI. Founded in January 2023 by Isaac Bunick, a serial entrepreneur and operator, with multiple CRO experiences, including at our portfolio company Rossum, MOTORMIA provides a consumer AI experience – called MIA – that personalizes the connection between enthusiasts and their vehicles, fostering deeper relationships with manufacturers and service providers.

MIA is designed as a modding partner, build advisor, and performance analyst. It can tailor users’ experiences to various levels of knowledge, generate AI vehicle renderings, make performance upgrade suggestions, and help users understand the best choices for specific build goals.

Users add vehicles to the platform and set build and performance goals. Mia then provides curated recommendations, all of which are adjustable to their level of mechanical experience. Users can interact with the AI assistant to request Mia’s favorites, search for specific brands, ask for further suggestions, and save planned product upgrades to their builds. Sharing their existing modifications and build progress with friends and other users is encouraged.

Isaac Bunick, founder and Chief Enthusiast Officer, highlights:

“Our mission is to transform and enrich the aftermarket experience for enthusiasts, manufacturers and service professionals. By delivering a seamless consumer AI experience, Mia can make the enthusiast lifestyle more accessible and enjoyable for everyone.”

Since its public beta release in 2024, MOTORMIA has attracted hundreds of thousands of enthusiasts.

On why we partnered with Motormia, our Venture Partner Andy Budd comments:

“We’ve had the pleasure of working with Isaac during his time at Rossum, where his talent for driving growth was evident. So when he told us about Motormia, we were excited to be involved from day one. As a hardcore petrolhead, it made perfect sense for Isaac to dive into the car modding community, and honestly, it’s a space that’s been crying out for fresh ideas. His plan to use AI to help enthusiasts unlock even more potential in their projects felt like a game-changer. Since we backed him, Isaac and the Motormia team have made huge strides, and I can’t wait to see what they bring to SEMA this year.”

We are excited the participate in MOTORMIA’s $8 million funding round alongside  Lerer Hippeau, QP Ventures, Verissimo Ventures, State of Mind Ventures, Deftly.vc, and Alumni Ventures.

MOTORMIA will exhibit at the upcoming SEMA Show in Las Vegas, Nevada, from November 5 to 8, in booth 11179 in the North Hall of the Las Vegas Convention Center.

For more information about MOTORMIA, please visit www.motormia.co.

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CorroHealth Announces Strategic Partnership with Patient Square Capital

Carlyle

PLANO, Tex. (October 24, 2024) – CorroHealth, a leading provider of revenue cycle management (RCM) solutions to health systems and health plans, announced it has signed definitive agreements for a strategic investment from Patient Square Capital (Patient Square), a dedicated health care investment firm. Current shareholders, including investment funds affiliated with global investment firm Carlyle (NASDAQ: CG), TT Capital Partners, Sanaka Group, and CorroHealth management, will remain investors, with Patient Square and Carlyle sharing joint control of CorroHealth.

“Since its inception in 2019, CorroHealth has grown into a technology and clinically led health care RCM platform,” said CorroHealth CEO Pat Leonard. “The Patient Square team has a long history of successfully investing in and scaling health care companies. We are pleased to welcome them and look forward to leveraging our investors’ expertise to continue expanding our capabilities and delivering exceptional value to our customers.”

Patient Square Partner Justin Sabet-Peyman said, “We are excited to be partnering with CorroHealth’s management team and investors to build upon CorroHealth’s strong track record of organic and inorganic growth. We have conviction in the attractiveness of the RCM market and believe CorroHealth is well-positioned to continue delivering differentiated tech-enabled solutions to its provider and payer customers.”

Carlyle has been the majority investor in CorroHealth since 2019 and a predecessor business since 2017. Carlyle Partner and Global Co-Head of Health Care Joe Bress said, “We are tremendously proud of CorroHealth’s evolution since its founding. We consider the future bright for CorroHealth and are committed to supporting CorroHealth’s continued growth and innovation alongside our new and existing partners.”

The transaction is expected to close by the end of the year. Barclays and TripleTree are serving as co-lead financial advisors to CorroHealth; Latham & Watkins is serving as legal counsel to CorroHealth and Carlyle; and Kirkland & Ellis is serving as legal counsel to Patient Square.

About CorroHealth
CorroHealth is a leading provider of clinically led healthcare analytics and technology-driven solutions, dedicated to positively impacting the financial performance for physicians, hospitals, and health plans. With over 15,000 employees worldwide, CorroHealth offers integrated solutions, proven expertise, intelligent technology, and scalability to address needs across the entire revenue cycle. Our global presence extends over 10 locations, including the United States, India, and the United Kingdom. Further information is available at www.corrohealth.com.

About Patient Square
Patient Square Capital is a dedicated health care investment firm with approximately $10.5 billion in assets under management as of June 30, 2024. The firm aims to achieve strong investment returns by collaborating with high-quality, growth-oriented companies and top-tier management teams whose products, services, and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships, and a partnership approach to make investments in companies grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world. For more information, visit www.patientsquarecapital.com.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

Media Contacts:
CorroHealth:
Mellissa Gardner, (202) 978-8942
mellissa.gardner@corrohealth.com

Patient Square:
Prosek Partners
pro-PatientSquareCapital@prosek.com

Carlyle:
Brittany Berliner, (212) 813-4839
Brittany.Berliner@carlyle.com

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