Advent International raises $25 billion for 10th global private equity fund

Advent International
  • Advent’s largest ever fundraise, GPE X, brings firm’s assets under management to over $100 billion
  • Fundraise demonstrates confidence in Advent’s long-established and highly effective strategy of investment, focused on specific sectors and operational improvement
  • GPE X follows the $4 billion raised by Advent Tech II, Advent’s second dedicated technology fund, in 2021
  • New Fund is more than 40% larger than Advent’s previous Global Private Equity (GPE) fund, GPE IX, which raised $17.5 billion in 2019

BOSTON and LONDON, May 24, 2022 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has completed fundraising for its flagship fund, Advent International GPE X (“GPE X” or the “Fund”). The Fund reached its hard cap of $25 billion (€22.1 billion) in commitments after less than six months in the market.

Together with GPE X’s companion fund, Advent Tech II, the firm has raised over $30 billion in commitments in approximately 12 months from its limited partners and internal capital from Advent.

Building on successful strategy
Following the same successful strategy as its prior GPE funds, GPE X will have the flexibility to deploy capital across geographies, sectors, deal types and sizes. GPE X will maintain its predecessor funds’ focus on Europe and North America, while also continuing to build Advent’s active local presence in Asia.

“In our nearly 40 years of experience, one thing we know is true is that when you partner with outstanding business leaders and together build great companies, great results follow. The GPE X fundraise, alongside our recent raise for its companion fund, Advent Tech II, are a testament to the trust our investors place in us, particularly in challenging global economic and political circumstances,” said David Mussafer, Managing Partner and Co-Chair of Advent’s Executive Committee. “We are humbled and invigorated by their trust and look forward to working hard every day to continue to earn it.”

Investments in GPE X will build on Advent’s global reach, strong operational resources and the deep expertise and entrepreneurial approach of the firm’s 265 plus investment professionals across five core sectors: Business & Financial Services; Healthcare; Industrial; Retail, Consumer & Leisure; and Technology. Advent will also continue to focus on investments where it has a strong track-record, such as complex carve-outs from major corporations and public-to-private transactions. Since its inception, Advent has invested more than $15 billion in over 90 corporate carve-outs across 28 countries and has completed more than 25 public-to-private transactions. The Fund also has the potential to co-invest with Advent Tech II and Advent’s Latin America-focused fund.

“Years of focus on operationally-intensive investing is at the heart of Advent’s track record of helping nurture and grow innovative, world-class businesses” said James Brocklebank, Managing Partner and Co-Chair of Advent’s Executive Committee. “Our expanding portfolio support ecosystem, our in-house data science capability “Advent Labs”, and our prioritization of ESG in the portfolio are all examples of how we continue to develop new ways to help management teams achieve sustainable growth at scale.”

Majority owned by its partners
Advent is a privately held firm majority-owned by its partners. This partnership model is designed so that control of the firm rests with the people who work there, creating a shared goal that ensures Advent is built to deliver for its investors, companies, team and community and will continue to do so for many years to come.

Established investor base
Commitments to the Fund were secured from a broad mix of international investors, including public and private pensions, sovereign wealth funds, endowments and foundations, institutional fund managers, family offices, and high net worth individuals. Most of the Fund’s commitments came from limited partners in prior Advent funds.

This press release is not an offer or solicitation of an offer, or an invitation or inducement, to invest in any Advent International fund. No person may invest in any Advent International fund except in accordance with and subject to the terms of the applicable fund documentation and applicable law.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 390 private equity investments across 41 countries, and at the time of closing of GPE X, Advent has over $100 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 265 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For nearly four decades, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:

Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

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KKR Closes Inaugural Asia Credit Fund at US$1.1 Billion

KKR

HONG KONG–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final close of KKR Asia Credit Opportunities Fund (“ACOF” or the “Fund”), a US$1.1 billion fund focused on performing privately originated credit investments in Asia Pacific.

“Our credit strategy is highly complementary to our existing equity strategies in Asia, and the close of ACOF represents a significant milestone for KKR in Asia Pacific as we continue to build out our suite of investment capabilities and capital solutions across asset classes,” said Ming Lu, Head of KKR Asia Pacific. “Asia continues to benefit from favorable macroeconomic trends and long-term growth. However, the number of financing options available to companies looking to keep pace with this rapid growth has remained limited. We believe these dynamics provide an attractive landscape for alternative asset managers like KKR who are able to provide more flexible and differentiated credit solutions than traditional lenders.”

KKR’s Asia Credit platform seeks to provide bespoke private credit solutions to companies and sponsors which harness the strength of KKR’s alternative investment capabilities and its expertise as one of the largest alternative credit managers globally. The Asia Credit team leverages KKR’s local and global resources to source, diligence, and execute investment opportunities to provide customized financing, ensure capital protections, and support value creation in the process. ACOF intends to pursue investments primarily in performing privately originated credit, and broadly target opportunities across three primary investing themes, including senior and unitranche corporate lending, subordinated corporate lending, and asset-based finance investments.

Brian Dillard, Head of Asia Credit at KKR, said, “Bank capital represents approximately 80 cents of every dollar of credit capital in Asia, which is a far larger percentage than what we are seeing in North America and Europe. There is an imbalance of available financing for Asian businesses at a time when the region’s growth and prosperity have fueled an enormous demand for more flexible funding solutions by borrowers looking to seize the opportunities. With limited non-bank supply, we believe this market presents compelling opportunities for alternative credit providers like KKR. With ACOF, we are excited to play a larger role in meeting this unmatched demand and assisting leading businesses and sponsors across the region to meet their long-term growth ambitions.”

At the time of close, the Fund is the largest inaugural pan-regional fund focused on performing credit and one of the largest inaugural pan-regional credit funds to have been raised for Asia Pacific. ACOF received strong support from a diverse group of new and existing investors, including public and corporate pensions, sovereign wealth funds, commercial banks, insurance companies, asset managers and private investment groups, and family offices. KKR invested over US$100 million alongside external investors through its balance sheet and employee commitments.

In Asia Pacific, KKR has closed 14 credit investments since 2019, accounting for approximately US$2.4 billion invested by KKR and total transaction value of US$4.7 billion. This has included providing acquisition financing and bespoke capital solutions for companies and financial sponsors in the environmental services, real estate, education, infrastructure, and healthcare sectors. KKR Credit has been active in markets including Australia, Greater China, India, Korea, Malaysia, New Zealand, Singapore, and Vietnam.

KKR established its credit platform in 2004, and made its first private credit investment in 2005. Over the past 17 years, KKR has built one of the largest private credit platforms globally with the ability to invest across the capital structure and liquidity spectrum. These capabilities are paired with KKR’s approach to proprietary sourcing, capital preservation and active portfolio management to seek out long-term capital appreciation and attractive risk-adjusted returns. Today, KKR manages approximately US$184 billion of credit assets globally, including approximately US$102 billion in leveraged credit, approximately US$71 billion in private credit, and approximately US$10 billion in strategic investments, as of March 31, 2022. KKR has a team of approximately 170 credit investment professionals across nine cities in seven countries, including approximately 90 private credit investment professionals globally.

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 and on Twitter @KKR_Co.

Media:
KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.co
or
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

KKR Americas
Julia Kosygina and Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

Source: KKR & Co. Inc.

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Aquiline Announces Closing of Aquiline Technology Growth Fund II

Aquiline

Fund closed with more than $365 million in total commitments, exceeding its target of $300 million

NEW YORK and LONDON, May 4, 2022 /PRNewswire/ — Aquiline Capital Partners LLC (“Aquiline”), a private investment firm based in New York and London with $8.7 billion in assets under management, today announced the final closing of Aquiline Technology Growth Fund II (“ATG II” or the “Fund”). The Fund closed with more than $365 million in total commitments, exceeding its target of $300 million and nearly doubling the $189 million in total commitments raised for Aquiline Technology Growth’s (“ATG”) first fund.

Aquiline has raised the Fund from new and existing investors around the world and plans to continue ATG’s strategy of partnering with innovative early- and growth-stage technology companies across fintech, insuretech and related enterprise software and services. ATG has made 27 investments over two funds, investing across the financial services value chain in companies that use technology to enable functions including sales and distribution, automation of back-office functions, and product innovation.

“Today is yet another important milestone for Aquiline and a testament to the strong reputation we have developed with institutional investors around the world through our distinct investment approach,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We are confident that our team is well-positioned to identify and invest in high-growth companies that can benefit from our robust network and deep industry expertise.”

“With this larger fund, ATG is now even better positioned to be a trusted partner to entrepreneurs who are building exciting, fast-growing businesses in our target markets across financial services,” said Max Chee, Head of Aquiline Technology Growth. “We are thrilled to have added some very important investors to our community and look forward to building and enhancing great companies together.”

“Our specialist focus has allowed us to target and invest in businesses that are solving real pain points in markets across financial services, such as insurance, that are not as well understood by the broader investment community and are earlier in their adoption of digital technologies than many other industries,” said Mike Cichowski, who leads ATG’s growth investing, which partners with boot-strapped companies requiring capital to accelerate growth.

About Aquiline Capital Partners Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare industries. The firm had $8.7 billion in assets under management as of March 31, 2022. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.

About Aquiline Technology Growth Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare industries. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit http://www.aquiline.com.

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KKR Closes $19 Billion North America Private Equity Fund

KKR

Fund to Implement Shared Ownership Program in Majority-Owned Investments

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final closing of KKR North America Fund XIII (“NAX3” or the “Fund”), an over-subscribed $19 billion fund focused on pursuing opportunistic private equity investments in North America. KKR will be investing $2.0 billion of capital in the Fund alongside investors through the Firm’s balance sheet, affiliates, and employee commitments.

“We are thrilled to have had such strong receptivity to our fundraising effort, and we are extremely proud of the results we’ve been able to deliver for our investors,” said Pete Stavros and Nate Taylor, Co-Heads of the Americas Private Equity platform at KKR. “Particularly at a time of continued volatility, we believe we are entering a macroeconomic environment that is tailor-made for private equity and for KKR specifically, and are grateful to have the support of our investors and their confidence in our team. We look forward to continue executing on our investment approach, which is centered on leveraging our deep industry expertise and driving holistic operational transformations utilizing the full suite of resources KKR has to offer. We are excited about the early momentum for NAX3 and remain laser focused on delivering outstanding results.”

KKR has a more than 45 year track record investing in North America. Over the past decade and across NAX3’s two predecessor funds, KKR North America Fund XI and KKR Americas XII Fund, KKR has delivered an average gross IRR of 30.1% (25.1% net) and a gross multiple on invested capital of 2.6x (2.2x net). In comparison to the S&P 500, this has resulted in net outperformance of more than 850bps, against the backdrop of near-unprecedented performance of the index over that decade. KKR Americas XII Fund, which began investing in 2017, is now fully deployed. It has generated a gross IRR of 50.1% (41.9% net), with a gross multiple of 2.6x (net 2.2x), as of December 31, 2021. With the closing of NAX3, KKR’s Americas Private Equity platform has more than $90 billion in assets under management across flagship, growth and core investment vehicles.

“Thanks to the strength of our Americas Private Equity investment team and extensive collaboration across our Firm, we are pleased to have been able to deliver consistent and attractive risk adjusted returns to our investors, even in the face of a global pandemic,” said Alisa Amarosa Wood, Global Head of Private Markets and Real Assets Product Strategies at KKR. “With this closing of KKR’s largest fund in our history, we are excited by our investors’ shared enthusiasm for the investment opportunities we continue to see ahead.”

NAX3 received strong support from a diverse group of both new and existing investors globally, including public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, private wealth platforms, family offices, high-net-worth individual investors and other institutional investors.

The Fund intends to implement KKR’s broad-based employee ownership program at majority-owned companies in which it invests. Since 2011, KKR has focused on employee ownership and engagement as a key driver in building stronger companies and driving greater financial inclusion. The firm is committed to deploying the model in all control investments across its entire Americas Private Equity platform. To date, KKR has awarded billions of total equity value to over 45,000 non-senior employees across over 25 companies.

Earlier this month, KKR joined more than 60 organizations in becoming a founding partner of Ownership Works, a nonprofit created to support public and private companies transitioning to shared ownership models.

Debevoise & Plimpton LLP represented KKR as primary fund counsel for this fundraise.

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 and on Twitter @KKR_Co.

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

Source: KKR

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Eurazeo smart city II Venture Fund completes second closing closing with new partners in Europa & Asia

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Eurazeo

Eurazeo is pleased to announce the 2nd closing of Eurazeo Smart City II Venture fund1
at €150 million with new institutional and corporate partners in Europe and Asia.

Eurazeo’s Venture practice has been active in the Smart City space since 2016. At the crossroads
of digital technologies and the transition towards more sustainable cities, Eurazeo Venture Smart
City Fund’s focus is to invest in high-growth, innovative companies fostering the transition towards
more liveable and sustainable cities. The fund will invest in the most critical sectors to transition
towards a low-carbon economy worldwide: Energy, Mobility, Logistics, Buildings and Industrial
Tech.

After the success of its initial closing at €80 million in 2021, this 2nd closing brings together toptier institutional and corporate investors including European Investment Fund (EIF), the Korean Venture Investment Corporation (KVIC), Momentum Venture Capital (SMRT, Singapore), SCG
(Thailand) and SWK the German electric utility. These new partners join an already strong group in
Europe and Asia which includes French, German, and Asian groups such as carmaker Stellantis,
electric utilities EDF and Mainova, mass transit operator RATP, energy major Total, logistics
champion Duisport and Thai real estate developer Sansiri as well as institutional investors PRO
BTP and family offices.

The success of this new round of fundraising reflects the strong results of prior vintage Smart City
I which has already seen 5 companies complete exits through public listings or acquisitions in 2021:
Volta Charging (US, on NYSE), Bird (US, on NYSE), Forsee Power (FR, on Euronext), Glovo (SP,
acquisition by Delivery Hero), and Grab (SG, on NYSE). Two additional companies from Fund I are
registered to IPO in the coming 12 months reflecting the dynamism of sectors addressed by the
fund such as electric mobility, accelerated by the recent pandemic.

The team has started to invest Fund II in pioneering digital companies which are supporting the
rapid transformation of cities and more sustainable consumer behaviours: rapid urban EV charging
(Electra, France), e-bike sharing on subscription (DANCE, Germany), reusable packaging (Pyxo,
France), new mobility service offering door-to-door carsharing through a fleet of teledriven
vehicles (Vay, Germany), app-based property management services (Witco, France) and alternative
end-to-end supply chain services for e-merchants (Cubyn, France) .

Managed par Eurazeo Investment Manager

Matthieu Bonamy, Partner at Eurazeo shares:
“Our continued momentum with multiple IPOs this year, and the clear need
– substantiated yet again by COP26 – to finance companies which can truly
unlock the technology bottlenecks of the climate crisis, have accelerated our
speed of fundraising. Cities play a huge role in climate change as they
consume 78% of the world’s energy and produce over 60% of the world’s
greenhouse gases. We think ambitious entrepreneurs and digital
technologies can be part of the solution to transition towards more livable
and sustainable cities. We are grateful for the trust given by the European
Investment Fund (EIF) and several new corporate partners in Europe and
Asia.”

EIF Chief Executive Alain Godard said:
“Smart Cities significantly contribute to reducing pollution, waste, energy and
water consumption, whilst inducing positive change in urban and consumer
behaviours. We are pleased that EIF can support the Eurazeo Smart City Fund
II which prioritises new technologies, making cities more sustainable and
liveable. Via the Pan-European Guarantee Fund, we will continue to finance
innovative technology companies, run by outstanding entrepreneurs and help
them to create world class leaders in high growth markets.”

ABOUT THE EUROPEAN GUARANTEE FUND
 The European Guarantee Fund (EGF) was created by the EIB Group (EIB and EIF) with
contributions from Italy and other EU Member States to protect businesses that are struggling
in the crisis caused by COVID-19. With almost €25 billion in guarantees, the EGF allows the EIB
and EIF to swiftly offer companies, mostly SMEs and mid-caps, access to loans, guarantees,
asset-backed securities, capital and other financial instruments. The EGF forms part of the
package of recovery measures put in place by the European Union, with the objective of
providing a total of €540 billion to support the hardest hit sectors of the EU economy.

ABOUT EURAZEO
 Eurazeo is a leading global investment company, with a diversified portfolio of €27 billion in
assets under management, including nearly €19.2 billion from third parties, invested in
450 companies. With its considerable private equity, venture capital, private debt as well as
real estate and infrastructure asset expertise, Eurazeo accompanies companies of all sizes,
supporting their development through the commitment of its nearly 300 professionals and
by offering deep sector expertise, a gateway to global markets, and a responsible and stable
foothold for transformational growth. Its solid institutional and family shareholder base,
robust financial structure free of structural debt, and flexible investment horizon enable
Eurazeo to support its companies over the long term.

 Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London,
Luxembourg, Frankfurt, Berlin, Milan and Madrid.
 Eurazeo is listed on Euronext Paris.
 ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACT
Virginie Christnacht

HEAD OF COMMUNICATIONS
vchristnacht@eurazeo.com
+33 (0)1 44 15 76 44
Pierre Bernardin

HEAD OF INVESTOR RELATIONS
pbernardin@eurazeo.com
+33 (0)1 44 15 16 76

PRESS CONTACT
Julia Fisher
EDELMAN
Julia.Fisher@edelman.com
+1 646 301 2968

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EQT sets target fund size of EQT X at EUR 20 billion

eqt

THIS IS INFORMATION THAT EQT AB (PUBL) IS OBLIGED TO MAKE PUBLIC PURSUANT TO THE EU MARKET ABUSE REGULATION. THE INFORMATION WAS SUBMITTED FOR PUBLICATION, THROUGH THE AGENCY OF THE CONTACT PERSON SET OUT BELOW AT 19:15 CET ON 18 JANUARY 2022.

EQT has today set the target size for the EQT X fund at EUR 20 billion. The actual fund size is dependent on the outcome of the fundraising process and may ultimately be higher or lower than the target size. The EQT X fund’s investment strategy and commercial terms are expected to be materially in line with predecessor fund EQT IX.

To ensure continuity between two fund generations, EQT’s capital raisings usually follow a cycle with successor funds generally targeted to be in a position to commence investment activities when the predecessor fund is close to being fully invested. This means that the commitment period of the predecessor fund typically ends when approximately 80 to 90 percent of its total commitments are invested, with remaining commitments used primarily for add-on acquisitions and strategic capital injections as well as for ongoing expenses.

Management fees for the successor fund will be charged from the earlier of (i) the date of closing of the first investment by the successor fund; or (ii) the date of termination of the commitment period of the predecessor fund. Management fees on the predecessor fund are thereafter based on net invested capital.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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 EQT X 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.

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has more than EUR 70 billion in assets under management across 27 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and has more than 1,100 employees.

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

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Active Capital Company launches Special Investment Fund

ActiveCapital

Active Capital Company (“ACC”), a hands-on investor in Dutch and German technical SME companies, has raised a Special Investment Fund, which focuses on investments where the circumstances are challenging or the transaction situation is complex, such as in certain carve-outs. The fund focuses on industrial companies in the Netherlands and Germany with a turnover of € 10m to € 100m.

ACC sees a combination of factors that are expected to lead to a wave of restructurings of businesses that are healthy in their core. Covid is such a factor, but certainly not the only and most important one. “Rising inflation, tight labour markets conditions and severe shocks in various value chains are other examples of factors that will lead to more problems within the corporate sector.” said Werner Krabbe, newly appointed partner at Active Capital Company. Krabbe has a broad background in strategy, investing and operations, amongst others at Triacta, H2 Equity Partners and OC&C Strategy Consultants.

Many SMEs work with relatively large suppliers and customers, and therefore may be of risk to get stuck with their working capital and translating higher costs into sales prices. Dick Zeldenthuis, Managing Partner of Active Capital Company, continues: “We are delighted with the arrival of Werner. The causes of this shift are both incidental and structural in nature. This mix of developments will lead to situations in which, besides additional capital, the transformation of businesses will be central. Fast and thorough decision making, and the necessary flexibility in structure, enables us to come to a tailor made solution within weeks.

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Blackstone Announces Final Close for Fourth Capital Opportunities Fund

Blackstone

NEW YORK – January 12, 2022 – Blackstone (NYSE: BX) today announced the final close of Blackstone Capital Opportunities Fund IV (“COF IV”). With the final close of COF IV, Blackstone Credit has $8.75 billion available for its opportunistic private debt strategy. COF has an almost 15-year track record of providing private financings for businesses of all sizes and across industries.

Louis Salvatore, Co-Portfolio Manager of the Capital Opportunities Funds, said: “We are pleased to have closed our fourth COF fund and are very appreciative of the strong support from our Limited Partners. We believe our track record, scale and structuring expertise position us as a valuable partner to private equity sponsors and large cap companies.”

Rob Petrini, Co-Portfolio Manager of the Capital Opportunities Funds, added: “Our latest fund is off to a terrific start, leveraging our strong sourcing engine and broad mandate to invest in a diverse set of industries, geographies and structures. We are driving the secular trend of large companies increasingly accessing private capital through our scale and also capitalizing on Blackstone’s thematic approach to investing.”

COF IV has already made 12 investments and commitments with a focus on high growth industries, such as technology and healthcare.

Blackstone Credit is one of the world’s largest credit-focused asset managers. Blackstone’s Credit and Insurance segment has $188 billion of AUM as of the third quarter of 2021.

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

Contact
Kate Holderness
Kate.holderness@blackstone.com
646-482-8774

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

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Apollo Global

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

Apollo Global Wealth Expands its Alternative Solutions for Individual Investors

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

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

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

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

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

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

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

About Apollo
Apollo is a global, high-growth alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. To learn more, please visit www.apollo.com.

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

Apollo Contact Information

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

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

 


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Source: Apollo Global Management, Inc.

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KKR Closes $4.0 Billion Health Care Strategic Growth Fund II

KKR

January 10, 2022

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

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

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

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

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

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

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

About KKR

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

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

Source: KKR & Co. Inc.

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