Partners Group reports AuM of USD 147 billion per end of 2023; increases guidance for gross client demand in 2024

Partners Group

Baar-Zug, Switzerland; 11 January 2024 | Ad hoc announcement pursuant to Art. 53 Listing Rules (LR)

  • USD 18 billion gross client commitments received; new firmwide record for number of mandates raised
  • USD 13 billion invested and USD 12 billion realized across private markets asset classes despite challenging transaction environment; thematic pipeline remains strong
  • 2024 guidance on gross client demand of USD 20 to 25 billion with a tilt towards H2

Partners Group received USD 18 billion in new commitments from its global client base in 2023 (guidance USD 17-22 billion), bringing the firm’s total assets under management (AuM)[1] to USD 147 billion as of 31 December 2023 (31 December 2022: USD 135 billion), up 8% year-over-year. The firm committed USD 13 billion[2] (2022: USD 26 billion) globally to investments across private markets asset classes and generated USD 12 billion (2022: USD 14 billion) in realizations. Partners Group guides for USD 20 to 25 billion in expected client demand for the full-year 2024. The higher end of the range assumes a normalization of the market environment in H2 2024.

David Layton, Partner and Chief Executive Officer, comments: “The strength of our integrated platform was highlighted again in 2023 by robust client demand for our bespoke solutions. We set a new Partners Group record for the number of mandates raised during the year, which is testament to our ability to craft differentiated and long-term private markets solutions for individual clients. In a challenging year characterized by a decrease in transaction volumes, slower exits, and muted fundraising activity overall, we were pleased to be able to deliver robust AuM growth. While transaction activity was slower to recover than anticipated in the second half, we do see signs of improvement in the market as we enter 2024. In this new private markets paradigm, our transformational investing approach and ability to tailor bespoke solutions for our clients will remain our key growth drivers.”

USD 18 billion in new client demand, led by bespoke client solutions


Managing over 300 diverse private markets portfolios in different stages of their lifecycle across all private markets asset classes is Partners Group’s key strength and differentiator. Overall, client demand resulted in total new commitments of USD 18 billion (2022: USD 22 billion). In H2 2023, Partners Group’s clients committed 27% more versus H1 as the pace of client conversion rates improved but remained slower than usual. For the full-year 2023, the firm generated solid demand across its three principal offering types:

  • Mandates (USD 8.3 billion raised): Partners Group’s differentiated portfolio management capabilities enable the firm to tailor investment content to each individual client’s desired risk/return profile and investment level, in order to deliver specific objectives and sustained results throughout market cycles. Mandates raised in 2023 will contribute to the base for future AuM growth. As of 31 December 2023, Partners Group manages 38% of its AuM in mandates (USD 56.5 billion).
  • Evergreens (USD 4.8 billion raised): these programs allow for a certain amount of liquidity and enable individual investors to access private markets more conveniently. Partners Group has been a leading global provider of evergreen programs for more than 20 years, offering private wealth clients access to private markets. As of 31 December 2023, Partners Group manages 30% of its AuM in evergreen programs (USD 44.1 billion).
  • Traditional closed-ended private market programs (USD 5.1 billion raised): beside the more bespoke solutions mentioned above, Partners Group continues to offer traditional commingled funds with multiple investors. These are typically limited partnerships with a pre-defined contractual life. In 2023, several new flagship programs were launched towards the end of the year. As of 31 December 2023, Partners Group manages 32% of its AuM in traditional private markets programs (USD 46.3 billion).

During the twelve-month period to 31 December 2023, AuM grew by USD 11.5 billion. Gross client demand stood at USD 18.2 billion before tail-down effects from mature private markets investment programs amounting to USD -8.2 billion, as well as redemptions from evergreen programs amounting to USD -4.5 billion. Foreign exchange effects further affected AuM growth by USD +2.9 billion during the period. A final USD +3.1 billion came from a select number of investment programs that link AuM to NAV development[3].

Breakdown of total AuM as of 31 December 2023 (in USD billion):

2023 2022 Last 5 years CAGR[4] Gross client demand
Private equity 75.5 71.2 + 13 % 7.7
Private debt 29.3 26.8 + 11 % 4.4
Private infrastructure 25.2 20.8 + 19 % 3.7
Private real estate 17.0 16.5 + 4 % 2.4
Total 146.9 135.4 + 12 % 18.2



USD 13 billion invested


Partners Group’s transformational investing approach led to USD 13 billion[5] (2022: USD 26 billion) invested on behalf of the firm’s clients into companies and assets that are well positioned in structurally growing areas of the economy. The transaction environment in the second half of the year improved only moderately despite the increased availability of financing. Partners Group placed emphasis on the conversion of its thematic investment pipeline to identify attractive businesses that operate within specific pockets of transformative growth. For example:

  • In private equity, Partners Group agreed to acquire ROSEN Group, a global provider of mission-critical inspection services for energy infrastructure assets, in November. ROSEN’s core service prevents avoidable incidents, which can have meaningful environmental and financial impacts, and endanger lives, helping customers to optimize throughput and extend the useful life of essential infrastructure assets. Value creation initiatives include expansion into new future energy sources such as hydrogen transportation pipes, adoption of artificial intelligence, and a further build-out of R&D.
  • In private infrastructure, Partners Group agreed to invest in Exus, an international renewables asset management and development firm. Exus is set to benefit from thematic trends including rising demand for decarbonization from corporates and strong regulatory support for renewables. Value creation initiatives will include transforming Exus into a builder, owner, and operator of assets, thereby owning the full value creation process. In addition, Partners Group will focus on scaling the origination capacity to over 1 GW per annum.

Partners Group invested 60% of its total global volume into direct assets on behalf of its clients. The remaining 40% of the total investment volume was invested into portfolio assets. These included secondary investments into globally diversified private markets portfolios, select primary commitments to other complementary private markets strategies, and investments into the broadly syndicated loan market.

USD 12 billion realized

Portfolio realizations amounted to USD 12 billion (2022: USD 14 billion). The transaction environment remained challenging throughout the majority of the year, and therefore several exits originally planned for H2 were postponed. A small number of businesses including Civica, a global provider of cloud software solutions, were successfully divested in 2023. Over the six-year holding period, Partners Group transformed Civica into a pure software business, doubling its EBITDA. Another example was the full exit of Borssele, an offshore windfarm in the Netherlands, which the firm sold to several infrastructure asset managers. Partners Group built this asset into a 731.5 MW windfarm from construction through to operation.

Outlook 2024

Partners Group continues to see strong structural tailwinds for the private markets industry and its outlook for long-term, sustainable growth remains in place. In particular, the firm sees two major areas of growth for private markets client demand: tailored mandates and investment solutions for private wealth investors. In both of these categories, Partners Group has an established leadership position with over 20 years of experience building bespoke solutions.

For the full-year 2024, Partners Group expects to raise between USD 20 to 25 billion in total client demand. The firm bases its guidance on an expected normalization of the investment environment and continued strong interest in its bespoke solutions and flagship offerings. Partners Group’s full-year estimates for tail-down effects from more mature closed-ended investment programs and redemptions from evergreen programs remain largely unchanged at USD -11.0 to -13.0 billion.

Sarah Brewer, Partner and Global Co-Head Client Solutions, adds: “Looking ahead to 2024, we anticipate that bespoke solutions will continue to be the key driver of fundraising as clients are increasingly looking to expand their exposure to private markets via differentiated solutions that meet their specific portfolio needs. Additionally, the mandates raised in and before 2023 are expected to contribute to future AuM growth because mandate clients are typically long-term, strategic relationships that increase their target allocations over time and in line with the rising set of investment opportunities. At the same time, we envisage solid demand for our traditional programs and expect that our evergreen solutions will remain an important contributor of client demand in 2024.”

Conference call today

Partners Group’s senior management will hold a conference call today at 6:15pm CET. To register for the call, please click here or use the contact details at the end of this press release.

Key dates/publications 2024

19 March 2024 Financial Results as of 31 December 2023
22 May 2024 Partners Group Holding AG shareholder AGM 2024
11 July 2024

03 September 2024

Announcement of AuM as of 30 June 2024

Interim Financial Results as of 30 June 2024

[1] AuM is an Alternative Performance Metric (APM). A description of the APMs can be found in Partners Group’s 2022 Annual Report on pages 32-33, available for download at AUM figures are for Partners Group Holding AG, inclusive of all Partners Group affiliates.

[2] Respective year includes syndications.

[3] Partners Group reports fee-paying AuM. Most of the firm’s evergreen programs base fees on NAV. The portfolio performance during the period impacts the NAV of these products and this translates to a corresponding change in firm-level AuM. As always, calculations for semi-annual AuM numbers for evergreen programs are based on 31 May NAV valuations. Full-year AuM numbers are based on 30 November NAV valuations.

[4] CAGR: compound annual growth rate for net assets for the period 31 December 2018 – 31 December 2023.

[5] Respective year includes syndications.

Categories: News


Inside information: CapMan Plc acquires Dasos Capital Oy, an asset management company focusing on sustainable timberland investment, and expands its activities into natural capital


CapMan Plc
Stock Exchange Release / Inside information
21 December 2023 7:35 p.m. EET

Inside information: CapMan Plc acquires Dasos Capital Oy, an asset management company focusing on sustainable timberland investment, and expands its activities into natural capital 

  • CapMan acquires Dasos Capital Oy, an asset management company focusing on sustainable timberland investments, through a share exchange and expands its activities into natural capital.
  • The acquisition supports CapMan’s vision of becoming the most responsible private asset company in the Nordics and significantly promotes CapMan’s strategic objective to increase assets under management to EUR 10 billion during the ongoing strategy period.
  • Following the acquisition, the share of real assets investment strategies of CapMan’s assets under management increases to 80 per cent.
  • The acquisition strengthens CapMan’s fee-based profitability significantly.
  • The debt free purchase price is EUR 35 million. In addition, CapMan has committed to paying an additional earn-out consideration of a maximum EUR 5 million based on incurred management fee turnover in 2025 and 2026.
  • The equity price for Dasos’ shares is paid in shares of CapMan by a directed share issue and a cash consideration.

CapMan Plc (“CapMan”) signed on 21 December 2023 an agreement on the acquisition of all the shares of Dasos Capital Oy (“Dasos”) from the company’s current shareholders.

Dasos is a leading timberland and natural capital investment asset manager in Europe and a significant player globally. Dasos focuses on managing sustainable timberland investments, natural sites and forest carbon sinks, as well as developing value in Europe and emerging markets. The investors in the funds managed by Dasos are domestic and foreign institutions, mainly pension and insurance companies. At present, Dasos manages seven funds, which have a total asset value of approximately EUR 1.4 billion and which manage 266,000 hectares of forest in eight countries. The carbon sequestration of Dasos’ managed forests amounted to over one million tCO2e in 2022. The Dasos team in Helsinki, Mikkeli and Switzerland will continue to manage the funds and implement the investment strategy. In 2022, Dasos Group’s adjusted turnover was EUR 4.5 million (EUR 3.4 million in 2021) and operating profit was EUR 2.2 million (EUR 1.7 million). Operating profit for 2023 is projected at approximately EUR 2.7 million. As of the end of 2022, Dasos balance sheet was EUR 5.8 million, of which equity amounted to EUR 4.4 million. Dasos has no interest-bearing debt. In 2023, Dasos has employed on average eight persons. Dasos does not consolidate its financial statements and the financial information presented here is not audited.

The acquisition has no impact on CapMan’s comparable result for the current year, and therefore has no impact on CapMan’s outlook for 2023 as described in the Interim Report published on 26 October 2023. The acquisition would have had a slight positive impact to the comparable earnings per share for 2023, should the acquisition had been completed in the beginning of 2023.

The acquisition promotes CapMan’s strategic objectives 

The acquisition is estimated to expand CapMan’s fee-generating assets under management by approximately EUR 630 million and increases the share of real assets investment strategies to approximately 80 per cent. The acquisition will expand CapMan’s activities into natural capital and timberland investments and will bring several opportunities to expand and develop Natural Capital as a new investment area through its offering in the form of other natural capital and impact products. In addition, the acquisition supports CapMan’s vision of becoming the most responsible private asset company in the Nordics.

Pia Kåll, CEO of CapMan: “I am truly excited about this opportunity to join forces with Olli Haltia and his team to accelerate natural capital and timberland investment strategies together. Dasos is a pioneer in its field. We are highly convinced of the operating model developed by the team and its ability to create a strong platform on which to build future growth. Dasos is an excellent fit with our strategy and diversifies the current Nordic investment strategies geared towards real assets. Sustainable natural capital is a globally growing asset class. By combining Dasos’ professional team and a good return history with CapMan’s experience in scaling products and internationalising the investor base, we are creating formidable conditions for rapid growth.”

Following the acquisition, Dasos will form the core of the new CapMan Natural Capital investment area, led by Dasos’ current CEO and senior partner Olli Haltia.

“We are inspired to join forces with such a well-established and prestigious private assets house as CapMan”, says Olli Haltia.  “Partnering with CapMan allows leveraging synergies between the companies and strengthening the focus on Dasos’ value creation and investment activity. Forests and all natural ecosystems are globally under pressure resulting from population growth and massively increased economic well-being. For the coming decades, we need to move on with investing into and re-building our natural capital. The demand for sustainable wood as well as for forest-based nature and carbon sequestration services is expected to increase substantially in the foreseeable future. Combining CapMan’s deeply rooted private asset experience with Dasos’ expertise will form an excellent instrument to address the widening investment opportunities in the context of forest-based natural capital.”

“Sustainable development is at the core of CapMan’s value proposition and our vision is to be the most responsible private asset company in the Nordics. Dasos helps us achieve our vision and promote sustainable value creation. Timberland investments are inherently carbon negative, and the certification of forests and enablement of the green transition through land leases for wind and solar power production are added value factors in the investment strategy,” Kåll continues.

Main terms and schedule of the acquisition 

The equity price paid at closing equals the enterprise value of EUR 35 million adjusted with net debt/cash at closing and certain customary post-closing adjustments (the “Purchase Price”). CapMan intends to pay the Purchase Price by a directed share issue to the current shareholders of Dasos (the “Share Issue”) and with a cash component, which amounts to a maximum of approximately 9 per cent of the Purchase Price. The subscription price for the shares issued in the Share Issue is according to the agreement negotiated between the parties determined by the 30-day volume weighted average share price of CapMan prior to the signing of the acquisition and is thus EUR 2.0938 per share. The total number of shares is estimated at 18.3 million and the theoretical maximum number of shares is approximately 20 million depending on the timing of the completion of the acquisition and post-closing adjustments depending on the amount of net debt and working capital. The Purchase Price is now anticipated to be approximately EUR 41.6 million at closing. The shares can be issued in several lots.

If CapMan’s dividend or other distribution of funds before the closing would exceed the level expected to be proposed by CapMan’s Board of Directors, as communicated on 25 October 2023, the subscription price and/or the number of consideration shares shall be adjusted in proportion. The cash consideration will be paid from CapMan’s current cash and bank assets, and no external financing will be used to finance the acquisition. In addition, CapMan has committed to paying an additional earn-out consideration of a maximum EUR 5 million based on management fee turnover incurred in 2025 and 2026, payable when the management fees of the funds managed by Dasos exceed certain limits. The additional consideration will be paid later in 2026 and 2027 in CapMan’s shares.

The completion of the acquisition is subject to, among others, CapMan’s Extraordinary General Meeting authorising the Board of Directors to resolve on the issuance of new shares. The notice of the Extraordinary General Meeting to be held in January 2024 to resolve on the authorisation of the Board of Directors will be published on or about 22 December 2023.  CapMan’s largest shareholder Silvertärnan Ab, Momea Invest Oy, Oy Inventiainvest Ab, Joakim Frimodig, members of the management team who own CapMan shares and Mikko Laakkonen, which in total own approximately 22.4 per cent of all the shares and votes in CapMan, have committed to vote in favour of said authorisation at the General Meeting. CapMan’s Board of Directors is expected to decide on the timing and terms of the Share Issue in connection with the closing of the acquisition based on the authorisation given by the General Meeting.

The completion of the acquisition is also conditional on the approvals by the Finnish Competition and Consumer Authority and the Finnish Financial Supervisory Authority as well as consents from certain investors of certain funds managed by Dasos. The acquisition is intended to be completed during the first half of 2024, following the completion of the conditions precedent.

Under the terms of the acquisition, the right to the carried interest income of existing funds under Dasos is not transferred to CapMan. The carried interest income from new funds to be established will be distributed between the investment team of Dasos and CapMan in accordance with the general principles for funds managed by CapMan.

The sellers that are actively participating in Dasos’ investment activities have committed to a 36-month transfer restriction starting from the closing of the acquisition of the shares received from CapMan as consideration in connection with the closing. The transfer restriction will be gradually lifted so that 90 per cent of these sellers’ shares will be subject to the transfer restriction at the time of the closing and the amount will reduce annually so that the remaining 70 per cent will be released after the third year. Shares used for paying the additional earn-out consideration are subject to a transfer restriction for a period of 12 months from their issuance. The sellers committed to the transfer restriction account for approximately 69.65% of the total purchase price.

Press conference for analysts and investors 

CapMan will hold a press conference for analysts, investors and the media, which can be followed via a live webcast at as of 11 a.m. EET on 22 December 2023. In connection with the event, it is possible to ask questions through the chat function on the webcast website. The language of the event is English. The webcast presentation will be available on CapMan’s website at after the event.


Board of Directors

Nasdaq Helsinki
Principal media

Contact details:
Pia Kåll, CEO, CapMan Oyj, tel. +358 40 766 4446


About CapMan 
CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics, it has built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. EUR 5 billion in assets under its management, its objective is to provide attractive returns and innovative solutions to investors. An example of this are the greenhouse gas reduction targets that it has set under the Science Based Targets initiative in line with the 1.5°C scenario. It has a broad presence in the unlisted market through its local and specialised teams. Its investment strategies cover minority and majority investments in portfolio companies and real estate, as well as infrastructure assets. It also provides wealth management solutions. Its service business includes procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. It has been listed on Nasdaq Helsinki since 2001. Learn more at 

Categories: News


KKR Acquires $7.2 Billion Portfolio Of Prime Recreational Vehicle Loans

December 15, 2023

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that funds and accounts managed by its credit business have led the purchase of a $7.2 billion portfolio of super-prime recreational vehicle (RV) loans from BMO Bank National Association, part of BMO Financial Group (“BMO”). Concurrently with the sale, BMO purchased approximately $6.4 billion of senior notes collateralized by the sold loans. BMO will remain the servicer of the loans and will continue to originate and manage RV loans, with no expected impact to dealers, borrowers, and employees.

This transaction aligns with KKR’s Asset-Based Finance (ABF) strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets, offering diversification to traditional corporate credit and attractive risk-adjusted returns. KKR has made 73 ABF investments globally since 2016 through a combination of portfolio acquisitions, platform investments and structured investments. The firm has approximately $47 billion in ABF assets under management and a team of more than 50 professionals directly involved in the ABF effort globally.

“This investment directly highlights the strength and scale of our Asset-Based Finance business, which has experienced unprecedented growth alongside the rapid expansion of this market,” said Dan Pietrzak, Global Head of Private Credit at KKR.

“We look forward to continuing to build on our 30-year history as a leading provider of consumer financing in the recreational market and strong network of dealer relationships across the United States,” said Tami Farrow, Head U.S. Indirect Lending. “This transaction enables us to further optimize BMO’s balance sheet to support future growth across the bank.”

“We are proud to serve as a strategic partner to banks as they focus on optimizing their balance sheets” said Avi Korn and Chris Mellia, Co-Heads of U.S. Asset-Based Finance at KKR. “We believe this portfolio of high-quality, fixed rate assets is a strong fit for our long-term private capital and yet another example of the compelling opportunity set that we’re seeing in Asset-Based Finance.”

KKR’s investment comes from its credit funds and accounts. Kennedy Lewis Investment Management LLC also participated in the transaction, alongside KKR and other investors.

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

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of October 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

Julia Kosygina

Jeff Roman

Source: KKR


Categories: News


Apax closes Global Impact Fund at c.$900m


Apax, a leading global private equity advisory firm, announced today the final closing of the Apax Global Impact Fund (“AGI”), a c.$900m fund committed to investing in mission-driven companies with core products and services that tackle environmental or social issues.

Apax has a strong heritage in impact and sustainability. The firm, co-founded by impact pioneer Sir Ronald Cohen over fifty years ago, was an early leader in implementing ESG data measurement in private markets, and has been committed to driving excellence in sustainability since inception. The Impact team, co-led by Managing Partners Alykhan Nathoo and David Su, builds on this track record, creating a unique and differentiated strategy that is optimised for both financial and impact returns.

Central to AGI’s investment strategy is its robust and proprietary impact measurement system, which evaluates and monitors impact across AGI’s portfolio. Formulated by internal and external experts, AGI’s rigorous measurement approach helps identify and track outcomes across truly impactful businesses within four key sector themes: health and wellness, environment and resources, social and economic mobility, and digital impact enablers. AGI has already utilised this approach to identify and invest in four businesses: GAN Integrity, a supply chain risk-management software platform; Swing Education, an online marketplace that connects schools and substitute teachers; Bonterra, a social good software company, and Eating Recovery Center (ERC), a leading provider of eating disorder and mood and anxiety treatment in the U.S.

Alykhan Nathoo and David Su, co-heads of the Apax Global Impact strategy, commented: “We are grateful for the confidence of AGI’s investors, all of whom share our commitment to supporting the visionary founders and management teams tackling society’s most pressing environmental and social challenges. We look forward to partnering with these sustainability leaders, leveraging the deep sub-sector expertise of the Apax sector teams, the strength and scale of the Apax platform globally, and the value creation potential of the Operational Excellence Practice to help the businesses of tomorrow, grow today.”

Jason Wright, Chair of Apax’s Global Impact strategy and a member of AGI’s investment committee, said: “We want to thank AGI’s limited partners for their support. We’re incredibly excited by the possibilities within the burgeoning impact space, and this successful fundraise is testament to our distinctive and differentiated proposition. The Apax Global Impact team have an impressive combination of private equity experience and impact expertise, making them ideally positioned to help visionary businesses accelerate growth and unlock value.”

Sir Ronald Cohen, Chair of the Apax Global Impact Advisory Board, said: “Apax, because of its history, its DNA, its values, and the authenticity of its intentions, is extremely well-positioned in the field of Impact. The world has historically operated on two parameters: risk and return. We now find ourselves shifting to three dimensions: risk, return and measurable impact. It is incredibly important that as businesses generate profits, they also deliver improvement in the lives of people and the state of the planet. The Apax Global Impact fund is committed to this mission.”

The dedicated Impact team consists of fourteen people and is supported by an Impact Advisory Board, comprising of five leading industry experts. This Advisory Board provides guidance on matters including impact measurement and the driving of additional impact across partner companies. In line with its commitment to generating measurable impact, a percentage of carried interest is linked to successful impact performance and AGI is classified as an Article 9 fund under the Sustainable Finance Disclosure Regulation (SFDR).

Rede Partners advised on the fundraising for the Apax Global Impact Fund. AGI received commitments from both existing and new investors globally, including private and public pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments and charitable foundations.




About Apax & Apax Global Impact

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies.

Apax Global Impact seeks out opportunities to support companies which deliver tangible societal and/or environmental impact. The strategy revolves around themes including Health & Wellness, Environment & Resources, Social & Economic Mobility, and Digital Impact Enablers. Apax Global Impact leverages the deep expertise of the Apax sector teams, the strength and global scale of the Apax platform globally, and the value creation potential of Apax’s Operational Excellence Practice.

For more information see:

Apax is authorised and regulated by the Financial Conduct Authority in the UK.

Categories: News


Eurazeo’s private debt program reaches €3.2 billion after the succesful closing of its Sixth direct lending fund


Eurazeo announces the successful closing of its sixth direct lending fund at €2.3 billion including €2.1 billion from third parties, thereby exceeding the initial target of €2 billion. Adding in the €900 million raised from retail investors, the total scale of Eurazeo’s Private Debt program reaches €3.2 billion.

The success of this latest fundraising illustrates the wisdom of Eurazeo’s strategy and bolsters its position as a leading funder of SMEs in Europe. Relying on its skilled Private Debt team and building on the success of five previous generations of funds, Eurazeo benefits from the ongoing trust of its long-standing investors and has attracted several new ones, both international and French. Currently, more than 70% of investors come from Europe (outside France), Asia, North America and Australia.

Since its inception, the program is already over 70% deployed. The Private Debt VI fund has invested in over 50 companies across Europe, operating in resilient, non-cyclical sectors such as business services, healthcare, specialized financial services and information technology.

Eurazeo’s Private Debt strategy now accounts for over 20% of its assets under management. Its experienced international team of over 20 investors provides funding – mainly senior debt but also subordinated – to European SMEs with valuations of between €30 million and €300 million. Since the team was formed in 2007, it has helped financing almost 400 companies, with total commitments amounting to €10.5 billion.


François Lacoste and Eric Gallerne, Managing Partners – Private Debt, said:

“The success of this sixth vintage shows the level of confidence that our investors have in our Private Debt business, in which our cautious and selective strategy is particularly appropriate in the current environment. It is also an acknowledgment of the quality of our teams who, across our four European offices in Paris, London, Frankfurt and Madrid, support the development of many high-growth-potential mid-cap companies in Europe.”

Information – Individual investors

Eurazeo Investment Manager (EIM) and Eurazeo Mid Cap (EMC) are merging to form Eurazeo Global Investor (EGI)

Categories: News


Strong results confirm strategy of value creation through growth

  • The positive growth of our companies and value creation via exits lead to strong portfolio return of 13.3% in the first half of the year
  • Sustained growth of portfolio to more than EUR 1.6 billion
  • Net profit of more than EUR 150 million increases the equity value per share to EUR 51.3

CEO Koen Dejonckheere about these half-year results:

“The first half of the current financial year proves the success of our strategy of value creation through growth. After a cautious recovery in the second half of the previous year, our companies again realize a strong growth in the first half of 2023. They clearly are fulfilling their role as the leaders and innovators of our economy. Thanks to decreasing input prices, our companies have succeeded in recording double-digit growth in profitability. Moreover, Gimv has also achieved significant capital gains via exits in challenging market conditions. As a result, we are reaping the benefits of a successful execution of our growth strategy.

The strong portfolio result has produced a significant net profit, leading to an increase in Gimv’s equity to over EUR 51 per share.”

Categories: News


PAI Partners raises €7.1 billion for eight flagship funds

PAI Partners

PAI Partners (“PAI” or “the Firm”) today announces the successful final close of its latest Flagship Fund, € (“Fund VIII” or “the Fund”). Fund VIII surpassed its fundraising target, securing €7.1 billion in total capital commitments, highlighting the strong investor confidence in PAI’s investment strategy of transforming businesses into high performing strategic global assets in Europe and North America within the Real Economy.

Despite the challenging fundraising environment, the Fund is c. 40% larger in size compared to its predecessor (PAI Europe VII), which closed at €5.1 billion in 2018.

The Fund received strong support from leading public and private pension funds, sovereign wealth funds, financial institutions and family offices, with growth in commitments from every region. With a re-up rate of c. 90% and over €2 billion of capital sourced from new investors, PAI’s approach has continued to resonate with existing investors and the wider market.

PAI remains steadfast in its commitment to executing its investment strategy, leveraging its industry networks and deep sector expertise to build sustainable European and global leaders. PAI invests behind thematics within traditional industry sectors that are at the heart of economic activity and that are underpinned by solid fundamentals and sustainable growth horizons.

Fund VIII has already deployed c. 35% of its total capital with seven investments to date, including ECG / Vacanceselect, NovaTaste, the Looping Group, ECF Group, Azets Group, Infra Group and Alphia, Inc.

Richard Howell, a Managing Partner at PAI, said: “This successful final close for PAI Partners VIII, at a size 40% larger than its predecessor in a challenging environment, reaffirms the confidence investors have in PAI’s Real Economy strategy and our ability to perform consistently through the cycle. We are grateful for the strong support from both existing and the many new investors that joined the Fund, who share our vision for creating value in traditional industries. We are excited about the investments we have made thus far and look forward to identifying further opportunities that align with our strategy.”

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has c. €26 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised c. €23 billion in proceeds from 58 exits. PAI has built an outstanding track record through partnering with ambitious management teams, where its unique perspective, unrivalled sector experience and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team and their approach at:

Media contact

PAI Partners
Dania Saidam
+44 20 7297 4678

Categories: News


Ardian Acquires $2.1 Billion Private Equity Portfolio from CPP Investments


Underscores Ardian’s position as a world leader in secondary buyout funds

Ardian, a world-leading private investment house, today announced it has acquired a US$2.1 billion portfolio of limited partnership interests in 20 private equity funds from Canada Pension Plan Investment Board (CPP Investments™), a global investment management organization with C$575 billion of assets under management. The portfolio comprises 20 limited partnership interests, a majority of which are North American but also includes European buyout funds.

The deal continues Ardian’s secondary funds strategy to provide active portfolio management solutions to large institutions looking to rebalance their portfolios and monetize their private equity investments. Ardian has the world’s largest Secondaries and Primaries platform with more than $89 billion under management or advisement. Over the last four years, Ardian has deployed more than US$40 billion in secondary private equity investments.

“This latest acquisition comes at a significant time for the industry where many LPs continue to address the denominator effect and are looking for portfolio management opportunities like this to open up capital for future commitments. We have acquired a portfolio of well-diversified North American and European buyout funds led by high-quality GPs who we know well.” Mark Benedetti, Member of the Executive Committee, Co-Head of Ardian US, Co-Head of Secondaries & Primaries and Member of the ASF Management Committee, Ardian


Ardian is a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 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 17 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.




Categories: News


KKR To Invest In Life Sciences Firm Catalio Capital Management


KKR buys minority stake in Catalio and invests in its funds

Investment is additive to KKR’s existing health care growth strategy

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced an agreement to invest in Catalio Capital Management, LP, a multi-strategy investment firm focused on breakthrough biomedical technology and innovative health care companies. The addition of new capital is expected to accelerate Catalio’s growth trajectory and talent acquisition, as well as anchor its investment strategies. Pursuant to the agreement, KKR is acquiring a minority economic stake in Catalio and will invest in Catalio’s funds.

This press release features multimedia. View the full release here:

Henry Kravis, Co-Founder and Co-Executive Chairman of KKR, will be named as the Chairman of a new Board of Advisors for Catalio that will help guide the strategic growth of the business. Members of the Catalio Board of Advisors will include, among others, Alex Gorsky, the retired Chairman & CEO of Johnson & Johnson, Andrew Liveris, the retired Chairman & CEO of Dow Chemical Co., Dina Powell McCormick, the Vice Chairman & President of Global Client Services at BDT & MSD, and Tim J. O’Neill, a longtime Partner and retired Co-Head of Goldman Sachs Asset Management.

“The life sciences sector represents a growing market opportunity and has been an important area of focus for our health care growth strategy, which will be further accelerated through our partnership with Catalio. We are impressed not only by Catalio’s entrepreneurial leadership team but also by its vast network of leading scientists who serve as venture partners,” said Ali Satvat, Partner, Co-Head of Americas Health Care and Global Head of Health Care Strategic Growth at KKR. “We look forward to supporting Catalio in taking the platform to the next level and unlocking the next generation of biomedical technology.”

“We are grateful to KKR for its support, which we believe affirms the success of Catalio’s strategy and recognizes the value of our experienced life sciences investment team,” said George Petrocheilos and R. Jacob Vogelstein, Co-Founders and Managing Partners of Catalio. “KKR’s investment comes at an exciting time in Catalio’s development. We believe that we will now be even better positioned to empower the world’s most innovative clinical scientists to turn next-generation biomedical discoveries into valuable treatments and cures and create profitable, well-run companies that advance the boundaries of care.”

Following the completion of the transaction, Mr. Petrocheilos and Dr. Vogelstein will continue to own a controlling stake in Catalio, and the day-to-day management and operation of the Catalio business will remain the same.

KKR has a long track record of supporting health care companies globally, having committed over $20 billion to the sector since 2004. In the life sciences sector specifically, KKR has already committed well over $1 billion in capital from its health care growth strategy, including investments in BridgeBio Pharma, Dawn Bio and Treeline Biosciences, and will be funding this investment from its balance sheet. KKR’s health care growth strategy is focused on investing in high-growth health care-related companies to which KKR can be a unique strategic partner in helping reach scale.

Kirkland & Ellis LLP served as legal advisor to KKR. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Catalio.

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

About Catalio

Catalio Capital Management, LP, is a multi-strategy life sciences investment firm focusing on breakthrough biomedical technology companies developing the next generation of drugs, devices, diagnostics, and data-driven insights. Catalio has partnered with over 44 world-renowned scientists with extensive academic and scientific achievements who have each also started well-established companies based on their research. Catalio has offices in New York and London. Learn more about Catalio Capital Management by visiting

Liidia Liuksila

Charles V. Zehren

Source: KKR

Categories: News


CVC Credit prices Cordatus XXIX, eighth new CLO of 2023

CVC Capital Partners

CVC Credit is pleased to announce that it has successfully closed Cordatus XXIX, the eighth Collateralized Loan Obligation (“CLO”) of 2023 by CVC’s €39 billion Credit platform, and the fourth new CLO in Europe.

The new vehicle totals c.€375m (c.$394m) and brings CVC’s aggregate value of newly priced CLOs in 2023 to €3.3bn (c.$3.6bn). Cordatus XXIX was raised from a broad group of new and existing investors. BNP Paribas acted as the lead arranger.

Despite CLO new issuance volumes being down year-on-year, CVC has been able to strategically price eight new CLOs. The majority equity portion for each of these vehicles is been made by CVC’s dedicated third generation CLO equity vehicle, which enhances CVC Credit’s ability to control the pace of new CLO issuance and enhances its flexibility to price opportunistically, rather than relying on third-party CLO equity.

Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit said: “We are delighted to have priced our fourth new issue European CLO in 2023, a result which we believe reflects the strength of our investor base, the conservative profile of our portfolios and the underlying attraction of our leading platform to investors seeking investment opportunities in Performing Credit. This pricing also consolidates our market position in Europe with European CLO assets under management now close to €11.5 billion.”

Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, said: “The pricing of Cordatus XXIX is CVC’s eighth new CLO vehicle of 2023, which together mean we have now priced €3.3 billion of new CLOs in the year-to-date. This is a fantastic result and achieved despite challenging market conditions.”


The pricing of Cordatus XXIX is CVC’s eighth new CLO vehicle of 2023, which together mean we have now priced €3.3 billion of new CLOs in the year-to-date.

Gretchen BergstresserManaging Partner and Global Head of Performing Credit

Categories: News