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The Carlyle Group Names Pooja Goyal Head of Expanded Renewable Energy Team

Carlyle

Renewable and Sustainable Energy Investment Strategy Further Enhances Carlyle’s Global Energy Platform

New York, NY – Global investment firm The Carlyle Group (NASDAQ: CG) announced today that Pooja Goyal will join the firm as a Partner and Head of its Renewable and Sustainable Energy Team (“RSEF”). She will begin this new role in July 2019 and be based in New York.

Ms. Goyal will lead RSEF’s dedicated team of investment professionals with deep sector and operational expertise who will invest globally in a portfolio of opportunities in the renewable and sustainable energy sector. Other RSEF senior team members include Catalin Breaban, Pascal Emsens and Simon Robinson, together with Senior Advisor Harry Bond, all of whom have strong international industry credentials and have worked closely with Marcel van Poecke, Chairman of Global Energy and Head of Carlyle International Energy Partners. The RSEF team will work closely with the Carlyle Power Partners team and Cogentrix, Carlyle’s power operating platform.

“With nearly 15 years of experience investing in the renewables and sustainable resources sector, Pooja is one of the most seasoned investors in renewable energy,” said Glenn Youngkin, Co-CEO of The Carlyle Group. “We are thrilled Pooja is joining the firm to lead Carlyle’s investment activities in this rapidly growing sector of global energy markets.”

“I have great admiration for Carlyle’s talented team and its experience investing in and growing energy companies across the globe,” Ms. Goyal said. “I am excited to leverage the One Carlyle platform and the RSEF team’s deep sector-specific expertise to help identify investment opportunities and create lasting value at portfolio companies at this pivotal time in the global energy market.”

The RSEF team leverages insights from Carlyle’s power, infrastructure and hydrocarbon businesses to find the best renewable and sustainable energy investment opportunities. Carlyle’s diversified $27 billion global energy platform operates 95+ portfolio companies across 31 countries and 6 continents, and has deployed nearly $3 billion over the past year and $9 billion over the past four years. The RSEF team is wholly dedicated to investing in renewable and sustainable energy businesses, primarily in developed countries.

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Pooja Goyal Bio

Ms. Goyal has invested in the renewables and sustainable resources sector on a dedicated basis since 2005. She joins from Goldman Sachs where she most recently served as Head of the Alternative Energy Investing Group. Previously, Ms. Goyal served as Vice President of the Alternative Energy Investing Group and held various roles within Goldman Sachs’ Investment Banking Division. Ms. Goyal has also served on the Board of Directors of several companies and organizations, including the American Council of Renewable Energy.

Ms. Goyal graduated magna cum laude from the University of Pennsylvania with a Bachelor of Science in Finance and a Bachelor of Applied Sciences in Computer and Cognitive Science.

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About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $216 billion of assets under management as of December 31, 2018, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,650 people in 31 offices across six continents.

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

Contact:

Kelsey Markovich / Kevin Siegel
Sard Verbinnen & Co.
+1 (212) 687-8080
Carlyle-SVC@sardverb.com

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La Caisse publishes its 2018 Annual Report

Cdpq

The quality and resilience of la Caisse’s portfolio generate performance superior to its index.
Caisse de dépôt et placement du Québec today released its annual report for the year ended December 31, 2018.In addition to a detailed analysis of the financial results announced on February 21, 2018, the report provides a review of its activities. Below are the highlights:

TEN-YEAR PERFORMANCE

  • Annualized return of 9.2%.
  • Net assets grew from $120.1 billion in 2009 to $309.5 billion in 2018, with $171.6 billion in net investment results.
  • The proportion of assets in international markets increased from 36% in 2009 to 64% in 2018.

FIVE-YEAR PERFORMANCE

  • Annualized return of 8.4% and net asset growth of $109.4 billion from net investment results of $98.7 billion and net deposits of $10.7 billion.
  • Each of the three asset classes contributed significantly to la Caisse’s overall return, which exceeded its benchmark index. This difference represents $16.7 billion in value added.
  • The returns of the eight main clients ranged from 7.6% to 9.2%.

2018 PERFORMANCE

  • Overall return of 4.2% in 2018, higher than the benchmark and representing $5.3 billion in added value.
  • Net assets increased $11.0 billion due to net investment results of $11.8 billion, offset by net depositor withdrawals of $0.8 billion.
  • The returns of the eight main clients ranged from 3.7% to 4.4%.

LA CAISSE’S IMPACT IN QUÉBEC 

  • Assets in Québec’s private sector total $44.3 billion, up $11.8 billion in five years.
  • Partner of over 775 companies, including some 685 SMEs.
  • New investments and commitments of $21.2 billion over five years, including $7.3 billion in 2018.
  • 40% of transactions in 2018 were in new economy sectors.
  • Several concrete achievements under each pillar of la Caisse’s strategy in Québec, including:
    • Growth-creating projects: Beginning of construction on all branches of the REM; continued revitalization of downtown Montréal with the Projet Nouveau Centre (a $1-billion investment).
    • Growth and globalization: Investments in AddÉnergie, Ocean Group, Plusgrade and Transcontinental, in addition to the launch of Cheffes de file, an initiative to support the growth of companies owned by women.
    • Innovation and the next generation: Investments in Breather and Hopper, and support for BFL Canada and Frank And Oak to implement technology solutions that support their growth.

GLOBALIZATION

  • Globalization of la Caisse’s activities, one of the pillars of its strategy, which is reflected in:
    • Diversifying assets on a global scale, with exposure to international markets representing 64% at the end of 2018, up around $116 billion from December 31, 2013.
    • Higher annual returns of over 2%, which represent over $25 billion in additional returns over five years.
    • Increased and beneficial exposure to the United States, increased investments in Asia Pacific and Latin America, including in infrastructure in Mexico and Colombia.
    • Strengthened approach to strategic partnerships in development and growth markets with the implementation of a dedicated team.

LESS-LIQUID ASSETS AND CREDIT

  • Transactions valued at over $31 billion were concluded as part of the strategy to increase our investments in less-liquid assets and credit:
    • In infrastructure, investments totalled $5.8 billion, including increasing our stake in renewable energy leaders in North America and India.
    • In private equity, over $9 billion deployed internationally, with major investments in sustainable industry in Europe and the United States, as well as in commercial real estate services in Canada.
    • In real estate, transaction volume totalled $16.6 billion and portfolio repositioning accelerated with a significant increase in investment in the fast-growing industrial and logistics sector.
    • In credit, increased and diversified activities through loans for the construction of telecommunication towers in the United States, the acquisition of solar energy assets in Spain and optimizing the capital structure of a Québec insurance leader.

RISK MANAGEMENT

  • In 2018, market risk was stable and slightly below that of the benchmark portfolio.
  • During the year, several stress tests demonstrated the portfolio’s resilience relative to the market under various scenarios.
  • Market movements at the end of the year showed that the portfolio is as resilient as expected and that the strategy protected depositors’ assets.

STEWARDSHIP INVESTING

  • To accompany its Annual Report, la Caisse recently published its second Stewardship Investing Report, which sets out its vision and commitment to priority topics:
    • Climate Change: Strategy to address climate change that aims for a transition toward a low-carbon economy
    • Governance
    • Women in Business
    • International Taxation
    • Community Involvement
  • With regard to the fight against climate change, la Caisse outperformed its target with the addition of $10 billion in low-carbon assets in 2018, prompting it to raise the target for 2020.
  • The portfolio’s carbon intensity decreased 10% in 2018, which is on track to achieve the 25% target for 2025.
  • The electronic version of the Stewardship Investing Report
COMPENSATIONThe principles forming the foundation of the compensation program for all Caisse employees, in Québec and in international offices, are the same:

Main objectives (page 88 of the Annual Report)

  • Pay for performance by offering incentive compensation aligned with the returns delivered to depositors.
  • Offer competitive compensation to attract, motivate and retain employees with experience and expertise that allow la Caisse to achieve its strategic objectives.
  • Link the interests of management and depositors to focus their individual and team contributions on the long-term success of la Caisse.

Implementation and application 

  • Rigorous benchmarking of reference markets by a renowned independent firm, Willis Towers Watson, and studies on positions based outside of Canada by the firm McLagan.
  • At the request of the Board of Directors, validation of the equitable application of the compensation program was led by an independent consulting firm, Hugessen Consulting, specialized in compensation in the pension fund universe.
  • Review of each employee’s performance under a rigorous evaluation process to determine incentive compensation.
  • A component related to achieving carbon intensity reduction targets was added for the first time in 2018 as part of la Caisse’s investment strategy to address climate change.

Mandatory co-investment thresholds 

  • To foster better alignment of employees’ interests with la Caisse’s long-term sustained success, a significant portion of total incentive compensation for management and senior professionals is deferred over a three-year period, in compliance with Canada Revenue Agency rules, which require disbursing this amount after this period.The minimum thresholds must be deposited into a co-investment account for employees with direct influence on la Caisse’s organizational and financial performance:
    • At least 55% of the total incentive compensation of senior executives – or more than half of their incentive compensation – thereby strengthening the alignment of executives’ interests with those of depositors and making this measure even more stringent than current industry practices.
    • 35% of total incentive compensation for vice-president and intermediate and senior-level investment employees.
    • 25% of total incentive compensation for other senior management and professionals.
  • Amounts deferred in 2018 and to be disbursed in 2021 are at risk, as they vary upward or downward with la Caisse’s average absolute overall return for the period.
  • This year, employees (including senior executives), as part of the incentive compensation program, deferred $35.9 million until 2021. Employees of la Caisse’s international offices deferred $11 million to the co-investment portfolio.
  • Co-invested incentive compensation was disbursed in 2018, pursuant to program conditions and applicable tax rules. Amounts co-invested by the most highly compensated executives reporting to the Chief Executive Officer in 2015 and disbursed in 2018 are presented in Table 39 of page 97 of the 2018 Annual Report.

Incentive compensation

  • Since 2016, performance has been measured over a five-year period, to further strengthen sustained performance over the long term.
  • Including incentive compensation, total compensation for la Caisse’s employees in 2018 was slightly below the median of reference markets for superior performance over five years, as the annualized return was 8.4%, which corresponds to $16.7 billion of value added compared to the benchmark portfolio (page 90).
  • Pursuant to la Caisse’s strategy to deliver sustained performance over the long term, the following table provides the context in which 2018 incentive compensation was awarded to la Caisse’s employees, compared to the cumulative value added, including a deferred portion, which fluctuates upward and downward based on future returns.
  • Presenting total compensation awarded provides a better understanding of the alignment with la Caisse’s performance.
  • The increase in incentive compensation awarded from 2017 to 2018 mainly stems from sustained returns, increase in the number of investment professionals – particularly in international markets – and performance resulting from the global markets strategy.
  • La Caisse’s exposure to international markets now represents 64% of the portfolio, and generates beneficial returns for its depositors. Over five years, investments in international markets significantly stimulated returns – over 2% more annually – representing over $25 billion.
  • La Caisse also generated conclusive results over the last five years in Québec, with over $21 billion in new investments and commitments during the period.
2018 Compensation
Compensation for 2018 reflects sound management and tight control over expenses, as shown by the following:

  • La Caisse’s operating expenses and external management fees were stable in 2018 compared to 2017, and at 22 cents per $100 of average assets, represent a ratio that compares favourably to that of its industry.
  • Around 90% of la Caisse’s assets are managed internally, representing an average saving of five times the cost of externally managing these assets.
  • Each $1,000 in value added generated over five years by la Caisse has been steady at a cost of less than $0.04 in incentive compensation for employees since 2014.
  • For each $1,000 of five-year average return, the total compensation cost was stable at $0.01 for each from 2014 and 2018.
  • Senior executive compensation is an average of 45% lower than the maximum of reference markets (see tables on pages 94 and 100).

“In markets that are as demanding as they are uncertain, la Caisse’s steadfast strategy and solid portfolio once again generated solid returns for depositors and Quebecers. To deliver this performance, la Caisse needs to be able to rely on the best talent in a highly competitive market, here and internationally”, stated Robert Tessier, Chairman of the Board of Directors of la Caisse.

Compensation of the President and Chief Executive OfficerBase salary and direct compensation

  • At his request, Mr. Sabia has received no salary increase since he was appointed in 2009. His base salary remained unchanged in 2017 and 2018.

Incentive compensation and co-investment

  • In accordance with policies that emphasize achievement of la Caisse’s business objectives and its performance, the Board of Directors is of the opinion that “Mr. Sabia has continued to deliver remarkable performance and has greatly surpassed the objectives that were set for him.”
  • Mr. Sabia received $1,320,000 of his 2018 incentive compensation and chose to defer $1,980,000 into the co-investment account. The value of this amount will be increased or decreased according to la Caisse’s average absolute return over the three-year period ending in 2021.
  • Pursuant to Canada Revenue Agency rules, he was required to withdraw $2,044,640 that was disclosed and co-invested in 2015, to which was added the return earned over the period (page 97).

Pension plan and severance pay

  • When Mr. Sabia was appointed, he waived membership in any pension plan for the duration of his mandate – except for the mandatory plan under Retraite Québec rules for management personnel.
  • He also waived any severance pay.

Comparisons to reference markets

  • Details regarding the compensation of the President and Chief Executive Officer and the five most highly compensated executives are provided on pages 92 to 100 of the 2018 Annual Report.

The electronic version of the 2018 Annual Report and 2018 Annual Report – Additional Information are available at

Please note that only the French version is currently available. The English version will be available shortly.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2018, it held CA$309.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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For more information

  • MEDIA CONTACT+1 514 847-5493 (Québec/Canada)+1 212 596 6314 (International)medias@cdpq.com

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HQ Equita successfully concludes fundraising for HQ Equita V

HQ Capital

Bad Homburg, April 11 2019 – HQ Equita has successfully concluded fundraising for its fifth fund, HQ Equita V (“Fund V” or the “Fund”), with capital commitments totaling €308 million. With the Fund now closed, at a level comparable to its main predecessor fund, HQ Equita remains true with its strategic investment focus.

Established as a GmbH & Co. KG based in Bad Homburg, Germany, Fund V will focus on investments in small- and medium-sized enterprises (“SMEs”) in German-speaking Europe. The Fund’s limited partners include entrepreneurial families, foundations, and select institutional investors, consistent with HQ Equita’s historical investor base comprised of entrepreneurial capital. With investors from both European and non-European countries committing to the Fund, HQ Equita continues to expand its international network.

“Our strategy of developing partnerships to further advance and create value for German-speaking SMEs attracted great interest from investors. We will leverage our team’s deep experience and our broad network to support our portfolio companies’ growth and generate value for both the companies and our investors. With Fund V, we will continue to invest in SMEs, seek to expand our team and advance our strategic development even further,” said Christine Weiß, Partner and Managing Director at HQ Equita.

Since 2017, Fund V has already invested in four attractive companies. The portfolio includes WELL PLUS TRADE (2017), The Packaging Group – consisting of FAWEMA and HDG – (2018), r2p (2018), and EBERTLANG (2019). WELL PLUS TRADE is a specialist developer of protein-based sports nutrition. The Packaging Group is a leading manufacturer of packaging machines. r2p is an international provider of digital systems for public transportation. And EBERTLANG is a leading value-added distributor of infrastructure software for SMEs in German-speaking Europe.

With these four investments, HQ Equita continues to pursue its nearly three-decade long focus on investing in highly specialized small- and medium-sized “hidden champions” in Germany, Austria and Switzerland. By investing in companies with revenues ranging between €20 million and €150 million, HQ Equita is able to provide sustainable growth capital, enact succession planning solutions, and provide the network necessary to develop corporate structures and internationalize the businesses.

“HQ Equita has continued to enhance its profile over the years and remains a trusted partner for growth capital and succession planning solutions for SMEs in German-speaking Europe. With the successful closing of Fund V and the initiation of the generational management change, the foundation for long-term stability and continuity at HQ Equita is firmly in place,” said Dr. Bernd Türk, Managing Director and Chairman of the Executive Committee of HQ Capital.

After three successful investments in the last 12 months, HQ Equita will continue to strategically deploy capital in attractive portfolio companies in the German-speaking DACH region.

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Bregal Partners announces closing of its second Fund with $650 million of commitments

Bregal Partners

New York, NY, April 11, 2019 – Bregal Partners today announced the closing of its second fund, Bregal Partners II LP. The fund closed on $650 million of capital commitments sourced from its current limited partners. The $650 million brings Bregal Partners to a total of $1.25 billion in committed capital under management.

“Our team is proud and appreciative of the support we’ve received from our limited partners,” said Scott Perekslis, Co-Founder and Managing Partner of Bregal Partners. “We sincerely value these relationships and the confidence our investors have shown in our team and investment strategy.”

Charles Yoon, Managing Partner at Bregal Partners, added, “We are long-term partners to entrepreneurs, founders, and management teams, working with them to build and scale their businesses. Fund II is off to a great start having already invested in three founder-owned platforms in the consumer, food and retail industries.”

About Bregal Partners

Bregal Partners is a leading middle-market private equity firm with $1.25 billion in total committed capital. Founded in 2012, the firm specializes in three core verticals: consumer and multi-unit, food and beverage, and business services. The firm invests in primarily founder-owned companies within its target industries that generate $5 to $75 million or more of EBITDA. Bregal Partners is committed to promoting corporate social responsibility in all aspects of its business. For more information, please visit www.bregalpartners.com.

About Bregal Investments

Bregal Investments is a global private equity investment firm with investment teams based in New York, London, Munich and Dallas, managing commitments on behalf of several limited partners. Bregal Investments is an operating company of COFRA, a privately held group of companies headquartered in Europe which also include a global fashion retail business (C&A) and real estate business (Redevco).

Bregal Investments’ investment teams specialize in private equity buy-outs, special situations, credit, energy and private equity fund investing. The firm focuses on transforming and growing businesses for future success, with its funds focusing on longer-term value creation. Bregal was founded in 2002 and has grown extensively since then, with approximately $16 billion invested to date. For more information, please visit www.bregal.com.

Contact:
Antonia Schwartz
Director, Head of Capital Development
(212) 704-3014
antonia.schwartz@bregal.com

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EURAZEO sells its take in CAPZANINE to AXA SA

Eurazeo

Paris, April 5th, 2019 – As announced in January, Eurazeo sold today to AXA its 22% stake in
Capzanine, an independent European management company specializing in private investment.
Since entering Capzanine’s share capital in October 2015, Eurazeo and AXA have helped Capzanine
accelerate its growth in the debt and equity sectors and develop international partnerships.
This transaction is accompanied by the assumption by AXA and other investors of all Eurazeo
commitments in funds managed by Capzanine, excluding an €8 million commitment in Capzanine
Situations Spéciales.
***
About Eurazeo
o Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under
management, including nearly €11 billion from third parties, invested in over 300 companies. With its
considerable private equity, venture capital, real estate, private debt and fund of funds expertise, Eurazeo
accompanies companies of all sizes, supporting their development through the commitment of its 235
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, Buenos Aires, Shanghai, London, Luxembourg, Frankfurt
and Madrid.

o Eurazeo is listed on Euronext Paris.
o ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

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Following regulatory approvals Investor AB has increased its ownership in EQT AB to 23 percent

Investor

As previously announced by EQT and communicated in Investor AB’s Year-End Report 2018, EQT is reviewing different options to further strengthen its balance sheet and several steps are being taken to simplify EQT AB’s ownership structure.

Investor supports the steps being taken by EQT. As one part of these steps and after having received relevant regulatory approvals, Investor AB has now increased its ownership in EQT AB from 19 percent to approximately 23 percent. Investor AB will continue as a long-term shareholder in EQT AB.

More information on EQT:
As EQT discloses on its website, it has since its inception raised EUR 61 bn. in capital across 29 funds and currently has around EUR 40 bn. in assets under management. In 2018, EQT AB generated roughly EUR 400 m. in revenue on the back of EUR 30 bn. in average assets under management. Following the completion of the simplification of EQT’s ownership structure, EQT AB will receive 100 percent of the management fee from funds. In addition, EQT AB will be entitled to approximately 1/3 of the carried interest in the most recent as well as future funds. EQT AB’s share of carry will be lower in older existing funds. Read more about EQT at www.eqtpartners.com/About-EQT/Fast-facts/.

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Finnvera issued a EUR 1 billion ten year bond

Finnvera

Finnvera Plc Stock Exchange Release 3 April 2019

The date of the issue was 2nd April 2019. The transaction maturing in April 2029 represents Finnvera’s first benchmark bond issue this year.

More than 90 investors participated and the size of the orderbook was in excess of EUR 2.8 billion.

Lead managers for the issue were Credit Agricole CIB, Danske Bank, Deutsche Bank, Nordea and TD Securities.

The bond was issued under Finnvera’s EMTN (Euro Medium Term Note) programme. Bonds issued under the programme are guaranteed by the Republic of Finland and their rating corresponds to the rating assigned to the Republic of Finland for its long-term liabilities. The rating given by Moody’s to Finnvera is Aa1 and that given by Standard & Poor’s is AA+.

Additional information:
Ulla Hagman, CFO, tel. +358 29 460 2458
Jukka-Pekka Holopainen, Head of Treasury, tel. +358 29 460 2838

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HICL Infrastructure PLC – Move of Domicile

InfraRed Capital Partners

HICL Infrastructure PLC (“HICL UK”), a UK investment trust managed by InfraRed Capital Partners Limited (“InfraRed”) was admitted to trading on the London Stock Exchange yesterday morning, 1 April 2019. This is a new UK-incorporated company that has acquired the assets of HICL Infrastructure Company Limited, an Guernsey investment company (“HICL Guernsey”) which is advised by InfraRed. The shareholders of HICL Guernsey have been given new shares in HICL UK on a one-for-one basis.

The move on-shore is the culmination of a process that started with a discussion of HICL Guernsey’s domicile in its Interim Results in November 2017 and its Annual Results in May 2018. InfraRed then refreshed previously undertaken analysis of the steps that would be required to transfer HICL’s domicile from Guernsey to the UK. This work involved input from third-party legal and tax advisers and included an assessment of the economic impact on shareholders of a move to a UK investment trust structure. InfraRed also consulted informally with a number of institutional shareholders on this matter during investor meetings throughout summer 2018 and again in Q1 2019.

HICL UK’s domicile is now aligned with the location of the majority of its investors and investments. The move on-shore mitigates the potential impact of potential future changes in cross-border tax regimes.

For the RNS issued by HICL UK, please follow the link.

 

Enquiries

InfraRed Capital Partners Limited
+44 (0) 20 7484 1800
Harry Seekings
Keith Pickard

Tulchan Communications
+44 (0) 20 7353 4200
David Allchurch

Canaccord Genuity Limited
+44 (0) 20 7523 8000
David Yovichic

More Information

HICL Infrastructure Company Limited

HICL Infrastructure PLC (“HICL” or the “Company”, and together with its subsidiaries the “Group”) is a long term investor in infrastructure assets which are predominantly operational and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange. With a current portfolio of 118 infrastructure investments (including the A63 and Northwest Parkway commitments with limited conditions to completion), HICL is seeking further suitable opportunities, which are positioned at the lower end of the risk spectrum, in three target markets segments: PPP (social and transportation projects); regulated assets (e.g. gas and electricity transmission and distribution; water utilities); and demand-based assets (e.g. student accommodation and operational toll road concessions). HICL’s current investments are located primarily in the UK, but also in Australia, Europe and North America.

Further details can be found on the HICL website, www.hicl.com.

InfraRed Capital Partners Limited (InfraRed)

The Investment Adviser to HICL is InfraRed Capital Partners Limited (“InfraRed”) which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With c.130 professionals it manages US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of 80 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed’s website, www.ircp.com.

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EURAZEO partners with CIC and BNP PARIBAS to create a fund dedicated to accelerating the China growth of French and European Companies

Eurazeo

Paris, March 25, 2019 – Eurazeo has announced that it has been selected by CIC (China Investment
Corporation) and BNP Paribas to manage a €1 billion to €1.5 billion fund dedicated to French and
European companies seeking to expand rapidly in China.
The three partners – CIC, BNP Paribas and Eurazeo – will invest significantly in the fund alongside
investment partners.

Eurazeo will be responsible for managing the fund, as well as choosing and managing the investments.
Eurazeo’s selection recognizes the high quality of its investment teams and its strong presence in China,
where it has been located since 2013 and currently has a team of eight professionals.
Virginie Morgon, CEO of Eurazeo, said: “I’m extremely proud that Eurazeo has been selected for this
strategic partnership. Eurazeo’s investment teams are looking forward to contributing their expertise
together with CIC and BNP to help French and European companies to capitalize on opportunities in the
Chinese market.”
***
About Eurazeo
o Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under management, including
nearly €11 billion from third parties, invested in over 300 companies. With its considerable private equity, venture capital, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 235 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, Buenos Aires, Shanghai, London, Luxembourg, Frankfurt and Madrid.

o Eurazeo is listed on Euronext Paris.
o ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

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PDI Receives Investment from Insight Venture Partners to Fuel Continued Global Growth

Insight Venture Partners joins Genstar and TA Associates in backing PDI to help expand its global reach and solution portfolio.

ATLANTA, March 20, 2019 – PDI, a leading global provider of enterprise software solutions to the convenience retail, wholesale petroleum and logistics industries, announced today an investment by Insight Venture Partners (Insight) to support the company’s continued global growth. Insight Venture Partners joins Genstar and TA Associates, who will both retain minority stakes in PDI.

Insight is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has invested in more than 300 companies worldwide, working with visionary executives to provide practical, hands-on growth expertise to foster long-term success.

“Insight is an experienced investor with a long-term perspective that will help PDI continue to meet the growing and changing needs of our customers, innovate our software portfolio, and provide world-class global service. We believe the added capital and resources provided by Insight, in addition to the ongoing support and confidence from Genstar and TA Associates, will further the development of our advanced software portfolio and allow for strategic add-on acquisitions that we are confident will meet the needs of a rapidly changing market,” said Jimmy Frangis, CEO, PDI.

“This investment is a strong vote of confidence in PDI’s long-term strategy and future growth potential, and we’re thrilled to welcome the team to our portfolio,” said Deven Parekh, Managing Director, Insight Venture Partners. “PDI’s 35-year heritage of putting customers first and providing leading software solutions, technologies, and services to help them thrive in the digital economy created a strong interest in the company and was an immediate draw for us. We look forward to working with the management team, Genstar and TA Associates to continue strengthening and broadening PDI’s market footprint.”

“Throughout our partnership with PDI’s management team, PDI has successfully executed against its growth strategy through organic initiatives and accretive acquisitions, expanding its software offerings and global reach,” said Eli Weiss, Managing Director, Genstar Capital, and Hythem El-Nazer, Managing Director, TA Associates. “We are pleased to partner with Insight to continue to drive PDI’s growth and unwavering focus on software innovation that will bring a new level of experience to the customers and industries it serves.”

Added, Frangis, “PDI’s customers are truly the cornerstone of our success. This new relationship with Insight supports our objective to be a trusted partner and advisor for our customers, bring together the most innovative and advanced technologies and develop the strongest team with unprecedented industry experience.”

Lazard served as financial advisor and Irell & Manella as lead legal counsel to PDI. Additional terms of the deal were not disclosed.

About PDI

PDI helps convenience retailers and petroleum wholesalers thrive through digital transformation and enterprise software that enables them to grow topline revenue, optimize operations and unify their business across the entire value chain. Over 1,500 customers in more than 200,000 locations worldwide count on our leading ERP, logistics, fuel pricing and marketing cloud solutions to provide insights that increase volume, margin and customer loyalty. For more than 35 years, our comprehensive suite of solutions and unmatched expertise have helped customers reimagine their enterprise and deliver exceptional customer experiences. For more information about PDI, visit www.pdisoftware.com.

About Insight Venture Partners

Insight Venture Partners is a leading global venture capital and private equity firm investing in high- growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments,

visit www.insightpartners.com.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of approximately $17 billion and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries.

About TA Associates

TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services

– TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital since its founding in 1968 and is committing to new investments at the pace of $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

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