IK Investment Partners (“IK”), a leading Pan-European private equity firm with Nordic roots, announces the opening of a new office in Copenhagen, as part of its ongoing commitment to investing in the Nordic region.

The Copenhagen office will be led by Partner Thomas Klitbo, who has been with IK since 2007. Thomas will be supported by the existing Danish/Norwegian Mid Cap team consisting of a total of six investment professionals, as well as a local extension of IK’s Small Cap team.

Thomas Klitbo, Partner at IK Investment Partners said:

“We are thrilled to be opening a Copenhagen office. It is part of IK’s efforts to establish local presence in the geographies which we invest in. We truly believe that our local networks and knowledge combined with international capabilities differentiates IK from other private equity firms”.

IK is organised into regional teams focused on investments in the Benelux, DACH, France and Nordic regions. These teams operate from local offices in Amsterdam, Hamburg, Paris, Stockholm and now Copenhagen.

Christopher Masek, Partner and CEO at IK Investment Partners said:

“Ever since IK’s inception 30 years ago, our strategy has remained the same: making a positive difference to the companies we support whilst creating value for our investors. Growing our regional presence is central to our strategy and we value the local expertise and insights of our investment teams.”

For further questions, please contact:

IK Investment Partners
Thomas Klitbo
Partner
Phone: +44 207 304 4300

Mikaela Murekian
Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised close to €10 billion of capital and invested in over 125 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

INVESTMENTS IN COMPANIES, INVESTMENTS IN FUNDS, IMPACT – 13.3.2019

In 2018, Tesi made new investments of €121m to accelerate the growth and internationalisation of Finnish companies. The aggregated net sales of direct portfolio companies grew on average by 19% during the financial year. Exits reached record levels in 2018, especially in the case of venture capital investments. Tesi’s social impact is manifested in the growth of portfolio companies and is exerted by promoting the development of Finland’s investment industry and enhancing skilled ownership. Another objective, alongside boosting companies’ growth, is to internationalise the Finnish venture capital and private equity market though investments made in funds as well as via direct minority investments.

CEO Jan Sasse:

“Investment volumes were very high in 2018: we gave a total of €59m in new investment commitments to eight funds and €37m via the FoF Growth III fund co-managed by Tesi and Finnish pension & insurance companies. We also made direct investments in companies totalling €62m, of which €52m were first-round investments. Tesi’s international partners invested altogether €123m in Finnish growth companies. As well as providing capital, they also brought access to valuable international business expertise and essential networks.

Our investment year was excellent, in terms of exits from both our Finnish and international funds. One outstanding example of this was Creandum’s exit from Spotify, which listed on the New York stock exchange. The year was also profitable, following the trend of previous years, although the growing uncertainty prevailing in the world economy towards year’s end kept net profit at €55m.

As a state-owned VC/PE investor, we constantly evaluate our role in the market. In doing so, we contemplate new strategic objectives and the fate of existing entities. As a new operational format, we started anchor investing to support growth companies for which an IPO is the best option, but whose size or sector makes an IPO challenging. On another front, a co-investment programme we will conduct with the European Investment Bank, hand-in-hand with private investors, will channel €100m of equity financing to promote the growth of innovative SMEs and mid-cap companies.

Tesi’s investment programmes focus on growth and the renewal of economic structures. At the end of the year, we launched a €75m Circular Economy investment programme. Its objective is to boost the growth and internationalisation of existing companies and encourage the creation of new funds investing in the circular economy.“

Business environment

Finland’s economy continued to grow in 2018. The partially conflicting forecasts for the global economy during the last quarter and the uncertainty about the future they caused were reflected, of course, in market sentiments.

Finnish growth companies again reached new records in raising venture capital. The total sum raised was over €350m, with most of the financing rounds exceeding €10m in size.

Finnish buyout funds in the SME sector investing in companies in a later stage of development again saw abundant capital seeking new investees. A large part of these funds’ investment capacity had a crucial focus for Finland’s business structure – the growth and internationalisation of medium-sized companies, an increase in their numbers, and buyouts. This corporate segment has also seen increasing demand for minority investments.

Investment operations

Tesi made new investments in companies and gave investment commitments to venture capital and private equity funds amounting to €121m (€149m). Investment commitments totalling €59m (€60m) were made to eight VC/PE equity funds. Five commitments were to venture capital funds and three commitments to growth and buyout funds. Direct investments amounting to €62m (€29m) were made in altogether 26 companies.

Overall, almost €250m in new risk capital was channelled into portfolio companies, representing over four times the amount invested by Tesi. Of this capital, some €61m came from international investors.

The €75m Circular Economy investment programme was launched at the end of 2018. A direct investment in Uusioaines Oy and a fund investment in Environmental Technologies Fund III were made from the programme.

Financial performance

Tesi once again performed strongly in 2018, despite the growing uncertainty in the global economy towards the end of the year. Realised net gains from venture capital and private equity investments largely contributed to the healthy profit.

Net gains from venture capital and private investments amounted to €90m (€69m), comprising net gains from funds €72m (€53m) and net gains from direct investments €18m (€15m). The increase in net gains was largely due to numerous successful exits from portfolio companies and a general rise in valuation levels. Net gains from direct investments derived from the seven exits effected during the year. Net losses (gains) from financial securities were -€14m (+€18m), largely due to a globally difficult last quarter for both shares and interest-bearing instruments. Operating profit amounted to €68m (€80m), and profit after taxes for the financial year was €55m (€66m).

The balance sheet total at the end of 2018 was €1,031m (€1,020m) and the company’s equity amounted to €999m (€978m). The carrying value of venture capital and private equity funds at the end of 2018 was €371m (€372m) and the carrying value of direct investments €235m (€189m).

The total amount of VC/PE investments under management at the end of 2018 was €1.2 billion. This includes the capital of the FoF Growth I, FoF Growth II and FoF Growth III funds that Tesi manages, in addition to Tesi’s own commitments and investments.

The cumulative amount with which the Finnish government has capitalised Tesi from the very start of its operations is €655m. The Company’s cumulative profit from operations, including the figure for the 2018 financial year, amounted to €341m. In addition to this, Tesi has generated altogether €163m for the Finnish state in corporation tax and dividends.

Events after the financial year

In early 2019, Tesi gave an investment commitment to a Finnish growth fund (more details to be published later) and also participated in LeadDesk’s successful listing on Helsinki’s First North exchange.

Prospects

In 2018, Tesi initiated a process for updating its strategy, which will be put into practice in spring 2019. The strategic objective is twofold: to identify those market areas in which Tesi is most needed; and to develop Tesi’s means for accelerating companies’ growth and internationalisation most efficiently and with maximum social impact. As a developer of the VC/PE market, Tesi plays a role that serves and supplements the market, and we can fulfil that role by, for instance, producing market data that can be usefully exploited. Tesi also acts at a social level: investments and ownership produce a beneficial social impact as well as being profitable.

Tesi wants to broaden the Finnish and international investor base operating in Finland’s market. This will provide funds with more private capital allowing them, as a result of larger capital sums, to finance their portfolio companies for longer. A number of new Finnish VC/PE investment companies are in the process of fund-raising, and projects arising from this are expected to emerge during 2019.

Minority investment operations will continue along the lines of previous years: in promising SMEs to supplement the market’s existing financing options; and in industrial investments. The Circular Economy will remain a key investment programme.

Tesi will continue to cooperate closely with the European Investment Fund and the European Investment Bank in channelling EU funds into Finnish venture capital funds and growth companies, in collaboration with private investors.

As we enter a new financial year, Tesi has strong resources for long-term investment operations that promote the growth of Finnish companies.

Decisions of the Annual General Meeting

The Annual General Meeting was held on 8 March 2019. Kimmo Jyllilä was elected Chairman of Tesi’s Board of Directors. Marika af Enehjelm, Pauli Kariniemi, Mika Niemelä, Annamarja Paloheimo and Riitta Tiuraniemi will continue as members of the Board of Directors. Jyrki Mäki-Kala was elected as a new member of the Board of Directors.

For further information, please contact:

Board Chairman Kimmo Jyllilä, tel. +358 (0)40 502 5105
CEO Jan Sasse, tel. +358 (0)40 861 9151
Interim CFO Gösta Holmqvist, tel. +358 (0)40 570 6508

Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company that invests profitably and responsibly, creating value from day one. Our investments under management total 1.2 billion euros and we have over 700 companies in portfolio, either directly or through funds. We help Finland to the next level of growth and internationalisation. Follow our success stories: www.tesi.fi / dtg.tesi.fi and @TesiFII.

France, 12 March 2019: KKR, a leading global investment firm, and Tivoli Capital, a specialist in real estate development in France and the creator of the iLOV’iT Worklabs co-working space, have signed an agreement for the development of a new generation of office buildings in France’s largest cities.

The co-working market in France is developing rapidly. The concept, launched in the United States over 15 years ago and now fully developed in London, Amsterdam, Frankfurt and Madrid, grew by 80% between 2016 and 2017 in France, according to JLL’s 2018 global market report. Entrepreneurialism is growing in France, driven by increases in project-based work, working remotely and the importance of work-life balance.

The new developments build on the success of iLOV’iT, the largest co-working center in Marseille, with a surface area of almost 3,700m2, private offices, shared spaces and meeting rooms with well-being services. Tivoli Capital aims to develop its platform in this market, following the agreement with KKR. The new generation of offices will focus on having a welcoming working environment and offering various services adapted to the needs of residents. It will offer an alternative solution to entrepreneurs who want flexible, ready-to-use offices without long-term commitment.

Guillaume Pellegrin, Founder of Tivoli Capital, said “From the beginning, we wanted to develop our presence in France. We are pleased to have signed an agreement with KKR, who will support us in all areas of our development. Our goal is to transform the market, putting human beings at the heart of our project to be able to offer the ideal workspace in the 2020s for entrepreneurs and companies, regardless of their size, in all major French cities.”

Mai-Lan de Marcilly, Director at KKR in the European Real Estate team, said “Guillaume and his team have real expertise in the acquisition and development of innovative real estate projects within France, with a unique approach to improving quality of life at work. With this agreement, our aim is to become a leader in the French professional co-working space.”

KKR’s investment was made through its Real Estate Partners Europe fund.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Tivoli Capital

Created by Guillaume Pellegrin in Marseille, TIVOLI CAPITAL offers a wide range of real estate and financial services for investors wishing to diversify into regional markets. With a recognized know-how, the company has valued more than 250,000 m2 since its origin, and managed nearly 500 million euros of real estate assets for the Caisse des Dépôts, CEPAC, Carlyle, COVIVIO, and Primonial. Tivoli also managed the property and the financial director of The Camp, the first European campus dedicated to emerging technologies and the city of tomorrow. More information on www.tivoli-capital.com.

Media contacts for KKR:

France
Adding Value Conseils
Olivier Blain: ob@addingvalueconseils.com / + 33 6 72 28 29 20
Florence Taieb: ft@addingvalueconseils.com / +33 6 71 90 40 57

UK & International
Alastair Elwen, Finsbury
Email: alastair.elwen@finsbury.com
Phone: +44(0)20 7251 3801

Media contacts for Tivoli Capital:
Eve Leporq
Tel: +33 6 62 46 84 82
Email: eve@votredircom.fr

Targeting lower mid-market healthcare investments in the Benelux and DACH regions

Utrecht (the Netherlands) and Frankfurt (Germany) – Gilde Healthcare, the European specialist investor in healthcare, today announces that it has raised €200 million for its third private equity fund, Gilde Healthcare Services III. The fund will focus on healthcare providers, suppliers of medical products and service providers in the lower mid-market. The fund operates offices in Utrecht (The Netherlands) and Frankfurt (Germany).

The fund reached its hardcap in a few months’ time and was raised with Dutch institutional investors including, among others, PGGM/Pensioenfonds Zorg en Welzijn and Rabo Corporate Investments and various international fund-of-fund investors. To date, Gilde Healthcare has raised more than €1 billion for its dedicated healthcare investment funds. Examples of recent private equity investments include hospital software provider Performation, integrated telecom solutions provider Zetacom and drug discovery contract research organization MercachemSyncom.

Jasper van Gorp, Managing Partner at Gilde Healthcare: “We are pleased with the high level of interest for our new fund which is testament to our investment strategy and track record. We see a strong deal flow of healthcare providers, suppliers of medical products and service providers in the Benelux and DACH regions. Via our local presence we are well-positioned to source proprietary healthcare transactions in the lower mid-market.”

The new private equity fund is focused on established and profitable businesses in Europe with an EBITDA of between €2-15 million, preferably headquartered in the Benelux or DACH (Germany, Switzerland and Austria) regions.

In addition to capital, Gilde Healthcare provides hands-on support to the management of its portfolio companies, via activities such as implementing a growth strategy and leveraging its deep healthcare industry expertise and international network. Gilde Healthcare believes optimal value creation in healthcare is associated with better care at lower cost.

Recently, Gilde Healthcare strengthened its private equity team with additional experienced investment professionals: Rafael Natanek (previously a partner at Bain Consulting in the European healthcare practice) joined as partner and Boyd Rutten (previously at private equity firm EQT Partners) joined as senior associate.
About Gilde Healthcare

Gilde Healthcare is a specialized European healthcare investor managing €1 billion across two fund strategies: private equity and venture & growth capital. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies including healthcare providers, suppliers of medical products and service providers, with a primary focus on the Benelux and DACH regions. Gilde Healthcare’s venture & growth fund is focused on fast growing health tech and therapeutics companies based in Europe and North America. https://gildehealthcare.com

Media Contacts

Gilde Healthcare

Jasper van Gorp
Managing Partner
Newtonlaan 91
3584BP Utrecht
The Netherlands
vangorp@gildehealthcare.com
+31 (0)30 219 2533

Dr Fabian Braemisch
Partner DACH-region
Neue Mainzer Strasse 74
60594 Frankfurt
Germany
braemisch@gildehealthcare.com
+49 69 153 255 870

CFF Communications

Jan van Ewijk
+31 (0)20 575 4011
+31 (0)6 14229820
jan.vanewijk@cffcommunications.nl

Aniek Zweers
+31 (0)20 575 4032
+31 (0)6 31973375
aniek.zweers@cffcommunications.nl

San Francisco, March 6, 2019 – GI Partners, a leading middle-market alternative asset manager, announced today that funds affiliated with Blackstone’s (NYSE: BX) Strategic Capital Group has acquired a minority stake in the firm.

The investment provides GI Partners with balance sheet capital to reinvest in the business and engage in strategic initiatives. Terms of the transaction were not disclosed.

Rick Magnuson, Founder and Executive Managing Director of GI Partners, said: “This investment is a testament to the strength of the people and processes which have driven our success over the last two decades. We look forward to leveraging the partnership with Blackstone as we continue to grow and diversify the business for the benefit of our investors.”

Scott Soussa, Head of Blackstone Alternative Asset Management’s Strategic Capital Group, which specializes in acquiring long-term interests in alternative managers, said: “Under Rick’s leadership, GI Partners has established itself as a leading firm in middle-market private equity and real estate investing. Their differentiated sourcing capabilities and strong operating expertise have led to sustained success since their founding and position the firm well for continued growth.”

Evercore served as financial advisor to GI Partners. Kirkland & Ellis served as legal counsel to GI Partners and Simpson Thacher served as legal counsel to Blackstone.

About GI Partners
Founded in 2001, GI Partners is a private investment firm based in San Francisco, California. The firm has raised over $17 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the Healthcare, IT Infrastructure, Services, and Software sectors. The real estate team invests across a broad range of platforms and strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com.

About Blackstone Alternative Asset Management
Blackstone Alternative Asset Management (BAAM®), Blackstone’s Hedge Fund Solutions platform, is the world’s largest discretionary investor in hedge funds, with approximately $78 billion in assets under management. BAAM manages a diversified set of businesses including a customized solutions business, a special situations platform, a hedge fund seeding business, an open-ended mutual fund platform and a business that purchases stakes in established alternative asset managers. In all of BAAM’s business lines, it carefully selects and partners with fund managers across a variety of asset classes and strategies to create solutions for its investors. Through its sharp focus on clients’ goals, a rigorous due-diligence process and access to Blackstone’s global insights, BAAM strives to generate attractive risk-adjusted returns across market cycles while preserving capital during stressed market environments.

Contacts
GI Partners
Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
chris@tofallipr.com

Gretchen Robinson
Investor Relations
415-688-4800
grobinson@gipartners.com

Blackstone
Paula Chirhart
+1 (212) 583-5263
paula.chirhart@blackstone.com