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3i announces four new hires in its Private Equity team

3I

3i announces four new hires in its Private Equity team, reinforcing its strength in northern Europe and North America.

Reinier de Jong has joined as an Associate Director in the Amsterdam office. Before joining 3i, Reinier was a strategy consultant at Bain & Company and prior to this worked at Morgan Stanley.

Justin Pabst has joined as an Associate in the Amsterdam office. Before joining 3i, Justin was a Commercial Project Manager at Coolblue, and prior to this worked at McKinsey & Company.

Jelle Klein Teeselink has joined as an Analyst in Amsterdam. He holds a Masters in Financial Engineering & Management from the University of Twente.

Brendon Anderson has joined as an Associate in the New York office. Before joining 3i, Brendon was a member of the Global Industrials Group at Citigroup.

3i’s Private Equity business announced another strong quarter to 31 December 2017, with cash realisations of £389 million in the nine months since 31 March 2017. It announced the c. €307 million divestment of ATESTEO in December 2017, generating a euro money multiple of 4.4x and completed add-on investments in Cirtec Medical (Vascotube) and Ponroy Santé (Aragan). In February, 3i announced its proposed investment in Royal Sanders, a leading European private label and contract manufacturing producer of personal care products.

Alan Giddins and Menno Antal, Managing Partners and co-heads of Private Equity, commented:

“We would like to offer a warm welcome to our new colleagues in Amsterdam and New York. We look forward to working with them and the team will benefit from their skills and experience in seeking attractive mid-market investment opportunities in Europe and North America.”

-Ends-

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EQT strengthens position as a leading investor and owner – closes eighth Equity fund at EUR 10.75 billion

eqt

  • EQT VIII holds first and final close at EUR 10.75 billion hard cap (USD 13.2 billion)
  • Strong support for EQT’s responsible investment and ownership approach – growth, transformation and “future-proofing” of high-quality companies
  • Official launch of EQT VIII in September 2017 – less than six months in fundraising

EQT today announces that the eighth fund within the Equity investment strategy, EQT VIII (or the “fund”), held a first and final close at its hard cap of EUR 10.75 billion. The fund officially launched in September 2017.

Investor demand from both existing and new investors was strong with approximately 70% of the commitments to EQT VIII made by investors in the predecessor Equity fund, EQT VII.

“The successful fundraising of EQT VIII confirms the support for EQT’s investment and ownership approach. We are extremely proud to have earned investors’ trust and are fully committed to using EQT’s experience to find solid businesses with transformational potential. EQT seeks to create superior and sustainable value by improving companies with the support of EQT’s superb Industrial Network and the investment advisory teams at EQT Partners”, comments Christian Sinding, Head of the EQT Equity investment advisory team and Deputy Managing Partner at EQT Partners.

EQT VIII will continue the investment strategy of the previous EQT Equity funds. The Equity funds have a strong track record of “future-proofing” companies, on average their portfolio companies increased sales by 10% and earnings by 13% annually during such funds’ ownership. The fund will be deployed into high-quality companies with strong development potential using the EQT value creation toolbox, global platform, digitalization experience and proven governance model to drive performance. Through a thematic and sector-based approach, and by being local with locals, EQT intends to source unique investment opportunities in EQT VIII’s target markets. Investment opportunities will be sought primarily in Northern Europe, focusing on three core sectors, Healthcare, TMT and Services, as well as selectively investing in Industrial Technology and Consumer Goods.

When deploying the fund, EQT VIII will utilize the expertise of the Equity investment advisory team at EQT Partners, as well as the specialists from EQT’s independent Industrial Network.

Thomas von Koch, CEO and Managing Partner at EQT Partners, continues: “EQT VIII marks yet another milestone in our long-term strategy, manifesting EQT’s position as a leading global investment firm. With EQT’s vision of becoming the most reputable investor and owner, our strategy is to make EQT VIII the best possible home for companies poised for growth, as well as be a responsible corporate citizen in the societies where we operate.”

The fundraising was led by the in-house Investor Relations team within EQT Partners. Jussi Saarinen, Partner and Head of Investor Relations, says: “We are humbled by the confidence that the investors have in EQT and very pleased with the high quality of the fund’s investor base.”

EQT VIII is backed by a global blue-chip investor base including, among others, AP2, AP6, Ardian, Argentum, CNP Assurances, Daido Life Insurance Company, The Dai-ichi Life Insurance Company, Danske Bank Wealth Management, Elo, Fubon Life Insurance Company, GIC, GoldPoint Partners, HarbourVest Partners, Harel Insurance, Ilmarinen, Keva, The Andrew W. Mellon Foundation, Nan Shan Life Insurance Company, The New York City Retirement Systems, Northwestern Mutual Life Insurance, P+, Partners Group, PFA Pension, Sampension, Signal Iduna, Teacher Retirement System of Texas, Teachers’ Retirement System of the State of Illinois, TryghedsGruppen, Universities Superannuation Scheme and Varma.

Contacts:
Christian Sinding, Head of the EQT Equity investment advisory team and Deputy Managing Partner at EQT Partners, +41 44 266 6800
EQT Press Contact, +46 8 506 55 334

About EQT
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership – in short, future-proofing portfolio companies.

More info: www.eqtpartners.com

About the EQT VIII fund
EQT VIII is a EUR 10.75 billion fund that will target primarily control equity investments as well as significant influence investments in companies with strong market positions, significant potential for revenue and earnings growth, strong cash flows and a solid platform that can retain and attract high-quality management. EQT VIII will seek to make equity investments typically ranging between EUR 150 million and EUR 1,000 million. The geographical focus will primarily be Northern Europe and the fund will mainly focus on investments in the Healthcare, TMT and Services sectors.

The fundraising for EQT VIII has now closed. Accordingly, the foregoing should in no way be treated as any form of offer or solicitation to subscribe for or make any commitments for or in respect of any securities or other interests or to engage in any other transaction.

This press release is translated into multiple languages for information purposes only. In case of a discrepancy, this version shall prevail.

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Ardian extends global reach with Tokyo office

Ardian

Paris, Tokyo, 15 February 2018 – Ardian, a world-leading private investment house, today announces the opening of an office in Tokyo, Japan. As well as deepening already established relationships in Japan, the new office will consolidate the company’s growth across the Asia Pacific region. Adding to Ardian’s multi-local approach to managing client relationships, the company now has a total of 13 offices, with three in Asia, following the opening of offices in Singapore and Beijing in 2005 and 2012 respectively.

Japan forms an important part of Ardian’s international development strategy. It will continue to be a significant base for the company in terms of both fundraising and investing, and will build on Ardian’s established strong presence in the region. Ardian has more than a dozen blue-chip clients in Japan, which represent over $2bn of AUM and comprise some of the most respected pension plans, insurance companies and financial institutions.

The office will be led by Kanji Takenaka, who joins Ardian as Head of Japan and Managing Director. Mr Takenaka’s career includes senior roles at Simplex Real Estate, Fortress Investment Group, Norinchukin Bank and most recently at HarbourVest Partners, where he held the position of Principal.

Dominique Senequier, President of Ardian, said: “The opening of our office in Japan is a natural progression for us as we continue our strategy of evolving and growing our business globally. Ardian has established itself as a leading player in the global investment industry and this latest office opening marks our commitment to the region. As more and more Japanese pension funds, companies and institutions are increasingly looking to diversify their investments outside of the domestic market, Ardian is well placed as a global investment house to provide an array of quality opportunities to deliver superior returns.”

Jan Philipp Schmitz, Member of the Executive Committee of Ardian and Head of Asia, said: “This is a great step for Ardian, and it will allow the company to meet the requirements of a market in which we see a lot of growth to come. We already know the Asian market well. We have nearly 50 clients in the region, who have invested $8.2bn in our funds, while we have made nearly 100 fund investments in addition to 20 direct investments. Having this local footprint is essential in serving our existing clients, as well as attracting new ones and benefitting from emerging opportunities.”

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$66bn managed or advised in Europe, North America and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 480 employees working from thirteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of 650 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Follow Ardian on Twitter @Ardian

www.ardian.com

 

 

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ICG hires Imene Boumalala to head up marketing to France, Italy, Spain, Geneva and Monaco

Paris, London, Geneva–Intermediate Capital Group

(ICG), the specialist asset manager, announces it has appointed Imene Boumalala to head up marketing to France, Italy, Spain, Geneva, Monaco and selected strategies to Israel, effective immediately.

Her responsibilities will include marketing ICG’s investment strategies directly to institutional investors as well as managing Existing investor relationships. Ms. Boumalala reports to Michael Biereth, Managing Director, Marketing and Client Relations. She will also interact extensively with ICG’s global distribution team.

Ms. Boumalala brings to ICG a wealth of experience in a variety of complex alternative investments. She joins ICG from Neuberger Berman, where she worked for 11 years, and was part of the institutional sales team for seven years. Whilst at Neuberger Berman, she pioneered sales activities In Israel, as well as covering institutional sales for France. Prior to Neuberger Berman Ms. Boumalala worked for Morgan Stanley within the Listed Derivatives Division, where she Gained strong expertise in relationship management while covering institutional clients, Hedge Funds, and High Net Worth Individuals across Europe.

Ms. Imene Boumalala holds a degree in Economics from the University of Paris,Sorbonne.

Michael Biereth said:

“We are delighted to welcome Imene to our global sales team, where her expertise in reaching new clients and developing new markets will be a tremendous asset to our team. ICG’s ability to continuously diversify our investor base has underpinned our success in developing new strategies and scaling our most successful strategies.

 

For further details please contact:

Helen Gustard, ICG +44 203 201 7760

Finlay Donaldson, Maitland PR +44 207 379 5151

 

About ICG

ICG is a specialist asset manager with over 28 years’ history.

The company manages €27.2bn* of assets in third party funds and proprietary capital, principally in closed – end funds. Its goal is to generate income and consistently high returns whilst protecting against investment downside. Investing across the capital structure, ICG combines flexible capital solutions, local access and insight with an entrepreneurial approach. ICG operates across four asset classes – corporate, capital market, real asset and secondary investments. In addition to growing existing strategies, the company is committed to innovation and pioneering new strategies across these asset classes where the market opportunity exists to deliver value to fund investors and increase shareholder value.

ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at: www.icgam.com

*as at 30 September2017

 

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artners Group reports gross client demand of EUR 13 billion and new investments

Partners Group

Download press release 11.01.2018

Baar-Zug, Switzerland, 11 January 2018

Partners Group reports gross client demand of EUR 13 billion and new investments of USD 13 billion in 2017; total AuM up 14% to EUR 62 billion; guidance for 2018 gross client demand stands at EUR 11-14 billion

EUR 13 billion gross client demand in 2017; AuM stands at EUR 62 billion
Partners Group, the global private markets investment manager, received EUR 13.3 billion in new commitments from its global client base across all private markets asset classes in 2017. This demand for programs and mandates brings total assets under management (AuM) to EUR 61.9 billion as of 31 December 2017 (31 December 2016: EUR 54.2 billion) and represents net growth of 14%.

The breakdown of total AuM as of 31 December 2017 is as follows: EUR 32 billion private equity (51%), EUR 11 billion private debt (18%), EUR 11 billion private real estate (17%), and EUR 8 billion private infrastructure (14%).

AuM development in 2017

Gross client demand of EUR 13.3 billion in 2017 moderately exceeded the communicated expected bandwidth of EUR 10-12 billion for the full year. This record amount was based on the combination of a solid pipeline of investment opportunities and strong client demand for the firm’s flagship programs and mandates. Tail-down effects from mature private markets investment programs and redemptions from liquid and semi-liquid vehicles amounted to a total of EUR -4.1 billion in 2017 (guidance provided: EUR -3 to -4 billion).

Given that 36% of Partners Group’s AuM is USD-denominated, the weakening of the US Dollar against the Euro by 12% in 2017 negatively affected the firm’s total AuM in Euros. In 2017, foreign exchange effects amounted to EUR -2.9 billion. A positive contribution of EUR +1.4 billion stemmed mainly from performance-related effects from certain investment vehicles. Overall, this resulted in net AuM growth of EUR 7.8 billion during the period.

USD 13 billion invested in a highly disciplined manner
In 2017, Partners Group invested a total of USD 13.3 billion on behalf of its clients. The firm continued to take a highly disciplined and prudent approach to investment and maintained its high standards of selectivity in a market characterized by full valuations across all private markets asset classes. Investment professionals screened 3,843 direct transactions across all asset classes, investing in only 77 of them and registering a decline rate of 98%. Partners Group’s secondary investment specialists screened USD 137 billion in private markets assets and invested in less than 2% of these.

Christoph Rubeli, Partner and Co-Chief Executive Officer, comments: “Our investment approach across private markets is guided by both structural change as well as transformative trends. In particular, we focus on sectors benefiting from the global megatrends we believe have the ability to support assets in generating higher top-line growth than the rest of their industry. These include digital transformation, new generation living and consumption, and the energy revolution.”

Of the total amount of USD 13.3 billion invested, USD 8.3 billion (62% of total investment volume) was deployed in direct transactions, of which USD 4.1 billion was invested in individual assets across private equity, private real estate and private infrastructure and USD 4.2 billion was invested in corporate credits. The firm’s secondaries investment teams invested a total of USD 2.2 billion (17% of total investment volume) in globally diversified private markets portfolios. To complement its direct and secondary investments, the firm committed USD 2.8 billion (21% of total investment volume) to select private markets managers.

Client demand expected to be strong in 2018
For the full year 2018, Partners Group expects gross client demand of EUR 11-14 billion (2017: EUR 10-12 billion), together with EUR -4.5 to -5.5 billion (2017: EUR -3 to -4 billion) in tail-down effects from the more mature Partners Group programs and potential redemptions from liquid and semi-liquid programs.

André Frei, Partner and Co-Chief Executive Officer, comments: “Client demand in 2017 was characterized by the successful closing of a number of flagship programs across all private markets asset classes. We have started 2018 with a sustained pipeline of demand from clients across the globe, and expect the supportive fundraising environment to lead to similar results as last year.”

Conference call today
Partners Group’s senior management will hold a conference call today at 9am CET. Dial-in details can be obtained by using the contact details below. The annual results as of 31 December 2017 will be published on 20 March 2018.

Key dates 2018

20 March 2018 Annual results and report as of 31 December 2017

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Apex’s acquisition of M.M.Warburg & CO’s Asset Management

Apex, Genstar and SALU Capital jointly announce Apex’s acquisition of M.M.Warburg & CO’s Asset Management and Servicing Business in Luxembourg

Apex’s Third Acquisition in Six Months Will Add $50bn in Assets under Administration and Custody (“AuA” and “AuC”) Bringing Apex Closer to Achieving its Goal of Becoming one of the Top 5 Largest Administrators Globally

HAMILTON, BERMUDA, SAN FRANCISCO, and NEW YORK (January 8, 2018) – Apex Group Ltd. (“Apex”), Genstar Capital (“Genstar”), and SALU Capital (“SALU”), today jointly announce Apex’s acquisition of M.M.Warburg & CO’s Asset Management and Servicing business in Luxembourg (“Warburg”). Upon completion of the transaction, Apex, a Genstar portfolio company, will have nearly $350 billion of AuA.

The transaction is the third for Apex in the space of six months following the acquisition of both Equinoxe Alternative Investment Services and Deutsche Bank’s Alternative Fund Services business in 2017. This latest move reaffirms Apex’s position as the fastest growing fund administrator in the world and brings it closer to achieving its goal of becoming one of the top five largest fund administrators globally. Apex and Genstar partnered with SALU Capital, led by Managing Partner Markus Philipp Ehrhardt, whose market knowledge and network was instrumental in the successful origination and execution of the transaction.

The transaction will see Warburg Invest Luxembourg S.A. and M.M.Warburg & CO Luxembourg S.A. become part of Apex, adding a further $50bn to Apex’s global AuA. The Group’s unique operating model and globally connected service provision opens up additional jurisdictional expertise and investment options to Warburg clients.

The full depositary services and private equity depositary solutions provided by the Warburg Luxembourg units brings will add further weight to Apex’s strength in delivering a complete service to European regulated funds, and will further complement the services integrated via the Deutsche Bank AFS acquisition.

Parent company, M.M. Warburg & CO (AG & Co.) KGaA, and Apex will form a strategic partnership for Luxembourg based asset management services businesses whilst Warburg Invest (Germany) will also continue to focus on its German asset management business.

Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions, including regulatory approval and is expected to be completed in the second quarter of 2018.

“The addition of the Warburg team and product suite further strengthens our capabilities in the highly regulated European market as we continue to develop the most complete service offering in the sector. There are benefits for both the transitioning Warburg clients and existing Apex clients in this combined offering and as we continue to grow we want to help them to grow with us,” stated Peter Hughes, Founder and CEO at Apex.

Joachim Olearius, Spokesman for the Partners of M.M.Warburg & CO, stated, “In Apex we have found a partner for this transaction that perfectly meets the requirements and expectations of our customers. Apex’s independence and unfailing dedication to delivering exemplary service to its clients means we can be confident that the transition will be smooth and service levels maintained. Our continued commitment to working closely with Apex as a strategic partner aptly demonstrates our trust and confidence in this combination.”

“With our first deal, we are proud to be part of this significant transaction with strategic partners of the caliber of Apex and Genstar, and with a seller as reputable as M.M. Warburg & Co, proving our ability to originate and execute on complex investment opportunities,” says Markus Philipp Ehrhardt, Managing Partner of SALU Capital.

Willkie Farr & Gallagher LLP and Arendt & Medernach provided legal counsel to Apex and Genstar.

About Apex Group  

Apex, established in Bermuda in 2003, is one of the world’s largest independent fund administration and middle office solutions providers with offices in 35 locations worldwide. Apex has continually improved and evolved its product suite by surrounding these core administrative services with additional products spanning the full value chain; from information delivery and regulatory products to a full middle office solution and fund listings database. Apex now administers the investments of some of the largest funds and institutional investors in the world. www.apexfundservices.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 nearly 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 $9 billion and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries. Genstar’s current and previous investments in financial and business services companies include Ascensus, AssetMark, Strategic Insight, Mercer Advisors, Institutional Shareholder Services and Altegris.

About SALU Capital

SALU Capital (www.salucapital.com) is a special situations and private equity investment firm with focus on the global financial services and insurance sectors. SALU works with an established network of family offices and institutional investors enabling the firm to target investments with an equity value of between $20 million and $300 million for individual transactions. SALU’s leadership and investment partners have deep and broad experience in global financial markets, private equity and the investment management industry, and SALU relies upon a network of senior advisors that includes former CEOs and senior operators with decades of experience in the sectors that SALU invests in.

About M.M. Warburg & CO

Founded in 1798, M.M.Warburg & CO is an independent German private bank. As a universal bank, it provides sophisticated banking services to discerning private clients, corporate clients, and institutional investors in its core business segments of Private Banking, Asset Management, and Investment Banking. The Warburg Banking Group has own funds of EUR 423.7 million, assets under management of EUR 54.1 billion, and 1,232 employees (as of December 31, 2016). It comprises M.M.Warburg & CO as well as the subsidiaries Marcard, Stein & Co, M.M.Warburg & CO Hypothekenbank and Warburg Invest.

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MEDIA INQUIRIES:

Genstar Capital
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

Apex
Rosie Guest
Global Marketing Director
rosie@apexfunds.co.uk
+44 (0) 7770 858 280

SALU
Markus Philipp Ehrhardt
Managing Partner
mehrhardt@salucapital.com

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Investor Group to Acquire Voya’s Closed Block Variable Annuity Business

Apollo

–Consortium Led by Apollo, Crestview Partners, and Reverence Capital Partners to Form Industry Solution for Variable Annuities–

NEW YORK–(BUSINESS WIRE)–Dec. 21, 2017– An investor group led by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE:APO), Crestview Partners (“Crestview”), and Reverence Capital Partners (“Reverence”), today announced they have entered into a definitive agreement to acquire Voya Financial, Inc.’s (“Voya”) (NYSE:VOYA) Closed Block Variable Annuity business (the “CBVA Business”). The investment will be made through a newly formed standalone entity (“Venerable Holdings, Inc.” or “Venerable”). The proposed transaction, which is expected to close in the second or third quarter of 2018, is subject to regulatory approvals and other customary closing conditions. Apollo, Crestview, and Reverence will own equal stakes in Venerable, and Athene Holding Ltd. (“Athene”) (NYSE:ATH) and Voya will also acquire minority positions in Venerable.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171221005353/en/

The investors in Venerable are all well-established strategic investors with significant regulatory credibility and experience in successfully building and growing insurance businesses with patient, long-term capital. Upon closing of the transaction, Venerable will be conservatively capitalized to CTE 98+. The investors in Venerable believe it is advantageous that the CBVA Business will operate as a private company, with a hedging strategy that will focus on the economic and regulatory stability of the underlying assets and statutory capital strength rather than reducing GAAP earnings volatility. In connection with the transaction, Voya Investment Management will become Venerable’s preferred asset management partner. Voya has substantial heritage and knowledge in this area and will manage the assets of the CBVA Business as well as the assets from future acquisitions of closed block variable annuities by Venerable.

Apollo, Crestview and Reverence said, “We are attracted to Voya’s CBVA Business due to the strength of the team and platform, and the structure and stability of the underlying assets. We believe blocks such as the CBVA Business are best owned through private ownership. In addition, we believe success in variable annuities is primarily calibrated with effective risk management, which is Venerable’s most significant core competency. With a sole focus on variable annuities and support from an outstanding group of strategic investors, Venerable is uniquely positioned to serve as a leading industry solution for the consolidation of variable annuity blocks and the creation of long-term economic value.”

In connection with the transaction that is being announced today, Athene has signed a definitive agreement to reinsure approximately $19 billion of Voya’s fixed and fixed indexed annuities, which will be administered by Venerable, and Athene Asset Management will provide asset management services for these fixed annuities. In addition, Athene will be Venerable’s strategic partner for fixed annuity blocks as opportunities arise going forward.

The senior leadership team of the current CBVA Business, including Patrick Lusk, David Wiland, and Timothy Brown, will remain in place at Venerable and will continue to perform the same functions. Venerable will also establish a core group of employees exclusively focused on risk management and operational efficiency.

Venerable’s headquarters will remain in the CBVA Business’s current headquarters in West Chester, Pennsylvania, and the CBVA Business’s existing U.S. operations will be consolidated in Des Moines, Iowa. Over time, as Venerable acquires additional variable annuity portfolios, it expects to build a meaningful presence in Des Moines and establish a center of excellence for variable annuities.

Barclays is serving as financial advisor and Sidley Austin LLP is serving as legal counsel to Venerable in connection with this transaction.

About Apollo Global Management

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management (AUM) of approximately $242 billion as of September 30, 2017 in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

About Crestview Partners

Founded in 2004, Crestview Partners is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with over $7 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: energy, financial services, industrials and media. For more information: www.crestview.com.

About Reverence Capital Partners

Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets and (5) Financial Technology/Payments. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The Partners collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors.

Forward Looking Statements

This press release may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2017, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Source: Apollo Global Management, LLC

Apollo
For investor inquiries regarding Apollo:
Gary M. Stein, 212-822-0467
Head of Corporate Communications
Apollo Global Management, LLC
gstein@apollolp.com
or
Noah Gunn, 212-822-0540
Investor Relations Manager
Apollo Global Management, LLC
ngunn@apollolp.com
or
For media inquiries regarding Apollo:
Charles Zehren, 212-843-8590
Rubenstein Associates, Inc. for Apollo Global Management, LLC
czehren@rubenstein.com
or
Crestview
Jeffrey Taufield/Daniel Yunger, 212-521-4800
Kekst and Company
jeffrey.taufield@kekst.com / daniel.yunger@kekst.com
or
Reverence
Milton Berlinski,212-804-8022
Co-Founder and Managing Partner
Reverence Capital Partners
milton.berlinski@reverencecapital.com

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EQT Credit Opportunities III holds final close at EUR 1.3 billion

eqt

  • EQT Credit Opportunities III holds final close at EUR 1.3 billion, exceeding target
  • Continuation of the successful diligence-led investment strategy deployed by the two predecessor funds
  • Supported by a blue-chip investor base of pension funds, insurance companies, family offices and foundations in Western Europe, the Americas and Asia
  • Approximately 20% of the fund has already been committed

EQT today announces the successful closing of the EQT Credit Opportunities III fund (the “fund”) with total commitments of EUR 1.3 billion, well exceeding its initial target and its predecessor fund.

The fund focuses on medium-term investment opportunities in complex situations via the secondary market and by providing creative capital solutions to companies that are unable to access the capital markets.

Cyril Tergiman, Partner, Investment Advisor to the fund, comments: “Our focus on local sourcing and diligence, supported by EQT’s network of Industrial Advisors, as well as the fund’s ability to invest in a broad range of situations, has been key to our investment approach over the last ten years”.

Andrew Konopelski, Partner and Head of EQT Credit, Investment Advisor to the fund, adds: “Looking ahead, we are excited by the opportunities in the market and believe they play to EQT Credit’s strengths as a due diligence-focused investor. Thanks to the strong support demonstrated by existing and new investors, EQT Credit is well placed to capitalize on these opportunities over the coming years”.

Investors in the fund include a diverse group of European, Asian, North and South American pension funds, insurance companies, endowments, foundations and family offices.

“The outcome of the EQT Credit Opportunities III fundraising is yet another successful development in the growth of the EQT Credit platform, which covers the full range of risk profiles and investor appetites”, says Jussi Saarinen, Partner and Head of Investor Relations at EQT Partners.

Recognized by Private Equity International and Private Debt Investor as European Lender of the Year 2016, EQT Credit has positioned itself as an integrated capital provider across the credit risk spectrum.

The fundraising for the EQT Credit Opportunities III fund has now closed. As such, the foregoing should in no way be treated as any form of offer or solicitation to subscribe for or make any commitments for or in respect of any securities or other interest or to engage in any other transaction.

Contacts:
Andrew Konopelski, Partner and Head of EQT Credit, Investment Advisor at EQT Partners +44 20 7430 5525
Cyril Tergiman, Partner, Investment Advisor at EQT Partners +44 207 430 5554
Carlota Sanchez-Marco, Managing Director, Investor Relations at EQT Partners +34 674 345 701, carlota.sanchez-marco@eqtpartners.com
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading alternative investments firm with approximately EUR 38 billion in raised capital across 25 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About EQT Credit
The EQT Credit platform, which spans the full risk-reward spectrum investing with three strategies: senior debt, direct lending and credit opportunities, has invested approximately EUR 4.0 billion across approximately 150 companies since inception in 2008.

For more information: www.eqtpartners.com/Investment-Strategies/Credit

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Inventure launches its third early-stage venture capital fund

Inventure

Investments in funds – 2017-12-19

Already at the first closing, Inventure Fund III is the largest pure early-stage technology fund ever raised in Finland.

Helsinki, 19th December 2017: Inventure, a Nordic venture capital firm investing in seed and early-stage technology companies, today announces that it has completed a first closing of Inventure Fund III at €110 million. Already at the first closing, Inventure Fund III is the largest pure early-stage technology fund ever raised in Finland.

The first closing of the fund was led by European Investment Fund (EIF), Finnish Industry Investment (Tesi), Elo, Ilmarinen, Nordea Life Finland and other institutional and private investors. The fundraising continues throughout 2018 towards the target size of €135 million.

“Our conviction about the Nordic opportunity is greater today than ever before. By playing our part in building successful tech companies in the Nordics, we hope to contribute to growth and development of the whole region,” says Sami Lampinen, Inventure’s Managing Partner. “Already today, Inventure portfolio companies employ 1350 people. We want to triple this number in the years to come.”

Inventure has been supporting Nordic entrepreneurs over the past twelve years – first, from its headquarters in Helsinki, and lately from the new office in Stockholm. With the new fund, Inventure stays true to its investment strategy of supporting the entrepreneurs as early as possible. The increase in the fund size provides the team with an additional capacity to lead investments not only at seed stage, but all the way through expansion stages.

”In its two previous funds, the Inventure team has proven the ability to create value in dozens of companies and to generate good financial returns for investors. We are excited to be backing the new fund, and we are looking forward to new success stories rising from the portfolio”, says Tapio Passinen, Investment Director at Tesi.

Having the roots in Finland, the team makes big bets on deep tech – artificial intelligence, internet of things, new materials, virtual and augmented reality. New era of connectivity, future mobility, personalized healthcare, and next-generation UX platforms are key areas Inventure continues investing in.

“With its two prior funds Inventure has established its position as one of the leading early stage VCs in the highly innovative and successful Nordic ecosystem. We are pleased to continue backing a strong local investor like Inventure, which can provide close support to the most promising start-ups both operationally as well as financially”, says Juho Aminoff from the European Investment Fund (EIF).

More information
Sami Lampinen
Managing Partner
sami@inventure.fi
+358 40 520 5295

About Inventure
Inventure is a Nordic venture capital firm investing in seed and early-stage technology companies. Over the past 12 years, Inventure has been working with some of the best entrepreneurs in Finland, the Nordics and the Baltics, supporting innovative start-ups and high-tech companies. Inventure’s team is a great mix of experienced entrepreneurs, industry experts, and investment professionals committed to help start-ups build global success stories. Inventure operates in Helsinki, Stockholm, and Shanghai. For more information, please visit www.inventure.fi.

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Ratos: Jonas Wiström new CEO of Ratos, Per-Olof Söderberg new Chairman of the Board

Ratos

Press release 13 December 2017

This information is information that Ratos AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 7:45 a.m. CET on 13 December 2017.

Ratos’s Board of Directors has appointed current Chairman of the Board, Jonas Wiström, as the company’s new CEO as of 13 December 2017. In conjunction with this change, Magnus Agervald will step down from Ratos effective immediately. The Board of Directors has appointed Per-Olof Söderberg as the company’s new Chairman of the Board, and Jan Söderberg to the new position of Deputy Chairman. The Board’s assessment is that these changes are necessary to enable the company to create value.

“The Board is not satisfied with Ratos’s performance. To succeed in implementing the new strategic direction established during the year, we believe a different leadership is needed. We believe Jonas Wiström’s experience and leadership is more relevant for the updated strategic agenda. During its more than 150 years as a company, Ratos has continuously changed and reinvented itself, and this type of change is more necessary today than ever before,” says Per-Olof Söderberg, the company’s new Chairman of the Board.

“I look forward to taking on an operational role at Ratos. The Board of Directors and I believe in the new strategic direction. Now my goal is to work with Ratos’s organisation to figure out how to best implement it. The management teams and boards of the portfolio companies possess critical expertise that I also want to leverage to ensure better value creation for Ratos as a whole. My task is clear: to increase shareholder value,” says new CEO Jonas Wiström.

Chairman of the Board Per-Olof Söderberg, concludes:

“The Board also wants to extend its sincere thanks to Magnus Agervald, who left an important mark during his time at Ratos. He has cut the company’s operational administration costs, discontinued underperforming companies and completed an important platform acquisition.”

According to his employment contract, Magnus Agervald is entitled to a notice period of 12 months, which will be offset against any income earned from new assignments. A maximum total cost will be recognised in Ratos’s next interim report.

For further information, please contact:

Per-Olof Söderberg, Chairman of the Board of Ratos, +46 8 700 17 98
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

Financial calendar from Ratos:
Year-end report 2017                                              16 February 2018
Interim report January-March 2018                         3 May 2018
Interim report January-June 2018                           17 August 2018
Interim report January-September 2018                  25 October 2018

Ratos owns and develops unlisted medium-sized companies in the Nordic countries. Our goal as an active owner is to contribute to long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 14 medium-sized Nordic companies and the largest segments in terms of sales are Industrials, Consumer goods/Commerce and Construction. Ratos is listed on Nasdaq Stockholm and has a total of approximately 13,400 employees.

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