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.

Launch of Apax Digital, a new global fund focused on minority and buyout investments in leading, growth-stage technology companies

Successful fundraise reflects Apax’s high-quality team, long-standing success in the technology sector, and its global platform

New York and London, 6 December 2017 – Apax Partners LLP (“Apax”), a leading global private equity advisory firm, today announced the successful final close of its Apax Digital fund (“Apax Digital” or “the Fund”) at its $1 billion hard cap, exceeding the initial $800 million target. Apax Digital also announced separately today that it has made its first investment in Moda Operandi, a leading ecommerce business offering luxury goods from the world’s top designer brands.

Apax Digital will make minority and buyout investments in high-growth enterprise technology and consumer internet companies globally.  Investments will be concentrated in subsectors where Apax has ample proven expertise, including vertical software, data and analytics, tech-enabled services, marketplaces, digital media, and disruptive e-commerce.  The Fund targets individual equity investments of $30 million-$150 million, with the ability to complete larger investments alongside its limited partners. The Apax Digital fundraise follows the successful close of Apax IX in December 2016 at its hard cap of $9 billion.

Apax Digital is advised by a dedicated 14-person team, based in New York and London. This team, which is comprised of experienced technology investment and operating specialists, is co-led by Marcelo Gigliani and Daniel O’Keefe. Marcelo joined Apax in 1999 and has been a Partner focused on investments in digital businesses, including Trader Corporation, Dealer.com, and Idealista. Dan re-joined Apax in 2016 from Technology Crossover Ventures, where he was a Partner focused on investments in digital businesses, including Spotify, VICE Media, and Rent the Runway. The Apax Digital team comprises longstanding Apax investors as well as new hires from leading technology investment firms, including Insight Venture Partners, Summit Partners, TA Associates and Technology Crossover Ventures.  In addition, Mark Beith, an accomplished technology investor from Silver Lake, joins in January as a Managing Director to lead the Apax Digital London team.

Marcelo Gigliani, Managing Partner of the Apax Digital team, commented: “Apax Digital is a natural extension of Apax’s proven strength in driving robust growth in leading tech companies worldwide. By combining a best-in-class investment team with the resources of the global Apax platform, we can better identify and accelerate meaningful operating value creation in the companies with which we partner.”

Daniel O’Keefe, Managing Partner of the Apax Digital team, continued: “As the technology industry has become one of the most important contributors to global growth, we see an opportunity to back its market leaders in achieving their next phase of development. We’re excited to bring all of Apax Partners’ substantial global capabilities to the growth equity market, and to our partner companies.”

Mitch Truwit, Co-CEO of Apax Partners and Chairman of the Apax Digital strategy, commented: “We are delighted with the strong investor support and believe it is a recognition of the calibre of the digital team we have built, Apax’s successful track record in technology investing, and the ability to leverage the global Apax platform. The new fund complements the main buyout fund, Apax IX, allowing us to work with smaller growth businesses in sub-sectors Apax understands well and in geographies where Apax has a presence.”

Previous technology and digital investments by Apax Funds include: Auto Trader Group and Trader Corporation, the largest online automotive marketplace and software solutions providers in the UK and Canada, respectively; Duck Creek, a leading US-based provider of property and casualty insurance software; King, the leading global mobile games company; Evry AS, the leading Nordic IT services business; and Sophos, the leading UK-based IT security and data protection provider. Since 2003, Apax Funds has invested over $10 billion in 35 leading technology and digital companies across growth and buyout stages.

For further information on Apax Digital please see: http://digital.apax.com.

About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history,

Apax Partners has raised and advised funds with aggregate commitments of $51 billion*. Apax Partners’ Flagship Funds invest in companies across four global sectors of Tech and Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax Partners, please visit http://apax.com.

About Apax Digital
Apax Digital is a $1 billion fund raised in 2017 focused on minority and buyout investments in high-growth enterprise technology and internet companies globally. Advised by Apax Partners, Apax Digital’s investments are focused on subsectors where Apax Partners has expertise, including vertical software, data & analytics, tech-enabled services, marketplaces, digital media, and disruptive e-commerce. For further information about Apax Digital, please visit http://digital.apax.com.

* Funds raised since 1981, commitments converted from fund currency to USD at FX rates as at 30 September 2017.

Contacts: 

Andrew Kenny, Head of Communications
Apax Partners
Tel: +44 20 7872 6371
Email: andrew.kenny@apax.com

Media Enquiries – EMEA
Matthew Goodman, James Madsen or Annabel Clay
Greenbrook Communications
Tel: +44 20 7952 2000
Email: apax@greenbrookpr.com

Media Enquiries – The Americas
Todd Fogarty
KEKST
Tel: +1 212 521 4854
Email: todd.fogarty@kekst.com

Zug, 5 December 2017 – ALTIN Ltd. (SIX: ALTN)

Altin Ltd. («Altin») has requested – in connection with the planned squeeze-out merger with Absolute Invest Ltd. («Absolute Invest») – the delisting of its registered shares from SIX Exchange Regulation.

SIX Exchange Regulation granted this application subject to the approval of the merger by the extraordinary shareholders’ meeting of Altin on 18 December 2018 and the subsequent entry in the Commercial Register of the Canton of Zug. The last trading day of the Altin share and the day of its delisting shall be determined by SIX Exchange Regulation in consultation with Altin as soon as the extraordinary shareholders’ meeting has approved the merger, and this has been entered in the Commercial Register of the Canton of Zug.

SIX Exchange Regulation will publish its decision during the day.

For further information, please contact:

Thomas Amstutz
Tel. +41 (0)41 760 6257
info@altin.ch

EURAZEO TO ACQUIRE A MINORITY STRATEGIC INTEREST IN RHÔNE RHÔNE PARTNERS BECOME EURAZEO SHAREHOLDERS PARTNERSHIP WILL ACCELERATE THE LONG-TER M STRATEGIC  DEVELOPMENT OF BOTH FIRMS

Paris, London & New York, November 29, 2017

Eurazeo, a leading global listed investment company based in Paris and New York, and Rhône, a leading international private equity firm based in New York and London, today announce a strategic partnership. Under the terms of the agreement, Eurazeo will acquire a 30% interest in Rhône in exchange for $100 million cash (€84million) and 2 million newly issued Eurazeo shares. Eurazeo is a Euronext-listed investment company, with total assets under management of €7billion. Rhône is a global alternative investment management firm with over €5 billion in assets under management across both its private equity business and its real estate joint venture with WeWork, the global leader in the collaborative workspace industry.

The partnership is predicated on both firms’ like-minded investment philosophy, common and complementary transatlantic heritage, and historical cultural alignment. This is evidenced by the global geographical presence of each firm, anchored by their common European and American heritage and long-standing network of relationships.

The complementary skills and character of each firm will serve to enhance the benefits of the partnership for both firmsand their

stakeholders, including broadening the ir scale and scope of investment capabilities and reinforcing and cross-pollinating respective networks.

One Rhône representative will serve as an observer on the Eurazeo Supervisory Board while three Eurazeo representatives will serve on Rhône’sBoard of Managers. However, each firm will continue to operate independently and will maintain full discretion over their investment decisions.

The transaction will be accretive to Eurazeo. It is expected to close in the first half of 2018 and is subject to regulatory approvals and other customary closing conditions.

Patrick Sayer, CEO of Eurazeo, said: “We are delighted to partner with Rhône. Together with their world-class investment team, whom we have known for a long time, we share an investment vision and a similar entrepreneurial DNA. This strategic partnershipwill bolster Eurazeo’s business model and help usgrow and transform companies, creating further value for our shareholders.”

Virginie Morgon, Deputy CEO of Eurazeo, added: “Capitalizing on our unique model that combines permanent capital and third-party money, we have successfully built over the past few years a multi-strategy international investment firm. Today’s transaction with Rhône accelerates this strategy.Beyond the financial investment in a top-performing asset management company, this agreement represents a valuable opportunity to significantly broaden our transatlantic reach and gain access to a wider universe of investors.”

Robert Agostinelli, Co-Founder and Managing Director of Rhône, said: “Our common bond of culture, history and relationships provide a natural predicate for this important milestone in the firm’s development. We are delighted to become shareholders in Eurazeo, and this partnership will serve to enhance the future prospects of both of our businesses.”

Steven Langman, Co-Founder and Managing Director of Rhône, added: “While we will continue to operate our firm independently, our shared values and traditions provide an exciting and natural base for this partnership to drive great benefits for our respective investors . We are excited to work more closely with the leading shareholders and management of Eurazeo, many of whom we have known intimatelyfor over 30 years.

About Eurazeo

With a diversified portfolio of approximately €7 billion in assets under anagement, of which €1 billion from third parties, Eurazeo is a leading global investment company with offices in Paris, Luxembourg, New York, Shanghai and Sao Paolo. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The firm covers a broad spectrum of private equity strategies through its five business divisions –Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure, and flexible investment horizon enable Eurazeo to support its companies over the long term. As a global long-term shareholder, the firm offers deep sector expertise and a gateway to global markets, and enables the transformational growth of its companies.

Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121

Bloomberg: RF FP

Reuters: EURA.PA

About Rhône

Rhône was founded in 1996 by Robert F. Agostinelli and M. Steven Langman following their successful careers in cross-border mergers and acquisitions with Goldman Sachs and Lazard. With over 20 years of investing experience, Rhône comprisesa global alternative investment management firm with over €5 billion in assets under management, including its real estate joint venture with WeWork.The firm focuses its private equity investments in market leading businesses with a pan-European or transatlantic presence and global growth opportunities. Rhône, which is currently investing capital from its fifth private equity fund, has invested in a diversified portfolio of companies including those in the chemical, consumer product, food, packaging, industrials, specialty material, business services, and transportation sectors.

In addition, the firm has a joint venture with WeWork to acquire real estate and real estate related assets that are suitable for WeWork.