Tag Archives: Investments

EU funding for growth of Finnish companies

Tesi

A new financing model of the EIB and Tesi will invest EUR 100 million to growth-oriented SMEs and innovative mid-cap companies over the next eight years.

The European Investment Bank (EIB) and the investment company Tesi (Finnish Industry Investment) have agreed on a financing programme to channel funding in support of the growth of Finnish companies. The operation is guaranteed under the European Fund for Strategic Investments (EFSI), central pillar of the Investment Plan for Europe of the Juncker Commission. The financing to be managed by Tesi targets a total of EUR 100 million to promising companies, equally split between the EIB and Tesi. Furthermore, the funding is structured to be complemented by private sector co-investments with another EUR 100 m, totalling EUR 200 m of new investments to the benefit of SMEs and mid-caps.

This financial mechanism supplements EIB funding in the form of equity type loans and equity financing by Tesi. The financing of EUR 15–30 million per company is targeted to growth-oriented SMEs and innovative mid-cap companies. In addition, each financing round must involve at least the same amount in private capital. This may be used e.g. to boost growth, internationalisation and product development.

“Finland has succeeded very well in making use of the financial instruments offered by the EU, which is also our Government’s objective. This applies, in particular, to funding from EFSI. The financing programme of Tesi and EIB published today is the first of its kind adopted in the Nordics. It will add to the available sources of risk finance and remove financial bottlenecks faced by growth companies. The programme will significantly boost the growth of innovative growth companies and mid-cap companies that are vital for our national economy and employment,” says Minister of Economic Affairs Mika Lintilä.

“The new financial model enables larger financing rounds than before and diversifies the financing structures of growth-oriented companies. It boosts the growth and internationalisation of companies and improves their ability to make significant investments. We are very happy to partner with EIB and channel equity financing of the EFSI to Finnish companies,” says CEO of Tesi Jan Sasse.

Competitiveness to European companies

Traditionally, the EIB has to large extent offered financing to companies in the form of loans and guarantees, which means that for EIB this is a rather new type of financing. Tesi is EIB’s first partner in the Nordics that channels EFSI-guaranteed financing to companies as direct capital investments.

”I think this operation is one to be proud of.” added EIB vice-president Alexander Stubb. “The platform is designed to fill-in market gaps in the Finnish equity investment landscape, which hinders companies’ development and internationalisation. Two of the priorities under the investment schemes supported by the EU are to support SMEs and to work together with National Promotional Institutions, so I believe we hit the bull’s-eye here.”

The European Fund for Strategic Investment EFSI is part of the Investment Plan for Europe, the Juncker plan. The aim is to secure the access to funding, investments and economic growth for European SMEs.

Jyrki Katainen, Commission Vice-President responsible for Jobs, Growth, Investment and Competitiveness, said: “The Investment Plan’s European Fund for Strategic Investments was designed to facilitate small and medium-sized enterprises gain access to finance they need to expand, innovate and create jobs. So far, around 700,000 small businesses across Europe are expected to benefit. I am delighted that, with today’s transaction, the Investment Plan will allow Finnish firms to benefit from EUR 100 million in financing opportunities.”

Press contacts:
EIB: Tim Smit, +352 691 286423, t.smit@eib.org – Twitter #EIB60 and Instagram
Tesi: Jan Sasse, CEO, +358 40 861 9151, jan.sasse@tesi.fi
European Commission: Siobhan Millbright, +32 22957361, Siobhan.millbright@ec.europa.eu – Twitter #investEU
MEE: Jukka Ihanus, +358 50 463 9929 and Jyrki Orpana, +358 50 409 4457, Twitter @Tem_uutiset

 

Background information:

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In 2017, the Bank made available in excess of EUR 1.3 billion in loans for Finnish projects.

About The Investment Plan for Europe
The Investment Plan for Europe focuses on strengthening European investments to create jobs and growth. It does so by making smarter use of new and existing financial resources, removing obstacles to investment, and providing visibility and technical assistance to investment projects. The European Fund for Strategic Investments (EFSI) is the central pillar of the Juncker Plan. It provides a first loss guarantee, allowing the EIB to invest in more, often riskier, projects. So far, the projects and agreements approved for financing under the EFSI are expected to mobilise EUR 335 billion in investments and support around 700 000 SMEs across all 28 Member States. Find the latest EFSI figures by sector and by country here, or see the FAQs.

SME Small- and medium-sized enterprise
Enterprise which has fewer than 250 employees and an annual turnover not exceeding EUR 50 million or an annual balance-sheet total not exceeding EUR 43 million.

Mid-cap 
Company which has fewer than 3,000 employees and an annual turnover not exceeding EUR 300 million.

 

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Litorina completes fundraising of Litorina V at the 3 billion SEK target

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Litorina

Litorina closed the raising of Litorina V on August 14 at the 3 billion SEK target, representing an increase of 20% to Litorina IV. The Fund will continue the successful strategy of investing in primarily Swedish companies valued at 200-1000 million SEK.

Investors are well reputed institutions from Europe, North America and Asia with a mix of pension funds, asset managers, insurance companies and funds-of-funds. Building on the successful strategy of predecessor funds, Litorina V will focus on majority investments in primarily owner-led companies with opportunities to accelerate growth and value creation through a clear agenda in partnership with earlier owners.

Litorina V has already made investments in the exciting growth company Digpro and in Bergfalk and Johan i Hallen, who together form a new group.

Legal advisers for the fundraising were Proskauer and Vinge, with Quest acting as placement agent.

For additional information, please contact:
Jörgen Ekberg, Managing Partner, +46 708 113 16

Litorina, founded in 1998, focuses on acquiring and industrially developing companies together with their management teams. Litorina offers broad and deep expertise both via its own organization and through its network of industrial advisors. Litorina V Advisor AB serves as an investment advisor to the Swedish private equity fund Litorina V AB. For more information, please visit http://www.litorina.se..

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TA Associates Announces New Hires in Menlo Park

TA associates

BOSTON and MENLO PARK – TA Associates, a leading global growth private equity firm, today announced the recent hiring of Calen Angert and Nicholas Leppla, who have rejoined the firm as Vice Presidents in its Menlo Park office.

“We are thrilled to welcome back Calen and Nick to the firm,” said Brian J. Conway, Chairman and Managing Partner at TA Associates. “As Associates, both proved to be valuable contributors to TA on several fronts, particularly in our deal sourcing and due diligence efforts. We look forward to Calen and Nick’s contributions as we continue to seek investments in profitable growth companies and partner with the management teams of our portfolio companies to create further value.”

Calen Angert focuses on investments in healthcare companies across North America. Prior to attending graduate school, he served as an Associate in the Boston office of TA Associates. Mr. Angert previously served as an Analyst in the Healthcare Investment Banking Group at Morgan Stanley. He received a BSBA, magna cum laude, in Finance from the McDonough School of Business at Georgetown University and an MBA from the Stanford Graduate School of Business.

Nicholas Leppla focuses on investments in technology companies across North America. Prior to attending graduate school, he served as an Associate in the Menlo Park office of TA Associates. Mr. Leppla previously served as the Chief of Staff of AVG Technologies, a former TA portfolio company, and as an Analyst in the Technology, Media and Telecommunications Investment Banking Group at J.P. Morgan. He received a BA in Economics and Engineering Sciences (Environmental) from Yale University and an MBA from the Stanford Graduate School of Business.

About TA Associates
Now in its 50th year, 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 nearly 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 $1.5 to $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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Headway’s latest fund completes second investment

Headway

GP restructuring of Spanish fund in partnership with Alter Capital

Headway Capital Partners LLP (“Headway”) is pleased to announce the closing of the latest secondary investment of its advised fund, HIP IV SCSp (“HIP IV”). HIP IV has completed the GP restructuring of a fund managed by Alter Capital, a Seville-based general partner. Headway worked closely with Alter Capital and has established a new vehicle, Alter Cap II SCR, SA (“Alter II”), to purchase the portfolio from Alter Capital’s previous fund and provide follow-on investment to drive further growth in the companies. The lead limited partner of the previous fund was a government-backed entity which supports growth in the Andalusia region and wished to generate liquidity now that the companies have matured since its original investment, whilst ensuring that the companies would have a new partner that could continue to support their growth; Headway was able to provide a solution that addressed the need of every party involved. Specific terms of the transaction were not disclosed.
Sebastian Junoy, founding partner of Headway, commented “We are delighted to partner with Alter Capital, who bring valuable experience in the region, deep knowledge of the portfolio companies and close relationships with their excellent management teams, to purchase this diversified and attractive portfolio. We believe our investment will allow the companies to realize their significant upside potential.”
Angel Gonzalez, Partner of Alter Capital, said “We are very pleased to work with Headway. Their significant expertise in GP restructuring transactions has provided us with a complete solution and we are excited to begin our partnership with them to maximize the potential of our portfolio.”

About Headway: Headway is an independent private equity secondary firm providing a full range of liquidity solutions to investors seeking exits or alternatives for their private equity assets. Headway purchases portfolios of direct private equity investments, minority stakes in single companies and limited partnership positions in private equity funds. Headway also supports general partners in fund restructurings and can provide funds with additional capital for investment through structured secondary transactions. Headway specialises in small to mid-size secondary transactions and invests globally with a focus on Western Europe and North America.

Headway Capital Partners LLP
250 Tottenham Court Road, 2nd Floor, London W1T 7QZ
Phone: +44 20 7518 8888 Fax: +44 20 7900 3160
Email: info@headwaycap.com
Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. Registered Number OC306661.

About Alter Capital: Alter Capital is a Seville-based general partner which specializes in investing in growth companies in the region and takes active board roles, working closely with the management teams. Alter’s principals have significant experience in investing in Spain and are currently focused on the Andalusia region. The current portfolio consists of investments in the business services, healthcare and dental sectors.

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AURELIUS Group to expand its management team

Aurelius Capital

  • Donatus Albrecht to look after the group-wide M&A strategy
  • Matthias Täubl newly appointed to the Executive Board with responsibility for operations

Munich, July 17, 2018 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) is announcing changes to its Executive Board today. From August 1, 2018, Donatus Albrecht will look after the group-wide M&A strategy of all business areas of the AURELIUS Group and will step down from the Executive Board of the listed AURELIUS Equity Opportunities SE & Co. KGaA. Matthias Täubl, who has already been with AURELIUS since 2008, will join the Executive Board with responsibility for operations at the same time.

These personnel changes are in response to the significant increase in the size of the AURELIUS Group in recent years, which now has operations as an investment group across Europe. Since it was founded, AURELIUS has progressed from being a local turnaround investor to a pan-European multi-asset manager. AURELIUS Equity Opportunities is the publicly traded investment arm with a focus on the acquisitions of companies in transitional or exceptional situations. The AURELIUS Group also operates in the Growth Capital and Debt Opportunities business fields.

Donatus Albrecht to look after the group-wide M&A strategy

Donatus Albrecht will head up the acquisitions and sales for all of the Group’s business areas in the future. Before now, Donatus Albrecht was a board member at AURELIUS Equity Opportunities, where he was responsible for the M&A activities. He has managed a total of more than 70 corporate transactions to date in his career.

Matthias Täubl newly appointed to the Executive Board with responsibility for operations

Matthias Täubl will join the Executive Board of AURELIUS Equity Opportunities, where he will be responsible for the realignment of portfolio companies. Matthias Täubl has already held various positions on the AURELIUS Task Force since 2008, responsible among other things for the very successful realignment of the Getronics group, which was sold in 2017 as the largest exit in the company’s history to date. He studied International Business Relations at the University of Applied Sciences in Eisenstadt in Austria and at Helsinki Business Polytechnic in Finland.

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Francisco Partners Announces Strategic Minority Investment by Blackstone and Goldman Sachs Asset Management

Franciso Partners

San Francisco – Francisco Partners, a leading technology-focused private equity firm, announced that Blackstone’s (NYSE: BX) Strategic Capital Group and Goldman Sachs Asset Management’s Petershill program (“Petershill”) (NYSE: GS) have acquired a minority stake in Francisco Partners. The investment provides Francisco Partners with balance-sheet capital to continue to develop its strong platform while increasing commitments to its own funds, strengthening its alignment with limited partners. Terms of the transaction were not disclosed.

Dipanjan “DJ” Deb, Co-founder and CEO of Francisco Partners, said, “Since our inception, we have always prided ourselves on the strength of our relationships. We have the opportunity to work with great management teams who create solutions across all sectors of technology. We have incredible limited partners and now we are proud to bring on two strategic partners in Blackstone and Goldman Sachs to help us continue to grow our platform so that we can build on the success of the past 20 years. We are excited about the opportunities ahead of us and welcome the resources and expertise that these firms bring to FP.”

Scott Soussa, Head of Blackstone Alternative Asset Management’s Strategic Capital Group which specializes in acquiring long-term interests in alternative managers, said, “Francisco Partners is driven by a talented investing team with deep industry expertise. For nearly two decades, the team has stood out as a leading partner to businesses in the technology sector and we, alongside Petershill, are proud to support their continued growth.”

Robert Hamilton Kelly, Managing Director in the AIMS Group at Goldman Sachs Asset Management, said, “We look to partner with differentiated businesses with their best years ahead of them, and we believe Francisco Partners is a perfect example of such a firm. They have a well-deserved reputation for thoughtful investment and strategic operational execution across the technology space.”

Michael Brandmeyer, co-CIO of the AIMS Group at Goldman Sachs Asset Management, said “The Francisco Partners team is impressive and we appreciate the commitment and continuity of the organization. We, together with Blackstone, look forward to supporting the firm’s development and believe in its continued success.”

Evercore served as financial advisor to Francisco Partners. Kirkland & Ellis LLP served as legal counsel to Francisco Partners, Simpson Thacher served as legal counsel to Blackstone and Fried Frank served as legal counsel to Goldman Sachs.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.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 $79 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.

About the Goldman Sachs Asset Management AIMS Group

The Alternative Investments & Manager Selection (AIMS) Group provides investors with investment and advisory solutions across leading private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. Institutional and individual investors access these opportunities through new fund commitments, multi-manager programs, strategic partnerships, secondary-market investments, co-investments, management-company stakes, and seed-capital investments. The Petershill Strategies are a part of the AIMS Group, which manages over $200 billion, providing manager diligence, portfolio construction, risk management, and liquidity solutions to investors around the world.

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Francisco Partners Announces Strategic Minority Investment by Blackstone and Goldman Sachs Asset Management

Blackstone

San Francisco, July 13, 2018 – Francisco Partners, a leading technology-focused private equity firm, announced that Blackstone’s (NYSE: BX) Strategic Capital Group and Goldman Sachs Asset Management’s Petershill program (“Petershill”) (NYSE: GS) have acquired a minority stake in Francisco Partners. The investment provides Francisco Partners with balance-sheet capital to continue to develop its strong platform while increasing commitments to its own funds, strengthening its alignment with limited partners. Terms of the transaction were not disclosed.

Dipanjan “DJ” Deb, Co-founder and CEO of Francisco Partners, said, “Since our inception, we have always prided ourselves on the strength of our relationships.  We have the opportunity to work with great management teams who create solutions across all sectors of technology.  We have incredible limited partners and now we are proud to bring on two strategic partners in Blackstone and Goldman Sachs to help us continue to grow our platform so that we can build on the success of the past 20 years.  We are excited about the opportunities ahead of us and welcome the resources and expertise that these firms bring to FP.”

Scott Soussa, Head of Blackstone Alternative Asset Management’s Strategic Capital Group which specializes in acquiring long-term interests in alternative managers, said, “Francisco Partners is driven by a talented investing team with deep industry expertise. For nearly two decades, the team has stood out as a leading partner to businesses in the technology sector and we, alongside Petershill, are proud to support their continued growth.”

Robert Hamilton Kelly, Managing Director in the AIMS Group at Goldman Sachs Asset Management, said, “We look to partner with differentiated businesses with their best years ahead of them, and we believe Francisco Partners is a perfect example of such a firm. They have a well-deserved reputation for thoughtful investment and strategic operational execution across the technology space.”

Michael Brandmeyer, co-CIO of the AIMS Group at Goldman Sachs Asset Management, said “The Francisco Partners team is impressive and we appreciate the commitment and continuity of the organization.  We, together with Blackstone, look forward to supporting the firm’s development and believe in its continued success.”

Evercore served as financial advisor to Francisco Partners. Kirkland & Ellis LLP served as legal counsel to Francisco Partners, Simpson Thacher served as legal counsel to Blackstone and Fried Frank served as legal counsel to Goldman Sachs.

About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.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 $79 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.

About the Goldman Sachs Asset Management AIMS Group
The Alternative Investments & Manager Selection (AIMS) Group provides investors with investment and advisory solutions across leading private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. Institutional and individual investors access these opportunities through new fund commitments, multi-manager programs, strategic partnerships, secondary-market investments, co-investments, management-company stakes, and seed-capital investments. The Petershill Strategies are a part of the AIMS Group, which manages over $200 billion, providing manager diligence, portfolio construction, risk management, and liquidity solutions to investors around the world.

Contacts
Francisco Partners
John Moore
+1 (215) 657-4971
john.moore@zenogroup.com 

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

Goldman Sachs
Patrick Scanlan
+1 (212) 902-5400

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The Carlyle Group Names Minoru Koshibe as Senior Advisor

Carlyle

Industry Veteran Brings Abundant Insights and Broad Network to Support Investments and Portfolio Management

Tokyo, Japan, July 12, 2018 – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that Minoru Koshibe, former Executive Vice President of Mitsui Chemicals, Inc., has been appointed as a Senior Advisor to Carlyle Japan advisory team.

Mr. Koshibe will advise the Carlyle team on the business environment and key trends in sectors such as the chemicals industry. He will also support the management teams of Carlyle’s portfolio companies regarding corporate governance, operations, branding and growth strategies.

Carlyle currently has a global team of more than 40 Operating Executives, Senior Advisors and Operating Advisors with an average of more than 30 years’ experience as executives and leaders at top-tier companies. They support Carlyle’s sourcing and value creation activities across a broad range of industries. In Japan, Carlyle now has five Senior Advisors with the addition of Mr. Koshibe. Others are Mr. Tamotsu Adachi, former Co-Representative of Carlyle Japan and current Representative Director, President and CEO of Benesse Holdings, Inc.; Mr. Yukio Kubota, former President of Sony Ericsson Mobile Communications Japan, Inc.; Mr. Yasuo Nishiguchi, former President and CEO of Kyocera Corporation; and Mr. Yutaka Nishimura, former President and Regional CEO of Richemont Japan Ltd.

Kazuhiro Yamada, Managing Director and Representative of Carlyle Japan LLC, said, “I would like to sincerely welcome Mr. Koshibe to our team. During his 40-year career at Mitsui Chemicals and its predecessor, Mitsui Toatsu, Mr. Koshibe has developed significant expertise spanning from on-the-field manufacturing/production to research and process development, and extending to corporate planning, sales and business development (M&A and partnerships/alliances). With his appointment, the Carlyle team in Japan will have a strong team of five Senior Advisors, helping us to source new deals and create even more value in the companies we invest in.”

Mr. Koshibe said, “I am honored to be part of Carlyle’s Senior Advisor team. I look forward to working closely with the Carlyle Japan team to achieve further success by leveraging my experience and industry knowledge. I also hope to support the value creation of Carlyle’s portfolio companies, and hence contribute to the revitalization of the overall Japanese economy.”

Mr. Koshibe joined Mitsui Toatsu Chemicals Co., Ltd. (currently Mitsui Chemicals, Inc.) in 1978 and held positions including Corporate Planning, Executive Officer, and Planning and Development Director for the Material Business Department, and Managing Executive Officer. In 2013, he was appointed Representative Director and Executive Vice President.

Mr. Koshibe has engaged in numerous domestic and cross-border mergers and acquisitions, helping to expand Mitsui Chemical’s businesses especially in the fields of healthcare and agrichemicals, and adding new products such as electronic glasses. He led the establishment of the company’s mid-term business plan and business portfolio restructuring, including new business partnerships, delistings and demergers. Currently, Mr. Koshibe serves as Senior Councilor for Mitsui Chemicals, Inc., Executive Advisor for Mitsui & Co., Ltd., and Consultant for LOTTE Corporation. He is also actively involved in a variety of industrial organizations, serving as, for instance, the Director for “Kokuryoku Baizou Juku” (a General Incorporated Association), Advisor for “Furusato TV” (a Nonprofit Organization), Representative Facilitator for Thomson Reuters Salon, and Supporter of Monozukuri Nadeshiko.

Mr. Koshibe earned his B.A. and M.A. from Osaka University’s School of Science.

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Nordic Capital and Norrsken Foundation partner up to strengthen impact entrepreneurs

Nordic Capital

Norrsken Foundation and private equity firm Nordic Capital Investment Advisory AB (“Nordic Capital”) have established a long term strategic partnership. Through the partnership, Nordic Capital will advise Norrsken’s member companies on how to scale their businesses. The partnership is part of Nordic Capital’s ambition to build long term sustainable companies that contribute positively to society.

The aim of the partnership between Norrsken Foundation and Nordic Capital is to support the social entrepreneurs in the Norrsken ecosystem to scale their business, thereby increasing their positive impact on the communities is which they are active. The partnership reinforces Nordic Capital’s commitment to sustainable behaviour.

Norrsken has the ambition to tackle the largest challenges facing humanity with the vision to help create a world optimised for people and the planet. Nordic Capital will work closely with the Norrsken Investment Team, providing advice on investment and operational excellence processes. Nordic Capital will also help Norrsken’s member companies to organise their board work and give advice on how to raise money, find investors and support the building of prospering businesses.

The Norrsken ecosystem consists of companies with sustainable business models focused on solving some of the environmental and social problems the world faces and accelerating positive change. Norrsken engages in early stage businesses by helping them to scale. Companies represented in the ecosystem include, for example: Karma, a company that reduces food waste; Hygglo, which enables users to rent the things they need and rent out the things they own; and Doctrin which provides digital solutions for doctors’ consultations which increase patient involvement and facilitate doctor-patient communication.

“Nordic Capital strives to contribute to society by building market-leading sustainable companies. We are proud to announce a partnership with Norrsken Foundation, an important incubator for small, impact-driven companies. This is a way for us to engage in early stage sustainable companies,” says Kristoffer Melinder, Managing Partner at Nordic Capital.

“Nordic Capital has a world-class record of building and scaling sustainable businesses. It is fantastic that they will now support Norrsken and impact entrepreneurs in their growth journeys. With this partnership, we can positively impact many people and even increase the chances of enabling an impact unicorn – a company positively affecting one billion people”, says Niklas Adalberth, the founder of Norrsken.

 

Media Contacts:

Nordic Capital
Elin Ljung, Director of Communication and Sustainability,
Tel: +46 8 440 50 50
e-mail: elin.ljung@nordiccapital.com

Norrsken
Funda Sezgi, Chief House Officer,
Tel: +46 72 962 39 29
e-mail:  funda@norrskenfoundation.org

 

About the Nordic Capital Funds
Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 12 billion in 100 investments. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com.

About Norrsken
Norrsken Foundation is a Swedish non-profit organization founded in 2016 with the purpose of solving some of the world’s most pressing challenges. The Foundation runs the award winning co-working hub Norrsken House, an impact VC fund of €30M that invests in best entrepreneurs solving the biggest challenges in the world and two in-house initiatives, Klarity & 29k. The Foundation was established by Niklas Adalberth, the co-founder of the financial service company Klarna.

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KKR’s Henry McVey: New Investment Playbook Required

KKR

 

ew Mid-Year Report Provides Update on Global Macro Trends

NEW YORK–(BUSINESS WIRE)– KKR today announced the release of its 2018 mid-year outlook piece by Henry McVey, Head of Global Macro and Asset Allocation (GMAA). In New Playbook Required, McVey outlines his perspective on the current investing environment and updates his asset allocation targets.

“From a macro and asset allocation perspective, we feel confident that we are on the cusp of a secular shift where a new playbook for investing may be required,” Henry McVey says. “We now see a significant ‘baton hand-off’ in many of the markets that we cover from monetary policy towards fiscal stimulus — perhaps the most important shift in the last decade. This change in policy leads us to favor investments with greater linkages to the real economy — versus purely financial assets — than in the past.”

McVey continues, “We also continue to see nationalist agendas, particularly as they relate to cross-border trade, supplanting more global ones. Against this backdrop, we now favor more upfront yield in the portfolio, we advocate shortening duration, and we place a premium on low cost liabilities. We also continue to view Asia as the world’s incremental growth engine.”

In his latest report, Henry McVey and his team note the following macroeconomic investment trends that are driving his team’s thinking:

  1. Asset allocators and macro players must now invest through the lens of fiscal policy accommodation, not monetary policy accommodation, which has dominated the landscape since the Global Financial Crisis.
  2. Nationalist agendas are now aggressively being emphasized over global ones.
  3. The structural bid for yielding assets remains outsized, but we are further turning our focus towards hard assets that benefit more from nominal GDP.
  4. Buy complexity, sell simplicity. Similar to the late 1990s, we think that the market is giving investors a wonderful opportunity to buy complexity at a discount.
  5. We remain bullish on our ‘Deconglomerization’ thesis, and we continue to see a burst of corporate carve-outs across the globe.
  6. We are increasingly struck by how fast overall consumer behavior patterns are changing and continue to be bullish on our ‘Experiences Over Things’ thesis.
  7. While we continue to favor Emerging Markets over Developed Markets, we acknowledge that our mid-cycle pause thesis is playing out more intensely than we originally envisioned. As such, we continue to advocate more selectivity in the second phase of this secular bull market in Emerging Markets.

Key highlights of Mr. McVey’s asset allocation framework include a substantial underweight to global government bonds, particularly at the long-end of the curve; an increasing overweight to Real Assets with Yield and Growth; the decision to remain equal-weight Public Equities by underweighting Turkey and adding to the U.S.; the addition of Grains (Corn) to the portfolio; and a decrease to Cash.

Links to access this report as well as an archive of Henry McVey’s previous publications follow:

About Henry McVey

Henry H. McVey joined KKR in 2011 and is Head of the Global Macro and Asset Allocation team. Mr. McVey also serves as Chief Investment Officer for the Firm’s Balance Sheet and oversees Firmwide Market Risk at KKR. As part of these roles, he sits on the Firm’s Investment Management & Distribution Committee and the Risk & Operations Committee. Prior to joining KKR, Mr. McVey was a managing director, lead portfolio manager and head of global macro and asset allocation at Morgan Stanley Investment Management (MSIM). Earlier in his career he was a portfolio manager at Fortress Investment Group and chief U.S. investment strategist for Morgan Stanley. While at Morgan Stanley, Mr. McVey was also a member of the asset allocation committee and was the top-ranked asset management and brokerage analyst by Institutional Investor for four consecutive years before becoming the firm’s strategist in January 2004. He earned his B.A. from the University of Virginia and an M.B.A. from the Wharton School of the University of Pennsylvania. Mr. McVey is a member of the TEAK Fellowship Board of Trustees after previously serving as co-chair of the board for five years. Henry is also a member of the Pritzker Foundation Investment Committee, a board member of the University of Virginia Investment Management Company (UVIMCO), a member of the national advisory board for the Jefferson Scholarship at the University of Virginia, and a member of the Council on Foreign Relations Corporate Leader Program.

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 manager partnerships 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. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

The views expressed in the report and summarized herein are the personal views of Henry McVey of KKR and do not necessarily reflect the views of KKR or the strategies and products that KKR offers or invests. This release contains projections or other forward-looking statements, which are based on beliefs, assumptions and expectations that may change as a result of many possible events or factors. If a change occurs, actual results may vary materially from those expressed in the forward-looking statements. All forward-looking statements speak only as of the date such statements are made, and neither KKR nor Mr. McVey assumes any duty to update such statements except as required by law.

KKR
Kristi Huller or Cara Major
212-750-8300
media@kkr.com

Source: KKR

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