Standard Chartered Acquires Minority Stake in Apterra, an Apollo Platform Specializing in Infrastructure Debt Origination

Agreement to Accelerate Capital Formation for Next-Gen Infrastructure and Transition Assets

NEW YORK and LONDON, Jan. 14, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Standard Chartered PLC today announced a long-term strategic partnership to support and accelerate financing for infrastructure, clean transition and renewable energy globally, leveraging the leading origination and distribution capabilities of both firms.

As part of the agreement, Standard Chartered and Apollo Clean Transition Capital (“ACT Capital”), a sustainable investing platform, plan to contribute up to US$3 billion of clean energy and transition financing across a range of asset classes and sectors.

Origination for the partnership’s financing activities will be primarily undertaken by Apterra, an Apollo-owned platform that focuses on originating, structuring and deploying debt capital to execute infrastructure transactions globally. Standard Chartered has acquired a minority stake in the platform and will support its investment origination.

Jim Zelter, Apollo Asset Management Co-President, said, “The global industrial renaissance is creating unprecedented capital demands across next-gen infrastructure, sustainable power and other transition assets. This new agreement should accelerate our mutual financing and investment activity in these areas, and we are thrilled to do it in partnership with Standard Chartered, an important and long-time banking partner to Apollo’s franchise.”

Bill Winters, Group Chief Executive, Standard Chartered PLC said, “This partnership with Apollo, a market leader in alternative asset management, is a great opportunity to leverage our collective sector expertise and innovative mindset to help finance sustainable growth. Standard Chartered and Apollo have complementary origination and distribution capabilities, which increase the scale of the financing we can jointly deploy, and the size of the projects in which we can participate. We are very pleased to build on our long-term partnership with Apollo to both expand our existing geographical coverage and mobilise capital to these critical parts of the global economy.”

More Partnership Details

Apollo’s Clean Transition Capital strategy seeks to meet a wide range of clean energy and climate capital needs across credit and equities. Over the past 5 years, Apollo has deployed more than US$40 billion¹ into energy transition and climate-related investments and believes the demand for capital in these areas will scale materially in the coming years.

Samuel Feinstein, Apollo Partner and President of ACT Capital, said, “We believe this partnership with Standard Chartered will serve as a significant accelerant to the growth of Apollo’s Clean Transition business and support its broader Infrastructure Credit platform, which are critical components of our firm’s strategic growth plans. We are equally pleased to welcome Standard Chartered as an aligned equity partner in the growing Apterra platform and believe we can expand our work together over time to serve the evolving needs of our global client bases. Collectively, ACT Capital and Apterra represent significant opportunities for Apollo and Standard Chartered to access climate and infrastructure credit.”

Apterra, an Apollo affiliate founded in 2023, has executed more than US$4.8 billion of transactions and is positioned to increase its already robust growth trajectory with the strategic equity support of Standard Chartered. Apterra is led by industry veterans Ralph Cho, co-CEO, and Michael Pantelogianis, co-CEO, alongside a highly experienced management team.

Standard Chartered, one of the world’s leading cross-border and wealth management banks, is among the top infrastructure lenders in Asia, Africa and the Middle East, with a strong and growing presence in the renewables sector.

Henrik Raber, Global Head, Global Banking at Standard Chartered, said: “With the global growth in infrastructure financing, and our strong presence in the sector, we are delighted to partner with ACT Capital, participate in Apterra and collaborate with the Apollo team. This is an exciting opportunity alongside our existing advisory and financing capabilities.”

As part of the partnership, Standard Chartered will provide a senior secured credit facility to ACT Capital to fund project finance and infrastructure loans. Financial terms for Standard Chartered’s purchase of a minority equity interest in Apterra are not disclosed. PJT Partners acted as exclusive financial advisor to Standard Chartered.

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_{1. As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.}

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately USD $733 billion of assets under management. To learn more, please visit www.apollo.com.

About Standard Chartered

We are a leading international banking group, with a presence in 52 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.

About Apterra

Apterra, an affiliate of Apollo Global Management, is a premier platform specializing in innovative financing solutions for infrastructure projects. Our tailored capital services empower clients, including financial sponsors and developers, to optimize assets and achieve sustainable growth. Fuelled by strong relationships, our distribution network ensures seamless access to capital through partnerships with banks, investors, and asset managers. We are focused on driving growth and operational integrity in the infrastructure sector, while creating enduring value for our clients. Visit www.Apterra.com to learn more.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Standard Chartered Contacts

Piers Townsend
Global Head of Communications, Corporate & Investment Banking
Standard Chartered
Piers.townsend@sc.com
+6590059067

Shaun Gamble
Director, Group Media Relations
Standard Chartered
Shaun.gamble@sc.com
+442078855934

investments in Europe’s leading B2B technology scale-ups

• Smartfin closes its fifth fund (and third growth fund) at its €250m target.
• Backers of the new fund include returning private and institutional investors as well as new ones, including for the first time the European Investment Fund through its ESCALAR program.
• The new fund enables the firm to double down on investing in Europe’s most promising B2B technology companies, with now more than €600m in total investment commitments.
• Two recent investments with the new fund, dubbed Smartfin Capital III, have already been announced: CrazyGames and Emma.

Brussels, Belgium – 9 January 2025: Smartfin, a leading growth equity investor in European B2B technology companies, has successfully closed its third growth fund at its €250 million target.

This fund marks a significant milestone for the firm, with an introductory participation of the European Investment Fund (EIF) through its ESCALAR program to address the financing gap experienced by European high-growth companies.

The closure of its third growth fund brings Smartfin’s total investment commitments to over €600 million, only a decade after its founding in 2014.

The successful fundraise, notably in challenging market conditions, underscores the trust and confidence of both new and returning investors in Smartfin’s investment strategy and track record.

The new fund, dubbed Smartfin Capital III, will focus on growth-stage B2B technology companies across Europe, furthering Smartfin’s commitment to supporting transformative tech scale-ups that drive innovation and deliver long-term value.

Smartfin has already made its first two investments with the new fund: CrazyGames (a global browser-based casual gaming platform) and Emma (a leading multi-cloud management platform designed to streamline and optimize cloud infrastructure).

A Proven Track Record of Success

Smartfin Capital III is the firm’s fifth fund, building on the success of its two early-stage funds (Smartfin Ventures I & II) and two prior growth funds (Smartfin Capital I & II). In the past decade, Smartfin has established itself as a key player in the European tech ecosystem, with a portfolio of innovative companies that span multiple sectors.

Notable active and past investments across its funds include Deliverect, a leading provider of food delivery integration software; Bright Analytics, a consolidated management reporting platform;  Recharge, a global one-stop-shop branded payments platform; Hex-Rays, a specialist in reverse engineering software; Zivver, a secure communications platform for email, video and file sharing; Silverfin, a cloud-based platform transforming accounting workflows acquired by Visma; Theo Technologies, a global leader in video streaming technology acquired by Dolby; Newtec, a pioneer in satellite communications acquired by ST Engineering; and UnifiedPost, a publicly listed fintech company revolutionizing invoicing and payments for SMEs.

For more information on our portfolio, please visit https://smartfinvc.com/portfolio/.

These investments demonstrate Smartfin’s ability to identify and support exceptional growth companies, helping them scale and succeed in competitive markets. Smartfin’s approach combines strategic guidance, operational expertise, a long-term view and access to an extensive network, ensuring that portfolio companies are well-positioned to achieve their growth ambitions.

“This successful fundraise reflects the strength of our team and the confidence our investors place in us.” said Jürgen Ingels, Founding Partner of Smartfin. “The partnership with EIF, through the ESCALAR program, is an international quality stamp that reaffirms our commitment to backing exceptional entrepreneurs and fostering innovation in Europe’s B2B technology ecosystem. We are excited to continue building on our strong track record and scaling the next generation of tech leaders.”

EIF Partnership: A Stamp of Quality

The inaugural participation of the EIF in Smartfin Capital III through its ESCALAR program represents a significant endorsement of Smartfin’s investment philosophy and performance.

ESCALAR, established by EIF to provide growth financing to high-potential funds and companies, will enable Smartfin to expand its impact and support more promising ventures across Europe, while at the same time providing a stepstone in further institutionalizing its operations.

“Investing in scale-ups and technology is not just about fostering innovation; it’s about empowering the next generation of leaders who will drive Europe’s economic growth and global competitiveness. With Smartfin we want to support an innovation ecosystem where European technology companies and entrepreneurship can thrive,” commented Marjut Falkstedt, EIF Chief Executive.

About Smartfin

Smartfin is a European venture and growth capital investor, managing over €600 million in investment commitments and investing in early and growth-stage B2B technology companies. Smartfin has an open-ended investment philosophy and invests throughout Europe. Smartfin’s team combines a successful venture capital and private equity investment track record with extensive operational experience in setting up, building, and managing leading international technology companies. This differentiates Smartfin as an experienced and entrepreneurial, truly hands-on and value-added partner to its portfolio companies. For more info, please visit https://www.smartfinvc.com.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of sustainability, innovation, research and development, entrepreneurship, growth and employment. For more info, please visit https://www.eif.org/index.htm.

PLANO, TEXAS, January 7, 2025 – Fisher Investments (“FI”) announced that Advent International (“Advent”) and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) completed a previously announced minority investment in Ken Fisher’s namesake firm, Fisher Investments. The $3 billion common stock investment by Advent and ADIA values FI at $12.75 billion.

The transaction was part of Ken Fisher’s long-term estate planning and ensures FI’s long-term private independence, culture, growth evolution and devotion to exceptional client service. Ken Fisher remains active in his current role as FI’s Executive Chairman and Co-Chief Investment Officer and retains a majority of beneficial ownership and over 70% of voting shares in FI. FI CEO Damian Ornani continues to drive FI’s day-to-day operations and business strategy. In connection with the investment, David Mussafer, a Managing Partner at Advent, has joined the board of directors at FI, and Gabriela Weiss, a Principal at Advent, has joined as a board observer at FI.

As of 12/31/24, FI managed nearly $300 billion for over 170,000 clients globally, including over 130,000 US private clients and 200 of the world’s largest and most well-known institutional clients. This is the first outside investment in FI, with previous ownership solely among family and employees. There is no further FI investment transaction contemplated. The investment in common shares includes neither options nor non-common stock preferences and includes proportional voting to the investors’ beneficial ownership in FI.

Ken Fisher said, “While my health is excellent, this transaction is aimed dually at long-term estate tax and planning purposes should anything untoward happen to me. Advent and ADIA are truly exceptional partners who value us operationally and culturally, and are committed to preserving what differentiates FI in our industry.”

Damian Ornani, longtime FI CEO, said, “We welcome Advent and ADIA’s support of our mission to help more new clients around the world.”

David Mussafer said, “We are thrilled to cement Advent’s partnership with FI at a moment when there is a growing need for the smart, independent and personalized financial expertise that FI is recognized for providing for 45 years. We look forward to closely collaborating with Ken, Damian and the rest of the FI team to support the company’s continued growth, drawing on Advent’s deep expertise in helping financial services companies best capitalize on the opportunities ahead.”

J.P. Morgan Securities LLC and RBC Capital Markets served as joint financial advisors and Paul Hastings served as legal advisor to FI. Ropes & Gray served as legal advisor to Advent. Gibson Dunn served as legal advisor to ADIA.

About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser. Fisher Investments and its subsidiaries manage nearly $300 billion across three principal businesses—Institutional, US Private Client, and Private Client International. Founder and Executive Chairman Ken Fisher wrote the Forbes “Portfolio Strategy” column for 32 ½ years until 2017, making him the longest running columnist in its history. He now writes monthly for the New York Post and discreet unique columns in native language, varying by country, in 26 major nations, spanning more countries and more total volume than any other columnist of any type in history. Ken has appeared regularly on major TV news like Fox Business and News, BBN Bloomberg and CNN International. Ken has written 11 investing and finance books, including four New York Times bestsellers. For more information, visit www.fisherinvestments.com.

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $88.8 billion in assets under management* and have made more than 420 investments across 43 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Advent assets under management (AUM) as of June 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

About Abu Dhabi Investment Authority

Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information, visit www.adia.ae.

Media Contacts

For Fisher Investments

Naj Srinivas
Executive Vice President, Corporate Communications
n.srinivas@fi.com

For Advent International

Leslie Shribman
Head of Communications
lshribman@adventinternational.com

For ADIA

Garry Nickson
Corporate Communications & Public Affairs
garry.nickson@adia.ae

Sixteen years ago, Accel embarked on a journey to partner with visionary founders across India—continuing the firm’s decades-long history of partnering with founders on a global scale. Today, we are announcing our eighth early-stage fund, a $650 million commitment to empower the next generation of category-defining startups; companies that will set new benchmarks in innovation and aim to transform industries. This fund underscores our belief in the secular India growth story and the transformative power of bold ideas, innovative technology, and founders who truly understand their markets.

The startup ecosystem in India has reached a critical inflection point. India’s GDP is expected to be approximately $8tn over the next decade, fueled by rising incomes, digital adoption, and sustained investments in public infrastructure. This growth opens new doors for entrepreneurs to build solutions with global relevance while addressing local challenges—and we can’t wait to meet them.

With Fund VIII, we aim to back founders operating in:

• Artificial Intelligence: Enterprise AI (Platforms that enable enterprise AI use cases using agentic technologies, LLMs and SLMs), Services as Software (AI startups taking advantage of India’s large IT services capabilities to provide better automation offerings), Vertical AI (Startups taking advantage of India’s large AI talent pool to integrate AI in vertical specific use cases).
• Consumer: Bharat (Startups catering to the top 30% of households in India’s tier 2+ regions), India Native (Startups catering to the increasing demand by Indian consumers for higher service levels), and Aspirational Brands (Startups aiming to capitalize on the increasing discretionary spending of India’s consumption-first Gen Z demographic).
• Fintech: Wealth Management (Startups catering to affluent consumers seeking personalized wealth advisory services through digital channels), Fintech Infrastructure (Startups bringing banks and fintechs together to enable best-in-class digital experiences for consumers and businesses), and Digital Distribution (Startups acceleratingthe distribution of financial products by leveraging India’s digital public infrastructure)
• Manufacturing: India To Global (Startups catering to global demand for diversified supply chains), India Native (Startups focused on high-quality production and IP-driven, value-added manufacturing), and Industry 5.0 (Next-gen digital technologies transforming every factory floor leading to more efficient operations, higher-quality output, and sustainability)

India’s benchmark equity index Nifty 50 has tripled over the past decade, and public markets are embracing technology-led businesses. Companies like BlackBuck and Swiggy, where Accel was an early backer, are recent examples of creative and relentless founders and what’s possible when innovation meets execution.

While venture-backed companies currently represent less than 5% of India’s market capitalization, the opportunity ahead has never been bigger. With strong public and private markets, founders today have a once-in-a-generation chance to build transformative businesses that shape the economic landscape.

What excites us about the future is how we can closely collaborate with founders to realize their vision. Over the past 16 years, we’ve supported companies that have reimagined industries—from e-commerce and SaaS to manufacturing and logistics. With our early partnerships in companies like Acko, BlackBuck, BrowserStack, Flipkart, Freshworks, Swiggy, UrbanCompany, and Zetwerk, we’ve had the privilege of watching them grow into category leaders.

Beyond investment, some of our key initiatives, which reflect our commitment to making the founder’s journey as frictionless as possible while fueling the growth of the broader ecosystem, are:

• SeedToScale: An open-source platform delivering company-building insights from successful founders, operators, and industry leaders.
• Accel Atoms: Our early-stage scaling program, now in its fourth iteration, has supported 36 startups that have collectively raised over $200 million.

As we embark on this next chapter with Fund VIII, we are grateful for the trust of our founders, LPs, and the broader ecosystem. The opportunities ahead are as vast as the ambition of the founders we back.
‍

— The Partners at Accel

• Strong demand from a globally diversified investor base, with high re-up rate and new LP commitments, making Evolution II 65% larger than its predecessor
• Investors attracted to Nordic Capital’s subsector-specialism and mid-market investment strategy in Northern Europe
• Continued focus on successful partnerships with growth companies, to accelerate long-term growth and expansion

Nordic Capital today announced the successful First and Final close of Nordic Capital Evolution II (“Evolution II” or “the Fund”) at the hard cap of EUR 2 billion. Raised within four months from launch with excess demand, the Fund closed at its hard cap and significantly exceeded its target of EUR 1.4 billion. Evolution II attracted excess demand from its launch and benefited from strong support from its current investor base, with a high re-up rate of over 100% by capital, and significant LP commitments from new investors and geographies, including a significant increase from the Americas. Evolution II is 65% bigger than its predecessor fund, Evolution I, which raised EUR 1.2 billion in three months in 2021. Evolution II is the fourth Nordic Capital fund since 2020 to have benefited
from a rapid fundraise. The demand for the Fund and the pace of its fundraise underline investors’ confidence in Nordic Capital’s long-standing investment model and portfolio performance.

Nordic Capital’s Evolution strategy expands the firm’s winning subsector model and powerful platform to a broader spectrum of mid-market companies. Evolution II will target investments predominantly in Northern European companies with an EV of EUR 100 million to EUR 400-500 million. Similar to its predecessor, the Fund will focus on control buyouts and non-cyclical growth opportunities in Nordic Capital’s focus sectors, Healthcare, Technology & Payments, Financial Services and Services & Industrial Tech. While it will target lower mid-market opportunities, Nordic Capital’s flagship funds will continue their focus on upper mid-market companies.

As a long-established subsector specialist, Nordic Capital is committed to finding and developing non- cyclical companies in fast-growing segments within its well-recognised subsectors. It works in close partnership with founders and management teams to develop companies with the potential to lead their markets and shape industries. As an Article 8 fund, Evolution II will continue to drive sustainability agendas and seek to promote long-term, environmental, social and good corporate governance practices within the companies it backs.

Nordic Capital has a strong 35-year history of investing in and successfully growing and developing mid-market companies. This, combined with its repeat sub-sectors strategy, supports a strong investment pipeline and dealmaking for the Evolution Funds. Evolution I, which was raised in 2021, has completed ten investments to date, of which 70% have been made in collaboration with the companies’ founders and 80% completed outside broad auction, demonstrating the Evolution strategy’s strong focus on partnership.

Joakim Lundvall, Partner and Co-Head of the Evolution advisory team said:

“We are delighted to witness such strong demand for Evolution II from both existing and new investors. Their unwavering support is a testament to their confidence in Nordic Capital’s mid-market strategy. Our strong Evolution team, with its clear focus on business growth driven by local market expertise and deep sector knowledge, has cultivated a robust pipeline and secured partnership investments with growth companies within attractive niches. Over the last three years, a number of founders of companies have formed partnerships with Nordic Capital because they have experienced first-hand how we can help make great companies even better and support their expansion into new markets.”

Jonas Agnblad, Partner and Co-Head of the Evolution advisory team said:

“With the Evolution funds, Nordic Capital’s long-standing sector strategy is now applied to a wider range of mid-sized companies, offering a partnership model that can help scale and professionalise companies. The partnership model includes both our own expertise, our broad network of experts and a platform that can support growth and international expansion. By contributing experience in product innovation, international expansion and long-term sustainable value creation, Nordic Capital looks forward to helping more mid-market companies develop and reach their full potential.”

Pär Norberg, Partner and Head of Investor Relations, Nordic Capital Advisors, commented:

“We are very pleased with the outcome of Evolution II. This is a great achievement for the team, and we would like to express our sincere gratitude to Nordic Capital’s global investor base. This type of result is only possible with the backing of long-standing existing investors as evidenced by the strong reup rate, combined with the confidence gained in Nordic Capital by new investors. We are humbled that investors have prioritised and partnered with Nordic Capital, and we are enthusiastic about working together during Evolution II and beyond.”

The Evolution Funds are advised by a dedicated team of 20+ professionals, with a range of tenure and industry experience. The team also draws on Nordic Capital Advisor’s wider organisational capabilities, including its operational and sector focused expertise and well-established regional network.

Evolution II attracted investors from across the globe, including 41% from Europe, 35% from the Americas, 21% from Asia and 3% from the Middle East. The investor base comprises a well-diversified mix of institutional investors: public and private pension funds (c.41%); asset managers and advisers (c.26%); sovereign wealth funds (c.14%); family offices and foundations (c.13%); and financial institutions (c. 6%).

Evolution II will continue Nordic Capital’s strong sustainability commitment. This year Nordic Capital received a top ESG rating from the UNPRI for the second consecutive year, and further advanced its climate agenda with the announcement that its greenhouse gas emissions reduction targets have been approved by the Science Based Target initiative. Nordic Capital has a clear commitment to making a positive contribution to society by backing businesses that are solving some of the world’s global challenges or supporting the development of companies with strong sustainable foundations.

The fundraising was led by Nordic Capital, supported by Rede Partners who acted as placement agent, with Kirkland & Ellis as lead legal counsel.

Press contact

Katarina Janerud
Communications Manager Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

About Nordic Capital

Nordic Capital is a leading sector-specialist private equity investor 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 long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Service & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested c. EUR 26 billion in close to 150 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution II with EUR 2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

New York, NY – December 16^th, 2024 – Warburg Pincus, the pioneer of private equity global growth investing, today announced the first close of its first multi-asset continuation fund transaction, with over $2.2 billion in commitments. The transaction was co-led and fully capitalized by HarbourVest Partners, Ardian and Canada Pension Plan Investment Board (CPP Investments).  The lead investors underwrote the entirety of the raise with no required syndication. The fund includes Warburg Pincus portfolio companies that are diversified across geographies and industry sectors.

This strategic transaction offered the Limited Partners optionality, either locking in strong returns and eliminating future market and business risk through this sale, or rolling into the Continuation Fund to maintain asset exposure and potential future upside.  Additionally, the transaction provides the portfolio companies with incremental time and capital to pursue additional valuation creation initiatives under the continued stewardship of Warburg Pincus and with ongoing relationship consistency for management teams.

“Our focus is on driving value and realizing attractive returns for our investors through active portfolio and risk management, including developing creative and flexible paths to liquidity. It is this mindset and approach that has allowed us to be a net provider of capital back to our investors in nine of the last ten years, a fact we are incredibly proud of,” said Jeffrey Perlman, CEO, Warburg Pincus. “We are also proud of the success each of these companies have achieved to-date and strongly believe that this transaction will provide the portfolio with greater resources, time and flexibility to execute on its next phase of growth.”

“This transaction provides our investors with an option to take accelerated liquidity at a market-driven price, while allowing the portfolio companies the opportunity to continue to pursue their long-term growth plans, a win-win for all involved,” added Eddie Huang, Managing Director, Global Head of Fundraising and Investor Relations, Warburg Pincus. “We look forward to partnering with HarbourVest Partners, Ardian and CPP Investments on this new fund and working with our portfolio companies on their next phase of growth.”

Kirkland & Ellis served as legal counsel and Evercore served as financial advisor to Warburg Pincus.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $86 billion in assets under management, and more than 230 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Contact

Kerrie Cohen | Managing Director, Global Head of Communications & Marketing

kerrie.cohen@warburgpincus.com

NEW YORK, NY – Global investment firm Carlyle (NASDAQ: CG) announced today the final close of its third Carlyle Credit Opportunities Fund (“CCOF III”), with $7.1billion[1] in investable capital, Carlyle’s largest credit fundraise to date. This includes $5.7 billion in commitments from a variety of large, sophisticated global institutions, including new and existing CCOF investors, and available leverage. CCOF III is nearly 30% larger than its predecessor fund and brings total investable capital across the opportunistic credit strategy to approximately $17 billion1.

To date, CCOF III has invested or committed more than $2.4 billion – or 33% of investible capital – in 25 investments across North America, Europe, and Asia Pacific. The team provides borrowers highly structured and privately negotiated solutions across the capital structure to family, founder, and management-owned companies, sponsor-backed companies, and special situations.

“We appreciate the ongoing support of our investors, many of whom were repeat investors from our previous funds. With the global economy in a period of prolonged transformation, our Credit Opportunities strategy is well-positioned to expand our reach and provide timely, strategic capital to companies navigating complex situations,” said Alex Popov, Head of Private Credit at Carlyle. “We have become a trusted partner to many successful family and entrepreneur owned businesses and have been a contributing factor in their on-going success. Our long-standing sourcing relationships and rigorous approach to due diligence and credit selection help enable us to selectively structure bespoke solutions that can generate attractive risk-adjusted returns in strong businesses that are otherwise not for sale.”

“This fundraise is a milestone for our Global Credit platform and a testament to the caliber of our Opportunistic Credit team,” said Mark Jenkins, Head of Global Credit at Carlyle. “Private credit continues to play a vital role in the global capital markets, and we see tremendous opportunity to put capital to work in this asset class. We appreciate the confidence and support of our limited partners and remain focused on delivering consistent and persistent yields on their behalf.”

Since 2017, Carlyle’s Credit Opportunities strategy has deployed nearly $22 billion, leveraging Carlyle’s areas of expertise and market connectivity to develop thematic views and proactively pursue investments in targeted industry verticals including sports, media and entertainment; residential real estate and services; software and technology; and financial and business services.

This successful fundraise will further support the growth of Carlyle’s Global Credit platform, which has been Carlyle’s fastest-growing business segment over the past five years. With $194 billion in assets under management as of September 30, 2024, Carlyle’s Global Credit platform manages assets across the risk return spectrum: from liquid, to private credit, to real asset strategies, and asset-backed finance.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Media Contact

Kristen Ashton

(212) 813-4763

Kristen.ashton@carlyle.com

[1]Represents equity raised plus fund leverage of opportunistic credit fee-paying commingled funds and SMAs.