| |
 |
| |
| This week’s top Private Equity news |
| |
| Here are this week's biggest news in the private equity and venture capital markets. Feel free to email me directly if you think we missed important news about you or something equally important: simon@pe-insights.com. |
1. Sweden's EQT to buy real estate investment firm Exeter for $1.87 billion |
Sweden’s EQT Group said it had signed a deal to buy global real estate investment manager Exeter Property for $1.87 bn. Exeter has more than $10 billion of assets under management. The Pennsylvania-based firm is focused on acquiring, developing and managing commercial and residential properties. Read more
|
2. Moonfare and Lexington Launch Digital Secondary Market for Individuals |
Moonfare builds first ever on-demand secondary market for individual private equity investors; Lexington Partners to bring liquidity to Moonfare's platform. Global secondaries fund managers Lexington will participate in the Moonfare Secondary Market alongside interested Moonfare clients as a buyer of stakes. Read more
|
3. Industry Brief: Alternatives in the Age of COVID-19 |
Investors were allocating to private equity and venture capital funds in record volumes, banking on their perceived stability and expected continuing high returns. But when the COVID cloud moved in, the bright stars of PE and VC dimmed. Get insights on allocations to PE and VC funds, LPs interest in proven managers and mid-market segment, and what could lie ahead for fund managers. Read more
|
4. UK private equity deals soared 257% last year |
The number of UK listed companies taken private by private equity firms jumped from seven to 25 in private equity boom year. The total value of UK listed companies taken private by private equity firms increased from £2.3bn to £21.1bn in 12 months to 30 September 2020, research compiled by BDO has found. Read more
|
5. Blackstone-backed Patria eyes expansion in Latam, Asia |
Patria Investments, whose shareholders include Blackstone, will use proceeds of its $588 million IPO partly to expand in emerging markets. Patria raised $326 million in the IPO and shareholders selling stakes will receive $262 million. Blackstone will reduce its 40% stake of the company which it acquired ten years ago to 14%. Read more
|
6. Shiseido in talks to sell lower-priced brands, deal reported at over $1.45 billion |
Japanese cosmetics firm Shiseido said on Friday it was in talks to sell its lower-priced skincare and shampoo lines to private equity firm CVC Capital Partners in a deal reported to be valued at over $1.45 billion. Global private equity firms such as CVC and The Carlyle Group have recently been looking to expand in Japan. Read more
|
7. NBA franchises get green light to sell 30% of shares to private equity firms |
The NBA board has agreed that PE-funds and other institutional investors may own up to 20% in a single franchise, and that those entities can own shares in up to five teams. PE-firm Arctos Sports, co-led by Madison Square Garden Sports chief executive Doc O’Connor, is seeking to be given permission to make such investments. Read more
|
8. Finnish food startup Wolt raises $530mn in mega private equity raise |
Food delivery startup Wolt raises $530m from PE-backers, now investors expect Wolt to head towards an IPO. New investors include Tiger Global Management, DST Investments, KKR, EQT, which marks the first investment from their new growth fund, and Coatue Management. Read more
|
9. ASOS emerges as surprise frontrunner to clinch TopShop crown |
ASOS, the online fashion retailer, has moved into pole position to buy Topshop for more than £250m, days after a Next-consortium withdrew from the race. In 2012, Sir Phillip Green sold a 25% stake in TopShop's immediate holding company to Leonard Green & Partners, a private equity firm, valuing the chain at £2bn. Read more
|
10. Buyout firm TPG in lead for stake in AT&T's DirecTV |
PE-firm TPG has entered into talks to acquire a stake in AT&T’s satellite TV division, DIRECTV, in a deal that would allow AT&T to trim its debt of $150 billion. Sources said the deal could value DirecTV at more than $15 billion. Were the negotiations to conclude successfully, a deal could be announced in the coming weeks. Read more
|
11. Payments firm Flywire plans IPO at $3 billion valuation |
Flywire started to prepare for a U.S. initial public offering (IPO) later this year that could value the payments processor at around $3 billion. The Boston-based company is focused on facilitating payments in the education, healthcare and travel sectors, and counts Singaporean state investor Temasek Holdings and the venture arm of private equity firm Bain Capital among its backers. Read more
|
12. Nordic Capital offers to buy Advanz Pharma in $846 million deal |
Private equity investor Nordic Capital has offered to buy ADVANZ PHARMA, valuing the drugmaker at $846 million as part of a move to invest in accelerating the company’s pipeline of innovative speciality pharmaceutical products. Under the offer, shareholders would receive a price of $17.26 per Advanz Pharma share and can also elect a non-cash alternative offer to receive unlisted shares in Cidron Ventures for each Advanz Pharma share. Read more
|
13. London Stock Exchange mulls £300m Covid rescue fund |
The London Stock Exchange is plotting a £300m listed investment vehicle aimed at offering much-needed support to companies hit hard by the pandemic. It would initially aim to raise £300m but this could be expanded to £1bn, according to a fund management source. Read more
|
14. Saudi Aramco said to eye $10bn from pipeline stake sale |
Brookfield Asset Management and KKR & Co. Inc. are among top infrastructure investors weighing bids for a stake in Aramco’s oil pipelines, people familiar with the matter said. Apollo Global Management Inc. and China’s state-backed Silk Road Fund have also been studying whether to make offers, the people said, asking not to be identified as the matter is private. Read more
|
15. Blackstone Deploys $25 Billion to Ramp Up Spending |
Blackstone deployed a record $25.4 billion in the fourth quarter, as the world’s biggest alternative asset manager sealed large deals and found opportunities in an economy ravaged by the Covid-19 pandemic. New York-based Blackstone spent $11.7 billion on real estate in the three months ended, and its private equity unit invested $8.2 billion. Read more
|
16. Oakley Capital races to €455m close for debut lower mid-market fund |
European private equity house Oakley Capital has stormed past its target for its first lower mid-market fundraise, hitting about €455m after just six months in the market. The firm had been hoping to collect €350m for the Oakley Origin Fund, which will target smaller-sized deals in the technology, consumer and education sectors. Read more
|
17. EQT sells stake in Idealista to Oakley Capital four months after €1.3bn buyout |
Investment fund Oakley Capital has agreed to invest 175 million euros ($212 million) in a minority stake in Spanish property portal idealista, just four months after Sweden’s EQT Group bought the platform for $1.58 billion. Read more
|
18. Gauge Capital Closes Gauge Capital III at $800 million |
Gauge Capital, leading middle market PE-firm, announces the closing of its third fund with an oversubscribed first and final close of $800 million. The Gauge Capital team is the largest investor in the fund and represents over 25% of the committed capital. In 2017 Gauge Capital closed its oversubscribed second fund, at $500m. Read more
|
19. Neuberger Berman continues to expand access to PE for individuals |
Neuberger Berman has launched the NB Crossroads Private Markets Access Fund, a registered, continually offered closed-end fund that 'further democratises the firm's private equity offerings and increases access to these important portfolio solutions for individual investors'. The Fund provides access to institutional-quality private equity investments, emphasising direct equity investments in private companies as well as secondary investments in private equity funds. Read more
|
20. 9 big things: The race to build the next Tesla |
Rivian landed $2.65 billion at a $27.6 Bn valuation in a round led by T. Rowe Price, with Fidelity Management, LLC among the investors. Cruise, which is owned by General Motors, raised over $2 Bn. The funding rounds underline just how capital-intensive automotive technology is. Rivian has now raised $8 Bn in total funding. Read more
|
| |
