Private Capital Monitor 09/06
09th June 2023
Media of the week
Kim Kardashian Launches Her Own Private Equity Fund
The reality TV star turned entrepreneur, who last year announced that she would partner with Carlyle Group Inc. veteran Jay Sammons to start Skky Partners, hosted the most popular panel at the three-day event, with an overflow room filled to capacity at the conference center.
Apollo Global Management, the largest alternative credit manager, states the industry could grow to replace as much as $40 trillion of the debt markets. Fidelity International and T Rowe Price are among firms making moves.
Worth a read
Sequoia, the giant global venture capital firm, known for early investment in a host of now-leading tech companies including Google, Instagram, Airbnb, Whatsapp, Zoom, ByteDance, and GoTo, is breaking itself up into three distinct firms, amid rising tensions between Washington and Beijing.
Sylvain Broyer, Chief EMEA Economist at S&P Global Ratings, highlights the incomplete state of the European single market and emphasizes the hindrance caused by the unfinished banking and capital markets soon. He points out that this fragmentation has led to stagnant private capital flows within the EU since the global financial crisis and argues “private investment, driven by private savings, isn’t reaching the areas that really need it.”
Responsible Investor reports French investors and climate groups have called for France’s Socially Responsible Investment (SRI) label to be more explicitly linked to EU sustainable finance regulation in the committee’s latest consultation.
Wall of money
Despite a difficult fundraising environment, the final close is above the fund’s €2bn target and over double of its predecessor..
The move comes a little more than two years after BlackRock closed the Global Renewable Power Fund III on $4.8bn, exceeding a $2.5bn target.
|Acquisition Target||Buyer||Seller||Value||Date Announced||Region||Sector|
|Kreos Capital||BlackRock||n/a||08/06/2023||UK||Financial Services|
|Yingling Aviation||AE Industrial Partners||n/a||07/06/2023||US||Aviation|
|RailCube||Main Capital Partners||n/a||07/06/2023||France||Software provider|
|CIRCOR International||KKR||$1.6 bn||06/06/23||North America||Industrial manufacturing|
|Aracom IT Services||Maxburg Capital Partners||n/a||06/06/2023||Germany||Software development services|
|PACIV||Blackford Capital||n/a||06/06/2023||Puerto Rico||Industrial automation solutions|
|Viataurus||Ufenau||n/a||05/06/2023||Germany||Security technology solutions|
|Made4Net||Ingka Investments||Thompson Street Capital Partners||n/a||02/06/2023||UK||Software provider|
Movers and Shakers
- Keensight Capital has announced it is opening an office in Boston, Massachusetts, with the aim of cementing its US presence.
- Ara Partners has hired Kaitlin Fronczek as director of investor relations in London.
From the Horse’s mouth
“There are a lot of people in private credit markets who have never experienced a downturn….All they know is how to be bullish.” – Patrick Marshall, Head of Private Debt at Federated Hermes
“It does not answer the current questions at all, and it’s creating a tool that will be an official greenwashing label.” – Mirova CEO Philippe Zaouati concerns over the consultation on the SRI label.
Jackie Mason, American Emmy and Tony Award-winning stand-up comedian, born on this day in 1928. – “Predictions are preposterous.”