29 May 2024 – Page 5 – The Fund Society

Business Growth Fund names COO

UK and Ireland-focused growth capital investor BGF has appointed Christopher Olds as Chief Operating Officer. Olds was previously CFO of Bristol-based technology company Ultraleap.

In his new role, Olds will be responsible for all operational areas of the business including finance, regulatory & compliance, legal, technology & IT, ESG, IR & fundraising and operations & facilities. He will report to CEO Andy Gregory and will sit on the executive committee, investment committee and the board.

Matthew Reed, who has been with BGF since its 2011 inception, will step down as COO.

At Ultraleap, he oversaw a phase of growth, raising over £100m in equity and debt, according to a press statement, as well as the acquisition of US tech company Leap Motion in 2019.

Prior to Ultraleap, Christopher was Partner, Capital Markets at venture capital firm IP Group. He has also served as Non-Executive Director at Cloud Sustainability, according to his LinkedIn profile.

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ECP completes $6.7bn Fund V fundraise

Energy Capital Partners, an equity and credit investor across energy transition, electrification and decarbonisation infrastructure assets, has held the final close of its fifth flagship equity strategy, ECP V, with total capital commitments of $4.4bn.

ECP exceeded its initial $4.0bn target for Fund V by 10% and also raised an additional $2.3bn of co-investment capital, according to a press statement. Commitments to Fund V were secured from existing and new investors globally including public and private pensions, insurance companies, asset managers and family offices.

Fund V will continue ECP’s strategy of investing in companies in power generation, renewable and storage assets and critical sustainability and decarbonisation infrastructure.

The fund has already completed eight investments, totalling $2.2bn of capital ($4.4bn including co-investment), in the last two years, including this week’s $2.6bn (equity value) take-private of Atlantica Sustainable Infrastructure, a diversified renewable and power platform with assets located primarily across the US and Europe.

Other Fund V deals include the take-private of UK-based waste management business Biffa and an investment in biofuels platform Harvestone.

ECP has been investing in the power space since its 2005 inception. In 2018, it took Calpine Corporation — which claims to be “America’s largest generator of electricity from natural gas and geothermal resources” on its website — private.

Kirkland & Ellis advised ECP on fund formation.

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KKR-SingTel consortium leading race for $1bn data centre stake

A consortium led by US private investment firm KKR and Singapore Telecommunications is leading the race to acquire a $1bn minority stake in Asian data centre provider ST Telemedia Global Data Centres, according to a report by Reuters.

The report cites unnamed sources in revealing that the KKR-SingTel bid for the 20% stake faces competition from New York-headquartered alternative investment firm Stonepeak.

The competition reflects growing interest and demand for data centres across the Asia-Pacific region on the back of the recent boom in the artificial intelligence sector.

According to one of Reuters’ sources, a deal could be sealed or announced in early June, although a final decision has yet to be made.

New York-based KKR bought a 20% stake in SingTel’s regional data centre business last year for SGD1.1bn ($816m), while in February, the firm revealed it had raised $6.4bn for a fund focused on Asia-Pacific infrastructure and energy-related assets.

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These Two Firms Are About to Fall Out of The FTSE 100 in the Reshuffle

Ocado Group’s (OCDO) stint in the FTSE 100 is set to end, with technology firm Darktrace (DARK) set to replace it in the top flight, according to indicative index changes by FTSE Russell on Tuesday.

Final index review findings are released on June 5, using data from a day earlier.

Based on closing on data as of Friday, grocer and warehouse technology firm Ocado is set for the FTSE 100 chop, with wealth manager St James’s Place (STJ) also set for relegation. Shares in Ocado have plunged 46% so far this year, while St James’s Place has shrunk 28%.

Darktrace, which has surged 60% this year, is set for a promotion to the blue-chip index. Alongside it, housebuilder Vistry (VTY) is also favourite to go up, with its stock rising 37% year-to-date.

There are a host of possible other changes in the FTSE 250, with financial services firm Alpha Group International (ALPH), investment trust Brunner Investment Trust (BUT), asset manager Liontrust Asset Management (LIO) and pensions consulting and administration services firm XPS Pensions Group (XPS) set for promotion to the mid-cap index.

Iron ore pellets producer Ferrexpo (FXPO), National Express owner Mobico Group (MCG), and investment funds NextEnergy Solar Fund (NESF) and Octopus Renewables Infrastructure Trust (ORIT) are set for demotion from the FTSE 250.

In addition, index operator FTSE Russell announced fund supermarket Hargreaves Lansdown (HL) is set to join the FTSE 100 from Friday, taking up a spot freed up by outbound Flutter Entertainment (FLTR). Flutter shareholders earlier in May backed the firm’s move to a standard main market listing from a premium one. The gambling firm is moving its premium listing to New York.

Replacing Hargreaves Lansdown in the 250 will be Molten Ventures (GROW).

By Eric Cunha, Alliance News news editor

EQUITY RESEARCH, FTSE 100, INDEX

ISSB Chair: Global Adoption is “Mission Possible”

Increased interoperability between developed and developing markets, as well as with other reporting rules, remains a priority.

Adoption of the IFRS Foundation International Sustainability Standards Board’s (ISSB) climate and sustainability reporting rules is gathering pace, with 20 jurisdictions having announced plans to implement the standards. “When standing on the main stage at COP26 [to announce the launch of the ISSB], not everyone felt this was possible,” said…

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These Two Firms Are About to Fall Out of The FTSE 100