Renovus Capital Partners, a private equity firm specialising in the knowledge and talent industries, has appointed Gary Tang as Principal to focus on expanding the firm’s healthcare services investment vertical.

Tang was most recently Vice President at Chicago Pacific Founders, where he oversaw numerous investments. Prior to this, he was a senior associate at Norwest Venture Partners, according to his LinkedIn profile.

Prior to Norwest, Mr. Tang worked for Robert W Baird & Co as an associate, having started his career at PricewaterhouseCoopers.

Pan-European private equity investor Oakley Capital, via its Oakley Capital Fund V, has invested in ProductLife Group, a European provider of outsourced development, regulatory and compliance services to the global life sciences industry.

According to a press statement, Oakley will work alongside management and reinvesting shareholder 21 Invest to support the company’s continued international expansion, as well as accelerating investments into AI technology to drive technology enablement of its services and operations.

ProductLife Group provides development, regulatory affairs, market access, pharmacovigilance, quality management and digital transformation services mainly to clients in the pharmaceuticals industry. Under the leadership of Xavier Duburcq, ProductLife Group has completed 16 add-on acquisitions. ProductLife Group currently employs more than 1,600.

Pan-European mid-market private equity firm Apheon will sell its majority stake in Dolciaria Acquaviva, an Italian producer of frozen bakery products, to Vandemoortele, a Belgian family-owned food group.

The sale marks the conclusion of Apheon’s collaboration with the Acquaviva family since 2019. Apheon acquired a majority stake in Dolciaria in July that year and has since supported two add-on acquisitions and investment in a new production line. Revenues and EBITDA have more than doubled over Apheon’s holding period, according to a press statement, with Dolciaria having a turnover of around €120m in 2023.

Dolciaria Acquaviva was founded in 1979 and headquartered in Naples. The company operates four production lines in a factory in Naples as well as three smaller plants in northern Italy, serving more than 40,000 customers in hotel, restaurant and café channels nationally.

Apheon and Dolciaria were advised by Houlihan Lokey, Vitale, PwC, GOP, Russo De Rosa Associati and OC&C.

Private investment house Ardian has raised €530m for Ardian Growth Fund III, exceeding its €500m target size and raising more than double than the firm’s previous fund, which closed in 2018 at €230m.

Ardian Growth Fund III secured commitments from investors across 12 countries, including from banks and insurance companies, entrepreneurs, pension funds and government agencies. Ardian’s growth team, which now has €1bn of AUM and has supported more than 120 businesses since 1998, will continue to target profitable, fast-growing companies across continental Europe, according to a press statement. The fund strategy targets digital at large (software, web and tech-enabled businesses), B2B services and health & wellness companies.

The fund is already close to 25% deployed following three transactions: dialysis solutions provider Théradial, snack producer and distributor My Pie and pharmacy banner company Aprium Pharmacie.

One of Australia’s largest pension funds, Rest, is set to significantly increase its private equity investments over the next two years, aiming for a 5% allocation by 2026, according to a report by Pensions & Investments. 

Currently managing AUD85bn ($56.6bn) in assets, Rest has already expanded its private equity holdings from 1% in 2021 to 3% today, according to CIO Andrew Lill.

Lill expressed optimism about the timing for acquiring private equity assets, particularly targeting mid-market buyouts in sectors such as healthcare rather than technology.

In a P&I interview in Sydney, Lill said: “We think it’s just an incredibly good time to be picking up assets that have a potentially lower return multiple on the way in.”

In contrast to some other Australian superannuation funds, Rest remains cautious about increasing its exposure to private credit. Although Lill did not disclose Rest’s current private credit holdings, he indicated that the allocation is small. “We think that private credit is an opportunity, but we are cautious of excessive flows into the area,” Lill stated, noting that many of the strongest returns in private credit may already have been realised.

Lill warned that the competitive landscape could lead to diminished returns for new private credit funds. “Once it becomes a ‘me too’ investment, often it’s time to start bringing your expectations and returns down,” he said, though he clarified that he does not foresee a crash or negative returns in the sector.

Other major Australian pension funds are also adjusting their private credit allocations. AustralianSuper, the country’s largest pension fund with AUD330bn under management, recently announced plans to increase its private equity allocation from 5% to 9% of its portfolio. Similarly, the Australian Retirement Trust, the second-largest pension fund, aims to grow its private credit position from just below 1.5% to 2.5% within the next six to twelve months.

Dutch firm Waterland Private Equity has launched creative group Further, following the merger of three companies: branding agency DesignStudio; motion design studio Analog; and immersive experience design studio PixelArtworks.  

All three companies’ founders will remain within the group, with Paul Stafford, founder of DesignStudio, taking on the role of Group CEO.

Further’s services include branding, content and experiences. The group will be headquartered in London, with additional offices in New York, Sydney and Dubai.

Waterland’s partnerships across the advertising and marketing industries include Dept (2015-20), iO Agency (2021), Sideshow Group (2021), Farner Consulting (2022) and AFO Group (2023).