8 June 2024 – Page 2 – The Fund Society

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BB Capital Launches Two Private Markets Funds with €1bn Deal Size

BB Capital Investments has launched two new funds within the firm’s private markets fund-of-funds strategy – the BB Capital Private Credit Fund and the BB Capital NextGen Fund – both of which it says are unique to the Dutch market.

BB Capital Private Credit Fund provides access to a diversified portfolio of private credit funds, while BB Capital NextGen Fund provides access to international impact funds focused on the crucial themes of climate change, the circular economy and social equality.

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According to a press statement, their fund-of-funds structure makes both vehicles unique in the Dutch market for private credit and impact investments. With BB Capital Investments’ evergreen structure, which is already accessible through the firm’s private equity proposition, individual investors now have access to active fund-of-funds portfolios of private credit and impact investments.

Lower middle market-focused private equity firm American Discovery Capital has held the final…

London-based private equity firm Corten Capital has held the final close of Corten Capital II…

Seattle-based private equity firm Sound Growth Partners (SGP) has closed its oversubscribed…

News

Eurazeo Sells Stake in MCH Private Equity for €80m Investment in MCH V Fund

French private equity firm Eurazeo has sold its 25% stake in MCH Private Equity, an asset manager specialising in small-cap private equity investments in Spain.

As a result of the transaction, which is subject to regulatory approval, Eurazeo retains an €80m investment in the MCH V fund having first invested in the firm in 2019.

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In a press statement, Olivier Millet, Managing Partner and a member of Eurazeo’s executive board, said that the firm “now wishes to focus on its own areas of excellence with a view to scale up”.

Jaime Hernandez Soto, Founding Partner at MCH, described an “ambitious strategy of expansion in our Spanish market segments, with the launch of a new €500m fund as early as 2025”.

Lower middle market-focused private equity firm American Discovery Capital has held the final…

London-based private equity firm Corten Capital has held the final close of Corten Capital II…

Seattle-based private equity firm Sound Growth Partners (SGP) has closed its oversubscribed…

News

$50bn AUM New Mountain Capital and Grant Thornton Close Growth Investment Deal

New Mountain Capital, a growth-oriented private investment firm with approximately $50bn in assets under management, has closed a ‘significant’ growth investment in Grant Thornton, a US provider of audit, assurance, tax and advisory services.

CDPQ and OA Private Capital made minority investments in Grant Thornton alongside New Mountain Capital in a deal that is aimed at accelerating the firm’s business strategy, according to a press statement.

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Grant Thornton Advisors provides business advisory and non-attest services while Grant Thornton, a licensed CPA firm, provides attest services. Grant Thornton remains part of the Grant Thornton International Limited network of member firms, providing global reach to its clients.

Guggenheim Securities, Jefferies, Simpson Thacher & Bartlett and Hunton Andrews Kurth advised New Mountain Capital. Jones Day advised CDPQ and Gibson, Dunn & Crutcher advised OA Private Capital. Deutsche Bank Securities, Dechert and Vedder Price advised Grant Thornton, while Mayer Brown advised Grant Thornton’s partnership board.

Lower middle market-focused private equity firm American Discovery Capital has held the final…

London-based private equity firm Corten Capital has held the final close of Corten Capital II…

Seattle-based private equity firm Sound Growth Partners (SGP) has closed its oversubscribed…

News

LDC Exits Cardel to Lifco in £50m Deal

LDC, a private equity investor which is part of Lloyds Banking Group, has exited its investment in Cardel, a manufacturer and supplier of components used in the production of secure ID documents, and payment cards, to listed Swedish investment group Lifco.

LDC first backed Cardel’s management team, led by CEO Marshall Haldane, in May 2017 to support the business’ international and domestic growth plans. During the partnership, Cardel invested in product development. In 2022, the business also acquired Germany-based VTT, a supplier of identity card, driving licence, passport data page and PCB bare board lamination components to the global security market.

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According to a press statement, Cardel saw its revenue and EBITDA more than double during its partnership with LDC, while its headcount increased from 22 employees to 74 employees during the same period.

LDC said that Lifco would now “support Cardel on the next stage of its growth journey, as it looks to target further global expansion, product development and application development, such as within the PCB market, which uses a lot of the same technology Cardel already uses to support its secure payments customers”.

Cardel also produces contents for printed circuit boards (PCB), fuel cells, and wooden furniture.

LDC was advised by Freeths, KPMG and BDO.

Lower middle market-focused private equity firm American Discovery Capital has held the final…

London-based private equity firm Corten Capital has held the final close of Corten Capital II…

Seattle-based private equity firm Sound Growth Partners (SGP) has closed its oversubscribed…

News

Charlesbank Invests $270m in Quorum Cyber

US private equity firm Charlesbank Capital Partners has made an investment in Quorum Cyber, which is intended to help the global cybersecurity firm accelerate its growth strategy through talent recruitment and expansion of its services.

London-based private equity firm Livingbridge is an existing partner of Quorum, having overseen development of its customer platform Clarity, team training and further expansion into the US market. Livingbridge will partially realise an initial 2022 investment from its 2019 vintage fund, Enterprise 3, and will reinvest via its Livingbridge Fund as part of the transaction.

Quorum Cyber was founded in 2016 and is Designated as a Microsoft Solutions Partner for Security, according to a press statement. The company’s services focus on maintaining customers’ cybersecurity postures, among them Sentinel MDR, Defender MXDR and Purview MDS, as well as a portfolio of professional services such as Incident Response.

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Darren Battistoni, Managing Director at Charlesbank, pinpointed Quorum’s “robust set of AI-enabled technology services, as well as its strong alignment with Microsoft’s cybersecurity suite”.

Matthew Jacobs, Partner at Livingbridge, said that headcount had more than tripled since his firm’s investment, adding that Quorum had become “a leading Microsoft security services provider in the UK” and had expanded into the US and Middle East markets.

Canaccord Genuity advised Quorum Cyber.

Lower middle market-focused private equity firm American Discovery Capital has held the final…

London-based private equity firm Corten Capital has held the final close of Corten Capital II…

Seattle-based private equity firm Sound Growth Partners (SGP) has closed its oversubscribed…

News