Private equity firm Advent International has exited aerospace and defence technology provider CAES Systems to Honeywell in a $1.9bn all-cash deal.
The deal is expected to close in H2 2024.
Advent International previously acquired CAES Systems, then known as Cobham Advanced Electronic Solutions, for $5bn in January 2020, later restructuring it into a standalone entity in 2021.
CAES develops advanced electronics, such as antenna systems and communication networks for the aerospace and defence sectors.
Financial services-focused consulting firm Alpha FMC’s leadership team has approved a £626m takeover bid from private equity firm Bridgepoint.
The offer of 505p per share represents a 51% premium on Alpha FMC’s closing price on 30 April, the day after the offer was made. It will be put to shareholders at the company’s general meeting, requiring 75% approval for the deal to proceed.
In an acquisition statement on its website, Alpha FMC described Bridgepoint as “strongly positioned to support Alpha FMC with the next phase of its growth, providing both access to capital for further growth and continuity for Alpha FMC’s clients, employees and other stakeholders”.
Last month, Alpha revealed it had received multiple expressions of interest and proposals, with reports indicating that both Bridgepoint and rival private equity firm Cinven had approached the company regarding a potential deal.
Alpha FMC employs over 900 consultants and has offices in North America, the UK, Europe and APAC, according to its website.
UK environmental consulting and engineering service provider RSK Group is set to receive a £500m preferred equity investment from a consortium led by Searchlight Capital Partners and Ares Management.
The investment will contribute to the execution of RSK’s 2030 global strategy, which includes both organic growth initiatives and the continuation of its acquisition strategy, according to a company statement.
In addition, Ares has committed a £300m debt facility to support RSK’s expansion plans, bringing the total available debt facilities provided by Ares to £1.4bn.
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RSK is based in Cheshire and offers services to clients across water, energy, construction and infrastructure.
Searchlight Capital Partners is a global private investment firm managing over $14bn in AUM, with offices in London, New York, Miami and Toronto. Ares Management is a global alternative investment manager with approximately $428bn in AUM as of 31 March, offering primary and secondary investment solutions across credit, real estate, private equity and infrastructure asset classes.
Private equity firm ChrysCapital is set to invest $100 million in Indian eyewear brand…
Private markets investment firm Hamilton Lane has closed its sixth secondaries fund with $5.6bn in commitments from corporate and public pension funds, Taft-Hartley plans, sovereign wealth funds, endowments, foundations and private wealth platforms.
Fund VI had a $5bn target and exceeded its 2021 predecessor, which closed at $3.9bn. Hamilton Lane’s secondaries platform currently has about $20.9bn in AUM as of 31 March 2024.
Hamilton Lane has offices throughout North America, Europe, Asia Pacific and the Middle East.
Private equity firm ChrysCapital is set to invest $100 million in Indian eyewear brand Lenskart. The latest investment, which will be via primary and secondary share purchases, brings Lenskart’s total capital infusion to nearly $850m in the last 12 months.
Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) was in advanced talks in December to invest $350 million to $400 million in the company, valuing the eyewear retailer at $4.5 billion. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Started in 2010, Lenskart’s investors include U.S. private equity firm KKR & Co Inc, Japan’s SoftBank Group and Singapore state investor Temasek Holdings.
Lenskart, which also operates in the United States, Singapore and UAE, had acquired a majority stake in Japanese eyewear brand Owndays last year, turning the Indian company into one of Asia’s largest online retailers in its segment.
“With the acquisition of Owndays, there is an opportunity for Lenskart to expand across 10+ Asian countries in addition to the already large Indian market,” said Rajiv Batra, senior vice president of ChrysCapital Advisors.
Antares Capital has closed its third broadly syndicated loan collateralised loan obligation, Orion CLO 2024-3, securing $400m. Antares launched its first BSL CLO, CLO 2023-1, with $450m in October, and the second, CLO 2023-2, at the end of last year, also at $450m.
Last March, Antares appointed Apex Credit Partners’s Andrew Stern as managing director, portfolio manager and trader for its liquid credit platform, which builds on its private credit CLO platform established in 2017.
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Founded in 1996 and based in Chicago, Antares oversees over $68bn in capital. According to Bank of America, Antares is the second-largest private credit CLO manager in the US by AUM with $11.1bn across 13 CLOs, as of 31 March.
Appointments signal growing momentum behind UN-sponsored efforts to promote policy consistency to support non-state actors’ commitments.
The recently-confirmed members of a taskforce created to increase the quality and consistency of private sector net zero pledges are targeting COP29 for their assessment of enabling environments in Group of 20 (G20) countries. The Taskforce on Net Zero Policy will play a pivotal role in ensuring policymakers effectively enable…
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Charlesbank Capital Partners, a middle-market private investment firm, announced today that it has successfully completed fundraising for Charlesbank Technology Opportunities Fund II. The Fund closed at its hard cap of $1.275bn of commitments from a diverse set of existing and new limited partners, surpassing its target of $1.1bn and initial hard cap of $1.2bn.
TOF II is the successor fund to Charlesbank’s inaugural Technology Opportunities vehicle, which closed in 2020 with total limited partner commitments of approximately $700m.
TOF I broadened the range of technology transactions Charlesbank pursues, giving it the flexibility to focus on smaller investments in high-growth companies. TOF I is fully invested across 12 platform transactions. TOF II will advance the team’s strategy of investing in lower middle-market technology-focused companies, looking to back innovative companies that have strong leaders, proven business models and predictable financial profiles. TOF II has strong momentum already, having completed four investments and deployed ~20% of total capital commitments.2
Led by Managing Directors Darren Battistoni, Mayur Desai and Hiren Mankodi, the firm’s Technology Opportunities team has more than doubled since the close of TOF I. With 20 dedicated investment professionals and seven seasoned executives acting as industry advisors3, the team focuses on six sub-sectors: application software, cloud computing, cybersecurity, healthcare IT, financial technology, and infrastructure software.
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“In the past few years, we’ve been able to execute on our differentiated investment strategy due to the hyper-specialization of our investment team, as well as the deep partnerships we form with our portfolio companies to drive value,” said Darren Battistoni, Managing Director at Charlesbank. “Our disciplined, collaborative approach leaves us well-positioned for long-term success as we aim to make a meaningful impact on the businesses and management teams we partner with.”
“The accelerating pace of technological innovation is continuing to reshape all industries, and with valuations resetting to more reasonable levels, the opportunity set for investing in technology and software businesses has never been greater,” said Hiren Mankodi, Managing Director at Charlesbank. “With
Kinderhook’s investor base was comprised of domestic and international endowments, foundations, family offices, pensions, and other institutional capital bases. The firm added new investors that broaden its Limited Partner base in the United States, Europe, and for the first time, in the Middle East, Asia and Latin America.
The fund will continue the firm’s buy-and-build strategy in the environmental, business services, automotive, light manufacturing, and healthcare services sectors.
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Kinderhook Industries is a private investment firm that has raised $8.5 Billion of committed capital and made in excess of 450 investments and follow-on acquisitions since inception.
Hamilton Lane raised $5.6 billion as part of its Hamilton Lane Secondary Fund VI, exceeding its initial target, the investment management company said late on Tuesday.
The fundraising, the biggest in the firm’s history, saw strong support from a diverse group of new and existing investors with the fund exceeding its $5 billion target, the company said in a statement.
The company did not mention what it will use the proceeds for. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Geopolitical pressures and economic uncertainties have recently dampened investor sentiment which has weighed on private equity fundraising globally.
Hamilton Lane Secondary Fund VI (Fund VI), part of the company’s follows a fundraising by its Secondary Fund V which closed at $3.9 billion in commitments in 2021.
Hamilton’s secondaries platform represents $20.9 billion in assets under management as of March 31.
“The circumstances driving appetite for liquidity in the market continue to grow, and we are excited to sit in a compelling position with what we believe is one of the most experienced and cohesive secondary platforms,” Tom Kerr, co-head of investments and global head of secondary investments, said in a statement.
