Swiss private equity firm Partners Group has acquired a majority stake in FairJourney Biologics, a biotech known for its work on antibody treatments for major drugmakers such as Johnson & Johnson, in a deal that values the business at €900m, according to a report by the Financial Times.

London-based healthcare investor GHO Capital, which acquired a majority stake in FairJourney for just over €50m in 2020, will retain a minority shareholding alongside the company’s founder, António Parada.

The sale marks the largest exit in GHO’s history, potentially delivering a near 10-fold return on its initial investment, according to PitchBook data.

FairJourney, with laboratories in Porto, Portugal, and Cambridge, UK, has significantly contributed to research behind 14 antibody treatments currently in clinical trials for diseases such as cancer and autoimmune disorders. The company’s EBITDA are projected to reach €44m this year, up from €10m in 2020, while group revenues are expected to hit €79m in 2024.

The acquisition followed a competitive auction process, which saw Partners Group outbid other private equity investors.

Partners Group has invested billions in the healthcare and life sciences sectors in recent years, including the €1.6bn purchase of Greek generics manufacturer Pharmathen in 2021 and co-investment with GHO in Sterling Pharma Solutions.

British private equity firm Permira has added Paddy Padmanathan as a senior adviser to its global climate investing team. 

In his new role, Padmanathan will help source new investment opportunities, conduct due diligence and support management teams, according to a statement. 

Permira’s global climate investing team was formed in March and comprises eight investment professionals, co-led by Kush Patel and another partner who will join later this year. 

The team aims to invest in both transition assets and transition enablers, focusing on sub-sectors including energy transition, resource efficiency, circular economy and grid modernisation & resiliency. 

Padmanathan was most recently president and CEO of ACWA Power, a developer, investor, and operator of power generation and desalinated water plants, according to its website. Prior to this, he served as vice president and corporate officer at Black and Veatch, according to his LinkedIn profile. 

He currently advises and/or serves on the board of directors of several climate transition companies in the transmission, water, data centre and renewable energy sectors. 

Dutch firm Waterland Private Equity has invested in Black & White Engineering, an international provider of mechanical, electrical and public health design and consultancy services. 

Waterland’s investment is expected to go towards expansion into new markets through strategic acquisitions in Europe, Asia, Australia and Africa, as well as broadening its engineering services. 

Mick Cairns, CEO and founder of Black & White, will continue as CEO alongside the company’s leadership team. 

Black & White was established in 2014 and operates in Europe, the Middle East and Asia. According to a statement, the company employs over 500 and works with 110 clients in 23 countries. 

Waterland’s previous investments in this sector include MTM Engineering in 2022 and Writech in 2021. 

Global private equity and credit firm Warwick Capital Partners has acquired a majority stake in Danforth Care Homes from UK care home developer LNT Care Developments. 

The deal marks Warwick’s second investment in the UK care sector, the first being Ideal Carehomes in 2019. 

Danforth operates 18 care homes across the UK and expects to open seven further homes in the coming months. 

Warwick was advised by Dechert and Deloitte. 

Chicago Public School Teachers’ Pension & Retirement Fund has allocated $30m to private equity funds following its 20 June board meeting, according to a report by Pensions & Investments. 

The $12.5bn pension fund has allocated $20m to the Mesirow Private Equity Co-Investment Fund IX managed by Mesirow Financial, having previously committed $20m to Mesirow Private Equity Fund VIII-B in 2021. 

A further $10m was allocated to JLC Infrastructure Fund II, overseen by a partnership between Magic Johnson Enterprises and Loop Capital Partners, following a previous $10m allocation to JLC Infrastructure Fund I in 2019. 

As of 31 March, the fund’s existing allocations to private equity and infrastructure stood at 8.5% and 2.3% respectively, exceeding their targets of 5% and 2%. 

The Global Private Capital Association has added five new board directors from Cambridge Associates, KKR & Co, Patria Investments, Helios Investment Partners and Advent International, as well as Runa Alam, CEO and Partner at Development Partners International as board member emeritus. 

The new board members are: Andrea Auerbach, Head of Global Private Investments and Partner at Cambridge Associates; Gaurav Trehan, Partner, Co-Head of KKR Asia Pacific, Head of Asia Pacific Private Equity, and CEO at KKR India; Alexandre Saigh, CEO & Board Member at Patria Investments; Tope Lawani, Co-Founder and Managing Partner at Helios Investment Partners; and Juan Pablo Zucchini, Managing Partner at Advent International. 

GPCA was founded as the Emerging Markets Private Equity Association in 2004. Its members include fund and institutional investors across private equity, growth equity, venture capital, private credit, real assets, pension plans and sovereign wealth funds. The organisation is supported by its board of directors, leadership councils and management team, according to its website.