Texas schools fund pulls $8.5bn from BlackRock over ESG investing
Private Equity Insights
by Sebastian
1w ago
A Texas school fund told BlackRock on Tuesday it was terminating its contract to manage around $8.5 billion of state money, accusing the investment giant of boycotting fossil fuel energy producers, who represent a large part of the state’s industry. BlackRock has denied it is engaged in any boycott, saying the money pulled is a tiny sliver of the $10 trillion in assets that it manages. The move by the Texas Permanent School Fund, however, highlights how BlackRock and other asset managers continue to attract controversy in some Republican-run states over environmental, social and corporate g ..read more
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IFF to sell pharma unit to France’s Roquette in $2.85bn
Private Equity Insights
by Sebastian
1w ago
International Flavors & Fragrances said on Tuesday it would sell its pharma solutions business to French plant-based ingredients maker Roquette in a deal valued at $2.85 billion, as it looks to focus on higher-margin businesses. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter Sign up The move comes at a time when IFF is seeing demand slow for its food ingredients and solutions business, especially from end-users such as consumer goods companies, amid higher interest rates and inflationary pressures. Source: Reuters Can’t stop reading? Read mo ..read more
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Blackstone partners with Finnish S-Bank for European private credit fund
Private Equity Insights
by Sebastian
1w ago
Blackstone has partnered with Finland’s S-Bank to broaden access to its European private credit fund, with the latter creating a feeder fund that will invest its clients’ capital into the Blackstone European Private Credit Fund SICAV, according to a report by Alternative Credit Investor.  Blackstone’s partnership with S-Bank follows those with Dutch bank ING and French multinational bank BNP Paribas, which similarly allow individual investors in those countries to access private credit. In the US, Blackstone has its BCRED fund, which is open to private investors across the country. Diff ..read more
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Singapore’s Fullerton Raises $100m For Carbon Action Fund
Private Equity Insights
by Sebastian
1w ago
Singapore’s Fullerton Fund Management has raised S$100 million ($74.4 million) in the anchor close of its Fullerton Carbon Action Fund, a private equity vehicle. Seviora Group, a Singapore-based asset management group wholly owned by Temasek Holdings, and Income Insurance Limited, a Singapore insurer, are the anchor investors for this strategy, Fullerton said in a statement yesterday. The fund targets the climate market opportunity in emerging Asia countries. Fullerton said Asia accounts for more than half of the world’s carbon emissions and represents a $5 trillion climate investm ..read more
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Carlyle closing in on deal for $1.5bn Thyssen unit
Private Equity Insights
by Sebastian
1w ago
Global private equity firm Carlyle Group is closing in on a deal to acquire a majority stake in Thyssenkrupp’s Marine Systems business at a value of about €1.5bn ($1.6bn) including debt, according to a report by Bloomberg. The report cites unnamed sources familiar with the matter as confirming that talks are progressing and that advanced discussions on terms of the proposed acquisition could begin as early as this week. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter Sign up The beleaguered German conglomerate’s Marine Systems business makes subma ..read more
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UpHealth Sells Cloudbreak Health for $180m to GTCR LLC
Private Equity Insights
by Sebastian
1w ago
UpHealth Inc. is one step closer to becoming a dedicated behavioral health company with the sale of a technology asset for $180 million. On March 15, the Delray Beach, Florida-based company completed the sale of its medical translation entity, Cloudbreak Health, to Chicago-based private equity firm GTCR LLC. Cloudbreak is headquartered in Columbus, Ohio. “This transaction is one more critical milestone in the last three years of UpHealth, Inc.’s journey to focus the company on its strategic core and most profitable businesses,” Dr. Avi Katz, board chairman and founder of GigCapital Global, s ..read more
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Bain Capital completes the acquisition of Fabbrica Italiana Sintetici
Private Equity Insights
by Sebastian
1w ago
Molecules (BC) Bidco, a company controlled by funds managed by Bain Capital Private Equity, completed theacquisition of all issued shares and convertible bonds of FIS – Italian Synthetic Factory from Nine Trees Group (NTG). Bidco and Ntg have agreed on a vendor loan, which has no guarantee from FIS, with a later maturity than the notes and without requiring the payment of interest in cash. Bidco provided Fis with an equity contribution of approximately €52,8 million in connection with the acquisition. Ntg reinvested part of the proceeds obtained from the ac ..read more
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Platinum Equity considers $2bn Club Car sale 
Private Equity Insights
by Sebastian
1w ago
Private equity firm Platinum Equity has hired advisers from investment bank Goldman Sachs in exploring a sale of golf cart manufacturer Club Car that could value the company at more than $2bn.  The report cites unnamed sources in confirming that Platinum Equity is in the early stages of working with the Goldman Sachs advisers, as well as Club Car generating EBITDA of over $200m. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter Sign up Platinum Equity acquired Club Car from industrial components maker Ingersoll-Rand in 2021 for about $1.7bn. Cl ..read more
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Ontario Teachers’ Pension Plan investing $80 million in India-based Perfios
Private Equity Insights
by Sebastian
1w ago
The Ontario Teachers’ Pension Plan’s late-stage venture and growth investment arm is investing $80 million in India-based financial software company Perfios. The company serves the banking, financial service and insurance industries across 18 countries and will use the investment to expand its international footprint. As part of the transaction, Darius Vakil, a director at Teachers’ Venture Growth, will join Perfios’ board. “Our investment in Perfios is in line with our strategy of backing seasoned and visionary management teams in businesses with strong growth potential and a clear ..read more
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Advent nearing $3bn deal to buy Canadian payments processor Nuvei
Private Equity Insights
by Sebastian
1w ago
Private equity firm Advent International is in advanced talks to buy Nuvei a Canadian payments technology company that has received financial backing from actor Ryan Reynolds.  Advent’s buyout of Nuvei, which has a market capitalization of more than $3 billion, would make it one of the more sizable take-private deals at a time when private equity dealmaking has slowed. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter Sign up The buyout deal, if completed successfully, would mark the second deal in the past 12 months for a company backed b ..read more
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