Managers
Norwest Venture Partners, a venture and growth equity investment firm, has closed its largest fund to date, Norwest Venture Partners XV (NVP XV) at USD2 billion.
The fund targets disruptive and market-leading companies from seed to late-stage across consumer, enterprise and healthcare sectors. The launch of Norwest Venture Partners XV, which brings the firm’s total capital commitments to more than USD9.5 billion, closes on the heels of a record two years, as 23 of the firm’s portfolio companies achieved notable liquidity events.
Norwest Venture Partners XV follows Norwest Venture Partners XIV, a USD1.5 billion fund, which closed in February 2018.
Alpine Investors (Alpine), a middle market private equity firm that focuses on software and services businesses, has completed fundraising for Alpine Investors VII (Fund VII) with USD1 billion in limited partner capital commitments.
Fund VII was oversubscribed, well exceeding its USD750 million target and hitting its hard cap, bringing the firm’s total AUM to USD2.7 billion.
“We are very grateful to the diverse group of new and returning limited partners who have demonstrated their confidence in our approach to private equity,” says Graham Weaver, Founder and CEO of Alpine. “Our PeopleFirst strategy drives highly engaged company cultures, business growth, and
E-commerce platform Shopblocks has set its sights on the US market after securing a GBP500,000 investment.
Shopblocks has raised funding from the Greater Manchester Combined Authority’s GM Investment Fund, its existing investor Dow Schofield Watts Angels (DSW Angels), and members of the management team to support its expansion in the UK and overseas.
The Stockport-based business, which currently employs 20 people, aims to achieve a fourfold increase in monthly revenues in the year ahead in line with its growth in the previous 12 months, and is planning to create an additional 37 jobs for developers, sales and support staff.
Careology, a health-tech platform for cancer care, has raised GBP1.12 million in funding from some of the UK’s leading health and technology private angel investors.
Careology is the first intelligent technology that empowers people with cancer to feel in control of their own care. It seamlessly connects them to their family and healthcare provider to enable proactive, real-time care. The data-driven platform transforms how those affected by a cancer diagnosis are supported and cared for.
Following the launch of Careology earlier this year and the incredibly exciting reaction received from healthcare providers and patients, this funding will be used to expand the
FFL Partners (FFL), a private equity firm focused on growth investments in middle market companies, has made an investment in the newly formed Orthodontic Partners (OP), an orthodontic services organisation.
FFL will be partnering with co-founders Dr Jamie Reynolds, Dr Jeff Kozlowski and CEO Chip Hurlburt, who also have significant equity in the business. Additional financial terms of the transaction were not disclosed.
Headquartered in Grand Rapids, Michigan, OP provides orthodontic care, including traditional braces and aligners, to children, teens and adults. The Company currently has offices in Michigan and Connecticut.
“We look forward to working with Chip, Jamie and
HarbourVest Partners, a global private markets asset manager, has held the final close of its fifth co-investment fund at its hard cap of USD3.0 billion. HarbourVest Partners Co-Investment Fund V, which had an original target of USD2.5 billion, was oversubscribed.
“HarbourVest’s direct co-investment program has established itself as a leader within the private equity space,” says Peter Wilson, Managing Director, HarbourVest Partners. “Our longstanding relationships with proven managers have created access to compelling investment opportunities in partnership with some of the best sponsors in the industry.”
The fund’s strategy is to create a global, diversified portfolio of direct co-investments
Funds advised by YFM Equity Partners (YFM), a specialist private equity fund manager, have backed a GBP4.5 million investment into SharpCloud Software Limited (SharpCloud).
YFM’s investment comes from its two advised VCTs, British Smaller Companies VCT plc and British Smaller Companies VCT2 plc, alongside YFM Equity Partners Growth II LP.
SharpCloud was founded in 2012 by Sarim Khan and Rusty Johnson, following the successful sale of their previous software business to Oracle Primavera. Having spent some time within the Business Intelligence (‘BI’) and data analytics space, they noted a lack of powerful top-down software tools that could allow large organisations
True Nature Holding is forming a new Irish corporate entity, Mitesco PLC, to act as a holding company for its European based acquisitions.
The new name, which is Latin for “progress”, reflects the company’s strategy of acquiring healthcare technology solutions companies, generally, those that are early stage, but past proof of concept, and with revenues in the USD2 million to USD20 million range. It expects that the new operations will progress: by growing their market presence geographically in new markets, including the North American markets. The new entity will be based in Dublin, Ireland.
Separately, it announced that it has
Property agency Linley & Simpson has expanded into Humberside for the first time with the acquisition of the lettings arm of another agency, Beercocks in Hull.
The acquisition – completed for an undisclosed sum – is the ninth to take place since Linley & Simpson secured the backing of UK private equity investor LDC in June 2018 to accelerate its growth plans.
Linley & Simpson now operates 17 branches across North and West Yorkshire and this latest acquisition has transferred almost 500 properties into Linley & Simpson’s own rental portfolio, which today stands at 8,700 homes.
“While Linley & Simpson may
High Road Capital Partners (www.highroadcap.com) has sold its portfolio company Banner Solutions (www.bannersolutions.com) to Tailwind Capital. The sale, which closed on 31 October, 2019, marks the second exit for High Road Capital Partners Fund II.
Kansas City, Missouri-based Banner Solutions is a wholesale distributor of door hardware, electronic access control, and security products primarily for repair, replacement, and renovation applications in the commercial/institutional and residential markets.
High Road acquired Banner, formerly known as Midwest Wholesale Hardware, in February 2017. During High Road’s ownership, the company completed four acquisitions, and revenue and EBITDA more than tripled.
“Our successful investment
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