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Public transport ticketing specialist Masabi has secured significant strategic growth investment from private equity firm Accel-KKR.
Existing investors Shell and Smedvig Capital also participated in the round.
The investment will fund the acceleration of product development and additional new deployments of Masabi’s Justride platform in North and South America, Europe and Asia-Pacific.
International law firm, RPC, has advised Danish private equity fund, Axcel on its acquisition of Carousel Logistics, a pan-European specialised provide of aftermarket and spare parts logistics.
The RPC team, led by James Mee, David Wallis and Ben Magahy, worked alongside Danish law firm Accura, who led on Axcel’s concurrent acquisition of Danx, an in-night distributor of spare parts across the Nordics and Baltics.
SKW Schwarz provided German law advice and the transaction was completed on 28 February.
Axcel has acquired both firms to create a combined in-night logistics specialist offering end-to-end supply chain solution handling of time-sensitive spare
LaSalle Investment Management (LaSalle) has selected RealBlocks to cover the firm’s USD77 billion global real estate business.
Legends of Learning, Inc, creator of the nation’s leading educational game platform for K-12 students, has raised USD5 million in a seed round led by Konvoy Ventures, a venture capital fund dedicated to the games industry.
Angel investors also participating in the round include James Park (Co-founder and CEO of Fitbit), Holly Liu (Co-founder at Kabam and former Visiting Partner at Y Combinator), Jeremy Liew (Partner at Lightspeed Venture Partners), and Kun Gao (Co-founder and Founding CEO of Crunchyroll).
Legends of Learning launched in 2017 as a solution to better engage students with academically rigorous coursework. Legends of Learning offers
PA Capital has held final closes for two of its private equity funds earlier, with its ninth flagship fund, PA Small Company Private Equity Fund IX (Fund IX) closing at USD473 million, above its USD350 million target, and the PA Small Company Co-investment Fund II (Co-invest II) at its USD200 million hard cap.
Consistent with PA’s predecessor multi-manager funds, Fund IX invests with an emphasis on the lower end of the middle market, building a diversified portfolio of fund investments, co-investments, and secondary investments. Co-invest II seeks to capitalise on the firm’s co-investment deal flow generated through its deep GP
HIG Capital (HIG) has appointed Gwen Watanabe as a Managing Director in the firm’s dedicated life-science investment affiliate, HIG BioHealth Partners.
Watanabe has more than 28 years as an investor, entrepreneur, executive and board member in the medical device industry. Most recently, she was the Vice President and General Manager for Smith & Nephew’s US Robotics business unit.
Watanabe holds an MS in Mechanical Engineering from Stanford University, as well as an MBA from Harvard Business School. She also holds a BS in Mechanical Engineering from the Massachusetts Institute of Technology.
Gen II Luxembourg Services (Gen II), a wholly-owned subsidiary of private equity fund administrator Gen II Fund Services, has completed the firm’s International Standard on Assurance Engagements (ISAE) 3402 Type I Report in the areas of fund accounting, transfer agency, and depositary services.
The ISAE 3402 is an internationally recognised auditing standard issued by the International Auditing and Assurance Standards Board (IAASB). A service organisation’s auditor’s examination, in accordance with the standard, represents an in-depth audit of a service organisation’s control objectives and activities. These activities often include controls over information technology and related processes.
A leading international accounting firm
Virtual underwriting has become a permanent fixture in private equity fundraising according to a new survey of global LPs, conducted by placement agent Capstone Partners.
The survey, which seeks to explore how current underwriting trends impact LP’s ability to make commitments to private equity funds, shows that virtual underwriting has been fully adopted by LPs, with the vast majority virtually underwriting re-ups in 2021, and a comfortable majority virtually backing managers they know well or had met pre-Covid. Just 9 per cent of the 130 global investors said that they had not used virtual processes to underwrite re-ups in 2021.
Lightspeed Systems (Lightspeed), a specialist in learning safety and effectiveness, has secured a significant growth investment from Genstar Capital (Genstar).
Genstar joins existing investor Madison Dearborn Partners (MDP), with the additional investment set to be used to help drive continued product innovation and position Lightspeed to accelerate its mission of keeping students safe and enabling equitable and effective learning.
Genstar and funds affiliated with Madison Dearborn will each have equal ownership stakes in Lightspeed while the founders and management team also retain a significant ownership position.
Sheridan Capital Partners (Sheridan) has completed the majority recapitalisation of SpendMend in partnership with management and Morgan Stanley Capital Partners (MSCP), the middle-market focused private equity team at Morgan Stanley Investment Management.
Sheridan originally invested in SpendMend in January 2018 and enjoyed four successful years working closely with the founders. Co-founder and CEO Dan Geelhoed and co-founder and President Rob Heminger will continue to lead the business, while Sheridan has retained a minority ownership stake and board seat.
SpendMend is a provider of tech-enabled solutions to optimise the cost cycle for the US healthcare industry, and serves more than
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