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MicroVest, a global impact investing asset management firm, has closed a USD20 million, five-year revolving credit facility with MetLife Investment Management to provide a redemption line to their flagship impact investment fund.
The credit facility will serve as a secondary source of liquidity for Limited Partners. The partnership will enable both organisations to increase their commitment to deep impact through financial inclusion. This investment represents MetLife Investment Management’s largest community investment to date.
The credit line enables MicroVest to better manage liquidity of the fund to deploy more capital, more quickly, to the places that need it the most. Per
Nexxus is to invest in Grupo Turistore, a retail company focussed on international tourism with more than 30 years of experience in the industry.
Grupo Turistore has 56 stores in Mexico’s main beach destinations and a broad product offering, with its main selling categories being handicrafts, clothing, pharmacy, liquor, and groceries.
The investment will be made through Nexxus VI once certain closing conditions are met, including the approval from Mexico’s Antitrust Authority, which we estimate to be granted by the end of November 2018.
Alta Growth Capital, a Mexican private equity fund with more than 10 years of
TIG Advisors (TIG) has acquired a minority interest in Romspen Investment Corporation (Romspen), an alternative credit manager focussed on North American real estate.
The firm is the manager of funds with assets under management of CAD2.5 billion, which provide first mortgage bridge lending to commercial real estate projects. Terms of the transaction were not disclosed.
As a strategic partner, TIG will work collaboratively with Romspen to help the firm achieve its business objectives – offering infrastructure, sales and marketing, and business development support within the US and internationally. This support will enable the Romspen team to continue to focus
Private equity firm Key Capital Partners (KCP) has sold its interest in MI Glass (MIG) to the management team in a multi-million pound deal backed by Clydesdale Bank.
The terms of the deal have not been disclosed.
Based in Smethwick in the West Midlands, MIG has a 75 year heritage of providing glass processing solutions to a number of industries including retail interiors, catering equipment and office designers throughout the UK and central Europe. With a 76-strong workforce, the company has 55,000 sq ft of dedicated manufacturing space at its Downing Street, Birmingham, premises and has recently opened a
HIG Bayside Capital (HIG Bayside), the special situations affiliate of HIG Capital, has sold its portfolio company, DiscoverReady to Consilio, a specialist in eDiscovery, document review, risk management, and legal consulting services.
Based in Charlotte, NC, DiscoverReady is a leading provider of end-to-end eDiscovery services including best-in-class offerings in managed review, processing, hosting and information governance. The Company supports corporations and multinational law firms on complex investigation, litigation and compliance matters.
HIG Bayside recapitalised the Company in 2014, and over the last four years has supported the Company’s significant investments in new service offerings, technology, and marketing. These investments
Frontier Capital (Frontier), a Charlotte-based growth equity firm focused exclusively on software and tech-enabled business services companies, has sold MultiLing, a provider of global intellectual property (IP) translation and support services, to Questel, a global online IP service provider.
Through its proprietary Savanta cloud platform that leverages digital workflow, artificial intelligence and a global network of 1000-plus linguists, MultiLing provides skilful, accurate, cost-effective patent translation services. The company serves the world’s most demanding and sophisticated patent filers in over 200 unique language pairs, and has translated over 1.6 billion words for its diverse client base of blue-chip corporations and law
Handshake, a career network for US college students, has closed a USD40 million Series C funding round led by the EQT Ventures fund (EQT Ventures), a European multi-stage VC fund.
This funding round also includes participation from leading social impact investors including The Chan Zuckerberg Initiative (CZI), Omidyar Network (Omidyar), and Reach Capital (Reach), among others. In conjunction with the funding, Alastair Mitchell of EQT Ventures is joining Handshake’s Board of Directors. Representatives from CZI, Omidyar, Reach and others will be joining a newly formed Impact Advisory Board to advise the company on better measuring and growing its social impact.
Crossplane Capital, a new Dallas-based private equity firm, is to target control investments in niche manufacturing, value-added distribution and industrial business services companies, with up to USD200 million of revenue.
With eight decades of combined experience transforming industrial companies as senior executives, operational improvement consultants, strategy consultants, restructuring advisors and private equity investors, Crossplane’s team brings a sophisticated operating model to family owned companies and companies involved in complex situations.
Founded by partners Brian Hegi and Ben Eakes, and joined by Ingrid West, operating partner, and Mike Sullivan, managing director, Crossplane’s senior leadership team has 32 years of collective
CAIS, an alternative investments platform for the independent wealth channel, is to offer independent financial advisers institutional quality outsourced-CIO (OCIO) services through investment services provided by Mercer.
Mercer’s investment services offering includes access to one of the largest manager research platforms in the industry, model portfolio construction, manager selection, custom fund implementations and due diligence across the entire investable universe. Advisors will have the ability to choose what they need to supplement their in-house expertise, boost their arsenal of investment strategies, differentiate their portfolios and provide a superior client experience.
“Independent financial advisors oversee their clients’ economic futures, and
Backstop Solutions, a cloud-based productivity suite provider to the institutional investment industry, has completed a USD20 million round of financing.
Existing and new investors participating in the round include Roger Kafker, a 30-year veteran investor in the asset management space, Tao Huang, former COO of Morningstar, David Bradley, President of Huizenga Capital Management, and Vistara Capital Partners. Financial Technology Partners (FT Partners) served as exclusive strategic and financial advisor to Backstop Solutions on this transaction.
This round of financing builds on an outstanding year for Backstop, which saw a rapidly growing roster of clients, key executive appointments, and
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