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Alternative asset management firm Audax Group has held the final close of Audax Mezzanine Fund IV at its hard cap of USD1.2 billion of aggregate committed capital from a select group of institutional and high net worth limited partners.
Fund IV was oversubscribed and exceeded its fundraising target of USD1 billion.
Consistent with its predecessor mezzanine funds, Fund IV will continue Audax’ strategy of directly sourcing and investing in a diversified portfolio of junior debt securities, in addition to co-investments in equity securities, with a specific focus on direct lending to US middle market companies as part of private
Direct lending has been ranked as the most popular among private debt fund strategies, according to research among European institutional investors conducted by fiduciary services provider Elian.
Of those private debt fund strategies most favoured amongst investors over the next 12 to 24 months, direct lending took poll position with 55 per cent of the vote, as fund houses increasingly enter a space traditionally occupied by banks.
Ranked second was mezzanine finance (48 per cent), shortly followed by distressed debt (42 per cent).
The response from investors was in spite of those challenges currently facing, and expected to
IDG Capital Partners has held the final closing of IDG Capital Fund III with commitments totalling USD1 billion, in partnership with Breyer Capital, a Silicon Valley-based venture capital investor.
The new fund will focus on investing in next-generation opportunities in technology, media and telecommunications (TMT), healthcare, energy, and consumer products, both in China as well as in global companies looking to enter the Chinese market.
Since IDG Capital entered China in 1993 as the country's first technology venture capital and private equity investment firm, it has invested in many companies that went on to become leaders in their respective
CG Commercial Finance (CGCF) has sold all of the outstanding stock of the company to funds managed by Atalaya Capital Management.
CGCF says transaction represents an important milestone in the firm’s long-term growth strategy establishing the capital resources to exponentially grow its originations platform; increase its funding capacity; and expand its third-party buy desk, referral, and syndication program.
“As CGCF and Atalaya have worked closely in the past funding large ticket, complex transactions, we are excited to be able to complete this transaction and join forces with the team at Atalaya. With the capitalisation provided by Atalaya, in addition
Agilitas, a pan-European mid-market private equity firm, has sold its portfolio company Ionisos to Ardian, an independent private investment company, for an undisclosed consideration.
Agilitas invested in Ionisos, alongside management, in December 2014. During Agilitas’s ownership, Ionisos has boosted its sales and marketing efforts gaining strategic global European customers as well as growing sales to existing customers across a wider range of technologies and services.
Ionisos also invested in its sterilisation facilities, adding capacity and increasing efficiency, thereby improving the service rate to its wide customer base.
The management team has been strengthened by the addition of Laurent
Audax Private Equity has completed the sale of Winchester Electronics to Snow Phipps, a private equity firm based in New York, in conjunction with management and other investors.
Terms of the transaction have not been disclosed.
Headquartered in South Norwalk, Connecticut, Winchester is a provider of custom engineered interconnect solutions for high reliability applications in the military/aerospace, medical, semiconductor, oil and gas, and other diversified end markets.
Since Audax’ initial investment in 2006, Winchester has completed 13 acquisitions, diversifying the company’s customer and end-market exposure, shifting business mix toward higher growth and higher margin ruggedized applications, and broadening
Array Technologies, a manufacturer of solar tracking solutions, has secured an investment from funds managed by the Power Opportunities group of Oaktree Capital Management.
Oaktree has partnered with Array to provide the company with capital and strategic support to expand its global footprint as a leading provider of utility-scale solar tracking solutions. Terms of the investment were not disclosed.
Oaktree’s Power Opportunities group is a private equity investment strategy focused on accelerating the performance of businesses in the energy and power industries. The team seeks investments in leading companies that provide infrastructure, equipment, services and software used in the
Middle market private equity firm Wynnchurch Capital has expanded its team with the addition of Alison Miller, who has joined the firm as director.
Miller is focused on sourcing new investment opportunities that fit Wynnchurch's operations-oriented investment approach. She also supports the firm’s strategic relationships with the bankruptcy and restructuring M&A community.
"Alison brings over a decade of restructuring experience across a number of industries," says Wynnchurch's managing partner John Hatherly. "We feel she is a strong addition to our origination effort."
Miller began her career in the restructuring group in the New York office of Kirkland &
Praesidian Capital Europe, a provider of senior and subordinated debt and growth capital in the UK and Northern Europe, has invested first lien debt in SASH-Fitrite Group, a provider of uPVC windows, doors, conservatories and decking across the UK.
The funds support the June 2016 acquisition of the company by management investors John Ross and Nick Liburn and the realisation of their growth plan.
Yorkshire-based Ross and Liburn were formerly CEO and group finance director of Safestyle UK, respectively.
SASH-Fitrite is a manufacturer of u-PVC windows, doors and conservatories as well as decking and fencing. With a 50-year
Patron Capital, the pan-European institutional investor focused on property-backed investments, has closed its fifth fund raising EUR949 million (USD1.05 billion), including approximately EUR143 million (USD158 billion) of co-investment capital.
Greenhill & Co acted as the placement agent.
Patron Capital V exceeded its original target of EUR750 million (USD830 million), attracting investors from nine countries, with the majority of commitments coming from North America, followed by Europe, Asia Pacific and the Middle East. Investors included pension funds, sovereign wealth funds, endowments, foundations and asset managers.
Fund V will continue the same investment strategy as Patron’s previous funds, opportunistically targeting
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