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Private equity firm General Atlantic has made a $350 million investment in Walmart-backed PhonePe at a $12 billion valuation, making it India’s most valuable payments firm, according to a report by Reuters.
Garnett Station Partners, a New York-based private investment firm that manages ~$2 billion of assets, has closed GSP 4.0 Fund-A, LP and GSP 4.0 Fund-B, LP with total committed capital of $850 million, the fund’s hard cap.
Mid-market private equity investor Equistone Partners Europe is to sell its majority stake in Bulgin, a manufacturer of harsh environment connectivity solutions, to Infinite Electronics, a portfolio of connectivity solution brands.
B Capital has held the close of its third venture growth fund and related companion funds (Growth Fund III), with aggregate capital commitments of approximately $2.1 billion. The fund will target investments around the world with a particular focus on the US and Asia.
TR Capital, a secondary private equity fund manager in Asia, has selected IQ-EQ’s Hong Kong and Luxembourg teams to administer the Cayman and Luxembourg parallel structures of its new Fund V.
To date, TR Capital, which was founded in 2007 and has offices in Hong Kong, Singapore, Shanghai, Shenzhen and Mumbai, has closed four flagship funds, managed $1.2 billion of capital commitments and completed 39 secondary investments.
TR Capital specialises in secondary direct investments and fund restructurings, with a focus on companies in the technology, next-generation consumer, and healthcare sectors across China, India and Southeast Asia.
The Fund V mandate
Blackstone has held the final close of its latest global secondaries strategy, Strategic Partners IX, and inaugural GP-led continuation fund strategy, Strategic Partners GP Solutions with commitments of $22.2 billion and $2.7 billion respectively.
KKR has closed the acquisition of Clinisupplies, a specialist in continence care products in the UK, from Healthium, through KKR Health Care Strategic Growth Fund II, a $4.0 billion fund focused on investing in high-growth healthcare companies.
OGCI Climate Investments, a specialist investor focused on decarbonisation solutions, has made an additional investment in Svante as part of the carbon capture specialist’s $318 million Series E fundraising round, which values the company at over $1 billion, giving it unicorn status.
Los Angeles Fire & Police Pensions has committed an additional allocation totalling $190 million to four alternative investment funds, according to a report by Pensions & Investments Online.
Bain & Company has appointed Sebastien Lamy as co-head of the firm’s private equity practice in Asia Pacific. With over 20 years of consulting experience in the company, Lamy specialises in growth and portfolio strategy, fund strategy, M&A advisory and due diligence, and innovation.
Most recently, he was leader of the region’s Infrastructure Investing practice.
Prior to joining Bain, Lamy was managing director of Singapore-based Keppel Corporation, where he led group strategy, M&A, technology and innovation. He holds an MBA from INSEAD and an undergraduate degree from the HEC School of Management.
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