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RESPONSIBLE INVESTING
Eurazeo received A+ in each of the four assessment categories relating to its professions within the UN PRI’s most recent survey.
GUEST ARTICLE
By Natasha Head, business development manager, ManCo services & PERE, Maitland – The impact of Covid-19 on the global private equity market is uncertain. December 2019 concluded a very strong decade, a period of significant growth with overwhelming fundraising figures and outperformance of public markets. There was a bright path ahead: a time for real consolidation, focus on operating models, ESG and diversity, growth of the secondaries market and increase capital flow to new jurisdictions.
NEWS
General Atlantic-backed primary care startup Oak Street Health is listing on the New York Stock Exchange, aiming to raise close to USD328 million.
Oak Street Health, a network of primary care centres for adults on Medicare, priced its IPO of 15,625,000 shares of its common stock to the public at USD 21.00 per share.
The shares are expected to begin trading on the New York Stock Exchange under the symbol “OSH” on 6 August, 2020, and the offering is expected to close on 10 August , 2020.
In addition, Oak Street has granted the underwriters a 30-day option to purchase
Q&A
Private Equity Wire sat down with Greg Bowes, co-founder and managing principal of Albright Capital, to talk about what distinguishes ESG issues in emerging markets from developed markets, how Covid-19 will affect the push towards ESG investing seen in recent years and how private credit strategies differ from private equity in terms of managing ESG.
NEWS
Madrid-based Bnext, a provider of alternative banking services, has secured USD13 million (EUR11million) in another capital investment round by its existing investors.
The startup’s total investments received to date are slightly above GBP43 million. In October 2019 DN Capital led its first investment round into the company, together with Redalpine and Speedinvest, closing a USD25 million Series A financing round – the largest in the fintech sector in Spain to date.
Commenting on that investment, Nenad Marovac, founder and managing partner of DN Capital said: “Bnext is the market leading digital bank in Spain and soon to be in Latin
RESULTS
US private equity firm KKR has released its second quarter financial results showing 5 per cent higher earnings for the first six months of 2020 compared to the first six months of 2019.
The firm’s private equity funds increased 11 per cent in the second quarter, while its global infrastructure and real estate funds increased by 7 per cent and 2 per cent.
New capital raised in the quarter totalled USD16 billion – a record quarterly figure for KKR – driven by fundraising across its Asia Private Equity, Asia Infrastructure, Core Plus Real Estate and Dislocation strategies, according to the firm.
NEWS
Karma Ventures and byFounders have led a USD6.1 million funding round in Icelandic anti-money laundering startup Lucinity.
Existing investors Nordic based Crowberry Capital and US based early stage investor Preceptor Capital also participated in the founding round.
The software startup Lucinity is an Anti-Money-Laundering app that “uses human AI to ‘make money good’ by augmenting financial crime fighters in financial firms with AI technology,” according to the company.
Margus Uudam, founding partner at Karma Ventures, led the deal. “The huge problem Lucinity tackles, the team’s excellent background in financial services and AML solutions industry and the revolutionary approach that the
GUEST ARTICLE
By Deborah Ruff, Head of US & International Arbitration, Julia Kalinina Belcher, Counsel, and Charles H Golsong, Counsel, Pillsbury Winthrop Shaw Pittman LLP – On 22 May 2020, the Tribunal de Commerce of Paris ordered the insurance giant AXA France IARD SA to pay Maison Rostang, a Michelin-starred Parisian restaurant, EUR 45,000 for two months’ worth of revenue lost due to the Covid-19 pandemic. A simple case of Covid-19 losses? Not quite.
NEWS
AlbionVC managed UCL Technology Fund, in collaboration with UCL Business, has held the first close of Fund 2, with a GBP100 million target.
ACQUISITIONS
KKR has agreed to acquire a majority stake in MasterD, a vocational training company in Spain.
Luis Gomez, MasterDs’s founder, and management team will reinvest alongside KKR. The investment in MasterD is the second in Europe by the KKR Global Impact fund, following its investment in UK recycling and responsible waste management company Viridor.
The investment in MasterD also follows KKR’s investment in Burning Glass last year, a labor market analytics provider which analyses supply and demand in the job market to inform hiring patterns.
KKR’s Global Impact strategy focuses on generating risk-adjusted returns by investing in companies that contribute
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