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WEEKLY REVIEW – 30 August 2016

Kerogen Capital’s $830m Energy Fund II smaller than

Market News predecessor ........................................................................... 9
Sofinnova soars past Fund IX total in latest life sciences
High PE hurdle rates rising in popularity, YTD fundraising fundraise ............................................................................... 9
drags ..................................................................................... 2
Ex-Carlyle distressed asset execs pass $500m in debut
Cleantech deal numbers recover despite severe monthly Stellex fundraise .................................................................... 9
capital investment low.......................................................... 2
Portfolio Advisors taps market to back latest flurry of
Biotech scores biggest monthly PE, VC total deal value of funds-of-funds ..................................................................... 10
year to date........................................................................... 3
True Ventures excited by nascent target markets locking
NVCA criticises Clinton on carried interest after attacking down $310m Fund V ........................................................... 10
Trump on same proposal ...................................................... 3
Danhua closes second venture fund at $255m ................... 10
Apollo settles for $52m with SEC over charges of
misleading LPs....................................................................... 4 Tesla Motors-backer Westly Group seeks $175m for
third cleantech fund ............................................................ 11
Silver Lake under SEC investigation over accelerated
monitoring fees..................................................................... 4 Basketball star Kobe Bryant launches $100m VC fund ....... 11
WL Ross & Co lands $2.3m fine from SEC ............................. 4 Brooklyn Bridge Ventures eyes bigger tickets with heftier
second fund ......................................................................... 11
Baltic PE, VC associations join forces to unify regional
ecosystem ............................................................................. 5 Pemberton eyes €1.25bn final close for new Euro debt
fund ..................................................................................... 11
HQ Capital looking to exploit Asia’s growing secondaries
market................................................................................... 5 Oaktree pulls in commitments for European Capital
Solutions Fund ..................................................................... 12
I-Bridge launches JV with Israeli biopharma company ......... 6
Earlybird chirping for up to €120m in commitments for
Bain Capital, Piramal team to profit from distressed new health tech fund .......................................................... 12
Indian assets ......................................................................... 6
Ex-Merrill Lynch, Enel Green Power execs launch new
LP News energy efficiency fund in Italy ............................................. 12
KKR eyes $6bn-$7bn for new pan-Asian fund ..................... 13
LACERS to invest $35m in DFJ, ABRY, Polaris’ funds............. 7
Gaw well on track with capital raising for $1.5bn Asia-
Texas Municipal commits $100m to buyout, growth focused RE Fund V ............................................................... 13
equity funds .......................................................................... 7
DOB Equity backs Kenyan wholesaler Twiga Foods ............. 7 People
GP News JW Childs brings in Schenk to lead IR activities................... 13
C5 Capital brings in former Intel MD to lead Cloud
Madison Dearborn said to have struck $4.4bn Fund VII Partners Fund ...................................................................... 14
hard cap ................................................................................ 8
KKR looks to expand Southeast Asia presence with
Blackstone may be looking to close third real estate debt Shastry hire ......................................................................... 14
fund soon .............................................................................. 8
Summit Partners raises $2.3bn for ninth flagship fund ........ 8
HGGC looks to launch $1.5bn Fund III .................................. 9

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Market News Cleantech deal numbers recover

despite severe monthly capital
High PE hurdle rates rising in investment low
popularity, YTD fundraising drags The number of cleantech deals made by private
equity and venture capital firms last month revived
Private equity firms are adopting higher hurdle rates from a poor June despite a dearth of capital
as fund managers face continued pressure from invested, new research shows.
investors about management fees and
transparency, new research from professional Deal value suffered a dramatic drop from June’s bumper $5.5bn to
services firm EY reveals. just $259m invested according to data from Zephyr published by
BvD, hitting its second worst result of 2016 to date. The 22 deals
made marked an uptick from June’s 14, and was broadly in line
The firm’s PE Capital Briefing for August said PE managers of 2015 with deal numbers between March and May. Year-on-year the
and 2016 vintage funds are setting higher hurdle rates compared situation was no better according to the research. Although value
with previous years, citing data from Preqin. It said that funds with declined at a slower rate, volume also dropped over the 12
a hurdle rate of more than eight per cent rose by 14 percentage months, from about $1.5bn across 37 deals.
points to 22 per cent compared to a year earlier. In addition, the
proportion of funds with an eight per cent hurdle fell to 48 per cent
The largest PE and VC deal targeting global cleantech companies
from 56 per cent. The proportion with no hurdle, however, dropped
in July involved French wind farm company Valorem, which has
to 13 per cent from 19 per cent.
reached an agreement that will see it secure $77m from 3i Group.
The private equity firm will pick up a 29 per cent share of the
EY’s report said, “The data suggests there is evidence that fund business as a result of the investment. July’s second-largest deal
managers are making efforts to appeal to investors and making was worth $60m and took the form of a capital increase by
concession on certain fund terms.” Buyout fundraising fell 34 per Chinese flue gas purification and dust elimination equipment
cent in July year-on year, the report added, collecting a total of manufacturer Wuxi Xuelang Environmental Technology.
$38.8bn across 50 funds. Year to date fundraising is trailing 2015
by five per cent, it added. The largest PE fund closed in July was by
Participants in that deal included Harvest Fund Management,
Brookfield Asset Management, whose $14bn Infrastructure Fund
Xinhua Fund Management, Wuxi Jinhe Venture Investment and
III ranks as the largest raise to date this year.
Yang Jianping. The majority of PE, VC and DC investments signed
off during July took the form of minority stake deals, Zephyr added.
The report said, “Pension funds are allocating more capital into The Valorem deal saw France attracted the most investment of all
infrastructure as a way to manage liabilities amid the continued countries in July with €85m, with the remaining money from deals
low interest rate environment. The Toronto-based firm needed just for Kyotherm and eLichens.
nine months to complete the fund, which is the largest private
infrastructure fund ever raised. Brookfield Asset Management
Other countries which performed well by value included the UK
received significant support from institutional investors in China,
($31m), the US ($30m), Belgium ($28m) and Slovenia ($20m). In
Japan and South Korea. CEO Sam Pollock estimates that 80 of
terms of volume the US led the field with five deals, followed by
these new investors account for almost a quarter of the fund.” In
France and the UK with three each. Canada was targeted in two
terms of dry powder, July closed out up 12 per cent versus a year
deals while nine countries, including Slovenia, Austria and Ireland,
ago, at $540bn.
all notched up one each.

EY said, ”The PE industry appears to be ready to put more of its

M&A volume and value down month-on-month
reserves to work starting in the second half of 2016, but it will only
pursue transactions when opportunities and valuation are right. To
succeed in spending down the high level of dry powder, PE firms Both the volume and value of M&A declined in July, with 182 deals
will have to contend with strategic buyers who are using M&A to worth a combined $13.9bn signed off over the course of the
improve their strategic positioning.” month, compared to 198 worth $18bn in June. In terms of volume
the decline was steeper year-on-year, although value actually
increased over the same timeframe; in July 2015 there were 235
transactions worth $9.25bn.

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Zephyr said that despite the month-on-month drop in value there Many countries actually improved month-on-month in terms of
were actually a few significant deals announced in July. The largest value, with the US in particular climbing significantly on the $368m
by some distance involved Indian civil construction player Lanco invested there in June 2016. China also increased from $9m in
Infratech, in which lenders are to convert debt to the tune of June while South Korea’s $2m represented an improvement on
$6.1bn into a 60 per cent shareholding. Completion of that deal is June, when it recorded no investment.
expected to follow at some point in December. Three other deals
broke the $1bn-barrier in July; CPFL Energia, Dongxu New Energy M&A volume and value decline for second consecutive month
Investment and Enel Green Power Espana.
M&A targeting global biotech companies remained largely stable in
Biotech scores biggest monthly July, dropping slightly to 95 deals worth a combined $2.2bn,
compared to 98 worth $2.3bn in June. The decline was steeper
PE, VC total deal value of year to year-on-year, when compared to the 138 transactions worth
$11.7bn signed off in July 2015. The lack of a mega deal worth
date more than $1bn held values down in July as the month’s largest
M&A transaction.

Private equity and venture capital dealmaking in the NVCA criticises Clinton on carried
biotech sector hit its biggest monthly value of the
year to date in July, largely thanks to a single interest after attacking Trump on
$400m deal. same proposal
A total of 45 PE and VC deals targeted biotech companies in July
worth a combined $781m, compared to 41 deals worth $413m in
June, and just above the previous best result for the year recorded
The NVCA has called ‘misguided’ Hillary Clinton’s
in January. That was according to data from Zephyr published by call for the elimination of the current tax treatment
BvD provided to AltAssets. Volume rose 10 per cent month-on- of carried interest only a week after attacking
month and also increased year-on-year, although volume actually Donald Trump on the same.
declined over the period: in July 2015 there were 51 deals with a
combined value of $515m.
Bobby Franklin, President and CEO of the National Venture Capital
Association (NVCA), said in a statement, “In an election season
Only one PE, VC and DC deal was worth more than $100m in July, driven by a strong undercurrent of populism, it’s unfortunate to see
with the transaction almost eight times larger than the second- Hillary Clinton take this misguided position based more on politics
placed deal. It took the form of a $400m capital increase by US of the moment than on sound economic policy. Changing the tax
biopharmaceuticals developer Intarcia Therapeutics, in which treatment of carried interest for venture capitalists runs counter to
Dragon Rider participated alongside other undisclosed investors. other parts of her own economic plan as well as the urgings of
That was followed by the $55m purchase of a 30 per cent stake in many economists who argue that America should encourage long
Shenzhen Xinnuo Health Industry Investment by Zhang Fan, Wang term investment, not stifle it.”
Fei, Tuspark Ventures and Tsing Innovation Capital. The only other
deal in the top 20 which did not feature a US target placed 14th,
as Canada-based Ceapro secured an $8m funding round. Earlier this month, Republican presidential candidate Trump, also
announced we plans to move for elimination of carried interest.
The NVCA then warned that this kind of measure could harm the
US accounts for lion’s share of PE, VC and DC investment entrepreneurial ecosystem in America and rob many startup
businesses of the chance to grow and develop.
Biotech companies based in the US were once again the main
targets of PE, VC and DC investment, bringing in $715m across 38
transactions. The $55m Shenzhen Xinnuo deal helped China place
second in overall value, while other countries which generated
investment in July include Canada, South Korea and the UK. The
same countries featured in the volume rankings as Canada placed
second with three deals while China, South Korea and the UK all
had one each, as did Spain.

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WEEKLY REVIEW – 30 August 2016

it received upon exiting or floating portfolio companies on the stock

market, The WSJ has reported. The ongoing investigation may not
Apollo settles for $52m with SEC have any repercussions for Silver Lake but is another sign that the
SEC is keeping a close eye on the dealings of PE firms, the
over charges of misleading LPs newspaper said.

The authority has called on the $4.2trn-private equity industry to

Apollo Global Management will pay $52.7m to be more transparent about the fees linked to portfolio company
sales. In October last year, PE major Blackstone agreed to pay
settle charges raised by the US Securities and $39m to settle SEC charges over fees on which it failed to fully
Exchange Commission (SEC) against four of its inform its LPs. In July 2015, a coalition of state treasurers and
funds. elected officials reportedly put pressure on the SEC to push for
greater transparency and fee disclosures from PE managers.
The funds have reportedly been charged with giving false
information to investors about fees and a loan agreement. The
regulator has also said Apollo advisers have not been upfront WL Ross & Co lands $2.3m fine
about benefits they received by speeding up fee payments from
portfolio companies of the four funds in the period 2011 and from SEC
2015, according to Reuters.

This led to a reduction of the enterprise value before the funds Private equity firm WL Ross & Co has reached a
exited the businesses which also resulted in lower distributions to settlement with the Securities and Exchange
LPs. Former Apollo senior partner Rashid Said has been accused of Commission over its disclosure of fees.
charging personal expenses to the funds for years, Bloomberg has
reported citing sources with knowledge of the matter. Accepting
WL Ross voluntarily reimbursed about $11.8m to certain WL Ross
the settlement means Apollo has neither confirmed nor denied the
funds and agreed to pay a $2.3m fine according to the SEC. The
charges against it. A spokesman for the firm was quoted as saying
firm, which is owned by Billionaire investor Wilbur Ross, did not
that Apollo “seeks to act appropriately” at all times and has taken
immediately respond to a request for comment. In SEC’s
measures to improve disclosure and compliance long before the
statement, it said that WL Ross had failed to disclose how it
SEC raised the charges.
calculates its fees for some funds. As a result, investors were
paying management fees that they should not have.
The SEC has recently increased pressure on private equity firms for
more transparency about fees. Only this week, the regulator
The firm reportedly initially agreed with its investors to discount its
launched a probe into the fee reporting practices of PE group Silver
quarterly management fees of any transaction fee it had collected
Lake and in October last year, sector major Blackstone agreed a
the previous quarter from its funds, the SEC said. However,
$39m settlement with the SEC which charged the firm with not
between 2001 and 2011, WL Ross used a fee calculation formula
fully informing LPs about fees. In July 2015, a coalition of state
that allowed it to keep a ‘significant’ part of the transaction fees,
treasurers and elected officials reportedly put pressure on the SEC
instead of offsetting the management fee as agreed. Earlier this
to push for greater transparency and fee disclosures from PE
week, Apollo Global Management agreed to pay $52.7m to settle
managers.
charges raised by the US Securities and Exchange Commission
(SEC) against four of its funds.

Silver Lake under SEC

investigation over accelerated
monitoring fees
The US Securities and Exchange Commission (SEC)
has reportedly launched a probe into private equity
firm Silver Lake regarding disclosure of fees.

The regulator wants to make sure the firm has been entirely
upfront with investors about one-time ‘accelerated monitoring fees’

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Baltic PE, VC associations join efforts, but told AltAssets he is seeing growing opportunities in the
region’s secondaries market. “There is an interesting opportunity
forces to unify regional due to funds reaching a certain age and looking for exits. However,
public markets are not easy to get to, and M&A is still challenging
ecosystem in some cases, meaning they need to find alternative solutions.”

After soaring to a record $112bn in 2014, the exit value backed off
The private equity and venture capital associations in 2015 according to Bain and Company’s Asia-Pacific Private
Equity Report 2016. Overall, IPOs accounted for $40bn in total exit
of Estonia, Latvia and Lithuania have united under value, and trade sales delivered another $38bn. Secondary exits
one pan-Baltic organisation in an aim to attract still remained a relatively small channel, but grew slightly to $10bn
more private capital in the region. in 2015. The report added that most GPs expect secondary deals
to expand as an exit channel since both sides of the transaction
see benefits.
Unifying under an umbrella organisation gives them the option to
market the local ecosystem as a whole and would provide viable
investment opportunities for fund managers and LPs alike, the Pierce said, “The opportunities we are seeing on the secondary
associations believe. Kalmer Kikas, chairman of the Estonian side include some LPs that came out to the region in the 2000’s,
Private Equity and Venture Capital Association, said, “The Baltic picked a few GPs, and are now rethinking and considering portfolio
Innovation Fund is an example of successful cross-border construction. The global secondaries players are already in Asia,
cooperation. but they are mainly here to raise money from large institutional
investors or to buy portfolios of funds from those investors. Where
the Asian opportunity lies is in the much smaller transaction sizes,
“We need to further increase cooperation and bring small markets
where are not as many portfolios as there are individual situations,
under one umbrella as otherwise the bigger countries have and mostly smaller fund interests.”
competitive advantage at involvement of private equity and
venture capital.” Sector-focused events will become much more
attractive for investors to attend if they know they would be able to LPs still sceptical and GPs are hard to find
discuss and explore opportunities in the whole Baltic region and
not just one country, according to Kikas. “The central marketing While the region has had periods of euphoria, right now it is a
and management of relationships is reasonable from the point of period of relative gloom, according to Pierce. “I would say it is not
view of all three states and all parties,” he concluded. all bad, but the enthusiasm that global investors had for these
markets, particularity for China, has definitely changed.” GPs are
finding it more difficult to raise money due to the dampening
HQ Capital looking to exploit enthusiasm from global investors, and a lack of domestic
investors.
Asia’s growing secondaries
“The larger non-Asian LPs are still investing here, and will continue
market to invest here, but they are being much more disciplined compared
to the past. It is very hard to generalise about the region as every
market is different, but the LP formation in Emerging Asia is still in
With exits hard to come by, opportunities in the very early stages, and in developed Asia there are issues
Southeast Asia lie in the smaller end of secondaries around supporting Asian private equity.” India is growing rapidly;
however, the country still provokes a lot of scepticism among
market according to HQ Capital’s David Pierce. investors as many are yet to be ‘successful’ according to Pierce.

The firm’s managing director & head of Asia told AltAssets, the He said, “The general mood among LPs is one of scepticism and
current environment and the maturing of the market has led to a caution. Some of the LPs, who were seduced by the Macro and by
burgeoning secondaries market in Asia-Pacific. He said, “What we persuasive skills of some of the general partners, assumed that it
are seeing in Asia, and why we have formed our secondaries would be easier than it has been.” With international LPs wary of
program here, is the need for a secondaries mechanism.” Last the region, the likes of Indonesia, Vietnam, and Thailand rely on
year, the HQ Group combined its private equity business Auda domestic commitments. However, while there are some active
International with Real Estate Capital Partners and Equita to create domestic LPs forming in these markets, Pierce says they tend to be
HQ Capital. very different in nature from than the LPs that most international
private equity firms are used to.
Just a few months ago, the firm reportedly launched a new Asia-
focused secondaries fund with a $200m target according to media
reports. Pierce declined to comment on the firm’s fundraising

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“Domestic LPs in China tend to be very different in their approach

to the assets class, very short term on their orientation, kind of Bain Capital, Piramal team to
tactical. Where they are looking to build programs over years, they
are generally looking too diverse out of their home markets, they’re
profit from distressed Indian
looking to invest internationally. Korean pension funds are now
very actively looking at alternative assets in North America in and
assets
Europe. They were and still are important in supporting the local
industry, but they also trying to develop global portfolios in private
equity.” US private equity major Bain Capital has teamed up
with India’s Piramal Enterprises to launch a
distressed asset business targeting the Asian
I-Bridge launches JV with Israeli country.
biopharma company A statement from the pair suggested there is the opportunity to
invest more than $1bn in the space over the next few years. The
latest tie-up follows Piramal joining with pension giant CPPIB to
Chinese venture fund I-Bridge Capital has launched back real estate lending in the country. And earlier this month
a joint venture with Israeli biopharma company global buyout giant Apollo partnered with Indian finance major ICICI
BioLineRX. Bank to launch an asset reconstruction company, to profit from
helping banks deleverage from struggling loans.
The venture, dubbed iPharma, will develop ‘innovative clinical and
pre-clinical therapeutic candidates, primarily in Israel, to serve the A joint venture between the pair, AION Capital Management, is also
Chinese and global healthcare markets. Under the terms of the a partner in the project, which will attempt to 'revitalize and turn
agreement, each partner will provide $1m in seed funding to around over-leveraged borrowers’ according to a statement from
iPhama. BioLineRX is a clinical stage biopharmaceutical company the firms. The statement from Bain Capital and Piramal about their
dedicated to identifying, in-licensing and developing promising own partnership said, “Once finalized, the platform will invest
therapeutic candidates. capital directly into businesses and/or acquire debt of such
businesses to drive sensible restructurings.”
The company will screen and identify promising early-stage drug
candidates, with an emphasis on therapeutic indications that are
of special interest for the Chinese population. iPharma will then in-
license these therapeutic candidates for further development and
commercialisation in China and possibly in other countries as well.
The joint venture said intends to raise additional funds from
Chinese investors to accelerate further development activities after
a critical mass of in-licensed projects is reached.

I-Bridge managing partner Jimmy Wei said, “The market in China is

large and fast-growing, but it lacks innovative therapeutic assets
and capabilities which address the increasing demands of our
rapidly aging population. BioLineRx, with its well established
relationships with leading academic institutions and biomedical
companies in Israel, as well as its proven project screening
process, is an ideal long-term partner for us.”

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LP News
as well as other consumer products in the household and personal
care industries. The firm’s typical equity investment range from
$50m to $150m, but for the right opportunity it will invest more or
less according to its website. FTV Capital, a sector-focused growth
equity investment firm, is yet to officially announce a target or hard
LACERS to invest $35m in DFJ, cap for FTV V.

ABRY, Polaris’ funds However, the firm closed Fund V’s predecessor at $700m in March
2014, smashing its initial $500m target. FTV invests across
enterprise technology and services, financial services, and
The Los Angeles City Employees Retirement System payments and transaction processing according to its website. It
(LACERS) has reportedly approved total looks to invest between $10m to $85m per deal, in companies
with $10m to $100m in annualised revenue. In October last year,
commitments of $35m in three private equity funds the $24bn pension fund made its first private equity commitments
this month. with $350m worth of investments in six funds.

The $14.9bn-wielding pension fund will invest $15m in Draper

Fisher Jurvetson’s latest growth private equity fund, DFJ Growth
2016, targeting $500m. LACERS has previously backed two other
DOB Equity backs Kenyan
DFJ funds – DFJ Growth 2013 with $25m and DFJ Venture XII with wholesaler Twiga Foods
$10m, P&I have reported citing LACERS documentation. The LP
has announced a renewed investment in an ABRY Partners fund as
well. Small-cap buyout vehicle ABRY Heritage Partners will get up Netherlands-based family office DOB Equity has
to $10m. The fund’s target size is $525m.
purchased a minority stake in Kenyan wholesaler
In 2014, LACERS made two separate commitments to ABRY Twiga Foods.
Advanced Securities Fund III, of $20m, and to ABRY Partners VIII,
of $25m. Finally, Polaris Partners VIII, a growth private equity fund Twiga Foods enables vendors in Nairobi to buy fruit and vegetables
aiming at $400m, will also receive a commitment of up to $10m. through their mobile phone and deliver supplies directly to
Prior to the latest commitment, LACERS has backed Polaris’ fifth, retailers’ stalls. DOB said the investment will enable Twiga Foods
sixth and seventh VC fund, committing $15m each to the first two to expand their supply capacity to 7,350 vendors in Nairobi, selling
and $25m to Polaris Venture Partners VII. Last month, LACERS to 1.5 million Kenyans living in low and middle-income
committed a total of $45m to three funds managed by Stepstone, neighbourhoods.
Longitude and Vista.
The market value of consumable goods sold through small
informal vendors in Nairobi alone is over $700m annually
Texas Municipal commits $100m according to the firm. Brigit van Dijk-van de Reijt, CEO of DOB
Equity, said, “By simplifying the food supply chain, Twiga Foods will
to buyout, growth equity funds improve food security and help reduce costs for Kenyan
consumers. Improving delivery networks and reducing the cost of
food are extremely important in Kenya, where families spend up to
half their income on food.
Texas Municipal Retirement System has reportedly
committed $100m across two private equity funds. “Current supply chain problems mean fruit can be significantly
cheaper for consumers outside Africa like Europe or the United
The pension fund backed has backed Kainos Capital Partners II States, than those in Kenya, where the fruits are actually grown,
and FTV V with $50m each according to Pensions & Investments, despite the huge disparity in distance travelled.”
which cited spokesman Bill Wallace. Back in March, AltAssets
reported that Texas-based private equity firm Kainos Capital is
looking to raise up to $750m for its second mid-market fund.
Kainos, which was part of HM Capital Partners before its spinout in
2012, reportedly raised $450m for its debut fund in 2013;
however, it Is unclear what amount the fund closed at.

Kainos Capital Partners II will focus on the food and consumer

sector, investing in manufacturers and marketers of food products,

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GP News
whisker under $4bn. The fund made its first sale right before
Christmas 2015, according to the documents. Blackstone Real
Estate Debt Strategies III has received commitments from 67 LPs
for investments in mezzanine and structured loans.

Madison Dearborn said to have The Pennsylvania Public School Employees’ Retirement System is
among the new fund investors, according to a Buyouts magazine
struck $4.4bn Fund VII hard cap report. In June last year, Blackstone appointed Deutsche Bank
executive Jonathan Pollack new head of its real estate debt
operations. The private equity group launched its real estate arm in
Chicago-based private equity major Madison 1991 and has approximately $93bn in investor capital under
management.
Dearborn Partners has reportedly hit the $4.43bn
hard cap for its seventh flagship fund. Blackstone’s real estate portfolio includes hotel, office, retail,
industrial and residential properties in the US, Europe, Asia and
The firm has easily passed its initial $3.75bn target for Fund VII Latin America. Major holdings include Hilton Worldwide, Invitation
according to buyouts, which said the GP had committed $430m to Homes (single family homes), Logicor (pan-European logistics), SCP
bring the fund to its hard cap. It cited an unnamed industry source, (Chinese shopping malls), and various prime office buildings in key
and an investor letter dated August 5 which said the University of global cities. Blackstone real estate also operates real estate
Michigan and Teachers’ Retirement System of Illinois were among finance platforms, including the publicly-traded Blackstone
LPs committed to the vehicle. Previous reports suggested the firm Mortgage Trust.
had hit a $3bn interim close last November, with deals made using
the fund to date including Patterson Medical and Ankura
Consulting.
Summit Partners raises $2.3bn
Caribbean-based Magenta Capital Services has been acting as for ninth flagship fund
placement agent, as has Transpacific Group in Hong Kong and
New York, it is understood. AltAssets reported back in June 2014
that the firm was looking to raise its first fund since a troubled US growth equity firm Summit Partners has landed
fundraise at the height of the financial crisis. Madison Dearborn
raised its last flagship fund in 2010 by raising $4.1bn, less than more than $2.3bn for its ninth flagship fund, putting
half of the $10bn it had originally targeted when it launched the it more-than halfway to its $3.1bn goal.
vehicle in December 2007.
Summit Partners Growth Equity Fund IX has landed commitments
The firm cut that target to $7.5bn in the summer of 2008 as the from more than 200 LPs according to filings with the US Securities
financial crash began to bite, with several large LPs declining to and Exchange Commission. The fund is being raised through two
invest. They included the California Public Employees’ Retirement vehicles Summit Partners Growth Equity Fund IX-A, which lists 156
System, the California State Teachers’ Retirement system, Makena LPs, and Summit Partners Growth Equity Fund IX-B, which includes
Capital Management and the Ireland National Pensions Reserve 48 LPs. General partner commitments currently stand at
Fund. $140,971, but it is unclear from the filings whether the $3.1bn
total offering is a target or a hard cap.

Blackstone may be looking to Summit Partners have bought in Park Hill Group to push both
vehicles out to LPs. Last year, Pennsylvania Public School
close third real estate debt fund Employees’ Retirement System committed up to $100m to Summit
Partners Growth Equity Fund IX. Two months ago, Alaska
soon Retirement Management Board also backed the fund with a $40m
commitment. The new fund comes more than four years after its
predecessor, Summit Partners Growth Equity Fund VIII, closed at
Private equity major Blackstone has collected $2.7bn. Earlier this year, Summit Partners led a $112m financing
almost $4bn for its third real estate debt fund, round in unified communications platform provider Fuze.
which is believed to be the target for the vehicle.

The firm registered just over $2bn for Blackstone Real Estate Debt
Strategies III with the US Securities and Exchange Commission in
March. A pair of new filings now show the total amount raised is a

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HGGC looks to launch $1.5bn on the UK North Sea, and Hurricane Energy, a UK-based fractured
basement reservoir manager.
Fund III Fund II received backing from existing LPs as well as new
institutional investors, including endowments, foundations,
pension funds, insurance companies, fund of funds, international
California-based HGGC is reportedly targeting corporations and family offices. Park Hill Group acted as
$1.5bn for its third middle market buyout fund. placement agent for Kerogen Energy Fund II.

HGGC is nearly finished with deploying HGGC II and is currently pre-

marketing its next third fund according to Buyouts, which cited
unnamed sources. The firm reportedly has enough capital in HGGC
Sofinnova soars past Fund IX
II to complete one more platform acquisition, the source added. A total in latest life sciences
spokesperson for Buyouts was not immediately available to
respond to a request for comment. If the fund reaches its $1.5bn fundraise
target it will be slightly bigger than the $1.33bn Fund II closed at in
March 2015.
Biotechnology-focused Sofinnova Ventures has
Fund II, which beat its initial $1bn target, received support from outstripped the $500m raised for its ninth fund by
both new and existing investors. HGGC, formerly known as
Huntsman Gay Global Capital, makes leveraged buyout,
approaching its $650m maximum for its latest
recapitalizations and growth equity investments in middle market raise.
companies. The firm invests from $25m to $100m in equity per
transaction in companies that have revenues of $100m or more, The firm has registered more than $595m for Sofinnova Venture
enterprise values of $100m to $500m, and EBITDA of $15m or Partners X thanks to commitments from 57 LPs according to a
more. filing made with the US securities regulator. SVP IX closed on its
$500m hard cap two years ago to target both US and European life
Its second fund has made eight investments including data mining sciences businesses. The firm has been using SVP IX to back
analytics business AutoAlert, relationship marketing solutions companies with promising later-stage clinical programmes, as well
provider Selligent, and life and health insurance company Integrity as select investments in earlier-stage businesses.
according its website.
Sofinnova Ventures has been almost exclusively life science
focused since 2007. Its biotech focus is on drug development,
Kerogen Capital’s $830m Energy mostly later stage, with an emphasis on specialty pharma, orphan
drugs and rare diseases. Key therapeutic areas for the firm include
Fund II smaller than predecessor oncology, respiratory, neuro, dermatology, and areas where a
primary sales force is not needed.

Kerogen Capital has held the final close for its

second energy-focused fund on $830m, or around Ex-Carlyle distressed asset execs
20 per cent less than for Fund I. pass $500m in debut Stellex
The Hong Kong-based private equity firm, which was founded by fundraise
former JP Morgan dealmakers Ivor Orchard and Jason Cheng,
closed its maiden energy fund on more than $1bn four years ago.
Fund I provided growth and development capital to junior upstream Stellex Capital Partners, the distressed asset
oil and gas companies focused on international emerging oil and investor formed by ex-Carlyle distressed investment
gas basins and unconventional assets. Target geography for the
vehicle was China. execs, has passed the $500m mark for its debut
fundraise, AltAssets can reveal.
Fund II will target established upstream oil and gas companies
from the international energy segment outside of North America, The firm is looking to raise up to $750m for Stellex Capital
Kerogen has announced. The second pool is already invested in Partners according to a filing the firm made with the US Securities
two companies – Zennor Petroleum, a platform company focused and Exchange Commission. It shows that 21 investors have had
their commitments registered to date, and that the fire does not

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expect the fundraise to go on for more than 12 months. Stellex supporting the boldest creative founders of the early stage market.
was launched in 2013 with the help of managing partners Ray We anticipated the resurgence of early stage venture at a time
Whiteman and Michael Stewart, who were previously co-heads of when many did not, and our innovative allocation model has
Carlyle’s Strategic Partners unit. The firm focuses on distressed consistently positioned us ahead of enormous markets such as
mid-market investments in North American and European that of the connected device, 3D printing, robotics, autonomous
companies. Sixpoint Partners is acting as a placement agent for vehicles, and core sciences.
the fundraise.
“…to say that it has gone well is an understatement – True now
manages approximately $1.3bn in investor capital, we have funded
Portfolio Advisors taps market to more than 220 companies, enjoyed exceptional exit success, and
propelled 7,000 portfolio team members to achieve their career
back latest flurry of funds-of- and life ambitions. He added, “It’s an exciting time. Many of the
markets in which we invest, including neuroscience, big data,
funds connected devices, robotics, machine learning, and mobile, remain
in their nascence.” True portfolio companies include FitBit,
WordPress blogging software developer Auttomatic and Bandcamp.
Portfolio Advisors is in the midst of a fundraising
frenzy with five vehicles currently in the market.
Danhua closes second venture
Last week,the firm registered $219.6m in LP commitments for its
sixth real estate fund of funds, Portfolio Advisors Real Estate Fund
fund at $255m
VI (PAREF VI), with the US Securities and Exchange Commission.
This week, it submitted five new filings for four other vehicles it is
currently raising funds for. Portfolio Advisors Asia Fund V has sold California-based Danhua Capital has closed its
$150m to at least three investors with no indication about target second fund at an oversubscribed $255m, making it
or hard cap. Portfolio Advisors Secondary Fund III has received more than double the size of its predecessor.
$391.65m in commitments from 39 LPs, according to a new SEC
filing. No target or hard cap have been given for that pool as well.
Danhua Capital II has reeled in commitments totaling $250m from
55 LPs according a filing with the US Securities and Exchange
Portfolio Advisors Private Equity Fund IX, which was launched at Commission. However, founding partner Anjia Andrew Gu
the beginning of this year, has so far gotten backing from five LPs announced the final closing of the fund at $255m on his LinkedIn
for a total of $290.48m. A pair of filings shows that the firm has profile. The final closing makes Fund II significantly larger than the
raised $150.1m for Portfolio Advisors Credit Strategies Fund from $92m the firm collected for its debut fund.
48 LPs and another $33.6m from 12 LPs for an offshore side
vehicle. The fund-of-funds manager has not registered the total
offering amounts for its private equity and its credit vehicles as Danhua appears to have increased the initial target of the fund to
well. accommodate investor demand, after launching the vehicle with a
$200m goal according to a SEC filing from January. The fund will
invest primarily in early stage and growth stage company with
True Ventures excited by nascent disruptive technology/business model, big market and excellent
team according to its website.
target markets locking down It will focus on innovations in high-tech space, including
$310m Fund V augmented reality, virtual reality, artificial intelligence, business
intelligence, mobile internet, big data, cloud computing, robotics,
smart devices, gaming and entertainment, medical devices and
True Ventures has hit the $1.3bn mark for capital other disruptive technologies. Danhua’s portfolio includes website
optimisation business Optimizely, augmented reality platform
under management after holding a successful final Meta, online farmers’ market supplier GrubMarket, and instant
close of its fifth fund. messaging business Mailtime, among others.

The firm revealed it has collected $310m for True Ventures V,

beating the $290m it gathered for its predecessor vehicle in 2014.
True Ventures founder Jon Callaghan said in a blog post, “When we
created True ten years ago, Phil and I committed to building a
values-based firm that was solely dedicated to empowering and

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Tesla Motors-backer Westly Group expected to be invested over the next few years according to
publication.
seeks $175m for third cleantech Back in March 2014, Bryant launched Kobe Inc., a company
fund focused on investing in the sports industry. In the same year, NBA
superstar Carmelo Anthony co-founded Melo7 Tech Partners
alongside Stuart Goldfarb. To date, the investment fund has
Menlo Park, California-based venture capital firm backed 20 companies according to Crunchabse, including Lyft,
Orange Chef, Whistle, and Vantage Sports.
Westly Group is back in the market with a third
cleantech fund for which it is looking to raise
$175m. Brooklyn Bridge Ventures eyes
The firm, which is one of the investors in electric cars maker Tesla bigger tickets with heftier second
Motors, closed its second fund on $160m in March 2013 from LPs
including Citi Group, German energy corporation E.ON and Korean fund
conglomerate SK Group. The original target for Fund II was $175m
but the firm decided to end fundraising at $160m after almost two
years. Westly’s previous fund was closed on $127m. Brooklyn Bridge Ventures has closed its second fund
since its 2012 launch as the New York borough’s
The new vehicle has not received any commitments yet, according first VC firm.
to a pair of filings with the US securities regulator. Westly Capital
Partners Fund III is seeking $150m and side vehicle Westly Capital General partner Charlie O’Donnell revealed on his blog that the
Partners Affiliates Fund III is expected to collect another $25m firm has gathered $15.1m for Fund II, with almost all of its existing
within a year, the documents show. investors returning to back the vehicle. Fund I had closed on
$8.3m two years ago, having looked to raise up to $12.5m
To date, Westly has listed four portfolio companies on the NASDAQ, according to a filing with the US securities regulator. New family
including Tesla, biofuel specialist Amyris and China Recycling offices and “a prominent college endowment” also committed
Energy Corporation. Apart from its California base, the firm also capital to Fund II, which will be able to write cheques of up to
has offices in Beijing. Cleantech has been a draw for a number of $350,000, up from the $200,000 or so maximum from Fund I.
large VC players including Khosla Ventures, Lux Capital and
Braemar Energy Ventures. O’Donnell said the debut fund had already been used to make
deals for companies including Tinybop, Canary, goTenna and
Logcheck. The firm will continue to focus on companies that have
Basketball star Kobe Bryant yet to raise $750k in prior rounds, he added. O’Donnell previously
worked as an analyst at Union Square Ventures and principal at
launches $100m VC fund First Round Capital. website.

NBA legend Kobe Bryant has launched a new Pemberton eyes €1.25bn final
$100m venture capital fund to invest in technology,
media and data companies. close for new Euro debt fund
Bryant has joined with veteran investor Jeff Stibel to launch a new
firm, dubbed Bryant Stibel, which will be based in Los Angeles. The
Pemberton Capital Advisors, the independent asset
two are jointly-contributing to the $100m fund and are yet to seek management group backed by Legal & General, has
outside investors according to the Wall Street Journal. Bryant and raised €1bn for its first European mid-market debt
Stibel have previously backed 15 companies since 2013, but fund.
Bryant’s retirement has led to the formation of the fund.
The firm is expecting a final close at €1.25bn in September
The pair’s previous investments include sports media website, The according to a source with knowledge of the fundraise. Pemberton
Players Triune, legal-services company, LegalZoom, telemarketing held a €547m first close for the vehicle in July 2015, after just six
software provider, RingDNA, and videogame designer, Scopely, and months on the road. A the first close, the firm, which is working
social advertising platform Shift, among others. Their new fund is with Citigroup Capital Markets for the fundraise, attracted seven

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insurance company and pension fund investors from across

Europe. Earlybird chirping for up to
The fund will provide loans and private placements to mid-market
€120m in commitments for new
companies in the UK and Europe, focusing on companies with a health tech fund
turnover between €75m and €1bn. Pemberton has a presence in
five countries, including Germany, Italy, the Netherlands, Spain,
and the recent addition of Paris. Earlybird Germany’s Earlybird Venture Capital has
Symon Drake-Brockman, managing partner of Pemberton, said at announced the first closing of its health tech fund,
the first close; “Our mid-market debt strategy is meeting the needs targeting between €100m and €120m at final
of companies seeking finance as traditional lenders retrench from
lending due to constrained balance sheets. Companies across close.
Europe have been frustrated by the dearth of available credit,
particularly when they have carefully mapped out a plan for The North Rhine-Westphalia-headquartered firm did not disclose
growth.” the amount raised so far but named some of its LPs. The Earlybird
Health Tech Fund received commitments by landesbank
NRW.BANK, the Generali Insurance Group, houshold appliances
Oaktree pulls in commitments for maker Miele and the Germany Ministry for Economic Affairs and
Energy. Barmer GEK is also among the investors, which according
European Capital Solutions Fund to Earlybird is the first time when a public health insurance
company commits to this type of fund.

Global alternative investment management firm Thom Rasche, partner at Earlybird, commented, “We are very
Oaktree Capital Group has pulled in capital for its pleased with the Barmer’s involvement in the fund. This represents
new European Capital Solutions Fund, AltAssets can a big step, as this is the first time a German public insurance
company is participating in a VC fund. The developments in
reveal. medicine and medical care resulting from the introduction and use
of new digital technologies are increasingly becoming key
Oaktree European Capital Solutions Fund has raised just over innovation drivers in health care.”
€207.3m ($234m) from four LPs, while a feeder vehicle has
collected €102m ($115m) from eight LPs, according to US The new pool will make between 12 and 15 investments in the
regulatory filings. It is unclear from the filings whether the main medical technology, digital health and diagnostics sectors, Rasche
fund includes the commitments of Oaktree European Capital added. Earlybird has invested in more than 100 companies since
Solutions Fund Feeder (US). The filings also don’t reveal a target or its inception in 1997. The VC firm has partnered with US
a hard cap for the fund. healthcare-focused VC investor Bay City Capital in order to help its
portfolio companies expand in the US.
A spokesperson for Oaktree did not immediately respond to a
request for comment. In July last year, Oaktree was reported to be
looking to launch a new fund to lend to European companies
according to Bloomberg, which cited two people familiar with the
Ex-Merrill Lynch, Enel Green
plans. The fund is a successor to its Oaktree European Dislocation
fund and will be overseen by managing director and portfolio
Power execs launch new energy
manager Caleb Kramer, the people added. efficiency fund in Italy
Formed in 1995, the firm delivers a global investment strategy in
six categories, distressed debt, corporate debt, control investing, Fondo Italiano per l’Efficienza Energetica (FIEE), a
convertible securities, real estate and listed equities. Earlier this new Italian fund dedicated to investments in energy
month, Oaktree Capital landed more than €950m for its fourth
European Principal fund. efficiency, has raised €86m in a first closing.

The fund, targeting €150m at final close, is led by Raffaele

Mellone, former managing director of Merrill Lynch, and Andrea
Marano, former executive of Enel Green Power. The final close is
expected in December 2016, the Italian firm said in a statement.

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investments in retail, office and hospitality properties in Greater

China. Gaw has registered the received commitments for a pair of
While the first close was held at €86m at the beginning of August, vehicles in the US and has gotten backing from at least 20 LPs, a
the total commitments received for the new pool sums up to couple of filings with the US securities regulator show. Gateway
€100m, FIEE has announced. This was two times higher than the Real Estate Fund V is offering a total of $683m to US investors and
initial target of €50m for the first close, Mellone said in the has sold $273m to date, according to one of the SEC filings.
statement. Another $617m are offer to foreign LPs, the document states.

Institutional investors account for 75 per cent of the committed A side vehicle, Gateway Real Estate Fund V-TE, has a total offering
capital and the rest is coming from private investors. The European amount of $460m with $50m sold to date and another $225m
Investment Bank has invested €25m in the new vehicle. The FIEE offered to foreign investors. The documents show a minimum
maiden fund has a lifecycle of 12 years and aims to repay investment limit of $10m but the GP clarifies it may accept lesser
investors with a distribution mechanism of periodic coupons. The amounts in certain cases. The new fund is almost 50 per cent
target return is 10-12 per cent which the firm is planning to larger than the Gateway Real Estate Fund IV which closed on its
achieve by implementing energy efficiency measures which will $1.025bn hard cap in October 2013. LPs in Fund IV included
result in greater energy savings and thus create more value. sovereign wealth funds, endowments, pension funds and other top-
tier institutional investors.

KKR eyes $6bn-$7bn for new

pan-Asian fund
People
Private equity heavyweight KKR is reportedly JW Childs brings in Schenk to
looking to launch its third pan-Asian fund soon, lead IR activities
targeting a size between $6bn and $7bn.

Fundraising is expected to begin towards the end of this year, Middle market private equity investor JW Childs
according to an AVCJ report citing a source familiar with the matter. Associates has expanded its team with three new
A spokesperson for KKR Asia told AltAssets the firm does not
comment on market speculation. Based on the reported target, the hires.
third fund is going to be only slightly larger than Fund II which
closed on $6bn in July 2013. Philippe Schenk has joined as a managing director and will lead
the firm’s investor relations activity. Prior to joining JW Childs, he
Since the launch of its $4bn maiden vehicle in Asia back in 2007, was a principal at Grove Street Advisors, a private equity
KKR has strengthened its foothold in the region by raising several investment firm focused on lower middle market buyout, growth
other vehicles dedicated to different countries and sectors in Asia. equity and venture capital funds. The firm has also hired Kyle
In November last year, the global private equity firm teamed up Casella as vice president and Jess Yuan as an associate. In their
with The Chernin Group to create Emerald Media, a new fund to roles, the pair are primarily responsible for due diligence and
invest in the Asian media sector. analysis of new investment opportunities and monitoring portfolio
companies.

Gaw well on track with capital Casella previously worked in the Boston office of Weston Presidio,
where he focused on investments in the consumer, retail and
raising for $1.5bn Asia-focused business services sectors. Prior to joining, was an investment
banking analyst at Deloitte Corporate Finance. JW Childs partner
RE Fund V Jeff Teschke said, “Philippe has extensive experience in investor
relations and will be instrumental as we continue to grow our
business. Kyle and Jess both have strong experience in our sectors
Hong Kong-based GP Gaw Capital Partners has of focus: consumer, retail, and healthcare.
raised at least $323m for its fifth real estate fund
dedicated to the Asian market.

The fund was launched in November last year and will target

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“Their expertise will prove valuable as we seek new investment and Northstar did not immediately respond to a request comment.
opportunities and continue to implement our operationally-focused Shastry joined Northstar in January 2012 according to his LinkedIn
value creation strategy.” in March, JW Childs has made an profile. Northstar Group is a Singapore headquartered private
investment in Comoto Holdings, a new business launched by sister equity firm managing more than $2bn in committed equity capital.
companies RevZilla and Cycle Gear. The firm is dedicated to investing in growth companies in Indonesia
and to a lesser extent, other countries in Southeast Asia.

C5 Capital brings in former Intel Prior to Northstar, Shastry spent over 13 years at TPG, most
recently as the partner responsible for TPG’s business in Southeast
MD to lead Cloud Partners Fund Asia. Before joining TPG, he worked an investment banker at
Lehman Brothers in New York. Over the past few years KKR and
other global private equity firms have been seeking to expand their
London-based C5 Capital has hired former Intel presence in Southeast Asia due to the steady economic growth and
the growing number of deal making opportunities.
Capital managing director Marcos Battisti to lead its
new C5 Cloud Partners fund.
In 2014, KKR hired Leafgreen Capital Partners founder Jaka
Prasetya as its credit and special situations head in southeast
The firm has appointed Battisit as a partner and has announced Asia. Prasetysa became a managing director leading KKR’s
plans to raise a $150m fund to tap the cloud computing sector Indonesian dealmaking, while former Leafgreen partners Rahul
according to the Financial Times. Having joined Intel in 1998, Bhargava and Allan So also joined the firm’s Singapore office.
Battisit was one of the founding members of Intel Capital in
Europe. He had managed Intel Capital’s efforts in Western Europe
and Israel until he left the organization earlier this year according
to his LinekdIn profile.

At Intel Capital he led investments in companies such as mobile

connectivity group Sigfox and Israeli semiconductor company
Anobit, among others. A spokesperson for C5 did not respond to a
request for comment. Battisti will join C5 Capital in September and
will lead the firm’s new fund, which will invest in the next stage
development of companies in the cloud market. Investments from
the fund will likely range from $5m and $15m according to the FT.

C5 Capital CIO Daniel Freeman told the publication that the cloud
computing market remained at an early stage of its growth. He told
the FT, “It would have been a huge miss if we didn’t get involved in
this market.” The C5 Cloud Partners fund, which will begin
Marketing activities in October, will make venture capital and
private equity investments in cloud-focused startups. Back in
2014, C5 Capital launched what it called Europe’s first dedicated
cyber security fund.

KKR looks to expand Southeast

Asia presence with Shastry hire
Global private equity firm KKR is reportedly looking
to expand its Southeast Asian business with the hire
of Ashish Shastry.

KRR is set to hire Shastry, currently a managing director at

Northstar Group, according to the Wall Street Journal, which cited
people with knowledge of the process. Representatives for KRR

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About AltAssets
AltAssets serves the information and communications needs of the AltAssets LP-GP Forums bring together active institutional
global private equity industry. Over the last decade, we have built investors with leading fund managers to build long-term
trust and gained the goodwill of thousands of LPs around the world. investment partnerships in specific sectors such as clean energy,
With their support we continue to provide products and services infrastructure, real estate, venture and mid-market private equity.
that facilitate more efficient and effective LP-GP interactions.
Contact details
The AltAssets online news service is used by 50,000 professionals AltAssets Editorial: Mike Didymus
each month in over 150 countries. Limited Partner magazine is the [email protected]
most widely read trade magazine amongst institutional investors +44 (0)207 749 1272
worldwide and is distributed to over 5,000 LP organisations.
LP-GP Network: Aaron Sohdi
[email protected]
+44 (0)207 749 1287

About Evercore
Private Funds Group
Evercore's Private Funds Group (PFG) provides comprehensive, Contact details
global advisory services on capital raising for select private fund London: Meredith Bourne
sponsors. [email protected]
+44 (0)207 290 3289
Our clients include General Partners pursuing a wide spectrum of
alternative investment strategies and asset classes, including New York: Anisa Javeri
Leveraged Buyouts, Growth Equity, Distressed, Private Debt, [email protected]
Infrastructure, Real Estate, Energy and Power. +1 (646) 264 2381

Employing a distinct and rigorous diligence process, PFG partners Hong Kong: Manda Chan
with the highest quality General Partners, advising and executing [email protected]
on all aspects of the fundraising process. Our objective is to provide (852) 9651 3161
superior execution and an expedited capital raise.

PFG is one of the few high-quality, globally-positioned firms in the

private placement landscape, serving clients and sourcing capital
across North America, Europe, and Asia from offices in London, New
York, Houston, San Francisco and Hong Kong.

London New York Houston San Francisco Hong Kong

15 Stanhope Gate 40 East 52nd Street 909 Fannin, Suite 1750 3 Embarcadero Center, Suite 1450 Two Exchange Square
London, W1K 1LN New York, NY 10022 Houston, TX 77010 San Francisco, CA 94111 Central, Hong Kong

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Tel: (0)207 290 3290 Tel: (646) 264 2374 Tel: (713) 427 5135 Tel: (415) 229 8096 Tel: (852) 3983 2604

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Disclaimer – AltAssets
© 2015 AltAssets No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means,
electronic, mechanical, photocopying, recording or otherwise, without the express prior permission of AltAssets. This report has been
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