Maitland Private Equity Monitor – 8 September 2017

8th September 2017

Worth a read


Tikehau Capital underlines ‘maverick’ reputation with Fillon hire

Following Former French Prime Minister Francois Fillon starting his new role at Tikehau Capital this week, the FT profiled the firm describing it as one [with] a “history of hiring high-profile individuals from business and politics, including some who have a blemish or two on their records.” These include senior adviser to the group Georges Chodron de Courcel who retired as chief operating officer of BNP Paribas amid a probe in 2014 into US sanctions violations and Jean-Pierre Mustier, who had stepped down from his role as Société Générale’s investment banking chief after the French lender suffered €4.9bn of losses caused by rogue trader Jérôme Kerviel. Financial Times, 6 September 2017

Carlyle executives exonerated over collapsed bond fund

In March 2008, Carlyle’s Capital Corp mortgage-bond fund collapsed with more than $1bn of losses to investors. This week, Bill Conway, co-founder of Carlyle, and six other senior executives have been exonerated for their decisions over $23bn of mortgage-backed securities that the firm bought at the start of the financial crisis. Financial Times, 4 September 2017l

Firms look overseas to spend growing wall of capital

Over $240bn has been raised by European and North American private equity and venture capital firms in the first half of 2017; Europe’s buyout firms are responding by opening new offices in new countries as fast as possible. Private Equity News, 5 September 2017

Endless: Eye of Brexit Storm Brings Turnaround Opportunities

Tom Jack, Partner at distressed investor Endless LLP, said in an interview that after an initial “quiet spell” for U.K. M&A, investment in British enterprises has surged as investors have grown accustomed to post-referendum conditions. He believes enduring uncertainty about what conditions will prevail will drive turnaround opportunities, by making struggling businesses contemplate their options before the full impact of Brexit is seen. Private Equity News, 6 September 2017

US specialists target Europe as competition grows

Domestic competition in the US is driving specialist health and technology funds without a physical European presence to look for opportunities on this side of the pond. Strictly US-based firms have so far invested €1.3bn into European companies in 2017, exceeding last year’s €1.1bn total. The 63 completed deals may also surpass 2016’s 102. Private Equity International, 4 September 2017


Wall of money


Apax secures $1bn for tech-focused fund

London-based Apax Partners has raised $1bn for its first technology-focused fund after fundraising began in January this year. Apax Digital is expected to focus on mid-sized companies in the range of $30m to $150m and this news followed a number of new hires in the US. Financial Times, 5 September 2017

OrbiMed raises $551m for China and India healthcare

OrbiMed Advisors, a healthcare focused private equity firm, has held a final close of $551m on its third Asian vehicle which will target investments in China and India. The fund launched last year with a target of $450m. Private Equity International, 6 September 2017

DH gears up for another shot at fundraising

DH Private Equity Partners has registered its latest fund in Luxembourg as it prepares to launch a renewed fundraising effort, thought to be within the range of €1bn and €1.5bn. The firm changed its name in May to reflect a change in structure. Private Equity News, 4 September 2017

IDFC further trims Fund IV target to $200m

Mumbai-based IDFC Alternatives has decreased the target size of its latest offering by another $100m. The firm had an initial target of $400m in 2015, which is now at $200m. Private Equity International, 4 September 2017


Deal chart


Acquisition TargetBuyerSellerValueDate AnnouncedRegionSector
SpieFFPCD&R and Ardian€189m07/09/2017FranceEngineering
MFEXNordic Capital-Undisclosed07/09/2017SwedenFinancial Services
Kesslers InternationalElaghmore PartnersEndlessUndisclosed07/09/2017UKRetail
Prima SolutionsThe Carlyle Group-Undisclosed06/09/2017FranceTMT
Stuart TurnerLDC-Undisclosed05/09/2017UKIndustrials
Matchesfashion.comApax Partners-Undisclosed04/09/2017UKRetail
Unidental, Laser 2000, Dr. Senís, Plénido and AvandentPortobello Capital-Undisclosed04/09/2017SpainHealthcare
Cubic MotionNorthEdge Capital-Undisclosed04/09/2017UKEntertainment
CanopiusCenterbridge Partners and Gallatin Point CapitalSompo Holdings$952m01/09/2017SwitzerlandFinancial Services

Movers and Shakers


UK & Europe

Essling Capital has hired Amundi Private Equity’s fund of funds team. The team is led by Jean-Yves Lagache, who will be Managing Director, and includes Nizar Chayeb as Investment Director, and Cédric Cabarrus and Sandra Saad as senior Investment Managers. Link

Portobello Capital has promoted Director Carlos Dolz to Partner. Deals in which he has been involved include Vitalia, IAN, Laulagun Bearings and Blue Sea. Link

Silverfleet Capital has promoted three new partners; London-based Mark Piasecki, Klaus Maurer in Munich and Jean Châtillon in Paris. Link

General Atlantic has appointed a payments technology specialist as its Head of Financial Services and Software for Europe, the Middle East and Africa; Aaron Goldman will now work in London, moving from New York. Link

Aliter Capital has hired James Davies as an Investment Associate. Davies joins from Canaccord Genuity, where he was a Vice President in the corporate advisory division. Link

FPE Capital has named Chris Kay as an Investment Manager. Kay previously worked at PwC in the global TMT advisory team. Link

Jon Petty has joined Beechbrook Capital as an Associate Director in its Manchester Office. Petty joined from Deloitte’s debt advisory team, having worked previously for RBS. Link

North America

Apax Partners has boosted its technology team with six New York hires; Mike Cooke joins from TA Associates as Vice President and Bilal Chaudry starts as a Senior Associate, coming from KKR. The firm hired four new Associates: Ben Hotz joins from Vista Equity Partners Management, Stephanie Zhou from Goldman Sachs, Guillaume Frencia from Foros Group and Eric Donado from Bonobos. Link

Other

Réal Desrochers, the former private-equity head for Calpers, has relocated to Asia to take on a new role as a Managing Director for Citic Private Equity Funds Management Co. Link


From the horse’s mouth...

“Currency is always going to be a complete unknown. You’re beholden to incredible volatility in some cases, regardless of how well you’ve picked the manager.” – Warren Hibbert, Managing Partner at placement agent and advisory firm Asante Capital

“I think…the market thought ‘actually let’s get on with it anyway’.”  Tom Jack,  Partner at Endless LLP, discussing buyouts post-Brexit

“The only wealth which you will keep forever is the wealth you have given away.” – Marcus Aurelius, Roman Emperor