Maitland/AMO Private Equity Monitor – 11 January 2019

11th January 2019

Worth a read


From politics to private equity

The Daily Telegraph reports that former British Prime Minister Gordon Brown is due to become an adviser for Swiss private equity firm Partners Group on its impact investments. The newspaper notes that Mr Brown is following in the footsteps of pop star Bono, who advises TPG in a similar capacity. No word from the current leader of the Labour Party on his sometime predecessor’s new role…

SoftBank and We Work: a cautious alliance...

Hold your horses folks: Following concerns among investors over its $100bn Vision Fund,  the Financial Times reports that SoftBank is backtracking at a fair pelt: after discussing a cool $16bn investment into WeWork, the co-working space is now due to be fed a measly $2bn. But the extent of volatility has knocked SoftBank off its comfortable perch and has to, as one commentator suggests, to be “more cautious on how they are proceeding”.

A lean year for fundraising in 2018

Private Equity International led with the stark headline on Tuesday that in 2018, firms raised $352bn for the sector whic was almost a 26% fall on the previous year. But it’s not all doom and gloom – according to some industry experts, 2019 could be a bumper year with “big names” read to pre-market with a busy first half of 2019. Watch this space.

Britain: The country the private equity boom skipped

The Times reports that Brexit cast its shadow across the sunlit uplands in the private equity world. According to research compiled by Unquote Data, the value of private equity deals in England’s green and pleasant land dipped by 34% at €27.2bn last year year compared with 2017.


Wall of money


Triton closes its fifth fund at €5bn

Triton has closed its fifth fund at €5bn, despite originally targeting €4bn. The fund received commitments from LPs from across the globe, using the vehicle to back medium-sized European businesses.

Oakley Capital targets over €1bn for its largest fund to date

London-based Oakley Capital is seeking to raise over €1bn for it newest fund, which would represent the firm’s largest fund to date. The fund, which will back fast-expanding mid-market companies in the UK and German-speaking European countries follows a gradual shift in the firm’s focus towards Europe.

AfricInvest targets $500m for fourth fund

Tunisian-based AfricInvest will target $500m for its fourth fund, with the fund set to invest in upper mid-cap businesses throughout the continent. AfricInvest will also consider co-investments in South African businesses after expanding into a new Johannesburg office.

Investcorp raises $400m

Investcorp has closed its Technology Partners IV Fund at $400m, exceeding its original target. The fund will invest in European technology companies within the Internet/Mobility, Data and Analytics, Fintech/Payments and IT Security sectors.


Deal chart


Acquisition TargetBuyerSellerValueDate AnnouncedRegionSector
Nordic TankersMOL Chemical TankersTritonUndisclosed10/01/2019DenmarkLogistics
SmartSpaceInvestcorpUbisensec. £35m09/01/2019UKSoftware
Board InternationalNordic Capital-Undisclosed09/01/2019SwitzerlandSoftware
PlumbworldPanoramic Growth EquityGrafton GroupUndisclosed09/01/2019UKRetail
Ideal NetworksCBPE Capital-Undisclosed08/01/2019UKTMT
Travel ChapterECIPhoenix PartnersUndisclosed07/01/2019UKHospitality
WSH InvestmentsClayton, Dubilier & Rice-Undisclosed07/01/2019UKFood & Drink
Deutsche RadiologieTriton-Undisclosed07/01/2019GermanyHealthcare
Zip WorldLDC-Undisclosed07/01/2019UKLeisure

Movers and Shakers


Europe

Partners Group has hired former British Prime Minister, Gordon Brown, who will advise the Swiss firm on impact investments.

Pantheon has opened an office in Dublin and recruited five senior executives to head the new division. Naomi Daly has been appointed as Non-Executive Chair and Stephen Branagan as CEO.

Kirkland & Ellis has hired Adrian Maguire from UK rival Freshfields to boost its private equity legal practice in London.

EQT has appointed six new partners across its offices in Stockholm, Singapore, Oslo and Munich.

Westbridge Capital has promoted Tim Whittard to Investment Manager.

Apiary Capital has hired Dan Adler as a Partner, joining from Lyceum Capital.

Keensight Capital has hired Stanislas de Tingury and Jan Kinsky into its investment team. Stanislas will join as a Senior Director, while Jan will start as an Analyst.

Waterland Private Equity has promoted Gregor Hengst within its Munich office. Hengst will be responsible for the build up of Waterland’s German portfolio.

North America

David Roth has joined Ares Management as a partner and head of U.S. real estate private equity.

Delphine Jaugey has been promoted to International Counsel at law firm Debevoise & Plimpton. She was previously Senior Funds Associate.


From the horse’s mouth...

“The motto of the old order in the City of London was, ‘My word is my bond,’ but the financial crisis revealed a culture quite alien to that heritage. The stewards of people’s money were revealed to have been speculators with it.” – Former Prime Minister, Gordon Brown, reflecting on the 2008 financial crisis

“The competition is harder. It is harder to find good investments now than it was 10 years ago, and it should be, because there are more investors, more sophistication and more money.” – Simon Faure, Director at M&G Private Funds Investment

“In tennis, it is not the opponent you fear, it is the failure itself, knowing how near you were but just out of reach.” – Andy Murray, 3-time Grand Slam tennis champion who today announced his upcoming retirement from the game