Private Equity Insider

New York-based Blackstone, the world’s largest alternative asset manager, says it will pay about US$11.25 per common share for Tricon Residential Inc. which equates to a US$3.5 billion equity transaction. Blackstone will take the Toronto-based rental development company private. Tricon is an owner, operator and developer of about 38,000 single-family rental homes in the U.S. and multi-family apartments in Toronto. In September, Blackstone opened a Toronto office, having hired Canada Pension Plan veteran Janice Lin as head of its real estate business for Canada. The companies expect the deal to close in the second quarter of this year, but warn the deal is subject to customary closing conditions and needs regulatory approval. #peinsider #pe #realestate #deals #transactions #acquisitions

Arcline acquires Kaman, in an all-cash transaction with a total enterprise value of approximately $1.8 billion. KAMAN will become a a private held company, upon completion of the transaction. “Following robust engagement with Arcline and careful evaluation of other potential value creation opportunities, we are pleased to have reached this agreement,” said Ian Walsh, Kaman Chairman, President and Chief Executive Officer. Arcline Investment Management said, “We have tremendous respect and admiration for Kaman’s team, history, and its portfolio of brands. Kaman Corporation has long been a trusted solutions provider of engineered components and subsystems to mission-critical markets, and we believe the Company is in a strong position to grow and benefit from attractive tailwinds. #peinsider #pe #privateequity #acquisitions #investments

Blackstone is seizing this opportunity by acquiring a majority stake in Sony Payments Services (@SPSV) from Sony Bank, a subsidiary of Sony Group. The deal was announced in December. It marks the private equity firm’s first investment in the financial technology sector in Japan. Sony Bank, which established the payment service business in 1995 and made it standalone company in 2006, will continue as a minority investor in SPSV with a 20 percent stake. Atsuhiko Sakamoto, Blackstone’s head of Private Equity in Japan said “Japan is still physical cash-heavy on payments” pointing out that most transactions in the country are still conducted with cash. Only 25 percent are cashless in Japan; whereas in the US, about 60 percent are cashless, and 90 percent are in China. #peinsider #pe #privateequity #japan #investments #asia

NineDot Energy, a New York City-based developer of community-scale battery energy storage systems, has secured $225 million in funding from Manulife Investment Management and The Carlyle Group, NineDot’s existing institutional equity investor. With this investment, Manulife Investment Management has acquired an equity stake in NineDot. Christopher McKenzie, a Managing Director on Manulife Investment Management’s infrastructure team, will join the company’s board of directors. “When we first backed NineDot in 2021, we recognized they had a unique strategy to support New York’s energy transitions,” said Pooja Goyal, chief investment officer of Carlyle’s infrastructure group. #peinsider #pe #privateequity #energy #newyork #investments

BlackRock has agreed to acquire Global Infrastructure Partners (GIP) Partners, a New York City-based infrastructure fund manager, in a $12.5 billion cash-and-stock deal. The GIP management team, led by Bayo Ogunlesi and four of its founding partners, will lead the combined infrastructure platform. BlackRock has also agreed to appoint Bayo Ogunlesi, GIP founding partner, chairman and CEO to the board. “Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy,” said Larry Fink, BlackRock chairman and CEO in a statement. GIP has over $100 billion in assets under management. #peinsider #pe #acquisitions #blackrock #infrastructure

Cinven announces the final close of its latest flagship fund, having raised $14.5 billion (€13.2 billion) and reached the hard cap. Fund 8 is nearly 30% larger than its 2019 vintage predecessor fund, Fund 7, for which Cinven also reached the hard cap. Stuart McAlpine, Managing Partner of Cinven, said: “Cinven has a long and proven track record of delivering strong and consistent performance to our investors. Our strategy for Fund 8 builds on the approach we have successfully deployed for previous Cinven Funds, investing in control positions in growth-oriented, market leading, cash generative companies with resilient characteristics where we can accelerate growth through our active management, and deliver break-out returns. Alexandra Hess, Partner of Cinven and Head of Investor Relations, added: “We greatly appreciate the support for Fund 8 that we have received from both longstanding and new investors. #peinsider #privateequity #fundraising #investments #funds

Goldman Sachs Asset Management raised $650 million for a new fund that will invest in startups related to the life sciences sector. The fund, West Street Life Sciences I, will specifically target early to mid-stage therapeutic companies with multi-asset portfolios as well as tools and diagnostics firms. “Life sciences represents one of the most exciting areas in the private investing landscape, with advances in technology transforming healthcare at an unprecedented pace,” said Marc Nachmann, global head of Asset & Wealth Management at Goldman Sachs. #peinsider #privatequity #funds #transactions #fundraising

Blackstone’s infrastructure unit has agreed to invest $2.41bn in Northern Indiana Public Service Company, Inc., a unit of NiSource. NiSource said an affiliate of Blackstone Infrastructure Partners will pay $2.16bn for a 19.9% indirect non-controlling equity interest in Northern Indiana Public Service Company. Sebastien Sherman, senior managing director of Blackstone Infrastructure, said the deal “underscores Blackstone’s commitment to decarbonisation to create value for our investors and our desire to help facilitate the reindustrialisation of the Midwest”.

The US private equity group Warburg Pincus LLC has raised $17.3bn for the largest fund in its 57-year history, joining a handful of peers in that have beat their targets as others struggle to bring in cash. The firm began soliciting investments for the new fund about two years ago with a $16bn target. The fund will focus on Warburg’s core business of corporate buyouts and equity stakes in companies, aiming to make between 75 and 90 investments averaging about $175mn apiece. Warburg chief executive Chip Kaye said the group’s measured approach had appealed to investors, citing its plans to “remain disciplined about investment pacing”. #peinsider #privateequity #us #fundraising #investments #funds

Brookfield Asset Management has closed its largest-ever flagship private equity fund, with a sizable check written by the firm itself. Brookfield announced it nabbed $12 billion for Brookfield Capital Partners VI. The fund is larger than its predecessor vehicle, which closed in 2019 on $9 billion. The Minnesota State Board of Investment wrote a $150 million check to the Brookfield fund. Other pension managers including the Investment Management Corporation of Ontario (IMCO), the Louisiana State Employees' Retirement System’ and the @South Carolina Retirement System also made commitments to the fund. #peinsider #fundraising #privateequity #investments