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Pantheon raises $3.25bn for its largest-ever private equity secondaries program.
Norway's $1.5tn sovereign fund set to invest in private equity.
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KKR , a global investment firm that manages multiple alternative asset classes, agreed to acquire the remaining 37% stake in Global Atlantic Financial Group , a provider of a broad range of retirement, life and reinsurance products, for $2.7bn.
"We are taking this step because we have demonstrated, over the last three years, that we are stronger together. Being part of KKR has strengthened our position as a leading insurance company and enhanced our ability to deliver compelling solutions for our clients. Moving from a diverse group of shareholders to a single one with KKR clarifies our objectives and allows us to think and invest longer term. Although we hope to unlock further value by taking this step in our capital structure, neither our client-first approach nor our investment and risk management framework will change, and the day-to-day experience of our clients and colleagues will feel very much the same as it does today," Allan Levine , Global Atlantic CEO.
KKR is advised by Simpson Thacher & Bartlett LLP . Global Atlantic is advised by Barclays and Debevoise & Plimpton .
Ardian , a private equity investment firm, and Public Investment Fund (PIF) , a sovereign wealth fund by the government of Saudi Arabia, agreed to acquire a 25% stake in Heathrow Airport from Ferrovial , a provider of transport infrastructure and urban services, for £2.4bn ($3bn). Ardian agreed to acquire a 15% and Public Investment Fund a 10% stake.
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"Over the last 17 years, we have been contributing to Heathrow's transformation, together with our fellow shareholders, achieving some excellent milestones throughout our long-term role as investor. These include overseeing an investment of £12bn, expanding its capacity with the construction of Terminal 2, and improving its operational performance. We are very pleased to have made Heathrow one of the world's most connected airports and the busiest airport in Europe," Luke Bugeja , Ferrovial Airports CEO.
Public Investment Fund is advised by Barclays . Ferrovial is advised by J.P. Morgan . Ardian is advised by 5654 & Company (led by Ben Thornton ).
Blackstone , an alternative asset manager, agreed to acquire Rover.com , an online marketplace for pet care, for $2.3bn.
“We are thrilled for this next chapter in the Rover story and look forward to the partnership with the Blackstone team, who share our conviction, excitement and strategic vision. Blackstone brings deep expertise in partnering with innovative technology companies, and with their support and collaboration, we plan to continue investing in our business in service of our mission to make it possible for everyone to experience the unconditional love of a pet in their lives. This transaction delivers immediate and compelling value to Rover stockholders, and is a testament to the commitment and hard work of our team and an exciting milestone for Rover," Aaron Easterly , Rover Co-Founder and CEO.
Rover is advised by Centerview Partners , Goldman Sachs , Wilson Sonsini Goodrich & Rosati and FGS Global (led by John Christiansen ). Goldman Sachs is advised by Sullivan & Cromwell LLP (led by Stephen Kotran ). Blackstone is advised by Evercore , Moelis & Company and Kirkland & Ellis (led by Sean Z. Kramer , Marshall Shaffer , and Daniel Wolf ).
Pantheon raises $3.25bn for its largest-ever private equity secondaries program. (FS)
Pantheon , a global private markets investor, is pleased to announce the successful closing of Pantheon Global Secondaries Fund VII and associated vehicles, its latest flagship global private equity secondaries offering, with commitments totaling $3.25bn.
"We are grateful for the strong support of our investors across the world who have entrusted us with their capital. Raising our largest-ever pool of capital reflects increasing interest from a growing range of investors in our strategy and focus on mid-market secondaries, where we can leverage Pantheon's extensive relationships, data and insights," Amyn Hassanally , Pantheon Partner and Global Head of Private Equity Secondaries.
Norway's $1.5tn sovereign fund set to invest in private equity. (FS)
Norway's sovereign wealth fund, valued as the world's largest at $1.5tn is likely to invest in private equity as an asset class. The fund invests Norway's surplus oil and gas revenue abroad, and is the world's biggest single stock market investor, owning some 1.5% of all globally listed shares, with stakes in more than 9.2k companies.
The country's central bank has recommended that the fund invest $70m into the asset class. However, a final decision will only be made next year by parliament. The parliament has previously rejected requests by the fund to move assets into private equity, arguing it could be too costly and non- transparent.
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