28 Jan, 2021
PE backers selling Signavio to SAP; Apollo to buy Showa Denko aluminum units
* Apax Partners LLP's Apax Digital Fund, Deutsche Telekom Capital Partners Management GmbH and Summit Partners LP agreed to sell enterprise software company Signavio GmbH to German software provider SAP SE. The deal could value Signavio at nearly €1 billion, according to a previous report.
* Japanese materials producer Showa Denko KK is set to sell its two aluminum units to Apollo Global Management Inc. The deal is expected to be valued at about ¥50 billion, a source briefed on the matter told Reuters.
➤ Asia-Pacific private equity activity to rebound from 2020 low – reports
"The pandemic has emphasized that well capitalized and supported companies will grow faster than businesses that need to repair their capital structures. As a result, 2021 may be one of the best investing periods in a generation," a KPMG report said.
➤ European LBO Pipeline: High valuations put pressure on sponsors
With valuations hitting high levels and auction processes becoming increasingly competitive, private equity sponsors are feeling the heat.
FUNDRAISING AND DEALS
* Carlyle Group Inc. and co-investors tapped JP Morgan and Macquarie to help with a potential sale of Swiss clinic chain Ameos AG, which could be valued at up to €1.3 billion, including debt, in a deal, Reuters reported, citing people close to the matter.
* Private equity and venture capital firm TCMI Inc., or TCV, secured $4 billion in capital commitments for the TCV XI LP fund.
* Loanpal LLC, which offers a point-of-sale payment platform for sustainable home solutions, raised more than $800 million in its maiden external investment round. New Enterprise Associates Inc. and WestCap Management LLC led the round, along with Brookfield Asset Management Inc., Riverstone Holdings LLC and private investors.
* L Catterton Partners confidentially filed papers to launch L Catterton Asia Acquisition Corp., a blank-check company that aims to raise about $250 million, Bloomberg News reported Jan. 27, citing people familiar with the matter. The Singapore-based special purpose acquisition company will be sponsored by L Catterton Asia's third fund and focus on consumer technology businesses in Asia, sources told the newswire.
* Dallas-based private equity firm Tailwater Capital LLC signed definitive agreements to acquire Tall Oak Midstream II LLC and Tall Oak Midstream III LLC from EnCap Flatrock Midstream for an undisclosed amount.
VENTURE CAPITAL
* San Francisco-based venture capital firm Bond Capital Management LP aims to raise $1.5 billion for its sophomore fund, WSJ Pro reported Jan. 27, citing people familiar with the situation. One source said the new fund could raise up to about $1.8 billion.
* Prime Movers Lab collected $245 million for its second early-stage investment vehicle. The venture capital firm will use the Prime Movers Lab Fund II LP to invest in human augmentation, energy, transportation, infrastructure, manufacturing and agriculture businesses.
* Networking software company DriveNets Ltd. secured $208 million in a series B funding round led by new investor D1 Capital Partners LP. Existing investors Bessemer Venture Partners and Pitango Venture Capital, as well as new investor Atreides Management LP, also participated in the round.
* Bracket Capital's Bracket Capital Fund II LP closed at its hard cap of $150 million, exceeding the fund's $100 million target. The global multi-asset investment manager also raised an additional $300 million in coinvestment vehicles to invest along with Fund II for at least $450 million in equity to deploy.
* NextView Ventures raised $100 million at the close of its Nextview Ventures IV LP fund. The vehicle is bigger than the venture capital firm's third fund, which raised $50 million.
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