S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
The decline in private equity and venture capital dealmaking is widespread across sectors of the global economy, with just a few exceptions. One of them is energy efficiency.
Private equity-involved deals in the sector had an announced value of $31.79 billion as of mid-November, nearly twice the $16.36 billion full-year total for 2021. But there's a caveat, and it's a big one.
That year-over-year jump in deal value is contingent on one mega-transaction that has yet to be completed: a proposed take-private deal for Japan's Toshiba Corp. from a consortium of domestic buyers. With an estimated value of $16.23 billion, the Toshiba sale would nearly equal in value all the private equity-backed dealmaking in the energy efficiency sector last year.
So, forget about Toshiba for a second. Even without that transaction adding to this year's total, dealmaking in the energy efficiency sector would be on track to roughly equal the 2021 total, and that's notable amid private equity's slump.
Read more about private equity-backed deals in the energy efficiency sector, including which global region has seen the largest uptick in investment in 2022.
DEALS AND FUNDRAISING
* TPG Capital LP closed its previously announced acquisition of Doc Generici, an Italian supplier of generic pharmaceuticals.
* HarbourVest Partners LLC closed its sixth co-investment fund at $4.2 billion, including the general partner commitment. The initial target for HarbourVest Partners Co-Investment Fund VI LP was set at $3.5 billion.
* Apollo Global Management Inc. closed Apollo Accord+ Fund, at $2.4 billion in commitments. The fund follows a multi-asset opportunistic credit strategy.
ELSEWHERE IN THE INDUSTRY
* Calculus Capital divested its stake in Avvio Ltd. The deal was pursuant to the merger between Avvio and SHR, a portfolio company of Serent Capital. Avvio is a software-as-a-service company in the travel technology industry.
* Eurazeo SE agreed to invest more than €100 million in NeoXam, becoming the company's majority shareholder. Existing shareholders, led by Cathay Capital and Bpifrance, will exit their investments in the company, which provides office software for the financial industry.
* Stonepeak Partners LP and superannuation fund Spirit Super agreed to acquire Australian port operator GeelongPort Pty Ltd. Under the deal, Stonepeak will own 70% of GeelongPort and Spirit Super will own the remaining 30%.
* Motive Capital Management LLC agreed to buy embedded/capital GmbH, a Berlin-based venture capital platform. The deal could close in January 2023.
FOCUS ON: IT
* A consortium led by private equity firms Hellman & Friedman LLC and Permira Advisers Ltd. completed the purchase of software-as-a-service solutions platform Zendesk Inc. for roughly $10.2 billion.
* Norwest Venture Partners invested $32 million in India-based software consulting and delivery organization Celebal Technologies.
* Main Capital acquired a majority stake in TimePlan Software GmbH. The target company is workforce management software platform.
