14 Dec, 2021
Ares raises $8B for credit fund; EnCap merges Advance Energy, Ameredev
* Ares Management Corp. raised $8 billion for its credit fund, surpassing the vehicle's $4.5 billion initial target, Dow Jones Newswires reported. The fund seeks to invest in senior secured corporate loans of small and medium-sized companies in the U.S.
* EnCap Investments LP merged oil producers Advance Energy Partners LLC and Ameredev II LLC in a transaction that values the combined company at more than $4 billion, including debt, Reuters reported Dec. 13, citing people familiar with the matter. The private equity firm plans to take the company public as soon as 2022, the sources told the news outlet.
➤ Global VC investment reaches $51.8B in November led by J&T Express funding
Almost half of the global venture capital deployed during the month went into the technology, media and telecommunications sector, according to S&P Global Market Intelligence data.
➤ Path to net-zero: Stakeholders demand action on ambitions as pledges swell
Companies around the world are announcing net-zero greenhouse gas emissions goals, but many are setting targets nearly three decades in the future despite numerous questions about the path ahead.
DEALS
* Silver Lake Management LLC will buy a 33.3% minority stake in the Australian Professional League in a deal that will value the soccer leagues operator at about A$425 million, Reuters reported. Proceeds from the investment will be used for technology enhancements and innovations aimed at improving fans' experience and developing the sport in Australia, according to the report.
* Silver Lake also agreed to invest €344 million in Software AG Inc. in a private investment in public equity deal. Under the terms of the agreement, Silver Lake is buying 2% convertible subordinated unsecured notes due 2027 with an initial conversion price of €46.54 per share.
* Eurazeo SE, Cohesive Capital Partners LP and Cherng Family Trust are buying a controlling stake in skincare and body care company Beekman 1802 LLC for $92 million. Eurazeo's investment is $62 million.
* Beijing-based private equity firm Wise Road Capital Ltd. and chipmaker Magnachip Semiconductor Corp. have terminated their merger agreement after both parties failed to secure the approval of the Committee on Foreign Investment in the U.S. As part of the termination, Wise Road investment vehicle South Dearborn Ltd. will pay Magnachip a $70.2 million termination fee.
* Symphony Technology Group LLC made a majority investment in software company CAI Software LLC. The target company offers software to the manufacturing and distribution sectors globally.
FUNDRAISING
* Enterprise automation company SnapLogic Inc. raised $165 million in a funding round led by Sixth Street Growth. The latest investment values the company at $1 billion.
* Camber Partners LLC secured $100 million at the close of its Camber Partners Fund I LP. The oversubscribed vehicle has already invested in Scout APM and SE Ranking.
* Supply chain tech company Klearnow Corp. raised $50 million in a series B round led by Kayne Partners Fund, the growth private equity group of Kayne Anderson Capital Advisors LP. Greatpoint Investment Management LLC, Argean Capital, AutoTech Ventures LLC and Activate Capital Partners also participated in the round.
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