S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Blackstone Group Inc. announced it had reached a $20.5 billion final close of its largest global real estate fund to date this week, marking the largest real estate fund ever raised, the firm said. The Blackstone Real Estate Partners IX LP fund made its initial investment through its proposed acquisition of GLP Pte. Ltd.'s U.S. logistics portfolio.
The alternative asset manager has been on the road with four flagship funds this year; its corporate private equity, global and European real estate and private equity secondaries vehicles are collectively expected to reach $67 billion, President and COO Jonathan Gray said in the firm's second-quarter earnings call.
Blackstone's eighth private equity fund saw a $22 billion first close in March, according to Bloomberg News, and is expected to surpass the asset class's fundraising record set by the $24.7 billion Apollo Global Management Inc. raised in 2017, sources told the news outlet at the time. The fund has been capped at $25 billion, Bloomberg has reported.
Strategic Partners, Blackstone's secondary and fund solutions business, announced it had reached an $11.1 billion final close for its latest vehicle in July.
A sign for The Blackstone Group LP outside the company's offices.Source: The Associated Press |
Blackstone's bets
* Blackstone also wrapped up its purchase of the Global Village Technology Park in Bengaluru, India, from India-based Coffee Day Enterprises Ltd. for 28 billion Indian rupees, two people familiar with the development told Mint.
* The firm's real estate unit is in talks to invest 15 billion rupees in a joint venture with Allcargo Logistics Ltd., whose logistics unit intends to build 5 million square feet of warehouses in India by 2021, people with knowledge of the matter told Bloomberg News.
* Blackstone is also planning to sell the Park Avenue Tower office building in New York City for more than $800 million, a source familiar with the building told The Real Deal.
IPO lane
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* SmileDirectClub Inc., which is backed by Clayton Dubilier & Rice LLC, Spark Capital Partners LLC and Kleiner Perkins Caufield & Byers, priced its IPO at $23 per share, which values the online dentistry company at $8.9 billion, a person familiar with the offering told CNBC.
* German connectivity platform TeamViewer GmbH, which is backed by funds advised by Permira Advisers Ltd., expects to price its IPO at between €23.50 and €27.50 per share.
* KKR & Co. Inc. is getting ready to list its A$500 million KKR Credit Income Fund on the Australian Securities Exchange in November, two people with direct knowledge of the matter told Reuters.
On the block
* CVC Capital Partners Ltd. and Carlyle Group LP could be shortlisted for a 30% stake in India-based Shriram Capital Ltd. being sold by Piramal Enterprises Ltd. and TPG Capital Management LP, The Economic Times reported, citing sources close to the matter.
* Orion Capital Managers LP is in the initial stages of finding potential partners to buy out London-based shopping center real estate investment trust Intu Properties PLC, The Sunday Times reported.
* Data protection solutions provider Carbonite Inc. is looking into a sale after attracting interest from buyout firms, Bloomberg reported, citing people familiar with the matter.
* Southern Capital Group is exploring options including a potential sale for Singapore-based Canadian International School, people with knowledge of the matter told Bloomberg.
* Shareholders of Cuadrilla Resources Ltd., which include Riverstone Holdings LLC and Kerogen Capital, are considering an outright sale of the U.K. shale gas drilling company, among other exit options, Bloomberg reported, citing people familiar with the matter.
Dental assistants at SmileDirectClub's SmileShop located inside a CVS store.Source: The Associated Press |
Consumer space
* Advent International Corp. agreed to acquire up to a 68% majority stake in Indian packaged snack food manufacturer DFM Foods Ltd. for 249.50 rupees per share.
* Partners Group Holding AG purchased a majority interest in Chinese retail display provider BCR (Shanghai) Display & Fixture Co. Ltd.
* Ardian and Chilean fund manager CMB are buying a 33% stake in a Chilean toll road business, which consists of an entire interest in Vespucio Norte Express and Túnel San Cristóbal, from Brookfield Infrastructure Partners LP.
* Swander Pace Capital, or SPC Management Co. Inc., purchased baked goods manufacturer Cafe Valley Inc. for an undisclosed amount.
Flush with cash
* Providence Strategic Growth IV pulled in $2.0 billion in capital commitments.
* Angelo Gordon & Co. LP obtained $1.3 billion for its fourth and largest Asia-focused real estate fund thus far.
* Lovell Minnick Partners LLC collected $1.28 billion for its fifth investment vehicle.
* Pantheon Ventures (US) LP secured $1.01 billion for Pantheon Multi-Strategy Program 2014 (US) LP.
Sector intelligence
Banking US banks describe internal planning for negative rate scenario
Exchanges Potential HKEX-LSE merger would create global powerhouse
Energy Report finds risk of stranded gas assets growing as clean energy prices fall
ESG Shareholder advocates say new SEC policy to prompt litigation, less transparency
Financial technology July fundraising rewards bank-like fintechs
Healthcare US health leaders head to Congo to reinforce commitment to end Ebola outbreak
Insurance Deal positions Berkshire to continue rapid student health insurance growth
Retail, consumer products, gaming and leisure Disappearing US retail jobs no reflection on booming consumer spending
Technology, media and telecommunications New iPhones expected to fuel Apple's services strategy

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