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European PE Firm Apax Sells 10% Stake to Asian-Pacific Investors

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Apax Partners has secured deals to sell holdings in its management company to two Asian-Pacific investors after protracted discussions with three parties. The sale should buttress the private-equity firm at a time when fund-raising is at a low and portfolio valuations are coming under pressure.

GIC Special Investments, the private-equity arm of sovereign-wealth fund Government of Singapore Investment Corp., and the A$59.6 billion Australian national retirement plan, Future Fund, took less than 10% of Apax’s management company. A potential third party, believed to be a Japanese investor, has used corporate vehicle CN Advisory to express its interest in joining Apax’s membership–-the formal way of owning a stake in the firm that is a limited liability partnership.

In a statement, Future Fund said the deal involved investors purchasing a stake of “around 10%” of the Apax Partners management company and performance fees, called carried interest, in Apax’s funds. The undisclosed net proceeds of Apax selling a stake were being reinvested in a permanent capital vehicle in which Future Fund would have a 10% stake and would have a principal objective to invest in future Apax funds.

read more: The Wall Street Journal

Antares Bain Capital Complete Financing Solution Backs symplr Deal

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On December 10, 2018, Antares Bain Capital Complete Financing Solution provided a senior secured unitranche credit facility for Clearlake Capital Group, L.P. to acquire symplr, a healthcare governance, risk, and compliance software-as-a-service platform from Pamlico Capital and The CapStreet Group. Golub Capital provided financing for the transaction as well.

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PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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