Newsletter Edition 54

Investcorp Secures $110 Million Mandate from Malaysia’s KWAP, Raising Asia Fundraising to $2.3 Billion

Global alternative investment firm Investcorp has secured a $110 million special managed account (SMA) mandate from Malaysia’s Kumpulan Wang Persaraan (Diperbadankan) (KWAP), one of the country’s largest pension funds. The SMA will focus on private equity investments, primarily in Southeast Asia, with 15-20% allocated to Europe.

This mandate is part of Investcorp’s broader success in Asia, bringing its total capital raised in the region over the past 18 months to $2.3 billion. Investcorp was selected as one of two global general partners (GPs) to manage the SMA following a highly competitive process involving over 100 GPs.

KWAP, managing $36 billion in assets, is a significant player in global private equity, with investments in 54 private equity funds and five direct private equity companies worldwide.

The partnership underscores growing institutional interest in Southeast Asia’s private equity market and highlights Investcorp’s continued ability to attract capital from leading global investors.

https://startuprise.org/investcorp-reaches-2-3bn-funds-raised-across-asia/

Bain Capital Matches CC Capital’s $1.92 Billion Bid for Insignia Financial

Shares of Insignia Financial soared to a three-year high on Thursday after Bain Capital matched CC Capital Partners’ revised takeover bid of AUD3.07 billion ($1.92 billion), according to Reuters. Bain’s updated offer values the Australian wealth manager’s shares at AUD4.43 each—a 3.8% premium over their last closing price and a 7% increase from Bain’s initial AUD4.30 per share bid, which was rejected in December.

The bidding war escalated earlier this month when CC Capital joined the fray, aiming to capitalize on Australia’s AUD4.1 trillion superannuation market. In response, Insignia’s shares climbed as much as 2.7% in early trading to AUD4.55, their highest level since October 2021, though still slightly below Bain’s offer price.

Both Bain and CC Capital have been granted limited, non-exclusive access to select non-public information to conduct due diligence. However, Insignia cautioned that this does not guarantee a binding or board-approved offer. “The provision of limited due diligence does not guarantee that the Bain second revised indicative proposal will result in a binding offer or one that is capable of being recommended by the Board,” the company stated.

Insignia Financial’s strong performance has drawn significant interest. As of December 31, its funds under management and administration rose by AUD7.2 billion to reach AUD326.8 billion. The firm’s position in Australia’s lucrative superannuation sector makes it a valuable acquisition target.

As the competition between Bain and CC Capital heats up, Insignia’s shareholders are poised to benefit from the heightened interest and potential for further improved offers.

https://www.privateequitywire.co.uk/bain-matches-cc-capitals-1-92bn-insignia-capital-bid/

Thoma Bravo Closes $3.6 Billion Credit Fund III, Its Largest Yet

Thoma Bravo has announced the close of Credit Fund III, its largest credit fund to date, with $3.6 billion in total available capital, including anticipated leverage. The fund focuses on senior secured debt investments in sponsor-backed software companies, building on the firm's expertise in the enterprise software sector.

Since its credit platform launched in 2017, Thoma Bravo has deployed over $8 billion across 100 transactions. Credit Fund III has already invested $1 billion in 20 companies, reflecting strong demand for private credit in the software industry.

“Our investors continue to support our differentiated credit strategy, which has grown significantly,” said Orlando Bravo, Founder and Managing Partner. “As an early adopter of private credit, we understand the critical role it plays in the enterprise software sector.”

The fund includes expanded offerings such as unlevered capital and funds-of-one, enabling more customized lending solutions.

Managing over $166 billion in assets, Thoma Bravo has invested in more than 500 companies with a combined enterprise value of $265 billion. Credit Fund III’s success underscores the firm’s leadership in private credit and its strategic focus on enterprise software, a sector that continues to attract strong investor interest.

This latest fundraise positions Thoma Bravo to capitalize on opportunities in the growing private credit market, particularly in technology-driven industries.

https://www.buyoutsinsider.com/thoma-bravo-racks-up-3-6bn-for-third-credit-fund/