Newsletter Edition 62
Mar 20, 2025
New State Capital Partners Closes Fund IV at $700 Million
New State Capital Partners has announced the final close of its fourth private equity fund, raising $700 million in capital commitments. The oversubscribed fund surpassed its initial target and was completed in under six months, bringing the firm’s total assets under management to $1.8 billion.
Fund IV attracted a broad mix of investors, including endowments, foundations, family offices, public pension plans, insurance companies, OCIOs, and high-net-worth individuals across North America and Europe. New State professionals also committed $60 million via the general partner, reinforcing strong alignment with limited partners.
To date, New State has completed over 45 acquisitions, leveraging a differentiated sourcing model that includes close ties with the independent sponsor community to identify compelling investment opportunities. The firm’s 34-person team—featuring 12 management company partners and a 10-person in-house operations unit—provides hands-on support to drive portfolio company growth.
Kirkland & Ellis served as fund counsel, while Harris Williams Private Capital Advisory acted as placement agent.
https://www.privateequitywire.co.uk/new-state-capital-partners-closes-fund-iv-at-700m/
Cinven Exits Viridium in €3.5bn Deal Led by Allianz, BlackRock, and T&D Holdings
Private equity firm Cinven is set to exit its majority stake in German life insurance consolidation platform Viridium Group in a €3.5 billion ($3.82 billion) transaction led by Allianz, BlackRock, and Japan’s T&D Holdings, the companies confirmed on Wednesday, according to a report by Reuters.
The deal represents a major private equity exit for Cinven, which has been preparing the sale for several months. Viridium, a specialist in acquiring and managing closed life insurance books, will continue to operate independently under its new ownership structure.
T&D Holdings will become the largest shareholder in Viridium, while existing investors Generali and Hannover Re will retain their stakes. The consortium is structured to accommodate additional long-term financial investors in the future, the companies said.
Cinven’s exit underscores a growing trend among private equity firms to monetise investments in the insurance sector, as institutional investors continue to seek stable, long-duration assets.
Viridium, headquartered in Neu-Isenburg, Germany, manages several million life insurance policies and has become a key player in Europe’s insurance runoff market, which has attracted increasing investor interest in recent years.
EQT Returns $5.4bn to Investors After Nord Anglia Exit
EQT is set to return $5.4 billion to investors following the sale of its stake in international school operator Nord Anglia Education, in what is one of the most profitable private equity exits in Asia in recent years, according to a report by Bloomberg.
Sources close to the deal say EQT has achieved a return of nearly four times its invested capital, underlining the firm’s value-creation track record in the education sector. EQT initially invested in Nord Anglia in 2008, exited in a previous transaction, and reinvested in 2017 through a separate fund.
Rather than a full exit, EQT has opted to retain a stake, reinvesting alongside the Canada Pension Plan Investment Board (CPPIB) and a consortium led by Neuberger Berman, Corporación Financiera Alba, and Dubai Holding Investments. The deal values Nord Anglia at $14.5 billion, including debt, with $10 billion in equity syndicated to around 70 global investors, including family offices and school founders.
“We want to run with the winners,” said EQT Asia Chair Jean Eric Salata. “Rather than selling top-performing assets, we want to hold onto them as long as possible.”
Nord Anglia, founded in 1972 and headquartered in London, operates more than 80 international schools across 33 countries in Asia, Europe, the Middle East, and the Americas. The company has benefited from surging global demand for premium private education, especially in markets such as the Middle East, the US, and emerging Asian economies like Vietnam.
The transaction follows EQT’s 2023 exit of Indian IT services firm Coforge, which generated a 3x return on a $2.2 billion sale. The firm’s Asia strategy continues to outperform, with over 50% of large-cap exits delivering returns of three times invested capital. EQT’s flagship Fund VI and Fund VII have each posted net returns of around 20%, according to recent filings.