Newsletter Edition 65
Apr 10, 2025
KKR and Stonepeak Seal £1.61bn Deal to Acquire UK Healthcare REIT Assura
Private equity giants KKR and Stonepeak have reached a definitive agreement to acquire Assura, a UK-listed real estate investment trust (REIT) specialising in primary healthcare properties, in a deal valued at £1.61bn ($2.06bn), according to a report by Reuters.
The cash offer follows a series of proposals from the KKR-Stonepeak consortium and ultimately represents a 33.5% premium over Assura’s share price on 13 February, the day before their initial approach became public. This latest offer was accepted after Assura previously rejected a £1.5bn cash-and-stock bid from sector rival Primary Health Properties (PHP), citing concerns it undervalued the business.
Under the terms of the deal, Assura shareholders will receive 48.56 pence per share in cash, plus an interim dividend of 0.84 pence per share, bringing the total consideration to 49.4 pence per share.
This marks the consortium’s fifth bid for Assura, underscoring strong private equity interest in UK healthcare infrastructure, a sector viewed as resilient in the face of macroeconomic volatility and rising interest rates. The take-private move reflects a broader trend of private capital targeting undervalued UK real estate firms, many of which are trading below net asset value (NAV).
Assura currently owns and manages over 600 healthcare properties across the UK, largely comprising GP surgeries and primary care centres.
The transaction remains subject to shareholder and regulatory approvals.
Siemens to Acquire Dotmatics from Insight Partners in $5.1bn Deal
Siemens AG has agreed to acquire U.S.-based research and development software firm Dotmatics for $5.1 billion from private equity firm Insight Partners, marking a major strategic move into the life sciences software sector, according to Reuters.
The transaction represents a significant exit for Insight Partners, which acquired Dotmatics in 2017 and scaled it through a series of strategic investments and acquisitions. The deal highlights growing demand among strategic buyers for high-growth, AI-enabled software platforms serving the life sciences industry.
Dotmatics, headquartered in Boston, provides scientific R&D software solutions used by pharmaceutical, biotech, and research institutions. The company is expected to generate over $300 million in revenue in 2025 with an adjusted EBITDA margin exceeding 40%.
Financing for the deal will be supported primarily through the sale of shares from Siemens' listed entities, including Siemens Healthineers, according to CFO Ralf Thomas. The acquisition is expected to increase Siemens’ total addressable market for industrial software by $11 billion, reinforcing its push into digitalisation in life sciences.
Siemens CEO Roland Busch stated the deal could deliver medium-term revenue synergies of around $100 million annually, rising to over $500 million in the long run. The move underscores Siemens’ long-term commitment to integrating advanced digital tools across industries, especially in sectors where R&D innovation is a critical driver of value.
AlpInvest Raises $4bn for Expanding Portfolio Finance Platform
AlpInvest Partners, a Carlyle-owned investment manager, has raised over $4 billion for its growing portfolio finance platform, marking a significant scale-up of its capabilities in fund financing and credit secondaries.
The core of this raise is the $3.2 billion AlpInvest Strategic Portfolio Finance Fund II (ASPF II), which includes capital from parallel separately managed accounts (SMAs) and co-investments. This figure surpasses the fund’s original target and more than triples the size of its predecessor, ASPF I. Additional capital came through the simultaneous closing of several Senior Portfolio Lending mandates, bringing total new commitments across the platform to more than $4 billion.
ASPF II targets flexible financing solutions for private equity stakeholders—including GPs, LPs, and funds—while also investing in credit secondaries. The strategy focuses on downside protection through cross-collateralisation, portfolio diversification, and significant equity over-collateralisation, while delivering attractive cash yield and duration profiles.
Leveraging AlpInvest’s integrated secondaries and portfolio finance expertise, the platform benefits from long-standing relationships with more than 380 general partners globally. The fund is already active, having completed 10 transactions to date, ranging from GP commitment financings and private fund recapitalisations to credit secondaries, including the recent spinout of Norwest Mezzanine Partners.
ASPF II attracted a diverse global investor base, including insurance companies, sovereign wealth funds, pensions, corporations, and family offices. The vehicle also saw strong re-ups from investors in ASPF I, underscoring confidence in AlpInvest’s innovative and scalable approach to private capital finance.