Critical Content
Profile: Fondo Italiano d’Investimento celebrates raise of €1.2bn despite headwinds
Senior partner Gianpaolo Di Dio speaks to Real Deals about what makes the perfect deal and the current Italian PE landscape
Deal in Focus: Resilience of cinema software provider Unique X delivers ‘successful exit’ for BGF
Unique X managed to nearly triple its Ebitda between point of investment and exit, BGF investor Spencer Woods tells Real Deals
Deal in Focus: GRO’s new portco DigitalRoute to follow same path as Tacton investment
GRO’s lead partner on the investment Lars Lunde speaks to Real Deals about its acquisition of the usage data management software provider
Comment: Secondary by name, not by nature
Thibaud Roulin, head of North America private equity, Pictet Alternative Advisors, explores three broad trends worth noting in private equity’s secondary market
Operational Technology Report 2024
The 2024 Operational Technology Report - with in-depth analyses of the latest tech state of play in midmarket PE, profiles of key operational leaders, and more - is now available to download on our sister publication The Drawdown
Deal in Focus: Automation a priority for Nexxus Iberia’s portco Creaciones Marsanz
Nexxus Iberia’s lead partner on the investment Juan Pedro Dávila speaks to Real Deals about its majority stake in the Spanish retail equipment manufacturer
Comment: Why private equity needn’t see impact investment as binary
Clearwater's Jo Daley on why impact should be viewed not as a binary investment strategy, but a chance to identify and amplify impact-led growth
GP Profile: MidEuropa’s ambitions for its 25th year
As the firm reaches a quarter century, managing partner Robert Knorr speaks to Real Deals on his ambitions for the year, and thoughts on strategy expansion and opportunities
UK regional dealflow: future growth stars?
After a lacklustre end to 2024, dealflow across the UK has enjoyed a strong start to the new year, with deal volumes up across almost all of the UK’s regions. Julian Longhurst charts the last 12 months in numbers
Midmarket stars in modest first quarter – Real Deals Data Hub
The market headwinds that led to a somewhat lacklustre end to 2023 appear to remain firmly in control into the new year, though activity in the midmarket saw a welcome boost in the period. Julian Longhurst reports
Exclusive: Apiary Capital closes oversubscribed fund
Managing partner Mark Salter reveals the factors that helped the firm win LP commitments and his advice on fundraising
Deal in Focus: EMH Partners eyeing up geographic expansion for newest portco
Speaking to Real Deals off the back of the firm's recent investment in Stonebranch, partner Jens Zuber says engagement with the company intensified towards the beginning of 2023
Fund in Focus: INVL’s Baltic vehicle with wider ambitions
Fund "will be the top choice for local and foreign investors who understand our region" says INVL's Deimante Korsakaite
Hidden gems
Dunport Capital’s Ross Morrow examines the lower midmarket – an overlooked and underappreciated segment of the private credit market
Staying competitive
MUFG’s David Rochford explains why Ireland is taking a greater role as an operational centre in the alternatives industry
Europe’s refinancing wave
GPs struggled to refinance portco debt in last year’s choppy markets. But with interest rates expected to come down, fortunes could be improving, as Xhulio Ismalaj reports
Deal in Focus: Progressio’s Archiva deal reflects focus on IT, but some sub-sectors ‘too fragmented’
Beatrice Capretti, partner at Milan-based Progressio, speaks to Real Deals about the "caution" required when shopping around for tech deals
Roundtable: Lending in times of volatility
In this discussion, we discover how lenders have kept deploying capital and supporting private equity firms in the face of stiffening market headwinds
Venture Views: Two Magnolias on a mission to embrace diversity every step of the way
Real Deals' Shivani Khandekar catches up with co-founders Jessica Rasmussen and Marie Korde to understand the importance of diversity in venture capital and what makes their firm stand out
Deal in Focus: Triton’s Norstat exit preparation started on ‘day one’
"Identify likely buyers early" is the firm's approach, Triton partner Daniel Björklund tells Real Deals
Deal in Focus: Apiary’s 4x return on sale of entertainment touring agent TAG worth the wait
Apiary's Mark Salter and ECI's Rory Nath speak to Real Deals about the exit
Debt set: part one – Bomb squad
Taku Dzimwasha investigates if private credit can sustain its allure amid rising concerns
Fund in Focus: Manulife Strategic Secondaries Fund closes on more than €550m
The fund focuses on GP-led secondaries and has already commenced its deployment phase, global head of co-secondaries Jeff Hammer tells Real Deals
Climatetech’s second wind
Climatetech has emerged as a pivotal sustainability investment theme for private equity. Xhulio Ismalaj explores the journey climatetech businesses have been through in the midmarket and finds out why the future for the subsector remains hopeful
Making an impact
Sustainability and ESG factors have become a priority for GPs across the investment cycle. But does it pay to be sustainable? Silvia Iacovcich reports
Fund in Focus: Turnstone’s latest haul to concentrate on buy-and-builds
Spun out of Argentum, Turnstone’s sophomore PE fund had a first close in December, co-founder Joachim Høegh-Krohn tells Real Deals
Deal in Focus: Literacy Capital picks up minority stake in Live Business Group
Literacy CEO Richard Pindar tells Real Deals that the opportunity came through its advisory network
Real Deals Sustainability Report 2024
In this special report, we explore how GPs are utilising sustainability as a value creation lever
Comment: Technology’s sustainability challenge
It is time to embrace the opportunities that come with the technology industry’s shortcomings, according to Bettina Denis, head of sustainability at Revaia
Gaining territory
Ireland’s ILPA set out to enhance the country’s appeal as a fund jurisdiction in 2020 but progress has been sluggish due to investors’ preference for Luxembourg. However, the Emerald Isle is now upping its game, as Shivani Khandekar discovers
Comment: PE taps into flourishing wealth management sector
With an ageing population and burgeoning market, Houlihan Lokey’s Christian Kent discusses the rise of private equity interest in the wealth management sector
Deal in Focus: Omni notches strong return with Vivup sale
The GP had not planned to exit so soon but an unsolicited bid from Great Hill Partners prompted it to consider the deal, partner Elissa von Broembsen-Kluever tells Real Deals
Technology Report 2024
Welcome to the first instalment of the Technology Report, which shines a light on GPs at the cutting edge of tech adoption for front-office functions, and the providers powering that transformation
Q&A: The digital edge
Yair Erez and David Poole, partners at Stanley Capital, discuss how the firm is using a combination of proprietary and third-party technology to accelerate target identification and expedite deal conversion
Q&A: A model idea
A bespoke solution was key for ECI’s deal origination process according to Suzanne Pike, partner and head of origination at the firm
Q&A: Building a tech Nexus
NorthEdge’s Lucie Mills and James Hales discuss how the mid-cap GP is using technology to support deal origination, identify potential deal targets and enrich various interactions
Q&A: A journey of discovery
Philippe Laval, chief technology officer at Jolt Capital, discusses its proprietary software platform Ninja, and reflects on the highs and lows of bringing the system to life
Q&A: Transforming with tech
David Floyd, vice-president at global investment firm Permira, talks to Real Deals about how the business is harnessing advanced analytics and AI to drive competitive advantage internally and in its funds’ portfolio companies
Going digital
Nicholas Neveling explores how GPs are harnessing big data and AI not only to boost portfolio company performance, but also to provide a competitive edge when it comes to sourcing and executing deals
The Private Equity Value Report 2024
Charting the fastest-growing private equity-backed companies in the UK, in association with BDO
GP Profile: Palatine tops £1bn for total funds raised
Founder Gary Tipper talks to Real Deals after the GP achieved the landmark and gives his forecast for the remainder of the year
Webinar: From confusion to clarity
Experts explain how GPs can support portcos in doing their CSRD double materiality assessment right
GP Profile: Lightrock
CEO Pål Erik Sjåtil sits down with Real Deals to discuss the firm’s new strategy and why he remains committed to private investments
Fund in Focus: How Axcel closed its largest fund to date
Despite its success, Axcel VII was impacted by the market conditions and the denominator effect, managing partner Christian Schmidt-Jacobsen tells Real Deals
In conversation: Kerry Baldwin, IQ Capital
The VC co-founder shares useful tips for women thinking of entering the venture capital industry
Fund in Focus: Mirova launches new €200m social fund
Marc Romano and Judith-Laure Mamou-Mani tell Real Deals that the fund has received €20m seed funding to kickstart it and make investments
Vulture: Dealcraft meets Minecraft, and The Name Game
The Old Bird's game for a laugh...
Guardians of capital
In February, Real Deals hosted a cybersecurity webinar in collaboration with Doherty Associates. During the discussion, experts in the space discussed the cyber threat, ways to mitigate it and how to respond when an incident occurs
The hunt for CFOs for PE-backed firms has become more volatile – Finatal
Managing director Jack Lane reveals the strategies PE firms are employing to tackle the CFO talent crunch
Exclusive: Tresmares to close third PE fund in March
The Spanish firm also plans to open new offices and launch additional funds, partner Ignacio Calderón tells Real Deals
Deal in Focus: Synova invests in Mecsia
Alex Bowden, partner, tells Real Deals that the GP acquired the target because of the firm’s consolidation potential and strong growth
GPs ride the data wave
Demanding LPs and AI advancements have moved the dial on data. But what does a data strategy during a holding period look like? Xhulio Ismalaj reports
IWD: Helen Steers, Pantheon Ventures
To celebrate International Women’s Day, Real Deals catches up with Pantheon partner Helen Steers to discuss what it means to be a woman in private equity
In conversation: Future Business Partnership’s founders discuss achieving B Corp status
Real Deals sits down with founders Tracey Huggett and Vish Srivastava to understand the motivation for the certification and how it will impact its talent and investment strategy
Deal in Focus: NorthEdge backs Contollo
NorthEdge director Liam May tells Real Deals that the deal origination was relationship-driven
Webinar: Guardians of capital
This discussion explores how PE firms can protect their portcos from cyber threats
Exclusive: Quilvest acquires Acuiti Labs
Thomas Vatier, partner and co-head of buyout, tells Real Deals that the investor plans on leveraging its transatlantic expertise to grow the business
Podcast: What do LPs want?
British Patient Capital’s Christine Hockley discusses the importance of patient capital, what VCs must do to appeal to LPs, and how GPs can build a value proposition that aligns with their investors’ interests
LP View: LPs seek ‘GP 2.0’ in challenging environment
In an environment where LPs have been wrestling with the denominator effect, reshuffling their portfolio allocations and contemplating new strategies for liquidity, Silvia Iacovcich explores what institutional investors are expecting from ‘GP 2.0’
Deal in Focus: Bridges Fund Management exits Vegetarian Express
Partner Emma Thorne tells Real Deals the GP first initiated an exit process in early 2020 but it was shelved when the pandemic struck
SFDR: Bridging the gap
The EC's SFDR consultation has increased the pressure on GPs and LPs to navigate the multitude of demands within their relationships. Silvia Iacovcich explores how the framework can be improved
Podcast: The struggles of ESG reporting
In this exclusive podcast, Real Deals reporter Xhulio Ismalaj is joined by Richard Burrett, chief sustainability officer at early-stage cleantech investor Earth Capital
Deal in Focus: Nordic Alpha Partners sells Spirii to Edenred
Senior partner Laurits Bach Sørensen tells Real Deals the GP’s “highly” capital-efficient strategy was key to the portco’s growth
Exclusive: Unigestion closes Emerging Manager Choice II Fund
In parallel, the fund has also notched its first exit
Changing lanes: continuation vehicles steering a new course in investment strategies
Industry experts are bullish on continuation vehicles as a viable exit route. But issues around pricing, fees and carry loom large. Real Deals speaks to secondary players to understand how these can be navigated to minimise conflicts of interest
Deal in Focus: Lightrock consortium completes take-private of Velocys
Real Deals speaks with Lightrock’s Kevin Bone to understand the dynamics behind the GP’s first take-private deal
Exclusive: Capvis pivots its investment strategy after calling off fundraise
The Swiss GP is transitioning to a deal-by-deal model to exclusively pursue succession-oriented transactions, managing partner Daniel Flaig tells Real Deals
GP Profile: Core Equity
Real Deals catches up with ex-Bain Capital alum and Core Equity co-founder Thomas De Waen to discuss the atypical GP’s strategy and why it prefers to stay away from PE’s traditional pass-the-parcel model
GP Profile: Arca Space Capital
CEO Ugo Loeser tells Real Deals the PE fund is currently assessing two new deals
Exclusive: Phoenix exits Global Freight Solutions
During a seven-year hold period, the GP helped double the firm’s revenue and profitability
Venture Views: Zebra Impact eyes smorgasbord of agrifood investment opportunities
Real Deals' Shivani Khandekar sits down with co-founder Fabio Sofia to understand the impact investor’s thesis and fundraising plans
GP Profile: Perwyn
Managing partner Andrew Wynn speaks to Real Deals about what makes the perfect deal and the firm's new office in Milan
Venture Views: Target Global co-founder discusses an up-and-down year
Real Deals sits down with Yaron Valler to get his perspective on down rounds, the firm’s Israeli investments and the outlook for VC in 2024
Deal originators part one: The art of the deal
Deal origination has come into its own as the macro environment has become challenging, prompting GPs to seek innovative strategies for deal sourcing and execution. Silvia Iacovcich examines how the originators have adapted to the new normal
Deal in Focus: Investindustrial forms Sammontana Group with €1bn revenue
The GP's founder Andrea Bonomi tells Real Deals that the GP is already looking at three US-based bolt-ons to expand the firm’s offering
Deal in Focus: BD Capital acquires controlling stake in TLC Worldwide
Andy Dawson, co-founder and managing partner, tells Real Deals the GP’s operator-led approach resulted in the partnership
Deal in Focus: Ambienta acquires Officine Maccaferri
Ambienta’s Mauro Roversi tells Real Deals the GP plans to support the firm via organic and inorganic growth
ESG Conference 2024: The biodiversity challenge
A panel on assessing biodiversity impacts explored how the emerging push for biodiversity risk mitigation is influencing investment decision-making. Xhulio Ismalaj reports on one of the key issues discussed
ESG Conference 2024: Leveraging the value chain
In the final panel on day one, industry experts explored how the value chain can drive transformational change. Silvia Iacovcich reports
ESG Conference 2024: PE’s ESG evolution
Real Deals held its ESG Conference on 30-31 January. On day one, industry experts explored how ESG has evolved to become a key part of GPs’ strategies. Shivani Khandekar reports
PE firms struggle with ESG reporting balancing act
With unending developments in ESG reporting, Xhulio Ismalaj asks: just how much transparency is midmarket PE able to live with? And is it all in vain?
Fund in Focus: Epiris Fund III holds final close on £1.044bn
Alex Cooper-Evans, partner, tells Real Deals the fund had strong re-ups from existing LPs
Deal in Focus: Enterprise Investors raises a glass to JNT Group sale
EI’s value creation thesis allowed to reposition the company and shift its perception, which resulted in scaling JNT’s market share from single digits to almost 20% in volume terms, partner Sebastian Król tells Real Deals
Flat final quarter caps off relatively solid year – Real Deals Data Hub
Deal activity in 2023 started slow but remained steady throughout the year despite challenges, especially for larger cap brackets, with impressive overall deal volumes. Julian Longhurst investigates the numbers
Fund in Focus: Fondo Italiano d’Investimento’s co-investment fund hits first close on €82m
Roberto Travaglino tells Real Deals that the investor hopes to reach its final close within 12 months
CEE Report 2024: Forging a partnership
Max Cancre, director at TA Associates, and Filip Berkowski, investment partner at MCI Capital, speak to Real Deals about how their collaboration has yielded success
CEE Report 2024: Building champions
Real Deals speaks to MidEuropa’s operating partner Alain Beyens about how the Central Europe private equity firm taps into its local expertise to create international success
CEE Report 2024: Getting down to work
Pawel Gierynski and Stephen Richmond of Abris Capital Partners talk to Real Deals about capitalising on opportunity in Central Europe with market knowledge, technology and ESG
Expert View: Are minority investments gaining ground on majority deals?
Debevoise & Plimpton partners E Raman Bet-Mansour and Dominic Blaxill, and Jake Grandison, associate, explore whether minority investments are set to become the new majority and what GPs need to consider before undertaking such deals
TMT Report 2024: Wired for investment
Chris Baker, Aylesh Patel and Oliver Schofield, investors at leading UK midmarket private equity firm LDC, on why TMT businesses remain an attractive opportunity for private equity and the key trends driving M&A in the sector
CEE: Road to recovery
Deal activity in CEE reignited in 2023 as the instability from the previous years started to dissipate. But will the recovery continue this year? Shivani Khandekar investigates
TMT Report 2024: Leading lights
Real Deals speaks to James Searby of Directorbank about how finding the right talent can boost the growth of technology businesses
Organic Growth: Foresight and Partners Group reveal their tech playbooks
In this Organic Growth special, we speak to Foresight and Partners Group about how the GPs’ value creation strategies led to their successful exits of Fresh Relevance and Civica respectively
TMT Report 2024: Turn the page
Amid increasing interest from tech investors in B2B information services, Xhulio Ismalaj explores the subsector
Q&A: Reimagining infrastructure
Real Deals catches up with MML Infrastructure’s co-managing partners Andrew Honan and Sharand Maharaj to discuss how private equity expertise supports the GP’s infrastructure strategy
TMT Report 2024: PE investors go back to basics
Within TMT, tech tailwinds continue to attract PE to the space despite a valuation correction. GPs are now focused on revenue-generating businesses more than ever. Taku Dzimwasha investigates
Fund in Focus: Indigo Capital holds first close of third fund on €120m
CEO Monique Deloire tells Real Deals the firm aims to hold the final close of the vehicle by December 2024
Cobepa invests in SmartSD
The co-founders and management team will also reinvest in the firm as minority stakeholders
Comment: The craft of commercial due diligence
James Tetherton, senior partner at GRAPH Strategy, explains how CDD can make the difference in an increasingly complex deal landscape