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Private Equity

Russian National Wealth Fund to Decrease Share of Dollar to Zero, Finance Minister Says in response to Biden’s deliberate devaluation of US dollar

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Private Equity

BDC spinout Amplitude hits C$200m target to close ‘precision medicine’ fund

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BDC Capital spinout Amplitude Venture Capital has hit its C$200m target for the final close of its debut fund targeting Canadian healthcare companies.

Firm partner Jean-François Pariseau said, “In under 20 months we’ve exceeded our raise target and attracted investment from across the country and internationally.

“We’re proud to add leading new limited partners like the Royal Bank of Canada to our syndicate and to draw participation from entities new to the Canadian biotech scene like Alexandria Venture Investments and Cathay Capital.”

BDC Capital acted as a cornerstone investor for the vehicle through backing in late 2019, a year after Amplitude was launched by BDC’s former healthcare investing team.

The Amplitude team managed a C$270m healthcare investment portfolio from 2013 to 2018 as part of BDC, with standout investments including growing billion-dollar biotech businesses Clementia and Zymeworks.

Other LPs backing the Amplitude fund include Fonds de solidarité FTQ, Teralys, Investissement Québec, and Caisse de dépôt et placement du Québec.

The fund’s first investment, Repare Therapeutics, has now gone public with a current value of $1.5bn.

Since funding Repare Amplitude has added nine other companies to its portfolio including Giiant Pharma.

Fellow Amplitude partner Dion Madsen said, “We set out with the audacious goal of raising a C$200m precision medicine fund – a novel concept two years ago in Canada – and to put that capital to work with leading Canadian scientists and technology to help change lives.

“We have strong support from our investors, a high-potential portfolio which we’re actively expanding, and an outstanding team driven to grow the best Canadian science into world class companies.”

Pasadena-based Alexandria Venture Investments – the venture arm of Alexandria Real Estate Equities – joined the fund as an LP in the final close.

Conley Jones, senior science and tech associate at Alexandria, said, “We’ve witnessed the recent growth of the Canadian life sciences sector and have been very impressed by both the quality of innovation and pace of venture creation happening nationwide.

“Given Amplitude’s historical performance, long-tenured expertise and reputation as a leading Canadian life science venture fund, it made a ton of sense for us to join their high-quality LP syndicate.”

Copyright © 2021 AltAssets

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Private Equity

‘Rising star’ Kate Wallman promoted to managing director at Encore Consumer Capital

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Sector specialist private equity player Encore Consumer Capital has promoted Kate Wallman to managing director after fiv

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Source: https://www.altassets.net/private-equity-news/by-news-type/people-news/rising-star-kate-wallman-promoted-to-managing-director-at-encore-consumer-capital.html

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Private Equity

EQT seals $9.6bn sale of Covid vaccine DNA supplier Aldevron, less than two years after buyout

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Private equity major EQT has agreed a $9.6bn sale of vaccine DNA and mRNA supplier Aldevron to Danaher Corp, just two years after buying into the business.

Aldevron has seen its profile grow amid the coronavirus crisis through its important role supplying plasmid DNA used to manufacture mRNA vaccines.

EQT agreed to buy a majority stake in TA Associates-backed Aldevron in August 2019. The sale marks one of the firm’s largest US transactions to date.

Eric Liu, partner and global co-head of healthcare at EQT, said, “Aldevron is integral to the development and supply of new types of therapies that address previously uncurable medical conditions.

“We are proud to have supported Aldevron and its mission to deliver the highest quality products that help improve patient lives across the world.”

Morgan Stanley & Co acted as exclusive financial advisor to Aldevron, and Simpson Thacher & Bartlett provided legal counsel.

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/eqt-seals-9-6bn-sale-of-covid-vaccine-dna-supplier-aldevron-less-than-two-years-after-buyout.html

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Private Equity

CarVal soars past hard cap for new distressed fundraise to hit $3.6bn final close

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Distressed and credit-intensive asset-focused CarVal Investors has hauled in $3.6bn for its latest Credit Value Fund, exceeding its hard cap by 20%.

The new fund is the successor to its $3bn fourth fund in the strategy, which it closed in 2018.

Fund V will target distressed and credit-intensive assets within its core strategies of loan portfolios, corporate securities, structured credit and hard assets.

Firm managing principal Lucas Detor said, “We are excited about our current opportunity set colored by a strong recovery and low rates in developed markets and continued capital vacuums in emerging markets.

“In both developed and emerging markets, we continue to see attractive value in Covid-recovery sectors including aviation and hospitality. We remain very grateful for the support of our existing and new partners in CVF V.”

He added, “The clean energy industry also continues to be a large area of focus for CarVal, providing interesting investment opportunities in the US, Europe and globally.”

CarVal has about $10bn in assets under management across corporate securities, loan portfolios, structured credit and hard assets.

Copyright © 2021 AltAssets

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