Catch up quick with last week’s news on funds, platforms, partnerships, acquisitions and more across the industry.
- Noble Investment Group held the final closing of Noble Hospitality Fund V, the latest installment in its flagship series of real estate funds. Specializing in value-added investments, the fund targets select-service and extended-stay hotels throughout the U.S. Noble Fund V was oversubscribed, with $1 billion in equity commitments from public state pension plans, corporate pensions, endowments, foundations, insurance companies and other global institutional investors. Notably, 90% of Noble’s existing limited partners have reaffirmed their commitments to Noble Fund V, joined by new institutional investors.
- Atlas Holdings announced the launch of Atlas Properties, a real estate investment vehicle formed in collaboration with a consortium of long-term, best-in-class investors. Established on Dec. 21, 2023, Atlas Properties swiftly acquired a diverse portfolio of 23 mission-critical industrial properties across the U.S. valued at $300 million. Investors have pledged over $500 million in additional equity capital, combined with market debt financing, positioning the entity to support future growth opportunities exceeding $1 billion. Focused on industrial real estate within Atlas’ core sectors, the venture will leverage Atlas’ extensive industrial network and decades of experience in operating industrial businesses.
- Taiho Ventures, the strategic corporate venture capital arm of Taiho Pharmaceutical, expanded its investment pool from $300 million to $400 million, reinforcing its commitment to supporting innovative biotech start-ups engaged in cutting-edge drug discovery activities rooted in state-of-the-art science. Since its establishment in 2016, Taiho Ventures has actively sought opportunities to invest in promising start-ups globally, focusing on those involved in innovative first-in-class drug discovery and unique platform technologies, primarily within the oncology field. With a portfolio encompassing over 25 companies, including Arcus Biosciences, Cullinan Pearl, Dren Bio, and Orna Therapeutics, the investment firm continues to drive advancements in the biotech landscape.
- Vintage Investment Partners closed its 4th Growth-Stage Venture Fund (Growth IV) at $200 million, exceeding its target. Growth IV will invest in 15-20 leading Israeli, European, and U.S. growth-stage technology startups, alongside its trusted network of tier-one venture capital funds. This Fund, Vintage’s 16th overall, will operate alongside Vintage’s Fund of Funds and Secondary Funds, contributing to Vintage’s total assets under management of approximately $4 billion.
- Mirae Asset Mutual Fund launched Mirae Asset Multi Asset Allocation Fund NFO, an open-ended scheme investing in equity, debt, money market instruments, Gold ETFs, Silver ETFs, and exchange-traded commodity derivatives. The NFO is set to open on January 10, 2024, and will close on Jan. 24. The fund will be managed by Harshad Borawake for the equity part, Amit Modani for the debt part, Siddharth Srivastava for Overseas Investments Portion, and Ritesh Patel for Commodity Investments.
- PearlRock Partners, the Kroger Co.’s consumer product investment platform, and MidOcean Partners have jointly introduced MPearlRock, a strategic collaboration aimed at introducing emerging consumer packaged goods (CPG) brands to new customers. Leveraging 84.51°’s retail data science and insights, MPearlRock will engage with emerging CPG companies, identifying promising brands and optimal investment strategies to navigate the evolving retail landscape. Brian Kelley, a seasoned CPG executive and investor, will take on the role of CEO for MPearlRock.
- TPG formed a strategic partnership with The Visualize Group. TPG will provide investment alongside a range of strategic and operational capabilities to bolster Visualize’s strategy through the TPG NEXT fund. This includes co-investment capital and access to various ecosystem resources. Visualize’s private equity strategy will focus on control-oriented, take-private, and public-adjacent private opportunities. The target is high-quality companies that are under-followed, under-researched, and under-invested by traditionally siloed investors.
- New York Life Investment Management struck a strategic partnership with Bow River Advisers, a subsidiary of Bow River Capital. The partnership combines NYLIM’s distribution and client service strengths, with Bow River Advisers’ expertise in private markets investing and portfolio management. With this new agreement, NYLIM will take a minority interest in Bow River Advisers and serve as distribution partner for the Bow River Capital Evergreen Fund, a fund launched in 2020 that provides access to a diversified portfolio of private equity investments.
- 1834, the specialized division of Old National Bank known for its boutique-style approach, entered into a strategic partnership with Proteus, an alternative investment platform for investment managers. The collaboration aims to enhance 1834’s suite of alternative investment offerings, providing clients with access to a curated selection of investment opportunities including private equity, private credit, private real estate, hedge funds and real assets.
- Investment vehicles managed by DigitalBridge Group and Silver Lake led a $6.4 billion equity investment in Vantage Data Centers. As part of the investment plan, Vantage will continue developing next-generation data centers, including energy-efficient and sustainable designs for AI and large-scale cloud deployments. The deal, which is expected to close in the second quarter, comes four months after AustralianSuper agreed to a €1.5 billion ($1.6 billion) investment in Vantage EMEA.
- Swiss Life Asset Managers of a co-controlling equity stake in Telecom Infrastructure Partners (TIP), a global lease aggregator of telecom sites in Europe and Latin America established in 2021 by infrastructure investment manager InfraBridge. This investment includes new equity commitments from Swiss Life Asset Managers to accelerate TIP’s platform expansion. The transaction is expected to close in the second quarter; financial terms were not disclosed.
- SVB Financial Group and its creditors conducted a review of strategic alternatives and decided to retain the SVB Capital Management business — a multi-strategy investment platform fovused on the innovation economy that currently has about $10 billion in assets under management across venture capital fund of funds, direct funds and private credit funds. SVB Capital created a new operating committee that will oversee all aspects of the business’ strategic and operational initiatives. Aaron Gershenberg, Sulu Mamdani and Beau Laskey, three longtime SVB Capital executives and experienced venture capital leaders, comprise the committee.
- The Chartered Alternative Investment Analyst (CAIA) Association launched a completely redesigned and refreshed Fundamentals of Alternative Investments (FAI) program. FAI now groups alternative investments according to their purpose in the portfolio, not just their product label, breaking down asset class barriers and drawing clearer connections for program participants between public/private and traditional/alternative approaches by looking through a full portfolio lens. The program was created almost a decade ago to fill an education gap for a wide range of professionals by providing a foundation of core concepts in alternative investments.
- Cohen & Steers introduced the Real Assets Compass, an interactive tool centered on real estate allocations, aimed at assisting financial advisors and institutional investors in enhancing portfolio risk-return profiles. Leveraging the firm’s Capital Market Assumptions for the next 10 years and 30 years of historical data, the Real Assets Compass juxtaposes historical and anticipated returns and volatility. It compares traditional portfolios consisting solely of stocks and bonds with more diversified portfolios incorporating stocks, bonds, and both listed and private real estate.
- A new report from Silicon Valley Bank found that venture capital investment in women’s health companies increased 314% since 2018, while overall investment for the health sector increased 28%. The report showed investments in non-reproduction startups reached $435 million in the third quarter of 2023, highlighting that contrary to popular belief, fertility and pregnancy are not the only focus of the women’s health sector.