Private Equity Wire newsletter - "A rare British unicorn and the world's largest software buyout ever"

A rare British unicorn and the world's largest software buyout ever

Last Friday, General Atlantic announced that it had entered into a strategic partnership with fitness community and apparel brand Gymshark in its first-ever fundraise, valuing the business at over GBP1 billion. The valuation means that Gymshark, which was founded by Ben Francis (pictured) in 2012, is only the second British company ever to have achieved 'unicorn' status without previous support from external investors.
Meanwhile, the upcoming US elections serve as a reminder of the changing world we’re living in, whether that’s politics, the uncertainty surrounding coronavirus and the impacts of reopening the global economy, or social change.
In the months following the protests over the killing of George Floyd in Minneapolis, which sparked global protests for racial equality, investment management firms in the City of London have rallied together to sign up for an initiative to increase black representation within key functions in portfolio management and finance. This week, it was announced that a list of 80 investment firms in total have backed the initiative so far.
The new initiative, called #100blackinterns, aims to bring together long only and hedge funds, private equity, credit and real estate managers, together with consultants and pension funds within the investment management industry, to give portfolio management function internships to young, university-educated black people.
Nova Pangaea Technologies raised another GBP900,000 in the run-up to a planned Series A investment later this year. The company has found a way to use non-food biomass to make biofuels and other chemicals, which will provide an environmentally sustainable alternative to fossil fuels.
According to eFront’s latest Quarterly Private Equity Performance report published this week, venture capital funds delivered exceptional performance in 2019 globally, which continued in Q1 2020 unscarred by the unfolding Covid-19 crisis.
Texas-based private investment firm Andros Capital Partners closed its energy-focused inaugural investment fund Andros Energy Capital LP at its USD250 million hard cap.
Palo Alto-based Social Capital, a tech holding company founded by Chamath Palihapitiya that supports innovative companies in healthcare, artificial intelligence, climate change and space acquired Hustle, while Lever VC, an alternative protein VC fund whose partners were investors in Beyond Meat, Impossible Foods and Memphis Meats, has held a first close of its first fund, which currently has USD23 million in commitments.
HSBC Global Asset Management closed its HSBC Vision Private Equity 2020 Fund at just over USD260 million. Investors in the fund, which will invest in a number of private equity opportunities, from primaries and secondaries to direct co-investments, include HSBC Private Banking and HSBC Global AM's institutional clients.
Today Hg announced it is leading a further majority investment in Visma valued at US12.2 billion, in the world’s largest ever software buyout. New investors Warburg Pincus and TPG will also invest in the business for the first time, acquiring minority stakes.

Karin Wasteson
Editor, Private Equity Wire

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