Weekly Roundup of Exclusive Private Equity News
In a significant move, Tikehau Capital has successfully raised over €1 billion through a continuation fund, marking the first time the French investment firm has ventured into this type of investment vehicle. This fundraise surpasses the predecessor by 1.5x in size, having been closed just one year after its initial close.
The continuation fund, anchored by a consortium consisting of Apollo S3, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and co-lead investor Neuberger Berman, will support the next phase of growth for Egis, Tikehau's global engineering and infrastructure portfolio company. This marks a significant step forward for Tikehau's flagship private equity decarbonisation strategy, making it the fourth investment from the second vintage of this strategy.
Meanwhile, General Atlantic is reportedly exploring a potential US listing of Joe & the Juice, with an estimated value of approximately $2.4 billion. The IPO conversations are in early stages, and the potential launch could be as early as 2026. This IPO aims to raise capital to triple the brand's store count worldwide, emphasizing growth in the US, UK, Europe, and key emerging markets. If successful, this IPO would be another significant exit for General Atlantic, following their acquisition of a majority stake in Joe & the Juice in 2023.
On the other hand, Bain Capital is reportedly considering the sale of part or all of its controlling stake in Canada Goose Holdings Inc., a luxury outerwear brand. No definitive decision has been made, and the sources for this information are also Bloomberg. Bain Capital is working with advisers and sounding out interest from potential buyers, including other private equity groups. No further information is provided about the potential buyers for either IPO or sale.
[1] Bloomberg, "Joe & the Juice IPO Targets $2.4 Billion Valuation," 13th March 2023. [2] GlobeNewswire, "General Atlantic to Acquire Majority Stake in Joe & the Juice," 14th February 2023. [4] Bloomberg, "Bain Capital May Sell Canada Goose Stake," 10th April 2023.
- The €1 billion raised by Tikehau Capital through their continuation fund marks their first investment in this vehicle and places it 1.5 times larger than its predecessor.
- The continuation fund, led by Apollo S3 and Neuberger Berman, will support the growth of Egis, Tikehau's engineering and infrastructure portfolio company.
- This fundraising event is a significant step forward for Tikehau's private equity decarbonisation strategy, making it the fourth investment from the second vintage of this strategy.
- General Atlantic is reportedly considering a potential US listing of Joe & the Juice, with an estimated value of approximately $2.4 billion, aiming to raise capital for global expansion.
- Bain Capital is reportedly considering the sale of part or all of their controlling stake in Canada Goose Holdings Inc., a luxury outerwear brand, with potential buyers including other private equity groups.
