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Kinterra Raises $565 Million Mining Fund | Crypto Exchange Bullish Acquires CoinDesk
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Good day! The news cycle may be slowing as we head toward the Thanksgiving holiday, but this morning our own Luis Garcia reports on one new fund closing from Canadian metal and mining investor Kinterra Capital. Meanwhile, our Wall Street Journal colleague Vicky Ge Huang reports that Bullish, a startup whose backers include Peter Thiel’s Founders Fund and hedge-fund manager Louis Bacon has bought crypto-focused media company CoinDesk.
Dive in for more details…
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Michigan's Upper Peninsula, where Kinterra is investing in a copper mine, is home to a restored moose population with a herd of around 400 to 500 head. PHOTO: NEIL HARRI/ASSOCIATED PRESS
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Recently formed Kinterra Capital amassed $565 million for its debut fund to back miners and processors of metals used in electric-vehicle batteries, as the Canadian private-equity firm seeks to benefit from government efforts in Western nations to bolster local suppliers of clean-energy materials, Luis Garcia reports for WSJ Pro Private Equity. The Toronto-based firm said it initially sought $500 million for its Kinterra Battery Metals Mining Fund, which it began raising early last year.
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A startup run by former New York Stock Exchange President Tom Farley and whose backers include Peter Thiel’s Founders Fund and hedge-fund manager Louis Bacon said on Monday that it has acquired crypto-focused media company CoinDesk. Bullish, the crypto exchange run by Farley, bought CoinDesk in an all-cash deal, Vicky Ge Huang reports for the Journal. The company generated $50 million in revenue last year and had been the focus of a buyout earlier this year led by Matthew Roszak of Tally Capital and Peter Vessenes of Capital6. That deal fell through.
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€25.05 Billion
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The amount of collateralized loan obligations issued in Europe this year through Nov. 17, surpassing the €23.98 billion issued during the same period last year and exceeding even optimistic forecasts, according to PitchBook Data’s LCD unit’s Michael Rae.
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The logo of energy engineering group TechnipFMC is seen on top of a company building near Paris in 2018. Photo: Charles Platiau, Reuters
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One Equity Partners in New York said it is acquiring the measurement business of U.K.-based TechnipFMC, with the seller saying the firm is paying $205 million in cash in the carve-out transaction, subject to adjustments. The business supplies meters used to gauge liquid flows and conditions of other materials and has roughly 450 employees working from six locations, including two manufacturing plants in the U.S. and Germany, according to a news release.
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Abu Dhabi-backed investment fund RedBird IMI said it is set to take control of U.K. newspapers the Daily and Sunday Telegraph as well as the Spectator magazine, Agence France Presse reports in sister publication Barron’s. The investor is a joint venture between RedBird Capital Partners and Abu Dhabi's International Media Investments, which is led by U.S. executive Jeff Zucker. The deal for the Telegraph Media Group involves a “package of loans” totaling £600 million, or about $750.4 million. The family-owned company was put up for sale earlier this year over unpaid debts.
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Greenbriar Equity Partners, a private-equity firm focused on logistics and transportation deals, said it has completed a recapitalization of VIVE Collision in partnership with Garnett Station Partners and the company’s management. The company offers collision repair services across states that include New York, New Jersey, Maine, Rhode Island, Connecticut, Massachusetts and Pennsylvania.
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Arlington Capital Partners said it has completed the acquisition of business collaboration software providers Exostar from software-focused Thoma Bravo. Exostar serves customers in heavily regulated industries that include aerospace and defense, healthcare and life sciences, and banking, financial services and insurance. Thoma Bravo initially acquired the company in 2020.
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Brighton Park Capital in Greenwich, Conn., said it led a $75 million growth investment in real-time collaboration software maker LucidLink, joined by existing investors such as Adobe Ventures and Baseline Ventures. The San Francisco-based company, started in 2016, supplies collaborative systems that feature immediate access to stored data from remote locations through cloud-based streaming.
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SK Capital Partners in New York said it has acquired J&K Ingredients from Core Industrial Partners, completing a previously announced transaction. The Paterson, N.J.-based company provides ingredients to the food and beverage industry.
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Swen Capital Partners is joining several other institutional investors in backing renewable thermal energy provider Newheat in France, investing €30 million, or about $32.8 million, in the company, according to an emailed news release. The company operates five sites producing hot water for district heating systems and other uses, including one in Narbonne, France. Swen is backing the company through its Impact Fund for Transition 2 strategy.
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Balance Point Capital said it has made a follow-on investment in payments technology provider Blankfactor Holdings UK out of Balance Point Capital Partners V LP, which closed in 2021 with $580 million.
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Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.
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Carlyle Group in Washington is selling its minority stake in the company that manages the more than 5,500 McDonald’s restaurants in China to the global chain’s parent company, which will increase its stake in the venture to 48%, according to a news release. Carlyle owns a 28% interest in the venture, which is majority owned by the Citic Consortium. Citic Capital is the venture’s controlling shareholder. Carlyle first invested in the operations in early 2017, when McDonald’s had around
2,200 locations in the country, through a transaction that valued the business at as much as $2.08 billion.
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Scandinavian private-equity firm Nordic Capital said it is selling Consilium fire-detection systems maker Consilium Safety Group to Antin Infrastructure Partners, which is investing through its fifth flagship fund. The Gothenburg, Sweden-based company provides systems for marine, energy, transportation and commercial building use and generates about 2.5 billion Swedish krona in revenue, equivalent to $238.7 million. Nordic first backed the business in 2020.
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Temasek Holdings in Singapore has sold 2.5 million shares of software maker Intapp at $39.01 a share, or a total of about $97.5 million, leaving the firm with around 17.1 million shares in the Palo Alto, Calif.-based company, or almost 25% of Intapp’s equity, a regulatory filing shows. Temasek first invested in the provider of software and services to law firms and professional services businesses in 2017, joining Great Hill Partners as a backer of the business.
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An RA Capital Management- and Column Group-backed clinical-stage biotechnology company, Carmot Therapeutics, has registered for an initial public offering of shares without specifying a price range or target amount of the offering, a securities filing shows. Column, which focuses on growth investments in healthcare, holds about 40% of the company’s equity while RA Capital has a 7.2% stake. Among other institutional investors, Beaming Star Global in Hong Kong holds a 9.3% interest, the filing shows. The Berkeley, Calif.-based company said it is developing treatments for conditions including obesity and diabetes.
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Cibus Capital in London said it is selling agriculture company Innoliva Group to Montreal-based Fiera Capital, which is investing through the Fiera Comox agriculture strategy of its Fiera Comox Partners affiliate. Innoliva grows olives, almonds and table olives and produces organic olive oil in Spain and Portugal. Cibus first backed the business in October 2017.
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Credit-focused Cheyne Capital in London said it plans to raise £7.5 billion, or about $9.37 billion, for its next program focused on property-based lending, to take advantage of curtailed bank lending in the sector. The firm aims to collect £5 billion for its next senior loan strategy and as much as £2.5 billion for its latest capital solutions strategy, which includes subordinated debt and commercial mortgage-backed securities. The firm said it already has a £650 million investor commitment to the latter strategy. Both funds are part of the Cheyne Real Estate Credit Holdings program, according to a news release.
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Advent International in Boston said it has appointed Tricia Rothschild as an operating partner focused on investing in the wealth- and asset-management sector, including related technology, data and analytics opportunities. She was most recently a strategy consultant with Oehme Rothschild and previously served as president of Apex Fintech Solutions after holding several senior leadership roles, including chief product officer and co-head of global markets, at Morningstar.
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Los Angeles-based midmarket firm Pacific Avenue Capital Partners announced three new additions to its team. Callene Carstens, a former member of the investor relations team at Lindsey Goldberg, has joined Pacific Avenue as a vice president of investor relations. Meanwhile, Alex Clemmensen, a former senior manager in the asset- and wealth-management practice at PricewaterhouseCoopers, has joined as director of accounting and operations and Phyllis Lee, formerly of Platinum Equity, has joined as an associate at the firm.
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Prudential Financial’s PGIM asset-management arm said it has added Sancia Dalley as a managing director in its diversity office, overseeing the firm’s portfolio devoted to diversity, equity and inclusion as well as the firm’s investment strategy tied to historically Black colleges and universities. She joins from nonprofit foundation Robert F. Kennedy Human Rights, where she focused on investor engagement as a senior vice president.
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Healthcare services specialist investor Vesey Street Capital Partners in New York said it has added Chris Hasslinger as a partner. He was most recently a senior partner with SAI Group.
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The office sector’s credit crunch is intensifying, Konrad Putzier reports for the Journal. By one measure, it’s now worse than during the 2008-09 global financial crisis. Only one out of every three securitized office mortgages that expired during the first nine months of 2023 was paid off by the end of September, according to Moody’s Analytics. That is the smallest share for the first nine months of any year since at least 2008 and well below the nadir reached in 2009, when 47% of these loans got paid off.
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Credit specialist GoldenTree Asset Management and its GoldenTree Loan Management affiliate GLM II have closed a $398 million collateralized loan obligation. It is the 24th CLO issued by GoldenTree and affiliates since 2017, when the firm set up its strategy for the vehicles.
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