MEMBERS NEWS

DPI Raises One of the Largest Africa Funds at $900 Million to Invest in Innovation-Led Companies

Development Partners International (DPI) announced that African Development Partners III Fund (ADP III) has exceeded its $800 million target, and is set to hold a final close at $900 million, with an additional $250 million of dedicated co-investment capital. This brings a total of $1.15 billion for investments on the continent. The fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa. ADP III will invest in established and growing companies in industries that benefit from Africa’s fast-growing middle class and the increasing digital transformation of the continent. All investments have the highest standards of impact and environmental, social and governance (ESG) work.

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Vista Credit Partners Announces $2.3 Billion Final Close of Third Flagship Credit Fund

Vista Credit Partners, a strategic credit investor and financing partner focused on the enterprise software, data and technology markets within Vista Equity Partners, announced the final close of Vista Credit Partners Fund III (VCPF III), the latest iteration of its Flagship Credit Fund family. VCPF III closed at $2.3 billion, $800 million in excess of its original $1.5 billion target. As a sector-focused strategic partner and capital provider, VCP seeks to capitalize on its extensive domain expertise to look across markets, including non-sponsored lending, private credit, syndicated credit and opportunistic secondary market investing, and provides financing to enterprise software businesses ranging from growing founder-owned companies to mature private equity buyouts.

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Wind Point Partners Announces Sale of RailWorks to Bernhard Capital Partners

Wind Point Partners announced that it entered into an agreement to sell portfolio company RailWorks Corp. to Bernhard Capital Partners Management, LP, a services and infrastructure-focused private equity firm. The transaction is expected to close in the fourth quarter of 2021, subject to the completion of specified closing conditions, including receipt of regulatory approvals. Founded in 1998, RailWorks Corporation provides track construction, electrical systems construction, maintenance services and products throughout the United States and Canada for major transit authorities, Class I and short-line railroads, and rail-served commercial and industrial companies. RailWorks brands include L.K. Comstock Inc., PNR RailWorks, NARSTCO, and HSQ Technology.

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Wind Point Partners Completes Sale of Aurora Plastics for 5.0x Cash-on-Cash Return

In August 2021, Wind Point Partners sold Aurora Plastics to Nautic Partners for a 5.0x gross cash-on-cash return. Based in Streetsboro, Ohio, Aurora is a leading provider of specialty materials solutions, including specialty flexible and rigid PVC, thermoplastic elastomers, and other engineered materials. Wind Point acquired Aurora in August of 2016 in partnership with veteran specialty materials executive Darrell Hughes, who joined the company as CEO. Supported by growth investments during Wind Point’s ownership, Aurora has been transformed through the introduction of new innovative products, an expanded customer base, and three add-on acquisitions that broadened the company’s specialty materials capabilities, end market reach and strategic North American footprint. Aurora now stands as a world-class commercial organization with best-in-class service and state-of-the-art manufacturing and professional operations.

Virica Biotech Raises Series A Financing Led by Dynamk Capital

Virica Biotech Inc., a leading life science developer of solutions for scaling of viral medicines, announced the first closing of its Series A financing, led by Dynamk Capital. The round is expected to close with additional investors by the end of Q4-2021. The investment will be used to expand Virica’s operations with the opening of a new lab facility, that is part of the Ottawa Health Innovation Hub. Virica optimizes the manufacturing of viral medicines which allows developers to economically deploy their products at scale. Virica’s Viral Sensitizer (VSE) platform reduces production inefficiencies caused by innate anti-viral defenses in manufacturing cells. Customizable VSE cocktails substantially increase manufacturing yields and reduce the cost of goods for a range of products, including vaccines, cell and gene therapies, and anti-cancer therapies.

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Topspin Consumer Partners Sells Remedy Health Media

Topspin Consumer Partners announced that it sold its portfolio company Remedy Health Group, LLC to Amulet Capital Partners, LP, a middle-market private equity investment firm. Remedy, through its portfolio of high caliber digital brands, delivers authoritative, authentic, and action-oriented digital content to patients and healthcare professionals, creating a high-value healthcare ecosystem that catalyzes action. Over the past four years, the Remedy team has worked closely with Topspin to build the company into a diversified health media platform, expanding and elevating Remedy’s product offerings and content, improving its technology infrastructure, and acquiring Vertical Health, Oncology Business Review and Patient Power in three separate add-on transactions.

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RMA Group of Companies Secures Strategic Investment from OceanSound Partners

RMA Group of Companies, a leading provider of technology-enabled laboratory testing, inspection, and quality management services for critical infrastructure end markets, announced that it received a strategic investment from an affiliate of OceanSound Partners, LP. Terms of the transaction were not disclosed. Founded in 1962, RMA delivers technology-enabled laboratory testing, inspection, and quality management services for critical public and private infrastructure assets across diverse government and commercial end markets, including transportation, healthcare, power, and water. The company helps infrastructure asset owners and engineering and construction companies maintain compliance with strict regulatory and operating requirements through a range of geotechnical, environmental, and materials testing services

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Pharos Capital to Acquire Vantage Outsourcing, Build New Ophthalmology Services Platform

Pharos Capital Group, LLC announced it acquired Vantage Outsourcing, a leading cataract surgical service provider. Founded in 1995 and headquartered in Effingham, IL, Vantage provides logistics support services for cataract and other ophthalmologic procedures. It helps hospitals, surgery centers, and physicians provide quality cataract services to their communities in a cost-effective and efficient way by enabling surgical facilities to deploy state-of-the-art cataract surgery equipment, instrumentation, disposables, and other supplies needed for cataract surgery. Vantage is active across more than 20 states.

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Trident Accelerates its Mission to Leverage Data and Technology to Promote Equitable Access to the American Dream

Trident, an institutional asset manager that utilizes proprietary technology and a systematic approach to invest in high potential small businesses in the Healthcare, Consumer and Industrial sectors, announced that it has secured seed capital and anchor investments to accelerate the firm’s growth and pursue its investment activities. In addition, Trident has announced the creation of the Trident American Dreams Advisory Board with luminaries representing the community and public and private sectors: Richelieu Dennis, CEO and Executive Chairman, Essence Ventures; Maurice Jones, CEO, OneTen; Shelley Stewart, Jr. Chairman, Billion Dollar Roundtable; Clarence Otis, Former CEO, Darden Restaurants; Tameka Alsop, Chief of Staff, Moody’s; and Freada Kapor Klein, Founding Partner, Kapor Capital.

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Grain Management-Backed Great Plains Communications Acquires USA Communications

Great Plains Communications (GPC), a Midwestern telecommunications provider with a growing, privately-owned 13,500+ mile fiber network touching 13 states, backed by Grain Management, LLC, announced that it acquired USA Communications. USA Communications has built a high-quality communications network that delivers services to customers in Nebraska and Colorado. As a full-service provider, USA Communications offers an array of services, including high-speed Internet access, phone service using digital VOIP and High Definition programming.

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RLJ Equity Partners Leads Acquisition of Ogle School

RLJ Equity Partners announced the acquisition of Ogle School, a portfolio company of NCK Capital originally supported by financing from Greyrock Capital Group. Financial terms of the transaction were not disclosed. Founded in 1973 and headquartered in Dallas-Fort Worth, TX, Ogle is an award-winning, accredited provider of cosmetology and esthetics career education in Texas. Through its nine campuses in Dallas, Houston and San Antonio, Ogle differentiates itself through part-time and full-time programs with an education focus, unparalleled corporate culture, and unique student and learning experiences to a population of approximately 2,000 future beauty professionals.

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Arkview Capital Joint Venture Acquires Marinvest Fleet

Clean Sea Transport, a joint venture between MSEA Group, Arkview Capital, and Scorpio Tankers, announced that it acquired 100% of the shares in Marinvest AB and its managed fleet. The fleet consists of five modern dual-fuel methanol carriers on long-term charters of up to 15 years to a joint venture partner, Waterfront Shipping Limited, a subsidiary of Methanex Corporation, the world’s largest producer of methanol, along with four LR1 ice class 1A product tankers. Based in Gothenburg, Sweden, Marinvest is a shipping company founded in 1988 that became a pioneer in building and operating eco-friendly methanol-fueled vessels.

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The Mom Project Secures $80 Million in Series C Funding Led by Leeds Illuminate

The Mom Project, the leading platform for moms to discover their economic potential, announced an $80 million Series C funding round led by Leeds Illuminate. Additional participants include existing investors 7GC, Initialized Capital, OCA Ventures, Citi, High Alpha and Grotech Ventures alongside Silicon Valley Bank. The Series C round represents the largest global investment ever made in female workforce technology. Serving over 500,000 moms and 3,000 companies through its robust suite of hiring, education and retention solutions, The Mom Project is supporting mothers in finding success on their own terms.

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Jacmel Growth Partners Secures Anchor Investment and Expands Team

Jacmel Growth Partners, a growth private equity firm targeting family-operated, lower middle market companies, secured its first anchor investment for its inaugural $100 million closed-end fund. Subject to the finalization of their comprehensive diligence process GCM Grosvenor joins Peterson Partners and a select group of high net worth individuals in making commitments to Fund I.

The firm also announced that Ajit Bopalkar joined the team as a Vice President from Insight Equity Holdings and is currently sourcing and executing active deals. He is also assisting with firm-building efforts and will serve as a mentor to the junior staff. In addition, Josh Anchondo starts on November 1st as an Associate. He spent the last three years working on deal execution at Schroder Adveq, and Debbie Davis has signed on as Controller.

Jacmel is actively chasing three new platform investments that offer attractive opportunities in the business process outsourcing, engineering services, and third-party logistics sectors. The firm is targeting closing on at least one of these opportunities by year-end.

ON THE MOVE

Digital and Cloud Services Leader Sandeep Kishore Joins Siris as an Executive Partner

Siris Capital Group announced that Sandeep Kishore has joined the firm as an Executive Partner. Mr. Kishore will work closely with the firm’s investment professionals and other Executive Partners and Advisors to help identify and validate potential investment opportunities for Siris, primarily in Technology Enabled Services, as well as assist in the oversight and operations of Siris’ portfolio companies. Throughout his three-decade-long career in technology, including digital and cloud services, Mr. Kishore has served in various leadership positions, including most recently as Chief Executive Officer and Managing Director of Zensar Technologies, where he drove the company’s digital transformation from a legacy IT company to a next-generation digital and cloud services leader. He was also a member of the Group Management Board at RPG Enterprises.

Carrick Capital Partners Promotes Ivan Whittey to Director

Carrick Capital Partners announced the promotion of Ivan Whittey to Director. Ivan joined Carrick in September of 2020. Formerly a Vice President at Carrick Capital Partners, Whittey leads the thematic sourcing efforts within education technology and regulatory technology. He is also responsible for evaluating and executing new investments and supporting portfolio companies, including Everspring, Exiger, and Factor Law. Prior to joining Carrick, Whittey was on the investing teams of Spire Capital Partners and Lindsay Goldberg. He earned an MBA from The Wharton School of the University of Pennsylvania, with honors, and a BS from the Marshall School of Business of the University of Southern California.

Trident Appoints Aron Betru as Chief Strategic and Operating Officer

Trident announced that Aron Betru has joined as Chief Strategic Officer and Chief Operating Officer. Betru leads Trident’s strategy and operations work for both Trident and the small businesses the firm invests in. Previously, Betru was the Managing Director for the Milken Institute Center for Financial Markets, leading the Institute’s Access to Capital, Capital for Innovation, and strategic innovative financing initiatives to enhance social impact in the U.S. and in developing economies. He was also a member of the steering group for the Blended Finance TaskForce launched by the Business & Sustainable Development Commission and co-chaired the Partnership for Lending in Underserved Markets, a joint Milken Institute and U.S. Small Business Administration initiative.

Standard Real Estate Investments Names New Principal

Standard Real Estate Investments, a minority-owned real estate private equity firm focused on providing joint venture equity to developers, announced Shubhra Jha has joined the firm as a principal, heading investment strategy and research for the firm. Prior to joining Standard, Jha spent more than 17 years at CBRE Global Investors as a senior director and Americas investment research team leader. In this role, she covered all major property types in 60 major North American MSAs and supported underwriting efforts for all real estate transactions. Before her tenure with CBRE Global Investors, she served as a senior associate at RCLCO, a Los Angeles–based consulting services firm for master-planned communities.

JOB OPPORTUNITIES

Argand Partners Seeking Associate, Private Equity and Principal, Private Equity

Argand Partners is seeking an Associate, Private Equity. In this 2-3-year role (frequently leading up to business school), Associates assist the team in research, analysis and execution of potential investments and will have strong financial modeling and analytical skills as well as a sound commercial sense of what drives value in a business. Candidates will likely have 2-3 years of experience in investment banking, corporate advisory, or management consulting, and global experience is a plus.

Argand is also seeking a Principal, Private Equity. In this senior role, Principals are responsible for sourcing, leading due diligence and deal execution, and assisting in managing portfolio investments. Argand expects this role would also include leading new investments with Partner support. The ideal candidates are passionate about working closely with colleagues, portfolio company management teams, and other stakeholders to collectively achieve the best outcome for each investment. Candidates should have 8-10 years of experience and a proven track record of successful investment and portfolio involvement. Global experience is a plus. Must be a self-starter.

Interested and qualified candidates should forward their resumes to Heather Faust at hfaust@argandequity.com.

Truist Financial Corporation Hiring a Private Equity & Alternative Investments Analyst

Truist Financial Corporation (NYSE:TFC), a purpose-driven company formed via the combination of BB&T and SunTrust, is looking to hire a Private Equity & Alternative Investments Analyst. Responsibilities include developing risk and investment guidelines, completing special research/due diligence reports, and analyzing investment performance data and/or the elements of risk present in private equity and private credit funds/managers. The position may be assigned responsibility for specific sub-asset classes and/or for monitoring/ongoing investment and/or operational due diligence for specific managers. For more information and to apply, please visit https://bbt.wd1.myworkdayjobs.com/Careers/job/Atlanta-GA/Private-Equity---Alternative-Investments-Analyst_R0044617.

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