EagleTree Capital LP announced today that it has secured a structured financing investment from affiliates of AlpInvest Partners and Alberta Teachers’ Retirement Fund Board ("ATRF"), and strategic minority equity investments from affiliates of London-based Misland Capital and Bullingham Capital. Terms of the transactions were not disclosed.
EagleTree will use proceeds from the structured financing investment to substantially increase its commitment to the new EagleTree Partners V buyout fund, making EagleTree and its employees the largest investor in that fund. Proceeds from the strategic minority investments – which constitute passive, non-voting stakes – will enhance EagleTree’s financial flexibility and facilitate further growth initiatives in the coming years.
Anup Bagaria and George Majoros, Co-Managing Partners of EagleTree, commented, "We are delighted to have entered into these complementary transactions with AlpInvest, ATRF, Misland and Bullingham, all of whom have partnered with us previously through our buyout funds and on other investments. Together, these transactions will strengthen our balance sheet for future growth opportunities, while also enabling our team to be the largest investor in EagleTree Partners Fund V, our new U.S. middle market buyout fund. We are honored by the support of these prominent institutional investors and grateful for their recognition of our team and strategy."
"We appreciate this opportunity to support the EagleTree platform through this innovative structured financing transaction, which increases EagleTree’s investment capacity, further aligns the Firm with its limited partner investors, and validates and supports their unique middle market investment strategy," said Michael Hacker, Managing Director, AlpInvest Partners. "We have invested in several EagleTree funds and partnered alongside them in other investments and see this transaction as further strengthening our already strong relationship."
"We are happy to be supporting EagleTree through this unique financing structure as they seek to increase their general partner commitment and further enhance alignment with investors in their funds," said Kent Kirkpatrick, Co-Head of Private Equity for ATRF. "We have enjoyed a strong relationship with EagleTree for a number of years now, and we look forward to continuing this successful partnership into the future."
In a statement, Misland said, "We are very pleased to be partnering with EagleTree. We have known the Firm for some time and think very highly of the team. We thoroughly look forward to supporting them over the long term as they grow their business."
Bullingham noted, "We view deepening our decade-long relationship with EagleTree as a unique opportunity. We are confident in the ability of EagleTree’s senior leadership and team to execute on their vision for the business. We look forward to expanding our collaboration as the business grows."
Messrs. Bagaria and Majoros said, "We are proud of the Firm we and our partners have built over its more than two-decade history. These strategic investments will help accelerate the growth of our business and position us even better for the coming years."
Lazard Frères & Co. LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised EagleTree Capital on the transactions. Ropes & Gray LLP served as legal counsel to AlpInvest Partners and Sullivan & Cromwell LLP and Grant Thornton advised Misland Capital.
About EagleTree Capital
EagleTree Capital is a leading independent private equity and investment firm. EagleTree manages capital on behalf of institutional and individual investors. The Firm focuses on investments in the media and business services, consumer, and water and specialty industrial sectors. EagleTree is located in New York, New York. For more information, visit www.eagletree.com.
About AlpInvest Partners
AlpInvest is a leading global private equity investor, with more than $42 billion of assets under management as of September 30, 2019 and more than 170 employees across offices in New York, Amsterdam, Hong Kong, London, San Francisco and Indianapolis. Since its inception, AlpInvest has invested with over 350 managers and committed approximately $68 billion across over 690 primary commitments to private equity funds, more than 135 secondary transactions and in excess of 250 equity co-investments. AlpInvest offers customized private equity investment solutions to investors through separately managed accounts and commingled funds. AlpInvest operates as a subsidiary of The Carlyle Group (NASDAQ: CG), a global alternative asset manager with $222 billion of assets under management and more than 1,775 employees as of September 30, 2019. For more information, please visit www.alpinvest.com.
About Alberta Teachers’ Retirement Fund Board
Alberta Teachers’ Retirement Fund Board is one of Canada’s fastest growing pension plans with approximately CAD$18 billion of net assets under management. ATRF manages a diversified global portfolio composed of investments in public financial markets, infrastructure, private equity, real estate and absolute return strategies. Based in Edmonton, ATRF also manages and administers pension plans for more than 83,000 teachers in Alberta. Visit www.atrf.com for more information.
Misland Capital is a London based single family office investing globally across different asset classes. Misland has been active in private equity since the mid-1990s and this continues to be the main investment focus of the office today.
About Bullingham Capital
Bullingham Capital is a New York based privately held firm investing across diversified asset classes, platforms and industries with a focus on private equity and real estate. Bullingham provides capital and strategic support to a number of select asset managers and continually seeks to partner with entrepreneurs, family owned businesses and other professional investors to create outsized long term returns.
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