Apse Capital's Major Fund Closure Highlights Growth Opportunities

Introduction to Apse Capital's New Fund

Apse Capital Limited has recently announced a significant milestone—the closing of a €350 million continuation fund, marking a pivotal moment in the private equity landscape. This fund was established in collaboration with J.P. Morgan Asset Management, poised to facilitate the acquisition of three strategic assets from the Apse Capital Bridge Fund.

Leadership Behind the Initiative

The closing of this fund is a result of coordinated efforts and substantial backing from a diversified group of both secondary and primary investors. Existing limited partners played a crucial role in supporting this initiative, showcasing their trust in Apse Capital's strategic vision.

Investor Confidence and Commitment

In a testament to the General Partner’s strong conviction in the potential of the portfolio, they invested the entirety of their carried interest proceeds yielded from this transaction. This commitment underscores the belief in the growth trajectory of these businesses and the strategic direction Apse Capital is pursuing.

Focus on Growth and Strategic Acquisitions

The newly established vehicle aims to enhance the growth of three innovative companies: TerraQuest, Kallidus, and Ultima Business Solutions. With the objective to not only support their organic growth but also to provide additional capital for strategic mergers and acquisitions, Apse Capital is setting the stage for accelerated development.

Overview of Portfolio Companies

The companies included in the continuation fund are integral to achieving Apse Capital's growth objectives:

• TerraQuest – Renowned for its software solutions and technical data services, TerraQuest plays a critical role in the UK land and property sector. They manage the UK Planning Portal, assisting with comprehensive planning applications and land referencing services.
• Kallidus – This rapidly expanding SaaS-based platform specializes in Human Capital Management (HCM). With a robust learning-led solution tailored for the UK mid-market, Kallidus boasts over 1,200 clients and a workforce exceeding 200 individuals across the UK, US, and Canada.
• Ultima Business Solutions – A leading provider of IT infrastructure and solutions, Ultima caters to both public and private sectors, providing managed and professional services that enhance operational efficiency.

Words from the Managing Partner

Tim Green, the Managing Partner at Apse Capital, expressed his thoughts on the successful closing of the continuation fund, stating, "We are thrilled with this achievement and extend our heartfelt gratitude to both our loyal investors and new partners. Furthermore, I would like to acknowledge the dedication of the teams at TerraQuest, Kallidus, and Ultima for their efforts and accomplishments thus far. Our excitement is palpable as we embark on this journey to unlock additional value together."

Advisors and Legal Counsel Involved

To facilitate this transaction, Piper Sandler’s private capital advisory group, Aviditi Advisors, acted as the exclusive financial adviser to Apse Capital. The legal guidance was provided by Weil, Gotshal & Manges LLP for Apse Capital, while DLA Piper LLP represented J.P. Morgan Asset Management.

About Apse Capital

Founded in 2019, Apse Capital is a London-headquartered private equity firm that focuses on backing tech-enabled B2B services and information businesses across Europe’s high-growth sectors. Co-founders Tim Green, Ashley Long, and Vikram Krishna bring with them two decades of collaboration, combining over 80 years of private equity expertise and record success in transactions exceeding €2.5 billion.

Company’s Strategic Focus

Apse Capital typically targets rapidly growing European SMEs boasting an enterprise value between €50 million and €200 million, emphasizing a tailored investment approach to nurture scalability and innovation.

About J.P. Morgan Asset Management

As a dominant player in the alternatives market, J.P. Morgan Asset Management has accumulated over 60 years of mixed investment experience. The firm manages alternative assets that exceed $400 billion, showcasing its stature in private equity, private credit, and other asset classes. With total assets under management nearing $3.5 trillion, J.P. Morgan reinforces its commitment to delivering comprehensive investment services to a broad spectrum of clients.

About Piper Sandler

Piper Sandler Companies (NYSE: PIPR) stands out as a premier investment bank committed to empowering clients with a partnership-centric approach in every initiative. The firm excels in securities brokerage and investment banking services, coupled with alternative asset management and advisory expertise, creating a holistic financial service platform.

Frequently Asked Questions

What is the purpose of the €350 million continuation fund?

The fund aims to acquire three existing companies to support their growth and enable further strategic acquisitions.

Who led the transaction for the continuation fund?

J.P. Morgan Asset Management played a lead role in this transaction.

Which companies are included in the continuation fund?

The fund comprises TerraQuest, Kallidus, and Ultima Business Solutions, each with distinct market contributions.

How does Apse Capital plan to utilize the new capital?

Part of the capital will serve to support ongoing growth efforts and strategic mergers or acquisitions.

What expertise do the founders of Apse Capital bring to the firm?

The founders collectively possess 80 years of private equity experience with a track record of significant transactions valued over €2.5 billion.

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