Apse Capital Announces Closing of €350 Million Continuation Fund Led by J.P. Morgan Asset Management
The transaction was led by J.P. Morgan Asset Management and attracted a diverse group of secondary and primary investors, with substantial support from existing Apse limited partners.
The new vehicle was established to acquire three portfolio companies – TerraQuest, Kallidus and Ultima Business Solutions – from Apse Capital Bridge Fund, with the aim of continuing their organic growth and providing further capital for strategic M&A activities.
The transaction represents a strong outcome for Apse Capital Bridge Fund. The General Partner invested the entirety of its carried interest proceeds realised from the transaction, demonstrating its continued conviction in the portfolio. A portion of the new commitments will be available to use as follow-on capital to support continued growth.
The three companies included in the continuation fund are:
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TerraQuest – A leading provider of software solutions and technical data services for the
UK land and property sector. TerraQuest operates theUK Planning Portal, a unique national platform that supports all planning applications, along with offering land referencing services. -
Kallidus – A rapidly growing SaaS-based HCM platform that delivers a comprehensive learning-led solution in the
UK mid-market. Today, Kallidus serves over 1,200 customers with over 200 employees across theUK , the US andCanada . -
Ultima Business Solutions – A prominent
UK provider of infrastructure and IT solutions to the public and private sectors, including managed services and professional services.
Tim Green, Managing Partner at Apse Capital, said: “We are delighted with the successful closing of the continuation fund and would like to express our sincere thanks to our existing investors, as well as to our new limited partners, for their support. In addition, on behalf of our investor partners and the entire Apse team, I would like to express our gratitude to the leadership teams and staff at TerraQuest, Kallidus and Ultima for their exceptional dedication and remarkable achievements to date. We are excited to continue our journey together as we seek to unlock further value in this next phase of growth.”
The Piper Sandler private capital advisory group, Aviditi Advisors, served as exclusive financial adviser to Apse Capital on the transaction. Weil, Gotshal & Manges LLP acted as legal counsel to Apse Capital, while DLA Piper LLP represented J.P. Morgan Asset Management.
About Apse Capital
Founded in 2019, Apse Capital is a
* These transactions have been advised on by members of the team at a predecessor firm and at Apse Capital. This appears as a matter of record only. Past performance is not an indication of future performance.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management is a global leader in alternatives, with over 60 years of experience managing alternative investments, including real estate, private equity, private credit, liquid alternative products, infrastructure, transport, hedge funds, and forestry. As of September 30, 2024, J.P. Morgan oversees more than
With
About Piper Sandler
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the
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Tim Green
tim.green@apsecapital.com
Source: Apse Capital Limited