Alternative Assets News Round Up
- General Atlantic led a $115M round for Author Health, with Flare Capital Partners also participating. The platform will treat Medicare Advantage recipients with mental illness or substance use disorders. The funding will be used to help Author Health expand into new markets and secure additional partnerships with other insurance and healthcare companies.
- Atlas Partners, a private equity investment firm that makes long-term investments between $400M and over $1B in typically just one or two deals per year, has closed its third fund with capital commitments of $4 billion. The fund’s first investment will be Atlas Partners’ previously announced $1B investment in Mercer Advisors, alongside Genstar Capital and Oak Hill Partners.
- Silver Lake acquired a 63% majority holding in German software development company Software AG. Earlier this month, Silver Lake upped its stake to 41% after Bain Capital and Rocket Software agreed to sell their Software AG shares to the tech investment-focused private equity firm.
- Unit21 raised $45M in Series C funding. The round was led by Tiger Global with participation from South Park Commons. Led by CEO Trisha Kothari, the startup provides a risk and compliance infrastructure platform to detect, halt, and update their systems to combat fraud and money laundering.
- Federato, the insurance industry’s first RiskOps underwriting platform, raised $25M in Series B funding led by Caffeinated Capital, with participation from Emergence Capital and Pear VC. The round comes less than a year after a $15M Series A funding round.
- Betr, a sports betting and sports media company, pulled in $35M in a Series A2 funding round, with a $300M valuation. The round is co-led by Roger Ehrenberg via IA Sports Ventures and Eberg Capital, and Fuel Venture Capital, with Fuel expanding their investment size in Betr from $10M invested to date to $20M total.
- Parabola, a collaborative data tool, announced a $24M Series B funding round led by OpenView, with participation from existing investors Matrix and Thrive Capital. Additional new investors include Flexport, Webflow, and the founders of Harry’s, Warby Parker, and Allbirds.
- Hy24, a private investment firm focused on clean hydrogen, has appointed Guillaume Lesueur, former head of EDF Pulse Ventures, as managing director to lead a new investment initiative focused on technology and equipment manufacturers. He spent 11 years with EDF Group as M&A Director and CFO of Holding Activities at EDF Renewables and Head of EDF Pulse Ventures.
- NextEnergy Capital, an investment manager focused on the global solar sector, has added Craig Watkins, Hasmeen Deol and Marisa Fatouros to its investor relations team to support global fundraising for its latest private funds – NextPower UK ESG and NextPower V ESG. Watkins joins as director of fundraising in the Americas, Deol joins as a director and Fatouros joins as a Senior Associate.
- Petra Funds Group, an independent private funds administrator, has appointed Mark Lacana as managing director and head of business development, with a primary focus on middle-market private equity and private debt funds. Lacana was previously CRO at Fund Recs.