This week’s PE must-reads – Week 10

At Private Equity Insights we have gathered this week’s biggest news in the private equity and venture capital markets.

1. Private equity group TPG in exclusive talks to buy McLaren’s iconic Woking HQ

Private equity group TPG is in exclusive talks with supercar maker McLaren over the purchase of the firm’s iconic Woking headquarters.

Sky News reported that the sale-and-leaseback deal for the property, which would allow the carmaker to continue using it, could be worth around £180m.

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2. PAI Partners raises €920 million for inaugural mid-market fund, above original hard cap

PAI Partners has closed its inaugural PAI Mid-Market Fund with a total of circa $920 million of commitments. The Fund was raised entirely virtually and is above its €700 million target and original $800 million hard cap, which was increased following significant investor interest.

The Fund received strong support from PAI’s existing investor base in addition to new investors. The capital commitments were received from a total of 50 investors including a broad range of institutional investors, notably leading public and private pension funds, sovereign wealth funds, insurance companies and family offices across the globe.

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3. L Catterton Makes $600 Million Return on Norwegian Cruise Bonds

Private equity firm L Catterton’s investment in Norwegian Cruise Line Holdings Ltd. has paid off with a $600 million gain in less than one year, amounting to returns of more than 150%. 

The cruise ship operator said it has agreed to pay $1.03 billion to buy back bonds that it sold to the private equity firm in May for $400 million. Norwegian has sold around $1.4 billion of shares to finance the purchase, according a filing Tuesday evening. Leftover proceeds will go to general corporate purposes.

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