Deal of the Year – Mid Cap
(Equity commitment – below USD 200m)

FirstCape (Pacific Equity Partners)

Pacific Equity Partners (PEP) engineered the construction of New Zealand’s largest wealth management platform in April 2024 through the simultaneous carve-out of units from National Australia Bank and Jarden Group. Its equity commitment was approximately USD 150m. FirstCape – in which PEP holds a 35% stake, while NAB and Jarden have 45% and 20% – has approximately NZD 50bn (USD 31bn) in funds under advisory. It includes the JBWere NZ, Jarden Wealth, Harbour Asset Management, and BNZ Wealth brands. The goal is to leverage business scale to deliver synergies and operational improvements in a market seen as having strong organic growth prospects.

HRBrain (EQT)

EQT completed the acquisition of HRBrain, a Japan-based human resources software provider, in December 2023. The capital came from its Asia mid-market fund, which writes equity cheques starting at USD 50m. HRBrain, Japan’s third-largest HR software provider by revenue, previously raised several rounds of VC funding. The industry appealed to EQT because its sits at the nexus of Japan’s labour short shortage and the digitalisation of traditional industries. A seven-month bilateral negotiation process included commitments from EQT to upgrade management, improve visibility on financial performance, develop strategies to increase revenue, and drive a shift towards enterprise and middle customer segments.

Jinjer (J-Star, Potentia Capital)

The acquisition of Jinjer in September 2024 was the culmination of a six-month partnership between Japan’s J-Star and Australia’s Potentia Capital intended to leverage the former’s local knowledge and the latter’s technology expertise. Jinjer, which was reportedly valued at AUD 500m (USD 335m), is a leader in Japan’s human resources software-as-a-service space, offering modules covering attendance and timekeeping, payroll, and expense management. The country’s software industry in general is experiencing rapid growth on the back of increased adoption of cloud-based systems, which has contributed to increased private equity buyout activity. The deal featured significant co-investment from LPs on both sides.

NephroPlus (Quadria Capital)

Quadria Capital secured a significant minority stake in NephroPlus, India’s largest dialysis care provider, in May 2024 as the sole participant in a INR 8.5bn (USD 103m) funding round. The deal facilitated exits for some existing investors and provided an infusion of fresh capital for NephroPlus. The company delivers more than 200,000 dialysis sessions every month through a network of 450 treatments centres across more than 250 cities in India, Nepal, the Philippines, and Uzbekistan. Five years ago, India was its sole market and there were 180 treatment centres. The new capital will support further growth within India and internationally.

TD Connex (Novo Tellus Capital Partners)

The SGD 344m (USD 310m) acquisition of TC Connex, which closed in August 2024, involved the spinout of several divisions from Tongda Group Holdings with a view to re-orienting a China-based operation into a new global business spanning Singapore, India, and China. Novo Tellus Capital Partners led the 12-month initiative, working alongside company management. Co-investors included 65 Equity Partners. The company produces micro components for mobiles and other devices, shipping more than 4bn units each year and generating revenue of USD 300m. A scale-up of India manufacturing capacity is underway, and plans are in place for an India IPO.