Apse Capital Limited (“Apse Capital”) announced the successful closing of a €350 million continuation fund in connection with the acquisition of three existing assets from Apse Capital Bridge Fund.
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:
- TerraQuest – A leading provider of software solutions and technical data services for the UK land and property sector. TerraQuest operates the UK 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 the UK, the US and Canada.
- 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.
