July 19, 2022: U.K. Pension Scheme Nest Expands PE Investing

Read the top headlines from Tuesday, July 19, 2022 below:

Argosy Exits Wireless Technology Business Linx

Lower-middle market private equity firm Argosy Private Equity has exited wireless technology solutions provider Linx Technologies, according to a press release. Linx services device manufacturers across a variety of industries, including commercial, consumer and government. Argosy first acquired Linx in late-2015, and has since expanded the company into new industry verticals. In a statement, Linx CEO Tolga Latif noted that following the acquisition, “we implemented a strategic shift by developing a novel strategy using analytics to guide rapid product development.” Argosy reached an agreement to sell Linx to TE Connectivity, the announcement said.

U.K. Workplace Pension Scheme Nest to Invest in PE with HarbourVest

Nest, an initiative established by the U.K. government that is now the largest workplace pension scheme in the country, is doubling down on its focus on private equity investing with a new collaboration with HarbourVest Partners. The partnership between the pension scheme and the private equity investment manager will enable HarbourVest to invest in co-investment opportunities on behalf of Nest.

According to the announcement, Nest’s goal is to invest at least £1.5 billion in private equity by early 2025. Eventually, it hopes to have about 5% of its portfolio invested in private equity, it said, adding that this partnership marks the second private equity mandate awarded by Nest. In a statement, Nest head of Private Markets Stephen O’Neill pointed to HarbourVest’s “ability to unlock private equity deals around the world,” as well as its scale and ability to be “highly selective” when choosing deals.

Cresta PortCo Blackbuck Expands Sustainability-Linked Financing

Water infrastructure designer Blackbuck Resources, a portfolio company of Cresta Fund Management, announced via press release that it has expanded its sustainability-linked financing with Riverstone Credit Partners LLC. The term loan will enable Blackbuck to access liquidity to fuel its growth strategy following the signing of new contracts around its Midland Basin and Delaware Basin platforms. According to the announcement, pricing on the loan facility is dynamic based on Blackbuck’s ability to meet sustainability performance targets established by Blackbuck. “This expansion capital further aligns with our anticipated continued growth in a strong macro environment,” stated Blackbuck CEO and president Justin Love.

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