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KKR invests $1bn to become majority stakeholder in USI; plus a deep dive into ICG’s new solar deal

Hello dealmakers.

MK Flynn here with the Wire.

It’s a tough morning, as we remember those lost in the US on this day 22 years ago, as well as those lost in Morocco over the weekend.

We’ll take a moment to acknowledge those losses and then move onto private equity deal news of the day.

This morning,KKR announced a big investment in insurance services.

And we’re taking a Deep Dive into a renewable energy deal from ICG.

Upping the ante

The insurance industry is experiencing a wave of deals, as the once old-fashioned industry gets an update, thanks to new technology.

Today, KKR said that it is making a new equity investment of more than $1 billion in USI Insurance Services, to become the largest single shareholder in the provider of risk management, employee benefits and retirement consulting.

Subscribers to the premium version of the Wire may read more about the deal and how USI has grown since KKR and CDPQ acquired it in 2017. You’ll also learn more about other recent PE-backed insurance deals.

Solar power

Demand for renewable energy harnessed by solar energy and energy storage in the US and Italy prompted Intermediate Capital Group (ICG), a Paris-based global asset manager, to invest in Enfinity Global, a Miami-based independent power producer (IPP) seeking to deploy more than 17 gigawatts of solar and storage assets in three continents, ICG managing director of infrastructure Jérôme Sousselier told senior reporter Michael Schoeck, who joined PE Hub as senior reporter last week.

To read the interview, subscribe to the premium version of the Wire. You’ll also find details on other recent solar energy deals.

Contact us

Before I sign off, I’d like to encourage you to reach out to us at PE Hub. We’d love to hear from you about upcoming deals, story ideas and insights on PE dealmaking in North America. Here’s how to reach us:

Mary Kathleen (MK) Flynn, Editor-in-Chief: mk.flynn@pei.group

Michael Schoeck, Senior Reporter: michael.s@pei.group

Obey Martin Manayiti, Reporter: obey.m@pei.group

Rafael Canton, Reporter: rafael.c@pei.group

Iris Dorbian, Reporter: iris.d@pei.group

And if you’ve got news on PE deals involving targets in Europe, here’s how to reach the PE Hub Europe team:

Craig McGlashan, Editor: craig.m@pei.group

Nina Lindholm, Reporter: nina.l@pei.group

Irien Joseph, Assistant Reporter: irien.j@pei.group

That’s all for today. Craig will be back with more tomorrow.

All the best,

MK

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Centerbridge Partners will target $3.5 billion for its fifth flagship private equity fund, down from previous offerings that closed much higher. (Buyouts)

Sun Capital is running a process to extend its hold over infrastructure support company Cotton Holdings, which it acquired in 2020, sources told Buyouts.

Massachusetts Pension Reserves Investment Management Board director of real estate and timberland Tim Schlitzer said the underperformance of the pension’s timber portfolio against the NCREIF index is in part due to the influence of a large climate-mitigation focused transaction on the index.
(Agri Investor)

Industry groups have challenged the SEC’s new private fund rules, but fund managers who wait for the courts to rescue them are taking a big risk, compliance experts warn. (Private Funds CFO)

Customized investment accounts, co-investments and directs are fostering growth and performance in California Public Employees’ Retirement System, the US’s largest public pension fund. (Private Equity International)

Local energy companies Devon, Williams and Oneok are founding partners of an incubator and venture fund aimed at jumpstarting an innovation economy in Tulsa, Oklahoma’s second largest metro area. (Venture Capital Journal)

Infrastructure Investor is out with a special report on strategies, quizzing experts for thoughts on options in an evolving asset class.

Fin Capital, which is in the market trying to raise more than $1 billion for several funds, has named Nicholas Cirella as general counsel and chief compliance officer. (Venture Capital Journal)