Matthew B. Rogers

Simpson Thacher represented funds managed by Blackstone’s GP Stakes business in connection with the announced strategic investment in Nautic Partners. Terms of the transaction were not disclosed.~~Blackstone GP Stakes specializes in value-added, long-term investments in the management companies of leading private equity firms.~~Nautic is a middle-market private equity firm that focuses on three industries: healthcare, industrials and services. Nautic has completed more than 145 platform transactions throughout its 35-plus year history. Nautic’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives and increased management team depth.~~The Simpson Thacher team included Matthew Rogers and Ryan Williams (M&A); Crystal Frierson, Shannon O’Sullivan, Cody Lipke, Justin Maffett and Kam Siu (Funds and Funds Compliance); Benjamin Rippeon and Eli Shalam (Tax); and Jamin Koslowe and Hannah Daniels (Executive Compensation and Employee Benefits).

Dec 14

1 min

The Firm represented Kohlberg Kravis Roberts & Co. L.P. (“KKR”) in connection with its entering into a joint venture, through a wholly-owned subsidiary, with Institutional Capital Network, Inc. (“iCapital”), a financial technology company that provides tech-based solutions for advisors, their high-net-worth client base, asset managers and banks. The joint venture creates a new registered investment adviser, iCapital Registered Fund Adviser LLC (“iCapital RF Adviser”), a Delaware limited liability company, that will serve as the investment adviser to iCapital KKR Private Markets Fund (formerly known as Altegris KKR Commitments Master Fund), a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company (the “Fund”).~~The Fund was launched in August 2015 and makes capital commitments of at least 80% of its assets in or to investments of any type sponsored or advised by KKR or any of its affiliates. The Fund has current net assets of $430 million across nearly 400 underlying portfolio companies in buyout, growth equity and real asset strategies as of December 31, 2020.~~Under the transaction documents, KKR owns economically less than 25% of iCapital RF Adviser, and iCapital, through a wholly-owned subsidiary, owns more than 75% of iCapital RF Adviser. iCapital is solely responsible for the management and day-to-day operations of iCapital RF Adviser and holds 100% of its voting interests. The transaction documents were entered into on February 12, 2021, and the transaction closed the same day.~~The Simpson Thacher team included Rajib Chanda, Benjamin Wells and Debbie Sutter (Registered Funds); Matthew Rogers and Ryan Williams (M&A); Marcy Geller and Joseph Tootle (Tax); and Lori Lesser (IP).

Mar 3

1 min

Simpson Thacher represented funds managed by Blackstone’s GP Stakes business in connection with the announced strategic partnership with Sentinel Capital Partners alongside RidgeLake Partners. Terms of the transaction were not disclosed.~~Blackstone’s GP Stakes business specializes in value-added, long-term partnerships with leading private-market alternative asset managers. The partnership will give Sentinel’s portfolio companies access to Blackstone’s group purchasing programs, which leverage the buying power of the $150 billion revenue base across Blackstone’s entire investment platform. Sentinel will also be able to draw from a wide range of other services Blackstone provides internally and to its portfolio companies, including sustainability, ESG and cybersecurity.~~Sentinel specializes in buying and building midmarket businesses in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, going-private transactions, and structured equity investments of established businesses with EBITDA of up to $80 million. Sentinel also invests in special situations, including balance sheet restructurings, operational turnarounds, and minority junior capital solutions.~~The Simpson Thacher team includes Matthew Rogers and Rex Hupy (M&A); Crystal Frierson and Scott Mishan (Funds and Funds Compliance); Benjamin Rippeon and Eli Shalam (Tax); and Jamin Koslowe (Executive Compensation and Employee Benefits).

Apr 8

1 min

Corporate Partner Matthew Rogers was named to Private Equity International’s “40 Under 40: Future Leaders of Private Equity” list, which recognizes rising stars within the private equity industry. The feature highlighted Matt’s work advising some of the largest private equity sponsors, such as Blackstone, Oaktree and KKR on some of their headline-grabbing matters as well as on innovative strategies including fund-level acquisitions and sponsor-level transactions. Specifically, the profile noted his role advising Silver Lake on its strategic growth investment in legal and compliance software solutions business Relativity.~~To read the full profile, please click here (subscription required).

May 5

1 min

The Firm is representing American Family Insurance Mutual Holding Company in connection with its proposed acquisition of Bold Penguin, Inc. The transaction is expected to close in early 2021 subject to customary closing conditions. Financial terms of the transaction were not disclosed.~~Bold Penguin is a technology company that simplifies and quickens the often complicated and time-consuming process of obtaining small business insurance. The Bold Penguin digital exchange is used by insurance agents, brokers and other distributors to match, quote and bind policies from a range of insurers to meet customer needs.~~American Family is the country’s 13th largest P/C insurance group with $11.5 billion in direct written premium at the end of 2019, ranking No. 254 on the Fortune 500 list. The group sells American Family-brand products, primarily through exclusive agency owners in 19 states. The American Family Insurance group also includes CONNECT, powered by American Family Insurance, The General, Homesite and Main Street America.~~The Simpson Thacher team includes Anthony Vernace, Matthew Rogers, Jeff Levine, Philip Cooper, Malik Ladhani and Bobby Hausen (M&A); Jeannine McSweeney, Eric Wolf and Jason Fixelle (ECEB); Jonathan Goldstein and Edward Grais (Tax); Steve DeLott (Insurance); Lori Lesser, Amber Harezlak and Elizabeth Gladstone (IP); Peter Guryan, Kelly Karapetyan and Joshua Hazan (Antitrust); and Krista McManus (Real Estate).

Jan 14

1 min