The offer is a 100.4% premium to the closing share price on Oct. 12, the day before ELMO announced it had received approaches expressing interest in a takeover. ELMO's shares on Wednesday shot 41% higher, erasing a 27% loss incurred so far in 2022 ahead of the takeover. The bid was recommended to shareholders by ELMO's independent board committee, the company said. ELMO's chief executive Danny Lessem, who owns 11% of the company's stock, will vote in favour of the deal. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today....

The New York-based firm, co-founded by former executives from Palladium Equity Partners, wrapped up its inaugural fundraising drive with double the firm's initial $500m target for the pool. Along the way, they lifted the fund's upper limit. 'This is an exciting milestone for our firm, and we are grateful for the tremendous support from our limited partners, consultants and trusted advisors during these extraordinary times,' said David Perez, managing partner at Avance, in a statement. 'We are thankful for the hard work by our committed team and very appreciative of all who supported and encouraged us along the way.'To date, Avance has completed four platform investments: RIA Advisory, a revenue management solutions provider; Synergy Infrastructure Holdings, an equipment rental provider; UniVista Insurance, a provider of insurance services; and Indimade, an e-commerce provider of ingredients and supplies to commercial artisans and hobbyists. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today....

MetLife, the institutional asset management business of MetLife, announced the launch of a private equity fund investment platform for institutional clients in concert with the closing of approximately $1.6bn in commitments to a new MIM-managed fund-of-funds. The new fund purchased a portfolio of approximately $1.2bn of private equity and venture capital assets with funded and unfunded commitments totaling $1.2bn from MetLife affiliates as part of a managed secondary sale transaction anchored by funds managed by HarbourVest Partners L.P., which served as lead investor. MIM syndicated a portion of the transaction to other unaffiliated institutional clients. Following the closing, MIM intends to deploy approximately $400 million on behalf of the fund on new private equity opportunities. 'This new platform and secondary transaction speak to MetLife's 30-year track record as a leading private markets investor and MIM's ability to generate strong results in alternative asset classes,' said Steven Goulart, president of MIM and executive vice president and chief investment officer for MetLife. 'This initial transaction provides us the opportunity to demonstrate the strength of our investment capabilities in private equity and venture capital and provide this offering to unaffiliated institutional investors, while also adjusting MetLife's alternatives exposure.'...