Participated · Equity · Jan 2019

Getty Images is a source of visual content with a library of over 300 million assets, including photos, videos and music, available via gettyimages.com and istock.com. The company serves creative, business and media customers in nearly every country and works with more than 250,000 contributors and hundreds of image partners. Getty Images provides coverage of over 160,000 news, sport and entertainment events each year and maintains a deep digital archive of historic photography. Management has stated the additional capital is intended to accelerate achievement of the company’s financial goals, boost growth and refinance its balance sheet. Financially, Getty Images has received significant new equity commitments since late 2018, including a Getty family transaction and investments from Koch Equity Development. The company was led at the time by CEO Craig Peters and Chairman/co-founder Mark Getty. Getty Images operates as a visual communications company providing imagery and related services. The company recently underwent a change in ownership control when the Getty family reclaimed a controlling interest from the Carlyle Group earlier this year. Getty is raising capital to support growth, entering a partnership intended to provide long-term capital while keeping existing ownership and management in place. As part of that plan, Koch Equity Development (KED) will make a $500 million non‑controlling preferred equity investment. KED has said it will not have input into Getty Images’ content or editorial coverage. The deal reflects KED’s strategy of supporting family-controlled businesses with long-term, non-controlling investments and leverages KED’s track record of principal investments since 2012.

Led · Equity · Jan 2019

Infor provides industry-focused enterprise cloud software including ERP, CRM and supply‑chain asset management and has shifted aggressively to the cloud over the last five years. The company reports more than 17,000 employees, 68,000 customers across 100+ countries and generated $3 billion in revenue in 2018; more than 70% of revenue now comes from cloud products. Infor has grown rapidly through an acquisition strategy and tailors suites to specific industry needs rather than broad generic ERP. Management is preparing for a potential IPO in the next 12–24 months and says additional investments before going public are possible. The company carries substantial debt—about $6.1 billion—and plans to use new capital to pay down that leverage. CFO Kevin Samuelson said the paydown plus cash flows and estimated IPO proceeds should provide leverage levels consistent with recent successful IPOs. Infor builds business software tailored to specific industries and delivers those enterprise applications in the cloud. Its core product set targets industry-specific workflows and is positioned for cloud deployment. The company reports about 15,000 employees and more than 90,000 customers across over 170 countries. Infor says the recent capital infusion will be used to accelerate innovation, expand distribution, and continue disrupting the enterprise applications industry. Existing shareholders include Golden Gate Capital, Summit Partners, and company management. The announcement frames the investment as validation of Infor’s strategy and growth.