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Forecast announces acquisition by Accelo

Balderton

Accelo, a leading platform for professional services automation (PSA), announced today its acquisition of Forecast, a global provider of AI-powered project and resource management software. Balderton first invested in Forecast’s Series A in 2021.

We want to share our congratulations to Dennis and the Forecast team on joining Accelo. Dennis was early to recognise the potential of AI when applied to tasks like project management, and we look forward to the product going from strength to strength with this new capital and platform behind them.

James WisePartner, Balderton

By combining Accelo’s comprehensive quote-to-cash project management solutions with Forecast’s AI-driven capacity planning capabilities, customers will gain smarter workflow automation, advanced resource planning and actionable profitability insights.

The Forecast team will join Accelo to accelerate innovation across both platforms, with a shared vision to eliminate operational blind spots and empower teams to do their best work. Customers of both platforms can expect continued support and improvements, with future product enhancements driven by collaborative innovation and customer feedback.

Joining forces with Accelo unlocks a huge opportunity to accelerate our shared mission—streamlining complex workflows, reducing operational friction, and helping teams deliver profitable project outcomes.

Dennis KayserCEO, Forecast

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Gimv invests in Hemink, a Dutch renovation and maintenance specialist with focus on sustainable real estate

GIMV

Hemink Group welcomes Gimv as a new investor. Gimv acquires a majority stake from minority shareholder Pontex and the former management of Hemink. The latter will retain a minority stake in the new structure. Hemink’s current management team will co-invest, underlining their long-term commitment to the company’s further growth. In collaboration with Gimv, Hemink aims to further expand its activities as a national player in property maintenance in a sustainable manner. This will enable Hemink to respond even better to the growing demand from clients while continuing to offer good conditions for their employees.

Hemink has been a leading player in the finishing, and sustainable renovation and maintenance of real estate for more than 65 years. The company specialises in circular project approaches and results-oriented property maintenance, with a specific focus on large-scale and extensive sustainable renovation projects.

Over the years, Hemink has experienced strong growth and built a solid reputation by completely unburdening their clients with their comprehensive set of services. Quality, flexibility and craftsmanship are core values that are decisive for clients. Due to this approach, Hemink has built up an impressive client base consisting of long-term partnerships and many multi-year contracts. With over 370 employees and a network of loyal partners, the company can respond quickly and flexibly to local needs. Hemink operates from four locations and is headquartered in Holten.

Shared ambition, moving forward together
The sustainable renovation of real estate requires an integrated approach. The focus is shifting to results-oriented property maintenance, in collaboration with all stakeholders, and aimed at long-term performance, optimized total cost of ownership, minimal environmental impact and maximum value for residents.

Circular maintenance and renovation enable the reuse of materials, reduction of waste and limit CO₂ emissions. This transition requires cooperation across chains, smart planning and data-driven decision-making, ensuring that sustainability, maintenance and improvement go hand in hand, efficiently, measurably and with a long-term impact. This approach is essential to keep the housing stock sustainable and affordable for the future.

Established foundation, new opportunities
For employees, customers and partners, very little will change. Hemink will continue to operate under its own identity, with the same people, the same approach and the same ambition. The partnership with Gimv provides significant opportunities: additional knowledge and experience, and strength to further contribute to building a future-proof Netherlands.

Rutger Vrielink (CEO) and Dennis Schasfoort (CFO), explain: “With our qualified employees and extensive range of services, we add value for our clients and actively contribute to making the Netherlands more sustainable. Pragmatic, creative and results-oriented: that is what defines us! We would like to thank Pontex for the pleasant cooperation over the past years and, together with Gimv, we are taking the next step to serve our clients even better.”

Rombout Poos (Partner) and Cos Vrins (Principal) in Gimv’s Sustainable Cities form the deal team and describe the investment as follows: “Hemink is a strong player in a segment that responds to important trends that closely align with the strategy of our Sustainable Cities platform. We look forward to working with the Hemink team to realise further expansion and, with it, the further sustainability of the Dutch housing stock.”

Franck Marra (Partner) and Luuk Boere (Investment Manager) at Pontex Investment Partners state: “Hemink has achieved strong growth over the past four years. Its strong entrepreneurial spirit and innovative culture have been key drivers for its success. We are proud that Pontex has been able to contribute to this growth as an actively engaged shareholder. We would like to thank all employees for their continued commitment and dedication and, in particular, Jan, Bert, Robert, Dennis and Rutger for their leadership and vision.”

The transaction is subject to customary conditions, including approval by the competition authorities. No further financial details will be disclosed.

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Why We Invested in inforcer: The fastest-growing MSP platform that brings security and AI to every small business

Dawn

Win-win-win in delivering AI 

Today, everyone wants AI. Not just the world’s largest enterprises but also small and medium-sized businesses (SMBs), who form the backbone of economies around the world. However, SMBs lack the appetite and capability to either build custom AI in-house or to sift through the exploding number of external options. So, they turn to their existing, trusted platforms of work to deliver the solutions they need – just like in technology revolutions of the past. For many, this is Microsoft. After all, you cannot go wrong with a brand that gave you your first assistant, Clippy.

Microsoft, the world’s second most valuable company by market cap, has long seen this as a huge opportunity. They have been investing heavily in their SMB offering, not just in AI, but across security and cloud more broadly. In fact, its best-in-class suite makes it a vendor of choice for 80% of SMBs, spanning 350 million users globally and representing around 35% of Microsoft’s revenue.

But Microsoft’s platform is horizontal by design – complex and difficult to use out of the box. While enterprises can get white-glove service from system integrators to ‘tune’ it to their needs, it is impossible to offer the same to the fragmented tail end of the SMBs. So, Microsoft relies on its channel partners, the 150,000 Managed Service Providers (MSPs) worldwide, to provide the last mile of context and customisation. MSPs serve as the translation layer between Microsoft’s products and the needs of SMBs using them. MSPs love this trade: they want to co-sell with Microsoft’s trusted branding in hand or, as the industry talks about, become a “Microsoft Service Provider”. Microsoft estimates that MSPs can earn up to $10 in attached services revenue per $1 of software spend (!).

However, MSPs face scaling challenges in delivering these custom services, within a business model that is already very labour-intensive. Microsoft doesn’t help: under the hood of a mighty ‘platform’, it represents dozens of SKUs that are often updated, with continually evolving pricing and packaging. It is challenging to distribute, implement and use scalably.

There is a massive opportunity in connecting and enabling these three actors – SMBs, Microsoft, and MSPs. This is where inforcer fits in: a platform that bridges the gap. For inforcer, MSPs are not the channel but the end-customer. But by serving MSPs, inforcer enables SMBs to access Microsoft products, and with that, the latest technology toolkit they deserve. inforcer creates a “win-win-win” for all three across cloud, security and AI. And it shows: its founders – Jamie (CEO), Richard (CFO) and Will (CCO) – have become an unstoppable ‘force’ in the market (pun very much intended).

Two acts to conquer billions of spend

inforcer is a bit of a revolution in the world of MSPs. It is the “most loved” tool that solves their hardest business problems: sell more Microsoft, delight SMBs (otherwise known as ‘tenants’), and, ultimately, make more money by growing revenue and improving margins.

So what does this mean in practice? The founders are conquering billions of dollars that MSPs represent, both in direct spend and budgets they advise on, in two acts. Their first act is to help MSPs scale: configuring tenants more quickly and effectively, and moving upmarket with a security offering. Their second act is to help MSPs become the strategic AI partner to SMBs – the holy grail of opportunity in today’s ‘AI or die’ world.

(i) inforcer helps MSPs scale and sell more Microsoft cloud and security to SMBs

The Microsoft suite is painful for MSPs to use “out-of-the-box”. It is insecure and unconfigured. It is not multi-tenant, meaning that manual changes need to be made for each SMB individually (an MSP might repeat the same process >50 times!). Finally, it is highly complex – with a steep learning curve and a labyrinth of individual portals. All of this means that MSPs and SMBs don’t get full use out of products already included in their licences – like Entra (SSO), Intune (MDM), and Defender (Security).

inforcer helps MSPs scale their operations with a single point of control, enabling them to implement, configure, and manage all of Microsoft’s suite. This includes: i) rapidly deploying and backing up new tenant-specific set-ups; ii) conducting in-depth audits and reports; and iii) providing prospecting tools to demonstrate the value of tenant security,  all informed by inforcer’s best practice. This enables every MSP to spend more time where it counts: with customers, deepening their relationship and curating the perfect setup for them./

Uniquely, MSPs win with inforcer across their entire P&L:

  • On the topline, inforcer lets MSPs upsell more “wrap-around” services. These are services where MSPs previously had resource or knowledge gaps, such as identity and access management or endpoint protection.
  • On the bottom line, inforcer saves MSPs hours of painful manual work across all their tenants. It also helps MSPs utilise the full suite of specialist products already included with their Microsoft business license, which they previously did not know how to leverage, saving even more on expensive third-party tooling or outsourcing services.
  • And a bonus compliance point: MSPs benefit from significantly reduced risk, provided by previously unfeasible continuous monitoring.
             Figure: The Microsoft MSP stack - powered by inforcer

(ii) inforcer helps MSPs become the strategic AI partner to SMBs.

MSPs have been a trusted advisor to SMBs for decades. They have enabled SMBs to adopt technology in waves, from break-fix to cloud to security. Now, inforcer is powering the next big wave: AI.

Microsoft has bet its future on AI and Copilot. Just read their earnings calls: it was mentioned 117 times in Q1-25 alone. And 60% of organisations plan to rely on Microsoft for most of their AI needs, according to Gartner.

SMBs, as ever, expect MSPs to guide them through this transition. Some of this is new: building and enabling AI-powered workflows, with tools like M365 Copilot and increasingly Copilot Studio Agents. But, much resembles what MSPs are already great at: maintaining systems in production. They’ll govern and secure AI use cases, ensure data governance, and track success.

          Figure: The Microsoft AI stack - powered by inforcer

This is what makes inforcer truly strategic. It is not “just another tool for MSPs”. It is a platform that is riding on the coattails of an AI giant to enable billions of MSP spend and, as a result, is upskilling and protecting thousands of small businesses.

From Richmond to Redmond and beyond

The real force of inforcer is its exceptional team. It brought together formidable executors, with decades of combined experience at the service of MSPs and SMBs. Another member of the ecosystem talked about the difficulty he had finding talent – “Jamie had already hired the A-team!” True industry heavyweights – the likes of Matthé (CPO), Christian (Chief Strategy Officer) and Jake (VP of Global Sales) – anchor a deep bench of phenomenal operators, where not a single team member is accidental.

Born in Richmond three years ago, where the founders built and sold their first MSP venture, inforcer is already off to conquer the rest of the world. They are scaling incredibly fast: in the last twelve months, inforcer grew 10x and now serves over 800 MSPs, with offices across the US, the UK, the Netherlands, Denmark and Australia.

We’re delighted to team up with our friends at Meritech Capital, with inforcer being the first Series A they have ever led, and look forward to joining forces with Jamie, Richard, Will and the whole team to make inforcer a truly generational business.

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Knowtion Health Completes Acquisition of Switch RCM, Strengthens Executive Team and Innovation Capabilities

Arsenal Capital Partners

Boca Raton, FL – Knowtion Health (“Knowtion”), a leading healthcare revenue cycle company, today announced it has completed the acquisition of Switch RCM (“Switch”), a data- and technology-first company that uncovers and resolves overlooked reimbursement entitlements through intelligent automation and data-driven innovation.

“This acquisition brings four new service solutions, powerful technology, and exceptional leadership that will significantly strengthen our ability to serve clients and deliver greater impact,” said Jayson Yardley, Chief Executive Officer of Knowtion. “Importantly, Switch shares our unwavering commitment to helping healthcare providers recover more earned revenue from insurance payers, especially when it comes to the most complex and challenging reimbursement opportunities.”

To support its continued growth and strategic direction, Knowtion also announced key executive leadership appointments.

  • Erica Tingley has been named President, reporting to CEO Jayson Yardley. This role is in addition to her current role as Chief Financial Officer, as she will take responsibility for delivery of the company’s solutions.
  • Jon Scala, former Chief Executive Officer of Switch, joins Knowtion as Chief Strategy Officer. Jon will focus on acquisition growth, hiring strategic new talent, and expanding client relationships. He brings extensive experience in identifying market opportunities and driving operational excellence across the revenue cycle.
  • Ryan Feldt, former President and Chief Operating Officer of Switch, transitions to Chief Customer Officer of Knowtion, bringing a client-first mindset to strengthen partnerships and elevate experience.
  • Adam Cartabiano, former Commercial Advisor to Switch, joins Knowtion as Chief Growth Officer, responsible for accelerating market expansion, driving customer acquisition, and scaling the goto-market strategy.
  • Switch co-founders Nate Pluke and Melissa Pluke will partner with Ryan Clark to launch our new innovation laboratory, where they will drive expansion of innovation, data analytics, and AI and machine learning capabilities. The innovation lab will harness the power of our data, talent, and expertise to uncover emerging trends, accelerate solution development, and deliver greater impact to providers.

“These leadership additions underscore our commitment to innovation, growth, and delivering unmatched value to our clients,” said Yardley. “Each leader brings exceptional experience in businesstransformation, and we’re excited for what’s ahead.”

“This is more than an acquisition—it’s an acceleration,” Yardley continued. Together, and with the launch of our innovation lab, we are fast-tracking the development of smarter solutions that improve financial performance for healthcare organizations.”

About Knowtion Health:

Knowtion Health is a leading provider of technology-enabled revenue cycle management services serving more than 550 hospitals nationwide and managing over $4.5 billion annually in outstanding balance accounts for clients. Recognized as an Inc. 5000 fastest-growing company, Knowtion Health is a multi-year recipient of the Black Book award, which honors top partners as ranked by healthcare providers. Knowtion Health is a portfolio company of Arsenal Capital Partners, a leading private equity firm specializing in building technology-rich, market-leading healthcare and industrial growth companies, and Sunstone Partners, a premier private equity firm focused on accelerating growth in technologyenabled services and software companies. For more information, visit KnowtionHealth.com

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Coller Capital Expands U.S. Private Wealth Team with Apointments of Burke Bradford and Kevin Peters

Coller Capital

Abstract architectural view featuring curved, golden patterns against a bright blue sky with a sun flare in the centre.

  • The hires mark the latest in a series of senior additions to support the growth of Coller’s U.S. Private Wealth Secondaries Solutions (PWSS) business
  • The announcement follows the 2025 launch of CollerCredit, the firm’s evergreen private credit secondaries offering for U.S. high-net-worth investors

New York, Tuesday, July 22, 2025 – Coller Capital, one of the world’s largest dedicated private market secondaries managers, today announced the appointments of Burke Bradford and Kevin Peters as Directors within its Private Wealth Secondaries Solutions (PWSS) team.

These key hires underscore the firm’s commitment to expanding its U.S. footprint and strengthening its private wealth distribution capabilities, with a particular focus on wirehouse and broker dealer partnerships.

Mr. Bradford joins as a Director based in Dallas, TX, where he will be responsible for private wealth distribution across wirehouses and broker dealers in Texas and surrounding states. He joins Coller Capital from Privacore Capital, where he served as a Regional Director leading fundraising efforts for General Partners across private equity, private credit, and hedge fund strategies. Previously, he spent 13 years at Nuveen as a Managing Director in the Private Wealth Advisory Group, overseeing fundraising activities across private clients, private banks, and RIAs in the Southeast U.S. He holds a BA from Texas State University and an MBA from Texas Tech University’s Rawls College of Business and is a Chartered Financial Analyst (CFA).

Mr. Peters joins as a Director based in Boise, ID, with responsibility for private wealth distribution across wirehouses and broker dealers in Northern California and the Pacific Northwest. He also joins from Privacore Capital, where he was a Regional Director. With 14 years of experience, Peters has worked closely with multiple wealth platforms and advisory teams across the West Coast. Prior to Privacore, he held roles at TCW and PIMCO, developing expertise across both traditional and alternative asset classes, with a growing focus on private markets. He holds a BA in Economics from Fairfield University.

The appointments of Mr. Bradford and Mr. Peters support Coller Capital’s broader strategy to scale its private wealth secondaries platform and establish a strong local presence across key U.S. territories.

Jon McEvoy, Managing Director and Head of U.S. Private Wealth Distribution at Coller Capital, said: “Burke and Kevin join Coller Capital with deep experience in the private markets space, and we are thrilled to welcome them to the team. Coller Capital’s ability to attract top talent is a testament to our leading reputation as a private wealth secondaries solutions provider. The addition of Burke and Kevin further supports our goal of delivering an unparalleled, best-in-class experience for our clients.”

Coller Capital launched its global PWSS business in 2023 and now has a team of over 50 dedicated professionals globally. The firm has raised more than $4bn in private wealth assets globally since inception.1

Coller Capital has offices in London, New York, Hong Kong, Beijing, Seoul, Luxembourg, Zurich, Melbourne, Montreal and Singapore. The firm manages $40 billion in secondaries across private equity, private credit, and other private market vehicles and has 35 years of experience in the secondary private capital market.1

 

1. As of June 30, 2025

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Jonathan McEvoy

Managing Director, Investor Relations & Head of Private Wealth Secondaries Solutions Distribution
Press contact
Edelman Smithfield

coller@edelmansmithfield.com+1 (917) 523-3554

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Bridgepoint exits Vermaat, a leading European premium caterer

Bridgepoint
  • Expanded the Dutch model into new markets, notably in France and Germany, which was a key value driver, with over 25% of revenue now generated outside of the Netherlands
  • Revenues more than doubled to c. €700 million under Bridgepoint’s ownership, driven by strong organic growth and strategic acquisitions
  • Launched Join Program, a digital and innovative delivery platform, expanding the addressable market and helping clients meet sustainability goals
  • New owner Compass is exceptionally well placed to scale this strategy further, leveraging its industry scale and global footprint

 

Bridgepoint, one of the world’s leading quoted private asset growth investors, today announced the sale of its majority stake in Vermaat Groep B.V. (“Vermaat” or the “Company”), the Netherlands-based premium catering and hospitality services provider, to Compass Group PLC, a global leader in food services, in a transaction that values the company at c. €1.5bn. The sale is subject to consultation of the Dutch Works Council, approval from relevant regulatory authorities and completion.

Bridgepoint will fully exit its holding, alongside Partners Group (acting on behalf of its clients), which first acquired Vermaat in 2015 and remained a minority shareholder after Bridgepoint’s investment in 2019.

Established in 1978 as a delicatessen shop, Vermaat first partnered with Bridgepoint in 2019, having grown into a clear leader in the Dutch market known for its high-quality, bespoke catering concepts across corporate, leisure, and healthcare locations. Since Bridgepoint’s investment, and despite the significant challenge brought to the industry through Covid, Vermaat has transformed into a clear European leader, doubling its revenue to c.€700 million by year end and serving 700+ locations across multiple sectors.

International expansion has been a core driver of Vermaat’s transformation. Under Bridgepoint’s ownership, the Company brought its proven Dutch model into France and Germany, building scale through selective acquisitions and operational improvements. In France, Vermaat acquired Paris-based premium caterer Serenest and worked with new leadership to strengthen the division’s performance and extend its reach. In Germany, it acquired L&D, giving Vermaat meaningful scale in the market with over €100 million in revenue by 2024. Reflecting this strong growth trajectory and proof of concept under Bridgepoint’s ownership, more than 25% of Vermaat’s revenues are now generated outside its home market.

Vermaat has built an innovative delivery proposition, ‘Join Program’, combining chef-quality food with delivery capabilities. It has fully digitised the offering to provide the next generation of premium catering for customers providing a more flexible solution easily tailored to historically underserved customers such as smaller office sites and SME businesses. Join Program has been commercially successful and reinforces its strategic importance as a scalable, digital revenue stream. Today, Join Program is used by major clients and is being rolled out in France and Germany.

In parallel, Vermaat has professionalised its operations, strengthened its leadership, and invested significantly in digital capabilities. Under Bridgepoint’s ownership, the Company implemented a clear ESG roadmap through its Food Vision 2027 programme, focused on reducing food waste, offering more plant-based options, and using local sourcing and responsible packaging to meet the demands of its pan-European client base.

Olivier van Riet Paap, Partner at Bridgepoint and Head of Benelux, said:

“Vermaat represents everything we look for in a partner – an ambitious team, a strong and distinctive culture, and a relentless focus on quality. This is a world-class business that not only weathered the pandemic but came out stronger – growing internationally into France and Germany, innovating with Join Program, and leading the way in sustainable hospitality. We’re proud of what we’ve built together and look forward to seeing Vermaat continue its journey with Compass.”

Rick Zeelen, CEO of Vermaat, said:

“Bridgepoint has supported us through one of the most challenging and defining periods in Vermaat’s history during Covid. From navigating lockdowns to accelerating our international ambitions, they have been true partners. As we begin our next chapter with Compass, we remain committed to our purpose: creating places where people feel at home and where hospitality is personal.”

Nicolas Petitjean, Managing Director, Co-Head Private Equity Partnership Investments, Partners Group, said:

“Vermaat is a strong example of our transformational investing approach. Since 2015, we’ve supported the Company in scaling operations, driving digital innovation, and advancing sustainability, all while preserving its unique culture. We’re proud to have been part of this journey and thank Rick and the team for their partnership. We wish them continued success with Compass.”

Bridgepoint was advised by Goldman Sachs Bank Europe SE (“Goldman Sachs”) (M&A Advisor), Rothschild & Co (M&A Advisor), Clifford Chance (Legal Advisor) and KPMG (Financial & Tax Advisor). The refinancing completed in parallel was advised by Goldman Sachs, Rabobank and SMBC (joint global coordinators).

Partners Group was advised by Ropes & Gray (Legal Advisor).

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Welcome, Kerry Wang!

Accel

Welcome, Kerry Wang!

We’re delighted to welcome Kerry Wang as Accel’s newest early-stage partner.

We’ve worked with Kerry across many chapters — as a founder, operator, and advisor — and it’s a privilege to now call her a partner. We first met Kerry at Y Combinator Alumni Demo Day Winter 2019, when she took the stage to present Searchlight.ai. We were impressed by Kerry’s intensity, charisma, and intelligence, an appreciation that only deepened after we led her Seed round and partnered with her to build Searchlight’s pioneering AI models for recruiting. That vision led to Searchlight’s acquisition by Multiverse in 2024, where she led the integration of tech and team with the launch of their new AI product for the US market.

At early stage companies where lines between building and selling blur, founders must toggle between strategy and execution, storytelling and delivery, often on the same day. It’s here that Kerry’s blend of technical fluency and go-to-market experience is invaluable, giving her a unique perspective and empathy for what early-stage founders face.

At Accel, Kerry will focus on the earliest stages. She understands how new ideas become real products, how real products find their first users, and how the human side of the journey determines whether any of it sticks. She also understands how critical it is to have great partners along the way, and gets glowing reviews from founders for her operating and moral support.

Please join us in welcoming Kerry. We’re proud she’s chosen to build with us and look forward to the companies and communities that will grow from the conversations she begins here.

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Blackstone Makes a Significant Growth Investment into NetBrain to Rapidly Expand Network Automation and AI Solutions to Global Enterprises at a $750M Valuation

Blackstone

Investment Seeks to Accelerate Adoption of AI in the $30 Billion Networking Operations (NetOps) Solutions Market

New York, NY – July 22, 2025 – Blackstone (NYSE: BX) announced today that Blackstone Growth (BXG) and affiliated funds (collectively “Blackstone”) have entered into a definitive agreement to make a majority growth investment in NetBrain Technologies, a market-leading Network Automation and AI platform. The investment, which values NetBrain at $750 million, is intended to enable the company to accelerate innovation, expand its global footprint, and scale its AI-powered platform to meet the rising demand for intelligent network automation solutions.

NetBrain is the market leader in network automation and AI, powering some of the world’s largest and most complex networks – including those of more than one-third of the Fortune 500. The company pioneered intent-based network automation technology, which creates a digital-twin of the network and enables AI to orchestrate and automate many of the manual tasks in network operations.

As enterprise networks rapidly evolve in size and complexity – particularly with the adoption of cloud and SDN architectures – traditional automation and observability tools are struggling to deliver timely value and measurable ROI. NetBrain’s next-generation automation platform, the result of years of R&D often in close collaboration with the world’s most demanding network operators, eliminates manual dependencies in critical network operations and security workflows. By consistently shifting operational workloads to automation and AI, NetBrain is redefining how hybrid networks are managed. With its industry-leading intent discovery engine, NetBrain transforms network management from a device-centric to an intent-centric model – allowing networks to be governed by self-assessable intents. This advancement enables faster outage resolution, safer change execution, and stronger security – often without human intervention.

“While NetBrain is already the market leader in network automation and AI and continues to grow rapidly, I’m thrilled to partner with Blackstone Growth to accelerate our next phase of expansion,” said Lingping Gao, Founder and CEO of NetBrain Technologies. “Blackstone’s global reach, operational expertise, and deep commitment to innovation will be instrumental in helping us seize this once-in-a-lifetime opportunity to lead the AI transformation of network operations.”

“AI has the power to transform how enterprises manage network operations and security,” said Vishal Amin, Senior Managing Director at Blackstone Growth. “NetBrain is at a pivotal inflection point, with increasing demand for automation across IT, networking, and security teams. Blackstone is excited to help NetBrain expand its global reach while continuing to invest in innovation for customers. Together, we seek to drive the future intersection of network operations (NetOps), security operations (SecOps) and AI, empowering enterprises to achieve total observability and operational excellence.”

Blackstone’s investment in NetBrain reflects its commitment to supporting market-leading and category-defining technology companies that address enterprise challenges. The firm believes NetBrain’s solutions address a critical need in the $30 billion NetOps market, where enterprises face increasing pressure to optimize IT operations, ensure reliability, and mitigate security risks. With no debt, significant cash reserves, ongoing profitability, and a growing global footprint, NetBrain is poised to accelerate its mission of transforming network automation and empowering organizations to thrive in an increasingly interconnected and AI-driven world.

McDermott Will & Emery served as legal counsel to NetBrain. Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our nearly $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About NetBrain Technologies
NetBrain, since 2004, has pioneered network automation, empowering IT teams with no-code and AI. Its Next-Gen platform shifts from reactive visibility to proactive observability. Automating troubleshooting and change management, it boosts efficiency, reduces errors, and provides insights. Powered by a Digital Twin and intent-based automation, NetBrain scales automation and simplifies adoption. NetBrain is in use by more than one-third of the Fortune 500. For more information, please visit www.netbrain.com.

Media Contacts

Blackstone
Jennifer Heath
(347) 603-9256
Jennifer.Heath@Blackstone.com

NetBrain Technologies
Ryan Couch
979-220-4586
Ryan.Couch@netbrain.com

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Concord Closes $1.765 Billion ABS to Fuel Continued Growth

Apollo logo
Transaction Features First of its Kind 10-Year Tranche, Demonstrating Continued Innovation in Music Securitization

NASHVILLE AND NEW YORK – July 22, 2025 – Concord, the world’s leading independent music company, has successfully issued $1.765 billion in a series of new five-year, seven-year, and ten-year senior notes. The ten-year tranche was privately placed and represents the longest duration ABS issuance at scale in the music sector. The notes are secured by Concord’s catalog of over 1.3 million music copyrights, featuring the songs and recordings of marquee artists such as The Beatles, Beyonce, Bruno Mars, Carrie Underwood, Creedence Clearwater Revival, Daddy Yankee, Ed Sheeran, Genesis, Imagine Dragons, John Fogerty, Kiss, Michael Jackson, Otis Redding, Phil Collins, Pink Floyd, R.E.M., Rihanna, Rodgers & Hammerstein, Taylor Swift, and The Rolling Stones. The latest issuance represents Concord’s fourth securitization offering and the largest and longest tenured asset-backed term securitization of music rights to date.

Concord’s securitization catalog is valued at more than $5.1 billion and the notes were rated A+ by KBRA and A2 by Moody’s. Apollo (NYSE: APO), through its Capital Solutions business and affiliates ATLAS SP Partners and Redding Ridge Asset Management, structured the ABS transaction and formed an investor syndicate led by Apollo-managed funds and affiliates. Proceeds from the issuance will be used to repay the company’s $1.65 billion 2022-1 note series and refinance and extend its $100 million variable funding note. The transaction was more than three times oversubscribed, reflecting robust investor demand underpinning Concord’s ABS strategy.

“As Concord continues to grow both our catalog and frontline roster, ensuring long-term access to institutional capital and continuing to build upon our strong financial foundation are crucial. ABS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the artists and songwriters we serve,” said Bob Valentine, CEO of Concord. “I am incredibly grateful to the Apollo team, who continue to provide customized solutions so that Concord can live out its mission to elevate the voices of artists around the world.”

“We are pleased to structure and lead this landmark ABS transaction for Concord, which represents a continuation of our long-term financing partnership and demonstrates Concord’s innovative approach to music securitization through the issuance of the industry’s first 10-year tranche,” said Apollo Partner Michael Paniwozik. “We continue to be impressed by the quality and breadth of the actively managed catalog that Concord has built and look forward to supporting its journey for years to come.”

“It has been immensely rewarding to support Concord’s continued evolution leveraging the ABS structure that we established in 2022,” said Apollo Managing Director Paul Sipio. “Since that time, Bob and team have made tremendous progress advancing the company’s growth strategy through several additive acquisitions. We believe the four transactions that we’ve executed with Concord to date reflect the differentiated nature of Apollo’s integrated platform, bringing together combined capabilities of Apollo, ATLAS SP, and Redding Ridge to provide tailored structured solutions.”

Apollo Global Securities, LLC and ATLAS SP Securities acted as joint bookrunners for the transaction, Redding Ridge Asset Management served as structuring agent, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.

CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history. Concord is headquartered in Nashville with offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

Supporting Concord and its predecessor companies since 2006, GREAT MOUNTAIN PARTNERS (“GMP”) is a New Haven, CT based asset manager with more than $10BN AUM, founded by Alex Thomson and Jon Rotolo. GMP’s team are longtime investors in the media and entertainment industry with experience across music, film and TV, live events and other IP based assets. GMP brings a long-term and solutions-oriented mindset to partnering with institutional investors and portfolio company leadership.

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Sdui Group Secures Strategic Investment to Accelerate its Mission to Become the Operating System for European Schools

BainCapital

Koblenz, Germany and London – July 21, 2025 – Sdui Group, a leading European provider of cloud-based administrative software for K-12 schools, today announced a new growth investment led by Bain Capital’s Tech Opportunities fund, with participation from existing investors HV Capital and High-Tech Gründerfonds (HTGF). The funding will be used to strengthen Sdui Group’s product suite, deepen its support for educational institutions, and further its ambition to become the unified digital platform for education in Europe.

Founded in 2018 in Germany, Sdui Group provides a fully integrated suite that supports schools across administrative needs from communication, attendance, scheduling, grading, and more. Today, Sdui Group serves thousands of institutions across Germany, Austria, Switzerland, and Spain, and is continuing to expand into new regions. Its modern, modular software is trusted by individual schools, districts, and governments to streamline operations. Sdui Group’s suite improves the experience for all stakeholders – teachers, students, administrators, and parents – and gives back valuable time to focus on teaching and learning.

As European school systems face rising complexity, increased digital expectations, and expanding public support and funding for education technology, institutions are looking for modern, reliable platforms that simplify their daily workflows. With a user-first approach and scalable, compliant cloud architecture, Sdui Group is well-positioned to lead this shift.

“This is a moment of transformation for education in Europe,” said James Stevens, a Partner in Bain Capital’s Tech Opportunities business. “Sdui Group is emerging as a trusted and capable partner to help schools navigate that change. Daniel and his team have built a modern, intuitive platform that directly addresses the daily challenges of school administration. We’re excited to support their continued growth and impact across the region.”

Sdui Group has already built strong momentum through both organic growth and acquisitions. The company has successfully integrated several regional software players, expanded its capabilities, and continues to invest in innovation, reliability, and user experience.

“Bain Capital’s approach is unique – they combine strategic vision with real operational support,” said Daniel Zacharias, Founder and CEO of Sdui Group. “They’ve taken the time to truly understand our mission and the realities schools face every day. With their support – and the continued backing of HV and HTGF – we’re accelerating our work to build the digital backbone of European schools.”

“We’ve been proud to back Daniel and Sdui Group since the early days and are thrilled to continue supporting this next phase of growth,” said Felix Klühr, Partner at HV Capital. “Bain Capital’s experience scaling software companies globally makes them a valuable addition to the partnership.”

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About Sdui Group

Founded in Germany in 2018, the Sdui Group has developed into a leading provider of cloud-based software that enables digital communication and administration for schools and educational institutions across Europe. As a reliable partner, Sdui Group supports individual institutions, governments and ministries in their digitalization effort, and develops innovative cloud-based solutions for schools and preschools.

Sdui Group’s suite of tools supports messaging, attendance, scheduling, grading, and more—making everyday school workflows simpler, more secure, and more effective. The company is based in Koblenz, Germany and currently employs around 230 people based in several European countries.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

Bain Capital’s Tech Opportunities business (baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities.

About HV Capital

HV Capital is one of the leading early-stage and growth investors in Europe. With nine fund generations in 25 years and €2.8 bn in managed assets, HV Capital is one of the continent’s most active investors. The investment team has many years of experience in identifying European startups with great potential for success. In addition to international success stories like Flix, Zalando, Delivery Hero, Sumup, and Depop, innovation leaders such as Quantum Systems, Marvel Fusion, Sennder, Neura Robotics, Enpal, and Isar Aerospace are also part of the portfolio. HV Capital has invested in more than 250 internet and technology companies, supporting startups with ticket sizes ranging from €0.5m to €60m. It is one of Europe’s few venture capital firms that can finance startups through all growth phases. HV Capital has a team of more than 60+ investment and operations professionals who provide a variety of perspectives and expertise across the venture capital landscape (hvcapital.com).

About High-Tech Gründerfonds (HTGF)

HTGF is one of the leading and most active early-stage investors in Germany and Europe, financing startups in the fields of Deep Tech, Industrial Tech, Climate Tech, Digital Tech, Life Sciences and Chemistry. With its experienced investment team, HTGF supports startups in all phases of their development into international market leaders. HTGF invests in the pre-seed and seed phase and can participate significantly in further financing rounds, since 2024 with the HTGF Opportunity growth fund. HTGF has a fund volume of over 2 billion euros. Since its inception in 2005, HTGF has financed more than 780 startups and successfully sold shares in almost 200 companies.

The Federal Ministry for Economic Affairs and Energy, KfW Capital and numerous companies are invested in the HTGF seed funds. Investors in the HTGF Opportunity growth fund include the ERP Special Fund and KfW with the resources of the Zukunftsfonds (“Future Fund”). Further information can be found at HTGF.de or on LinkedIn and on the Zukunftsfonds page.

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