Axon Diagnostics joins Medica Group to enhance UK diagnostic services

IK Partners

On 13 February Axon Diagnostics joined Medica Group, marking an exciting new chapter for our organisation and for the future of remote diagnostics in the UK.

By joining forces, we will become the UK’s largest clinical reporting network, supporting more than 2.5 million patients each year across the majority of NHS Trusts. This step reflects our shared ambition to accelerate innovation and gives us the scale, and capability, to support even more patients with faster, accurate reporting.

As part of this integration, Axon’s sister company, MITIS Health, will also join Medica. MITIS brings its Clinical Desktop technology, already trusted by many NHS Trusts, to support high fidelity remote diagnostic reporting.

Strengthening our capabilities together

For more than 20 years, we have built a robust network of specialist clinicians, supported by strong clinical governance and advanced infrastructure. By welcoming Axon and MITIS into the Medica Group, we are enhancing this foundation even further.

Axon is known for its innovative technology platform, agile workflows, and secure, high-performance remote desktop solutions powered by MITIS Clinical Desktop. These tools allow clinicians to work with complete flexibility, seamlessly and securely, from any appropriate location. Axon also brings a team of highly skilled clinicians who have earned a reputation for their quality and responsiveness.

Together, these strengths mean we can offer:

  • More capacity for clients across the UK
  • Faster turnaround times for routine and urgent cases
  • An enhanced experience for both healthcare partners and patients
  • A stronger platform for innovation, including AI-enabled reporting and optimised workflows

The UK’s largest clinical reporting network

With Axon joining Medica, we will be working with the majority of NHS Trusts and covering a broad range of diagnostic subspecialties.

Both organisations share the same commitment: to act as trusted strategic partners and deliver consistent, transparent, high-quality diagnostic services. Our clients will continue to work with the same familiar teams, while gradually benefiting from enhanced tools, streamlined workflows, and increased flexibility as our systems integrate.

Leadership insights

Andrew Cannon, Chief Executive Officer of Medica Group, said: “This merger marks a significant milestone for Medica, and we are proud to welcome Axon into the Medica Group. The Axon team has built an exceptional business in a remarkably short time, earning the trust of clients through first-rate service, agility and a deep commitment to quality. Bringing Axon into Medica strengthens our position as the UK’s leading diagnostics provider. Clients will continue to receive the excellent service they rely on, now supported by greater capacity and advanced reporting technology. We look forward to building a compelling future together, driving further innovation and delivering outstanding patient care at the core of our mission.”

Rahul Mehta, Chief Executive Officer of Axon Diagnostics, said: “Axon was founded to push the boundaries of diagnostic innovation, and joining Medica enables us to amplify that mission. This merger combines our technology and agile approach with Medica’s scale and clinical excellence, meaning more patients will benefit from faster and smarter reporting. We’re excited to enter this next chapter together, bringing our teams and clients with us into the Medica Group as we continue building trusted, high-quality diagnostic services.”

What happens next

We are now working through a phased integration plan that will bring together our systems, teams, and best practices in a structured and transparent way. While this integration progresses, our focus remains firmly on delivering reliable, high-quality diagnostic services that place patients at the centre of every decision we make. We look forward to the opportunities this partnership will unlock as we continue working together to deliver the highest standards of diagnostic care.

Contacts

Medica
Helen Lawton
Group Head of Marketing, Communications and Events
Email: Helen.lawton@medica.co.uk
Tel: 07950179069

FTI Consulting
Ben Atwell / Sam Purewal
Email : medica@fticonsulting.com
Tel: +44 (0) 203 727 1000

About Medica

Medica Group is the UK’s largest telemedicine diagnostics provider, delivering expert teleradiology and telepathology services to over half of NHS hospitals nationwide. With more than 20 years’ experience in remote diagnostics, Medica provides 24/7 coverage for urgent and routine imaging via a network of 800+ specialist clinicians across the UK, Ireland and the US. Its innovative platforms and use of AI-enhanced workflows help healthcare providers reduce imaging backlogs and improve patient outcomes. Headquartered in Hastings, UK, Medica Group also encompasses Medica Ireland (managed radiology and pathology services in Ireland) and RadMD in the USA (clinical trial imaging), underscoring its international reach and commitment to “improving lives through excellence in diagnostics and research.”

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About Axon Diagnostics

Axon Diagnostics is a UK-based, clinically led diagnostics services provider delivering radiology, teleradiology and digital pathology services to the NHS and private healthcare organisations. Axon offers a suite of solutions to support the needs of modern diagnostic imaging services, underpinned by innovative, secure streaming technology that enables efficient reporting, supports clinicians, and delivers tangible benefits for patient care. Axon Diagnostics – Radiology Reimagined.

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About MITIS Health

MITIS Health is a UK-based technology provider focused on improving diagnostic workflows. MITIS Health has built the Next Generation Home and inHospital Reporting Solution for Radiology, Pathology and Clinical Desktops. The Company’s Secure Gateway allows clinicians working remotely to securely project a desktop located in the hospital or datacentre, directly to any appropriate remote location. Complete lossless transmission / zero degradation of images is supported for all light-based scans such as: Plain Film, CT, MRI, PET, Ultrasound and Histopathology.

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Blackstone Leads Funding of Over $1 Billion to Neysa to Work Towards Building India’s Leading AI Infrastructure Platform

Blackstone

Mumbai, February 16, 2026 – Neysa (the “Company”) today announced that private equity funds affiliated with Blackstone (collectively, “Blackstone”) and co-investors have entered into definitive agreements to invest in Neysa, enabling a $1.2 billion capital raise. Blackstone and co-investors have provided equity capital of up to $600 million, on the basis of which Neysa intends to secure an additional $600 million of debt financing, subject to documentation. Neysa is a fast-growing Artificial Intelligence acceleration cloud platform in India delivering mission critical solutions to enterprises and government entities. Blackstone will partner with Neysa’s Co-Founder and Chief Executive Officer, Sharad Sanghi, to accelerate the Company’s growth. This funding provides a material impetus to Neysa’s planned scale-up and deployment of over 20,000 GPUs in India, helping to enable the country’s AI revolution.

Founded in 2023, Neysa designs and develops AI systems that are deployed and operated within India. The Company provides purpose‑built and cost-effective GPU‑based AI infrastructure that enables enterprises and institutions to train, fine‑tune, and deploy AI workloads. Its customers span across industries, including financial services, technology, healthcare, and public services.

Amit Dixit, Head of Asia Private Equity at Blackstone, said: “Over the past two decades, we have been committed to building businesses that build India, and this investment brings that to life. It reinforces Blackstone’s focus on backing the essential “picks and shovels” of AI globally, including in India, a key market for Blackstone. With our scale, deep expertise, and track record of building market-leading businesses, we believe we are well-positioned to support Neysa’s next phase of growth and the advancement of India’s AI transformation.”

Ganesh Mani, a Senior Managing Director in Blackstone Private Equity, said: “Digital infrastructure is one of our highest conviction investment themes globally. This investment positions Neysa to play a meaningful role in advancing AI infrastructure in India and enables businesses and public institutions to deploy AI technologies more effectively as AI adoption accelerates. We believe Neysa has the best management team in this space and look forward to partnering with Sharad and team to scale the business and support India’s innovation.”

Sharad Sanghi, Co-Founder and Chief Executive Officer of Neysa, said: “India’s AI ambition requires production grade infrastructure built and operated at scale. Neysa is focused on delivering the execution layer of sovereign compute, and AI research enablement and adoption in alignment with the goals of IndiaAI Mission. We seek to provide performance certainty and data assurance, enabling enterprises, hyperscalers, and global AI labs to deploy and scale reliable AI infrastructure in India. With Blackstone’s experience in scaling critical infrastructure, we aim to help establish India as a globally relevant AI compute destination. This investment is especially meaningful as it coincides with the AI Impact Summit, reflecting growing global engagement with India’s AI compute landscape.”

Blackstone affiliates are a significant global investor in the foundational tools, infrastructure, and technologies that drive AI’s development and adoption. Key investments include QTS, world’s largest data center platform; AirTrunk, the leading data center platform in the Asia Pacific region; CoreWeave, a specialized cloud infrastructure company; and Firmus, an Australian-based AI infrastructure platform.

Other equity investors in this transaction to include Teachers’ Venture Growth, TVS Capital, 360 ONE Assets, and Nexus Venture Partners. DC Advisory served as lead financial advisor to Neysa. KPMG served as a financial advisor to Blackstone. Talwar Thakore & Associates (TT&A) is serving as legal advisor to Neysa. Trilegal and Gibson & Dunn are serving as legal advisors to Blackstone.
 
About Blackstone  
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.3 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 LinkedInX (Twitter), and Instagram.
 
About Neysa
Neysa is an AI Acceleration Cloud provider that enables enterprises, startups, and public sector organisations to discover, deploy, and scale AI workloads securely and cost-effectively. Its flagship AI Acceleration Cloud system, Velocis covers AI infrastructure, GenAI and AI use case performance optimisation, and AI/ML security. Neysa’s partner-first approach is designed to foster an open AI ecosystem, driving industry-specific adoption at scale. Further information is available at www.neysa.ai. Follow @neysa on LinkedIn and Instagram.

Media Contacts

For Blackstone

Ellen Bogard
Ellen.Bogard@Blackstone.com
Tel: +852 3651 7737

Deepa Jayaraman
Deepa.jay@outlook.com
Tel: +91 90087 78681

For Neysa
Sujit Janardanan
sujit.j@neysa.ai
Tel: +91 9819466337

Naina Aggarwal Ahuja
naina.a@talkingpointcommunications.com
Tel: +91 9582363695

Ratos divests Expin Group as part of its streamlining

Ratos

Ratos has entered into agreements to divest Elektrosignal Infra and Ratatek, focusing on electrification and signal and telecommunication systems within rail infrastructure in Sweden and Finland, to Baneservice, Norway’s leading railway contractor. Through these transactions, in all material aspects, the operational business of Expin Group is divested.

The divestment pertains to the operational business of Expin Group, of which Ratos ultimately owns 94 percent of the shares.

“With today’s announcement, we take another important step in the continued streamlining of Ratos, strengthening our focus on long-term value creation. I am pleased that Expin Group will be backed by Baneservice, a reputable and committed owner, as the company continues its journey,” says Anna Vilogorac, Chairman of Expin Group.

Estimated financial impact on Ratos
The divestment will have an impact on Ratos’ reported operating profit of approximately SEK -800 million (non-cash impact) in the fourth quarter of 2025 and will generate cash proceeds of about SEK 50-70 million upon closing. Final impact will be calculated on closing. The transactions are subject to customary regulatory approvals and are expected to be completed in the second quarter of 2026.

About Expin Group
Expin Group focuses on electrification and signal and telecommunication systems within rail infrastructure in Sweden and Finland.

For more information, please contact:
Anna Vilogorac, CFO & IR
+46 70 616 50 19
anna.vilogorac@ratos.com

Katarina Grönwall, VP Communications & Sustainability
+46 70 300 35 38
katarina.gronwall@ratos.com

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CVC DIF agrees sale of American Roads to John Laing

CVC|DIF
  • American Roads owns and operates a portfolio of four tolled transportation facilities, including three bridges in Alabama and the American-side concession of the Detroit-Windsor Tunnel, which serves as an international border crossing between Canada and the United States.
  • Across its facilities, American Roads serves approximately seven million trips annually.
  • During CVC DIF’s ownership, American Roads has been transformed into a resilient, well-positioned platform of essential transport assets through active asset management, operational optimisation, and strategic capital structuring.
  • This exit underscores CVC DIF’s clear focus on returning capital to investors, supported by the expertise of its dedicated Divestments team.

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce that it has signed an agreement to sell American Roads to John Laing Group (“John Laing”), a leading international investor and active manager of core infrastructure assets. The transaction is subject to customary regulatory approvals and other closing conditions, including required antitrust clearances in the United States.

American Roads is a transportation infrastructure platform that owns and operates a portfolio of toll road infrastructure in the United States. The portfolio includes three bridges in Alabama with perpetual operating rights, as well as the concession-lease for the American-side of the Detroit–Windsor Tunnel, a strategically important cross-border tunnel connecting Detroit, Michigan, USA with Windsor, Canada. These assets provide critical connectivity for commuters and regional businesses, and serve approximately seven million trips annually.

Since acquiring American Roads in 2018 via its DIF Infrastructure V fund, CVC DIF has executed a clearly defined value creation plan focused on strengthening the platform’s operational resilience and positioning the assets for sustainable long-term growth. This has included close engagement with management to optimise operating practices across the portfolio and implement a capital structure designed to support ongoing investment and operational flexibility. CVC DIF’s ownership period also included the successful management of the platform through the Covid-19 pandemic, maintaining service availability during major operational disruption and a sharp decline in passenger travel, while positioning the business for recovery. CVC DIF also supported the development of an experienced, top-tier management team, reflecting the platform’s long-term institutional ownership profile.

Andrew Freeman, Partner and Head of Divestments at CVC DIF, commented: “American Roads is a strong illustration of CVC DIF’s active ownership and long-term approach to infrastructure investing. Through close partnership with management, disciplined operational optimisation, and thoughtful capital structuring, we have developed a resilient and well-governed platform of essential transport assets. We are pleased to have agreed this transaction with John Laing, a highly experienced infrastructure investor, and believe American Roads is very well positioned to continue delivering critical connectivity in its next phase of ownership.”

Quotes

Through close partnership with management, disciplined operational optimisation, and thoughtful capital structuring, we have developed a resilient and well-governed platform of essential transport assets

Andrew FreemanPartner and Head of Divestments at CVC DIF

The sale of American Roads continues CVC DIF’s programme of disciplined portfolio rotation, reflecting sustained investor demand for high-quality, long-duration infrastructure assets underpinned by stable fundamentals.

CVC DIF was advised on the transaction by Macquarie Capital (Financial), A&O Sherman (Legal), KPMG (FDD and Tax), Infrata (Technical, ESG and Traffic) and Marsh (Insurance).

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Bain Capital and BlueWater Marinas Acquire Bayside Marine in Duxbury, MA

BainCapital

BOSTON & CHARLESTON, S.C. – February 13, 2026 – BlueWater Marinas (“BlueWater”) today announced the acquisition of Bayside Marine (“Bayside”), a premier full-service marina located in Duxbury, Massachusetts. Bayside represents the fifth marina acquired by Bain Capital and BlueWater as part of their joint venture.

Family-owned and operated by the Kent family since 1949, Bayside Marine has become a cornerstone of the Duxbury boating community and is supported by decades of operational excellence in one of Massachusetts’ most affluent and supply-constrained coastal markets. Situated on Duxbury Bay with direct access to Cape Cod Bay, the property serves as a premier launch point for fishing and cruising across the South Shore and greater Cape Cod region. Bayside operates as a full-service, one-stop destination for customers’ boating needs, including storage, service, and boat sales as an authorized Grady-White dealer.

Andrew Terris, a Partner at Bain Capital Real Estate, said, “Bayside represents a compelling opportunity to invest in a high-quality, full-service marina that expands our presence in the Northeast. This asset pairs well with our acquisition of Glyn’s Marine on Nantucket and reflects our strategy of building a portfolio of outstanding marina properties along the East Coast.”

Joe Miller, a Principal at BlueWater Marinas, added, “Bayside Marine is a highly respected, deeply rooted business within the New England boating community. The property’s wide scope of services, attractive location, and multi-generational legacy align well with our approach to investing in high-quality marina operations in key coastal markets. We look forward to supporting the Kents and their team in continuing to deliver exceptional customer experience as they stay on to lead the day-to-day operations of the business.”

About Bain Capital Real Estate

Bain Capital Real Estate pursues investments in often difficult-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has invested and committed over $10.7 billion of equity across multiple sectors as of September 30, 2025. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms, with approximately $215 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About BlueWater Marinas

Headquartered in Charleston, South Carolina, BlueWater Marinas will acquire, develop and operate coastal marina assets, including both dry and wet slips. Established by former executives and key team members of PORT 32 Marinas and Atlantic Marina Holdings, alongside several marina industry top performers, BlueWater Marinas brings unparalleled expertise in marina development and management, delivering exceptional service to its customers. With a proven track record, BlueWater Marinas will build and operate a distinguished portfolio of Class A marina assets in prime markets along the East Coast. For more information, please visit https://bw-m

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EQT and Blackstone Infrastructure to acquire Urbaser, a leading waste management infrastructure platform

eqt

EQT and Blackstone Infrastructure to acquire Urbaser a leading waste management infrastructure platform

  • Funds managed by EQT and Blackstone to acquire Urbaser, a Spain-based leader in waste management infrastructure and environmental services oriented towards sustainability and innovation
  • Urbaser provides essential services to municipalities and industrial customers
  • EQT and Blackstone will support Urbaser’s growth across its markets, underpinned by an accelerating transition towards a circular economy

EQT is pleased to announce that the EQT Infrastructure VI fund and funds managed by Blackstone Infrastructure have agreed to acquire Urbaser, from funds managed by Platinum Equity.

Founded over three decades ago, Urbaser is a leading global provider of integrated waste management and environmental services. Urbaser delivers municipal and industrial waste services to more than 60 million people worldwide and has an integrated waste management model ranging from collection to treatment with the most advanced solutions to maximise recycling and regeneration. Its services are delivered through long-term contracts with municipalities and industrial clients.

Urbaser’s commitment to innovation is reflected in its long-standing leading expertise in developing and operating energy-from-waste and other advanced waste treatment infrastructure that support the sustainable development of the waste management value chain, working closely with municipalities and industrial clients.

EQT will bring its global experience investing in sustainable waste management platforms to help Urbaser grow its leadership in Spain and other geographies. It will also leverage its long investment track record and established local team with experience supporting infrastructure and sustainability-focused businesses in the country. Together with Blackstone, EQT will support the management team in continuing its expansion in the fast-growing industrial waste segment, while further strengthening Urbaser’s core municipal waste operations and its role as a long-term partner to municipalities.

Guillermo García-Barrero, Partner at EQT Infrastructure, said: “Urbaser has a long track record of partnering with municipalities and industrial clients to provide them with advanced waste treatment and collection infrastructure services. Together with Blackstone, we look forward to supporting Urbaser’s management team and employees to continue to invest in the circular economy and create lasting value for society.”

Adam Kuhnley, Co-Head of European Investments, Blackstone Infrastructure, added: “As Spain’s leading waste management and environmental services platform, Urbaser is renowned for its technical expertise, decades-long experience and long‑standing customer relationships. We are excited to partner with management and EQT to support the company’s next phase of growth as it capitalizes on strong demand for greater resource efficiency.”

Fernando Abril-Martorell, CEO of Urbaser, added: “This transaction is the reflection of the value creation potential of Urbaser and the result of an excellent collaboration with Platinum Equity over these years. We are eager to continue providing leading solutions to our customers in this new phase, accelerating our investment and growth path, working hand by hand with EQT and Blackstone as our strategy partners.”

Following the acquisition of Urbaser, EQT will have invested more than €7 billion of equity in Spain across business lines since it opened its office in 2015.

EQT and Blackstone will each own 50% of Urbaser and jointly manage the company. The transaction is subject to customary conditions and approvals. Morgan Stanley & Co. International plc and BBVA acted as financial advisors to EQT, J.P Morgan and UBS Investment Bank acted as financial advisors to Blackstone, and Simpson Thacher & Bartlett, Linklaters and Kirkland & Ellis acted as legal advisors to Blackstone and EQT.

With this transaction, EQT Infrastructure VI is expected to be 60-65% percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 270 billion in total assets under management (EUR 141 billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedInXYouTube and Instagram

About Blackstone Infrastructure
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

About Urbaser
Urbaser is one of the world leaders in environmental solutions, a global company focused on enhancing the value of the planet’s resources to build a more sustainable tomorrow. We serve more than 60 million people across the globe through our cleaning and collection services and manage more than 150 treatment plants, thanks to a huge network of more than 50,000 employees who promote real circularity every day.

More info: www.urbaser.com
Follow Urbaser on: LinkedIn, Instagram, Facebook y X

Categories: News

Blackstone Infrastructure and EQT to acquire Urbaser

Blackstone

Funds managed by Blackstone and EQT to acquire Urbaser, a Spain-based leader in waste management infrastructure and environmental services

Blackstone and EQT will support Urbaser’s growth across its markets, underpinned by an accelerating transition towards a circular economy

LONDON, UK – February 12, 2026 – Funds managed by Blackstone Infrastructure and the EQT Infrastructure VI fund (“EQT”) have agreed to acquire Urbaser from funds managed by Platinum Equity.

Founded over three decades ago, Urbaser is a leading global provider of integrated waste management and environmental services aimed at maximising recycling and regeneration.

Its services are delivered through long-term contracts with municipalities and industrial clients.

Adam Kuhnley, Co-Head of European Investments, Blackstone Infrastructure, said: “As Spain’s leading waste management and environmental services platform, Urbaser is renowned for its technical expertise, decades-long experience and long‑standing customer relationships. We are excited to partner with management and EQT to support the company’s next phase of growth as it capitalizes on strong demand for greater resource efficiency.”

Guillermo García-Barrero, Partner at EQT Infrastructure, said: “Urbaser has a long track record of partnering with municipalities and industrial clients to provide them with advanced waste treatment and collection infrastructure services. Together with Blackstone, we look forward to supporting Urbaser’s management team and employees to continue to invest in the circular economy and create lasting value for society.”

Urbaser’s commitment to innovation is reflected in its long-standing expertise in developing and operating energy-from-waste and other advanced waste treatment infrastructure that support the sustainable development of the waste management value chain.

The two firms will support the management team in continuing its expansion in the fast-growing industrial waste segment, while further strengthening Urbaser’s core municipal waste operations and its role as a long-term partner to municipalities.

Fernando Abril-Martorell, CEO of Urbaser, added: “This transaction reflects the value creation potential of Urbaser and is the result of excellent collaboration with Platinum Equity in recent years. We will continue providing leading solutions to our customers in this new phase, accelerating our investment and growth, working hand in hand with EQT and Blackstone as our strategic partners.”

Blackstone and EQT will each own 50% of Urbaser and jointly manage the company.

The transaction is subject to customary conditions and approvals. J.P Morgan and UBS Investment Bank acted as financial advisors to Blackstone, and Morgan Stanley and BBVA acted as financial advisors to EQT. Simpson Thacher & Bartlett, Linklaters, Kirkland & Ellis and Uría Menéndez acted as legal advisors to Blackstone and EQT.

Blackstone Infrastructure Partners  
Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

Media Contact

Blackstone

Matt Thomas
Matthew.Thomas@Blackstone.com
 +44 7350 445003

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EQT Foundation announces Rare Disease Science Grant recipients

eqt

EQT Foundation is proud to announce the recipients of its Rare Disease Science Grants, a funding initiative designed to accelerate transformative deeptech solutions for the diagnosis, treatment, and management of rare conditions. The selected projects span gene and RNA therapies, regenerative medicine, AI-enabled diagnostics, novel drug delivery platforms, and precision immunotherapy, each addressing urgent unmet needs in diseases that disproportionately affect children and underserved patient populations.

Together, these projects exemplify the power of rare disease research to generate breakthroughs with impact far beyond individual conditions, advancing new platforms, tools, and approaches that can reshape medicine more broadly.

Meet the Grantees

Spencer Shelton – Modulating metabolic flux by hematopoietic stem cell engineering to ameliorate porphyrias

A broadly applicable genetic therapy for erythropoietic protoporphyria that targets blood stem cells to restore balance in heme biosynthesis. By intervening at a shared regulatory point rather than correcting individual mutations, this approach aims to deliver a mutation-agnostic therapy capable of reaching clinical testing by the end of the project.

Daniel Bauer – Prime editing gene therapy for Shwachman-Diamond syndrome

This project advances a first-in-class prime editing strategy to treat Shwachman-Diamond syndrome, a rare inherited bone marrow failure disorder with no targeted therapies. Building on strong proof-of-concept data, the team will generate the preclinical and genotoxicity evidence needed to support a pre-IND meeting with the FDA, with the longer-term goal of establishing a gene-editing platform for blood and immune diseases.

Rhian Stavely – Autologous enteric neural stem cells for Hirschsprung disease

A curative regenerative medicine approach for children with Hirschsprung disease, which is caused by the absence of enteric neurons in the gut. Using a patient’s own cells, this project aims to regenerate functional enteric neural networks, restore gut motility, and reduce lifelong complications, while preparing the therapy for first-in-human clinical translation.

Marta M. Alonso and Iker Ausejo-Mauleón –Developing new generation oncolytic virus for pediatric brain tumors

This project is developing next-generation oncolytic virus therapies for otherwise incurable pediatric brain tumors, with a focus on diffuse midline gliomas. The grant will support advanced preclinical validation of POP-02, alongside regulatory planning toward first-in-human studies in Europe and the United States, with the ambition to initiate a Phase I trial in children.

Guei-Sheung Liu – Transformative RNA editing therapy for Usher syndrome

This project from the Centre for Eye Research Australia, is developing a first-in-class RNA editing therapy to directly correct the genetic cause of Usher syndrome, a condition that leads to irreversible vision loss and early-onset hearing impairment. By restoring essential retinal proteins, the approach has the potential to halt retinal degeneration and transform outcomes for up to 300,000 people worldwide.

Timothy Jenkins – AI-designed T-cell engagers for virus-driven Merkel cell carcinoma

Using de novo protein design, this project creates highly selective bispecific T-cell engagers that target viral peptide–MHC complexes in Merkel cell carcinoma, a rare and aggressive skin cancer. The platform combines generative AI with in vitro and in vivo validation to deliver a preclinical lead with a clear path toward IND-enabling studies and broader applicability to other virus-associated cancers.

Wouter van Rheenen and Vamshidhar R. Vangoor – ATTAIN: Antisense therapies targeting ALS in induced neurons

ATTAIN aims to rapidly translate genetic discoveries into gene-targeted therapies for ALS. By building a scalable pipeline using patient-derived motor neurons, the team will screen and optimize allele-specific antisense oligonucleotides, nominating lead candidates for safety testing and future first-in-human precision therapies.

Stefan Marciniak – AI-enabled diagnosis of Birt-Hogg-Dubé syndrome

This project applies federated learning and artificial intelligence to improve CT-based diagnosis of Birt-Hogg-Dubé syndrome using multi-institutional data without sharing patient information. By combining imaging, radiomics, and molecular data, the approach aims to improve diagnostic accuracy in non-specialist settings and establish a scalable, privacy-preserving framework for rare disease diagnostics.

Feyisayo Eweje – ENTER: Elastin-based nanoparticles for therapeutic delivery

This project is developing a non-viral protein nanoparticle system for targeted in vivo delivery of gene editors to hematopoietic stem cells. By overcoming key limitations of ex vivo gene editing, this platform aims to enable scalable genetic medicines for inherited blood and immune disorders such as sickle cell disease and beta-thalassemia.

Ana Topf – Latin-SEQ

Latin-SEQ is a multi-centre consortium focused on rare neuromuscular diseases in Latin America. The project integrates diagnosis, gene discovery, and translational development while building sustainable, locally owned scientific infrastructure. By enabling federated analyses and cross-site learning, Latin-SEQ promotes equitable collaboration and long-term capacity building in the region.

Annelisa Cornel – MetaboCAR

MetaboCAR is developing next-generation CAR-T therapies that exploit shared metabolic vulnerabilities across childhood cancers. By targeting metabolic stress signals rather than tumor-specific antigens, this approach aims to unlock new, broadly applicable immunotherapies for pediatric oncology.

Kim Fabiano Marquart – Nerai Bioscience

Nerai Bioscience combines AI with high-throughput directed evolution to engineer customized CRISPR gene-editing tools capable of targeting disease mutations currently beyond reach. With applications in rare genetic liver and metabolic diseases such as citrullinemia type I and phenylketonuria, the project seeks to expand access to first-in-class genome medicines.

Contact

EQT Press Office

press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €‌​​270​‌ billion in total assets under management (€141​‌ billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedInXYouTube and Instagram

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Ralph Haupter Joins Warburg Pincus as an External Senior Advisor

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Seasoned Technology Executive to Support European Technology Group

London, 10 February 2026 – Warburg Pincus, the pioneer of private equity global growth investing, today announced that Ralph Haupter will serve as an External Senior Advisor to its European Technology team. Mr. Haupter, Executive Vice President and Chief Revenue Officer for Small Medium Enterprises and Channel (SME&C) at Microsoft, will take on this personal engagement to help the firm identify and evaluate new investment opportunities across the software and technology sectors. He will also play an active role in value creation across the firm’s existing portfolio.

Mr. Haupter brings over 25 years of global operating experience and deep expertise in technology innovation and transformation. At Microsoft, he leads a global organization that works with the company’s extensive partner ecosystem to empower small and medium businesses worldwide. Previously, he held senior leadership roles across Europe, Asia, and the Americas, including President of Microsoft EMEA, President of Microsoft Asia, and Chief Executive Officer of Microsoft Germany. Before joining Microsoft, Mr. Haupter held leadership positions at IBM.

“I am excited to spend time with the Warburg Pincus team in this advisory capacity,” said Ralph Haupter. “Throughout my career, I’ve focused on helping organizations apply the latest technologies, including artificial intelligence, to improve how they operate and grow. I look forward to sharing my experience and learning from the next generation of technology companies.”

“We are delighted to welcome Ralph as a Senior Advisor,” said Issam Abedin and Max Fowinkel, Managing Directors at Warburg Pincus. “Ralph’s deep industry experience and knowledge of working with and scaling technology companies will be immensely valuable as we focus on supporting our current and future portfolio companies to unlock their full potential.”

Media contact:

Alice Gibb – Director, Europe Communications

Alice.gibb@warburgpincus.com

+44 207 306 3090

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Categories: People

IK Partners advises Wendel on the sale of Stahl

IK Partners (“IK”), a leading European private equity firm, has advised Wendel on the sale of its stake in Stahl (“the Company”) to Henkel for an enterprise value of €2.1 billion.

The IK Wendel Principal Investments (“WPI”) team, established in early 2026 to support Wendel’s direct investment activities and led by Xavier Lemonnier, has advised Wendel on the signing of an agreement to sell Stahl (excluding Muno). Wendel invested in Stahl in 2006, with the exit generating a net money multiple of 6.6x and an IRR in excess of 15% over the 20-year hold period.

Stahl is a global leader in specialty coatings for flexible materials. The Company benefits from favourable end-market trends — particularly in premium consumer segments — strong exposure to high-growth regions (such as Asia) and a product portfolio driven by sustainable technologies.

Henkel is a German-headquartered global coatings and adhesives leader serving a broad range of industrial and consumer end markets. Henkel benefits from a strong track record in innovation, technology leadership and sustainability.

The transaction is subject to mandatory consultation processes and the satisfaction of customary closing conditions, including regulatory approvals.

Xavier Lemonnier, Partner at IK and Head of the WPI Strategy, said: “We are pleased to be able to announce such a significant transaction so soon after the announcement of the advisory mandate given to IK to support Wendel, leveraging IK’s deep investment expertise. The sale of Stahl to Henkel represents a great outcome for all stakeholders.”

For further details on the transaction, please refer to Wendel’s press release.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €20 billion of capital and invested in over 200 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com IK is an affiliate of Wendel. For more information, visit wendelgroup.com

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