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Reserv Announces $125 Million Series C Financing Led by KKR to Accelerate AI-Driven Transformation of Insurance Claims

KKR
NEW YORK & LONDON–Reserv Inc. (“Reserv”), the parent company of Reserv Claims Analysis, LLC – the Property and Casualty (P&C) Insurance industry’s largest AI-native third-party administrator (“TPA”) – and Reserv Technologies, LLC – a claims intelligence provider – today announced a $125 million Series C funding round led by KKR, with participation from existing investors including Bain Capital Ventures and Flourish Ventures, as well as select strategic partners and clients.
Founded in 2022, Reserv provides TPA services and technology to nearly 200 insurers, corporate captives, MGAs, and brokers. The company has achieved strong commercial traction, with annual recurring revenue (ARR) reaching $100 million and rapid year-on-year growth as it scales its platform. With over 500 claims adjusters on staff, Reserv has more than doubled its claims processing capacity every year while continuing to improve claims outcomes, provide data transparency, and innovate new technology solutions for its client partners. The investment from funds and accounts managed by KKR is expected to help Reserv continue to more than double its claim capacity every year from 500,000 annual complex claims capacity today to 30 million in the next four years, which means creating enough capacity to service and automate a significant portion of the P&C industry across non-field-based commercial claims.

“We started this company to prove how seamless claims processing could be if technology wasn’t the bottleneck – with ongoing feature evolution instead of constant system overhauls. And our focus is not just on claims processing tools, but automation of the entire organization,” said CJ Przybyl, co-founder and CEO. “Reserv has now reached a scale – in claims processing capacity, technology velocity, data accumulation, and people transformation capabilities – where we can automate even the most complex claims. This enables an adjuster-led, empathetic experience, with every ‘i’ dotted and ‘t’ crossed with the support of AI and built on an infinitely scalable, purpose-built platform and flexible tech stack.”

“What Reserv has done from an AI and operational perspective to deliver faster and better quality outcomes for its customers is truly differentiated in the market,” said Patrick Devine, Partner at KKR. “We’re excited to partner with this high-calibre management team, which has the rare combination of innovation, agility, and operational sophistication to rapidly scale to meet customer needs and deliver differentiated outcomes compared to legacy claims handling approaches,” added Elliot Bell, Principal at KKR.

“After scaling York Risk Services into one of the nation’s largest TPAs, I’ve seen virtually every claims model the industry has produced,” said Rick Taketa, Board Member and former CEO of York Risk Services. “What Reserv has built is genuinely different—AI-driven capabilities that go beyond automation to meaningfully improve outcomes for claimants and customers alike. KKR’s investment reflects what I’ve seen firsthand: this is a company positioned to lead the next phase of innovation in claims, with its most significant impact still ahead.”

The Reserv Glance™ claims platform enables customers to migrate any size of historical and open claims into a centralized database. It then uses fully explainable AI to analyze and act on critical claims, while scaling human and automated workflows quickly. This enables customers to phase out legacy claims systems and operations in a matter of weeks. Clients can choose how much automation they want to apply — from automated handling of simpler claims to more supported approaches for complex cases. Reserv operates in a “post-AI” environment, where the latest AI tools are immediately production-ready and integrated into the platform. The emphasis shifts from building standalone tools to supporting adjuster and insurer teams as they adapt their processes to this pace of innovation.

The investment will be made primarily through KKR’s Next Generation Technology Growth strategy, which builds on the firm’s established track record in technology investing, and leverages KKR’s institutional knowledge from investing extensively across the insurance value chain.

Reserv was advised by Paul Hastings as legal adviser. KKR was advised by Gibson Dunn as legal adviser.

About Reserv

Reserv is an AI-native third-party administrator (TPA) and software provider for property and casualty insurance. Purpose-built by claims and technology veterans, Reserv delivers tech-forward claims handling at scale, enabling insurers to drive down loss costs, streamline operations, and improve the customer experience. Learn more at www.reserv.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

 

Contacts

Reserv
marketing@reserv.com

KKR
Julia Leeger
media@kkr.com

 

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Carlyle Acquires Knack RCM and EqualizeRCM to Create an AI-Native, Global Multi-Specialty Healthcare RCM Platform

Carlyle

WOODBRIDGE, N.J., AUSTIN, Texas, and MUMBAI, India – May 4, 2026 – Global investment firm Carlyle (NASDAQ: CG) today announced it has acquired a majority stake in Knack RCM (“Knack”) and EqualizeRCM (“Equalize”), two leading U.S. healthcare revenue cycle management (“RCM”) providers, to create an AI-native, global, multi-specialty RCM platform. Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners VI (CAP VI) and Carlyle Asia Partners Growth II (CAPG II). The terms of the transaction are not disclosed. Rajiv Sharma, Founder of Knack RCM, and Nagi Rao, Founder of EqualizeRCM, will remain invested in the platform through a reinvestment of a portion of their proceeds.

 

Knack and Equalize are complementary healthcare RCM providers serving physician groups, durable medical equipment (“DME”) providers, rural hospitals, and other specialty provider segments. Together, they bring deep, specialty-specific expertise across DME, anaesthesia, eyecare, behavioural health, rural hospitals, urgent care, and multi-specialty physician groups.

 

The combined platform is expected to enhance operational scale and diversification, broaden the delivery footprint, strengthen leadership depth and help accelerate AI capabilities to enhance outcomes for clients. Knack contributes scaled, global delivery across the U.S., India, and the Philippines, anchored by an intelligent, end-to-end revenue engine powered by its orchestration platform, Workmate. EqualizeRCM complements this with its established delivery scale in the U.S. and India, alongside a proprietary payer enrollment platform and advanced AI-driven tools—such as Bill Smart for denial prediction and avoidance— that are purpose-built for hospitals, urgent care, and targeted specialty segments. Equalize’s AI-native platform, built on large language models and agentic AI, has demonstrated proven commercial traction, including the displacement of established, large-scale vendor contracts at leading DME manufacturers.

 

Kapil Modi, Partner at Carlyle India Advisors, said: “The U.S. healthcare revenue cycle market is growing rapidly, driven by margin compression, workforce shortages, and the shift to value-based care. Carlyle has significant experience in scaling RCM platforms to achieve market leadership and we believe Knack and Equalize stand out as leaders with their AI-native, specialty‑focused, and outcomes‑driven approach, which aligns well with the growing needs and demand in healthcare RCM.”

 

Rajiv Sharma, Founder, Knack RCM, said: “Carlyle has been a trusted partner to Knack, bringing not only capital but also valuable expertise in healthcare and RCM. The addition of Equalize is a progression of this partnership and strengthens the value we provide to our clients.”

 

Nagi Rao, Founder, EqualizeRCM, said: “Our clients, particularly rural hospitals and behavioural health providers, face immense pressure in sustaining margins and ensuring access to care. Partnering with Knack enables us to integrate our advisory expertise with their advanced analytics and global operations, to deliver more robust and tailored solutions. We are excited to work with Knack and Carlyle to drive wider adoption of our AI-native platform to support healthcare providers.”

 

Gautam Barai, CEO, Knack RCM, said: “Healthcare providers measure success by their ability to meet payroll, preserve services, and support their communities—not by the amount of automation deployed. Coming together with Equalize allows us to combine our strengths to tackle the most complex parts of the revenue cycle, including rural cost reports, DME intake, and challenging anaesthesia cases. For us, success is not about automating simple workflows but about addressing the most critical financial risks faced by our clients, which ultimately translates into improved financial health and better patient care.”

 

Amit Jain, Partner and Head of Carlyle India Advisors, concluded: “One of the core tenets of this investment is to build a scaled, strategically attractive physician and rural hospital RCM platform in a fragmented industry. Carlyle has a track record of executing similar strategies in sectors such as auto components and pharmaceuticals. This investment extends our India for the World thesis and builds on our experience investing in technology and tech-enabled services. We have invested in healthcare technology platforms including Indegene, Visionary RCM, and CorroHealth, and we will bring this expertise and execution capability to scale the combined Knack and Equalize platform.”

 

Carlyle intends to build on this platform strategy by pursuing additional opportunities in the RCM industry and will continue to seek to add synergistic assets with complementary offerings to the RCM platform.

 

***

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

About Knack RCM
Knack RCM is an AI-native, specialty‑focused revenue cycle management leader that helps healthcare organizations operating in complex clinical, financial and technology environments unlock the full value of reimbursement, safeguard margin and strengthen the delivery of care, so providers can better serve the communities that depend on them. Headquartered in Woodbridge, New Jersey, Knack RCM has over 8,000 employees across 10 delivery centers in India, the Philippines and the United States.

 

About EqualizeRCM
EqualizeRCM is a U.S.‑based revenue cycle management company serving physicians, hospitals, ambulatory surgery centers, laboratories and rural providers. The company is known for its work with Critical Access Hospitals, rural PPS Hospitals and Rural Health Clinics, providing specialized support in cost reports, reimbursement strategies and education forums that help clients navigate evolving payer and regulatory environments. The Company’s 1st Credentialing division is a leading provider of payor enrollment services across the nation.

 

 

Media Contacts

 

Carlyle
Lonna Leong
+852 9023 1157
lonna.leong@carlyle.com

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Anthropic Partners with Blackstone, Hellman & Friedman, and Goldman Sachs to Launch Enterprise AI Services Firm

Blackstone

San Francisco, CA – Anthropic, Blackstone, Hellman & Friedman, and Goldman Sachs today announced the formation of a new AI-native enterprise services firm that will work with companies to rapidly bring Claude into their core business operations. The new firm is a standalone entity with Anthropic engineering and partnership resources embedded directly within its team.

Alongside the founding partners, the new company is backed by a consortium of leading alternative asset managers including General Atlantic, Leonard Green, Apollo Global Management, GIC, and Sequoia Capital. The new firm will benefit from the consortium’s broad network of hundreds of companies to design, build, and maintain enterprise AI deployments, establishing a scalable platform for sustained growth.

Krishna Rao, Chief Financial Officer of Anthropic, said: “Enterprise demand for Claude is significantly outpacing any single delivery model. Our partnerships with the world’s leading systems integrators are central to how Claude reaches large enterprises. This new firm brings additional operating capability to the ecosystem and capital from leading alternative asset managers. We are proud to build it alongside Blackstone, Hellman & Friedman, Goldman Sachs, and our other partners.”

Jon Gray, President and Chief Operating Officer of Blackstone, said: “We intend to build a scaled, world-class company to deploy Anthropic’s incredible technology across a range of businesses in our portfolio and beyond. We believe it can help break down one of the most significant bottlenecks to enterprise AI adoption by expanding the number of highly skilled implementation partners.”

Patrick Healy, CEO at Hellman & Friedman, said: “This is a rare convergence: massive market need, the unmatched AI technical capability of Anthropic, and a consortium of investors with the reach to scale fast. The near-term value to our portfolio companies is substantial, and we are excited by the long-term potential to build the definitive enterprise AI services platform.”

Marc Nachmann, Global Head of Asset and Wealth Management at Goldman Sachs, said: “This is a compelling investment opportunity for our clients and will enable mid-market companies to deploy Anthropic’s AI solutions to drive meaningful impact in their business. By democratizing access to forward-deployed engineers, the new company can help the expansive network of portfolio companies in our Asset Management business and other companies of similar sizes accelerate AI adoption to grow and scale their operations.”

The company will serve as an accelerant in bringing AI solutions to mid-size companies, helping to drive adoption across an initial customer base of both portfolio companies of the investment firms and independent companies that can benefit from the platform.

Claude’s capabilities change on a monthly or even weekly basis, which creates a different kind of engineering challenge than traditional software deployment. The systems that companies build with AI need to evolve as the models underneath them improve. Because the firm’s engineers will work in close coordination with Anthropic’s research and product teams, the implementations they deliver are designed to do that from day one.

Some of the largest opportunities for AI sit in industries like healthcare, manufacturing, financial services, retail, real estate, infrastructure, and more. Building and maintaining frontier AI systems requires a depth of expertise that is scarce even among the world’s most sophisticated organizations. This new AI-native enterprise services firm will help leading businesses deploy AI at the speed and scale that their competitive positions require.

About Anthropic
Anthropic is a frontier AI company whose mission is to steer the trajectory of AI to advance human progress. We are best known for building Claude, the intelligence platform trusted by millions of people and businesses worldwide. Anthropic is a public benefit corporation—a for-profit committed to operating in service of social and public good—and controlled by a Long-Term Benefit Trust, a group of independent experts in AI safety, national security, public policy, and social enterprise.

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 over $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 LinkedIn, X (Twitter), and Instagram.

About Hellman & Friedman
Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation, and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors, including technology, financial services, healthcare, consumer services & retail, and information, content & business services. Since its founding in 1984, H&F has invested in over 100 companies and has over $115 billion in assets under management as of December 31, 2025. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com
 
About Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $625 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives, including private equity, growth equity, venture capital, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.7 trillion in assets under supervision globally as of March 31, 2026.

Forward-Looking Statements
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone’s current views with respect to, among other things, its operations, financial performance and the new enterprise services firm referred to herein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in its subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in its other subsequent filings. The forward-looking statements speak only as of the date of this release, and Blackstone undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Press Contacts

Blackstone
Matt Anderson
Matthew.Anderson@Blackstone.com

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Apollo Closes Accord Fund VII at $1.9 Billion

Apollo logo

Brings Total Capital Raised Across Accord Dislocation Complex to $11.6 Billion Since Inception

NEW YORK, May 04, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced the final close of Apollo Accord Fund VII (“Accord VII” or the “Fund”) with $1.9 billion in total commitments, reflecting broad support from a global and diverse group of investors including pension funds, financial institutions, endowments, foundations and family offices.

Accord VII is the latest vintage of the Firm’s flagship Accord Dislocation Series, which has raised $11.6 billion since inception in 2017. The strategy pursues dislocated liquid credit during periods of market volatility, as well as select idiosyncratic and issuer-driven opportunities in more stable market environments. The investment approach emphasizes a diversified portfolio of highly defensible positions targeting the top of the capital structure, across both primary and secondary markets.

“We are operating in a period of heightened volatility driven by elevated valuations, increased geopolitical and macroeconomic risk and rapid AI-driven disruption,” said Chris Lahoud, Partner and Deputy Co-Head of Hybrid at Apollo. “In this environment, markets reward judgment, scale and disciplined underwriting. We believe periods of volatility and dispersion create compelling opportunities for capital providers who are prepared to act decisively.”

Akila Grewal, Global Head of the Institutional Client Group at Apollo, added, “We are grateful for the continued support of our investors globally. The strong demand for Accord VII reflects sustained confidence in the strategy and the important role it plays within diversified portfolios. In dynamic market environments, we believe the Fund’s flexible mandate can help investors take advantage of volatility with an emphasis on senior positioning within the capital structure.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Apollo in connection with the closing of Accord VII.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2025, Apollo had approximately $938 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts
Noah Gunn
Global Head of Investor Relations
+1 (212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
+1 (212) 822-0491
Communications@apollo.com

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CapMan Infra acquires majority stake in Nordic helicopter services provider HeliAir Sweden

Capman

CapMan Infra has agreed to acquire a majority stake in HeliAir Sweden, a leading Nordic helicopter operator and lessor providing mission-critical aerial services including firefighting, power and utilities, defence and other specialised applications.   

Headquartered in Sweden, HeliAir has built a strong position in the Nordic market and serves a diversified customer base across the public and private sectors. The company provides critical helicopter services including aerial firefighting, electricity grid inspections, vegetation management, military training support and other specialised operations. HeliAir’s offering is supported by vertically integrated teams and in-house capabilities across maintenance, fuelling, and training.

CapMan Infra’s investment will support HeliAir in its next phase of growth. The focus is to further strengthen the company’s market position in its core segments, supporting continued fleet development and expanding its service offering in selected markets. HeliAir’s role in supporting essential public services and infrastructure operations makes the company a strong fit with CapMan Infra’s focus on resilient, mission-critical businesses.

“We are pleased to partner with HeliAir in its next phase of growth. The company has built a strong position in a market with high requirements for safety, availability and specialised operational expertise, supported by a high-quality fleet. Its services support public safety and critical infrastructure, and we look forward to supporting the company’s continued development together with the management team,”says Ibrahim Makdessi, Investment Manager at CapMan Infra.

“This is an important step for HeliAir,” says Joel Backlund, CEO of HeliAir. “With CapMan Infra as our new majority owner, we will have a strong partner to support our growth ambitions, further invest in our fleet and capabilities, and continue delivering reliable, high-quality services to our customers across the Nordics and selected European markets.”

For more information, please contact:

Ibrahim Makdessi, Investment Manager, CapMan Infra, +46 72 341 01 11, ibrahim.makdessi@capman.com

Joel Backlund, CEO, HeliAir, +46 70 786 76 00, joel.backlund@heliairsweden.com

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

 

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Power Home Remodeling Secures Investment from Bain Capital, Sixth Street, and Harvest Partners Structured Capital

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BainCapital

nvestment to support the continued expansion of the leading home remodeling company

Chester, Pa. – May 4, 2026 – Power Home Remodeling (“POWER”), the nation’s leading exterior home remodeler, today announced that it has secured a growth investment from Bain Capital, Sixth Street, and Harvest Partners Structured Capital. The firms will partner with POWER’s management team and existing investor, Harvest Partners, whose funds remain the largest investor, to support the company’s continued expansion. To date, POWER has served more than one million customers across 26 territories nationwide.

POWER has delivered consistent growth over the past decade, gaining meaningful share in the highly fragmented, multi-billion-dollar home improvement market. As one of the few scaled national players in exterior home remodeling, the company has differentiated itself through a centralized operating model and a proprietary platform that supports its sales, installation, and customer experience processes at scale. That operating discipline is reinforced by a culture of excellence that has developed leaders from within, supported growth to more than 5,000 employees, and earned the company repeated recognition as a top workplace across industries.

“Over the past 30 years, we have built POWER into one of the largest full-service exterior home remodelers in the United States,” said co-CEOs Asher Raphael and Corey Schiller. “We are committed to delivering exceptional results for homeowners through strong customer relationships, our proprietary technology platform, and a deep commitment to talent development. We see significant opportunity ahead, and this investment will help us continue to grow and scale while further strengthening our market position.”

The investment will support POWER’s next phase of growth as the company continues to expand its footprint, invest in its proprietary operating platform, build on the talent development, corporate culture, and sales model that have helped it differentiate at scale.

“POWER is a market leader and one of the few scaled national players in the fast-growing repair and remodeling sector,” said Cristian Jitianu, a Partner at Bain Capital Special Situations. “The company has built a proven, repeatable model with a differentiated platform and significant runway for continued growth. We look forward to partnering with POWER to support continued innovation and long-term value creation.”

“Asher, Corey, and team have built an incredible business with a differentiated value proposition within the resilient home repair and remodeling sector,” said Kayvan Heravi, Partner and Co-Head of Consumer at Sixth Street. “We are excited to partner with the POWER team, Harvest Partners, and Bain Capital, and look forward to supporting the company’s long-term growth.”

“Since investing in the company in 2022, Harvest Partners has been proud to support POWER’s nationwide expansion, and we’re excited to partner with Bain Capital and Sixth Street to drive the company’s next stage of development,” said Nick Romano, Partner at Harvest Partners. “This is a great outcome for the company’s employees and customers, as well as our investors.”

Harris Williams served as financial advisor, and Kirkland & Ellis LLP served as legal advisor to Harvest Partners and POWER. Bank of America and Rothschild & Co also served as financial advisors to Harvest Partners and POWER. Ropes & Gray served as legal advisor to Bain Capital. Goldman Sachs served as exclusive financial advisor, and Latham & Watkins served as legal advisor to Sixth Street.

###

About Power Home Remodeling
POWER is the nation’s largest, full-service, exterior home remodeler with more than 5,000 employees, over one million lifetime customers, and $1.7 billion in annual revenue. Established in 1992 and headquartered in the Philadelphia region, POWER’s primary product line includes windows, siding, roofing, gutters, doors, solar roofing panel, and attic insulation, providing energy-saving solutions to residents across its operating territories, including Arizona, Colorado, Connecticut, Delaware, Florida, Georgia, Indiana, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Wisconsin. At POWER, we believe that every home, person, and community has potential, and everything we do is in service of bringing that potential to life. That belief led us to create Power for Good, which amplifies the vision and voices of our people to drive our philanthropic efforts. Learn how Our Work Shows at www.powerhrg.com.

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 $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Sixth Street
Sixth Street is a global investment firm with over $130 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Sixth Street’s dedicated consumer investing team provides strategic capital solutions to companies operating in a range of subsectors and business models. Sixth Street has partnered with many leading brands including Airbnb, Bay FC, Chobani, Crunch Fitness, Equinox, FC Barcelona, Legends Global, Milan Laser, Mindbody, Real Madrid, Spotify, the Boston Celtics, the New England Patriots, the San Antonio Spurs, the San Francisco Giants, and Wingstop. Sixth Street has more than 750 team members, including approximately 300 investment professionals operating across the firm’s global locations. For more information, and additional disclosures, visit www.sixthstreet.com and follow Sixth Street on LinkedIn.

About Harvest Partners
Founded in 1981, Harvest Partners is an established private equity firm with over 40 years of experience investing in middle-market companies and partnering with high-quality management teams to build growing businesses. Harvest Partners Structured Capital is the firm’s non-control investing strategy.  The firm invests in service-oriented business across four core sectors: business services & industrials, commercial services, consumer services and healthcare services. This strategy leverages Harvest Partners’ multi-decade experience in financing organic and acquisition-oriented growth opportunities. The firm has over $20 billion in assets under management as of December 31, 2025. For more information, please visit
www.harvestpartners.com.

Media Contacts

 

Eddie de Sciora

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Flow Control Group to Receive Investment from Neuberger Private Markets

KKR

NEW YORK–(BUSINESS WIRE)– Flow Control Group (“the Company” or “FCG”), a leading North American network of technical flow control and industrial automation distributors and solutions providers, today announced that KKR, the Company’s existing investor, and Neuberger Private Markets (“Neuberger”) have agreed to jointly acquire the Company. As part of this transaction, funds managed by KKR will maintain majority ownership of FCG, with Neuberger holding a significant minority interest in the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260429172174/en/

Since KKR’s initial acquisition of Flow Control Group in 2021, the Company has scaled into a preeminent platform in the distribution sector with revenue and EBITDA more than tripling over KKR’s ownership period. This has been driven by a strategy focused on growing the business organically, while also expanding through strategic acquisitions. By advancing cross-selling, expanding technical service capabilities, and investing extensively in digital and IT infrastructure, KKR has helped broaden the Company’s reach across new end-markets and strengthen technical offerings that serve critical North American industries.

This growth includes substantial investments in FCG’s workforce of over 1,000 technical sales professionals and 600 service technicians, who support customers in key end-markets like water & wastewater, life sciences, aerospace & defense, food & beverage, power generation, and high-growth segments such as data centers and advanced automation. Through differentiated training and recruitment efforts, FCG has invested extensively in its best-in-class workforce. These efforts have allowed FCG to take a differentiated partnership approach with suppliers and customers.

“Flow Control Group exemplifies KKR’s approach of taking great businesses to the next level through a combination of strategic acquisitions and operational value creation,” said Josh Weisenbeck, Partner at KKR that leads KKR’s Industrials industry team within KKR’s North American private equity platform. “We are proud of the progress achieved to date and look forward to strategically partnering with Neuberger’s Private Markets team, FCG’s management team, and the many highly engaged employee-owners to support the Company’s next phase of growth.”

“We’ve followed Flow Control Group’s evolution over the past decade,” said David Stonberg, Deputy Head of Neuberger Private Markets, “and we view the platform as a best-in-class distributor and key technical provider for its customers in industries benefiting from favorable tailwinds. As a result of its strong technical differentiation, resilient business model, and proven track record of growth, we couldn’t be more pleased to collaborate with KKR, the management team, and FCG’s employee-owners to support the Company’s continued expansion and long-term value creation.”

At the time of KKR’s 2021 acquisition, KKR implemented a broad-based ownership program, whereby all employees of Flow Control Group became owners in the Company.

“One of the most impactful parts of working with KKR was their focus on employee ownership and engagement,” said Raymond Aronoff, Chief Executive Officer and President of Flow Control Group. “Throughout our strategic partnership, we’ve created a winning culture oriented around ownership. This includes our ‘Pathway to the Summit’ – a shared strategic vision to guide employee-owners toward a successful financial outcome for all stakeholders. Alignment around a strong vision of value-added distribution and technical services, coupled with a true sense of ownership by all employees, supported FCG’s transformation into a scaled platform focused on delivering critical products, solutions, and technical expertise to our valued customers and suppliers. KKR has played a critical role in supporting our growth, and we are excited to welcome Neuberger as we continue to expand our capabilities, invest in our team, and pursue new opportunities across our markets.”

As part of this ownership program and contingent on the successful closing of the sale, all of the Company’s more than 3,000 employees will receive cash payouts. With a continued commitment to employee ownership, KKR and Neuberger intend to re-establish the broad-based ownership program at FCG following the closing. Neuberger has also been a member of Ownership Works’ coalition of financial services partners that support the creation of financial opportunity for all employees and build stronger businesses in the process.

The transaction, which is subject to regulatory approvals, is expected to close in Q2 2026.

KKR and FCG were advised by Solomon Partners as financial and M&A advisor, and Kirkland & Ellis and Debevoise served as legal advisors on this transaction. Evercore served as financial advisor and Latham & Watkins served as legal advisor to Neuberger.

About Flow Control Group

Headquartered in Charlotte, North Carolina, Flow Control Group is a systems-oriented industrial solutions company powered by a network of over 120 specialized distribution and service providers across the U.S. and Canada. Combining distribution strength, technical expertise, engineered systems, automation and service, FCG helps customers operate at the highest levels of efficiency and solve complex operational challenges across their facilities.

Through access to more than 3,000 suppliers and deep industry and application knowledge, Flow Control Group supports critical flow, control, and automation systems across a wide range of end markets.

About Neuberger Private Markets

Neuberger Private Markets is a division of Neuberger and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of December 31, 2025, Neuberger Private Markets manages over $155 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 500 professionals with a global presence in 17 offices globally.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Contacts

Flow Control Group
Karrie Williams
fcgcommunications@flowcontrolgroup.com

Neuberger
Soogyung Jordan
soogyung.jordan@nb.com

KKR
Sarah Moon
media@kkr.com

Source: KKR

 

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KKR Makes Strategic Investment to Accelerate Growth of MLS NEXT Pro

KKR

Major League Soccer and KKR Establish Hometown Soccer Holdings to Drive New Market Opportunities and Community Engagement

NEW YORK–(BUSINESS WIRE)– Major League Soccer (“MLS”) and KKR, a leading global investment firm, today announced a strategic investment to accelerate the growth of MLS NEXT Pro. In connection, MLS and funds managed by KKR have formed Hometown Soccer Holdings (“HSH”), a new platform created to support the evolution of MLS NEXT Pro.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260429382066/en/

The partnership will serve as MLS NEXT Pro’s commercial engine, supporting stadium development in new communities, creating new club brands for MLS-affiliated teams, and enhancing the fan experience through high-energy matchday environments at fan-friendly venues with distinct local identities. The investment will support the growth of the sport and the reach of MLS NEXT Pro.

“Having KKR as a strategic partner is a significant step forward for MLS NEXT Pro and will strengthen player development across the U.S. and Canada,” said Major League Soccer Commissioner Don Garber. “This investment will help build and grow MLS NEXT Pro and reflects our ambition to expand into new markets, develop soccer-specific infrastructure, elevate the matchday experience, and deepen connections between our clubs and their communities.”

HSH will be led by seasoned executives Tom Glick, Chief Executive Officer, and Chris Klein, President. Glick’s industry experience includes serving as Chief Commercial and Operating Officer of Manchester City FC and President of New York City FC, Tepper Sports & Entertainment, including Charlotte FC, and Chelsea FC. Klein played 13 seasons in MLS, served as President of the LA Galaxy for 12 years, and co-chairs the LA Host Committee for the FIFA World Cup 2026.

Since its inaugural season in 2022, MLS NEXT Pro has quickly become a critical part of the MLS ecosystem and the United States soccer pyramid, providing a pathway for emerging players and coaches while expanding access to professional soccer across the U.S. and Canada. To date, 255 players who have competed in MLS NEXT Pro have gone on to sign first team contracts in MLS. MLS NEXT Pro currently consists of 30 clubs: 27 MLS affiliates and three independent teams, with four additional independent teams beginning play in 2027.

“This is a special year for our sport with the FIFA World Cup 2026 taking place in North America, and this strategic partnership with KKR and HSH will help support our short- and long-term growth objectives both on and off the field,” said Ali Curtis, President, MLS NEXT Pro and EVP of MLS Sporting Development. “This investment will contribute to our league’s broader trajectory; it strengthens our ability to provide more opportunities for players, expand into new markets, and to continue building a competitive professional environment that prepares the next generation of talent for success in MLS and beyond.”

“MLS NEXT Pro plays an important role in player development, and we see a meaningful opportunity to build on that foundation by helping clubs expand into new communities and supporting a more modern, scalable operating model,” said Ted Oberwager, a Partner who leads the gaming, entertainment, media and sports verticals within KKR’s Americas Private Equity business. “We believe that combining centralized technology infrastructure, strong local execution, and disciplined investment can help clubs strengthen fan connections, build long-term value, and create future-forward sports and entertainment experiences.”

KKR has built an extensive track record in sports, with nearly $9 billion committed to the sector since 2010. Investments span the full ecosystem, from expanding access to high school sports to backing professional leagues, digital gaming, sports media, merchandising, fan engagement platforms, recreational clubs, and real estate. These investments reflect conviction in sports as a durable and growing global business. KKR is making its investment through its Ascendant Fund as part of KKR’s Americas Private Equity platform.

In partnership with MLS NEXT Pro leadership, as well as municipalities, civic leaders, and community stakeholders, HSH will pursue the development of new soccer stadiums designed to deliver best-in-class fan experiences and serve as long-term anchors for professional soccer in their communities.

“Our platform is about expanding access to the game and investing in the communities that support it,” said Glick. “We believe every city deserves a professional club it can call its own, one that inspires local pride and contributes meaningful economic impact. We welcome the opportunity to work with local leaders to develop clubs and venues that reflect the character of their markets and bring professional soccer closer to more fans across the country.”

Additional announcements are expected from the partnership in the coming months.

Andalusian Sports Advisors served as financial advisor and Kirkland & Ellis LLP served as legal advisor to KKR and HSH. Moelis & Co. LLC served as financial advisor and Proskauer Rose LLP served as legal advisor to MLS.

About MLS NEXT Pro
Launched in 2022 by Major League Soccer, MLS NEXT Pro is a professional men’s soccer league in the United States and Canada that completes the pro player pathway from MLS NEXT to MLS first teams. MLS NEXT Pro continues to grow the game through innovation and access, bringing professional soccer to new communities and creating opportunities both on and off the field. MLS NEXT Pro celebrates its fifth season in 2026 with 30 teams, 27 MLS-affiliated and three independent, Carolina Core FC, Chattanooga FC and Connecticut United FC. Additional MLS-affiliated and independent clubs will join in the years ahead, including Forest City Cleveland, Jacksonville Armada FC, AC Grand Rapids, and The Island FC. For more information about MLS NEXT Pro, visit mlsnextpro.com

About Major League Soccer
Headquartered in New York City, Major League Soccer – celebrating its 31st season in 2026 – features 30 clubs throughout the United States and Canada. All MLS and Leagues Cup matches can be watched on the Apple TV app on Apple devices, smart TVs, streaming devices, set-top boxes, and game consoles, and the web at tv.apple.com, and features the most expansive and accessible lineup of programming ever for MLS fans. For more information about MLS, visit mlssoccer.com. For more information about the Apple TV app, visit apple.com/apple-tv-app.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Hometown Soccer Holdings
Hometown Soccer Holdings is a partnership between KKR and Major League Soccer formed to centralize and scale the commercial operations of MLS NEXT Pro. HSH works with MLS, affiliated clubs, and local partners to launch clubs in targeted markets, pursue purpose-built stadium development, and strengthen the league’s capabilities across sponsorship, ticketing, live events, and fan engagement. HSH is led by veteran sports executives Tom Glick and Chris Klein, whose careers span leadership roles at Manchester City FC, the LA Galaxy, Major League Soccer, and beyond. For more information, visit www.hometownsoccer.com.

Media Contacts

Sal Petruzzi – MLS
salvatore.petruzzi@mlssoccer.com

Sarah Jamieson – MLS NEXT Pro
sarah.jamieson@mlsnextpro.com

Brooke Rustad – KKR
media@kkr.com

Brendan Hannan – Hometown Soccer Holdings
Brendan.Hannan@skylark.llc

Source: KKR

 

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CapMan Natural Capital and S-Bank’s forest fund agree on a 6,500-hectare forest portfolio transaction

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Capman

CapMan Natural Capital and S-Bank’s forest fund agree on a 6,500-hectare forest portfolio transaction

A forest fund managed by CapMan Natural Capital, CapMan Dasos European Forest Fund IV, has acquired a forest portfolio of approximately 6,500 hectares in Finland from a forest fund managed by S-Bank. The acquired forests are located in the regions of Kainuu and North Karelia.

The acquired forest portfolio is an excellent fit for the investment strategy of CapMan Dasos European Forest Fund IV, both in terms of its location and characteristics. The fund aims to generate long-term value by actively and sustainably managing European forest assets while delivering measurable climate and biodiversity benefits.

“We would like to thank S-Bank for a smooth transaction process. We are pleased to continue the active development and value creation of a professionally managed forest portfolio,” says Sami Veijalainen, Partner at CapMan Natural Capital.

“The transaction process with CapMan Natural Capital progressed very smoothly and in a constructive spirit. For S-Bank Forest Special Investment Fund, it is important that the assets transition to a capable and responsible owner that develops forest assets professionally and with a long-term perspective. The transaction supports the fund’s investment strategy and the structured development of the overall portfolio,” says Timo Hakulinen, Fund Manager of S-Bank Forest Special Investment Fund.

This is the first investment from the CapMan Dasos European Forest Fund IV. The fund held its first close in December 2025 and continues both fundraising and investment activities.

For more information, please contact:

Sami Veijalainen, Partner, CapMan Natural Capital, +358 40 516 5794

About CapMan Natural Capital

CapMan Natural Capital is a specialist natural capital asset manager focused on sustainable forestry investments across Europe. The team acquires and actively manages forest and land assets with the objective of delivering long-term risk-adjusted returns alongside measurable environmental outcomes, including climate change mitigation and biodiversity enhancement. CapMan Natural Capital is part of CapMan Plc, formed after acquisition of Dasos Capital in 2024.

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

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EQT makes infrastructure more accessible to individual investors across Europe – introduces new ELTIF evergreen fund

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EQT Nexus ELTIF Infrastructure - Hero 1

  • EQT launches a European Long-Term Investment Fund structure for the Nexus Infrastructure evergreen strategy – further broadening access to private markets for eligible individuals and institutions across the EU and EEA
  • EQT Nexus ELTIF Infrastructure aims to provide exposure to EQT’s global infrastructure platform, spanning digital infrastructure, energy & environmental, transportation & logistics, and social infrastructure
  • The new fund marks an important step in the evolution of EQT’s Global Wealth Solutions platform, enabling a broadened investor base and new distribution partnerships in key growth markets

ELTIF 2.0. (“ELTIF”) is a European Union legislative regime for a regulated fund structure designed to channel capital into long-term, illiquid asset classes, such as infrastructure, private equity and real estate. The ELTIF framework expands access to private markets for the non-professional investor category, increasing coverage across the EU and EEA. EQT Nexus ELTIF Infrastructure (the “Fund”) is offered at a lower minimum investment threshold than traditional private asset structures and will be available via third-party distributors and intermediaries, including private banks and wealth platforms.

EQT Nexus ELTIF Infrastructure is an extension of EQT’s existing Nexus Infrastructure evergreen strategy. The Fund can give individual investors and institutions exposure to similar deal flow and value-creation opportunities as institutional investors in EQT’s closed-ended infrastructure funds.

The Fund will invest across EQT’s platform of Value-Add, Active Core and Transition Infrastructure funds as well as the newly launched AI Infrastructure strategy. These strategies invest in essential services to society across distinct and complementary stages of company development and themes within the digital, energy & environmental, transport & logistics, and social infrastructure sectors.

EQT’s infrastructure platform has built robust infrastructure businesses for nearly 20 years, managing EUR 78[1] billion in assets across Europe, North America and Asia Pacific, supported by a team of 155 investment professionals. The Fund launches with a seed portfolio with exposure to around 50 portfolio companies aiming to provide investors with diversification from day one. Subscriptions start in May 2026.

Peter Beske Nielsen, Global Head of Wealth Solutions at EQT, said: “Infrastructure is the backbone of resilient societies – and for investors, it can offer a combination of long-term capital appreciation, resilient downside protection and an inflation hedge. The launch of EQT Nexus ELTIF Infrastructure marks an important step in the evolution of EQT’s wealth solutions platform – enabling new distribution partnerships and reaching client segments that remain underallocated to private markets.”

The launch of EQT Nexus ELTIF Infrastructure, follows the introduction of its ELTIF Private Equity equivalent in September 2025. Today, EQT’s evergreen platform includes seven evergreen solutions spanning private equity, infrastructure and real estate, available to eligible individual investors and institutions across Europe, Asia Pacific and the Americas.

Contact
EQT Press Office, press@eqtpartners.com

 

[1] As of December 2025

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About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, 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 LinkedIn, X, YouTube and Instagram

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