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Warburg Pincus Acquires Two High-Quality Logistics Assets in Greater Tokyo

Warburg Pincus logo

Acquisition strengthens Warburg Pincus’ Japan real estate portfolio with modern, fully leased assets positioned for long-term growth

Tokyo, August 6, 2025 – Warburg Pincus, the pioneer of private equity global growth investing, today announced that, through the Warburg Pincus Asia Real Estate Fund (“WPARE”), it has committed to acquiring two prime logistics properties – I Missions Park Inzai (“IMP Inzai”) and Logitres Sano, from Mitsui Fudosan Logistics REIT through a bridge financing structure. The total transaction value is approximately US$240 million.

Located in key logistics hubs within Greater Tokyo, the two properties are modern, fully leased facilities with strategic connectivity and high specifications tailored to e-commerce and third-party logistics operations.

IMP Inzai is a five-story, purpose-built logistics facility completed in 2018, with a total gross floor area (GFA) of 110,516 square meters. It is fully leased to a major e-commerce tenant and has been awarded a DBJ Green Building 4 Star rating. Strategically located within 40 km of central Tokyo, the property offers excellent logistics connectivity via National Route 16 and the Chiba Kita interchange on the Higashi Kanto Expressway. It also serves as a key transfer hub for air cargo to and from Narita Airport.

Logitres Sano, located in Tochigi Prefecture, is a two-story logistics facility completed in 2023, with a total GFA of 7,144 square meters. The property benefits from proximity to major national roads and expressways, enabling efficient distribution across the broader Northern Kanto region.

Takashi Murata, Managing Director, Co-Head of Asia Real Estate and Head of Japan at Warburg Pincus, said, “E-commerce expansion and rapid urbanization continue to drive strong demand for modern logistics facilities in Japan. Coupled with a structural imbalance in certain submarkets where demand significantly exceeds supply, we have strong conviction in the sector’s long-term potential. These acquisitions align with our strategy to deepen our exposure to high-quality logistics assets in core Japanese markets, where tenant demand remains robust. IMP Inzai and Logitres Sano offer a compelling combination of income stability and value creation opportunities, supported by strong tenancy, full occupancy, and strategic connectivity.

This investment also reinforces our broader plan to scale investment activities in Japan. Recent investments include the acquisition of Tokyo Beta, the largest share house portfolio in Japan with over 16,000 rooms, and the acquisition of Shinagawa Seaside West Tower by our joint venture with Eastgate Group, which focuses on life sciences and R&D real estate.”

Warburg Pincus is one of the largest and most active investors in Asia’s logistics sector, with 10 portfolio companies and ventures1 including ESR, QUBE Industrial, BW Industrial, Wide Creek, and Hale. The firm is also advancing its plan to open an office and build an on-the-ground team in Japan to support its expanding real estate and private equity investment activities in the market.

[1] Represents current and former portfolio companies with exposure to the sector.

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About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity 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 US$86 billion in assets under management, and more than 220 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

Warburg Pincus began investing in Asia real estate in 2005. Today, it has become one of the largest and most active investors in the region, with nearly US$10 billion invested in around 60 real estate platforms and ventures. The firm is a pioneer of platform investing and has co-founded or sponsored leading platforms alongside best-in-class entrepreneurs.

Media Contact

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications, Warburg Pincus

lisa.liang@warburgpincus.com

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Defibrion expands emergency response offering with acquisition of Ecosafety

IK Partners

Groningen, Netherlands, 05 August 2025 – Defibrion B.V. (“Defibrion”) a leading Dutch distributor of automated external defibrillators (“AEDs”) and other emergency response products, has completed the acquisition of Ecosafety B.V. (“Ecosafety” or “the Company”), a leading distributor of fire safety equipment.

Founded in 2009 and headquartered in Barendrecht, Ecosafety is one of the largest independent fire safety distributors in the Netherlands, serving installation companies across a broad range of products. Its offering includes fire extinguishers, fire hose reels, related fire safety and emergency products as well as AEDs. Jane Lewis will continue to lead the company.

As a result of this acquisition, Defibrion will significantly expand its product offering across the emergency response market. This will enable Defibrion to serve as a comprehensive provider, catering to most of their customers across all needs, thereby simplifying the supplier landscape. The combined group will have approximately 65 employees, operating from four locations across the Netherlands and Belgium. The group will continue to look for other suitable acquisition targets to expand throughout Europe.

Joshua Valkenier, Co-Founder and CEO of Defibrion, said: “The acquisition of Ecosafety marks an exciting step forward for Defibrion as we expand our footprint in the emergency response space. Ecosafety’s high-quality fire extinguishers and emergency safety equipment are highly complementary to our core AED offering and will enhance our presence in the growing fire safety market. We look forward to welcoming Jane and her team on board to build a full-service provider of emergency response solutions.”

Jane Lewis, CEO of Ecosafety, added: “Joining forces with Defibrion is a proud moment for Ecosafety and a natural next step in our growth journey. We look forward to working with Joshua and his team at Defibrion, combining our strengths to create new opportunities, expand our reach and deliver even greater value to customers across Europe.”

Andre Jeuken, Founder of Ecosafety, concluded: “After a long and intense period of building Ecosafety, it is now time to formally hand over to Jane Lewis. We have prepared for this transition a long time already and I’m confident that she will continue to push our company to new heights.”

For more information, please contact:
Luit Romeijnders at Defibrion – Luit@defibrion.nl

About Defibrion

Founded in 2008, Defibrion provides a broad range of AEDs and emergency response solutions to customers across Europe. The company offers a full-service concept, including product selection, installation, maintenance, and training. Defibrion also developed the ARKY AED cabinet series, which is sold to distributors in more than 35 countries worldwide. With a strong focus on reliability and service, Defibrion supports businesses, governments, and institutions in building safer environments. For more information, visit defibrion.com

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About Ecosafety

Founded in 2009 and based in Barendrecht, Ecosafety is a trusted supplier of fire safety equipment and emergency response products. The company serves a broad network of installation partners across the Netherlands, offering a wide range of certified fire extinguishers, hose reels, AEDs, and related safety solutions. Known for its technical expertise, reliable service, and high-quality product offering, Ecosafety supports its customers in meeting the highest standards of fire safety and compliance. For more information, visit ecosafety.n

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Opiniion Acquires Rentgrata, Signaling a New Era in Resident Engagement

Five-Elms

The acquisition unites two leading resident experience platforms to deliver a holistic solution that elevates the resident journey and drives leasing success for landlords nationwide.

Lehi, UT – Mon, Aug 4 – Opiniion, a leading resident satisfaction software, today announced that it has acquired Rentgrata, a pioneering peer-to-peer resident engagement tool. Rentgrata connects prospective renters with current residents, bringing trust and transparency into the leasing process. This strategic acquisition integrates two innovative proptech solutions to create an industry leading, end-to-end platform designed to enhance the entire resident journey, from pre-lease to lease renewal to move out.

Since its founding in 2017, Opiniion has helped property management teams streamline the process of collecting and analyzing resident feedback and generating authentic online reviews, both of which are crucial to enhancing the resident experience. What began as a reputation management solution has since grown into a comprehensive resident satisfaction platform.

Today, Opiniion is executing on a broader vision: expanding from a single-product solution into a full-service platform and becoming the industry’s first, preeminent resident operations hub. Through the acquisition of Rentgrata, Opiniion’s enhanced platform will bring together a full suite of resident-centric tools designed to support every stage of the resident journey. Together, Opiniion and Rentgrata now support over 2,000,000 units across 9,000+ communities nationwide, establishing it as a leading resident experience and operations hub.

This move follows recent product expansions including SocialPro, ListingsPro, and enhanced survey capabilities, extending Opiniion’s value beyond feedback collection to encompass broader resident engagement, marketing visibility, and operational insights. The acquisition of Rentgrata further accelerates Opiniion’s platform evolution by adding authentic, prospect-level engagement and resident rewards to the resident experience.

“This acquisition is a major step forward in redefining how properties attract, engage, and retain residents,” said Devin Shurtleff, CEO of Opiniion. “By bringing Rentgrata into the Opiniion ecosystem, we’re creating one solution that addresses two critical stages in the resident journey: the initial prospect experience and the long-term resident relationship. It’s a powerful convergence that reinforces our commitment to becoming the industry’s first all-in-one resident operations platform.”

“Joining Opiniion was a natural fit,” said Ben Margolit, CEO and Co-Founder of Rentgrata. “We’ve always believed in the power of authentic resident voices to shape leasing outcomes. With Opiniion, we can now extend that impact well beyond the lease signing, giving property teams smarter solutions to engage and retain residents.”

“Opiniion and Rentgrata share a commitment to creating meaningful, measurable impact for property operators and renters alike,” said Stephanie Schneider, Partner at Five Elms Capital, which led the investment. “We’re excited to support the acquisition and believe it further solidifies Opiniion as a leader in resident experience technology.”

About Opiniion

Opiniion is a leading resident satisfaction platform in multifamily, student, and senior housing, helping property managers collect real-time feedback, generate online reviews, and improve resident experiences. Now expanding into a full resident operations hub, Opiniion empowers teams to manage the full resident journey with tools that impact every stage of the resident journey. Learn more at opiniion.com.

About Rentgrata

Rentgrata is a peer-to-peer engagement platform that connects prospective renters with real residents of apartment communities. By fostering authentic, one-on-one conversations, Rentgrata gives prospects real insight into what it’s like to live at a property, while helping property teams build trust and drive qualified leads. Learn more at rentgrata.com.

About Five Elms Capital

Five Elms Capital is a growth investor in software businesses that users love, providing capital and resources to help companies accelerate growth and further cement their role as industry leaders. With over $3 billion in assets under management and a team of over 80 professionals, Five Elms has invested in more than 70 software platforms worldwide. Beyond providing capital, Five Elms delivers strategic and operational expertise, focused on executing initiatives that move the needle on growth, retention, product, and AI to set companies up for long-term success. For more information, visit fiveelms.com.

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Elevate Patient Financial Solutions Announces Strategic Investment from Audax Private Equity and Parthenon Capital

Audax Group

Elevate Patient Financial Solutions (“Elevate” or the “Company”), a leading provider of front-end eligibility and enrollment and back-end revenue cycle management (“RCM”) technology and services, announced a strategic investment from Audax Private Equity (“Audax”) and Parthenon Capital (“Parthenon”), two private equity firms with a long history of supporting innovative healthcare businesses.

The investment will provide Elevate with additional resources and capital to support key growth initiatives and future acquisitions seeking to enhance its value proposition to hospital and health system clients.

“We are thrilled to partner with the Audax and Parthenon teams as we move into this next chapter in Elevate’s evolution,” said Mike Shea, Elevate’s CEO. “Both firms bring deep experience in building healthcare businesses, and we are excited by the alignment in the go-forward strategic vision for Elevate. We look forward to pursuing innovative ways to deliver more value-added capabilities and support our clients as they navigate an ever-changing market environment.”

With a diverse suite of front-end eligibility and enrollment, back-end complex claims, revenue integrity, and patient pay solutions, Elevate will focus on continuing to strengthen existing front-end and back-end RCM technology and services, while adding new complementary solutions that can support operating performance of hospitals and health systems.

Adam Abramson, a Partner at Audax said, “Elevate has established itself as an industry-leader in front-end eligibility and enrollment with a growing presence in back-end revenue cycle management solutions, serving some of the largest hospitals and health systems across the country. We believe the Company is well-positioned to continue to deliver a strong front-end and back-end value proposition to clients, while continuing to expand in other high-value RCM services and technology that can deliver tangible value to its hospital and health system clients.”

Dan Killeen, a Partner at Parthenon said, “We are entering a critical time for hospitals and health systems as they look to navigate significant regulatory changes that will impact the coverage of patients across the country. Under Mike’s leadership, Elevate is a strategic partner to its provider clients and we are excited to support the Company as it pursues its mission of ensuring hospitals and health systems are able to continue to provide care to those patient populations who need it most.”

Robert W. Baird served as financial advisor to Elevate and Goodwin Procter LLP served as legal counsel, while Kirkland & Ellis served in the same capacity to Audax and Parthenon. Audax is investing in Elevate through its Flagship strategy.

The transaction closed on July 31, 2025.

About

About Elevate
A trusted partner for more than 40 years, Elevate delivers market-leading RCM solutions to hospitals and health systems nationwide. Elevate provides best-in-class services and innovative, specialized technology to address the most complex challenges of the revenue cycle. Services include Medicaid Eligibility and Disability Enrollment, Third Party Liability, Workers’ Compensation, Veterans Affairs, Out-of-State Eligibility, Denials Management, Extended Business Office Engagements, including A/R Services, Low Balance Insurance Follow up, Zero Balance Payment Recovery, and Legacy Receivables, and Self-Pay/Early Out Billing and Collections. Learn more at www.elevatepfs.com.

About Audax Private Equity
Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

About Parthenon
Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco, and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and technology services, but seeks any service, technology, or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.

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Advent to appoint Robert Ohrenstein as a Finance Operations Advisor

Advent

London, 4 August 2025 – Advent, a leading global private equity investor, today announced the appointment of Robert Ohrenstein as an Operations Advisor focused on finance. With a deep understanding of global private equity practices, Robert will work closely with Advent’s portfolio company teams to support value creation through financial transformation and transaction execution.

Robert brings over three decades of experience in financial and professional services. He was Global Head of Private Equity at KPMG for almost 10 years, and most recently served as a UK Vice Chair. At KPMG, he led the firm’s global private equity strategy and oversaw the initiation and implementation of a $1 billion investment plan. During his tenure, he played a key role in expanding KPMG’s relationships with major private equity firms, including Advent.

“We are delighted to welcome Robert to Advent’s network of advisors,” said Selim Loukil, Managing Director and Head of PSG in Europe. “His breadth of financial expertise and knowledge of the private equity landscape will be a great asset to our portfolio companies. We are confident that his ability to partner with management teams, coupled with his highly informed perspective as a deal advisor, will support us in continuing to deliver value across our investments.”

Prior to KPMG, Robert was a Partner within the Private Equity Group at Deloitte and began his career at Andersen in audit and private equity transaction services.

“I am pleased to join Advent and contribute to its mission of driving sustainable value and growth across its portfolio,” said Robert Ohrenstein. “Drawing on my diverse experiences across the private equity space, I’m delighted to partner with management teams to help drive their growth journeys through thoughtful financial strategy and execution.”

Robert holds an MBA from the University of Warwick and a BSc (Econ) from the London School of Economics. He is a Fellow of the Institute of Chartered Accountants in England and Wales.

Media Contacts

Peter Folland

pfolland@adventinternational.co.uk

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $94 billion in assets under management* and have made over 430 investments across 44 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 660+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of March 31, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

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Bain Capital and 11North Partners Acquire Portfolio of 10 Open-Air Retail Centers Across Florida and South Carolina

BainCapital

BOSTON & NEW YORK – August 4, 2025 – Bain Capital and 11North Partners (“11North”), a retail focused investment platform, today announced the acquisition of a portfolio of ten open-air retail centers across Florida and South Carolina, most of which are anchored by Publix, for approximately $395 million. The private transaction was executed through an exclusive partnership between Bain Capital Real Estate and 11North focused on acquiring and operating open-air retail centers throughout the U.S. and Canada.

This acquisition follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City and reflects the platform’s continued momentum in high-growth, high-conviction markets.

Strategically located across the thriving Florida submarkets of Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, South Carolina, the portfolio includes:

  • Sawgrass Square
  • Plantation Promenade
  • Miramar Commons
  • Rolling Oaks
  • Promenade at Poinciana
  • Solivita Marketplace
  • New Tampa Center
  • Lake Worth Plaza
  • Garden Shops at Boca
  • Point Hope Commons

Collectively, the ten properties span more than one million square feet of gross leasable area, with in-place occupancy exceeding 93 percent. Seven of the centers are anchored by Publix, and the portfolio features a strong mix of national, regional, and daily-needs tenants such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s, and McDonald’s. The assets are situated in high-barrier, desirable communities including Boca Raton, Sawgrass, Plantation, and Charleston, SC, markets known for strong household demographics, limited new retail supply, and sustained population growth.

“This transaction represents a compelling opportunity to embed our platform in strong, in-demand communities that are benefiting from significant demographic shifts across the Southeast, including lifestyle migration and an aging population,” said Brian Harper, Founder and Managing Partner of 11North. “We’re thrilled to expand our presence in Florida through the acquisition of this high-performing portfolio anchored by Publix and complemented by a mix of top-tier national retailers. Our combined portfolio of grocery-anchored assets now includes Whole Foods, Trader Joe’s, and Publix, three of the most trusted names in retail. Across the platform, average grocery sales volumes are approximately $1,000 per square foot, underscoring the quality and durability of these centers.”

“This scaled acquisition, which has strong fundamentals and sits in one of the country’s most attractive growth regions, squarely aligns with our thematic approach to investing in open-air, necessity-based retail,” said Martha Kelley, Managing Director at Bain Capital Real Estate. “We are excited to continue building a differentiated and high-quality portfolio alongside our partners at 11North in markets where we have long-term conviction.”

Bain Capital and 11North formed their strategic joint venture in April 2024, targeting open-air retail assets with a high concentration of necessity-based tenancy and long-term consumer demand drivers.

About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-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 been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. 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 $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About 11North Partners
11North Partners is a real estate investment firm focused on curating a portfolio of retail investments diversified across markets and product types. With a focus on the intersection of superior performance and bold vision, the 11North team is dedicated to redefining the traditional approach to retail real estate.

The team’s combination of deep industry expertise, retailer and owner relationships, and blue-chip institutional partners provides unique insight into the ever-evolving retail landscape and unparalleled access to deal flow. 11North seeks to deliver attractive risk-adjusted returns through unlocking value across retail verticals including real estate ownership, debt and operating company investment. For more information, visit https://www.11northpartners.com.

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Emerald Leads SGD 8 Million Investment in SG Enviro, Driving Advanced Industrial Wastewater Treatment in SE Asia

Emerald

Singapore – Emerald Technology Ventures, a global leader in climate-tech venture capital, has announced a strategic investment in SG Enviro (SGE), a Singapore-based industrial wastewater engineering firm. The SGD 8 million investment, led by Emerald, will support SGE’s expansion across Southeast Asia and the development and integration of proprietary technologies in its solution portfolio.

Founded in 2018 by environmental engineer Guah Eng Hock, SGE specializes in designing, integrating, and operating industrial wastewater treatment technologies tailored to Southeast Asia’s unique requirements.

SG Enviro Management Team

Emerald’s investment aligns with its strategy of fostering collaborations among its portfolio companies as well as corporates to accelerate the adoption of sustainable technologies. SGE will benefit from partnerships with other Emerald-backed global technology firms. It can differentiate itself by integrating leading edge technologies, while these tech companies benefit from accessing a growing yet distant market in SEA via a trusted partner.

“We look forward to connecting our global portfolio of water tech entrepreneurs with SG Enviro’s strong execution and operation capabilities,” said Dr. Helge Daebel, Head of Emerald’s Water Practice and new member of SGE’s Board. “Together, we can bring world-class solutions to Southeast Asia’s industries – where the need for water resilience has never been more urgent.”

SGE’s notable projects include the deployment of a large-scale AOP at an oil storage facility in Singapore, treating thousands of cubic meters of phenol-laden wastewater daily. The company has also secured contracts for retrofitting biogas wastewater systems at livestock farms and providing ongoing operations and maintenance services, establishing a recurring revenue model.

The investment will enable SGE to expand its footprint in Malaysia, Indonesia, and other Southeast Asian markets, where industrial wastewater treatment infrastructure is in high demand.

“This investment marks a significant milestone for us,” said Guah Eng Hock, Founder and CEO. “It not only validates our belief that industrial water treatment in Asia requires region-specific, practical engineering – it also gives us Emerald’s support with curated global access to leading edge technologies to help us be more efficient in our operations and better serve their customers. Their network will also help us to scale up and create real impact across Southeast Asia.”

More on Water & Wastewater at Emerald:

Water & Wastewater

Veralto Commits €20M to Emerald’s New Fund to Accelerate Water Innovation Solutions

The water risk is real – with Eliza Roberts, Microsoft

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm, founded in 2000, that manages and advises assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm invests in start-ups that tackle big challenges in climate change and sustainability, with four current funds, hundreds of venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups.

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc

CONTACT FOR EMERALD:

info@emerald.vc

About SG Enviro

SG Enviro Pte Ltd is a Singapore based company adopting the latest emerging sustainable environmental technology. The application of Engineering, Procurement and Construction ( EPC ) approach weave our versatile proprietary innovation in advanced oxidation processes for industrial wastewater treatment. This allows us to integrate and tailor our products to meet the clients wastewater concerns whilst reducing our ecological footprint on society.

SG Enviro Website

 

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Blue J Announces $122M Series D Financing Led By Oak HC/FT and Sapphire Ventures

Oak HC FT

Blue J doubles revenue and customer base in first half of 2025, delivering comprehensive tax research to tens of thousands of tax professionals

Blue J, a leading GenAI tax research platform, today announced it has raised $122 million in U.S. dollars in a Series D funding round led by Oak HC/FT and Sapphire Ventures, with participation from Intrepid Growth Partners, and previous investors Ten Coves Capital and CPA.com. Coming seven months after Blue J’s Series C round, this investment signals a clear market consensus that Blue J is the breakout winner in its category.

“We’re thrilled to partner with Sapphire Ventures, Oak HC/FT, Ten Coves, CPA.com, and Intrepid Growth Partners — firms with exceptional track records of backing market-defining companies,” said Benjamin Alarie, CEO and co-founder of Blue J. “Their commitment is a powerful endorsement of our vision to transform tax research. With this capital and industry support, we will accelerate innovation and deliver even greater value to tax professionals. We are building the future of tax. This is just the beginning.”

“Tax research has long been a cumbersome, time-consuming task,” said Allen Miller, Partner at Oak HC/FT. “Blue J has solved this challenge with an elegant AI solution that dramatically accelerates research while raising the bar for accuracy. We believe Blue J will become the new standard for complex tax questions — and we’re proud to support Ben and the team in their next stage of growth.”

“Blue J is exactly what we look for in vertical AI: deep domain expertise, proprietary data and a product that drives meaningful business impact,” said Cathy Gao, Partner at Sapphire Ventures and Blue J’s newest board member. “By applying generative AI to decades of tax rulings, Blue J reduces research that once took hours to just minutes. It’s already trusted by enterprise clients, embraced by top firms, and loved by many practitioners. We believe their momentum shows the industry is ready, and we’re proud to back Blue J as they build the operating layer for global tax cognition.”

Blue J’s platform leverages advanced generative AI to deliver instant, reliable answers to complex tax questions spanning U.S. federal, state, and local tax (SALT), as well as Canadian and UK tax law. Built on a rigorously curated database of authoritative tax law, Blue J’s system continuously improves by learning from millions of user queries each year. The result: practitioners can navigate even the most challenging tax issues with unmatched confidence and speed.

Unlike legacy keyword-based research tools, Blue J lets users ask tax questions conversationally, with no arcane syntax required. The intuitive interface delivers answers in seconds, complete with relevant source citations, making Blue J the industry’s most user-friendly tax research platform. More than 70% of users log in weekly, and Blue J’s Net Promoter Score (NPS) is consistently in the mid-70s.

In the first half of 2025, the company more than doubled its revenue and customer base, now serving tens of thousands of tax professionals across thousands of organizations that rely on Blue J for authoritative tax research, analysis, and answers. With the Series D funding, Blue J will further accelerate team expansion, product development, and market reach.

The company has proudly earned recognition from other generative AI leaders. “Blue J is a leading example of effective AI deployment in one of the most complex information domains,” said Marc Manara, Head of Startups at OpenAI. “By leveraging OpenAI’s latest models, Blue J has elevated the standard for accuracy, trust, and insight in tax research. We’re excited to continue working together at the forefront of innovation.”

This Series D follows Blue J’s December 2024 Series C and comes during a period of rapid acceleration for the company. Since January 2025, Blue J has grown to over 80 employees and more than doubled its rate of new customer acquisition. With this new investment and market momentum, Blue J is poised to set the new standard for AI-driven tax research as global tax complexity continues to rise.

About Blue J

Founded in 2015, Blue J is redefining tax research with generative AI. Trusted by tax professionals across accounting firms, law firms, corporations, and government, Blue J delivers fast, verifiable analysis and answers to even the most complex tax questions — empowering experts to serve with clarity and confidence. With an intuitive conversational interface and a rigorously curated library of authoritative sources, Blue J is transforming how tax professionals work and make decisions. Leading organizations trust Blue J to streamline their research workflow and enhance decision-making accuracy. For more information, visit www.bluej.com.

About Oak HC/FT

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 105 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.

About Sapphire

Sapphire is a global software venture capital firm with over $11 billion in AUM and team members across Austin, London, Menlo Park and San Francisco. For more than two decades, Sapphire has partnered with visionary management teams and venture funds to back companies of consequence. Since its founding, Sapphire has invested in more than 170 companies globally resulting in more than 30 Public Listings and 45 acquisitions. The firm’s investment strategies — Sapphire Ventures, Sapphire Partners and Sapphire Sport — are focused on scaling companies and venture funds, elevating them to become category leaders. Sapphire’s Portfolio Growth team of experienced operators delivers a strategic blend of value-add services, tools and resources designed to support portfolio company leaders as they scale.

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CVC Liquid Credit prices Cordatus XXXVI, its fifth new issue CLO of 2025

CVC Capital Partners

CVC Credit, the €46 billion global credit management business of CVC, is pleased to announce that it has successfully priced Cordatus XXXVI (36), a new €400m Collateralised Loan Obligation (“CLO”) vehicle and CVC Credit’s fifth new issue CLO of 2025.

The vehicle has a four-and-a-half-year reinvestment period and a one-and-a-half-year non-call structure with more than 65% of assets already sourced. Natixis served as the lead arranger.

Quotes

We are very pleased to announce another new issue CLO in what has already been a busy year for CVC Credit, despite multiple periods of market volatility. While these market fluctuations can be challenging, they also create opportunities for established managers, and at CVC our global team is well-positioned to capitalise in these periods.

Guillaume TarneaudPartner and Co-Head of Global Liquid Credit at CVC Credit

Guillaume Tarneaud, Partner and Co-Head of Global Liquid Credit at CVC Credit, said: “We are very pleased to announce another new issue CLO in what has already been a busy year for CVC Credit, despite multiple periods of market volatility. While these market fluctuations can be challenging, they also create opportunities for established managers, and at CVC our global team is well-positioned to capitalise in these periods.”

CVC’s Liquid Credit business manages over €30 billion in assets across more than 70 active funds, managed by a team of around 40 investment professionals in both Europe. Recently the business reported a very active first six months of the year, pricing 17 transactions with an aggregate volume of approximately $7.9 billion (c.€7.1bn). This followed an exceedingly busy year in 2024 with 25 transactions priced with a volume of $11 billion.

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Carlyle Raises $9 Billion for Its Tenth and Largest U.S. Opportunistic Real Estate Fund

Carlyle

Washington, DC – Monday, August 4, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced the final close of its tenth U.S. opportunistic real estate fund, Carlyle Realty Partners X (CRP X), with $9 billion of total commitments. The fund follows Carlyle Realty Partners IX (CRP IX), for which the firm raised $8 billion in 2021. This result reflects continued support for Carlyle’s longstanding U.S. Real Estate strategy and experienced investment team.

CRP X continues to focus on sectors underpinned by secular demographic and technological tailwinds and attractive supply-demand dynamics, including residential, self-storage, and industrial. CRP X is expected to have no exposure to office, hotel, or retail, sectors which the team has strategically avoided in prior recent vintages.

“Amid one of the most difficult fundraising environments for real estate in recent memory, we’re grateful for the trust our limited partners have placed in us,” said Rob Stuckey, Head of Carlyle’s U.S. Real Estate team since 1998. “This capital raise reflects both the strength of our team and the proven performance of our strategy, particularly through complex market cycles. Our ability to avoid structurally challenged areas and invest with discipline in a turbulent environment reinforces the value of our distinctive approach to fund construction and has led to meaningful recommitment from existing investors as well as strong support from new relationships. This is a compelling moment to invest, as we see improving fundamentals across our target sectors coupled with an environment of relatively constrained liquidity.”

Carlyle U.S. Real Estate is comprised of over 140 professionals, including a senior team with an average tenure of 20 years. CRP X is poised to benefit from the continuity of senior leadership, depth and experience of its investment professionals, and the team’s presence in key target markets.

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 $453 billion of assets under management as of March 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 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on LinkedIn and X @OneCarlyle.

Media Contact:
Brittany Bensaull
(212) 813-4839
brittany.bensaull@carlyle.com

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