Category Archives: News

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.

 

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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

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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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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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Ares Acquires Stake in Rover Pipeline from Blackstone Energy Transition Partners to Serve Growing Energy Demand Centers Across North America

Blackstone

NEW YORK – April 29, 2026 – Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager, announced today that funds led by its Infrastructure Opportunities strategy (“Ares”) have acquired a 32.4% stake in the Rover Pipeline (“Rover”) from funds managed by Blackstone Energy Transition Partners (“Blackstone”).

Rover is a large-scale natural gas transmission pipeline that provides critical connectivity from the Appalachian Basin to high-value end markets across North America. The asset’s footprint spans approximately 700 miles across Pennsylvania, West Virginia, Ohio and Michigan, with transportation capacity of 3.425 Bcf/d that is substantially contracted under long-term agreements with high-quality counterparties. Blackstone acquired its interest in Rover in 2017, supporting the pipeline’s development and completion in 2018. The asset is operated by an affiliate of Energy Transfer LP, a leading North American midstream energy company.

The transaction further diversifies Ares Infrastructure Opportunities’ portfolio of critical energy infrastructure assets and enhances its ability to support the long-term, reliable supply of cost-competitive energy to high-growth markets in North America. Ares Infrastructure Opportunities expects to help further advance Rover’s essential role in providing long-haul takeaway capacity from the Appalachian Basin, the largest natural gas-producing region in the United States, to demand centers nationwide.

“Large-scale, strategically located assets like Rover, which offer much-needed egress for in-basin supply, are playing a central role in the natural gas value chain and represent a compelling opportunity for expansion,” said Anthony Omokha, Managing Director in Ares Infrastructure Opportunities. “Sitting at the intersection of three of the most powerful trends reshaping North American energy markets – the unprecedented growth in U.S. power demand, rising global need for American LNG and the reshoring of domestic manufacturing – we believe that Rover is well positioned to deliver value over the long term.”

“We are proud to have supported the development and construction of Rover, which delivers affordable, reliable, American natural gas to key Midwestern markets,” said David Foley, Global Head of Blackstone Energy Transition Partners. “As the need for U.S. natural gas continues to grow – driven by electrification, AI-related power generation and LNG exports – assets like Rover play an increasingly important role in connecting domestic supply to demand markets. We also thank Energy Transfer for their partnership and the strong, reliable management of Rover during our investment.”

Kirkland & Ellis acted as legal counsel to Ares in connection with the transaction. RBC Capital Markets and Greenhill & Co., a Mizuho affiliate, served as financial advisors and Vinson & Elkins acted as legal counsel to Blackstone.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2025, Ares Management Corporation’s global platform had nearly $623 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the growing needs of the global community. In the process, we work to build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

Media Contacts

Ares
Jacob Silber | Brennan O’Toole
media@aresmgmt.com

Blackstone
Jennifer Heath
Jennifer.Heath@Blackstone.com

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Chord Music Partners Prices $500 Million ABS Backed by Diversified Music Catalog

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Notes Backed by Diversified Music Catalog; Transaction Receives A Ratings from KBRA and S&P Global Ratings

NEW YORK, April 27, 2026 — Chord Music Partners, a leading global music investment platform managed by Dundee Partners in partnership with Universal Music Group (UMG), the world leader in music-based entertainment, today announced the pricing of $500 million of Series 2026-1 senior notes (the “Notes”), secured by a diversified portfolio of music publishing and recorded music assets. The Notes are expected to be issued by Canon Music Issuer Trust, which is intended to serve as Chord’s long-term financing vehicle, and priced at a yield of 5.560% and a spread of 160 basis points, marking the tightest-ever pricing for a music royalty ABS to date.

The Notes are backed by royalties from a catalog of more than 3,750 musical compositions and master recordings spanning a wide range of genres and vintages, with works from globally recognized artists and songwriters.

The Notes have received A ratings from Kroll Bond Rating Agency (KBRA) and S&P Global Ratings. The catalog supporting the transaction has been valued at approximately $830 million by an independent third-party valuation agent, reflecting the scale, diversification, and long-term cash flow profile of the underlying assets.

The offering is collateralized by a mix of publishing and recorded music rights, with approximately 34% of recent cash flows derived from publishing royalties and 66% from sound recordings. The catalog is diversified across artists, genres, and release periods, with a weighted average age of approximately 10 years.

Sam Hendel, Co-Founder of Chord Music Partners and Dundee Partners Managing Principal, said: “This transaction reflects the strength of Chord’s high-quality music investment platform and the continued demand for music rights as long-term assets with differentiated and largely uncorrelated cash flow characteristics. We are proud to manage a diversified portfolio of music assets supported by iconic artists, songwriters and recordings, and we remain focused on building lasting value across the Chord platform.”

Apollo Managing Director Paul Sipio said, “Universal Music Group and Dundee Partners have built Chord with a differentiated portfolio that combines the scale and stability of the world’s largest music company with a contemporary artist roster generating durable, growing royalty streams. Pricing at the tightest spread ever achieved for a music royalty ABS speaks to the quality of those assets, and we are committed to serving as a long-term, flexible capital partner as this program continues to grow alongside Chord’s business.”

Universal Music Investments, Inc., a wholly owned subsidiary of Universal Music Group, serves as manager of the transaction, with UMG providing related administration, distribution and operational support for the underlying music assets.

Apollo Global Securities, LLC and ATLAS SP Securities acted as joint bookrunners for the transaction, and Redding Ridge Asset Management, an Apollo affiliate, served as structuring agent. Fifth Third Securities and MUFG Securities served as joint bookrunners. The Bank of New York Mellon serves as trustee and calculation agent.

About Chord Music Partners
Chord Music Partners is a leading independent global music rights platform, formed through a strategic partnership between Dundee Partners and Universal Music Group (UMG), the world-leader in music-based entertainment. Chord combines long-term institutional capital with global operational scale, creative partnership and active rights management to build and manage a growing portfolio of high-quality music intellectual property. The platform includes works by some of the most influential artists and songwriters in music, with a focus on culturally relevant, high-performing rights across genres, eras and geographies. Chord’s music publishing rights are administered through UMG’s Universal Music Publishing Group (UMPG), with recorded music managed by UMG’s Virgin Music Group (VMG).

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.

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Apollo Funds to Acquire Forvia’s Automotive Interiors Business

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Transaction to Establish Leading Global Automotive Interiors Supplier as Standalone Company

NEW YORK, April 27, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have agreed to acquire the Interiors Business Group of Forvia (“Interiors Business” or the “Company”), a leading global supplier of automotive interior systems, from Forvia SE (EPA: FRVIA) in a carve-out transaction.

The Interiors Business is one of the world’s leading suppliers of automotive interior products including instrument panels, door panels and center consoles, and serves a diversified base of leading global automotive original equipment manufacturers (OEMs). With a global manufacturing and engineering footprint across Europe, North America and Asia, the Company is deeply embedded across a wide range of large-scale vehicle programs and plays an important role in delivering integrated, advanced interior products tailor-made for automotive OEM customers.

Michael Reiss, Private Equity Partner at Apollo, said, “The automotive interiors industry is evolving rapidly as manufacturers increasingly differentiate their vehicles through cabin design, premium materials and new technologies. As an independent company with dedicated leadership and resources, Forvia’s Interiors Business will be well positioned to capitalize on these trends and deliver even greater value to its OEM partners worldwide.”

Claudia Scarico, Private Equity Partner at Apollo, said, “Forvia’s Interiors Business is a well-established supplier in the international automotive supply chain with a global manufacturing footprint and the ability to engineer complex, high quality vehicle interior products at scale. Drawing upon Apollo’s extensive investment experience in the automotive sector and in executing complex carve outs, we are a strong partner to reinforce the company’s leadership position globally. We look forward to supporting the transition to an independent company with a strong strategic focus and foundation for long-term growth.”

Martin Fischer, Chief Executive Officer of Forvia, said: “The Transaction project announced today reflects the strength and leadership of Forvia Interiors, as well as the expertise and commitment of its teams. It highlights the Business Group’s solid industrial base, market positioning and value creation potential. I would like to thank all Interiors employees for their contribution. We believe Apollo has the experience and capabilities to support the Interiors Business Group in its next phase of growth.”

Apollo’s private equity business has a long and successful track record of transforming businesses spanning more than 35 years, including significant experience in the automotive sector. Apollo Funds’ current portfolio of global automotive investments includes Tenneco, TI Automotive and Panasonic Automotive.

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals and information or consultation of the employee representative bodies, and is expected to close in the second half of 2026.

Kirkland & Ellis LLP served as legal counsel on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel in connection with the financing of the transaction. UBS AG and UniCredit served as financial advisors.

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.

About Forvia
FORVIA, a global automotive technology supplier, comprises the complementary technology and industrial strengths of Faurecia and HELLA. With over 137,500 people, including more than 12,000 R&D engineers across 40+ countries, FORVIA provides a unique and comprehensive approach to the automotive challenges of today and tomorrow. Composed of 6 business groups and a strong IP portfolio of over 12,000 patents, FORVIA is focused on becoming the preferred innovation and integration partner for OEMs worldwide. In 2025, the Group achieved a consolidated revenue of 26.2 billion euros. FORVIA SE is listed on the Euronext Paris market under the FRVIA mnemonic code and is a component of the CAC SBT 1.5° indice. FORVIA aims to be a change maker committed to foreseeing and making the mobility transformation happen. www.forvia.com

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

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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Apollo Funds to Acquire 40% Interest in Pembina Gas Infrastructure

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Strategic Transaction to Support One of Canada’s Largest Natural Gas Processing Platforms in Next Phase of Growth

NEW YORK and CALGARY, Alberta, April 23, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have agreed to acquire a 40% stake in Pembina Gas Infrastructure Inc. (“PGI” or the “Company”), a premier gas processing entity in Western Canada, from funds managed by KKR. Pembina Pipeline Corporation (“Pembina”) (TSX: PPL; NYSE: PBA), which operates and manages PGI’s facilities, will maintain its 60% stake in the Company and the existing governance structure will remain unchanged upon closing.

Since its formation as a joint venture between Pembina and KKR in 2022, PGI has grown into one of the largest independent gas processing platforms in Western Canada, with a combined processing capacity of approximately five billion cubic feet per day. PGI currently operates 23 gas processing plants, approximately 3,900 kilometers of gathering pipelines and approximately 330,000 barrels per day of NGL extraction capacity. With connectivity to major gas transmission networks in the region, the Company is strategically positioned to serve its blue-chip customer base throughout the Montney and Duvernay trends, from central Alberta to northeast British Columbia.

“PGI is a premier Canadian platform strategically situated at the inlet of the Global Industrial Renaissance, with assets supporting industrial end markets that underpin the energy security of North American economies,” said Scott Browning, Partner at Apollo. “We see a compelling opportunity to grow the business alongside these tailwinds, with the potential to deploy capital into attractive development projects alongside one of the world’s leading midstream operators.”

“Having established PGI as a leading gas processing platform in Western Canada, we remain focused on continuing to grow the business and deliver for our customers,” said Heather Christie-Burns, President and Chief Executive Officer of PGI. “Apollo’s expertise in infrastructure and long-term orientation make it an ideal partner for this next phase and we thank KKR for their strategic partnership in building PGI into the platform it is today. We remain focused on progressing our growth strategy for the benefit of our customers, our partners and the communities we serve.”

Scott Burrows, President and Chief Executive Officer of Pembina, said: “PGI is a cornerstone of Pembina’s integrated midstream platform and a critical piece of Western Canadian energy infrastructure. We welcome Apollo as a new partner and look forward to building on the strong foundation that KKR helped establish since the platform’s formation. Pembina remains fully committed to the operational leadership and strategic direction of PGI, and we are excited to continue growing the platform alongside a like-minded, long-term investor.”

“We have long believed in Canada as a compelling market to invest in and develop critical energy infrastructure. When we formed PGI with Pembina, we saw a clear opportunity to build a leading gas processing platform to serve the region’s growing demand,” said Paul Workman, Managing Director at KKR. “The PGI management team’s disciplined execution and Pembina’s stewardship were instrumental in realizing that vision. We are proud of the platform PGI has become and wish the team continued success as the business enters its next phase.”

The transaction is expected to close by the end of the second quarter of 2026, subject to satisfaction of customary closing conditions.

Bennett Jones LLP, Vinson & Elkins LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to the Apollo Funds, and BMO Capital Markets and RBC Capital Markets served as financial advisors.

Simpson Thacher & Bartlett LLP and Torys LLP served as legal counsel to KKR. Scotiabank served as financial advisor to KKR.

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.

About Pembina Gas Infrastructure

Pembina Gas Infrastructure is a premier gas processing entity in Western Canada with a combined capacity of five billion cubic feet per day. PGI is strategically positioned to serve customers throughout the Montney and Duvernay trends from central Alberta to northeast British Columbia, operating 23 gas processing plants, approximately 3,900 kilometers of gathering pipelines, and approximately 330,000 barrels per day of NGL extraction capacity. PGI is jointly owned by Pembina Pipeline Corporation (60%), which operates and manages its facilities, and KKR’s global infrastructure funds (40%). For more information, visit www.PGIMidstream.com.

About Pembina

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America’s energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.

Contacts

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

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

Pembina
Investor Relations
(403) 231-3156
1-855-880-7404
investor-relations@pembina.com

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Ardian announces the sale of its stake in TRIGO to Montyon Capital

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Ardian

Ardian, a global private investment firm, announces the sale of its stake in TRIGO, the global leader of quality management in the transportation sector, to Montyon Capital, a French investment fund.

Founded in 1997, TRIGO is a leading provider of inspection, quality engineering, and industrial performance management services, serving major players in the automotive, aerospace, rail, and other transportation industries.

With a presence in more than 25 countries and operations at hundreds of sites worldwide, the group has established itself as a key partner to manufacturers for the improvement of their production processes and quality. The company has more than 12,000 employees in Europe, the Americas, Asia, and North Africa.

Since acquiring a stake in 2016, Ardian has supported TRIGO’s extensive diversification, aimed at strengthening its position as a global platform for value-added quality services.

During this period, and in particular through 12 acquisitions in the United States and Europe, TRIGO has significantly expanded:
•    Its geographic footprint through international expansion — particularly in North America — with a presence now spanning nearly 30 countries;
•    Its end-market exposure, by extending its strong expertise in the automotive sector to aerospace, rail, defense, and heavy transportation;
•    Its service offering, with a shift toward activities such as quality engineering, analysis, auditing, and training.

This transformation has strengthened TRIGO’s position as a global one-stop-shop platform for quality services in the manufacturing industry, enhancing its ability to address its clients’ most critical challenges across international and increasingly complex supply chains.

The group has also demonstrated the strong resilience of its business model, having successfully navigated several economic cycles and major crises that have significantly impacted the transportation sector, while maintaining solid operational performance and a sustainable growth trajectory.

Montyon Capital’s investment marks the start of a new phase of growth for the group, building on the strength of its management team led by Matthieu Rambaud and Benoit Leblanc and on the solid foundation established over the past decade.

“Since our investment, TRIGO has undergone a profound transformation in terms of geographic reach, end-market exposure, and operating model. The group has significantly strengthened its market position, developed engineering and auditing services, and demonstrated remarkable resilience in a complex environment. We would like to extend our heartfelt thanks to Matthieu Rambaud, Benoit Leblanc, and their entire team for their dedication and the outstanding work they have accomplished alongside us.” Edouard Level, Managing Director Buyout, Ardian.

“We are very proud of the journey we have taken with Ardian, which has supported us with high standards and ambition to make TRIGO the global leader we are today. This new phase with Montyon Capital builds on that momentum. Their knowledge of our industry, their partnership-based approach, and their belief in TRIGO’s potential make them the ideal shareholder to support the next phase of our growth. Together with our teams, we are approaching this new phase with enthusiasm and determination.” Matthieu Rambaud and Benoit Leblanc, CEO, TRIGO.

The completion of the transaction remains subject to the clearance from the relevant competition authorities.

List of participants

  • Ardian

    • Ardian: Edouard Level, Edmond Delamalle, Martin Blanc
    • Ardian financing team: Gregory Buscayret, Aris Toranian
    • M&A advisors: Baird
    • Legal advisor: Latham & Watkins
    • Strategic DD: BCG
    • Financial DD: EY
    • Legal, social & tax DD: EY

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $200bn for more than 1,920 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

ABOUT TRIGO

TRIGO is a global provider of comprehensive quality management solutions for the transportation sector. Founded in 1997, the group supports leading manufacturers, particularly in the automotive, aerospace, defense, rail, and heavy transportation industries, optimizing their quality performance throughout the value chain.
With a presence in more than 25 countries across Europe, the Americas, and Asia, TRIGO operates at several hundred sites and draws on recognized expertise in various services from inspecting and reworking components, to testing, auditing, consulting, training, and engineering.

trigo-group.com

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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McKesson Signs Agreement with Apollo Funds for Strategic Minority Interest in Medical-Surgical Solutions

Apollo logo

IRVING, Texas, April 20, 2026 – McKesson Corporation (NYSE: MCK), a leading Healthcare Services company, today announced it has entered into a definitive agreement with funds managed by affiliates of Apollo (“Apollo Funds”), under which Apollo Funds will acquire a minority ownership interest in McKesson’s Medical-Surgical Solutions (“MMS”) business. This transaction represents a meaningful milestone as McKesson executes its separation strategy of MMS in preparation of a planned initial public offering.

Apollo Funds will invest $1.25 billion in convertible preferred equity of MMS to acquire an approximately 13% minority interest in MMS. The transaction values MMS at approximately $13 billion total enterprise valuation. McKesson will retain operating control and majority ownership of MMS and consolidate the results for financial reporting. The transaction is subject to regulatory approvals and customary closing conditions.

“This transaction marks a key milestone in McKesson’s planned separation of MMS,” said Brian Tyler, chief executive officer of McKesson. “We are pleased to welcome Apollo as an important strategic and financial partner. Apollo’s experience in supporting complex carve-out and public market transactions will be additive as we position MMS for success, while maintaining McKesson’s financial and strategic flexibility. We look forward to working together to execute the separation in a manner that maximizes shareholder value, and establishing a well-capitalized, world-class medical surgical supply and solutions company.”

“MMS is a leading healthcare platform with a talented team and strong market position, playing a key role in healthcare supply chain resiliency across non-acute care settings,” said Apollo Partner Maxwell David and Managing Director Jeff Armstrong. “We believe the business is well positioned for continued growth, and that Apollo’s Hybrid platform enables us to provide flexible, scaled capital to support the next phase of development as MMS prepares to operate as a standalone company.”

Cautionary Statements

Statements in this press release about of the anticipated completion of Apollo’s investment in MMS, McKesson’s intent to separate MMS into an independent company, the planned initial public offering (“IPO”) of MMS, and the expected benefits of the transactions described, including anticipated timing, plans, expectations, commitments and intentions, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Except to the extent required by law, the company undertakes no obligation to publicly update forward-looking statements.

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. Although it is not possible to predict or identify all such risks and uncertainties, risk factors include, but are not limited to: Apollo’s investment and the planned separation and IPO of MMS are contingent upon the satisfaction of certain conditions, may not be completed on the currently contemplated terms or timeline, or at all, and, if completed, may not achieve the intended financial and strategic benefits; unanticipated business, market, governmental, or other developments could delay or prevent completion of Apollo’s investment, the separation, or the IPO, or cause any of the transactions to occur on less favorable terms; the transactions described are subject to conditions that may not be satisfied on the expected timeline, or at all, which could delay or prevent closing; we may be unsuccessful in achieving our strategic growth objectives; we might be adversely impacted by changes in the economic environments in which we operate; and we might be adversely impacted by events outside of our control, such as widespread public health issues, natural disasters, political events, and other catastrophic events. We encourage investors to read the important risk factors described in McKesson’s most recent Form 10-K filed with the Securities and Exchange Commission.

About McKesson Corporation

McKesson Corporation is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products and services to help make quality care more accessible and affordable. Learn more about how McKesson is impacting virtually every aspect of healthcare at McKesson.com and read Stories & Insights.

About Apollo

Apollo is a high-growth, global alternative asset manager. Apollo’s asset management business  seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, Apollo’s investing expertise across its fully integrated platform has served the financial return needs of its clients and provided businesses with innovative capital solutions for growth. Athene, Apollo’s retirement services business, specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Apollo’s patient, creative, and knowledgeable approach to investing aligns its clients, the businesses it invests in, its employees, and the communities it impacts, 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

McKesson Corporation

Investors
Investors@McKesson.com

Media Relations
MediaRelations@McKesson.com

Apollo

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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