Category Archives: News

Main Capital Partners expands into the US insurance software market with a majority investment in Agenium

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Main Capital Partners

Main Capital Partners announces a majority investment in Agenium, an insurance technology platform focused on digitizing and optimizing the end-to-end application, underwriting, and new business journey.

hrough configurable automation and embedded decision support, Agenium helps insurers speed up processing, strengthen risk evaluation, and lower operating complexity.

Headquartered in Milwaukee, Wisconsin, Agenium provides a cloud-based, no-code platform used by life, supplemental health, and annuity carriers, among others. The solution enables insurers to design and manage underwriting workflows in a flexible, scalable environment, supporting more consistent execution across the policy lifecycle.

The Company serves over 20 leading insurance carriers globally, representing over 50,000 active platform users. Agenium’s offering spans key underwriting functions, including digital application handling, case management tooling, and a reflexive decision engine. Designed to easily integrate with existing and legacy systems, the platform reduces manual touch points and creates compliant, maintainable processes.

In partnership with Main Capital Partners, Agenium will focus on scaling its commercial organization, accelerating customer acquisition, and further developing its platform through additional modules and integrations. In addition, Agenium will pursue a targeted buy-and-build strategy to broaden its product suite and further support insurance carriers across the insurance policy lifecycle. Supported by Main’s experience in international expansion, this partnership will help Agenium strengthen its position in North America and selectively expand into new geographies.

Agenium represents a compelling opportunity to invest in a high-growth, mission-critical software platform within the attractive insurance ecosystem.”

– Daan Visscher, Partner & Co-Head North America at Main

Daan Visscher, Partner & Co-Head North America at Main, said: “Agenium represents a compelling opportunity to invest in a high-growth, mission-critical software platform within the attractive insurance ecosystem. The company combines strong recurring revenues with deep customer relationships and clear expansion potential. We see significant opportunities to support growth by further professionalizing the go-to-market strategy and complementing the platform with targeted add-on acquisitions.”

Mike Risley, CEO of Agenium, added: “Main Capital Partners brings valuable experience in scaling software businesses like ours, and we’re excited to benefit from their strategic and operational support. This partnership enables us to further invest in our platform, enhance our product capabilities, and better serve both existing and new customers. We see strong demand for modern new business and underwriting solutions, and together we are well positioned to capitalize on that momentum.”

About Agenium

Agenium is an insurance technology platform focused on modernizing the insurance application and underwriting process. Its cloud-based, no-code solution enables insurers to streamline workflows, integrate data sources, and support more efficient and consistent underwriting decisions. Built on a scalable and flexible architecture, the platform integrates with carriers’ existing systems and supports the full new business and underwriting lifecycle across life, health, and annuity products. By automating key processes and reducing manual intervention, Agenium helps insurers improve processing speed, enhance operational efficiency, and bring new products to market more effectively.

Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only and is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Main Capital Partners or any other person.

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Responda Group launches Responda One – AI, automated responses and human support on a single platform

IK Partners

Responda Group is launching Responda One, a comprehensive solution for customer engagement that brings together telephone, chat, AI and human support within a single operational workflow. The solution is based on Responda’s own Synergy platform, which currently handles over 400,000 customer contacts every month.

With Responda One, companies can combine AI and human agents in a single solution – without changing systems, suppliers or contracts. AI handles recurring queries, and human agents take over when the situation requires service, judgement or personal contact.

A central part of the offering is the shared token model, where capacity can be used flexibly across telephone, chat, AI and staffed service. This allows customers to start with a low level of automation and gradually scale up AI over time, whilst reducing the cost per case without new contracts or platform changes.

“The market is moving away from point solutions. Companies no longer want to integrate multiple different suppliers to handle customer dialogue. With Responda One, we bring together technology, AI and human delivery in a single operational flow and take responsibility for the entire chain,” says Marcus Lindqvist, CEO of Responda Group.

Responda takes responsibility for the entire chain

Responda is responsible for the entire delivery process, from technology, integrations and AI configuration to staffing, operations and quality assurance. The solution has already secured several customer contracts during the initial launch period in 2026.

“AI can handle much of the volume, but responsibility for the customer experience cannot be automated away. There must still be a partner who takes responsibility for ensuring the entire flow works – from technology and integrations to staffing, operations and quality,” says Marcus Lindqvist.

About Responda One

Responda One brings together:

  • A response service platform: Telephone, cases, chat, AI and human service within Responda’s own Synergy platform.
  • A shared token model: The customer receives predictable capacity that can be used flexibly between AI and human agents.
  • Full flexibility: The customer can combine AI and human agents based on channel, volume, opening hours and the complexity of the case.
  • Gradual automation: Start manually, introduce AI where it is beneficial and scale up or down over time.
  • Cost control over time: Through increased automation, the customer can steer towards a lower cost per case during the term of the agreement.
  • End-to-end responsibility: Responda is responsible for technology, integrations, AI configuration, staffing, operations and quality.
  • A seamless customer dialogue: The end customer experiences a single flow, even when the case moves between AI and human agents.

About Responda Group

Responda Group is a leading provider of AI-driven customer experience, always with a human touch. Using smart technology and dedicated staff, we help over 2,100 companies, from small businesses to large organisations, to achieve greater availability and better quality in every customer interaction.

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EQT to Launch Tender Offer to Privatize Kakaku.com

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kakaku 1

  • EQT to launch a tender offer to privatize Kakaku.com, Inc., a Japanese classified and marketplace platform
  • Kakaku.com operates core services including Tabelog, Kakaku.com and Kyujin Box
  • Following a review by an independent Special Committee, the Board of Directors unanimously expressed support for the Tender Offer and recommended that shareholders tender their shares

EQT today announced that BPEA Private Equity Fund IX (“BPEA Fund IX” or “EQT”) will launch a tender offer (the “Tender Offer”) to acquire Japanese classified and marketplace platform Kakaku.com, Inc. (“Kakaku.com” or the “Company”; ticker symbol: TSE 2371) at an offer price of JPY 3,000 per share.

Kakaku.com operates a portfolio of digital platforms in Japan, including Kakaku.com, a price comparison platform; Tabelog, a restaurant review and online reservation platform; and Kyujin Box, a job search platform. The Company has established positions across these services with strong consumer engagement and long-standing relationships with users and business partners.

The Company’s board of directors and Special Committee unanimously expressed support for the Tender Offer and recommended that shareholders tender their shares. In addition, major shareholders Digital Garage and KDDI, who together hold 38.1% of the shares, have entered into agreements with EQT and will dispose of their shares through a share buyback by Kakaku.com after the Tender Offer. Digital Garage, as a consortium partner of EQT, is expected to re‑invest and hold an approximately 20% equity stake in the tender offeror group. Following the successful completion of the transaction, EQT intends to work closely with management to strengthen the Company’s platforms, enhance its technology capabilities, and drive long-term value creation.

Tetsuro Onitsuka, Partner in the EQT Private Capital Asia team, said: “Kakaku.com has built a portfolio of trusted services that are deeply embedded in everyday life in Japan. As a global investor bringing together European industrial heritage with deep local presence and active ownership, we look forward to partnering with management to support the Company’s continued ability to adapt and grow in an increasingly AI-driven environment. This transaction reflects EQT’s long-term commitment to Japan and builds on our growing footprint in the market, where we continue to see opportunities to support companies through periods of structural change and long-term development.”

This transaction underscores EQT’s ongoing commitment to Japan following recent take-private transactions and strategic activity in the market. EQT’s recent activity in Japan includes the privatizations of Fujitec, CareNet and Mamezo, and the completion of exits of TRYT and Pioneer to high-caliber sponsor and strategic buyers last year.

With this transaction, BPEA Fund IX is expected to be 10-15 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) and subject to customary regulatory approvals.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA Fund IX will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document obtainable from the issuer or its agents and would contain detailed information about the issuer and its management, as well as financial statements. The securities may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Regulations on Solicitation

This press release is intended to provide information relating to the Tender Offer to the public and has not been prepared for the purpose of soliciting the sale of shares. If shareholders wish to sell their shares, they should first carefully read the Tender Offer Explanation Statement concerning the Tender Offer and make their decision at their own discretion. This press release does not constitute, or form a part of, an offer to sell or a solicitation of an offer to sell or a solicitation of an offer to purchase securities, and neither this press release (in whole or in part) nor its distribution will form the basis of, or be relied on in connection with, an agreement related to the Tender Offer.

US Regulations

The Tender Offer will be conducted in accordance with the procedures and information disclosure standards provided in Japanese law, and those procedures and standards are not necessarily the same as the procedures and information disclosure standards applicable in the United States. In particular, Section 13(e) or Section 14(d) of the U.S. Securities Exchange Act of 1934 (as amended, the “Securities Exchange Act”) and the rules promulgated thereunder do not apply to the Tender Offer, and the Tender Offer does not conform to the procedures or standards therein. All financial information included or mentioned in this press release and the documents referenced herein is not based on U.S. accounting standards, and such accounting standards may not be equivalent to or comparable with financial information prepared in accordance with U.S. accounting standards. Because the tender offeror is a corporation established outside the United States and all or some of its directors and officers are not residents of the United States, it may be difficult to exercise rights or make claims against them that can be asserted based on U.S. securities-related laws. In addition, it may not be possible to initiate legal proceedings against a non-U.S. corporation and its officers in a non-U.S. court on the grounds of violation of U.S. securities laws. Furthermore, there is no guarantee that a non-U.S. corporation and its affiliates will be subject to the jurisdiction of a U.S. court.

The respective financial advisors of the tender offeror, the Company, Digital Garage, Inc. and KDDI Corporation, the tender offer agent, and their respective affiliates may, in the ordinary course of their business, to the extent permitted by the financial instruments exchange-related laws and regulations of Japan and other applicable laws and regulations, and in accordance with the requirements of Rule 14e-5(b) under the Securities Exchange Act, purchase, or engage in activities directed at purchasing, shares of the Company for their own account or for the account of their clients, either prior to commencement of the Tender Offer or during the Tender Offer Period, outside the Tender Offer. If information concerning any such purchase is disclosed in Japan, disclosure will be made in English on the website of the person making such purchase (or in another manner).

Unless otherwise specified, all procedures relating to the Tender Offer will be conducted in the Japanese language. While some or all documents related to the Tender Offer may be prepared in English, the Japanese-language documents will prevail in the event of any discrepancies between the English and Japanese documents.

This press release contains “forward-looking statements” as defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Known or unknown risks, uncertainties, or other such factors could lead to outcomes that may differ markedly from the projections and other information explicitly or implicitly indicated in such forward-looking statements. Neither the tender offeror nor its affiliates guarantees that the projections and other information explicitly or implicitly indicated in such forward-looking statements will materialize. The forward-looking statements in this press release were prepared based on information in the possession of the tender offeror as of the date of this press release, and unless required by laws or regulations or the rules of a financial instruments exchange, neither the tender offeror, the Company, nor any of their respective affiliates will be obligated to change or revise such statements to reflect any future events or circumstances.

Other National Regulations

The release, issue or distribution of this press release may be subject to legal restrictions in certain countries or regions. In such cases, please be aware of and comply with any such restrictions. The release, issue or distribution of this press release does not constitute a solicitation of an offer to purchase or sell share certificates in connection with the Tender Offer and is to be deemed solely as the distribution of materials for informational purposes.

Contact:
EQT Press Office, press@eqtpartners.com

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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

About Kakaku.com
Kakaku.com, Inc., founded in 1997 and headquartered in Tokyo, operates a portfolio of market-leading digital consumer platforms in Japan, including Kakaku.com, the country’s largest product and price comparison site, Tabelog, the leading restaurant discovery and reservation platform, and Kyujin Box, an emerging job search platform, helping Japanese consumers make better decisions across shopping, dining, and jobs.

More info: https://corporate.kakaku.com

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CapMan Real Estate divests office building in Västberga, Stockholm

Capman

CapMan Real Estate has completed the sale of the office property Vreten 17 in Västberga, Stockholm, on behalf of CapMan Nordic Real Estate III Fund (CMNRE III). The buyer is Trifam Fastighets AB.

Vreten 17 comprises approximately 6,550 square metres of lettable area and is held under a leasehold tenure. The property is fully let to Avarn Security, which occupies the building as its headquarters under a long‑term lease. The asset is located in Västberga in south‑west Stockholm, benefiting from good transport connections and an established office micro‑location.

CapMan acquired Vreten 17 together with the neighbouring properties Vreten 25 and Vreten 8 as part of a portfolio transaction. Following the divestment, CapMan will continue to actively develop and create value in the remaining assets within the portfolio.

“We have successfully completed our business plan value‑creation initiatives for Vreten 17 and are pleased to hand over the property to Trifam for continued ownership and management. This transaction reaffirms our strong beliefs in the resilience of well-located office properties with solid underlying fundamentals,” says Marcus Lotzman, Head of Transactions Sweden at CapMan Real Estate.

“We are pleased to have acquired Vreten 17. The property is a strong strategic fit for Trifam’s portfolio, both geographically and in terms of asset profile”, says Niklas Gusting, CEO of Trifam.

CapMan was advised by Cushman & Wakefield as commercial adviser and Mannheimer Swartling as legal adviser in the transaction.

For more information, please contact:

Marcus Lotzman, Head of Transactions Sweden at CapMan Real Estate,
+46 706 806 081,
marcus.lotzman@capman.com

About CapMan

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

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Verdane partners with Telenor to build a global IoT leader

Verdane Capital

(Fornebu, Norway, 12 May 2026) Verdane has entered into an agreement with Telenor to establish a joint ownership structure over Telenor Connexion. The transaction values the company at SEK 7.5 billion. The partnership is intended to realise value from Telenor Connexion’s strong market position while providing the company with access to long-term growth capital through an efficient ownership structure.

Over the past 25 years, Telenor Connexion has built a strong global position in managed IoT services and connectivity solutions for large, global customers. The market is expected to grow at double digit rates towards 2030. Today, the company is a top ten player globally outside China, with 31 million IoT SIM cards in operation and deliveries to more than 200 countries and territories.

“We have bold ambitions in managed IoT, and with Verdane as a partner we gain additional power to realise them in a much more capital efficient manner. At the same time, this transaction clearly demonstrates Telenor’s ability to create value,” says Benedicte Schilbred Fasmer, President & CEO of Telenor.

Telenor Connexion delivers IoT solutions for everything from cars and water pumps to robotic lawn mowers. In January 2026, Telenor consolidated its Nordic IoT operations under one brand structure, with Telenor Connexion as the specialised IoT unit operating under Telenor IoT as the portfolio brand.

“With this structure in place, we are well positioned for the next phase. Telenor will remain a long‑term, strategic owner, and we will continue to put the full industrial strength of the Group behind Telenor Connexion. Together with Verdane, we will scale the business more rapidly in a diligent way,” says Fasmer.

Combining industrial edge with experienced growth capital 

The global IoT market is experiencing strong growth. Through this partnership, Telenor combines its industrial platform, global reach and strong customer relationships with Verdane’s financial resources, transaction experience and active ownership model. This structure supports long-term growth ambitions and allows Telenor to grow in a disciplined manner. The ambition is to strengthen Telenor Connexion’s global offering and accelerate growth through both organic expansion and value-creating acquisitions.

Pekka Lundmark, the former President and CEO of Nokia, has agreed to join Telenor Connexion as Independent Chair following closing of the transaction. Mats Lundquist will continue as Chief Executive Officer of Telenor Connexion, ensuring continuity in leadership and execution of the company’s growth strategy.

Bjarne Kveim Lie, Founder and Managing Partner at Verdane, said: “We are grateful to have built a partnership based on mutual trust with Telenor and look forward to working closely together in the years to come. We believe Telenor Connexion is perfectly positioned in a well-established structural growth market that will benefit from the increasing adoption of AI through exposure to connected devices in data-intensive industries”.

Morten Weicher, Partner at Verdane, said: “We look forward to supporting the Telenor Connexion team in realising their ambitious strategy of becoming a global leader, drawing on Verdane’s significant experience in scaling industrial technology companies and more than 15 years of experience as an investor in the IoT space.”

Financial highlights and transaction structure

In 2025, Telenor Connexion generated revenues of approximately SEK 1.3 billion and delivered an EBITDA of around SEK 415 million on a pro-forma basis after the consolidation of Managed IoT Connectivity across Telenor Group. As consideration following the transaction, Telenor will receive approximately SEK 3.8 billion in cash, in addition to a seller credit of approximately SEK 0.8 billion, and recognise a gain of approximately SEK 7.2 billion. Each party commits to invest an additional SEK 2 billion in the company’s value accretive growth journey, which for Telenor will be approximately half of the proceeds received upfront in the transaction.

Telenor Group’s divestment values Telenor Connexion’s enterprise value at 18x the 2025 EBITDA. As part of the transaction, the new structure will incur approximately SEK 2.2 billion in new bank debt, implying an expected post‑transaction equity value of approximately SEK 5.3 billion. The agreement also includes a potential earn‑out if the company meets certain commercial targets, increasing the company’s enterprise value by SEK 0.3 billion.

Following the transaction, Telenor Connexion will be reported as an associated company of Telenor Group. The parties will establish a jointly owned company with 50/50 percent ownership. The board will be comprised of two representatives from each owner, in addition to an independent chair. The parties expect to complete the transaction during 2026, subject to the necessary regulatory approvals.

As part of the transaction, Verdane will acquire Telenor’s ownership stakes in Telenor Amp’s portfolio companies BLDNG.ai and Whereby.

About Telenor
Telenor Group is a leading telecommunications and technology company in the Nordics and Asia, serving over 200 million customers and generating annual revenues of around NOK 80 billion (2024). Telenor holds strong positions in its markets and is committed to responsible business conduct.

Driven by Telenor’s purpose, “With you, for a safer and smarter tomorrow”, we aim to create impact beyond connectivity by enabling societies to thrive in a digital future. Our cultural foundation is built on Trust, Curiosity, and Passion, guiding how we collaborate, innovate and deliver value for customers and communities.

Connectivity has been Telenor’s domain for more than 165 years, and today we combine that heritage with forward-looking solutions for security, sustainability and inclusion. Telenor is listed on the Oslo Stock Exchange under the ticker TEL. For more information, visit https://www.telenor.com.

About Verdane
Verdane is a specialist growth buyout investment firm that partners with tech-enabled and sustainable businesses that help to digitalise and decarbonise the European economy. The flexible mandates of Verdane funds allow it to invest as a majority or minority control investor, replacement or growth capital, in single companies or in portfolios of companies

Verdane has raised EUR 10 billion in capital and its funds have made more than 200 investments in fast-growing businesses since 2003. Verdane’s team of over 180 investment professionals and operating experts is based out of Berlin, Copenhagen, London, Helsinki, Munich, Oslo and Stockholm and combines deep sector expertise with long-standing local networks and presence in core European markets.

Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.

Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.

More info: www.verdane.com
Follow Verdane on LinkedIn

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Ardian and iCapital Expand Distribution of Ardian Access Evergreen Strategies Through Leading Global Fund Platforms

Ardian

Long-standing partnership supports broader, low-friction access to Ardian’s private markets strategies for the global wealth channel.

Ardian, a global private investment firm, and iCapital1, the global fintech company shaping the future of investing, today announced the continued expansion of their partnership with the broader availability of the Ardian Access SICAV suite of evergreen2 private markets strategies3 through leading global fund platforms, including Allfunds, Clearstream and Euroclear Fundsplace.

Building on a partnership that began in 2022, Ardian and iCapital have worked closely to design, structure, service and distribute evergreen investment solutions that support long‑term portfolio construction for wealth investors. The latest expansion further reflects a shared ambition to expand access to private markets while maintaining operational efficiency, scalability and enhanced investor experience across distribution channels.

Through availability on Allfunds, Clearstream and Euroclear Fundsplace, the Ardian Access strategies can now be accessed via established platform workflows and custody environments already used by wealth managers and advisors globally. This approach allows Ardian and iCapital to meet growing demand from the wealth channel while reducing operational friction and integration complexity for distributors and end investors.

Launched in partnership with iCapital, Ardian Access provides evergreen exposure to Ardian’s private equity and infrastructure capabilities. iCapital structures and services the strategies and provides end to end lifecycle support, leveraging its integrated technology and operating capabilities to streamline onboarding, administration and the ongoing investor experience for wealth managers and advisors.

“We are delighted to expand our partnership with iCapital, a leading player in making private asset investment more accessible. This enhanced collaboration enables us to offer Ardian strategies to a broader audience of private investors, while supporting transparency, operational simplicity, and service quality. By leveraging leading platforms, we are pursuing our goal to expand access to private markets while meeting investors’ high standards for information, governance, and experience throughout the entire investment cycle.” Erwan Paugam, Head of Private Wealth Solutions and Senior Managing Director at Ardian.

“This expanded partnership underscores the strength of our long standing relationship with Ardian and our shared focus on accessibility and investor experience. By combining Ardian’s investment expertise with iCapital’s advanced technology, structuring, servicing and distribution capabilities, including connectivity to leading fund platforms, we are creating a more efficient and scalable way for the wealth channel to access private markets solutions, supporting both sustainable growth and a better overall experience for advisors and their clients.” Marco Bizzozero, Head of International at iCapital.

IMPORTANT INFORMATION

This material has been provided to you for informational purposes only by iCapital, Inc. and/or one of its affiliates including Institutional Capital Network, Inc. (collectively, “iCapital”). This material is the property of iCapital. This is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation to employ a specific investment strategy, or as an offer to sell, a solicitation of an offer to purchase, or a recommendation of any interest in any fund or security. Securities products and services are offered through iCapital Markets LLC (a registered broker/dealer, member FINRA and SIPC), Institutional CN (Europe) – Empresa de Investimento, S.A. (registered with CMVM),  iCapital UK Services Limited (authorised and regulated by the Financial Conduct Authority), iCapital Hong Kong Limited (licensed by SFC) and iCapital SG Pte. Ltd (licensed by MAS), iCapital Network Canada Ltd. is registered as an investment fund manager, portfolio manager and exempt market dealer where required in the applicable Provinces and Territories of Canada, all affiliates of iCapital. Registrations and memberships in no way imply that FINRA, SIPC, CMVM, FCA, SFC or MAS have endorsed any of the entities, products or services discussed herein. Financial products made available by iCapital Markets LLC, Institutional CN (Europe) – Empresa de Investimento, S.A., iCapital UK Services Limited, iCapital Hong Kong Limited, iCapital SG Pte. Ltd. and iCapital Network Canada Ltd, may be complex and/or speculative and are not suitable for all investors. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and acts as an adviser to certain privately offered investment funds. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc.

© 2026 Institutional Capital Network, Inc. All Rights Reserved.

For investors in the European Union. Access to such investments may be subject to investor eligibility requirements. Investments may involve a risk of loss of capital. Investors should refer to the relevant offering documents before making any investment decision.

1 iCapital, Inc., together with its affiliates “iCapital”.
2 With a term of 99 years.
3 Ardian may act as manager or as a delegated portfolio manager.

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 ICAPITAL

iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, insurance carriers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes* for all participants in the ecosystem.
With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides broad access, data connectivity, education, and research programs to advisors and their clients. Leveraging AI and machine learning for digital identity (KYC/AML), iCapital supports compliant and secure investment lifecycle processes.

iCapital’s end-to-end platform manages the lifecycle of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative assets, structured investments, and annuities and insurance products into portfolios, driving growth, scale, and efficiency. Our solution(s) can be customized and offers specific modules as needed.

iCapital has nearly $1.2 trillion** of assets serviced globally on its platform, including over $311 billion in alternative platform assets, $288 billion in structured investments and annuities outstanding, and $554 billion in client assets reported on, and serves over 3,400 wealth management firms and 130,000 active financial professionals.

Headquartered in New York and Greenwich, CT, iCapital operates globally with 19 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, Sydney, Abu Dhabi, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership, with accolades from Euromoney (World’s Best Technology Provider for Wealth Management), CNBC (World’s Top Fintech Companies), and Forbes Fintech 50.

For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc

* iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics
** as of March 2026

icapital.com

Media Contacts

Ardian

HEADLAND

ardian@headlandconsultancy.com 

ICAPITAL

media@icapital.coma 

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Apollo Funds Acquire Majority Stake in Noble Environmental, Inc.

Apollo logo

Investment Supports Vertically Integrated Regional Waste Management Platform Serving the Northeast, Mid-Atlantic and Midwest United States

NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have acquired a majority interest in Noble Environmental, Inc. (“Noble Environmental” or the “Company”), a vertically integrated waste management platform headquartered in Pittsburgh, Pennsylvania.

Founded in 2016, Noble Environmental is a regional leader in waste management across the Northeast, Mid-Atlantic and Midwest United States, providing integrated services spanning solid waste collection, hauling, transfer and disposal to municipalities and commercial customers, alongside a growing RNG business that captures and converts landfill gas into pipeline-quality fuel. The Company’s portfolio of landfills, transfer stations and hauling operations represent long-life hard assets that provide essential services to the communities served by Noble Environmental.

Scott Browning and Brad Fierstein, Partners at Apollo, said, “Noble Environmental has built a differentiated platform in one of the most attractive waste markets in the country. The combination of scarce, permitted landfill assets, a fully integrated service offering and a growing RNG business creates a compelling foundation for long-term value creation. Apollo has a long history of investing in essential service businesses, and we look forward to partnering with the Company’s management team to expand Noble Environmental’s platform and build on its strong foundation.”

David Florance, President and Chief Operating Officer of Noble Environmental, said, “Since inception, Noble Environmental’s goal has been to build a leading waste management business that delivers for the communities we serve while creating lasting value through disciplined operations and strategic growth. Apollo shares that vision, and their experience and resources will be invaluable as we continue to execute on our vision to grow the business.”

Latham & Watkins LLP served as legal counsel to the Apollo Funds.

Guggenheim Securities, LLC served as financial advisor to the Strategic Alternatives Committee of the Board of Directors of Noble Environmental (the “Noble Strategic Alternatives Committee”), and Vinson & Elkins LLP served as legal counsel to the Noble Strategic Alternatives Committee.

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 March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

About Noble Environmental

Noble Environmental, headquartered in Pittsburgh, Pennsylvania, is a vertically integrated waste management company providing waste collection, transportation and disposal services through its platform of solid waste landfills and transfer stations located throughout the Northeast, Mid-Atlantic and Midwest. Noble Environmental also operates a portfolio of renewable natural gas facilities at its landfill gas generating solid waste disposal locations. To learn more, please visit www.nobleenviro.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

Noble Environmental

Nikolas Mermigas
Executive Vice President
nmermigas@nobleenviro.com

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4impact leads €1.4M seed round in Regulate to bring breathwork to the workplace

4Impact

Regulate, the science-backed breathwork platform built for the demands of the modern workday, closes a €1.4M seed round led by 4impact capital.

Munich, 12 May 2026

Regulate, the science-backed breathwork platform built for the demands of the modern workday, today announced the closing of its €1.4M seed round. The round is led by 4impact capital and backed by an angel syndicate which includes Hanno Renner (Co-Founder & CEO, Personio), Mike Wax (Co-Founder, Forto), Marlena Hien (Co-Founder, Bears with Benefits), and Felix Haas (10x Group, IDnow, Bits & Pretzels).

Regulate will use the fresh capital to accelerate growth, deepen product capabilities, expand its live format offering, and grow its team.

Science-backed tool for sustainable peak performance

As productivity tools multiply and expectations accelerate, the human nervous system, which allows people to think clearly, decide well, and lead under pressure, has not changed. The result is a widening gap between what is being demanded of organisations and what humans can sustain.

Regulate was founded on the conviction that breathwork is the most direct, science-backed lever for addressing this gap. Used by elite athletes such as Novak Djokovic and LeBron James, CEOs and military units for its measurable effects on focus, stress response and resilience, breathwork has been validated by research from Harvard Medical School, Stanford Medicine, and Frontiers in Psychology.

Peter van Woerkum, Co-Founder & CEO of Regulate, says:
‍“Breathwork is a proven way to shift from stress to clarity in real time. It’s accessible and it builds resilience that compounds over time. As pressures mount and AI raises the bar for what organizations can produce, expectations on professionals have never been higher. We’re building Regulate to help people meet these demands sustainably by embedding it into the way teams already work, not adding another source of stress.”

Founded in 2024 by Peter van Woerkum, a certified breathwork coach and executive coach with over a decade of C-level advisory experience, and Paul Laechelin, former Product Lead for the BMW App, Regulate has rapidly built enterprise traction. In under a year the platform has completed over 50,000 sessions across organisations and is used by companies including Raiffeisen Bank International, Personio, Vattenfall and globally leading strategy consultant firms and enterprises.

Victor Straatman, Partner at 4impact.vc, adds:
“We back companies where business model and positive impact align. Regulate improves how people perform and how they feel, allowing them to thrive in a fast changing work environment. The data shows that at scale, this is a very compelling combination and solution for overall wellbeing.”

Direct measurable impact during the workday

Regulate brings breathwork into the everyday flow of work via an intelligent app, with a library of over 60 science-backed sessions, ranging from 90 seconds to 60 minutes. Rather than offering generic mindfulness sessions that sit unused in corporate benefits portals, the platform surfaces the right intervention at the right moment: a focus protocol before a high-stakes meeting, a breathing exercise after an intense discussion, or a team session before a workshop.

This contextual intelligence is powered by wearables and workday systems. By reading physiological signals from connected devices and understanding the structure of the user’s workday, Regulate can recommend personalised sessions aligned to the user’s current state and the demands of the workday, making it the first breathwork platform that functions as an on-demand performance tool.

European Investment Fund logo

The investment in Regulate benefits from support from the European Union under the InvestEU Fund.

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KKR Announces Sale of Danish Residential Portfolio to Pears Global Real Estate Denmark

KKR

Copenhagen, 11 May 2026 – KKR, a leading global investment firm, and Fokus Nordic, a local asset manager and minority owner, today announced the sale of a portfolio of Danish residential units in Central and Greater Copenhagen to Pears Global Real Estate Denmark, a leading international real estate investment advisor. The details of the transaction were not disclosed.

The portfolio comprises 213 residential units located across attractive submarkets within Copenhagen and its catchment area, municipalities that are home to approximately 15% of Denmark’s population and with connectivity to the city centre. KKR acquired the portfolio in 2021 through KKR Real Estate Partners Europe II (“REPE II”), a fund dedicated to value-add and opportunistic real estate investments in Western Europe.

The transaction reflects KKR’s disciplined approach to portfolio management and value creation in the Nordic residential sector. KKR’s European real estate strategy has established a significant presence across the Nordic region, with recent investments spanning Denmark, Finland, and Sweden across sectors including residential, student accommodation, and logistics.

Alexander Thams, Director and Head of Nordics Real Estate for KKR said: “We are pleased to have completed this transaction with Pears Global Real Estate. We remain firmly committed to the Nordic real estate sector and continue to view the region as a key growth market with attractive structural characteristics. Denmark’s residential market continues to demonstrate resilience and we look forward to pursuing further opportunities in the Danish market and beyond in the coming years as we continue to build our presence in this important region.”

Emil Holmboe Christiansen, Investment Executive at Pears Global Real Estate Denmark, commented: “First and foremost, we would like to thank the seller for a constructive dialogue throughout the process. We have followed the portfolio with great interest for some time and are very pleased to have successfully completed the acquisition. The investment naturally aligns with our existing Danish activities and supports our ambition of maintaining a long-term presence in the Danish market. The collaboration between our Finance, Asset Management and Investment teams was instrumental to the success of the deal, and I would like to extend my thanks to them.”

In connection with the transaction, Accura and EY acted as advisors to Pears Global Real Estate Denmark. KKR and Fokus were advised by CBRE and Gorrissen Federspiel.

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

Media Contact
KKR
Brunswick Group
KKR-comms-Nordics@brunswickgroup.com

Pears Global Real Estate Denmark
Emil Holmboe Christiansen
Emil.christiansen@pearsglobal.dk
+45 4076 3000

 

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Verdane closes €635 million continuation vehicle anchored by Arrive Group, alongside Talentech and Pet Media Group, with Coller as sole lead investor

Verdane Capital

Verdane, the European specialist growth buyout investment firm, today announces the successful closing of a €635 million multi-asset continuation vehicle (CV).

The fund enables the extension of Verdane’s investment horizon and capital availability for Arrive Group, the largest asset in the CV, alongside Talentech and Pet Media Group.

Coller Capital is the sole lead investor in the CV. StepStone acted as co-underwriter.

Bjarne Kveim Lie, Founder and Managing Partner at Verdane, said: “Arrive Group, Talentech and Pet Media Group are companies that we know well, and that have already generated strong returns for our investors. Our partnership with Arrive alone already spans more than a decade, and we are as excited about the road ahead as we have ever been. This new fund gives us the time and capital to help these businesses reach their full potential.”

Carl Nauckhoff, Partner and Chief Commercial Officer at Verdane, said: “This transaction is a strong endorsement of the quality of the three assets and of Verdane’s approach to active ownership. Coller’s deep expertise in the secondary market and their long-term perspective made them the ideal partner for a transaction of this nature. We are grateful for the strong interest received from high-quality institutional investors, which resulted in significant oversubscription. The CV allows us to continue investing behind businesses we know deeply, while providing existing investors with a meaningful liquidity option.”

Martin Fleischer, Partner at Coller Capital, said: “This is exactly the opportunity Coller looks to back. We are proud to lead a portfolio anchored by Arrive Group, an asset that has been a clear winner for Verdane over more than a decade and continues to compound, alongside two further high-quality assets in Talentech and Pet Media Group. The flexibility of our mandate allowed us to underwrite the full multi-asset portfolio as sole lead, reinforcing Coller’s track record of partnering with blue-chip Nordic managers on their best assets.”

Lazard acted as financial adviser, Simpson Thacher & Bartlett and Andulf Advokat acted as legal advisers to Verdane. Akin Gump acted as legal adviser to Coller Capital.

About Arrive Group

Verdane first invested in EasyPark in 2012 when it was a Nordic champion in mobile parking payments. Over the following decade, the company grew into a leading European consolidator in digital parking before completing a transformational merger with Flowbird in 2025 to create Arrive Group, a global digital parking and smart mobility provider with direct access to consumers and municipalities at scale. The business now operates in more than 20,000 cities in more than 90 countries.

For more information, visit www.arrive.com

About Talentech

Talentech is a Nordic HR software platform serving public sector and upper SME clients across the full recruitment lifecycle. Talentech recently agreed to merge with Grade, a complementary Nordic HR platform, significantly broadening the combined group’s product offering and creating a Nordic end-to-end HR solution.

For more information, visit www.talentech.com

About Pet Media Group

Verdane invested in Pet Media Group in 2019. The company has since grown into the leading operator of vertical pet classified sites globally. Every year, the company helps over 1.7 million pets to find new homes through its partnerships with trusted and vetted breeders and shelters. The new fund will support PMG’s next phase of growth, including US expansion, payments penetration and further bolt-on acquisitions.

For more information, visit www.petmediagroup.com

About Verdane

Verdane is a specialist growth buyout investment firm that partners with tech-enabled and sustainable businesses that help to digitalise and decarbonise the European economy. The flexible mandates of Verdane funds allow it to invest as a majority or minority control investor, replacement or growth capital, in single companies or in portfolios of companies.

Verdane has raised €10 billion in capital and its funds have made more than 200 investments in fast-growing businesses since 2003. Verdane’s team of more than 180 professionals and operating experts is based out of Berlin, Copenhagen, London, Helsinki, Munich, Oslo and Stockholm and combines deep sector expertise with long-standing local networks and presence in core European markets.

Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.

Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.

For more information, visit www.verdane.com

About Coller Capital

Coller Capital is a global leader in the secondary market for private assets, renowned for being a pioneer and innovator in the asset class. Founded in 1990, Coller provides investment and liquidity solutions to private market investors worldwide, and currently manages $54 billion* in private equity, private credit, and other private market vehicles. With headquarters in London and offices across North America, Europe, and Asia-Pacific, our multinational team offers a global reach.

Coller has exclusively focused on secondary investing since inception and today boasts one of the largest dedicated investment teams in the asset class.

Coller’s Private Wealth Secondaries Solutions (PWSS) business offers perpetual funds to eligible private wealth investors globally.

For more information, visit www.collercapital.com

*As at 31/12/2025.

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