Category Archives: News

Trucordia to Receive $1.3 Billion Strategic Investment from Carlyle

Carlyle

Transaction positions company for accelerated growth through improved capital structure and simplified governance 

LINDON, Utah and NEW YORK, NY – June 4, 2025—Trucordia today announced it will receive a $1.3 billion strategic investment from global investment firm Carlyle’s Global Credit platform. The transaction will reduce Trucordia’s leverage and simplify its governance structure by repurchasing units from existing minority investors.

The transaction, which is expected to close this month and values Trucordia at $5.7 billion, provides the company with long-term financial flexibility to pursue a variety of strategic outcomes.

“This investment and partnership with Carlyle will meaningfully strengthen Trucordia’s long-term financial and ownership structure and accelerate our transformational growth strategy,” said Felix Morgan, CEO of Trucordia. “Alongside momentum from the recent rollout of our platform operating model, leadership appointments, and latest acquisitions, I’ve never been more excited about what the future holds for Trucordia.”

Trucordia is a top 20 U.S. insurance brokerage offering a broad array of commercial and personal lines, life, and employee benefits insurance solutions. Trucordia is underpinned by a strong performance driven-culture, organic growth, and strategic acquisitions.

“The investment from Carlyle will reduce Trucordia’s leverage, fortify our balance sheet, and enhance our financial flexibility,” said Trucordia Chief Financial Officer Brandon Gray. “We are well positioned to continue making the right investments in our business moving forward.”

“Trucordia has quickly established itself as a category leader with an experienced management team and a clear strategic vision,” said Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America. “We believe the company is well-positioned to capitalize on long-term growth opportunities in the insurance distribution sector, and we’re thrilled to support their continued success.”

Gary Jacovino, Partner on Carlyle’s Credit Opportunities team, added, “We are excited to strengthen our partnership with Trucordia as the organization continues to deliver an industry-leading client experience while pursuing scalable growth. We value building lasting partnerships with industry-leading management teams and support their vision for sustained success.”

The investment was led by Carlyle’s Credit Opportunities team, within the firm’s Global Credit platform. The strategy seeks to provide highly structured and privately negotiated solutions across the capital structure to family, founder, and management-owned companies, sponsor-backed companies, and special situations, with a focus on long-term value creation. Carlyle’s Global Credit platform has $199 billion in assets under management as of March 31, 2025.

J.P. Morgan acted as sole advisor and placement agent to Trucordia in connection with the transaction.

Orrick, Herrington & Sutcliffe LLP served as legal counsel to Trucordia.

Latham & Watkins LLP served as legal counsel to Carlyle.

About Trucordia

Trucordia, formerly PCF Insurance Services, is the group name for a top 20 U.S. insurance brokerage headquartered in Lindon, Utah. The Trucordia group of companies offers a broad array of commercial and personal lines, life and health, and employee benefits insurance solutions. Trucordia is an integrated organization united by a passion to deliver extraordinary opportunities and exceptional experiences for its clients, partners, and each other. With more than 5,000 team members across the U.S., Trucordia is a notable leader in the insurance brokerage space, ranking #19 on Business Insurance’s 2024 Top 100 Brokers and #13 on Insurance Journal’s 2024 Top Property/Casualty Agencies. Visit trucordia.com for more information.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

For additional information: 

Trucordia Media Relations

communications@trucordia.com  

(385) 273-2270 

 

Carlyle

Kristen Ashton

Kristen.ashton@carlyle.com

(212) 813-4763

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MiQ Sigma breaks the fragmentation cycle

Bridgepoint

The first AI platform that unifies the programmatic ecosystem

Technology is built on top of the three largest global LLMs and features an AI agent that transforms 700 trillion data signals into smarter media decisions in seconds

Global programmatic media partner MiQ today announced the launch of MiQ Sigma, a transformative AI-powered advertising technology trained on the world’s most connected data set. Built from the ground up with programmatic excellence at its core, MiQ Sigma unites over 300 diverse data feeds, spanning 700 trillion consumer signals across what consumers are watching on TV, browsing on the web, and buying in stores. Sophisticated AI is used across the platform to improve planning, audience development, and activation, allowing traders to drive market-leading outcomes for brands and agencies.

Having championed an agnostic and unbiased approach to programmatic buying since inception, MiQ Sigma is now the only advertising tool that connects the entire programmatic ecosystem in one place. This unified platform brings together data, technology, and campaign workflows, while applying advanced AI to make smarter decisions with speed. With the help of its Trading Agent, traders can reach valuable audiences across multiple DSP and SSP platforms and through different programmatically-enabled media across any screen. MiQ Sigma fundamentally shifts how brands and advertisers can connect with consumers, providing a level of speed and confidence in delivering results that are unrivaled in today’s fragmented digital landscape.

“Today is not just a launch—it’s the culmination of everything we’ve built over the last 15 years,” said Gurman Hundal, Global CEO and Co-founder of MiQ. “From day one, MiQ has believed in the power of agnostic partnerships, deep data intelligence, and human expertise to drive results. MiQ Sigma is the next evolution of that vision—enhancing core strengths with powerful new technology. In a fragmented and increasingly complex ecosystem, Sigma makes everything we do faster, smarter, and more connected—it’s what powers MiQ to drive market leading outcomes, and gives our teams and clients a serious edge in a rapidly changing market.” 

John Goulding, Global Chief Strategy Officer at MiQ added, “In the past, marketers had to make arbitrary choices around what ad platforms to use for their campaigns, which caused a trade-off in reach and performance. MiQ Sigma is a single-point-of-entry for programmatic advertising where you can harness intelligence, discover audiences, and then use agentic AI to execute multi-platform media buys in a matter of seconds. This is a new paradigm that truly puts results first and allows a well-written prompt to slice through the complexity of our ecosystem.”

In early testing, MiQ Sigma has shown to increase conversion rate by 132% and reduce cost per action by 57%. This is accomplished through key features and functionality built into the technology:

  • Sigma Intelligence. Powerful visualization featuring hundreds of diverse data feeds, spanning ‘watching, browsing and buying’ behaviors of over 1.7 billion global audience profiles, all connected together to provide marketers unmatched reach and insights.
  • Trading Agent. Campaign management and optimization features are supported by an interactive Trading Agent, trained on 15 years of MiQ trading data and underpinned by the three leading LLMs (Claude, Gemini, and ChatGPT). Through simple, natural language commands, the agent enables traders to make quicker multi-DSP decisions and take immediate action, automating what used to be manual analysis and improving performance.
  • Gen AI Personas. Custom audience profiles, built by generative-AI and accessed through natural language prompts, bring audience planning to life in seconds. These personas can then form the basis of campaign development, turning insights into actions in minutes.

 

“MiQ Sigma represents a breakthrough for our programmatic strategy and the brands we serve,” said Clive Record, Global President, Partnerships and Solutions, Dentsu. “What makes it so unique isn’t just that it unifies our view of audiences and platforms – it’s how it converts that unified view into smarter decisions across every aspect of campaign management. MiQ Sigma is a genuine step-change that empowers our agency to deliver what truly matters—impactful business outcomes for the world’s leading brands.”

MiQ Sigma’s ecosystem is fueled by integrations with industry leaders including The Trade Desk, Google DV360, Amazon Web Services, Samba, Experian, Databricks, Numerator, Celtra, and Circana – creating an unmatched foundation for programmatic excellence.

“MiQ’s commitment to building AI-driven, agnostic technology aligns with the future of programmatic, where marketers have greater control, flexibility, and performance across every channel,” said Matt Fogarty, GM Channel Partners at The Trade Desk. “As a key integration in Sigma’s development, we’ve worked closely with MiQ to push the boundaries of what’s possible, and we’re committed to supporting this platform as it establishes the new standard for programmatic advertising moving forward.”

MiQ has been supported by investment partner Bridgepoint, one of the world’s leading quoted private asset growth investors, since 2022.

“As the advertising industry continues to mature and embrace the transformative potential of AI, MiQ stands out as a clear leader. This launch represents the culmination of years of innovation, and we’re proud to see MiQ take this next step in scaling its impact across the industry,” said Xavier Robert, Chief Investment Officer at Bridgepoint. “By unifying a fragmented ecosystem with a powerful, AI-led platform, MiQ is not just responding to where the market is going, it’s helping to shape its future.”

MiQ Sigma is available immediately to clients in the United States, Canada, the UK, Australia, and select international markets, with global rollout planned throughout 2025. For more information or to request a demo, visit: www.wearemiq.com/sigma

Bridgepoint Group is one of the world’s leading quoted private asset growth investors, specialising in private equity, infrastructure and private credit.

With over $86 billion of assets under management and a strong local presence in Europe, North America and Asia, we combine global scale with local market insight and sector expertise, consistently delivering strong returns through cycles.

Bridgepoint Advisers Limited, a subsidiary of Bridgepoint Group plc, is authorised and regulated by the Financial Conduct Authority.

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HCSS Announces Acquisition of Dispatcher-Pro, Expanding with Cloud-Native Resource Management for Heavy Civil Construction

Thomabravo

Accelerating Cloud-Based Scheduling, Resource Planning, and Office-Field Collaboration

SUGAR LAND, TX—HCSS, recognized as the leading provider of construction management software for heavy civil and infrastructure projects, announces the acquisition of Dispatcher-Pro, known in the European market as “Dispatcher,” a Paris-based leader in resource management software. Designed specifically for the heavy civil industry, Dispatcher-Pro’s technology is a natural fit within the HCSS platform. This strategic acquisition marks a significant milestone in HCSS’s ongoing mission to deliver the most comprehensive and integrated platform for construction companies worldwide.

Dispatcher-Pro brings a proven, cloud-native solution purpose-built for the heavy civil market, and is trusted by leading contractors such as VINCI Construction, Eiffage, and NGE. Developed in close collaboration with influential customers, Dispatcher-Pro enables HCSS to accelerate the delivery of cloud-based resource management. Its expanded workforce and equipment resource planning features can be utilized by project managers and foremen in the field, supporting HCSS’s commitment to building field-first technology that better connects crews to the office. With a user-friendly interface and open APIs, Dispatcher-Pro seamlessly integrates with existing technology stacks, providing a flexible and scalable solution for construction firms of all sizes.

The acquisition delivers key advantages to crucial roles across construction organizations. Resource planners will find day-to-day scheduling across crews, equipment, and projects, simplified with features such as planner view and field workspace, reducing errors and manual rework. Operations managers and foremen can ensure the right people and equipment are in the right place at the right time, while fleet and equipment managers will gain clearer visibility and control to keep resources aligned. HR and safety managers benefit from certifications and qualification tracking, ensuring compliant crew assignments and reducing risk. IT directors will appreciate Dispatcher-Pro’s modern, cloud-native solution with open APIs for seamless interoperability, and finance and operations leaders can expect improved labor productivity, improved compliance, and smarter resource forecasting.

“Dispatcher-Pro’s intuitive scheduling and resource planning capabilities address real challenges our customers face every day, from workforce coordination to compliance tracking,” said Steve McGough, President & CEO of HCSS. “The acquisition of Dispatcher-Pro is a strategic step forward in our mission to provide the most comprehensive and integrated platform for construction companies. We’re excited to welcome the Dispatcher-Pro team to HCSS and to bring even more value to our customers through smarter, more connected operations.”

Julien Fournier and Maxime Guesne, Co-founders of Dispatcher, added, “Joining HCSS is an exciting next chapter for Dispatcher-Pro. We’ve always been focused on building intuitive, effective tools that help teams plan better and work more efficiently. HCSS shares that same customer and field-first mindset, and together we can scale our impact, and pioneer innovation in the construction industry. We’re proud to continue our mission as part of a company that deeply understands and supports the needs of contractors. We believe that joining a leading provider of construction management software will serve our customers well in their digitization process, and that we will be able to support them with a comprehensive range of HCSS products designed for construction, heavy civil engineering, and infrastructure projects.”

This acquisition enhances HCSS’s ability to help construction companies eliminate scheduling blind spots, streamline labor and equipment assignments, and improve project execution, all within a single, collaborative solution suitable for both centralized and decentralized planning. Customers can expect to see enhanced features in scheduling and workforce tools, supporting efficient resource allocation, improved compliance, and better forecasting of resource needs.

Dispatcher-Pro’s modern, cloud-native technology will complement the existing HCSS Dispatcher product, which remains fully supported. Both solutions will continue to serve customers with no disruption, offering flexibility and choice in equipment and labor resource management.

To learn more about HCSS’s acquisition of Dispatcher-Pro, visit hcss.com.

About HCSS
HCSS is the leading provider of construction management software designed to connect the office to the field across the lifecycle of heavy civil and infrastructure projects. Founded in 1986, HCSS has established itself as the industry leader by offering a comprehensive suite of tools to enhance productivity, streamline communication, and improve project outcomes. HCSS platforms cover every aspect of heavy civil and infrastructure projects, from preconstruction to project closeout. Solutions offered include estimating, job costing, project management, safety, and fleet management. By centralizing project data, HCSS ensures all stakeholders have real-time access to critical information, enabling more informed decision-making and reducing the risk of errors and rework. With 24/7 instant support and a proven 90-day implementation process, HCSS has helped improve operations for over 4,000 companies ranging from $1M to billions in revenue across the United States and Canada. HCSS, a 15-time Best Place to Work in Texas, has a unique 12-acre campus in Sugar Land, Texas, with three buildings capable of housing 700 employees. Learn more at hcss.com.

About Dispatcher
Dispatcher, based in Paris France, is a leading provider of cloud-based resource management software for the construction, public works, and industrial sectors. Purpose-built for complex field operations, Dispatcher simplifies scheduling across crews, equipment, and projects while integrating workforce availability, certifications, and compliance tracking. Trusted by contractors across Europe, Dispatcher helps teams streamline planning, improve collaboration between the field and office, and maximize resource utilization.

Read the release on the HCSS website here.

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Thoma Bravo Completes $34.4 Billion Fundraise

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Thomabravo

Clear Support for Thoma Bravo’s Strategy of Investing in Leading Software Companies and Commitment to Returning Liquidity to Investors Across Market Cycles

SAN FRANCISCO, MIAMI, LONDON AND CHICAGO—Thoma Bravo, a leading software investment firm, today announced the completion of fundraising for its buyout funds totaling more than $34.4 billion in fund commitments: Thoma Bravo Fund XVI, a $24.3 billion fund, Thoma Bravo Discover Fund V, an $8.1 billion fund, and as previously announced the firm’s first dedicated Europe Fund, with approximately €1.8 billion in capital commitments (individually, a “Fund” and collectively, the “Funds”). The fundraise demonstrates strong support from Thoma Bravo’s diverse network of investors for the firm’s buyout strategies. Each fund significantly exceeded its target. Thoma Bravo Fund XVI and the Europe Fund were oversubscribed and achieved their hard caps and Thoma Bravo Discover V experienced an over 30% increase in commitments from its prior vintage.

“We are deeply grateful to our investors for their continued confidence in Thoma Bravo,” said Orlando Bravo, a Founder and Managing Partner at Thoma Bravo. “This fundraise is a testament to the strong relationships we’ve built with our investors over many years and reflects their belief in our ability to drive meaningful results. Their support will enable us to continue delivering on the strategy we have executed for more than two decades – pursuing leading software companies and deploying our strategic and operational expertise to drive innovation and profitable growth.”

“The successful completion of our fundraise underscores the enduring trust our investors have in Thoma Bravo’s approach and team,” said Jennifer James, Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing at Thoma Bravo. “All three funds far exceeded their targets, reflecting not only the strength of our investor relationships but also their conviction in our ability to navigate complex markets. We look forward to continuing to be good stewards of our investors’ capital as we seek to deliver strong outcomes.”

Thoma Bravo has had an active 12 months on both the buy and sell side, with buyout fund investments and realizations representing approximately $35 billion in combined enterprise value.

The firm has invested in more than 535 software companies, and today, its software portfolio includes over 75 companies that generate approximately $30 billion of annual revenue and employ over 93,000 staff globally.

Commitments to the Funds were secured from Thoma Bravo’s broad network of global investors, including sovereign wealth funds, public pension funds, multinational corporations, insurance companies, fund-of-funds, endowments, foundations and family offices.

Kirkland & Ellis served as legal advisor for the Funds.

About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with approximately $184 billion in assets under management as of March 31, 2025. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 535 companies representing approximately $275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

Read the release on PR Newswire here.

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Dains Group Grows National Presence with Acquisition of Barnes Roffe

IK Partners

Leading accountancy and advisory services provider to the SME market, the Dains Group (“Dains”), announces that it has made its second acquisition since securing private equity backing from IK Partners (“IK”) in a move that demonstrates its intention to build the leading SME advisory business in the UK and Ireland.

Barnes Roffe, one of the UK’s top 50 accounting firms, will join the Dains Group on 4th June 2025, significantly strengthening the client proposition in financial advisory, corporate tax, audit, and corporate finance. The Barnes Roffe team has over 29 partners and more than 200 employees in the London area.

The acquisition, which is the largest yet by the Group, means Dains will now have established four key regional hubs across the UK and Ireland — in the South-East, Midlands, Scotland and Ireland — and are on target to become a top 20 firm by the end of 2025.

Barnes Roffe has a strong reputation as a highly customer-centric and proactive business with a talented team. It has built a reputation for delivering outstanding value and service to its clients for over 125 years, since its establishment in 1899.

Stephen Corner, Senior Partner at Barnes Roffe, commented, “By partnering with Dains we are joining a firm with the same values and underlying service proposition we have been delivering to our clients for many years and together we will deliver a truly market leading proposition for our clients. Becoming part of a national firm widens our service proposition and increases the range of specialist services we can deliver whilst at the same time greatly enhancing the career opportunities for our talented team. We look forward to significantly growing the Dains business in the South-East.

We are thrilled to welcome Barnes Roffe to the Dains Group.” said Richard McNeilly, CEO of Dains Group. “It’s not often we encounter such a dynamic and client-centric leadership team. Together, we see significant opportunities to grow our presence in the London area and expand across the UK and Ireland. The addition of Barnes Roffe strengthens our national footprint and aligns perfectly with our strategy to deliver exceptional client service and outstanding career opportunities.

With a team now exceeding 1,000 professionals, we remain committed to enhancing the value we provide to clients and investing in the development of our talented people.

Our ambition is to work in partnership with clients, offering timely, thoughtful advice rooted in a deep understanding of their goals. This approach has underpinned Barnes Roffe’s impressive growth and makes them a natural strategic partner for our group.”

Pete Wilson, Partner at IK Partners added “This strategic acquisition demonstrates our ambition to continue building Dains into the leading UK & Ireland SME advisory business by establishing a strong presence, led by an outstanding team at Barnes Roffe, in London and the South-East.  We look forward to continuing to back further acquisitions as part of this exciting partnership.”

Dains were advised by CMS (Legal), Eight Advisory (Financial and Tax Due Diligence), Forward Corporate Finance (Financial Modelling), Deloitte (Tax Structuring), PDW (Customer Referencing), Cyber Crowd (IT Due Diligence), Mercia (Technical Due Diligence).

Barnes Roffe were advised by KPMG CF (Corporate Finance) and KPMG Legal (Legal).

For further questions, please contact:

Dains Group
Duncan Clayson
Group Marketing Director
Phone: +44 7484 589 817
dclayson@dains.com

IK Partners
Vidya Verlkumar
Director of Communications and Marketing
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

About Dains

Dains is ranked 29th in the National Accountancy Age ranking by firm size within the surveyed top 100 accountancy firms in the UK. From 4th June 2025 the team will be over 1,000 people strong with offices throughout the UK and Ireland.

Our core services are Accountancy & Business Services, Audit, Corporate Finance, Forensic Accounting, Taxation and Probate alongside outsourced FD and HR support. We deliver these services with a focus on our core values of Valued Relationships, Fairness, Working & Succeeding Together and Integrity. Together these core values make up the Dains DNA which runs through each of our interactions and activities.

More information can be found at www.dains.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €19 billion of capital and invested in over 200 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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EQT completes sale of shares in Galderma Group AG

eqt
  • The sale resulted in aggregate gross proceeds of c. CHF 1.86 billion, of which EQT received c. CHF 494 million

Further to previous announcements, an affiliate of the funds known as EQT VIII (“EQT”) is pleased to announce the completion of the placement of 19,031,811 shares in Galderma Group AG (SIX: GALD) (the “Company”) (the “Shares”) for aggregate gross proceeds of c. CHF 1.86 billion via an accelerated bookbuilding process (the “Placement”). 

As part of the Placement, EQT received gross proceeds of c. CHF 494 million. The Placement was completed on 2 June 2025. Goldman Sachs, Jefferies, Morgan Stanley, RBC and UBS acted as joint global coordinators and joint bookrunners for the Placement.

Contact

EQT Press Office, press@eqtpartners.com

 

Important notice

This press release does not constitute (i) an offer to sell or a solicitation of an offer to buy any securities of Galderma Group AG or any of its affiliates and it does not constitute a prospectus within the meaning of the Swiss Financial Services Act or (ii) an offer of securities for sale in the United States or elsewhere. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. There will be no public offering of any of the securities mentioned in this press release in the United States.

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About EQT

EQT is a purpose-driven global investment organization with EUR 273 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Galderma Group AG

Galderma Group AG is a pure-play leader in the dermatology category, with a presence in approximately 90 countries. It delivers an innovative, science-based portfolio of premium flagship brands and services that cover the full spectrum of the rapidly growing dermatology market. This includes Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. Since its foundation in 1981, Galderma has dedicated its focus and passion to the human body’s largest organ – the skin – addressing individual consumer and patient needs with superior outcomes in collaboration with healthcare professionals.

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AlpInvest Partners Raises $4.1 Billion for Ninth Co-Investment Fund

Carlyle

AlpInvest Co-Investment Fund IX (“ACF IX”) and related strategic mandates hit initial fundraising target with ACF IX exceeding its prior fund size at $4.1 billion

 

New York, Amsterdam, and Hong Kong, June 3, 2025 – AlpInvest Partners, a leading global private equity investor, has raised $4.1 billion for AlpInvest Co-Investment Fund IX (“ACF IX” or the “Fund”). ACF IX and related strategic mandates reached the initial fundraising target with the Fund exceeding its predecessor, which closed at $3.5 billion in 2021.

ACF IX is a dedicated co-investment fund that will seek to invest alongside high-quality GPs in private equity buyouts and growth capital transactions across industry sectors globally. More than 185 new and existing investors committed capital to ACF IX, including public pension funds, corporate pension funds, financial institutions, asset managers, foundations and family offices, spanning North America, Latin America, Europe, the Middle East, and Asia.

“We are pleased to announce the close of ACF IX, which hit $4.1 billion and surpassed the size of our prior fund, with strong support from both existing and new investors. This highlights the depth of our co-investment platform, our strong track record, and our focused approach,” said Richard Dunne, Managing Director and Co-Head of Co-Investments at AlpInvest. “We believe we are well-positioned to provide investors with the high-quality and diversified opportunities they’re looking for.”

“Building on the success of our previous co-investment programs, we believe this latest fundraise underscores AlpInvest’s consistent performance and our reputation as a trusted co-investment partner,” said Roberto Torrini, Managing Director and Co-Head of Co-Investments at AlpInvest. “As the market continues to evolve, we remain focused on leveraging our scale, experience, and long-standing sponsor relationships to access highly attractive opportunities for our investors.”

Ruulke Bagijn, Global Head of AlpInvest, added: “With the closing of ACF IX, we continue to build momentum across the AlpInvest platform. It’s a testament to our team’s expertise and commitment to delivering innovative and differentiated solutions that we believe create long-term value for our investors.”

Over the past 25 years, AlpInvest has committed over $19 billion to more than 400 equity co-investments and currently has a dedicated 37-person co-investment team based in New York, Amsterdam, and Hong Kong.

 

About AlpInvest 

AlpInvest is a leading global private equity investor with $89 billion of assets under management and more than 600 investors as of March 31, 2025. It has invested with over 380 private equity managers and committed over $100 billion across primary commitments to private equity funds, secondary transactions, portfolio financings and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

 

Media Contacts

 

U.S.

Isabelle Jeffrey

+1 (212) 332-6394

isabelle.jeffrey@carlyle.com

 

EMEA

Nicholas Brown

+44 7471 037 002

nicholas.brown@carlyle.com

 

Asia

Lonna Leong

+852 9023 1157

lonna.leong@carlyle.com

Categories: News

Bain Capital and Stoneweg to expand Italian logistics development JV with €200 million investment

BainCapital

  • The JV’s AUM and pipeline in Italy now totals 330,000 sqm across five schemes, with a GDV of c.€500 million

LONDON – June 3, 2025 – Bain Capital, a global private investment firm, and Stoneweg, the alternative investment group specializing in Real Assets, on behalf of their Italian value add logistics Joint Venture (the “JV”), have agreed to forward purchase, from the leading Italian logistics developer VLD, a €200 million portfolio of six, grade A logistics warehouses, in three locations, totaling 225,000 sqm of GLA.

Located in established logistics hubs, the investments underscore the JV’s high conviction in a sector where muted development activity is keeping vacancy rates contained and driving attractive rental growth prospects, and a market where tenant demand is being underpinned by compelling demographic and favorable evolving consumers behaviors.

The portfolio comprises:

  • In Greater Florence, a 45,000 sqm development across two buildings, currently undergoing construction
  • In Southern Rome, a 150,000 sqm scheme across three big-box buildings, to be delivered between the end of 2026 and 2028. Occupiers will benefit from its connectivity to the A1 highway, making it convenient to serve Rome as well as Southern Italy
  • In Greater Bologna, a 33,000 sqm property, which is expected to be delivered by H1 2027. The asset benefits from immediate access to A1 highway.

All of the assets will be developed to the highest Grade-A standards and are set to achieve at least a “LEED Gold” ESG certification.

These transactions follow the JV’s initial investments in Bari and Tuscany, where the JV has recently delivered two LEED-gold certified logistics schemes totaling 110,000 sqm.

Rafael Coste Campos, a Partner at Bain Capital, said: “We maintain a positive outlook on European logistics and, across the locations where we are present, are well positioned to benefit from the current market tailwinds. We see a solid demand outlook, fostered by secular themes of e-commerce penetration and nearshoring, a reduced pipeline of modern, Grade-A product, whilst witnessing increasing quality requirements from tenants. All this is contributing to contained vacancy and growing rents. Our European Grade-A logistics portfolio has reached a critical mass of $1.5 billion GDV today, and we are looking to expand further. This investment marks a significant milestone in our strategy and further strengthens our long-term partnership with Stoneweg.”

Joaquin Castellvi, Co-Founder and Head of Strategic Investments at Stoneweg commented: “The Italian logistics sector continues to be characterized by sub-5% vacancy levels and has been a top performer in 2025, with investment activity up 121% year on year, underlining the sector’s defensive characteristics despite the uncertain global economic backdrop. Driven by demand from the renewable energy, luxury maritime and e-commerce logistics segments, and supported by Italy’s favourable GDP and employment outlook, we anticipate strong occupier demand for these highly sustainable assets. Alongside Bain Capital, and leveraging the strength of our local teams, as well as the opportunities being presented by current market dislocation, we have the ambition and near-term pipeline to significantly scale the platform.”

Stoneweg and Bain Capital were advised by DILS and Colliers (commercial), Linklaters (legal, tax, structuring and regulatory counsel and CBRE (technical due diligence).
About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

About Stoneweg
Stoneweg is a global alternative investment group, specialized in Real Assets, headquartered in Geneva Switzerland, and part of SWI Group.

Stoneweg was founded in 2015 by a veteran team of investment professionals and has grown its platform and capabilities both organically through joint ventures and through strategic acquisitions to ca. €9.0 billion of Asset Under Management(“AUM”).

It is a trusted capital partner and investment manager to a range of global and local investors, capital providers and banking partners and has a strong track record of investing and creating value in a variety of structures, including club deals, joint ventures and co-investments.

The group relies on local operating teams to identify, develop and manage real assets and other alternative investments around the world. With more than 350 employees, Stoneweg has operational presence and teams on the ground in 23 offices across 17 countries in Europe, the US and Singapore. For more information, visit www.stoneweg.com.

Media Contacts

Europe

Jason Lobo

 Camarco

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Ardian and Rockfield grow pan-European Student Accommodation strategy with further €300 million commitment from CBRE Investment Management

Ardian

Ardian, a world-leading private investment firm, and Rockfield, a vertically integrated living platform, are further strengthening their Purpose-Built Student Accommodation (PBSA) strategy with a new €300 million commitment from CBRE Investment Management on behalf of its Indirect Private Real Estate Division.

CBRE Investment Management (CBRE IM), a leading global real assets investment management firm, acted as a founding investor in Ardian and Rockfield’s PBSA strategy when it launched in October last year. This early follow-on commitment brings CBRE IM total commitment to the strategy to €800 million.

Ardian and Rockfield aim to build a diversified portfolio of high-quality, purpose-built student accommodation assets across leading university cities in continental Europe, targeting markets with demand imbalances from rising student populations and structural undersupply, specifically in Italy, the Netherlands, Spain, Portugal, Germany and France.

The strategy has achieved strong momentum in its first months, with five acquisitions completed to date, establishing a diversified and growing seed portfolio of over 3,000 beds across Europe. This includes a fully let residence in Florence, a newly built 500-bed asset in central Bologna, a LEED Platinum-certified scheme in Barcelona, the Minervahaven development in Amsterdam recognised as Europe’s most sustainable PBSA asset, and a mixed-tenure property in Milan offering both market and subsidised student housing.

Nearly 100% of the initial €500 million equity commitment has been deployed, with four further acquisitions in France, Spain and the Netherlands set to be completed in the coming months. This will bring the platform to a total of 5,000 beds.

This early success demonstrates the strength of the strategy’s disciplined investment criteria, and its ability to move with speed and precision.

With €800 million of equity now committed to the strategy, representing nearly €1.3 billion in investment capacity, and a growing pipeline across the continent, its next phase will focus on expanding footprint in key markets, including currently untapped markets such as Germany.

The strategy has aCore+ profile with a focus on income-producing assets in supply-constrained cities, supporting the delivery of new, best-in-class student residences.

“To have fully committed our seed capital so quickly, and to see CBRE IM increasing their exposure ahead of schedule, sends a very clear signal. It confirms that our thesis, timing and activity are strongly aligned with investor and market needs. We launched this strategy to solve a structural gap in Europe’s urban living needs, and this momentum shows that we’re delivering”. Matteo Minardi, Head of Real Estate Italy and Managing Director, Ardian

“We take immense pride in the platform we set out to build with Ardian, being able to deploy capital quickly without compromising on quality. Our in-house investment, development, operations and asset management model means is strategically designed to source, execute and deliver at scale in a way that reflects the social and environmental standards institutions and end customers increasingly expect. CBRE IM’s renewed commitment is a strong endorsement of the model we’ve built and the opportunity ahead. We are grateful for the renewed trust the current and incoming investors are placing in us.” Juan Manuel Acosta, CIO, Rockfield Real Estate

”The student housing market in Continental Europe remains a compelling and resilient growth opportunity. We are pleased to see our capital being strategically deployed to curate a high-quality portfolio of student assets in undersupplied European cities characterized by strong demand. This additional commitment underscores our long-term conviction in this asset class and reinforces our thematic investment approach.” Line Verroken, Head of Living Investments, EMEA, CBRE IM Indirect Private Real Estate

Sustainability is embedded into the platform’s approach. All assets are targeting or have achieved leading ESG certifications such as BREEAM and LEED, and seek alignment with the objectives of the Paris Agreement. Across the portfolio, design and refurbishment strategies integrate climate risk assessment, renewable energy procurement and wellbeing-focused living environments. The platform also actively monitors socioeconomic impact, including affordability and accessibility, reinforcing its commitment to responsible urban development.

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT ROCKFIELD REAL ESTATE

Rockfield was established in 2014 with a clear mission to create high quality and sustainable housing solutions for students, young professionals and families in urban areas. Our founders recognized the growing demand for affordable housing in major cities, coupled with an increasing need for innovative living concepts that not only provide a place to live but also enable residents to grow and thrive within a community.
With this vision in mind, Rockfield started a journey to build a fully integrated real estate company. From the start, we chose to keep all aspects of real estate management in-house, from project development and acquisition to investment and property management. This approach has allowed us to offer tailored solutions that meet needs of both investors and tenants.
Since our inception, we have experienced impressive growth and evolved into a leading investment manager with a portfolio of over €2 billion in assets under management and around 8,000 housing units across various European cities.

rockfield.nl

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

ROCKFIELD REAL ESTATE

Sander van Essen

Sander.van.essen@rockfield.nl

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Regional Rail continues its expansion in the Midwest with the acquisition of the Minnesota Commercial Railway

3I

3i-backed Regional Rail, a leading owner and operator of short-line freight railroads across North America, has acquired the Minnesota Commercial Railway (“MNNR” or the “Company”). MNNR is an 86-mile railroad serving the Twin Cities area in Minnesota, with direct connection to four Class I rail networks, in addition to the Twin Cities & Western Railroad. The railroad provides freight-hauling, storage, and transload services to a diverse set of customers across a variety of end-markets, including metals, fuel & oil, chemicals & plastics, food & agriculture, and lumber. The Company also owns and operates Commercial Transload of Minnesota (“CTM”), which provides warehousing, transloading, and trucking services to local manufacturers in the region. The acquisition further expands Regional Rail’s North American network, which now includes 17 railroads across 9 U.S. states and 2 Canadian provinces.

Al Sauer, President and CEO, Regional Rail, commented:

“We are honored that Becky Gohmann has entrusted Regional Rail to continue the legacy established by the late John Gohmann at the Minnesota Commercial, and we are excited to partner with the team at the MNNR and CTM to expand these operations and strengthen the business for the future. We look forward to building on the Company’s track record of high-quality service and providing the team with the expanded resources of our broader platform to drive additional growth.”

Rob Collins, Managing Partner and Head of North American Infrastructure, 3i, commented:

“Minnesota Commercial is a great fit for Regional Rail’s strategy of partnering with strong local operators, while preserving the legacy and history of its founder. We look forward to providing continued support to Regional Rail for all future opportunities.”

Rebecca Gohmann, Owner of the Minnesota Commercial Railway:

“I am very proud of John’s leadership and dedication to the Minnesota Commercial Railway, as well as the dedication and hard work of our employees. I believe Regional Rail is a great fit to continue the legacy my husband started in 1987 of supporting our employees, our customers, and new growth opportunities.”

Since partnering in July 2019, 3i and Regional Rail have grown from three railroads in the Northeast to seventeen freight-railroad operations located across North America. The company provides freight transportation, car-storage, and transloading services across the United States and western Canada. In addition to freight services, Regional Rail provides railroad-crossing signal design, construction, inspection, and maintenance services to a diverse base of short-line and industrial customers in 21 U.S. states via the company’s Diamondback Signal subsidiary.

-Ends-

Download this press release 

For further information, contact:

Silvia Santoro
Investor enquiriesKathryn van der Kroft
Media enquiries		 Tel: +44 20 7975 3258
Email: silvia.santoro@3i.comTel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

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