Category Archives: News

Congratulations, Circle! – Accel

Accel

Today marks an exciting milestone for Jeremy Allaire and the Circle team as they go public. For those of us who have watched this journey up close, this is a milestone years in the making—and a testament to Jeremy and the Circle team’s persistence.

This isn’t Jeremy’s first time on the podium. He last rang the bell when he took Accel portfolio company Brightcove public in 2012. With Circle, he took on his next challenge: launching a company with the ambitious goal of building a new digital financial system in an industry characterized by complexity, intense public scrutiny, and regulatory uncertainty. It turns out that Jeremy and his team were more than up to the task.

Circle was founded in 2013 with a broad vision to facilitate the next stage of internet-driven globalization and commerce. Today, USDC—Circle’s stablecoin—has become one of the most widely used digital currencies in the world, with more than $25 trillion in on-chain transactions as of late March.

What stands out about the Circle team is their willingness to take the long view, even when it means doing things the hard way—in particular, through their commitment to a regulatory-first posture and their reputation for integrity and transparency.

Congratulations to Jeremy and everyone at Circle!

–The Accel Team

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Reddy Family and Bain Capital Announce Formation of Trillium Foods, Premium Liquid Food and Beverage Manufacturing Platform

BainCapital

Family-owned, private company launches with investment from Bain Capital

Trillium Foods (the “Company”), a premier liquid food and beverage company focused on manufacturing and innovation, today announced its official launch. The family-owned, privately held company is a scale North American platform with diverse product capabilities across dressings, sauces, mayonnaises, syrups, and beverage mixes for application in foodservice, retail, and food processing channels. Trillium Foods is majority owned by the Reddy Family and backed by an investment from Bain Capital’s Private Credit Group (“Bain Capital”). The Reddy family and Bain Capital will partner with Trillium’s management team, led by CEO Ash Reddy, to expand the Company’s capabilities and market position.

Founded in 2017 as Flavor Reddy Foods (“FRF”) by foodservice industry veteran Ram Reddy, the business has grown rapidly, driven by key partnerships with long-term strategic customers, deep expertise in culinary innovation, and a proven track record of high-touch service and execution. The Company has made three transformative acquisitions to drive growth and support its customer base, including:

  • In 2023, acquired Cincinnati, Ohio-based Dominion Liquid Technologies, which specializes in the production of liquid food and beverage products including syrups, beverage mixes, and sauces.
  • In 2024, acquired Lancaster, Pennsylvania-based, specialty-condiment manufacturer Lancaster Fine Foods as a carve-out from its previous owner.
  • In 2025, acquired Brundidge, Alabama-based Southern Classic Food Group, a premier manufacturer of branded mayonnaise, dressings, sauces, and syrups.

Bringing together these four businesses and manufacturing facilities have brought a diversified combination of talent, high quality existing customer relationships, increased manufacturing capabilities, and capacity across both savory and sweet liquid categories. Trillium Foods has a team of approximately 500 employees and a manufacturing footprint exceeding 500,000 square feet. The Company’s facility network can produce over 1 billion pounds of finished goods annually, with capacity to service existing and new customers.

“We are thrilled to announce the launch of Trillium Foods with the main purpose of helping our customers win through our innovation and execution capabilities,” said Ram Reddy, Chairman of the Company’s Board of Directors. “I am grateful for the support of our customers, employees, investors, and partners. Trillium will be a significant force in the industry, and we look forward to accomplishing great things as a unified company.”

“Our team is committed and completely aligned with our mission of delivering greater value for our customers, and we are excited about the opportunities this combination presents,” added Ash Reddy. “Bain Capital shares our long-term vision and collaborative approach to the partnership. I’m confident that by joining forces, we will execute on the aggressive growth agenda in front of us.”

“Ram and Ash have built an incredible business which has earned them the long-term trust of their customers to continually innovate and deliver on market-leading food and beverage products. Bain Capital has a long history of supporting founder-owned businesses and we are thrilled to partner with the Trillium team on their next stage of growth,” said June Huang, a Managing Director at Bain Capital. “Through our extensive experience investing in the food and beverage space, Trillium clearly stood out as a high-quality business with scale and product differentiation. We are pleased to provide a one-stop financing solution tailored to Trillium’s growth needs and look forward to a collaborative partnership with the Reddy family,” added Megan McKenzie a Vice President at Bain Capital.

Bain Capital has a long history of partnering with companies in the consumer, retail, and restaurant industries to accelerate growth. The firm’s restaurant and food-related investments have included Bloomin’ Brands, Brakes Group Food Distribution, Bread Holdings, Cuisine Solutions, Dessert Holdings, Dunkin’ Brands Group, Domino’s Pizza, Fogo de Chão, and Valeo Foods.

About Trillium Foods

Trillium Foods is a family-rooted, innovation-driven manufacturer of premium liquid food and beverage products. The company is a partner of choice to iconic Quick Service Restaurants (QSRs), Consumer Packaged Goods (CPG) brands, distributors, and food manufacturers across both savory and sweet liquid products. Guided by strong values and an entrepreneurial spirit, we specialize in creating high-quality products that meet the evolving needs of our customers. Trusted by industry leaders, we are known for our precision, consistency, and unwavering commitment to safety and quality. As we continue to grow, Trillium Foods remains dedicated to building lasting partnerships and helping our customers bring their delicious ideas to life.

About Bain Capital Credit

Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $53 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

Media Contacts

 Scott Lessne

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Ardian Clean Energy Evergreen Fund (ACEEF) Consolidates Spanish Portfolio with Acquisition of Remaining Equity Stake in Two Wind Farms from Mutua Madrileña

Ardian

ACEEF acquired this week 35% stake in its Spanish wind farms from Mutua Madrileña.
• The two projects, Ausines and Veciana, totals 56MW capacity and are located in Castilla y Leon and Catalonia regions respectively.
• The transaction enables ACEEF to further strengthen its global renewable energy platform and solidify its presence in Spain by securing full operational control—fully aligned with Ardian’s industrial approach to long-term value creation.

Ardian, a world-leading private investment firm, announces that it has acquired the remaining equity stake in two operating wind farms in Spain, previously co-owned with Mutua Madrileña, through its Clean Energy Evergreen Fund (ACEEF). Ardian initially acquired a majority interest in the assets in 2018.

Following the acquisition of the remaining stake from Mutua Madrileña, Ardian has become the sole owner of both wind farms. This strategic move reinforces ACEEF’s long-term commitment to building an industrial-scale renewable energy platform in Spain, under Agr-Am, its local platform.

This acquisition further strengthens the ACEEF’s Spanish portfolio, which now holds close to 250MW of wind and solar assets.

”This has been a highly fruitful co-investment opportunity, and we are proud of the value created together with Ardian and Agr-Am over the years. We look forward to continuing to build on this strong partnership in the future.” Jose Antonio Morales, Head of Alternative Investments, Mutua Madrileña

“We appreciate the strong partnership with Mutua Madrileña in supporting these assets over the past seven years. With full ownership now secured, we will continue building on ACEEF’s industrial strategy — focused on long-term value creation and operational excellence. We aim to further enhance performance by leveraging on OPTA, our proprietary data analytics tool designed to optimize the management of our renewable portfolio.” Federico Gotti Tedeschi, Managing Director Infrastructure, Ardian

ACEEF is Infrastructure’s first open-ended clean energy fund, which was launched in early 2022 and whose fundraising reached €1.0bn at the closing in July 2023. The fund offers professional investors the opportunity to enhance their exposure to renewable assets and the energy transition. The fund commits to make investments with an environmental objective as described in Article 9 fund of the EU Sustainable Finance Disclosure Regulation (SFDR) and invests globally, with a focus on Europe.

ACEEF will continue to focus on core renewable assets including solar, wind and hydro, as well as emerging technologies across biogas, biomass, storage and energy efficiency.

Ardian has been a pioneer in the energy transition, having started investing in renewable assets in 2007. Across all Infrastructure Funds at Ardian, the team manages more than 8GW of thermal and renewable energy capacity in Europe and the Americas.

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 MUTUA MADRILEÑA

Mutua Madrileña Group is the largest insurance group in the Non-Life segment in Spain, the leader in health and leader in car insurance. It has more than 18 million clients in Spain divided among the different insurance areas in which it does business: car and motorbike insurances, health, life insurances, accidents, etc.
The Mutua Madrileña Group, which was established 95 years ago, is the leader solvency on the Spanish insurance market. Its activities focus primarily on insurance, but it also does business in real estate and asset management.
At the close of 2024, the group generated total revenue of 8.700 million euros. The Group’s strategy has evolved around the generation of value, establishing as its levers diversification and growth by means of an extremely efficient business model.

mutua.es

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

MUTUA MADRILEÑA

Luis Miguel Rodriguez

lmrodriguez@mutua.es

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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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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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