Category Archives: News

CAMP4 and GSK Enter Strategic Collaboration to Advance RNA-Based Therapeutic Discoveries

5Am Ventures

Collaboration to leverage CAMP4’s RAP Platform® to accelerate development of novel antisense oligonucleotides (ASOs) for neurodegenerative and renal diseases

CAMP4 to receive $17.5 million upfront and eligible for additional milestone-based payments, in addition to tiered royalties

CAMBRIDGE, Mass., Dec. 18, 2025 (GLOBE NEWSWIRE) — CAMP4 Therapeutics Corporation (“CAMP4” or “the Company”) (Nasdaq: CAMP), a clinical-stage biopharmaceutical company developing a pipeline of regulatory RNA-targeting therapeutics designed to upregulate gene expression with the goal of restoring healthy protein levels to treat a broad range of genetic diseases, has entered into a strategic research, collaboration and license agreement with GSK to identify and develop antisense oligonucleotide (ASO) drug candidates for multiple gene targets relevant to neurodegenerative and kidney disease indications.

“Protein under-expression plays a critical role in diseases such as neurodegenerative and kidney disease. Our collaboration with GSK, focused on the rapid identification of novel targets and potential ASO therapeutics that increase the expression of validated genetic targets, underscores the potential of our discovery platform to create transformational medicines for patients,” said Josh Mandel-Brehm, President and Chief Executive Officer of CAMP4.

Under the terms of the agreement, CAMP4 will receive a $17.5 million cash upfront payment. Additionally, CAMP4 has the potential to receive additional payments for certain development and commercial milestones, in addition to tiered royalties on future product sales.

CAMP4 will utilize its proprietary RAP Platform® to identify regRNAs controlling the expression of multiple gene targets and generate regRNA-targeting ASO candidates that amplify target gene expression for potential development. GSK will be responsible for the further development and commercialization of ASO drug candidates identified through the collaboration.

Chris Austin, SVP Research Technologies, GSK, said: “We are excited to collaborate with CAMP4, combining their RNA discovery platform to increase specific gene activity with GSK’s expertise in therapeutic oligonucleotides, genetics and advanced laboratory and data technologies. This agreement aims to drive the development of novel medicines for neurodegenerative and kidney disease and demonstrates our approach of harnessing cutting-edge technologies to deliver transformational therapies for patients.”

About CAMP4 Therapeutics 
CAMP4 is developing disease-modifying treatments for a broad range of genetic diseases where amplifying healthy protein may offer therapeutic benefits. Our approach amplifies mRNA by harnessing a fundamental mechanism of how genes are controlled. To amplify mRNA, our therapeutic ASO drug candidates target regulatory RNAs (regRNAs), which act locally on transcription factors and are the master regulators of gene expression. CAMP4’s proprietary RAP Platform® enables the mapping of regRNAs and generation of therapeutic candidates designed to target the regRNAs associated with genes underlying haploinsufficient and recessive partial loss-of-function disorders, of which there are more than 1,200, in which a modest increase in protein expression may have the potential to be clinically meaningful. For more information, visit camp4tx.com.

Forward-Looking Statements 
This press release contains forward-looking statements which involve risks, uncertainties and contingencies, many of which are beyond the control of the Company, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning the development of ASO drug candidates for multiple gene targets relevant to neurodegenerative and kidney disease indications; the potential of the Company’s platform technology; the Company’s receipt of future contingent milestones and/or royalties; and the Company’s strategy, goals, business plans and focus. The forward-looking statements in this press release speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially from those anticipated in the forward-looking statements, including, but not limited to: the Company’s limited operating history, incurrence of substantial losses since the Company’s inception and anticipation of incurring substantial and increasing losses for the foreseeable future; the Company’s need for substantial additional financing to achieve the Company’s goals; the uncertainty of clinical development, which is lengthy and expensive, and characterized by uncertain outcomes, and risks related to additional costs or delays in completing, or failing to complete, the development and commercialization of product candidates; delays or difficulties in the enrollment and dosing of patients in clinical trials; the impact of any significant adverse events or undesirable side effects caused by product candidates; potential competition, including from large and specialty pharmaceutical and biotechnology companies; the Company’s ability to realize the benefits of the Company’s current or future collaborations or licensing arrangements and ability to successfully consummate future partnerships; the ability to obtain regulatory approval to commercialize any product candidate in the United States or any other jurisdiction, and the risk that any such approval may be for a more narrow indication; the Company’s dependence on the services of the Company’s senior management and other clinical and scientific personnel, and the Company’s ability to retain these individuals or recruit additional management or clinical and scientific personnel; the Company’s ability to grow the Company’s organization, and manage the Company’s growth and expansion of the Company’s operations; risks related to the manufacturing of product candidates, which is complex, and the risk that third-party manufacturers may encounter difficulties in production; the Company’s ability to obtain and maintain sufficient intellectual property protection for current and future product; the Company’s reliance on third parties to conduct preclinical studies and clinical trials; the Company’s compliance with the Company’s obligations under the licenses granted to the Company by others, for the rights to develop and commercialize the Company’s product candidates; risks related to the operations of suppliers; and other risks and uncertainties described in the section “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as well as other information the Company files with the Securities and Exchange Commission. The forward-looking statements in this press release are inherently uncertain and are not guarantees of future events. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond the Company’s control, you should not unduly rely on these forward-looking statements. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Moreover, the Company operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. Except as required by applicable law, the Company does not undertake to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Contacts

Investor Relations:
Sara Michelmore
Milestone Advisors
sara@milestone-advisorsllc.com

Media:
Jason Braco, Ph.D.
LifeSci Communications
jbraco@lifescicomms.com

Categories: News

Tags:

Empowering the Future of Energy: How exnaton is Leading Europe’s Electrification Shift

Elevator Ventures

Our portfolio company exnaton is driving electrification across Europe.

As Europe accelerates toward full-scale electrification, utilities are under increasing pressure to modernize their systems, launch innovative energy products, and meet rapidly evolving customer expectations. The rise of electric vehicles, rooftop solar and decentralized flexibility is transforming the energy market from a linear value chain into a dynamic ecosystem – one that demands smarter billing, transparent data andregulatory compliance at unprecedented scale.

Regulatory requirements are amplifying this shift. The EU Electricity Market Design law (Directive EU/2024/1711) has been transposed into national law, reshaping how Member States enable flexibility, consumer participation and dynamic pricing. This policy is underpinned by the continent-wide rollout of smart meters: Spain has reached 100% coverage, the Netherlands is above 95%, France is at 93%, and Austria has already surpassed roughly 95% of its meters by late 2024. Germany is targeting 95% by 2030 and Poland is moving toward 100% by 2031.

Utilities know change is unavoidable, and most recognize the challenge of moving fast enough in this new environment of electrification, flexibility and data-driven regulation.

This is where exnaton comes in.

A Real-World Challenge: Utilities Need Flexibility, not full IT Overhauls

Most utilities operate on legacy ERP systems built for a world of stable, predictable electricity flows. But dynamic tariffs, prosumer models, energy communities and smart electric vehicle charging require a more innovative approach to analyzing data coming from PoDs (Point of Delivery). The in-house development of capabilities, such as automated billing and seamless customer interfaces, is slow, expensive and often impractical.

Customers, meanwhile, increasingly expect transparency and personalization. Regulators demand accuracy and flexibility. Markets reward innovation.

exnaton bridges this gap with a modern intelligence layer that transforms existing infrastructure – without forcing utilities to rebuild it.

About exnaton: An Intelligence Platform Built for the New Energy System

Founded in Zurich in 2020, exnaton develops an AI-powered SaaS platform that helps utilities deploy next-generation energy products rapidly and at scale. Rather than replacing existing IT architecture, exnaton adds a modular, flexible intelligence layer that handles billingworkflows, dynamic pricing and data analysis.

Today, more than 50 utilities across Europe rely on exnaton’s technology – including examples such as TotalEnergies in Belgium, the E.ON brands eprimo, Bayernwerk in Germany, enersuisse in Switzerland, and Burgenland Energie in Austria – collectively demonstrating how exnaton enables both large multinational suppliers and regional champions to drive the digital transformation of the energy sector.

With research backgrounds from ETH Zürich, Stanford University, and University of St. Gallen, the team combines academic depth with practical industry expertise. Their mission is simple: empower utilities to deliver sustainable, data-driven energy products that make the energy transition tangible for every household.

Deep Dive: How the Platform Works – and why it matters

exnaton’s intelligence platform focuses onthree key areas that address the most pressing needs of today’s utilities:

AI-Enhanced Billing

Utilities can automate complex billing processes using granular, 15-minute energy data from smart meters. AI-powered processing ensures accuracy, reduces operational costs and minimizes manual reconciliation work – critical for dynamic tariffs and flexible grid fees.

Modular & Scalable Architecture

The platform integrates directly with existing ERP systems, enabling faster time-to-market for new, time-series-based energy products. Its modularity supports a wide range of use cases, from energy communities and peer-to-peer sharing to intelligent electric vehicle charging and prosumer billing.

White-Label Customer Experience

exnaton provides a customizable user interface that allows consumers to easily monitor their energy consumption, production and – where integrated – smart device activity. This transparency empowers customers to make data-driven decisions – and increases their engagement with sustainable products.

For utilities, this combination improves efficiency, unlocks new business models, and strengthens customer loyalty. For consumers, it makes the energy transition intuitive, accessible, and actionable.

Why Energy Tech: The “Beyond Banking” Trend

For Elevator Ventures, this is a crucial investment that aligns perfectly with our focus on “Beyond Banking” solutions in relevant areas like energy transition. The energy market represents a huge opportunity, particularly given Raiffeisen’s existing activities in the Austrian energy sector like Auri by Raiffeisenlandesbank Niederösterreich-Wien, Enlion and Raiffeisen Regenerative as well as the strong network of clients and partners in energy utilities across Austria and Central and Eastern Europe. As we see it, exnaton can play a leading role in the integration of finance into the future of energy.

Looking Ahead: Scaling Europe’s Decarbonized Grid

With its newly raised Series A financing, exnaton is poised to accelerate its European expansion and further develop AI-driven capabilities for real-time billing and decentralized and data-driven flexibility management.

Join us in Powering the Future

At Elevator Ventures, we believe in elevating the growth of founders who are building the infrastructure for tomorrow. By supporting exnaton, we are backing a team that is redefining how utilities innovate – and is ultimately accelerating the transition to a cleaner, smarterand more flexible energy system.

Learn more about exnaton: https://www.exnaton.ai/

picture of the exnaton software on phones

Categories: News

Tags:

IK Partners invests in Ascora

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap IV Fund (“IK SC IV”) has acquired a majority stake in Ascora Group (“Ascora” or “the Group”), a French multi-specialist insurance broker, as part of a management buyout (“MBO”) designed to support its founder’s succession. IK has invested from its dedicated pool of Development Capital, with this transaction representing the fourth closed from IK SC IV, which held a final close on €2.0 billion in July 2025.

Founded in 1989 by Erik and Stéphane Henry, Ascora is one of the top 20 direct insurance brokers in France, offering end-to-end services from policy underwriting to claims management. Its expertise is organised across three main areas: Real Estate; Property & Casualty (“P&C”); and Health & Protection.

Largely operating in the Île-de-France region, Ascora serves over 12,000 clients. Grounded in technical depth and a people-centric culture built on proximity, trust and care, the Group has established a strong reputation for delivering highly personalised advice tailored to individual needs.

After more than three decades of leading the Group, Stéphane Henry wished to step back from his role as President. This transaction — led by IK with the support of both Stéphane and the management team — facilitates this transition and, as part of the MBO, enables the management team led by CEO Bruno Deschamps to increase its shareholding.

Ascora has successfully acquired 13 brokers to date and intends to continue executing a targeted buy-and-build strategy, leveraging IK’s Insurance Brokerage expertise built through its work with Yellow Hive (Netherlands), Ascentiel Group (France) and Seventeen Group (UK). Ascora also aims to strengthen its position as a leading insurance brokerage platform by accelerating growth in its core Real Estate and P&C segments, supported by investments in its sales team and digital tools. To ensure future scalability and effectiveness, it will look to further professionalise its central functions and strengthen its organisational structure.

Stéphane Henry, Founder of Ascora, said: “Over the past 30 years, we have focused on building a robust consolidation platform in the French insurance brokerage market and I am very proud of all that we have achieved together. As the Group enters the next phase of its journey with IK’s backing, I would like to thank everyone who has been instrumental in Ascora’s success to date and I look forward to supporting Bruno and the team in my new role on the Board.”

Bruno Deschamps, CEO of Ascora, added: “On behalf of the management team and everyone at Ascora, I would like to take this opportunity to thank Stéphane for his exceptional leadership over the past three decades. Our clients value the fact that we pick up the phone, fight their claims with the same determination we would apply to our own assets and provide genuine expertise — not just distribution. With IK as our partner, we will preserve everything that makes Ascora distinctive while expanding our presence and capabilities across France.”

Pierre Gallix, Managing Partner at IK and Advisor to the IK SC IV Fund, commented: “Ascora is a high-quality platform operating at the heart of resilient, high-growth real estate niches, supported by strong fundamentals such as recurring revenues, market-leading technical performance and an exceptionally skilled team. A hallmark of Ascora’s business model is its superior claims management capability, supported by a team of experienced legal professionals and in-house specialists. This approach has driven best-in-class loss ratios, high recovery rates and consistently strong outcomes for the Group’s clients. We are excited to partner with Bruno and his team on this next chapter and to accelerate the Group’s expansion through organic initiatives and bolt-on acquisitions.”

About Ascora

Founded in 1989 by Stéphane Henry, Ascora is one of the top 20 direct insurance brokers in France, offering end-to-end services from policy underwriting to claims management. Its expertise is organised across three main areas: Real Estate, Property & Casualty, and Health & Protection. For more information, please visit ascora.com

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 €20 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

Read More 

Categories: News

Tags:

Vantage Group Holdings to be acquired by Howard Hughes Holdings

Carlyle

Vantage’s Diversified Specialty Insurance Platform Delivers Lower Risk and Superior Return Potential

HHH to Host a Conference Call and Presentation on Thursday, December 18 at 8:30 a.m. ET, 

With an X Spaces Session to Follow

 

Hamilton, Bermuda December 17, 2025 – Vantage Group Holdings Ltd. (“Vantage”), a privately held leading specialty insurance and reinsurance company backed by Carlyle and Hellman & Friedman today announced that it has entered into a definitive agreement for Howard Hughes Holdings Inc. (NYSE: HHH) (“Howard Hughes,” “HHH,” or the “Company”) to acquire 100% of Vantage for $2.1 billion in cash or approximately 1.5x year-end 2025 book value. The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Upon closing, Vantage will anchor Howard Hughes’ transformation into a diversified holding company.

Founded in 2020, Vantage has scaled into a next-generation leading specialty insurer and reinsurer, offering a diversified portfolio of global P&C products supported by modern infrastructure and advanced analytics.

“I’m excited about starting Vantage’s next chapter through this acquisition,” said Greg Hendrick, Chief Executive Officer of Vantage. “With Howard Hughes’ permanent capital and long-term vision, we expect to strengthen our balance sheet and expand opportunities in specialty insurance, reinsurance, and partnership capital. After closing, we anticipate enhanced resources to fuel profitable growth, drive innovation, and deliver even greater value to brokers and clients over time. None of this would be possible without the amazing passion and energy of 360 colleagues, the unwavering support of Carlyle and Hellman & Friedman, and the incredible support of our brokers and clients.”

Strategic Benefits of the Transaction:

  • Vantage will continue to operate with the same name, brand, and culture, with our colleagues retaining the same roles, teams, and go-to-market strategy.
  • HHH’s holding-company ownership of Vantage provides long-term capital support which materially strengthens Vantage’s credit profile and underwriting flexibility. An emphasis on underwriting profitability—driven by disciplined risk selection, pricing, and portfolio optimization rather than growth—will allow Vantage to effectively navigate the insurance cycle and optimize asset allocation over time.
  • Pershing Square will manage Vantage’s assets on a fee-free basis, enhancing investment returns and furthering alignment with policyholders and shareholders. Over time, Vantage’s investment portfolio will be directly invested in cash, short-term Treasurys, high-quality fixed-maturity securities, and a portfolio of common stocks subject to rating agency and regulatory considerations.

Jim Burr, Co-Head of Global Financial Services at Carlyle, and Jitij Dwivedi, Partner in the Financial Services team at Carlyle, said: “We are proud to have partnered with Greg Hendrick and the entire Vantage management team over the past five years and support the launch and build-out of the business. Together, we have built a top tier specialty insurance and re-insurance business, differentiated by its culture and tech-enabled underwriting platform, delivered strong earnings growth and diversified Vantage’s business model through innovative insurance-linked strategies. We think Howard Hughes will be a great home and wish Greg and the Vantage team continued success as it enters its next phase of growth.”

“We are so proud of what Greg and the team have built since we launched together in 2020. Today, Vantage is a high-quality insurance and reinsurance franchise with an excellent team and deep underwriting capabilities. We look forward to watching its continued growth and success in its next chapter,” said Adam Halpern-Leistner, Partner at Hellman & Friedman, and Hunter Philbrick, Partner at Hellman & Friedman.

Conference Call and X Spaces Session Information

HHH Executive Chairman Bill Ackman, CIO Ryan Israel, and CEO David O’Reilly will discuss the Vantage acquisition on a conference call tomorrow morning, Thursday, December 18, at 8:30 a.m. ET. The call will be followed by an X Spaces Session, with a town hall format open to the public providing the opportunity for participants to ask questions and engage in dialogue with HHH’s executive leadership.

To listen to the conference call and view the accompanying presentation via a live webcast, please visit the Howard Hughes website. Listeners who wish to participate in the question-and-answer session may do so via telephone by pre-registering on HHH’s event registration webpage.

The X Spaces session will be available at https://x.com/BillAckman

Advisors

J.P. Morgan Securities LLC is acting as exclusive financial advisor to Vantage. Debevoise & Plimpton LLP is acting as legal counsel. Jefferies LLC is acting as financial advisor to Howard Hughes Holdings, and Latham & Watkins are acting as legal counsel. Oliver Wyman is acting as the Company’s actuarial advisor.

About Vantage Group Holdings

Vantage Group Holdings Ltd. (Vantage) was established in late 2020 as a re/insurance partner designed for the future. Driven by relentless curiosity, the Vantage team of trusted experts provides a fresh perspective on clients’ risks and adds creativity to tech-enabled efficiency and robust analytics to address risks others avoid. Vantage operating subsidiaries Vantage Risk Ltd., Vantage Risk Assurance Company and Vantage Risk Specialty Insurance Company are rated “A-” (Stable) by AM Best and “A-” (Stable) by S&P Global Ratings. Founded with support from Carlyle and Hellman & Friedman, global investment firms with deep experience in the re/insurance industry, Vantage has grown into a leading provider of specialty insurance, reinsurance, and partnership capital solutions. Additional information about Vantage can be found at www.vantagerisk.com.

About Howard Hughes Holdings
Howard Hughes Holdings Inc. (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; Teravalis™ in the Greater Phoenix, Arizona area; Ward Village® in Honolulu, Hawaiʻi; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and operates through three segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 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 2,400 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on LinkedIn at The Carlyle Group and on X at @OneCarlyle.

About Hellman & Friedman 

Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation, and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors, including technology, financial services, healthcare, consumer services & retail, and information, content & business services. Since its founding in 1984, H&F has invested in over 100 companies and has over $120 billion in assets under management as of September 30, 2025. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

 

###

 

Media Relations:

John Flannery

Vantage Risk

john.flannery@vantagerisk.com

203-918-7151

Categories: News

Tags:

Ethos Capital Completes Continuation Vehicle for Identity Digital

CVC Capital Partners

New investment partners join to support company’s next phase of growth

Ethos Capital LP (Ethos) announced today that it has completed a continuation vehicle (CV) transaction for its portfolio company Identity Digital, bringing in institutional investors including TPG GP Solutions, funds managed by Neuberger, Accel-KKR, Coller Capital, and CVC Secondary Partners, British Columbia Investment Management Corporation (BCI), and 10 East, among others. The transaction enables Ethos to support Identity Digital’s next stage of growth, while offering existing investors the opportunity for liquidity.

“This transaction reflects our conviction in Identity Digital’s long-term potential,” said Erik Brooks, Co-Founder and Managing Partner of Ethos Capital. “We’re grateful to our new investment partners for joining us in this next phase and to our existing investors for their continued trust. Identity Digital’s leadership team has built a performant company that sits at the center of the digital-identity ecosystem, and we’re excited to support their next chapter. Ethos is committed to a long-term investment strategy that employs our deep operational experience to drive long-term profitability and growth.”

Identity Digital operates mission-critical internet domain name system infrastructure that powers trusted online identity and helps organizations establish and secure their digital presence. Since Ethos’ initial investment in 2021, the company has expanded its platform, integrated acquisitions and continued to innovate in response to evolving market opportunities.

“This new investment affirms the strength of our business and supports our continued focus on innovation and client success,” said Akram Atallah, CEO of Identity Digital. “We look forward to deepening our partnership with Ethos and welcoming our new investors as we pursue our next stage of growth.”

“We are delighted to partner with Ethos and the Identity Digital management team for the next chapter of the company’s growth,” said Michael Woolhouse, Co-Managing Partner TPG GP Solutions. “Internet and digital infrastructure has been a key thematic focus area for TPG for over a decade, and Identity Digital has established itself as a clear market leader within this highly attractive market.”

“Neuberger Private Markets has a longstanding, successful partnership with Ethos Capital,” said Frank Guglielmo, Managing Director of Neuberger. “We continue to be impressed with Ethos’ thoughtful approach to value creation. As an existing shareholder in Identity Digital, we are excited to continue supporting the company’s strategic growth through the continuation vehicle transaction.”

Categories: News

Tags:

Trading Technologies Acquires OpenGamma, Leader in Margin and Capital Optimization Analytics

Thomabravo

CHICAGO and LONDON—Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, today announced it has acquired OpenGamma, a market leader in derivatives margin analytics for buy-side and sell-side clients. Terms of the transaction were not disclosed.

The integration of OpenGamma’s sophisticated margin optimization and capital efficiency tools directly into the TT platform will allow for automated trading and position transfer workflows that reduce risk and increase efficiency and will significantly enhance TT’s multi-asset platform.

Justin Llewellyn-Jones, CEO of TT, said: “The acquisition of OpenGamma is a transformative step that immediately deepens the value proposition we will offer our combined customer base. Global derivatives markets have undergone profound structural changes in recent years, particularly in the realm of margin requirements, resulting in an acute need to manage margin-driven liquidity risk without weakening safeguards around counterparty risk. OpenGamma’s real-time insights empower firms to maximize leverage and free up precious capital. This is a crucial strategic addition that aligns perfectly with our mission to provide the best multi-asset platform experience across the entire trade life cycle.”

Peter Rippon, CEO of OpenGamma, said: “Joining forces with Trading Technologies provides us with a massive opportunity to accelerate our growth. Leveraging TT’s scaled go-to-market and distribution capabilities will unlock new opportunities for the OpenGamma platform across the Americas, Europe, the Middle East and Asia-Pacific regions. Our team is excited to integrate our leading analytics into the TT platform, bringing new capital efficiencies to a much broader audience. I would like to thank the OpenGamma team and our investors for their unwavering commitment and support over the last 10 years.”

OpenGamma’s platform boasts a significant footprint, with top-tier clients across hedge funds, commodities trading firms and sell-side banks. TT will leverage OpenGamma’s strong client relationships to accelerate its opportunities in the hedge fund and energy sectors, while TT’s extensive network will provide OpenGamma with access to a larger pool of sell-side bank clients.

The TT platform handled more than 2.9 billion derivatives transactions so far in 2025. Through its Execution Management System (EMS), TT provides access to more than 100 global exchanges and venues for cross-asset trading. Through TT’s Order Management System (OMS), firms can accept, manage and execute orders and conduct post-trade confirmations and allocations. The expansion of the platform to deliver multi-asset functionality enables clients to utilize sophisticated order and execution management tools in the E/OMS for high-, low- and no-touch workflows across their global trading operations in each of the asset classes. TT’s open architecture allows users to integrate their systems with TT to access their own market connections, private liquidity or execution algorithms and import data from external sources enterprise-wide.

Houlihan Lokey served as exclusive financial advisor and Gunderson Dettmer as legal advisor to OpenGamma. Goodwin Procter served as legal advisor to Trading Technologies, Thoma Bravo and 7RIDGE.

About Trading Technologies

Trading Technologies is a global capital markets platform services company providing market-leading technology for the end-to-end trading operations of Tier 1 banks, brokerages, money managers, hedge funds, proprietary traders, Commodity Trading Advisors (CTAs), commercial hedgers and risk managers. With its roots in listed derivatives, the Software-as-a-Service (SaaS) company delivers “multi-X” solutions, with “X” representing asset classes, functions, workflows and geographies. This multi-X approach features trade execution services across futures and options, fixed income, foreign exchange (FX) and cryptocurrencies augmented by solutions for data and analytics, including transaction cost analysis (TCA); quantitative trading; compliance and trade surveillance; clearing and post-trade allocation; and infrastructure services. The award-winning TT platform ecosystem also helps exchanges deliver innovative solutions to their market participants, and technology companies to distribute their complementary offerings to Trading Technologies’ clients.

About OpenGamma

OpenGamma is a derivatives analytics firm with unparalleled expertise in over-the-counter (OTC) and exchange-traded derivatives (ETD) and prime broker margin methodologies. Its teams bring together a unique mix of practitioner, quantitative and software engineering expertise. Today, OpenGamma is trusted by the largest and most sophisticated global banks and fund managers, with thousands of users depending on its analytics. OpenGamma has been backed by Accel, CME Ventures, Dawn Capital, Allianz X and Cristóbal Conde.

Categories: News

Tags:

Blackstone and Phoenix Financial Announce Partnership

Blackstone

TEL AVIV and NEW YORK – December 17, 2025 – Phoenix Financial (“Phoenix”, TASE: PHOE), a leading Israel-based asset management and insurance company, and Blackstone (NYSE: BX), the world’s largest alternative asset manager, today announced a strategic partnership.

Under the agreement, Phoenix and Blackstone will collaborate across a range of credit strategies, including corporate, real estate and asset-based credit. Phoenix will invest up to $5 billion across these strategies, leveraging Blackstone’s global credit origination capabilities and additional co-investment opportunities for the benefit of its clients.

Jon Gray, Blackstone President & COO, said: “We’re thrilled to further support Phoenix and its clients through this partnership. We continue to see compelling opportunities to invest across the rapidly expanding private credit universe, leveraging Blackstone’s scale, origination capabilities and insights from across the firm.”

Blackstone has over $1.2 trillion in assets under management across a wide range of alternative investment asset classes. Specifically in credit, Blackstone is the largest third-party investment manager globally, with $508 billion in credit assets. This includes investment businesses across private corporate credit, liquid corporate credit, infrastructure and asset based credit, and real estate debt, as well as a team dedicated to serving the firm’s insurance clients.

Phoenix is the largest asset manager in Israel, with more than $180 billion in assets under management, and continues to expand internationally through partnerships with global investment leaders. Today’s announcement aligning Phoenix with Blackstone underscores this long-term strategy, strengthening its investment platform and broadening access for Israelis to differentiated global opportunities.

Eyal Ben Simon, CEO of Phoenix Holdings, said: “We are proud to broaden our global alternatives platform by partnering with Blackstone, a world-class leader in private credit and origination. This collaboration enhances the range of high-quality opportunities we bring to Israeli investors and reflects Phoenix’s strategy of working with the strongest partners globally. Blackstone’s exceptional capabilities represent another important step in delivering diversified, institutional-grade solutions to our clients.”

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Phoenix Financial
Phoenix Financial is a leading Israel-based asset management and insurance company traded on the Tel Aviv Stock Exchange (TASE: PHOE). Phoenix activities have demonstrated strong growth and performance across the cycle, and serve a significant portion of Israeli households and businesses with a broad set of financial solutions. Managing over $180 billion in assets, Phoenix accesses Israel’s vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.

Contact
Thomas Clements
Thomas.clements@blackstone.com
646 482 6088

Categories: News

Tags:

Warburg Pincus Signs Agreement to Invest in Acclime, a Leading Tech-Forward Corporate and Business Services Provider in Asia Pacific

Warburg Pincus logo

Singapore / Hong Kong, December 17, 2025 – Warburg Pincus, the pioneer of global growth investing, today announced that it has signed an agreement to invest in Acclime, a leading provider of corporate and business services across Asia Pacific. Through this transaction, Warburg Pincus seeks to leverage its global track record in building leading business services platforms to support Acclime’s next phase of growth, international expansion, and innovation.

Founded in 2019 by industry veteran Martin Crawford, Acclime was established with a clear vision: to build a truly integrated professional services platform capable of supporting businesses operating across Asia’s most complex and fast-growing markets. From its inception, Acclime differentiated itself through a partner-led model that combines deep local expertise with global standards, enabling the firm to scale rapidly while maintaining strong governance, accountability, and client focus.

Since its founding, Acclime has executed an ambitious and disciplined growth strategy, completing more than 50 acquisitions to build a platform spanning 18 markets and employing more than 2,000 professionals. The firm today serves over 17,000 clients—including subsidiaries of multinational corporations expanding into Asia Pacific, regional businesses, family offices, private capital firms, and high-growth companies—with a comprehensive suite of services across accounting, tax, HR and payroll, fund services, corporate secretarial, and risk and advisory.

As part of its evolution into a scaled, multi-market platform, Acclime appointed Izzy Silva as Group Chief Executive Officer in early 2024. Since assuming the role, Mr. Silva has led the next phase of Acclime’s development, sharpening the firm’s strategic focus, strengthening its operating model, and accelerating investment across leadership, systems, and technology to support sustainable long-term growth. Under his leadership, Acclime has advanced its digital transformation agenda, including the development of Aura, the firm’s proprietary AI-enabled automation platform, enhancing service delivery, operational efficiency, and client experience at scale.

Martin Crawford, Founder and Chairman of Acclime, said: “Over the past several years, Acclime has evolved into a pan-regional leader by combining deep local knowledge with a commitment to high-quality service for our clients. What began as a plan on a page has grown into a scaled, multi-market platform that has exceeded our expectations, thanks to the dedication of our 60+ partners, Stem Financial as foundational investors, and our talented team. We are delighted to welcome Warburg Pincus as a partner. Its partnership-oriented culture, global network, and strong track record of supporting growth make it an ideal investor for our next chapter.”

Saurabh Agarwal, Managing Director and Head of Southeast Asia Private Equity at Warburg Pincus, said: “Acclime has built one of Asia Pacific’s most scaled and differentiated corporate and business services platforms, powered by strong leadership, disciplined acquisitions, and a clear commitment to technology-enabled excellence. In a region defined by regulatory complexity and rising cross-border activity, the demand for an integrated, tech-forward business services partner has never been greater. Acclime’s deep local expertise and scalable, technology-driven solutions position it to lead the next generation of corporate and business services across the region. We are excited to partner with Martin, Izzy, and the broader team to accelerate growth, expand capabilities, and create long-term value.”

“Acclime has reached an important inflection point in its journey,” said Izzy Silva, Group CEO of Acclime. “Warburg Pincus shares our conviction in the long-term opportunity to build a global, technology-enabled professional services platform, and brings deep experience in scaling complex, multi-market businesses. Together, we are well positioned to accelerate growth, broaden our capabilities, and create enduring value for our clients and partners.”

***

About Acclime

Acclime is a leading professional services firm providing integrated corporate services, fund services, accounting, tax, and advisory solutions across Asia Pacific and the Middle East. Founded in 2019 by Martin Crawford and Debby Davidson, Acclime was built on a partner-led model designed to prioritise client success. With over 2,000 professionals operating as one unified firm across 18 markets, Acclime serves a diverse range of private clients, regional enterprises, multinationals, funds, and family offices. The firm combines deep market knowledge, cross-border expertise and industry leading tech-enablement to help clients navigate complex regulatory environments, scale their operations and achieve their strategic objectives at every stage of success. For more information, please visit: www.acclime.com

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com.

Media Contacts

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications

lisa.liang@warburgpincus.com

Acclime

Joshua Konechny

Chief Marketing Officer

pr@acclime.com

Categories: News

Tags:

Stonepeak to Acquire Allgas

Stonepeak

NEW YORK & SYDNEY – December 17, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has entered into a definitive agreement to acquire Allgas, a leading gas distribution network located in Queensland, Australia, from the APA Group (ASX: APA), Marubeni Corporation, and other shareholders.

Allgas is the provider of gas haulage infrastructure in the catchment area spanning Brisbane to the northern tip of New South Wales, and separately, Toowoomba and Oakey. Its extensive network includes approximately 3,900kms of distribution mains that supply approximately 120,000 households and businesses, nine gate stations, and 123,000 metering devices. Through its connection to major Queensland supply hubs and the extensive reserves available in the region, Allgas serves as a reliable source of energy distribution for its customers.

“This transaction underscores Stonepeak’s long-held conviction in natural gas as an essential component of the energy mix supporting global energy transition efforts, especially in Australia where it continues to play an important role for businesses and individuals,” said Darren Keogh, Senior Managing Director at Stonepeak. “Queensland, and South East Queensland in particular, is experiencing significant economic expansion underpinned by population and productivity growth that is supported by the Allgas network. We look forward to working with Allgas to help effectively capitalize on these meaningful tailwinds.”

The transaction is subject to regulatory approvals and is expected to close in the first half of 2026.

Gresham is serving as financial advisor to Stonepeak. Allens is serving as legal counsel to Stonepeak.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately US$80 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Contacts

Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

Categories: News

Tags:

Fortidia announces strategic partnership with BC Partners to accelerate global growth

BC Partners Logo

Fortidia (or the “Company”), a leading global platform providing shipping, fulfilment and marketing services, announced today that it has entered into a definitive agreement for BC Partners, a leading international investment firm, to acquire a majority stake in the Company from the founding Fiorelli family and funds managed by Oaktree Capital Management, L.P. (“Oaktree”).  Fortidia’s Chairman and CEO Paolo Fiorelli will retain a significant stake in the business and continue in his current role, working in partnership with BC Partners to accelerate the Company’s next phase of growth. Terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals.

Founded in 1993 and headquartered in Milan (Italy), Fortidia is a global leader in providing shipping, fulfilment, print, and marketing solutions, primarily to micro, small and medium-sized enterprises (“MSMEs”). Operating under multiple complementary franchised brands, including – among others – Mail Boxes Etc., AlphaGraphics, World Options and PostNet, Fortidia plays a pivotal role in the high-growth parcel, packing, shipping and fulfilment value chain, as well as providing outstanding marketing solutions. The Company acts as a key player in the end-to-end logistics and complementary business services arenas and is growing rapidly to serve its on-line and off-line customers in a highly fragmented global market.

Paolo Fiorelli, Founder and CEO of Fortidia, said: “This is an exciting new chapter for Fortidia. We take great pride in the global network and trusted brands we have established over the last thirty years. The team at BC Partners is the ideal strategic ally to accelerate our next phase of growth; they have a strong reputation and track record in Italy, and their values, deep knowledge, and operational expertise will be key to unlocking our full potential. We share a clear vision: to expand our global footprint, enhance our services, and deliver exceptional value to our customers through our global network of franchise partners. We would like to extend our sincere gratitude to Mario Adario and the Oaktree team for their partnership over the past years.”

Paolo Notarnicola, Partner, Co-head of Services and member of the Management Committee, BC Partners, said: “We are delighted by the opportunity to partner with Paolo and his team at Fortidia. This investment reflects our continued focus on partnering with exceptional entrepreneurs in the route-based services sub-sector – a space we know incredibly well through investments in companies such as GFL, GardaWorld, and GES, and where we see continued long-term tailwinds. Fortidia’s resilient business model, strong franchise network, and compelling growth trajectory makes it a definitive ‘defensive growth’ business and a natural fit within BC Partners’ portfolio.”

Marco Castelli, Partner, BC Partners, added: “This investment showcases how our differentiated sourcing model – anchored in deep sector expertise and local networks – enables us to source attractive, bilateral opportunities and position ourselves as the partner of choice. Looking ahead, we plan to work in close partnership with the Fortidia team and to apply the proven playbooks we have developed over the years to help grow the business both locally and internationally – enhancing the client offering, expanding Fortidia’s network internationally, and pursuing M&A opportunities in a highly fragmented market.”

Mario Adario, Managing Director, Oaktree, said: “Fortidia is an extraordinary company with still a lot of potential to be realized. We would like to thank Paolo Fiorelli and his team: it was a great honour to work with them to more than triple the profitability of the Company. This outcome is the result of a shared vision, strong alignment and mutual trust. We are confident that Paolo and team will continue this growth trajectory with their new partner”.

Fortidia will continue to operate under its existing management team and brand structure, maintaining its strong focus on serving customers worldwide, primarily through its network of franchise partners.

This transaction marks the first investment in BC Partners Fund XII, which will follow the same sector-led strategy as prior funds, focused on building a diverse portfolio of defensive growth companies in the mid-market. It also marks BC Partners’ fifth investment in 2025, following investments this year in Biogaran, IGS GeboJagema, PetLabCo., and GES, and builds on BC Partners’ extensive track record of investing in Italy, having deployed over €3.3bn across 17 transactions since its founding in 1986.

Jefferies acted as exclusive financial advisor to Fortidia and its shareholders, with a team led by Jefferies’ Head of Italy Investment Banking Mauro Premazzi. Fortidia was also advised by Sidley Austin LLP together with PedersoliGattai and Paolo Ludovici at GPBL. BC Partners was advised by Latham & Watkins, Kirkland & Ellis, Facchini Rossi Michelutti, PwC and Bain and Co.

 

-[ENDS]-

 

About BC Partners

BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for nearly four decades in developing the European buyout market. Today BC Partners’ integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 130 private equity investments and is currently investing its eleventh private equity buyout fund. For further information, please visit https://www.bcpartners.com/

About Fortidia

Fortidia is the brand identity of MBE Worldwide S.p.A. – a company headquartered in Italy – and its affiliates. Fortidia is a global commerce enabler for MSMEs and consumers thanks to its platform including brands providing fulfillment, shipping, marketing and print solutions: Mail Boxes Etc. (outside the U.S. and Canada.), World Options, PostNet, PACK & SEND, AlphaGraphics, Multicopy, Kwik Kopy Australia, Print Speak, GEL Proximity and Spedingo. In 2024, its platform – including 3,200+ Business Solutions Centers in 57 countries with over 14,000 associates – served 850k business customers worldwide generating €1.45 bln (US$1.65 bln) of System-wide Gross Revenue.

Categories: News

Tags: