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Ardian and Rockfield add 1.500 beds to Its Pan-European PBSA Strategy with Three Major Transactions in France, Spain and Italy

Ardian

Ardian and Rockfield signed the forward acquisition of a new 427-bed project in Milan, the forward acquisition of a 327-bed project in Bordeaux and acquired a 750-bed standing asset in Barcelona.
● Bordeaux marks the first investment in France for Ardian and Rockfield’s PBSA strategy.
● Since its launch in Q4 2024, Ardian and Rockfield’s PBSA strategy has completed 12 transactions, representing ca. 6,000 beds in Europe’s main university hubs, positioning Ardian and Rockfield as one of the leading Continental European PBSA investors.

Ardian, a global private investment firm, and Rockfield, Europe’s top-tier vertically integrated living platform, announce a significant acceleration of their Purpose-Built Student Accommodation (PBSA) strategy with the recent signing of three major transactions across Italy, France and Spain.

The strategy has been very active investing across the continent since launching in Q4 2024. Looking ahead to 2026, there is a strong, advanced pipeline across the various countries, suggesting that the investment pace will continue to be as active as this year.

First Acquisition in France: A 327-bed PBSA Project in Bordeaux
Ardian and Rockfield have signed the acquisition of a 327-bed project in the Bastide Niel eco-district of Bordeaux, marking their first PBSA transaction in France. The asset acquired from Legendre Immobilier under a forward-purchase structure (VEFA), will welcome its first students in 2028. The project includes more than 500 sqm of common areas (coworking, lounge, gym, gaming room, shared kitchens, bike storage, terraces) and over 1,000 sqm of landscaped gardens.

It aims to meet the highest environmental standards: NF HQE 7*(Excellent), RE2020 compliance, EPC B, and solar panels meeting a large proportion of the development’s energy needs.
Located in the Bastide Niel eco-district, a mixed-use redevelopment area, the property is a 5-minute walk from key public transport routes, with direct access to the city centre.

Bordeaux is the 5th largest student city in France, with over 100,000 students in the city and its surroundings, and yet it remains one of the most undersupplied in terms of student housing. This project will aim to deliver both social value and long-term economical resilience.

Barcelona – Aparto Pallars is a 750-bed student residence located in Barcelona’s 22@ innovation district
Ardian and Rockfield have acquired Aparto Pallars, a 750-bed residence located in the 22@ innovation district. The asset, spread across five interconnected buildings and operational since 2022, enjoys a strategic location near several higher education institutions, including Pompeu Fabra University and Toulouse Business School. This marks the PBSA’s strategy third acquisition in Spain and consolidates the partnership’s presence as one the leading investors in the region. Leveraging our capabilities to deliver multiple typologies and more affordable price points across two state-of-the-art projects, we are able to meet diverse student needs while strengthening our presence as one of the leading investors in the region.

Milan – Project Certosa, a highly strategic addition to Ardian’s PBSA portfolio 
Ardian and Rockfield are strengthening their presence in Italy with the signing of a preliminary agreement for the forward acquisition of a new 427 bed project in viale Certosa, Milan. With this transaction the platform reaches a portfolio of 2.000 beds in Italy, positioning itself as a market leader. The seller is an SPV jointly owned by Keystone Investments and Mediterranea Immobiliare.

Located in a rapidly evolving urban district, the asset will be transformed into a sustainable student residence with excellent connectivity to Milan’s Bovisa Politecnico University. The building will be redeveloped into a state-of-the-art PBSA scheme, offering a wide range of high-quality amenities — including study rooms, indoor and outdoor gyms, padel and basketball courts, a cinema room, games areas and landscaped communal spaces — all designed to foster wellbeing, social interaction and a balanced student lifestyle. The project targets LEED Gold and EPC A environmental certifications. This transaction further cements the platform’s conviction for the Italian market, adding to an already strong portfolio, which includes assets in Florence, Bologna, and Milan, some of Europe’s most supply-constrained student markets.

“Our first PBSA investment in France represents a key milestone for our pan-European student housing platform. As the continental European country with the largest student population and a clear need for high-quality student accommodation, France offers strong fundamentals for investment in the sector. Bordeaux combines strong academic momentum driven by a structural need for new accommodation solutions. The project perfectly reflects the fund’s strategy: developing sustainable and innovative assets, in excellent locations, that meet the expectations of new generations.” Omar Fjer, Head of Real Estate France and Managing Director, Ardian.

“Adding 1,500 units simultaneously via 3 selective transactions to our growing portfolio strengthens our footprint in Europe – and in particular reflects our first step in France. It is interesting to see that such a deep market with urgent demand heavily lacks high-quality supply. We see a window of opportunity and are actively sourcing both operating and forward deals in the major French PBSA markets, as we aim to scale our French portfolio as part of our European portfolio materially over the coming years.” Mats Bartels, Investment Director Northern Europe, Rockfield.

“The acquisition of the new project in Viale Certosa represents an important step forward in our commitment to developing high-quality student accommodation in Italy’s main university cities. Milan, like Florence and Bologna, is among the most dynamic markets in Europe and faces a significant structural shortage of supply. This new investment brings the platform’s PBSA portfolio in Italy to a total of 2,000 beds, further strengthening our presence and our ability to address a real and growing need in the country. The acceleration of our PBSA strategy in Italy and across Europe confirms the strength of our platform and our long-term conviction in the sector’s growth potential.” Luca Migliaccio, Managing Director Real Estate, Ardian.

“This acquisition exemplifies the strength of our pan-European PBSA strategy and our belief in Barcelona’s innovation districts as key nodes for resilient, future-proof capital deployment. We see continued upside through active asset management, best-in-class operations and the delivery of sustainable, community-oriented living environments that appeal to today’s students and institutional investors alike.” Josep Bellmunt, Investment Director Southern Europe, Rockfield.

Participants List

  • Bordeaux

    • Ardian and Rockfield were advised by Linklaters, Arsène Taxand, C&C Notaires, Mindston Capital, Auris and Park Associati
    • Architects: MVRDV | CoBe

  • Barcelona

    • Ardian and Rockfield were advised by Linklaters, CBRE, and Garrigues
    • Commerz Real was advised by Savills and Cuatrecasas

  • Milan

    • Ardian and Rockfield were advised by Studio Inzaghi, Yard Reaas, Pedersoli Gattai, Joivy
    • Mediterranea Immobiliare S.p.A. and Keystone Investments s.r.l. were advised by Advant NCTM, Vitale&Co. S.p.A., Nasini Architetti

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $196bn for more than 1,890 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

ABOUT ROCKFIELD

Rockfield Real Estate is Europe’s top-tier vertically integrated investment, development, and operating platform specializing in European residential real estate. Founded in 2014, the firm has built a strong presence, first in the Netherlands and now across Continental Europe. Managing +€2.5 billion in current active assets under management, Rockfield oversees +9,000 residential units and has developed +10,000 homes.

Catering to institutional clients, the firm leverages its expertise in sustainable and future-proof real estate, with a strong focus on ESG principles. Rockfield’s entrepreneurial mindset enables it to identify and execute high-quality investment opportunities. Looking ahead, Rockfield remains committed to creating enduring value for stakeholders and positively shaping communities through its forward-thinking residential real estate strategies.

Media contacts

Ardian

HEADLAND

ardian@headlandconsultancy.com

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EQT to combine with Coller Capital to enter secondaries, marking the next step in EQT’s strategic evolution

eqt

  • EQT to acquire Coller Capital, a leading global secondaries firm with nearly USD 50 billion in total assets under management1 across institutional, private wealth and insurance-related capital
  • The combination advances EQT’s ambition to build the most attractive private markets firm of scale, delivering industry-leading performance and solutions globally
  • As a pioneer in secondaries, Coller Capital is an excellent strategic fit with a global footprint that includes an established client solutions platform, with a strong track record of performance and innovation
  • The Transaction will enhance EQT’s growth, as the combination unlocks opportunities for both firms within the secondaries market, which is expected to more than double by 20302
  • Jeremy Coller and the Coller Capital leadership team will continue to lead the business as part of EQT, while maintaining the independence of Coller’s origination and investment process
  • The Transaction is structured to ensure alignment through share ownership and a growth oriented contingent consideration
  • The base consideration of USD 3.2 billion is to be funded through newly issued EQT ordinary shares, with up to USD 500 million in contingent consideration to be funded in cash3
  • The Transaction is expected to be mid-single-digit accretive to EQT’s fee-related earnings

EQT AB (“EQT”) is pleased to announce that it has signed an agreement to acquire Coller Capital (“Coller” or “Coller Capital”, and the “Transaction”), a global secondaries firm with nearly USD 50 billion in total assets under management (USD 33 billion in fee-generating assets under management)1.

Founded in 1990, Coller Capital is one of the largest dedicated secondaries firms globally with a 35-year track record of innovation in the fast-growing secondaries markets. The firm provides liquidity solutions to both general partners and limited partners, investing across private equity secondaries and private credit secondaries. Headquartered in the UK, Coller Capital has a global team of 330 professionals, including 77 investment professionals, based in 11 offices around the world. Coller Capital offers a diversified client proposition spanning institutional funds, private wealth evergreen products and insurance-dedicated solutions.

The Transaction brings together EQT’s global scale, established multi-strategy platform and active ownership model with Coller Capital’s specialist secondaries expertise, data and analytics capabilities developed over a 35-year history and a track record of consistently delivering strong investment performance and innovative solutions across secondaries. This combination advances EQT’s ambition to build the most attractive private markets firm of scale, delivering industry-leading performance and solutions globally. Together, the two firms will be able to strengthen relationships and opportunities with institutional, private wealth and insurance-related clients while creating a deeper global EQT platform across private equity, infrastructure, real estate and secondaries.

Strategic rationale

Private markets are shaped by broader demand for strategic liquidity tools, longer-term ownership models and continued product innovation. This trend reinforces the strategic importance of secondaries – a market that grew 41% in 2025 with deal volumes reaching USD 226 billion4 – and is expected to more than double by 20302. As private markets evolve, the combination with Coller Capital is a natural extension of EQT’s platform to strengthen its relevance for both institutional and private wealth clients.

As clients seek to deepen their relationships with fewer firms, the combination also positions EQT to benefit from greater scale with a diversified platform of high-performing investment strategies across asset classes. The Transaction creates a global EQT platform across private equity, infrastructure, real estate and secondaries, with offices in key global markets.

Coller Capital’s specialist secondaries capabilities, first-quartile investment performance track record5 and culture of innovation complement EQT’s active ownership model and future-proofing capabilities. The combination brings together two global firms with European roots who share closely aligned values, including a rigorous focus on investment performance, a culture of innovation and the ambition to be a strategic partner for their clients.

The combination will unlock growth opportunities for both platforms:

  • Expand into adjacent secondaries across real assets to accelerate Coller Capital’s growth beyond private equity and credit secondaries
  • Utilize the combined global platform to scale Coller Capital’s secondaries platform in the fast-growing and structurally underpenetrated Asian markets with a combined on-the-ground presence of approximately 390 FTEs6
  • Strengthen institutional client relationships through an enhanced product offering and the ability to deliver integrated solutions and client servicing across cycles
  • Accelerate EQT’s private wealth offering by adding four evergreen products with a total NAV of USD 4.1 billion7, while leveraging Coller Capital’s existing strategic partnership with State Street to scale global distribution, as well as EQT’s brand and marketing, and global institutional relationships
  • Build out insurance-dedicated solutions across secondaries and the broader EQT platform, building on Coller Capital’s strong position, in-house structuring capabilities and insurance market expertise
  • Drive continued innovation in secondaries by applying EQT’s digital, data and AI capabilities to client solutions

Per Franzén, CEO and Managing Partner of EQT, said, “Entering the secondaries space with Coller represents a natural and important step in EQT’s strategic development. Secondaries have become an increasingly important tool for clients in managing liquidity and portfolio construction, and in supporting long-term ownership of high-quality assets. Coller is a global leader in this field, with deep expertise. The transaction unlocks growth opportunities for both firms. Together, I believe we can double the size of Coller’s business in less than four years. As a combined firm, we will be exceptionally well positioned to deliver integrated solutions across both primary and secondary markets, underpinned by a disciplined focus on performance.”

Jeremy Coller, Chief Investment Officer and Managing Partner of Coller Capital, said, “This partnership marks a defining moment for Coller. We are bringing more than 35 years of secondaries expertise to EQT to realize our shared ambition to shape the future of private markets. The opportunities ahead are compelling, from accelerating innovation in secondaries to broadening the secondary solutions we can deliver to investors worldwide. As Coller EQT, we will maintain our strong alignment with our investors and the independence of our world class origination and investment process. Together, we are exceptionally well positioned to deliver best-in-class private market solutions for our investors.”

As part of the Transaction, the current Coller Capital minority shareholder, State Street, will become a shareholder in EQT. Yie-Hsin Hung, President and CEO of State Street Investment Management, said, “We see this as an exciting evolution in our strategic partnership with Coller Capital. We are keen to expand our engagement efforts to include EQT’s breadth of capabilities, as well as the opportunity for Coller Capital to expand its secondaries offering to include real assets, strengthening the platform. Together with EQT, we look forward to improving access to private markets solutions and innovating for clients worldwide seeking diversification and better outcomes.”

Organizational set-up and governance

Following the Transaction’s closing, Coller Capital will form a new business platform within EQT, to be branded “Coller EQT”. Coller EQT will form part of a new Secondaries business segment, alongside EQT’s existing Private Capital and Real Assets segments. Jeremy Coller will become Head of Coller EQT, reporting directly to Per Franzén, EQT’s CEO and Managing Partner, and join EQT’s Executive Committee. Coller EQT’s origination and investment process will remain independent.

Key Transaction details

  • EQT will acquire 100% of the Coller Capital management company, the Coller Capital general partner entities which control the Coller Capital funds, and 10% of carried interest in the most recent private equity secondaries flagship fund (CIP IX), which had a final close on 31 December 2025 at USD 10.2 billion in fee-generating commitments, resulting in a total fund size of USD 14.2 billion8
  • EQT will be entitled to invest in 35% of the carried interest in all future closed-ended funds of Coller Capital, in line with existing EQT policies
  • Base consideration of USD 3.2 billion on a cash and debt free basis, to be funded in EQT ordinary shares to be issued at closing at a set price of SEK 355 per share (the “Base Consideration Shares”), corresponding to approximately 81 million shares9 (corresponding to approximately 7% of shares outstanding). The Base Consideration Shares will be entitled to dividends with record dates post-closing
  • Contingent consideration of up to USD 500 million based on Coller Capital’s business performance in the 12 months up to and including March 2029, to be funded in cash but with commitment from certain key members of Coller Capital’s management (receiving approximately 64% of the contingent consideration) to reinvest the net contingent consideration proceeds in ordinary EQT shares (see further under “Share consideration and lock-up”)
  • The Transaction is subject to customary closing conditions, including regulatory approvals and certain Coller Capital fund investor consent approvals. The Transaction is expected to close in Q3 2026
  • If closing of the Transaction has not been completed by EQT’s Annual Shareholders’ Meeting on 12 May 2026, the Transaction is further conditional upon EQT’s shareholders authorizing the Board of EQT to issue the Base Consideration Shares
  • The Transaction is expected to be mid-single-digit accretive to EQT’s fee-related earnings

Share consideration and lock-up

The selling shareholders of Coller Capital are Jeremy Coller (receiving approximately 72% of the base consideration and approximately 29% of the contingent consideration), institutional minority sellers (the “Institutional Minority Sellers”) (receiving approximately 19% of the base consideration and approximately 8% of the contingent consideration) and other key members of Coller Capital’s management (the “Key Persons”) (receiving approximately 9% of the base consideration and approximately 64% of the contingent consideration).

Base consideration

Approximately 60% of the Base Consideration Shares received by Jeremy Coller and Key Persons will be subject to customary lock-up agreements10. Such lock-up agreements will be, in all material respects, consistent with those entered into in connection with other acquisitions by EQT and will, with the exception of Jeremy Coller, include a leaver and share forfeiture mechanism.

For Jeremy Coller, the Base Consideration Shares subject to lock-up will be released from lock-up in three equal tranches, with one-third released following EQT’s Q3 announcement in each of 2028, 2029 and 2030, respectively.

For the Key Persons, the Base Consideration Shares subject to lock-up will be released from lock-up in three equal tranches, with one-third released following EQT’s Q3 announcement in each of 2029, 2030 and 2031, respectively.

For the Institutional Minority Sellers, the Base Consideration Shares are not subject to lock-up provisions.

Contingent consideration

Key Persons will receive any contingent consideration in cash but will commit to reinvest the net proceeds (post any applicable taxes) in ordinary EQT shares (the “Contingent Consideration Shares”). The Contingent Consideration Shares will be subject to customary lock-up agreements consistent with those entered into regarding parts of the Base Consideration Shares. The Contingent Consideration Shares will be released from lock-up in three equal tranches, with one-third released following EQT’s Q3 announcement in each of 2029, 2030 and 2031, respectively.

Jeremy Coller and the Institutional Minority Sellers will receive any contingent consideration in cash, without reinvestment commitment.

Selected financial information for Coller Capital

USDm11 2023 2024 2025E
Fee-generating AUM (EoP, USDbn) 18 23 33
YoY growth n.a. 29% 53%
Fee-related revenue 170 200 330
YoY growth n.a. 18% 65%
Fee-related EBITDA12 65 75 145
Fee-related EBITDA margin 39% 39% 44%

Coller Capital’s fee-generating AUM is expected to be at approximately USD 40 billion at year-end 2026, generating USD 350-375 million in fee-related revenue and USD 175-200 million in fee-related EBITDA during 2026 with a fee-related EBITDA margin of approximately 50%13.

Advisors

UBS is acting as financial adviser to EQT in relation to the Transaction, and Ropes & Gray and Vinge are acting as EQT’s legal counsel. Morgan Stanley & Co. International plc is acting as financial adviser to Coller Capital, and Kirkland & Ellis and Roschier are acting as legal counsel to Coller Capital and the selling shareholders.

Notes

1 Coller Capital estimate as per 31 December 2025.
2 Coller Capital estimate.
3 Approximately USD 65 million of the base consideration is payable in cash at completion of the Transaction. The final share portion of the base consideration is subject to customary purchase price adjustments based on Coller Capital’s completion accounts. Key members of Coller Capital management (excluding Jeremy Coller) will commit to reinvest the net contingent consideration proceeds in ordinary EQT shares, see further under “Share consideration lock-up”.
4 Evercore 2025 Secondary Market Highlights.
5 Preqin as of 31 December 2025 (or latest if not available). Refers to weighted average net MOIC with vintage years between 2004-2023 (CIP V-VIII) raised by the largest 16 secondaries managers that have a fund from before the 2008-financial crisis with performance data, as defined by assets raised in Preqin.
6 As of 31 December 2025. Approximately 350 EQT FTEs and 40 Coller Capital FTEs.
7 Estimated as per 31 December 2025.
8 Includes total CIP IX fund size, associated co-investments and SMAs.
9 Approximately USD 65 million of the base consideration is payable in cash at completion. The final share portion of the base consideration is subject to customary purchase price adjustments based on Coller Capital’s completion accounts.
10 For Key Persons, the final number of Base Consideration Shares under lock-up will be subject to customary purchase price adjustments based on Coller Capital’s completion accounts.
11 Unaudited GAAP accounts adjusted for go-forward transaction parameter and with estimated 2025 figures. Rounding of management fees and fee-related EBITDA to the closest USD 5 million.
12 The first fund EQT has the right to carried interest in is CIP IX which had a final close on 31 December 2025 at USD 10.2 billion in fee-generating commitments.
13 Estimate on a standalone basis, subject to fundraising environment.

Contact

Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 06:50 CET on 22 January 2026.

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About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR 267 billion in total assets under management (EUR 139 billion in fee-generating assets under management) as of 30 September 2025, within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

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

About Coller Capital

Coller Capital is a global leader in the secondary market for private assets, renowned for being a pioneer and innovator in the asset class. Founded in 1990, Coller provides investment and liquidity solutions to private market investors worldwide, and currently manages nearly USD 50 billion in private equity, private credit, and other private market vehicles. With headquarters in London and offices across North America, Europe, and Asia Pacific, our multinational team offers a truly global reach.

Coller has exclusively focused on secondary investing since inception and today boasts one of the largest dedicated investment teams in the asset class. Coller’s Private Wealth Secondaries Solutions (PWSS) business offers perpetual funds to eligible private wealth investors globally.

For more information, visit www.collercapital.com  

Other

This press release contains forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward- looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond EQT’s control, which may cause actual results to differ significantly from those expressed in any forward- looking statement. All forward-looking statements reflect EQT’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, EQT disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

UBS Europe SE (“UBS”) is authorised and regulated by the Bundesanstalt für Finanzdienstleistungaufsicht (BaFin) and the European Central Bank (ECB). UBS is acting as financial adviser to EQT AB and no one else in connection with the transaction described herein. In connection with such matters, UBS, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in relation to the transaction described herein, the contents of this announcement or any other matter referred to herein.

Morgan Stanley & Co. International plc (“Morgan Stanley”) is acting as financial advisor to Coller Capital and to no one else. Morgan Stanley is authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority and the PRA. In connection with such matters, Morgan Stanley’s and its affiliates’ respective directors, officers, employees and agents will not regard any other person as its client, nor will Morgan Stanley be responsible to anyone other than Coller Capital for providing the protections afforded to their clients or for providing advice in connection with the matters described in this announcement or any matter referred to herein.

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Eldridge and Carlyle AlpInvest Partner to Launch the Eldridge Diversified Credit Platform and the Closing of its First Fund, EDCF I

Carlyle

New York, NY — January 22, 2026 – Eldridge and Carlyle AlpInvest today announced the successful closing of Eldridge Diversified Credit Fund I (“EDCF I” or the “Fund”), the inaugural fund in Eldridge’s diversified credit platform. As part of the transaction, Carlyle AlpInvest, who served as a limited partner in this transaction, and its co-investors made an equity commitment to Eldridge managed vehicles which, when combined with debt financing from BNP Paribas, is expected to provide up to approximately $1.5 billion in investable capital.

EDCF I was established through a credit secondary solution anchored by the purchase of a diversified portfolio of loans and leases from Eldridge and its affiliates. The Fund’s capital base includes commitments from leading institutional investors globally.

“Our goal is to meet the evolving needs of institutional borrowers while generating attractive returns through a differentiated, multi-strategy credit platform,” said Nicholas Sandler, Co-President and Co-Head of Diversified Credit at Eldridge Capital Management. “The Fund reflects our disciplined origination and structuring, designed with flexibility to support borrowers up and down the capital structure. We are grateful for the trust placed in us by our investors and look forward to continuing to execute on our strategies.”

“We are pleased to partner with Eldridge on its first diversified credit fund and support this next phase of growth,” said Mike Hacker, Partner at Carlyle AlpInvest. “Eldridge’s highly compelling diversified credit platform combines its corporate credit capabilities with its leading asset-based equipment origination franchise, creating a broader and more flexible toolkit for navigating the market. We look forward to continuing our partnership across future initiatives.”

“EDCF I is built around a diversified, high-quality private credit portfolio that highlights Eldridge’s differentiated origination and underwriting capabilities,” said Justin Karp, Managing Director at Carlyle AlpInvest. “By structuring a tailored managed fund solution, we were able to support the evolution of Eldridge’s captive platform while preserving its core strategy and differentiation.”

BNP Paribas arranged and led a senior credit facility to support EDCF I.

PJT Partners served as lead financial adviser and Jefferies served as co-lead. Kirkland & Ellis LLP acted as legal counsel to Eldridge. Ropes & Gray LLP acted as legal counsel to Carlyle AlpInvest.

About Eldridge

Eldridge is an asset management and insurance holding company with over $70 billion in assets under management, consisting of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies: diversified credit, GP solutions, real estate credit, and sports & entertainment. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries. To learn more, visit www.eldridge.com.

About Carlyle AlpInvest

Carlyle AlpInvest is a leading global private equity investor with $102 billion of assets under management and more than 700 investors as of September 30, 2025. It has invested with over 370 private equity and credit managers and committed over $111 billion across primary commitments to private equity and credit funds, secondary transactions, portfolio financings, and co-investments. Carlyle AlpInvest employs more than 290 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

Media Contacts

Eldridge

eldridgePR@prosek.com

Carlyle

Kristen Ashton

Kristen.ashton@carlyle.com

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Lovell Minnick Announces Successful Close of Single Asset Continuation Vehicle for SRS Acquiom

Carlyle

The transaction, led by Carlyle AlpInvest, will enable SRS to accelerate growth and capitalize on new opportunities

PHILADELPHIA & LOS ANGELES & NEW YORK–(BUSINESS WIRE)–Lovell Minnick Partners (“Lovell Minnick”), a private equity firm focused on investments in financial services, business services, and financial technology companies, today announced the successful close of a single asset continuation vehicle for SRS Acquiom (the “Company”), a company that provides a comprehensive platform to help manage merger and acquisition transactions as well as bilateral and syndicated loan facilities.

This transaction, led by Carlyle AlpInvest, further extends Lovell Minnick’s longstanding partnership with SRS Acquiom, which began in 2018 when Lovell Minnick completed a majority investment in the Company. In the seven years since Lovell Minnick invested in the Company, SRS Acquiom has grown its breadth and depth of service offerings and expanded internationally. This partnership has resulted in substantial growth in revenue, profitability, and new jobs created throughout the organization, while also generating strong returns for Lovell Minnick’s investors.

Extending this partnership allows current and new investors, co-investors, and members of SRS Acquiom’s management team to continue their active involvement as shareholders alongside Lovell Minnick and Carlyle AlpInvest. It also underscores SRS Acquiom’s broader strategic priorities, including its ongoing international expansion across the UK and Europe, a continued focus on strategic acquisitions, and the Company’s commitment to further growing its presence and suite of tech-enabled solutions in core markets.

“This continuation fund underscores our strong conviction in SRS Acquiom as they further their position as a leader in the transaction services market,” said Steven Pierson, Managing Partner at Lovell Minnick. “As we deepen our partnership with the SRS team, we look forward to providing additional resources to support the Company’s next phase of growth.”

“SRS prioritizes bringing advanced technology and high-quality services to its clients, helping transform the future of how M&A transactions and private credit deals are managed,” said Tom Hutchins, Principal at Lovell Minnick. “We look forward to continuing our work with the Company’s management team to accelerate growth and launch several new solutions for clients.”

“SRS Acquiom has consistently demonstrated strong growth while establishing a differentiated market position,” said Michael Hacker, Partner, Carlyle AlpInvest. “Lovell Minnick has built impressive scale with the business over the past decade, and we’re excited to invest alongside them to support SRS Acquiom’s continued momentum.”

“Lovell Minnick shares our vision to streamline the M&A and loan agency processes,” said Paul Koenig, CEO of SRS Acquiom. “This transaction provides additional capital to support strategic acquisitions across our business, complementing our organic growth strategies. In terms of organic growth, the transaction enables us to further invest in our people, technology, and services to continue to deliver a best-in-class experience for our clients, while also supporting our expansion into international markets.”

Evercore served as the primary financial advisor to Lovell Minnick, and Kirkland & Ellis served as the primary legal counsel on the transaction.

About Lovell Minnick

Lovell Minnick Partners is a private equity firm with over 25 years of experience partnering with growth-oriented companies. Lovell Minnick leverages deep sector experience and a broad network of strategic advisors to help management teams scale their companies at an accelerated pace. The firm collaborates with executive teams seeking to achieve long-term success and value creation through organic growth and strategic acquisitions. Since inception in 1999, Lovell Minnick has raised over $5.8 billion of committed capital, invested in more than 55 unique platform companies and completed over 230 add-on acquisitions. Lovell Minnick targets growth-oriented, middle-market companies with a particular focus on companies in the financial services, business services, and financial technology sectors.

About Carlyle AlpInvest

Carlyle AlpInvest is a leading global private equity investor with $102 billion of assets under management and more than 700 investors as of September 30, 2025. It has invested with over 370 private equity managers and committed over $111 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. Carlyle AlpInvest employs more than 290 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

About SRS Acquiom

SRS Acquiom delivers the smartest way to run a dealTM with solutions that reduce the administrative burden throughout the entire deal lifecycle. Our services include payments administration and escrow agent services, online document solicitation and reporting, professional shareholder representation, and virtual data rooms. For loan and credit transactions, we provide independent administrative, collateral, and sub-agent services. Since 2007, we have helped sophisticated deal parties reduce administrative drag, so they can focus on what they do best.

Contacts

Prosek Partners
pro-LM@prosek.com

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CapMan Real Estate and Holiday Club sign a 20-year lease agreement for Oulu Eden – the spa hotel to be fully refurbished and reopened in the first half of 2027

Capman

CapMan Hotels II, a fund managed by CapMan Real Estate, and Holiday Club Resorts have signed a new 20‑year lease agreement for Holiday Club Oulu Eden. The agreement launches a major refurbishment and redevelopment project aimed at returning Oulu Eden to active hotel, spa and conference use, and transforming it into an attractive destination for leisure and business travellers alike.

As part of the extensive redevelopment, Oulu Eden will reopen as a highly attractive travel destination within the rapidly developing Nallikari area. The hotel’s experience spa, sauna world, accommodation and restaurant concepts will be completely renewed, and the service offering will be enhanced to meet the needs of both leisure guests and corporate clients.

The renovation will be carried out in phases. The extensive refurbishment is scheduled for completion during the first half of 2027, after which the property will reopen as a fully renewed Holiday Club spa hotel.

“Oulu Eden has always played an important role for the city of Oulu and for tourism in the region. I am extremely pleased that Eden will be brought back into active use as a modernised, renewed and more energy‑efficient destination. This redevelopment is a significant step both for the future of the property and for the development of tourism in the area. It is great to execute this project together with a strong and long-standing partner,” says Noora Kuvaja, Investment Director, CapMan Real Estate.

“We are truly excited to redevelop Oulu Eden into a highly attractive travel destination and to bring it back as part of Holiday Club’s offering in Finland. We are returning to Oulu after almost 15 years, and I believe the completely renewed experience spa, the redesigned sauna world and the new restaurant concepts will attract not only local visitors but also domestic and international travellers. The beautiful coastal setting of Nallikari and the strong appeal of the City of Oulu provide an excellent foundation for Eden’s future development,” says Maisa Romanainen, CEO, Holiday Club Resorts.

Key facts – Holiday Club Oulu Eden

  • 170 rooms
  • Renewed experience spa and new sauna world
  • Attractive restaurant concepts
  • Meeting facilities for up to 500 guests

Further information

Noora Kuvaja, Investment Director, CapMan Real Estate, +358 40 522 8272
Maisa Romanainen, CEO, Holiday Club Resorts, +358 50 388 9686

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.1 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

About Holiday Club Resorts

Holiday Club Resorts is one of the leading tourism and leisure housing companies in Finland, with operations also in Sweden and the Canary Islands. The company operates more than 30 destinations, including several full‑service spa resorts and over 2,200 holiday apartments, alongside more than 1,000 hotel rooms. Its resorts offer a wide range of services, from spa experiences and restaurants to sports and leisure activities. Each year, over one million holidays are spent at Holiday Club destinations, and the company has more than 120,000 holiday week owners. Holiday Club Resorts is owned by Mahindra Holidays & Resorts India Ltd., part of the Indian Mahindra & Mahindra conglomerate.

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EQT Life Sciences co-leads EUR 51 million Series B in Exciva to advance its Alzheimer’s therapy into clinical Phase 2

EQT Life Science

Neuron Signal Transfer original 1172027

  • Series B financing will support Exciva’s Phase 2 clinical trial of its lead candidate, Deraphan, for agitation associated with Alzheimer’s disease (AD)
  • Financing was co-led by EQT Life Sciences out of its LSP Dementia Fund, together with Gimv, with participation from Fountain Healthcare Partners, LifeArc, Carma Fund and Modi Ventures, as well as returning investors Andera Partners and LBBW
  • Investment underscores EQT Life Sciences’ commitment to high-impact neuroscience therapeutics, and will support Exciva’s ambition to address a significant unmet need in Alzheimer’s care

EQT Life Sciences is pleased to announce that its LSP Dementia Fund has co-led a EUR 51 million Series B in Exciva (the “Company”), a clinical-stage biopharmaceutical company developing novel therapies for behavioral symptoms associated with AD.

Neuropsychiatric symptoms such as agitation and other behavioral symptoms affect up to 90% of patients with severe AD, driving caregiver burden, healthcare utilization, and reduced quality of life. Despite the scale of the challenge, further compounded by a rapidly aging global population, therapeutic innovation has lagged behind. The Series B will support Exciva’s Phase 2 clinical trial evaluating Deraphan, the Company’s lead therapeutic candidate for agitation associated with AD. The trial will be conducted across the EU, United States, and Canada.

Exciva’s approach builds on strong scientific and clinical foundations. Deraphan, a combination of two clinically validated compounds including one new chemical entity, has demonstrated encouraging safety and tolerability in Phase 1 and offers the potential for a differentiated efficacy and safety profile relative to current treatment options, which are often limited by boxed warnings, side effects, or inconsistent outcomes.

François Conquet, CEO of Exciva, said: “We are delighted that we could attract funding from both new and existing investors, supporting our belief that our compound is promising. If the results of the Phase 2 trials are positive, it would be a significant milestone in symptomatic treatment options for patients with AD.”

Philip Scheltens, MD, PhD, Partner at EQT Life Sciences, said: “This investment illustrates the potential of Exciva to bring exciting innovation to a therapeutic area where Alzheimer’s patients have limited or no treatment options. We are delighted to co-lead this financing to help to realize Exciva’s potential, which stands out for both the quality of its science and the expertise of its team. We look forward to bringing this innovation to patients.”

Following the investment, EQT Life Sciences will be represented by Philip Scheltens as a Director and Juliette Lee as an Observer to the Board of the Company.

Contact
EQT Press Office, press@eqtpartners.com

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About EQT Life Sciences

EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients. The LSP Dementia Fund (USD 297 million) started in 2020 and has a dedicated team of neurologists and neuroscientists focused on investing in therapeutics targeting neurodegenerative diseases.

For more information, go to https://eqtgroup.com/private-capital/life-sciences/

About Exciva

Exciva is a biopharmaceutical company, founded in 2016 by Drs Anton Bespalov, Hans Moebius and Rao Vepachedu to address neuropsychiatric symptoms in Alzheimer’s disease dementia and other brain disorders. Exciva uses its powerful discovery potential, which has led to the combination of two CNS-active compounds to treat agitation in patients living with Alzheimer’s disease dementia. Exciva is based in Heidelberg, Germany. www.exciva.com

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Carlyle leads financing for the acquisition of Comrod by Bridgepoint

Carlyle

Oslo, Norway, January 20, 2026 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has led a financing package to support the acquisition of Comrod, a leading European supplier of mission-critical defense communications and power systems, by Bridgepoint.

Founded in 1946 and headquartered in Norway, Comrod is a global supplier of advanced communications and power technology for defense, utility, and industrial applications. The company’s antennas, masts, amplifiers, and power systems are used across a range of NATO programs and military platforms. Comrod operates six production facilities globally, anchored by a well-invested manufacturing hub in Norway and supported by sites in France, Sweden, Hungary, and the United States.

The financing package will support Bridgepoint’s acquisition of the business, underpinning Comrod’s transition from a component supplier to a fully integrated tactical-communications subsystem provider. The transaction will also provide Comrod with flexible capital to continue to drive margin improvements through operational efficiency initiatives, pursue complementary bolt-on acquisitions, and scale internationally.

Comrod’s product portfolio is embedded in a range of long-term international military programs, with antennas, masts, and power systems that are critical to NATO’s land-based communications infrastructure. Against a backdrop of increasing European defense budgets, Comrod is well positioned to capitalize on this sustained investment cycle and deepen its role across key tactical-communications platforms.

Taj Sidhu, Head of European and Asian Private Credit at Carlyle, said: “Comrod is a key supplier of communications and power systems with deep integration across long-duration defense programs. As European defense investment accelerates, we see a compelling opportunity to support businesses that are central to the region’s security and infrastructure agenda. With more than three decades of experience investing across the global defense sector, Carlyle is well-positioned to help scale these mission-critical suppliers.”

Ole Gunnar Fjelde, CEO of Comrod, said: “This is a pivotal moment for Comrod as we scale into new markets and expand our capabilities across both defense and utility segments. Under Bridgepoint’s ownership and with Carlyle’s support, we are excited to continue to invest in innovation, grow our manufacturing footprint, and deepen relationships across our loyal customer base.”

—

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.

Media Contacts 

Carlyle:

Charlie Bristow

Tel: +44 (0) 7384 513568

Email: charlie.bristow@carlyle.com

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KKR-led Consortium Drives Further Investment in Sylvan

KKR

BEIJING–(BUSINESS WIRE)– Global investment firm KKR today announced the completion of an additional investment in Sylvan, a world-leading fungal biotechnology company (the “Company”), through funds managed by KKR with participation from new investors and a follow-on investment from existing investor, Novo Holdings, which increased its ownership stake in the Company as part of this round. Following the investment, KKR remains the majority investor in Sylvan.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260120305013/en/

Founded in 1932, Sylvan is a world-leading mushroom spawn and fungal biotechnology company. The company seeks to harness the potential of fungal systems to create sustainable solutions to address global challenges in food, health, agriculture, and materials. Today, the Company operates multiple production facilities around the world and serves customers across 65 countries.

This latest investment marks KKR’s continued commitment to supporting Sylvan’s next phase of expansion, including increasing production capacity, strengthening R&D capabilities, advancing new high-growth product categories, and deepening the Company’s presence across Asia’s rapidly industrializing mushroom and bio-products markets.

The KKR-led investment also included commitments from global investors, including TPG NewQuest, who served as lead investor in a GP-led transaction alongside KKR to support Sylvan, in addition to Ping’An Capital, China Post Insurance, Schroders Capital and Tsao Pao Chee. KKR is making its investment through its international and domestic funds, including its first Renminbi-denominated fund, which was established to facilitate investment by local investors.

Chris Sun, Partner and Head of China Private Equity at KKR, said: “Sylvan has delivered sustained growth under our strategic partnership, including strong expansion and advances in R&D and strategic acquisitions. We have worked closely with management to broaden Sylvan’s role in the global fungal biotechnology sector and beyond. KKR is pleased to welcome new investors from overseas and China to join us in supporting Sylvan to expand its platform and global reach.”

Jackie Qi, CEO of Sylvan, said: “KKR has been a trusted partner for Sylvan through our development, and we are pleased to have their continued support. This investment allows us to accelerate our ambition to become a global leader in fungal biotechnology solutions across strategies and regions. With the support and expertise of our investors, we have faith in Sylvan’s next phase of growth.”

About Sylvan

Sylvan is a fungal biotechnology company, unlocking the incredible potential of the Earth’s fungi systems. We believe these resilient fungi, having evolved over millions of years, hold the key to overcoming many of the problems our planet faces today and into the future. Our goal is simple: harness the power of fungi and create sustainable solutions to address global challenges in food, health, agriculture, and materials.

About KKR

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

For more information, please contact:

Sylvan
Erica Wang
Erica.Wang@sylvaninc.com

KKR
Wei Jun Ong
Media@kkr.com

Source: KKR

 

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Ardian Clean Energy Evergreen Fund (ACEEF) expands Nordics portfolio

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Ardian

Ardian expands footprint in Sweden with deal to acquire 62MW Furukraft wind farm from ERG
• Investment and project execution led by Enordic Evergreen, ACEEF’s Nordic IPP platform
• Acquisition creates further scale and geographical diversification to Enordic Evergreen

Ardian, a global private investment firm, through its wholly owned local platform Enordic Evergreen, today announces its acquisition of Furukraft, a 62 MW wind farm in Sweden from leading Italian Independent Power Producer from renewable sources, ERG.

This investment reinforces Ardian’s commitment to advancing energy infrastructure in the Nordics and will enable additional value creation for Enordic Evergreen by enabling optimization at a platform level.

The wind farm benefits from strong market fundamentals including attractive price positioning in Sweden’s SE4 area and growing demand for renewable energy from industry, data centers and heating and transportation electrification. In addition, the project has entered an attractive long-term PPA with a local Swedish utility.

The investment benefits from OPTA, Ardian’s proprietary data analytics platform to optimize the management of renewables assets, to enhance performance and accelerate the next phase of value creation. During the investment process, OPTA was used to quantify the incremental benefit of Furukraft on our Nordics portfolio, in terms of cashflows volatility, enhancing our risk management strategy. Post-acquisition, the assets will be onboarded onto our OPTA platform for asset monitoring and further value creation. Ardian now tracks over 3GW of renewable assets through OPTA.

“This investment is an excellent strategic fit for ACEEF. It expands our presence in a highly attractive area of the Nordics, while complementing our existing portfolio and reinforcing Ardian’s commitment to strengthening renewable energy infrastructure. Leveraging our deep regional expertise and proven industrial strategy, we are well positioned to manage complex assets and generate long-term, sustainable value for our investors. With demand accelerating—particularly from data centers—this marks a pivotal moment for the Nordics market, and we are pleased to be at the forefront of expanding clean energy capacity through the ACEEF platform.” Federico Gotti Tedeschi, Managing Director Infrastructure, Ardian.

“This investment is an important milestone for Enordic Evergreen and for Ardian. This move brings us further scale and highly contracted business that will enable us to capitalize on platform-level strategies and active development. With presence in SE4 we will drive up our portfolio diversification and capture a new layer of flexibility. We want to thank the ACEEF team and OPTA’s analytical experts for their close collaboration with our local team to make this happen. Building on the strong foundation established by ERG, we look forward to driving the next phase of growth and operational optimization.” Timo Pohjakallio, Chief Executive Officer of Enordic Evergreen.

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 energy transition. The fund commits to making 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 technologies – namely solar, wind and hydro, as well as emerging technologies across biogas, biomass, storage and energy efficiency. ACEEF currently manages 1.5GW of operating capacity across 5 platforms.

Enordic Evergreen is a 100% ACEEF-owned Nordic Independent Power Producer (IPP) committed to accelerating clean energy transition through long-term ownership, deep regional expertise, and strong local partnerships.

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 10GW of clean energy capacity in Europe and the Americas.

List of Participants

  • Ardian

    • M&A: ICECAPITAL
    • Legal: MAQS
    • Technical: AFRY, 8.2
    • Finance & Tax: Grant Thornton
    • Insurance: Marsh
    • ESG: Sweco

About Ardian

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $196bn for more than 1,890 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

Media contacts

Ardian

Headland

ardian@headlandconsultancy.com

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Bain Capital Agrees Sale of Cora Resort and Spa in Greece to Fattal Hotel Group

BainCapital

LONDON and ATHENS, January 19, 2026 – Bain Capital, a leading global private investment firm, today announced the completion of the sale of Cora Resort and Spa, a five-star, 181-room resort in Afytos, Chalkidiki, Greece, to Fattal Hotel Group.

The investment was managed by Bain Capital’s Special Situations team in Europe and showcases the firm’s hands-on asset management capabilities in hospitality, spanning origination, development, operations and exit.

Bain Capital led a substantial refurbishment and repositioning of the hotel, supported by a €24 million investment programme, transforming the asset into a five-star destination resort with multiple restaurants and bars and a dedicated wellness centre. The property opened in July 2023 and has benefited from active operational oversight, including a management transition in 2024 that improved overall performance.

Rob Mangan, an Operating Partner at Bain Capital, said: “Together with our local partners, we took a very hands-on approach at Cora, executing a major refurbishment and repositioning programme and then actively managing the operations to drive performance. The result is a high-quality, five-star resort in one of Greece’s most attractive leisure markets. This sale reflects sustained investor appetite for well-located, well-invested hospitality assets, and we are pleased to hand the property to an owner with deep sector experience.”

Guy Vardi and Yaniv Amzaleg, M&A Managing Directors at Fattal Hotels, said: “Greece and the wider Mediterranean basin have shown exceptional performance in recent years, and expanding our footprint in this market remains a strategic priority. This asset, which will be rebranded as Meravia Hotel by Leonardo Limited Edition, represents a unique opportunity to introduce a high-end product in one of the most exciting hospitality markets today. Over the past three years, we have acquired more than 50 hotels across Europe and raised approximately €1 billion through our European partnerships to support our expansion strategy.  We would like to thank Bain Capital for their partnership throughout this acquisition process as we continue to pursue new opportunities in Southern and Western Europe.”

Bain Capital has extensive experience across hospitality at both the corporate and asset level, with a European track record of 8,200 keys across 54 properties in seven countries.

Advisors
Bain Capital: Karatza Partners (Legal)
Hotel was operated by SWOT Hospitality under Bain Capital ownership.
Fattal Hotels: Zepos & Yannopoulos (Legal) and EY (Financial)

About Cora Resort and Spa
Cora Resort and Spa is a five-star, 181-room resort located in Afytos, Chalkidiki, Greece, offering multiple restaurants and bars and a dedicated wellness centre.

About Fattal Hotels Group 
Fattal Hotels is a rapidly growing international hotel group that owns and operates over 320 hotels across more than 120 destinations worldwide, encompassing over 55,000 rooms. With a strong presence in 21 countries, including Germany, the UK & Ireland, Poland, Israel, Spain, the Netherlands, Austria, Italy, Greece, Cyprus, and France, the group continues to expand its global footprint across fantastic locations.

Fattal Hotels offers a diverse portfolio of accommodations, featuring leading brands such as Leonardo Hotels, Leonardo Royal Hotels, NYX lifestyle hotels, and all-inclusive resorts under the Leonardo banner. Additionally, its Leonardo Limited-Edition collection showcases a selection of uniquely curated and beautifully designed hotels, and Master collection of serviced apartments.

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, portfolio companies, 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 1,900 employees, and approximately $205 billion in assets under management. To learn more, visit baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

 

Media Contacts

 

 Charlyn Lusk (646) 502 3549 clusk@stantonprm.com

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