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Carlyle agrees to sell Copia Power, a leading power and AI infrastructure platform built from the ground up, to EQT

Carlyle

 

  • Established by Carlyle in 2021, Copia Power develops, builds and operates grid connected gigawatt-scale power and data center infrastructure
  • Transaction marks the successful execution of Carlyle’s platform creation strategy

Washington, D.C. – July 9, 2026 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to sell Copia Power (“Copia”), a leading U.S. power and AI infrastructure development platform, to EQT, a purpose-driven global investment organization. The transaction reflects the growth of Copia from business plan creation into a leading power and AI infrastructure business during Carlyle’s five-year ownership period.

Created by Carlyle’s Infrastructure Group in 2021 to develop, construct and operate large-scale energy infrastructure assets across the United States, Copia was established around a conviction that power would ultimately be a bottleneck to the digitization and electrification of the US economy. Bringing together an experienced management team and initial portfolio of development assets, Carlyle built a highly differentiated platform spanning power generation, energy storage and digital infrastructure. Today, Copia has transformed in scale from a concept into a business with more than 20 GW of thermal and renewable generation opportunities and 9 GW of data center opportunities across its campus portfolio, spanning solar, storage, thermal, high voltage transmission and data center assets.

Under Carlyle’s ownership, Copia has grown to ~100 employees and significantly expanded its development and operational activities across power generation, energy storage, transmission and data centers. Leveraging the Infrastructure Group’s deep sector expertise, disciplined approach to capital allocation and track record of creating and growing infrastructure and development oriented businesses, Copia expanded its development pipeline, brought 2.6 GW of energy generation and storage assets into operation or construction, established a growing portfolio of power and digital infrastructure opportunities, and advanced the concept of the “grid connected campus” — co-locating gigawatt-scale generation and data center load at strategic high-voltage grid locations.

Ray Henger, CEO of Copia Power, said: “From the outset, our focus was on building a leading energy and digital infrastructure platform capable of developing, constructing and operating large-scale assets. What has been accomplished over the last five years is remarkable, and a testament to the strength of our team, the support of Carlyle and a relentless focus on execution. Under EQT’s ownership, we look forward to building on that momentum in the years ahead.”

Pooja Goyal, Chief Investment Officer of the Infrastructure Group, said: “When we established Copia, our thesis was that power would be the defining constraint for electrification and the digital economy, and we moved with conviction. Rather than acquiring an existing business, we saw an opportunity to create a differentiated platform that was built for purpose specifically to target this constraint in a scalable and commercial manner. We leveraged our Infrastructure Group’s deep sector expertise in developing and operating power assets and worked alongside an exceptional management team to create and scale the company, combining power, energy storage and digital infrastructure capabilities under a single platform. What began as a concept has become a leading power and energy infrastructure platform with more than 30 GW of opportunities across generation, storage and digital infrastructure.”

David Gluck, Managing Director of the Infrastructure Group, added: “Our conviction was that the best way to capitalize on the generational opportunity at the intersection of power and digital was to build – not buy – a platform. Copia’s transformation over the past five years is a testament to the management team we put in place and the disciplined execution of that strategy.”

Guggenheim Securities LLC and J.P. Morgan Securities LLC served as Carlyle’s lead financial advisors and Latham & Watkins LLP served as legal counsel. CG/ CRC-IB also served as financial advisor to Copia Power.

Copia
Copia
Copia

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About Copia Power

Copia Power is an energy and digital infrastructure platform committed to developing, constructing, and owning large-scale assets across the U.S. Copia Power has over 2.6 GW of energy generation and storage assets in operation or under construction and is actively developing over 9 GW of grid-connected data centers supported by Copia’s portfolio of gigawatt-scale energy campuses comprising more than 25 GW of solar and storage and 7 GW of natural gas generation assets.  For further information www.copiapower.com.  Follow Copia on LinkedIn at Copia Power.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $475 billion of assets under management as of March 31, 2026, Carlyle’s purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

Media Contacts:

Carlyle

Brittany Bensaull

+1 (212) 813-4839

brittany.bensaull@carlyle.com

 

Charlie Bristow

+44 7384 513568

charlie.bristow@carlyle.com

 

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HR Path closes a transaction worth nearly $1 Billion with Ardian to accelerate its international growth

Ardian

HR Path, a global leader in HR consulting, HRIS implementation, and HR process outsourcing, is embarking on a new phase of growth with a transaction worth nearly $1 billion in partnership with Ardian, one of the world’s leading private equity firms. This transaction will enable the Group to accelerate its acquisition strategy in its priority markets and strengthen its position among global players in HR transformation.

HR Path Confirms Its Global Scale-Up

Founded in Paris (France) in 2001, HR Path supports companies in the transformation and performance of their HR function. The Group operates through a unique model covering the entire HR value chain through three complementary business lines: Advise, Implement and Outsource. Every day, its solutions and services support the HR management of nearly 20 million employees worldwide.

Over the past two years, following Ardian’s initial investment, HR Path has established itself among the most dynamic players in its sector, with growth of close to 70%. This momentum rests on both organic growth and a sustained external growth strategy: since its founding, the Group has completed 57 acquisitions, 22 of them in the last two years alone.

HR Path is now present in 30 countries, employs 2,600 people and generates revenue of €360 million. The Group’s activity is now balanced across the Americas (30%), Europe excluding France (30%), Asia-Pacific (5%) and France (35%, down from 65% in 2024).

A Transaction to Accelerate Consolidation of the Global HR Services Market

In a market shaped by the digitalization of organizations, the internationalization of talent and the emergence of new ways of working, HR Path intends to strengthen its position among the key players in HR transformation.

To this end, the Group has secured a new transaction led by Ardian, on the basis of a valuation of nearly $1 billion. This transaction reflects Ardian’s decision to continue supporting HR Path through the raising of a continuation fund, confirming its confidence in the Group’s strategy and long-term value creation potential. The deal also drew strong interest from more than 30 international investors, underlining the appeal of the HR Path model. This transaction also includes the raising of new senior debt of €340 million, alongside a revolving credit facility (RCF) of nearly €70 million.

These new resources will allow the Group to accelerate its external growth strategy and strengthen its presence in several priority markets, notably the United States, Canada, Germany, the Nordic countries, Australia and the Middle East.

The transaction continues the entrepreneurial model that has defined HR Path since its founding. Following the deal, founders, partners and employees retain the majority of the Group’s capital. HR Path now counts close to 200 employee-shareholders and 40 partners.

Strategic Support from Ardian, from International Expansion to AI

Since acquiring a stake in the company, Ardian has supported HR Path across all its areas of development.
Internationally, Ardian has facilitated the Group’s global expansion by drawing on its network of offices and local teams, while giving the Group access to its network of senior executives to support business development.

In terms of external growth, Ardian has supported the Group at every stage of its transactions – identification, execution, and financing – while optimizing its financial structure through refinancing and the implementation of new hedging and factoring solutions.

Ardian supported HR Path in developing an AI-driven business portfolio, recognizing its potential to transform the wider HR sector. The Group also implemented operational efficiency measures using AI, notably through the development of a proprietary platform for automating request-for-proposal processes.

 

“With artificial intelligence, companies are facing unprecedented transformation. Our role is to support them everywhere in the world by combining HR expertise, technology and operational proximity. This new step gives us the means to invest in the services that will shape the HR function of tomorrow.” François Boulet, Co-Founder & Co-CEO, HR Path

“This transaction marks a key milestone in HR Path’s history. It is a lever to accelerate our global growth while preserving the entrepreneurial model that has defined us since our founding. Our ambition remains unchanged: to build a reference player capable of sustainably supporting our clients’ major HR transformations.” Cyril Courtin, Co-Founder & Co-CEO, HR Path

“We are delighted to continue and deepen our support of HR Path in this new phase of development. We firmly believe in HR Path’s model, the quality of its teams and its unique positioning in the global HR transformation market.” Arthur de Salins, Managing Director Expansion, Ardian

“This transaction reflects Ardian’s conviction in HR Path’s long-term growth and value creation potential. It also reflects our confidence in the Group’s ability to establish itself durably as a global reference player in HR transformation.” Marie Arnaud-Battandier, Managing Director Expansion, Ardian
Within three years, HR Path is targeting €700 million in revenue, 5,000 employees and a presence in 40 countries. The Group also aims to become the global leader in Implement, reach the global Top 3 in Outsource, and the global Top 5 in Advise.

List of participants

  • Ardian (Expansion):

    • Arthur de Salins, Marie Arnaud-Battandier, Steven Barrois, Pierre Peslerbe, Rémi Guelagli

  • Secondary Investors – Continuation Funds

    • Eurazeo – lead investor: Christophe Simon, Amine Rais, Adrienne Larson, Jules Mouradian
    • UBS – co-underwriter investor: Thomas Roche Toussaint, Amine Haj Romdhane, Fiona Fu

  • Advisors on Continuation Funds

    • M&A Advisory Services: Evercore Private Capital Advisory (Jasmine Hunet-Lamourille, Kevin Le Pelvé, Thomas Mieg de Boofzheim, Frank Hird, Sophia Damianou, Mark Bratton)
    • Structuring Attorneys: Clifford Chance (Xavier Comaills, Elodie Cinconze, Laura Ferrier)
    • M&A Lawyers: Latham & Watkins (Olivier du Mottay, Emma Dalle Nogare, Pauline Sassard)
    • Financing Attorneys: Latham & Watkins (Carla-Sophie Imperadeiro)
    • Strategic Due Diligence: Indefi (Julien Berger, Adam Laissaoui)
    • Financial Due Diligence: Oderis (Nicolas Boucher)
    • Legal, Tax, and Labor Due Diligence: KPMG Avocats (Xavier Houard, Thomas Chardenal)
    • AI Due Diligence: Artefact (Elina Ashkinazi-Ildis)

  • Management

    • Volt: Stéphane Letranchant, Gontran Souweine, Antoine Lhomme

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.

We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.

Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.

Ardian currently manages or advises $200bn for more than 1,920 clients worldwide across Private Equity, Real Assets, and Credit.

Ardian. Mastering change for lasting value.

ardian.com

ABOUT HR PATH

HR Path is a global leader in Human Resources, specializing in supporting companies through their digital transformation. Through its three business lines — Advise, Implement and Outsource — HR Path enhances the HR efficiency of its clients. Founded in Paris in 2001, HR Path employs approximately 2,600 people worldwide. Present in 30 countries, the Group supports more than 3,000 clients. As of March 31, 2026, its annual revenue stood at €360 million.

hr-path.com

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

HR PATH

EDIFICE AGENCY Ilinca Spita

ilinca@edifice-communication.com+33664751298

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Arctos Announces Final Close of Arctos Keystone Partners Fund I at $6.2 Billion

KKR

NEW YORK–(BUSINESS WIRE)–Arctos, a business of KKR, today announced the final close of Arctos Keystone Partners Fund I (“Keystone Fund I” or the “Fund”), its inaugural fund dedicated to providing bespoke growth capital and financing to leading alternative asset managers.

Keystone Fund I, and its affiliated vehicles, closed with $6.2 billion in capital commitments from a diverse group of global investors, including some of the world’s leading pension funds, retirement systems, endowments, insurance companies, family offices and global wealth platforms. The Fund exceeded its original $4 billion target size and, at the time of the close, represents the largest first-time fund in the broader GP Solutions space.

“Building and leading a private markets firm is hard. Today is more challenging than ever because the industry is undergoing a generational shift that requires strategic leadership and capital. As builders and entrepreneurs, our leadership team understands this challenge better than anyone,” said Ian Charles, Managing Partner and CEO of Arctos, Partner and Head of KKR Solutions at KKR. “We built Keystone to serve these leaders and their firms, not simply as a capital provider, but as a creative, flexible thought partner willing to embrace complexity and help solve hard problems. The strong investor support for the Keystone fund reflects the market’s conviction in that opportunity, the strength of the team we have assembled, and the differentiated platform we have built. We are grateful to our investors and sponsor partners for their trust from the very beginning.”

The Keystone private equity strategy is led by Joe Corcoran, John Stott, Charlie Tingue, and Michael Belsley. Their collective experience across private markets, structured solutions, secondaries, GP stakes and complex sponsor transactions have helped establish Keystone as a trusted, strategic partner to leading sponsors.

To date, more than 30% of the Fund’s capital has been deployed across 11 sponsors, reflecting the breadth of opportunity across the alternative asset management landscape. This includes Keystone’s backing of Hayfin’s management buyout from British Columbia Investment Management Corporation.

Arctos Keystone Partners Fund I is the first final closing of an Arctos fund since KKR closed its acquisition of Arctos in May. The Keystone strategy will target relationships with leading private fund sponsors in North America and Europe while building a diversified portfolio of investments across the alternative asset management landscape.

Evercore Private Funds Group acted as the exclusive global placement agent for the Keystone Fund I raise and Kirkland & Ellis LLP provided legal counsel to Arctos.

About Arctos

Arctos seeks to partner with exceptional leaders in sports and private markets to help them grow and unlock their vision. Founded in 2019 and acquired by KKR (NYSE: KKR) in 2026, Arctos is a part of KKR Solutions, a new global investing business at KKR, and serves as a catalyst for innovation, growth and business transformation across complex, illiquid and underserved markets.

Arctos is a team of business-builders, investors, operators and data scientists, which provides growth capital and liquidity solutions, differentiated thought partnership and purpose-built value creation capabilities. Its strategies include Arctos Sports, which partners with premium sports owners and franchises, and Arctos Keystone, which provides strategic capital solutions to leading alternative asset managers, real estate operators and investment managers, their funds and portfolio companies. Underpinning this approach is Arctos Insights, a proprietary quantitative research and data science platform, which supports Arctos’ investment process, market perspectives and partnership model. For more information, visit www.arctospartners.com or Arctos’ LinkedIn.

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.

 

Contacts

Media
Kristen Duarte
media@kkr.com

 

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EQT to acquire the TachoSil® biosurgery business from Corza Medical

eqt

Tachosil

  • EQT to acquire Corza Biosurgery, a premier biosurgery business built around TachoSil, a leading hemostat and sealant patch used across a wide range of surgical specialties 
  • TachoSil supports improved surgical outcomes through rapid bleeding control and tissue sealing, and is backed by extensive clinical evidence, health-economic data and surgeon advocacy 
  • EQT will support TachoSil and its management team, led by Thierry Leclercq, in their next phase of growth by investing in commercial acceleration, indication and geographic expansion, innovation, and by building out a broader biosurgery platform through M&A

EQT is pleased to announce that EQT X (“EQT”) has agreed to acquire Corza Biosurgery (the “Company”) from Corza Medical, comprising TachoSil®, a leading dual-action active biologic patch that both controls bleeding and seals tissue during surgery. EQT also announced that Sheri McCoy, former Chair of Johnson & Johnson’s Surgical Care Group, will serve as Board Chair of the standalone company upon closing of the transaction. 

Corza Biosurgery is a pioneer in complex surgical biologics, with a proven 20+ year track record of highly specialized manufacturing at its facility in Linz, Austria. Used by surgeons in over 50 countries across a broad range of surgical specialties, including cardiovascular, neuro, hepatic and thoracic, the TachoSil patch has an established reputation based on its efficacy, safety profile, and extensive evidence base, including more than 540 clinical trial publications. The Company employs approximately 400 people worldwide. 

As surgical procedures become increasingly complex, healthcare providers are placing even greater emphasis on improving patient outcomes, reducing complications, and increasing efficiency. TachoSil addresses these priorities by helping surgeons achieve rapid hemostasis and effective tissue sealing in complex and high-stakes intraoperative situations, supporting shorter procedure times, minimizing adverse surgical events, and accelerating patient recovery. With surgical volumes rising on the back of aging populations, increasing prevalence of chronic disease, and ongoing advances in surgical techniques, EQT believes TachoSil is well-positioned to continue expanding its impact on patients and healthcare providers worldwide. 

Leveraging its healthcare expertise and global network, EQT will support the Company in its next phase of growth with significant investments in commercial capabilities, innovation and a globally scaled organization. Together with management, EQT will focus on accelerating growth in the U.S. – including through commercial and indication expansions – and broadening adoption across other underpenetrated markets. EQT also sees opportunities to build a broader biosurgery platform through partnerships and complementary acquisitions. 

Ethan Waxman, Partner at EQT, said: “TachoSil has a unique clinical value proposition that improves patient outcomes across critical surgical procedures around the world, and is backed by strong physician preference and extensive clinical evidence. We are deeply impressed by the dedication of the Corza Biosurgery team and look forward to partnering with them to expand access globally, invest in growth, and further strengthen the Company’s position as a leading biosurgery platform.” 

“We are excited to partner with EQT during a pivotal moment for TachoSil,” said Thierry Leclercq, President of Corza Biosurgery. “EQT’s healthcare expertise, operational resources, and commitment to long-term growth align perfectly with our vision to expand access to TachoSil globally and advance innovation.” 

The transaction is subject to customary conditions and approvals. It is expected to close during Q4 2026. Piper Sandler acted as financial advisor to EQT and Latham & Watkins LLP provided legal counsel. 

With this transaction, EQT X is expected to be 80-85 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact 
EQT Press Office, 
press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership. 

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

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CVC Capital Partners to make majority investment in DistroKid

CVC Capital Partners

DistroKid, the world’s leading music distributor, today announced that CVC Capital Partners, one of the world’s leading private markets investment firms, has signed a definitive agreement to make a majority investment in the company via CVC Capital Partners IX. DistroKid’s longtime investor, Insight Partners, will retain a significant minority stake. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions. Terms were not disclosed.

Phil Bauer will continue to lead DistroKid as President, alongside the company’s existing leadership team.

Founded in 2013, DistroKid has grown beyond music distribution to offer a broad set of tools for independent musicians. Along with music and video distribution, DistroKid offers instant mastering, direct-to-fan experiences, on-demand and custom merchandise, and more. The company continues to invest in new tools that make it easier for musicians around the world to create and release music and connect with listeners.

“We’ve been incredibly impressed by what Phil and the entire DistroKid team have built,” said Sebastian Künne, a Partner at CVC Capital Partners. “DistroKid has earned the trust of millions of artists by staying focused on what they need most. We look forward to partnering with Phil and his team, drawing on our experience across music, entertainment and consumer subscription businesses to help DistroKid support the next generation of artists around the world.”

“DistroKid has transformed how independent artists share their music with the world,” said Deven Parekh, Managing Director at Insight Partners. “We’re proud of our partnership with Phil and the DistroKid team and are excited to continue supporting the company alongside CVC.”

Goldman Sachs & Co. LLC and The Raine Group served as financial advisors to DistroKid. Morgan Stanley served as adviser to CVC.

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CVC agrees sale of D-Marin, the leading premium marina operator in the EMEA region to InfraVia Capital Partners

CVC Capital Partners

CVC is pleased to announce that it has entered into an agreement to sell CVC Capital Partners VII’s stake in international premium marina operator, D-Marin, to InfraVia Capital Partners, a leading independent private equity firm in Europe.

Since CVC’s investment in 2020, D-Marin has been transformed into the leading premium marina operator in the EMEA region. CVC recruited a new management team and significantly expanded the company’s footprint beyond its traditional markets in Turkey, Croatia, Greece, and the UAE into Spain, Italy, France, Malta and Albania. D-Marin now operates 28 premium marinas across nine countries, serving more than 50,000 customers annually with over 14,300 berths, including more than 1,000 dedicated superyacht berths. It also manages 12 professional boatyards servicing over 2,500 yachts each year. In addition, significant investment was made to upgrade the business’s digital capabilities to create one of the industry’s most technologically advanced operating and customer experience platforms.

István Szőke of CVC said: “When we invested in D-Marin, we saw a business with tremendous potential. Having put in place an outstanding management team, led by Oliver Dörschuck, we transformed the business from a hidden gem into the clear market leader in premium marinas across Europe and the wider EMEA region. We expanded significantly across the Mediterranean, built the sector’s most digitally advanced platform, and created a business with unmatched scale, customer experience and operational excellence. We are incredibly proud of what we have achieved together and believe D-Marin is uniquely positioned for continued success in its next chapter.” Özgür Önder, Senior Managing Director at CVC, added: “This has been a true partnership built on shared ambition and disciplined execution. We are delighted to see D-Marin begin its new phase of growth from such a position of strength and thank the management team for their exceptional leadership.”

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We are incredibly proud of what we have achieved together and believe D-Marin is uniquely positioned for continued success in its next chapter

István SzőkeCVC

Oliver Dörschuck, CEO of D-Marin said: “InfraVia has consistently demonstrated clear alignment with D-Marin’s customer-first philosophy and our purpose of enriching the yachting experience, and we are well positioned together to accelerate the next phase of our growth. Our partnership with CVC has been instrumental in shaping D-Marin into the business it is today — and the strong foundation they helped build is what powers our next chapter.”

Vincent Levita, CEO InfraVia said: “We are delighted to support D-Marin in this new chapter alongside its management team. The company has become a leading premium marina platform across the Mediterranean, with a strong brand, high-quality assets and a customer-first culture. This transaction is a strong fit with InfraVia’s infrastructure investment thesis and is fully aligned with InfraVia’s ambition to partner with outstanding management teams and back resilient European platforms where long-term capital can support continued growth, transformation and institutionalisation. We look forward to building on the strong foundations created under CVC’s ownership and accompanying D-Marin in the next phase of its development.”

Athanasios Zoulovits, Partner InfraVia added: “This is a compelling infrastructure opportunity in a sector where scale, quality of locations and customer experience are key differentiators. D-Marin operates in a resilient, growing and attractive market, supported by scarcity of marina locations and growing demand for high-quality yachting infrastructure and services. We look forward to partnering with Oliver Dörschuck and his outstanding team. We see significant opportunities to support the company’s next phase of development starting with a further expansion of the network in a fragmented market that requires long-term private capital to provide scale and know-how to modernise and expand critical transportation and leisure infrastructure and further enhance customer experience.”

CVC was advised by Goldman Sachs as exclusive financial advisor and Clifford Chance as legal advisor. InfraVia was advised by Morgan Stanley as exclusive financial advisor and White & Case as legal advisor.

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CVC raises €3.0bn for CVC Catalyst, its Europe-focused mid-market private equity fund

CVC Capital Partners

CVC Capital Partners (AEX: CVC) is pleased to announce the final close of CVC Capital Partners Catalyst III (“Catalyst III”), its European-focused mid-market private equity fund, at approximately €3.0bn ($3.4bn). The final fund size is almost double the €1.75bn ($2.0bn) target, reflecting strong investor confidence in CVC’s long-term track record, differentiated platform and ability to identify attractive opportunities across the European mid-market.

CVC Catalyst is a sector agnostic private equity strategy focused on high-quality and growth-orientated mid-market businesses with an equity investment below €250m and predominantly based in Europe. CVC Catalyst is able to maximise the advantages offered by the CVC Network, combining the agility and focus of a dedicated mid-market strategy with access to CVC’s market leading pan-European network of 16 country offices and five sector teams. CVC Catalyst also leverages the experience and tenure of the CVC Europe/Americas Investment Committee and value creation resources of the wider CVC Network.

CVC has successfully invested in high-quality European mid-market businesses for more than 40 years. Alongside our market-leading Europe/Americas strategy, CVC Catalyst enables CVC investment teams to remain active across a broad range of attractive investment opportunities in the mid-market, which continues to benefit from favourable structural growth trends, founder succession dynamics and increasing demand from businesses seeking strategic capital and operational support, creating a highly attractive environment for disciplined investors with local market knowledge and operational expertise..

Rob Lucas, CEO at CVC, said: “This successful fund close marks an important milestone in the continued expansion of our leading Private Equity business. It not only reflects strong investor confidence in our long-term track record of delivering value across market cycles, but also the trust our investors place in our platform, people and ability to innovate across private markets. Building on the deep strengths of the CVC Network, CVC Catalyst further enhances our ability to partner with high-quality businesses and management teams across the exciting and rapidly evolving European mid-market opportunity.”

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Building on the deep strengths of the CVC Network, CVC Catalyst further enhances our ability to partner with high-quality businesses and management teams across the exciting and rapidly evolving European mid-market opportunity

Rob LucasCEO at CVC

Daniel Pindur, Managing Partner, co-Head DACH and Chairman of the Catalyst Executive Committee, said: “We are grateful for the strong support we have received from our existing long-term investors and new investor relationships. We believe the current market environment presents a highly attractive backdrop for the CVC Catalyst strategy and we are excited about the pipeline of opportunities we are seeing across our EU/US network. By leveraging CVC’s local rooted global platform, deep sector expertise and longstanding relationships, we are very well-positioned to build a high-quality and diversified European focused mid-market portfolio for our investors.”

Catalyst III has already made two investments with the acquisitions of WithSecure in late 2025 and WillowWood in June 2026, and has a strong pipeline of exciting opportunities where it will look to provide operational expertise, strategic guidance and access to CVC’s global network.

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EQT to acquire Orikan, a leading provider of integrated parking, enforcement, and compliance technology solutions

eqt

Melbourne Orikan

  • EQT has agreed to acquire Orikan, a leader in end-to-end parking technology solutions across Australia, New Zealand and North America
  • EQT will partner with Orikan’s management team to support the Company’s next phase of growth through continued investment in product innovation, AI & data capabilities, service delivery, customer experience, and international expansion
  • The investment continues the build-out of EQT’s Asia mid-market strategy, which complements the firm’s flagship large-cap strategy by building on EQT’s prior sector experience to identify adjacent opportunities where the firm can deploy its expertise and help companies accelerate growth 

EQT today announced that BPEA EQT Mid-Market Growth Partnership (the “MMG Fund” or “EQT”), has agreed to acquire Orikan (the “Company”), a leading provider of integrated parking, enforcement, and compliance technology solutions.

Headquartered in Melbourne, Orikan provides integrated parking operations and enforcement and infringement management services, supported by software, hardware, payments and data capabilities designed and operated by the Company. With nearly 400 employees, the Company serves hundreds of government and private sector customers – including universities, airports, hospitals and stadiums – across Australia, New Zealand, and North America.

Orikan helps customers manage complex parking operations more effectively across the full parking lifecycle, as cities become more connected and demand for smarter infrastructure and outsourced operational support grows. EQT will partner with Orikan’s management team to support the next phase of growth through continued investment in service delivery, product development, customer operations, and data and AI capabilities. Drawing on its global platform experience and sector expertise in technology-enabled services, EQT will support Orikan as it identifies opportunities to expand into adjacent customer segments and international markets. 

Nicholas Macksey, Co-Head of EQT Private Capital Asia and Head of the Mid-Market Growth strategy, said: “Orikan is a business we have followed closely and one that fits well with EQT’s Asia mid-market strategy, with a clear opportunity for EQT to support its next stage of growth. We see significant potential to help the Company continue investing in innovation, strengthen its customer offering and expand into adjacent markets. Importantly, we can bring the full resources of EQT’s regional footprint, sector expertise and industrial advisor network to support the management team as Orikan pursues selected international growth opportunities.” 

Jacob Van der Wiel, Managing Director in the EQT Private Capital Asia Team, said: “We have been impressed by the quality of Orikan’s technology, the strength of its management team and the trusted relationships it has built with customers across Australia, New Zealand, and North America. Orikan’s unique combination of best-in-class proprietary technology and comprehensive operational support services is highly differentiated and has generated a loyal following among Orikan’s customer base. We look forward to working closely with the team to continue to accelerate Orikan’s growth and help the Company reach its full potential as a global leader in parking and mobility solutions.” 

Peter Neale, Chief Executive Officer of Orikan, said: “We are thrilled to partner with EQT as we enter the next stage of Orikan’s growth. EQT shares our long-term vision and brings deep experience in scaling high-growth, technology-enabled businesses. Together, we will continue investing in our people, platform and service capabilities, while continuing to provide the high level of service our customers rely on every day. It is an exciting day for our people and our customers”

This investment continues the build-out of EQT Private Capital Asia’s mid-market strategy, which complements the firm’s flagship large-cap strategy by investing in high-quality businesses across Asia Pacific. EQT’s first dedicated Asia mid-market fund, the MMG Fund, closed in May 2024 with USD 1.6 billion in total fund commitments, above its original USD 750 million target. The strategy has since deployed capital across a diversified portfolio of quality, high-growth businesses, reflecting the depth of opportunity across Asia and EQT’s long-term commitment to supporting companies at different stages of development. Recent investments include PropertyMe in Australia and MAMEZO in Japan.

The transaction is subject to customary conditions and approvals.

Contact:
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership. 

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

About Orikan
Orikan is a leading provider of integrated parking, enforcement, payments and compliance technology solutions. Through its integrated end-to-end technology platform, Orikan helps governments, transport authorities, universities, healthcare organisations, airports and private operators improve mobility outcomes and manage parking and compliance activities more efficiently. Orikan operates across Australia, New Zealand and North America.

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Fortitude Re Announces $3.8 Billion Long-Term Care Reinsurance Agreement with Unum Group

Carlyle

HAMILTON, Bermuda – July 6, 2026 — Fortitude Re announced today the signing of a $3.8 billion reinsurance transaction between its subsidiary, Fortitude Reinsurance Company Ltd. (“FRL”) and Unum Life Insurance Company of America (“Unum”), a subsidiary of Unum Group (NYSE: UNM).

Upon receipt of regulatory approvals and subject to satisfaction or waiver of certain other customary closing conditions, Unum will recapture from Fairwind Insurance Company (“Fairwind”), a wholly-owned subsidiary of Unum, an individual long-term care (“LTC”) block representing approximately $3.8 billion of statutory reserves in Fairwind (or approximately $4.5 billion on a best estimate reserve basis) and cede the block to FRL, further building on the successful transaction between Fortitude Re and Unum announced last year.

Unum will continue to service and administer the reinsured policies. Simultaneously with the closing of the reinsurance transaction with Unum, FRL will enter into an agreement to retrocede 100% of the LTC insurance risks to a highly rated global reinsurance partner. FRL will thereby retain only the underlying spread-based risks associated with this block of business.

“We are pleased to again partner with Unum and value the trust they have placed in our team,” said Kai Talarek, Chief Growth & Optimization Officer, Fortitude Re. “We also appreciate the support of our strategic partner Carlyle, whose investment expertise helps ensure we optimize the risk-adjusted return of the investments that back the promises we are making to our clients and their policyholders.”

“This reinsurance agreement demonstrates how our client-centric approach drives highly customized solutions tailored to meet client needs,” said Russell Gao, Head of U.S. Origination & Strategy, Fortitude Re. “We thank Unum for its trust, collaboration and continued partnership.”

As a long-term partner and investor in Fortitude, Carlyle (NASDAQ: CG) has supported Fortitude on this transaction. Carlyle benefits from Fortitude’s continued growth, with this transaction expected to be added to Carlyle’s fee-earning assets under management.

Sidley Austin LLP served as legal counsel to Fortitude Re.

About Fortitude Re

Fortitude Re refers to FGH Parent, L.P. and its subsidiaries. Fortitude Re is a leading global reinsurer with more than $100 billion in reserves. Backed by world-class investors, including Carlyle and T&D Insurance Group, Fortitude Re combines deep expertise, disciplined execution, and a strong capital base to help clients navigate significant risk and capital challenges. Powered by a people-first culture that attracts, develops, and retains top industry talent, the company delivers innovative, tailored solutions that create lasting value for clients, partners, and policyholders. For more information, visit fortitude-re.com and follow Fortitude Re on LinkedIn.
Media Contacts:

Fortitude Re

Mary Beth Conklin
+1 423-596-1449
Marybeth.Conklin@fortitude-re.com

Carlyle

Andrew Kenny
+44 7385 662334
andrew.kenny@carlyle.com

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Blackstone Energy Transition Partners Announces Agreement to Acquire Dresser Utility Solutions from First Reserve

Blackstone

New York, NY and HOUSTON, TX – July 6, 2026 – Blackstone (NYSE: BX) today announced that funds managed by Blackstone Energy Transition Partners (“Blackstone”) have entered into a definitive agreement to acquire Dresser Utility Solutions (“Dresser”), a premier provider of mission-critical natural gas and water measurement, control and infrastructure equipment solutions, from First Reserve. This represents the first investment of the most recent vintage of Blackstone’s private equity energy transition vehicle.

Founded in 1880 and headquartered in Houston, Texas, Dresser provides metering technology, digital instrumentation and software, pressure and flow control solutions, and infrastructure repair products for gas and water utilities and industrial customers. With approximately 850 employees across its global manufacturing footprint, the company helps customers modernize aging utility infrastructure and improve asset reliability.

David Foley, Global Head of Blackstone Energy Transition Partners, and JP Munfa, Senior Managing Director, said: “As demands on the energy grid continue to grow, Dresser plays a critical role as a trusted partner to utilities managing essential infrastructure. The company’s products are foundational to the safe and reliable operation of gas and water networks, and its reputation for quality has helped build longstanding customer relationships. We look forward to leveraging Blackstone’s scale and resources to help Dresser continue to serve its customers, innovate and grow.”

David Evans, CEO of Dresser Utility Solutions, said: “This transaction marks an exciting milestone for Dresser and reflects the exceptional work of our entire team. Blackstone’s deep resources and experience in the utility sector make them an ideal partner as we continue to invest in innovation, expand our product portfolio, and deliver value for our customers. We are energized by what lies ahead and are grateful to First Reserve for their invaluable partnership in helping build Dresser into the company it is today.”

Jeff Quake, Managing Partner at First Reserve, said: “We’re grateful to have partnered with the Dresser team to build a leading infrastructure technology platform helping utilities optimize assets and manage the digital transformation process. Dresser is well-positioned to continue the execution of its growth strategy and we wish David Evans and the entire team well as they look to build on the company’s momentum in this exciting new chapter.”

Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions. D.A. Davidson & Co. and Jefferies acted as financial advisors and Kirkland & Ellis acted as legal advisor to Blackstone. Harris Williams served as financial advisor and Simpson Thacher & Bartlett served as a legal advisor to Dresser.

About Dresser Utility Solutions
With more than a century of innovation, Dresser Utility Solutions is a trusted leader in providing safe, reliable infrastructure technologies that support utilities around the world. The company continues to strengthen and modernize utility infrastructure, ensuring customers receive high-performing technologies that operate safely, reduce emissions and product loss, and minimize operational costs. Dresser’s portfolio includes gas metering technology, digital instrumentation and software, pressure and flow control solutions, and gas and water infrastructure repair products. Together, these solutions support the complete utility infrastructure lifecycle – from measurement and control to repair and maintenance. For more information, visit www.dresserutility.com.

Blackstone Energy Transition Partners   
Blackstone Energy Transition Partners is Blackstone’s strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having invested over $28 billion of equity globally across a broad range of sectors across the energy transition landscape. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

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 $1.3 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 First Reserve
First Reserve is a leading private equity firm investing across Infrastructure Solutions, Value-Added Infrastructure and Resources strategies with exposure in energy, utility, and industrial markets. Founded in 1983, First Reserve has more than 40 years of industry insight and has cultivated a differentiated network of relationships and portfolio exposure. Since inception, First Reserve has raised over $35 billion of aggregate capital and has developed operational expertise built from over 750 transactions, including platform investments and add-on acquisitions. Please visit www.firstreserve.com for further information.

Media Contacts

Blackstone
Jennifer Heath
Jennifer.Heath@Blackstone.com

First Reserve
Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
FirstReserve-JF@joelefrank.com

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