Category Archives: News

Innocap Welcomes Bain Capital into its Shareholder Group as Platform Surpasses US$100 Billion in Assets

BainCapital

Partnership strengthens Innocap’s technology-enabled service model and reinforces its role as core infrastructure for institutional Dedicated Managed Accounts

MONTREAL – October 29, 2025 – Innocap Investment Management Inc. (“Innocap” or “the Company”), the leading Dedicated Managed Account platform offering institutional investors a superior way to access their alternatives portfolios, today announced a strategic growth investment from Bain Capital Tech Opportunities (“Bain Capital”). This investment will advance Innocap’s next stage of growth and further enhance its technology-enabled service model, helping institutional investors structure, access, and oversee alternative portfolios with greater transparency and efficiency.

In conjunction with the investment, Innocap announced it has surpassed US$100 billion in platform assets, marking a significant milestone for the company’s continued growth as the preferred platform for institutional investors accessing alternative investments.

Combining deep sector expertise with proprietary workflow automation and a secure tech infrastructure, Innocap provides institutional allocators with a superior way to access, structure, and oversee their alternative investments through Dedicated Managed Accounts (DMAs). With more than US$4.8 trillion allocated to alternative assets globally and growing, DMAs are increasingly recognized as a superior solution, unlocking significant incremental alpha compared to traditional investment vehicles.

Innocap’s people, processes, and purpose-built technology work together to deliver high-touch service and trusted governance. As the leader in this rapidly expanding market, Innocap continues to help institutions build resilient, long-term partnerships across the alternative investment ecosystem.

“Bain Capital’s investment marks an exciting new chapter for Innocap and for the future of DMAs,” said François Rivard, Chief Executive Officer of Innocap. “Assets on Innocap’s platform have doubled in three years, and this investment will enable us to continue scaling to meet the demands of global allocators, from alternative asset managers and pensions to endowments and sovereign wealth funds. Bain Capital’s partnership will also enable us to pair world-leading AI and fintech expertise as we swiftly advance Innocap’s technology stack to deliver clear wins for clients.”

“The alternative investment ecosystem is at an inflection point, driven by institutional allocators’ growing demand for customized solutions and greater transparency, control, and capital efficiency,” said Michael Grandfield, Managing Director at Bain Capital Tech Opportunities. “Innocap has been at the forefront of this evolution, combining proprietary technology with deep operational expertise to meet the complex needs of its clients. We’re excited to partner with François and the team to build on Innocap’s market leadership and enhance its technology-enabled platform to further empower institutional investors with greater insight and control.”

Bain Capital joins tenured shareholders, including Innocap senior management, La Caisse, BNY, Walter Global Asset Management, BNP Paribas, and ADIA.

“Driven by a bold vision for global growth, Innocap continues to lead in alternative investments through its expertise and technological focus. La Caisse is proud to be a longstanding shareholder of this Montréal-based company and remains committed to supporting Innocap’s strategic evolution alongside world-class partners, while continuing to deliver enduring value for our depositors,” said Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse.

Recent developments that have paved the way to Innocap’s next stage of growth include the Abu Dhabi Investment Authority (“ADIA”) selecting Innocap for DMA Platform services and becoming a shareholder in the company.

Financial terms of the minority investment were not disclosed. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in Q1 2026.

About Innocap 
Innocap is the leading Dedicated Managed Account Platform globally.
We provide institutional allocators with a superior way to structure, access, and oversee their investments. With over US$100 billion on the platform, Innocap enables allocators to customize their investment strategy, increase transparency, achieve asset control, and unlock significant incremental alpha over their alternative portfolios.
Powered by our people, processes, and purpose-built technology, Innocap is transforming how institutional allocators access their alternative investments.
To learn more, visit: www.innocap.com

About Bain Capital 
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management.  Bain Capital’s Tech Opportunities business (baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities.

To learn more, visit www.baincapital.com.
Follow @BainCapital on LinkedIn and X (Twitter).

Media Contacts

 

 Scott Lessne / Charlyn Lusk

 (646) 502-3569 / (646) 502-3549

 slessne@stantonprm.com / clusk@stantonprm.com

Categories: News

Apollo and 8VC Partner to Accelerate the Next Wave of American Industrial Innovation

Apollo logo

NEW YORK and AUSTIN, Texas, Oct. 29, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and 8VC today announced a strategic partnership to accelerate the American Industrial Renaissance through flexible capital solutions tailored to high-growth companies. Through this collaboration, Apollo and 8VC intend to deploy several billion dollars to support the work of technology companies in advanced manufacturing, aerospace, energy, life sciences, logistics and natural resources.

The initiative is designed to support high-growth, capital-intensive businesses that are building large-scale physical and digital infrastructure for the future. The partnership brings together Apollo’s hybrid and asset-backed solutions, structuring capabilities and long-term capital, with 8VC’s deep domain knowledge, entrepreneurial ability and origination reach across transformative industrial technologies. The collaboration is also in partnership with Cadma, Apollo’s affiliated platform dedicated to the innovation economy, which provides flexible financing to venture and growth companies.

“While venture capital is well suited to funding technological breakthroughs, it’s not sufficient to fund the huge projects that are required to increase our national productivity with the next wave of transformative technologies like AI, robotics, autonomous systems, biotechnology and nuclear energy,” said Joe Lonsdale, Founding Partner of 8VC, and a founder of Palantir. “The only way for these innovations to realize their full potential, bringing disinflation and prosperity to our economy, is by partnering with the multi-trillion-dollar private credit markets. But in my experience as both an investor and an entrepreneur, it is sometimes difficult to bridge these two worlds. That’s why 8VC is excited to partner with Apollo to provide world-class founders the financial solutions they need to build enduring companies in sectors that matter deeply to economic resilience, national strength and global progress.”

“There is a growing need for creative, non-dilutive capital to support the companies driving industrial innovation,” said Matt Nord, Co-Head of Equity and Head of Hybrid at Apollo. “Structured and asset-backed solutions can help bridge this funding gap and unlock large pools of capital for transformative companies. This collaboration with 8VC will leverage our respective strengths to help finance and fund future-defining technology and infrastructure.”

“Apollo’s hybrid platform has become one of the most dynamic growth engines within the firm, enabling us to provide flexible capital across a broad swath of industries,” said Reed Rayman, Partner and Deputy Co-Head of Hybrid at Apollo. “This partnership with 8VC is a great example of how we’re bringing the breadth of Apollo’s capabilities to support the next generation of industrial leaders.”

The initiative will prioritize opportunities anchored by real assets, long-term contracts and established operating models, in partnership with experienced builders and operators. By combining Apollo’s scale and structuring expertise with 8VC’s sector knowledge, the collaboration aims to help build enduring companies that advance US industrial leadership and long-term economic resilience.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had approximately $840 billion of assets under management. To learn more, please visit www.apollo.com.

Noah Gunn, Global Head of Investor Relations — (212) 822-0540 — IR@apollo.com

Joanna Rose, Global Head of Corporate Communications — (212) 822-0491 — Communications@apollo.com

About 8VC

8VC is a leading early stage technology investment firm focused on entrepreneurs applying novel technologies to the most important industries of our economy including defense, logistics, manufacturing, financial services and healthcare. In addition to investing in existing companies, 8VC starts businesses from scratch through a strategy we call 8VC Build. Through 8VC Build and previous entrepreneurial experience, partners at 8VC have co-founded over two dozen technology companies including Palantir (PLTR), Saronic, Resilience, OpenGov, Addepar, Epirus and Affinity.

Jin-Young Kim, Partner, Capital Formation – jinyoung@8vc.com

Categories: News

FleetPride and TruckPro Announce Strategic Merger

Platinum

White semi-truck with a large trailer displaying the TruckPro logo and green graphics, parked outdoors on a clear day. | Platinum Equity

IRVING, Texas and MEMPHIS, Tenn., Oct. 28, 2025 /PRNewswire/ — FleetPride Inc. (“FleetPride”) and TruckPro, LLC (“TruckPro”) jointly announced the closing of a merger of the two companies effective today, creating the nation’s leading independent distributor and service provider in the heavy-duty aftermarket parts industry. The combined company will operate under the FleetPride name and will deliver enhanced value to its customers through greater parts availability, deeper technical expertise, best-in-class service and an enhanced ecommerce experience.

Operating under the combined ownership of American Securities and Platinum Equity, the new FleetPride will be led by Tom Greco, who joined the company as chief executive officer in July 2025. Chuck Broadus, TruckPro’s president and CEO, will continue to lead the TruckPro business, reporting to Tom Greco. Chuck will work closely with Tom and support the integration efforts over the coming months.

“We’ve long thought these businesses were destined to come together and have been developing this opportunity since we first acquired TruckPro. We chose to join forces because we get excited about the strategic logic and substantial operational opportunity to create long-term value. ”

Louis Samson, Co-President, Platinum Equity

With over 450 locations, more than 110 service centers and six distribution centers, FleetPride’s expanded footprint positions it to serve customers nationwide across the U.S. and Canada with the industry’s most comprehensive assortment of parts. Through its enhanced ecommerce platform and logistics network, FleetPride can provide faster access to critical parts, deeper inventory visibility and tailored solutions designed to keep trucks on the road and fleets operating efficiently.

“Today’s announcement marks an exciting new chapter for our team members, customers and valued supplier partners,” said Tom Greco, chief executive officer of FleetPride. “This strategic merger is about more than combining two businesses, it’s about building a culture that values people, brings best practices from both organizations and drives innovation. Together, we are creating a stronger, faster-growing company that will deliver greater value for customers and growth opportunities for our team members and suppliers.”

“The strategic merger with FleetPride marks a tremendous step forward for our business and customers,” said Chuck Broadus, president and chief executive officer of TruckPro. “We are bringing together the strengths of both organizations as we align our knowledgeable team members, extensive networks and resources to deliver best-in-class service to the heavy-duty aftermarket. We are eager to embrace the many growth opportunities this combination offers and we are excited about our future together.”

“This is a defining moment for FleetPride and the broader heavy-duty aftermarket,” said Mark Lovett, managing director of American Securities and board chair of FleetPride. “By combining two high-performing businesses with complementary strengths, we’re building a platform with the scale, technology and talent to lead the industry and deliver sustainable growth for customers, team members and suppliers alike.”

“We’ve long thought these businesses were destined to come together and have been developing this opportunity since we first acquired TruckPro,” said Louis Samson, co-president of Platinum Equity. “We chose to join forces because we get excited about the strategic logic and substantial operational opportunity to create long-term value. We look forward to helping accelerate the combined company’s transformation and ability to better serve customers.”

The newly combined company will be headquartered in Irving, Texas with a satellite office in Memphis, Tenn.

Solomon Partners served as exclusive financial advisor and Weil, Gotshal & Manges LLP served as legal counsel to FleetPride. Jefferies LLC served as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to TruckPro.

About FleetPride

Headquartered in Irving, TX, FleetPride is the nation’s largest distributor of truck and trailer parts and service in the independent heavy-duty aftermarket. FleetPride’s sophisticated network of 450+ locations, which includes 110+ service centers and 6 distribution centers means customers get the parts and services they need, when and where they need them. Customers can click, talk, chat, or visit with FleetPride’s team of 5,500 experts empowered and motivated to solve problems and create tailored solutions for each customer’s unique needs. To find your local branch or service center, or to cross-reference, search, and shop for parts by VIN, visit the new www.fleetpride.com or www.truckpro.com.

About American Securities

Founded in 1994, American Securities is a leading U.S. private equity firm that invests in North American companies, primarily in the industrial and B2B services sectors. With $23 billion under management, we partner with businesses generating $200 million to $2 billion in annual revenues. We combine deep sector expertise, differentiated insights and proven internal capabilities to serve as transformational partners that drive growth and build enduring value. Our investment philosophy emphasizes capital preservation through disciplined investing and hands-on engagement, paired with repeatable value creation processes and operational excellence. American Securities is based in New York with an office in Shanghai. For more information, please visit www.american-securities.com.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $50 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations — a trademarked strategy it calls M&A&O®– acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 30 years Platinum Equity has completed more than 500 acquisitions.

Categories: News

Tags:

Transparity acquires Xpedition, combining two of the UK’s leading Microsoft partners

Bowmark

Bowmark-backed Transparity, a leading Microsoft technology partner, has announced the acquisition of Xpedition, a specialist in Microsoft Dynamics.

 

Previous

The combination brings together more than 350 technical experts, delivering end-to-end capability across all six of Microsoft’s solution designations (Business Applications, Data and AI, Digital and App Innovation, Infrastructure, Security and Modern Work). The acquisition enhances the expertise, resources and capacity of the group, enabling it to better support its clients in driving digital transformation and leveraging new technologies.

Paul Bolt, CEO of Transparity, said: “This is a defining moment for our business, Microsoft and our customers. We are on the cusp of a golden era for Dynamics – modular, agent driven, integrated across the stack with a compelling licensing model to support it. By uniting our strengths, we can help organisations harness the AI-powered future of CRM and ERP, creating a Microsoft powerhouse that can deliver transformation at scale and help businesses unlock the full potential of the Microsoft cloud.”

Dean Carroll, CEO of Xpedition, added: “Joining forces with Transparity accelerates our shared vision to lead in an AI-first world. Together, we will combine our strengths, expand our reach, and continue delivering exceptional outcomes for Microsoft and our customers, while preserving the culture and expertise that make us unique.”

 

Categories: News

Tags:

Novacap Invests in TAG Towers to Accelerate its Tower Development Strategy

Novacap

Novacap, a leading North American private equity firm, is pleased to announce it has entered into a partnership with TAG Towers (“TAG”), a Kentucky-based developer and operator of wireless tower infrastructure. TAG is the fifth platform investment by Novacap’s Digital Infrastructure sector.

Founded in 2008 by a group of wireless industry professionals, TAG is a developer and operator of wireless tower infrastructure with a strong presence in the Midwest region of the United States.

“TAG’s strong execution track record makes them a natural fit for our digital infrastructure portfolio. We’re proud to support their next phase of growth as demand for wireless infrastructure continues to surge,” says Ted Mocarski, Senior Partner, Head of Digital Infrastructure at Novacap.

“With Novacap’s backing and expertise, we can effectively scale our operations and continue delivering high-quality wireless tower assets to support America’s 5G future,” says David Ginter, Co-Founder & President of TAG Towers.

Fasken Martineau Dumoulin LLP served as legal advisor to Novacap. SteelTree Partners, LLC served as financial advisor to TAG and Smith, Gambrell & Russell, LLP served as its legal advisor.

About TAG Towers

TAG Towers is a leading provider of wireless tower infrastructure based in Richmond, Kentucky. With more than 30 years of industry experience, TAG’s management team delivers tailored solutions to national wireless service providers through the design, construction and leasing management of wireless tower assets in the Midwest region of the United States. For more information, please visit: tagtowers.com

About Novacap

Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market and lower-middle market companies in four core sectors: Technologies, Digital Infrastructure, Industries and Financial Services. Novacap combines deep sector specific expertise and strategic and operational excellence to partner with entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over US $11 billion in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution.

Categories: News

Tags:

Cinven to acquire Universidad Alfonso X el Sabio Group from CVC Funds

CVC Capital Partners

International private equity firm, Cinven, today announces that it has agreed to partner with founder, Jesús Núñez, and Mubadala Investment Company, to acquire a majority stake in Universidad Alfonso X el Sabio Group (‘UAX’ or ‘the Group’), a leading private higher education platform in Spain, from CVC Funds. Jesús Núñez and the management team will reinvest in UAX. Financial details of the transaction were not disclosed.

The Group began with the founding of UAX in Madrid in 1993. Today, UAX is a leading education group in Spain known for its strong commitment to academic excellence, innovation, and practical, career-oriented education. Headquartered in Madrid, UAX offers a wide range of undergraduate, postgraduate and technical vocation programmes across disciplines including health sciences, engineering, business, education and arts, which are delivered both online and face to face.

With a focus on differential learning and digital transformation, UAX blends traditional academic values with cutting-edge technology and top-tier corporate partnerships to prepare students for success in an increasingly interconnected world. Its hands-on learning model, industry-aligned curricula, and close collaboration with leading companies ensure that graduates are well-equipped with the skills and experience demanded by today’s job market.

CVC Funds invested in UAX in 2019 alongside the founding family. Over the last 6 years, UAX has been transformed into a professional and scalable higher education platform. This has been achieved through a focus on academic excellence and research, as well as enhanced student experiences and campus services. UAX has established deep corporate partnerships to support employability and invested more than €350m to enhance and expand facilities, including new campuses in Madrid and Málaga. The Group has also expanded to offer new technical vocation and lifelong learning postgraduate programmes, has developed a renewed and technology-driven academic proposal for Business & Tech and has signed flagship partnerships agreements with Rafa Nadal and LaLiga in the sports segment. As a result, total student numbers have increased from 8k to 35k, representing a 23% CAGR.

In partnership with UAX’s founder, Jesús Núñez, Cinven is committed to supporting UAX in its next phase of growth, with the ambition to become a benchmark for excellence in the private university sector, both in Spain and internationally.

Cinven’s Iberia Regional team and Business Services Sector team worked closely together to identify UAX as a compelling investment opportunity, underpinned by a number of attractive characteristics, including:

  • Its strong position in the structurally growing and resilient Spanish private higher education market, which is showing attractive growth, underpinned by sustainable demand from favourable demographics, international student flows and rising demand for upskilling and lifelong learning;
  • The opportunity to invest alongside a proven and dynamic founder, with a strong track record of building and scaling the business and a commitment to shaping a next-generation private education group, rooted in academic excellence and innovation;
  • Its strong foundation and brand recognition across the different fields of study it offers, with a unique heritage in health science;
    Its attractive growth potential, including through new campus openings in Spain and expansion into new international markets;
  • Multiple levers for growth, including capitalising on existing strengths, particularly within the health, business and tech segments, harnessing emerging capabilities from new campus openings, and exploring untapped opportunities; and
  • Its high quality management team, which has a strong track record of delivering value creation.

Jesús Núñez, Founder of UAX commented:

“UAX is committed to delivering a world-class educational experience that prioritises student outcomes, satisfaction and engagement, within the Spanish higher education sector. We are thankful for CVC having supported UAX in its transformation into a professionalised educational platform. Its continued strategic support and engagement over the last 6 years has allowed UAX to lead the growth and innovation of the private higher education in Spain. We are delighted to have Cinven’s support to accelerate our shared strategic ambitions, expand our academic offering, and continue to place students at the heart of everything we do. Together, we look forward to driving UAX’s growth and strengthening our position as a leading university, both in Spain and internationally.”

The transaction is subject to regulatory approvals and other customary closing conditions.

Categories: News

Tags:

CVC Credit supports the acquisition of Rentokil Workwear France by H.I.G. Capital

CVC Capital Partners

CVC Credit is pleased to announce that it has provided a bespoke financing solution to H.I.G. Capital (“H.I.G.”) to support its carveout of the Rentokil Workwear France business (“the Company”), a leading textile rental and cleaning provider, from Rentokil Initial plc.

Headquartered in France, Rentokil Workwear France is a leading provider of full-cycle textile services, specialising in the design, rental, and laundry/repair of workwear, flat linen and hygiene solutions. It combines scale, service quality and sustainability to deliver mission-critical services across 34 sites and a nationwide logistics network. The Company serves over 21,000 customers across diverse industries through long-term subscription contracts, with high levels of customer retention.

This investment has been made through CVC Credit’s European Direct Lending strategy, which lends to established European medium and large companies, with a focus on the senior secured piece of the capital structure. Earlier this month, CVC Credit announced it had completed the final close of its fourth fund for its European Direct Lending platform, which raised more than €10bn1 to deploy across the European Direct Lending opportunity.

Eva Boutillier, Managing Director at CVC Credit, commented: “Rentokil Workwear France is one of the French market leaders in a highly consolidated sector and has delivered consistent financial performance driven by its recurring business model and limited customer churn. We are grateful to our colleagues across the CVC Network who supported our assessment of the opportunity. We look forward to supporting the continued growth of Rentokil Workwear France under the guidance of the team at H.I.G.”

Quotes

Rentokil Workwear France is one of the French market leaders in a highly consolidated sector and has delivered consistent financial performance driven by its recurring business model and limited customer churn.

Eva BoutillierManaging Director at CVC Credit

Andrew Davies, Managing Partner and Head of CVC Credit, said: “We are delighted to close this latest transaction for the European Direct Lending strategy, continuing the strong momentum from our recent successful fund close.”

1Taken together with parallel investment funds and accounts

Categories: News

CVC announces sale of majority of CVC Capital Partners VII’s stake in Tipico to Banijay Group

CVC Capital Partners

VC, one of the world’s leading private markets investment firms, today announced the signing of a binding agreement to sell a majority of CVC Capital Partners VII’s stake in Tipico Group (“Tipico”), the leading sports betting and online gaming operator in Germany and Austria, to Banijay Group (“Banijay”). The transaction will see Tipico combine with Betclic, establishing a new European champion in sports betting and online gaming under the Banijay Gaming umbrella.

The combination will unite two local champions, Betclic and Tipico, each with strong local roots and complementary strengths across Germany, Austria, France, Portugal, Poland, and Côte d’Ivoire. While Betclic and Tipico share an entrepreneurial mindset and strong cultural alignment, they will continue to operate with their own governance and autonomous management teams and will preserve their unique brands and their proprietary platforms.

CVC will remain invested as a minority shareholder alongside Banijay Group as well as Tipico’s and Betclic’s founders, reflecting a strong partnership and full alignment on future value creation.

Daniel Pindur, Managing Partner at CVC Capital Partners and Co-Head of CVC DACH, said: “Since our investment in Tipico, we have worked closely with its founders and management to transform the company into the leading sports betting and gaming operator in the DACH region, with scale, innovation and a strong position in regulated markets. The combination with Betclic is the natural next step in this growth story, uniting two market leaders with complementary strengths to create a European champion. We are proud of what has been achieved together and look forward to supporting the new group as it enters its next phase.”

Quotes

Since our investment in Tipico, we have worked closely with its founders and management to transform the company into the leading sports betting and gaming operator in the DACH region, with scale, innovation and a strong position in regulated markets

Daniel PindurManaging Partner at CVC Capital Partners and Co-Head of CVC DACH

The proposed transaction is subject to customary conditions precedent, in particular merger control and gambling regulations approvals, and is expected to close by mid-2026.

The full transaction announcement can be viewed here.

Categories: News

Tags:

Aviva Ventures Completes Strategic Investment in Indico Data to Accelerate AI-Driven Insurance Automation

.406 Ventures

Boston, MA and London, UK – October, 28th, 2025, Indico Data, the leader in AI-powered automation for insurance operations, today announced a strategic investment from Aviva Ventures, the corporate venture capital fund for Aviva plc, one of the UK’s largest insurers. The investment reinforces Indico’s growing leadership in the London Market and its expanding adoption among global property and casualty carriers.

 

As part of the investment, Arslan Hannani, Chief Innovation Officer at Aviva, will join Indico’s Board of Directors as a Board Observer and Advisor.

 

“This partnership underscores the increasing demand for intelligent automation that transforms how insurers handle the critical ‘front door’ of their business, from submission ingestion to claims intake to policy servicing and beyond,” said Tom Wilde, CEO of Indico Data. “Aviva’s investment and Arslan’s participation on our board validate Indico’s vision for the agentic insurance enterprise and our mission to help carriers turn unstructured data into competitive advantage.”

 

Aviva Ventures invests in companies driving transformation across insurance and financial services through emerging technologies and new business models.

 

“Indico’s technology is reshaping how insurers operate by bringing AI deeper into core workflows,” said Arslan Hannani, Chief Innovation Officer at Aviva. “We’ve seen firsthand the impact Indico is having in streamlining operations and unlocking new efficiencies, particularly in complex markets like London and beyond. We’re excited to support its continued growth.”

 

This investment builds on Indico’s growing footprint among top global carriers, who leverage its Agentic AI platform to automate underwriting, claims, and operations processes that depend on unstructured data.  Aviva’s investment follows a strategic investment from Guidewire earlier in 2025.

 

About Indico Data

Indico Data is the leading provider of AI solutions that automate complex insurance operations by transforming unstructured data into actionable insights. Trusted by leading carriers across North America and the London Market, Indico’s Agentic AI platform enables insurers to streamline underwriting, claims, and policy operations while improving accuracy, speed, and compliance.
www.indicodata.ai

 

About Aviva Ventures

Aviva Ventures is the corporate venture capital fund for Aviva plc, one of the UK’s leading insurance, wealth, and retirement businesses. Aviva Ventures invests in early- and growth-stage companies driving innovation across insurance, financial services, and sustainability.
 www.aviva.com

Categories: News

Tags:

HUMAIN and Blackstone-backed AirTrunk announce partnership to build state-of-the-art data centers in the Kingdom of Saudi Arabia

Blackstone

AirTrunk, the leading data center platform in the Asia Pacific region, backed by the world’s largest alternative asset manager Blackstone, will mark its entry into the Middle East through a strategic partnership with HUMAIN
 
Riyadh, Saudi Arabia – 28 October 2025 – HUMAIN, a global artificial intelligence company based in the Kingdom of Saudi Arabia building end-to-end AI capabilities, and AirTrunk, the leading data center platform in the Asia Pacific region, have agreed to establish a strategic partnership to build data centers in the Kingdom of Saudi Arabia. The initial project involves an approximately US$3 billion investment for a data center campus in Saudi Arabia.

The partnership combines HUMAIN’s trusted reputation as the national AI champion with AirTrunk’s proven track record and operational expertise with key cloud and AI customers to advance Saudi Arabia’s vision to become a global innovation hub.

HUMAIN is owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and AirTrunk is backed by Blackstone, the world’s largest alternative asset manager, and Canada Pension Plan Investment Board. Together, the companies’ financial strengths and industry leadership underscore the significance of this initiative in shaping the region’s digital ecosystem.
 
Tareq Amin, Chief Executive Officer of HUMAIN, said: “Together with AirTrunk and Blackstone, HUMAIN is strengthening the technological infrastructure that underpins the Kingdom’s digital economy. This partnership marks a pivotal moment in creating scalable, secure, and sustainable data center capacity to support the rapid growth of AI and cloud computing. This initiative not only accelerates Saudi Arabia’s technological advancement but also establishes a platform for long-term economic diversification and global competitiveness.”

Robin Khuda, Founder & Chief Executive Officer at AirTrunk said: “Our strategic partnership with HUMAIN, a key player in the region, will support Saudi Arabia to realize its vision of being a data- and AI-driven economy. We’re bringing together the whole digital ecosystem, combining HUMAIN’s end-to-end AI capabilities, from infrastructure to models, with AirTrunk’s leading hyperscale data center capabilities. This announcement strengthens the AirTrunk data center platform as we deliver world-class digital infrastructure for the cloud and AI across the Asia Pacific and now the Middle East, which is one of the fastest growing regions in the world.”

Stephen A. Schwarzman, Chairman, Chief Executive Officer & Co-Founder, Blackstone, said: “We are thrilled to help power this next era of innovation in the Middle East and enable AirTrunk’s expansion in this important region. The AI revolution continues to be one of Blackstone’s highest conviction themes, and we bring scale and expertise across the ecosystem as the largest provider of data centers globally and a significant investor in related services and infrastructure. This initiative reinforces Blackstone’s position as one of the world’s leading investors in digital infrastructure and marks a commitment to deepening our presence in the Middle East.”

HUMAIN, AirTrunk and Blackstone will develop a long-term strategic partnership focused on financing, developing, and operating next-generation data centers and AI infrastructure across the Kingdom of Saudi Arabia. The collaboration aligns with HUMAIN’s mandate to position the Kingdom as a global leader in artificial intelligence and reinforces its commitment to building best-in-class digital and AI infrastructure. Through this partnership, HUMAIN will lead national efforts to deliver large-scale, AI-ready infrastructure, while Blackstone, the world’s largest data center investor, and its portfolio company AirTrunk, the leading data center platform in the Asia Pacific region, will lead development, bringing global expertise, operational excellence, and investment capacity. The parties will cooperate across several key areas, including data center design, construction, and operation; financing through equity and debt; and go-to-market initiatives to attract hyperscalers and enterprise clients. The partnership will also focus on developing local talent and capabilities, supporting Saudi Arabia’s ambition to build a globally competitive and sustainable digital ecosystem.

About HUMAIN
HUMAIN, a PIF company, is a global artificial intelligence company delivering full-stack AI capabilities across four core areas: next-generation data centers, hyper-performance infrastructure & cloud platforms, advanced AI Models, including the world’s most advanced Arabic multimodal LLMs, and transformative AI Solutions that combine deep sector insight with real-world execution.

HUMAIN’s end-to-end model serves both public and private sector organizations, unlocking exponential value across all industries, driving transformation and strengthening capabilities through human-AI synergies. With a growing portfolio of sector-specific AI products and a core mission to drive IP leadership and talent supremacy world-wide, HUMAIN is engineered for global competitiveness and national distinction. www.humain.ai

About AirTrunk
AirTrunk is a leading hyperscale data centre specialist delivering essential infrastructure to scale Asia-Pacific & Middle East’s digital future, accelerated by cloud and artificial intelligence. The company’s growing data centre platform meets the needs of the world’s most transformational companies, delivering customers a scalable data centre solution at a significantly lower build and operating cost than the market. AirTrunk creates shared value with communities by embedding sustainability through industry-leading energy and water efficiency, renewable energy and water solutions and its social impact program.

A private company, AirTrunk is well capitalized to fund development of hyperscale data centres across the region, including its groundbreaking sustainable financing platform. In 2024, Blackstone (the world’s largest alternative asset manager (NYSE: BX)) along with Canada Pension Plan Investment Board (CPP Investments), acquired AirTrunk, investing alongside AirTrunk’s Founder and CEO Robin Khuda and valuing the company at over A$24 billion. www.airtrunk.com

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

AirTrunk:
Lise Kay
+61 413 444 899
Lise.Kay@AirTrunk.com

Blackstone:
Ellen Bogard
+852 9731 9726
Ellen.Bogard@Blackstone.com

Dafina Grapci-Penney
+44 (0)755 367 3528
Dafina.GrapciPenney@Blackstone.com

Paula Chirhart
+1 347 463 5453
Paula.Chirhart@Blackstone.com

Categories: News

Tags: