Category Archives: News

Blackstone Growth Announces Strategic Minority Investment in Property Finder

Blackstone

LONDON, UK – 9 September 2025 – Funds managed by Blackstone Growth (“Blackstone”) have made a significant minority investment in Property Finder, a leading property classifieds platform in the Middle East and North Africa (“MENA”).

The investment is part of a combined total investment of $525 million in the Company led by funds advised by Permira. The combined investment represents a meaningful minority stake and reaffirms Property Finder’s position as a market leader and technology innovator in MENA’s fast-growing property classifieds market.

Blackstone has strong conviction in the Gulf region’s long-term growth prospects, driven by strong economic fundamentals, rapid digital adoption, and a dynamic real estate market. The firm has a proven track record of backing category-leading digital platforms globally, including in the online classifieds sector, where it has partnered with leading businesses, including Adevinta ASA and Scout24 to accelerate growth, enhance technology, and expand market reach.

Read more on the transaction in Bloomberg.

Media Contact

Blackstone
Rebecca Flower
rebecca.flower@blackstone.com

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Blackstone Expands Access to Private Infrastructure Investing for Eligible Investors in Europe, APAC and the Middle East

Blackstone

London, UK – 10 September 2025 – Blackstone (NYSE: BX) today announced the launch of Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF (“BXINFRA Lux”) to expand access to private infrastructure investing for eligible individual investors in Europe, and to eligible investors in certain other jurisdictions in APAC and the Middle East. The launch builds on Blackstone’s ongoing rollout of institutional-quality investment strategies for eligible individuals, which span private equity, private credit, private real estate and private infrastructure.

BXINFRA Lux will invest in the physical assets seen as critical to global economic growth, including digital infrastructure, energy infrastructure, and transportation. The strategy aims to leverage the scale and expertise of Blackstone’s leading infrastructure platform, which today has over $140 billion in assets across the firm as of June 30, 2025.

Rashmi Madan, Head of EMEA for Blackstone Private Wealth, said: “We are expanding access to Blackstone’s institutional-quality private infrastructure investments for eligible investors across Europe, the Middle East and Asia. Infrastructure can offer income and appreciation potential through long-term investments that we see as highly complementary with investors’ current portfolios. BXINFRA Lux further broadens our suite of investment strategies for advisors and their clients, which also includes private equity, private credit, and real estate.”

Greg Blank, CEO of BXINFRA Lux, said: “BXINFRA Lux is a unique opportunity for eligible individual investors to access Blackstone’s infrastructure platform. Blackstone actively focuses on large-scale assets across sectors benefiting from long-term structural demand, including digital infrastructure, energy infrastructure, and transportation. This offering gives investors the opportunity to play a role in shaping the future of the infrastructure that supports economic growth and the modern economy.”

BXINFRA Lux will be available for eligible investors in the following jurisdictions: countries in the European Economic Area, Australia, Guernsey, Hong Kong, Israel, Jersey, Monaco, New Zealand, Singapore, Switzerland, the United Arab Emirates, and the United Kingdom.

BXINFRA Lux is authorized and supervised by the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier, under Regulation (EU) 2015/760 on European long-term investment funds, as amended, as a European long-term investment fund (ELTIF).  Shares in BXINFRA Lux may not be offered, sold, transferred or delivered directly or indirectly in the United States or to or for the account or benefit of any “U.S. Person” except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any applicable state laws. As such, any “U.S. Person” may not receive and should not act or rely on this Press Release or any other materials related to BXINFRA Lux.

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 $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.

Blackstone Media Contact

Felix Lettau
+44 75870 20020
felix.lettau@blackstone.com

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State Street Investment Management and Blackstone Credit & Insurance to launch new European CLO ETF

Blackstone

LONDON & NEW YORK – 9 September 2025 – State Street Investment Management (“State Street IM”) and Blackstone Credit & Insurance (“Blackstone”) today announce the upcoming launch of an actively managed European Collateralised Loan Obligation (CLO) ETF, building on the existing liquid credit partnership between the two firms.

The European CLO market, currently valued at €250 billion, has grown at an average of 8% in the past 5 years and is forecast to result in €50 billion of issuance by year-end 2025. In anticipation of this investment opportunity, the new fund will invest in floating rate AAA rated tranches of Euro-denominated debt issued by CLOs, giving access to European senior secured corporate loans and bonds.

As sub-investment manager of the ETF, Blackstone will actively manage the securities, while, as the ETF sponsor and investment manager, State Street IM is responsible for the governance of the ETF and will also oversee distribution to institutional investors, including asset managers, asset owners, private banks and wealth managers.

The ETF will be the first credit collaboration between the two firms in Europe, building on their US credit partnership which includes two US ETFs sponsored by State Street IM and sub-advised by Blackstone that focus on the loan and high yield spaces. Having been an investor in active CLOs dating back to 2001, Blackstone has extensive experience with active CLO investment and issuance through cycles.

This new initiative brings two leaders in the asset management industry together to strive to deliver a new solution for investors. As a leading provider of ETFs for more than three decades, State Street IM has a long history of delivering innovative products to market including the first US ETF, launched in 1993. Blackstone is the largest global manager of CLOs and leveraged loans.[1] The firm set a record for global annual CLO issuance in 2024, beating its own previous record set in 2021, underlining the firm’s status as a leader in this field.

Ann Prendergast, Head of EMEA at State Street Investment Management, commented: “Building on more than a decade of partnership with Blackstone, we are excited at the opportunity to provide European investors diversified exposure to the CLO market. Both State Street IM and Blackstone have brought our deep expertise and global scale to bear in the development of this product. Through an active ETF structure, we will leverage this expertise with a shared goal of generating higher returns from liquid debt tranches, which have exhibited historically high yields and a low duration risk profile.”
 
Dan Leiter, Global Head of Liquid Credit Strategies and Head of International for Blackstone Credit & Insurance, adds: “We are excited to partner with State Street to broaden access to liquid credit in Europe. As the largest CLO manager globally, we see strong momentum in Europe, which is an area of conviction and growth for Blackstone and our credit business.”

Mark Alberici, Global Head of Product Innovation and Strategic Partnership at State Street Investment Management, comments:“With this launch, we are expanding our liquid credit partnership with Blackstone beyond the US and are excited to bring Blackstone’s historical expertise in CLOs to the European market via the UCITS ETF structure, as we continue to democratize investing by helping reduce barriers to entry into this historically hard-to-access area of the market.”
 
Michael Sobol, Global Head of CLO investing for Blackstone Credit & Insurance, adds: “The European credit market offers a robust and attractive set of investing opportunities. This initiative builds on our 25-year presence in the region and our leadership in the CLO market both in Europe and globally with our track record of performance and delivering for investors.”

Following regulatory approval, the ETF is expected to be available to institutional investors in Austria, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden and the United Kingdom via listings on Deutsche Börse Xetra, Borsa Italiana and the London Stock Exchange. More detailed information on the ETF will be available in due course.

[1] Creditflux and 9fin CLO manager AUM rankings as of Q2 2025.

About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit. 

About State Street Investment Management
At State Street Investment Management, we have been helping to deliver better outcomes to institutions, financial intermediaries, and investors for nearly half a century. Starting with our early innovations in indexing and ETFs, our rigorous approach continues to be driven by market-tested expertise and a relentless commitment to those we serve. With over $5 trillion in assets managed*, clients in over 60 countries, and a global network of strategic partners, we use our scale to create a comprehensive and cost-effective suite of investment solutions that help investors get wherever they want to go.

*This figure is presented as of June 30, 2025 and includes ETF AUM of $1,689.83 billion USD of which approximately $116.05 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated. Please note all AUM is unaudited.

State Street Global Advisors is now State Street Investment Management. Please click here for more information.

Media Contacts:
Blackstone
Felix Lettau
+447587020020
felix.lettau@blackstone.com

State Street Investment Management
Joseph Cockerline
+447792968506
jcockerline@statestreet.com

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Mistral: AI for tomorrow’s enterprise

Index Ventures

Mistral cofounders: Timothée Lacroix, Arthur Mensch, Guillaume Lample

INDEX PERSPECTIVE

By Julia Andre

Strong relationships create their own serendipity. A few years ago, my colleague Jan Hammer and I were visiting the Paris HQ of Alan, the digital health insurance platform in which Index was an early investor. Alan’s CEO and co-founder, Jean-Charles Samuelian-Werve, mentioned that he was incubating an open-source AI startup called Mistral a couple of floors below. After meeting his co-founder Arthur Mensch, we knew we had to be part of the journey.

Index invests in people as much as we invest in companies – which is why, after cutting that first seed check for Mistral, we’re thrilled to be continuing to support Arthur and the team in their latest funding round. At heart, Arthur is the kind of deeply technical engineer who could easily be building Mistral’s core models himself. Yet he’s shown himself to be talented at communicating Mistral’s bigger vision to customers, investors and policymakers. As a founder, it’s rare and incredibly powerful to be able to flip so fluidly between the close-up and the birds-eye view of your company.

That macro perspective is crucial as Mistral rides – and drives – a transformational wave in how businesses use AI. It’s no longer an experimental, ‘nice-to-have’ technology that employees are using ad-hoc; instead, we’re moving towards a world in which every major company will need to have a customized intelligence at its core. ASML’s decision to strategically partner with Mistral is a reflection of this. Mistral has shown impressive execution in building custom decentralized frontier AI solutions to solve the most complex engineering and industrial problems. More than simply selling cutting-edge models and LLMs, Mistral is en route to becoming the implementation partner of choice for enterprise – a one-stop shop for organizations putting AI to work at scale.

Mistral is the unquestioned AI leader being built out of Europe. Yet what excites us most is that it’s still early days. The enterprise AI market is just beginning to take shape, and Mistral’s success sets it up to be one of the big winners over the long term. We’re delighted to support them as they build the crucial AI infrastructure of tomorrow.

THE DETAILS

Mistral AI raises €1.7bn to accelerate technological progress with AI

Mistral announced a Series C funding round of €1.7bn at a €11.7bn post-money valuation. This investment fuels the company’s scientific research to keep pushing the frontier of AI to tackle the most critical and sophisticated technological challenges faced by strategic industries.

The Series C funding round is led by leading semiconductor equipment manufacturer, ASML Holding NV (ASML).

“ASML is proud to enter a strategic partnership with Mistral AI, and to be lead investor in this funding round. The collaboration between Mistral AI and ASML aims to generate clear benefits for ASML customers through innovative products and solutions enabled by AI, and will offer potential for joint research to address future opportunities.” said ASML CEO Christophe Fouquet.

For the last two years, Mistral has advanced AI through cutting-edge research and strategic partnerships with corporate and industrial champions. They will continue to develop custom decentralized frontier AI solutions that solve the most complex engineering and industrial problems. It powers enterprises, public sectors, and industries through state-of-the-art models, tailored solutions, and high-performance compute infrastructure.

“This investment brings together two technology leaders operating in the same value chain. We have the ambition to help ASML and its numerous partners solve current and future engineering challenges through AI, and ultimately to advance the full semiconductor and AI value chain”, said Mistral AI CEO Arthur Mensch.

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SurveyMonkey launches new AI Analysis Suite and design tools, unlocking clear insights and beautiful surveys without the complicated process

Stg Partners

SurveyMonkey today announced its latest SurveyMonkey AI innovations, including a new AI Analysis Suite and supercharged survey creation tools. The new features are designed to help users ask better questions, make smarter decisions, and move faster.

“SurveyMonkey has always been in the business of capturing real human sentiment and turning it into action,” said Meera Vaidyanathan, Chief Product Officer at SurveyMonkey. “AI now lets us do this faster and smarter—automating the legwork, surfacing insights that were previously hidden, and helping our customers act with greater confidence. With 25 years of history and more than 100 billion questions answered, we’re uniquely positioned to deliver trusted AI that makes feedback not just easier to gather, but far more powerful.”

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Oracle Red Bull Racing And Carlyle Form Strategic Partnership

Carlyle

Carlyle becomes Oracle Red Bull Racing’s exclusive investment management partner, marking the first partnership between a Formula One team and a major global private markets firm.

Milton Keynes, UK and Washington, DC – Oracle Red Bull Racing and Carlyle (NASDAQ: CG), one of the world’s largest global investment firms, today announced a multi-year global partnership. Carlyle has become the Team’s exclusive partner in the investment management industry, marking the first partnership between a Formula 1 team and a major global private markets firm.

In both investing and Formula 1®, success is defined by the smallest margins, achieved through relentless precision, flawless execution, and the strength of a world-class team. This partnership brings together two leaders at the forefront of their fields, recognised globally for performance, innovation, and a shared drive to win.

Both industries are in periods of growth, powered by technology, fueled by data, and reaching a broader audience than ever before. Formula 1® is expanding its global fan base and redefining engagement in one of the world’s most elite sports. Private markets are becoming increasingly accessible, creating new opportunities for investors worldwide. Together, Oracle Red Bull Racing and Carlyle will open new avenues for engagement, deepen global connectivity, and pursue data and technology-enabled initiatives that support their shared ambition to broaden access across private markets and Formula 1.

As part of the agreement, Carlyle branding will be featured on the Oracle Red Bull Racing RB21 challenger and across key team assets, including the car chassis, drivers’ team kit, pit wall and garage environment. The partnership will be activated across the global Formula 1® calendar, with Oracle Red Bull Racing providing Carlyle with a powerful platform to engage with clients, partners, and communities around the world.

Laurent Mekies, CEO and Team Principal of Oracle Red Bull Racing, said: “We’re thrilled to welcome Carlyle to the team. Both of our organizations are built on world-class talent, bold thinking, and a drive to perform at the highest level. As an iconic firm in global finance, Carlyle brings a long-term perspective with an expansive network, and we look forward to building a powerful partnership on and off the track. Formula 1® demands relentless focus and precision, and we see clear alignment with Carlyle’s approach to investing.” 

Harvey Schwartz, CEO of Carlyle, said: “Our industry is undergoing an extraordinary transformation, fueled by greater access to private markets and growing interest from a new generation of investors. That same spirit of growth and inclusivity is reshaping Formula 1®, as Oracle Red Bull Racing leads the way in expanding the sport to new audiences globally. This partnership unites two high-performing teams driven by innovation and excellence. We’re excited to partner with one of the most illustrious brands in global sport to engage new audiences and create long-term value together.”

This collaboration underscores the growing intersection between high-performance sport and private capital. Carlyle continues to invest in building impactful partnerships and expanding awareness of private markets through influential global platforms.

Red Bull Racing gallery of images

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Media Contacts

Oracle Red Bull Racing

Madeleine Coe

Senior Communications Manager

Madeleine.coe@redbulltechnology.com 

 

Carlyle
Brittany Bensaull
Global Head of Corporate Communications 
brittany.bensaull@carlyle.com

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 $465 billion of assets under management as of June 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 2,300 people in 27 offices across four continents. Further information is available at www.carlyle.com.

LinkedIn: www.linkedin.com/company/the-carlyle-group/

Instagram: @onecarlyle

X: @OneCarlyle 

Additional content can also be viewed on our social media channels:

YouTube: www.youtube.com/redbullracing

Facebook: www.facebook.com/redbullracing

TikTok: www.tiktok.com/@redbullracing

Instagram: @redbullracing

X: @redbullracing

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Abenex completes the sale of Inlog following a successful transformation phase

Abenex

Five years after acquiring Inlog from US-based industrial group Haemonetics, Abenex announces the trade sale of the medical software provider specialised in blood product traceability and laboratory management. This transaction marks the conclusion of a strategic and operational partnership that enabled Inlog to reach a new stage of development, both in France and internationally.

 

A key player in the transmission and medical data protection

Founded in 1992 in Limonest (Rhône), Inlog has since become one of Europe’s leading medical software providers, specialising in solutions for laboratories, hospitals, and blood transfusion centres. Its software suites are used by over 630 public and private clients across 12 countries, including major public player of the blood transfusion and several Red Cross institutions internationally. Inlog also offers best-in-class solutions for quality management and regulatory compliance within laboratories. The Group employs around 80 people worldwide.

 

Accelerated growth driven by a focused strategy

Since Abenex’s investment in 2020, Inlog has undergone an ambitious transformation phase, establishing itself as an independent company following its carve-out from the Haemonetics Group and accelerating its growth trajectory. The management team has been strengthened, a new ERP system implemented, and R&D activities brought in-house to ensure tighter control over innovation. Geographically, Inlog expanded its presence in the DACH region with the opening of a subsidiary in Germany in 2022, to better serve the German, Swiss, and Austrian markets. In parallel, the company completed three strategic acquisitions: Moonchase in Belgium (2023), which enhanced its offering for laboratories with a web-based solution and entering the Benelux region; and Ubilab (2023) and Viskali (2022) in France, which deepened Inlog’s expertise in quality management software. Inlog has achieved significant growth, doubled its sales and solidified its position as a leading provider of critical processes digitalisation services in the healthcare sector.

 

A new chapter to accelerate innovation and international expansion

This change in ownership marks the beginning of a new phase of development for Inlog, with a clear ambition to strengthen its international footprint and drive innovation in response to the evolving digital and regulatory challenges of the healthcare sector. This new chapter builds on the solid foundations established in recent years: sustained growth momentum, a recognised software offering, and a resilient business model. It also extends the company’s societal commitments — Inlog became a purpose-driven company in 2023, with a governance framework aligned with long-term sustainability and positive impact objectives.

 

David Kalfon, CEO and President of Inlog, comments:
“We are extremely proud of the journey we have taken alongside Abenex. Their support has been instrumental in structuring our growth, expanding and modernising our software suite, and entering new markets. We look forward to this next chapter with confidence and enthusiasm, alongside our new shareholder.”

 

Thomas Peretti, Partner at Abenex, adds:
“Inlog is a prime example of our engaged and operational investment approach, working alongside passionate management teams. In just five years, the company has undergone a profound transformation — expanding its geographic footprint, significantly improving its ESG performance, and broadening its software offering, all while maintaining an outstanding level of quality and customer satisfaction. This remarkable trajectory also translated into a strong performance for our Funds. We are proud to have played a role in this success and confident in Inlog’s ability to continue its development.”

 

Deal participants (Sell-side)

Sellers

  • Inlog: David Kalfon and the management team
  • Abenex: Christian Dorléac, Thomas Peretti, Angèle France, Foucault Crombez

Sell-Side Advisors

  • M&A: Lincoln International (Matthieu Rosset, François Rispoli, François-Xavier Moisan, Arthur Legrand, Adrien Senechal, Jérémy Eyer) and Atguen Advisory (Jean-David Sultan)
  • M&A Legal: McDermott Will & Schulte (Grégoire Andrieux, Robin Lamour, Charlotte Michellet)
  • Management Advisory: Duroc Partners (Erwan Bordet, Faustine Paoluzzo)
  • Financial DD: 8Advisory (Gennat Mouline, Frédéric Blache, Xavier Parenty, Alexandre Pommier)
  • Commercial and Strategic DD: EY-Parthenon (Gianluigi Indino, Arnaud Laferte, Divya Claver, Hugo Jennequin)
  • Legal and Social DD: Grant Thornton (Caroline Luche Rocchia, Christine D’Ovidio, Sahra Hagani, Natalia Moya-Fernandez)
  • Tax DD: Arsène Taxand (David Chaumontet, Magali Mazzuco)
  • IT DD: Vaultinum (Philippe Thomas, Juliette Cazenave, Jonathan Berdah)
  • ESG DD: PwC (Jorik Geiger)

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TenFifty Capital, a New European CRE Lending Platform, Announces Its Launch

Apollo logo

Led by CEO and Industry Veteran Hugh Fraser, TenFifty Launches in Alliance with Apollo

Firm to Focus on Small- and Mid-Market Commercial Real Estate Lending Opportunities

MADRID, Sept. 09, 2025 (GLOBE NEWSWIRE) — TenFifty Capital (“TenFifty” or “the firm”), a new European focused commercial real estate lending platform for the small- and mid-market space, today announced its official launch. TenFifty is led by founder and CEO Hugh Fraser, with a senior, pan-European team investing in core markets across the continent and the UK.

TenFifty launches in alliance with Apollo (NYSE: APO), and its origination pipeline is expected to complement Apollo’s existing large loan strategy. TenFifty will focus on €10-50 million loans and the firm aims to originate €1-2 billion of loans year one, focusing on senior secured lending to a mid-cap market segment that is structurally underserved. TenFifty aims to bring speed and certainty of execution to its borrowers and meet growing demand for new issue acquisition loans and refinancings, particularly as traditional lenders scale back origination activity.

Founder and CEO Hugh Fraser said, “I’ve long held the belief that the small and mid-market European CRE debt space is often neglected and ripe for improvement. TenFifty Capital exists to address that gap, with a genuinely pan-European platform dedicated to supporting this sector of the market. I’m thrilled to be working with a company of Apollo’s calibre, having experienced first-hand the strength of their balance sheet, but more importantly, the strength of the Apollo team’s approach to building long-term partnerships. In 2017, Apollo was the first lender to support a UK Retail warehouse strategy I was leading at that time, and they quickly became one of our most reliable. Forming genuine, lasting partnerships with our borrowers is a key principle of how TenFifty conducts its business, and this alignment in approach and vision is exciting for us all.”

Apollo Partner and Head of Real Estate Credit, Europe, Ben Eppley said: “Hugh has earned a remarkable reputation in the European real estate market. We have worked with him for many years and are pleased to now formally partner with the launch of TenFifty as a new, high-performing platform. At Apollo, as one of the largest non-bank commercial real estate lenders in Europe, we believe this small and mid-market strategy will be highly synergistic with our broader real estate credit business and enhance Apollo’s granular origination capability, while maintaining a focus on first lien mortgages secured by high-quality assets and institutional borrowers.”

Fraser launches the Firm with extensive experience in building vertically integrated real estate lending platform across origination, execution and asset management capabilities. Prior to launching TenFifty, Fraser was the co-founder of M7 since 2009, where as head of capital markets he led the sourcing and managing of more than €6 billion of financings across 150+ facilities in addition to leading its small balance lending strategy for two fund vintages. Throughout his career, Fraser has developed extensive relationships with borrowers across the continent in addition to banking partners and institutional investors and developers.

TenFifty collaborates with borrowers in multiple sectors and across a wide spectrum of asset types, including logistics, industrial, retail warehousing, senior/student housing, hospitality, prime office, self-storage, parking and food retail.

With presence in Amsterdam, Berlin, London and Madrid, TenFifty will invest throughout core European markets including the UK, Germany, the Netherlands, Spain, Italy, Ireland and beyond. The TenFifty team is deeply entrenched in these core markets, bringing not only geographical coverage but also local knowledge and understanding of regional nuances, regulatory frameworks and market dynamics.

About TenFifty Capital 
Founded by Hugh Fraser in September 2025, TenFifty Capital is a non-bank commercial real estate lender focused on the €10-50 million sector of the European real estate debt market. TenFifty blend intelligent capital with unwavering commitment, agile solutions, and an elite, long-term partnership approach. In alliance with Apollo Global Management, we’re setting a new standard for excellence. To learn more, visit www.tenfiftycapital.com.

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.

Contacts

For TenFifty:
Hugh Fraser
CEO and Founder
partnerships@tenfiftycapital.com

For Apollo:
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 / EuropeanMedia@apollo.com

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On Belay Health Solutions Achieves Medicare Shared Savings, Demonstrating Commitment to High-Quality, Cost-Effective Care.

.406 Venture

Boston, Massachusetts – On Belay Health Solutions, a physician owned and operated Accountable Care Organization (ACO) dedicated to improving the quality of care while reducing costs, is proud to announce that it has successfully achieved Medicare Shared Savings for the 2024 Performance Period, their second year in MSSP. This recognition highlights On Belays’ ongoing efforts to provide high-quality, patient-centered care to its Medicare beneficiaries while delivering savings to the Medicare program.

The Medicare Shared Savings Program (MSSP), managed by the Centers for Medicare & Medicaid Services (CMS), rewards ACOs that meet quality benchmarks and reduce healthcare costs for their beneficiaries. By coordinating care across multiple providers, improving health outcomes, and emphasizing preventive services, On Belay has demonstrated its ability to provide more efficient and effective care.

“We are thrilled to have earned Medicare Shared Savings, which reflects the dedication and hard work of our entire team,” said Andrew Allison, CEO of On Belay Health Solutions. “This achievement reinforces our mission to improve care for our patients, reduce unnecessary healthcare costs, and enhance the overall experience for everyone involved in the healthcare process.”

Key Highlights of On Belay’s Accomplishment:

  • Cost Savings: On Belay has successfully reduced overall healthcare spending for Medicare beneficiaries while maintaining and improving the quality of care.
  • Collaboration & Care Coordination: Through strong partnerships with our primary care partners, On Belay has fostered an environment of care coordination that ensures patients receive the right care at the right time. This collaboration spans multiple states nationwide, and across many diverse EHRs. The Medicare Shared Savings Program is a cornerstone of healthcare reform, encouraging providers to take accountability for the care they deliver. By focusing on value rather than volume, ACOs like On Belay are helping to shift the healthcare system toward sustainability and improved patient outcomes.

“As a participant in the Medicare Shared Savings Program, our priority is to continue enhancing patient care while driving efficiencies and reducing waste,” added Andrew Allison. “We look forward to building on this success and further strengthening our ability to deliver outstanding care to the communities we serve.”

About On Belay Health Solutions:

On Belay Health Solutions is a leading Accountable Care Organization (ACO) dedicated to improving the quality of care for Medicare beneficiaries while reducing healthcare costs. By fostering collaboration among healthcare providers, On Belay works to deliver high-value care through care coordination, preventive health strategies, and patient-centered practices. For more information about On Belay, visit www.obhs.com.

For media inquiries, please contact:
On Belay Health Solutions
Email: info@obhs.com
Website: Enabling primary care teams with the tools and support they need (onbelayhealthsolutions.com)

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The Missing Emotional Layer in AI: Our Investment in Nuance Labs

Lightspeed

Nuance Labs Co-Founders Fangchang Ma and Edward Zhang

We’ve all experienced the uncanny valley: the slight discomfort when watching an AI avatar speak, the sense that something fundamental is missing despite impressive technical capabilities. Today’s AI can reason brilliantly and generate human-like text, but when it comes to emotional intelligence, AI remains surprisingly tone-deaf.

That’s where Nuance Labs comes in. We at Lightspeed are excited to invest in their seed round alongside Accel as they build what we believe will become a foundational layer for emotional intelligence in AI.

As IQ becomes commoditized through increasingly capable language models, emotional quotient (EQ) emerges as the critical differentiator. Yet we believe current AI systems fundamentally miss this dimension. AI avatars feel robotic, not because of pixel quality, but because they lack the subtle emotional expressiveness that makes human faces compelling, and they are far from real-time responsiveness.

Nuance’s breakthrough insight mirrors that of large language models: just as LLMs learned to understand meaning by predicting the next word, AI can understand emotions by learning to predict human emotions and behavior.

Nuance Labs is building a unified foundation model for real-time generation and understanding of realistic human expression across multiple simultaneous modalities, including text, speech, and video. This unlocks new categories of AI interaction:

  • Real-time emotional generation: Lifelike avatars that don’t just speak words but convey appropriate emotional responses through coordinated facial expressions, vocal inflection, and body language. Imagine AI therapists that pause thoughtfully, offer encouraging expressions, and adapt their demeanor to your emotional state, all in real-time.
  • Real-time emotion understanding: AI systems that can read subtle emotional cues as they happen, enabling applications like live coaching systems that detect when you’re losing confidence during a presentation, or interview AI that understands not just what candidates say but how they say it.

The team brings exceptional depth: Fangchang Ma and Edward Zhang previously built research teams at Apple, contributing to products like Vision Pro’s Digital Persona system. Their combined expertise in computer graphics, robotics, and machine learning, along with thousands of academic citations, strongly positions them to solve this technically complex challenge.

We’re entering an era where AI interactions will be measured not just by accuracy or speed, but by emotional authenticity. Any interface where humans interact with AI, from customer service and education to entertainment and healthcare, will benefit from emotional intelligence. We believe Nuance Labs is building the infrastructure that will power this next generation of AI experiences.

The uncanny valley stands as a barrier to natural human-AI interaction. Nuance Labs is building a bridge that will enable an entire ecosystem of emotionally intelligent AI applications. We’re thrilled to support their mission to make AI interactions as natural and emotionally rich as human conversation itself.

Excited to bring emotional intelligence to artificial intelligence? Nuance is hiring.

 

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Authors

Nnamdi Iregbulem

Nnamdi Iregbulem

Guru Chahal

Guru Chahal

Categories: News

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