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AEP Closes on Transmission Investment Strategic Partnership with KKR and PSP Investments

KKR
  • KKR and PSP Investments have jointly acquired a 19.9% equity interest investment in AEP’s Ohio and Indiana Michigan transmission companies.
  • The transaction proceeds will be used to support AEP’s five-year, $54 billion capital plan.

COLUMBUS, Ohio, June 5, 2025 /PRNewswire/ — American Electric Power (Nasdaq: AEP), KKR and PSP Investments have completed the transaction announced in January 2025 for KKR and PSP Investments to jointly invest $2.82 billion for a 19.9% equity interest in AEP’s Ohio and Indiana Michigan transmission companies. The 19.9% minority equity interest represents approximately 5% of AEP’s total transmission rate base.

More than 20 gigawatts of new power demand is expected across AEP’s footprint by the end of the decade. In addition, AEP continues to see further interest from almost 600 new and existing customers representing nearly 180 gigawatts of energy demand looking to connect to AEP’s transmission system. This strategic partnership will enable further infrastructure development to support the growth opportunities in AEP’s Indiana, Michigan and Ohio service territories. AEP will continue to operate and maintain these transmission facilities.

“AEP built the nation’s largest transmission grid, and our position as an industry leader in the transmission space enabled us to attract world-class partners like KKR and PSP Investments that have a history of investing in and developing vital infrastructure projects,” said Bill Fehrman, AEP president and chief executive officer. “Our customers and communities will benefit from the initial investment, which supports the execution of our five-year, $54 billion capital plan, and this strategic partnership will facilitate ongoing investment in the critical infrastructure needed to support our customers and enhance reliability in Indiana, Michigan and Ohio.”

“We are honored that AEP has entrusted us to support their efforts to modernize their transmission systems in order to better meet increased customer demand and further enhance grid reliability,” said Kathleen Lawler, managing director, KKR. “We look forward to working closely alongside PSP Investments to bolster AEP’s commitment to providing communities with reliable, affordable power.”

“PSP Investments is pleased to strategically partner with AEP to support its ambitious growth plan that will reinforce its position as an industry leader in the transmission space,” said Michael Rosenfeld, managing director, Infrastructure Investments, PSP Investments. “We look forward to participating in the development of critical transmission infrastructure in some of AEP’s fastest-growing service territories and are excited to embark on this journey alongside KKR.”

About AEP
Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers’ lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation’s largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.

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.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

SOURCE American Electric Power

 

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AEP Closes on Transmission Investment Strategic Partnership with KKR and PSP Investments

KKR
  • KKR and PSP Investments have jointly acquired a 19.9% equity interest investment in AEP’s Ohio and Indiana Michigan transmission companies.
  • The transaction proceeds will be used to support AEP’s five-year, $54 billion capital plan.

COLUMBUS, Ohio, June 5, 2025 /PRNewswire/ — American Electric Power (Nasdaq: AEP), KKR and PSP Investments have completed the transaction announced in January 2025 for KKR and PSP Investments to jointly invest $2.82 billion for a 19.9% equity interest in AEP’s Ohio and Indiana Michigan transmission companies. The 19.9% minority equity interest represents approximately 5% of AEP’s total transmission rate base.

More than 20 gigawatts of new power demand is expected across AEP’s footprint by the end of the decade. In addition, AEP continues to see further interest from almost 600 new and existing customers representing nearly 180 gigawatts of energy demand looking to connect to AEP’s transmission system. This strategic partnership will enable further infrastructure development to support the growth opportunities in AEP’s Indiana, Michigan and Ohio service territories. AEP will continue to operate and maintain these transmission facilities.

“AEP built the nation’s largest transmission grid, and our position as an industry leader in the transmission space enabled us to attract world-class partners like KKR and PSP Investments that have a history of investing in and developing vital infrastructure projects,” said Bill Fehrman, AEP president and chief executive officer. “Our customers and communities will benefit from the initial investment, which supports the execution of our five-year, $54 billion capital plan, and this strategic partnership will facilitate ongoing investment in the critical infrastructure needed to support our customers and enhance reliability in Indiana, Michigan and Ohio.”

“We are honored that AEP has entrusted us to support their efforts to modernize their transmission systems in order to better meet increased customer demand and further enhance grid reliability,” said Kathleen Lawler, managing director, KKR. “We look forward to working closely alongside PSP Investments to bolster AEP’s commitment to providing communities with reliable, affordable power.”

“PSP Investments is pleased to strategically partner with AEP to support its ambitious growth plan that will reinforce its position as an industry leader in the transmission space,” said Michael Rosenfeld, managing director, Infrastructure Investments, PSP Investments. “We look forward to participating in the development of critical transmission infrastructure in some of AEP’s fastest-growing service territories and are excited to embark on this journey alongside KKR.”

About AEP
Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers’ lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation’s largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.

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.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

SOURCE American Electric Power

 

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Congratulations, Circle! – Accel

Accel

Today marks an exciting milestone for Jeremy Allaire and the Circle team as they go public. For those of us who have watched this journey up close, this is a milestone years in the making—and a testament to Jeremy and the Circle team’s persistence.

This isn’t Jeremy’s first time on the podium. He last rang the bell when he took Accel portfolio company Brightcove public in 2012. With Circle, he took on his next challenge: launching a company with the ambitious goal of building a new digital financial system in an industry characterized by complexity, intense public scrutiny, and regulatory uncertainty. It turns out that Jeremy and his team were more than up to the task.

Circle was founded in 2013 with a broad vision to facilitate the next stage of internet-driven globalization and commerce. Today, USDC—Circle’s stablecoin—has become one of the most widely used digital currencies in the world, with more than $25 trillion in on-chain transactions as of late March.

What stands out about the Circle team is their willingness to take the long view, even when it means doing things the hard way—in particular, through their commitment to a regulatory-first posture and their reputation for integrity and transparency.

Congratulations to Jeremy and everyone at Circle!

–The Accel Team

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Reddy Family and Bain Capital Announce Formation of Trillium Foods, Premium Liquid Food and Beverage Manufacturing Platform

BainCapital

Family-owned, private company launches with investment from Bain Capital

Trillium Foods (the “Company”), a premier liquid food and beverage company focused on manufacturing and innovation, today announced its official launch. The family-owned, privately held company is a scale North American platform with diverse product capabilities across dressings, sauces, mayonnaises, syrups, and beverage mixes for application in foodservice, retail, and food processing channels. Trillium Foods is majority owned by the Reddy Family and backed by an investment from Bain Capital’s Private Credit Group (“Bain Capital”). The Reddy family and Bain Capital will partner with Trillium’s management team, led by CEO Ash Reddy, to expand the Company’s capabilities and market position.

Founded in 2017 as Flavor Reddy Foods (“FRF”) by foodservice industry veteran Ram Reddy, the business has grown rapidly, driven by key partnerships with long-term strategic customers, deep expertise in culinary innovation, and a proven track record of high-touch service and execution. The Company has made three transformative acquisitions to drive growth and support its customer base, including:

  • In 2023, acquired Cincinnati, Ohio-based Dominion Liquid Technologies, which specializes in the production of liquid food and beverage products including syrups, beverage mixes, and sauces.
  • In 2024, acquired Lancaster, Pennsylvania-based, specialty-condiment manufacturer Lancaster Fine Foods as a carve-out from its previous owner.
  • In 2025, acquired Brundidge, Alabama-based Southern Classic Food Group, a premier manufacturer of branded mayonnaise, dressings, sauces, and syrups.

Bringing together these four businesses and manufacturing facilities have brought a diversified combination of talent, high quality existing customer relationships, increased manufacturing capabilities, and capacity across both savory and sweet liquid categories. Trillium Foods has a team of approximately 500 employees and a manufacturing footprint exceeding 500,000 square feet. The Company’s facility network can produce over 1 billion pounds of finished goods annually, with capacity to service existing and new customers.

“We are thrilled to announce the launch of Trillium Foods with the main purpose of helping our customers win through our innovation and execution capabilities,” said Ram Reddy, Chairman of the Company’s Board of Directors. “I am grateful for the support of our customers, employees, investors, and partners. Trillium will be a significant force in the industry, and we look forward to accomplishing great things as a unified company.”

“Our team is committed and completely aligned with our mission of delivering greater value for our customers, and we are excited about the opportunities this combination presents,” added Ash Reddy. “Bain Capital shares our long-term vision and collaborative approach to the partnership. I’m confident that by joining forces, we will execute on the aggressive growth agenda in front of us.”

“Ram and Ash have built an incredible business which has earned them the long-term trust of their customers to continually innovate and deliver on market-leading food and beverage products. Bain Capital has a long history of supporting founder-owned businesses and we are thrilled to partner with the Trillium team on their next stage of growth,” said June Huang, a Managing Director at Bain Capital. “Through our extensive experience investing in the food and beverage space, Trillium clearly stood out as a high-quality business with scale and product differentiation. We are pleased to provide a one-stop financing solution tailored to Trillium’s growth needs and look forward to a collaborative partnership with the Reddy family,” added Megan McKenzie a Vice President at Bain Capital.

Bain Capital has a long history of partnering with companies in the consumer, retail, and restaurant industries to accelerate growth. The firm’s restaurant and food-related investments have included Bloomin’ Brands, Brakes Group Food Distribution, Bread Holdings, Cuisine Solutions, Dessert Holdings, Dunkin’ Brands Group, Domino’s Pizza, Fogo de Chão, and Valeo Foods.

About Trillium Foods

Trillium Foods is a family-rooted, innovation-driven manufacturer of premium liquid food and beverage products. The company is a partner of choice to iconic Quick Service Restaurants (QSRs), Consumer Packaged Goods (CPG) brands, distributors, and food manufacturers across both savory and sweet liquid products. Guided by strong values and an entrepreneurial spirit, we specialize in creating high-quality products that meet the evolving needs of our customers. Trusted by industry leaders, we are known for our precision, consistency, and unwavering commitment to safety and quality. As we continue to grow, Trillium Foods remains dedicated to building lasting partnerships and helping our customers bring their delicious ideas to life.

About Bain Capital Credit

Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $53 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

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WGSN acquires IWSR, enhancing its AI, data analytics and business intelligence capabilities for the alcoholic beverage industry

Apax

WGSN, the world’s leading trend forecaster, has announced today that it has acquired IWSR, the global leader in data, analytics and insights for the beverage alcohol industry, from Bowmark Capital, the mid-market private equity fi rm. Funds advised by Apax Partners LLP (“Apax”) acquired WGSN in January 2024 and supported the IWSR acquisition.

The move supports WGSN’s strategy to expand its market-leading trend forecasting capabilities, AI, data analytics and insights across a broad range of consumer industries.

WGSN signalled this ambition with the launch of its Food & Drink platform in 2020, and the acquisition of IWSR is a decisive step in providing a holistic solution in this space.

Carla Buzasi, CEO at WGSN, commented: “We are delighted to be able to combine the depth of data and specifi c market expertise that IWSR possesses with WGSN’s proven trend forecasting methodology, which has been guiding the world’s biggest brands for almost 30 years. We believe that this move marks an important watershed for both WGSN and the food and beverage industry as a whole, as it illustrates the transformative power unleashed when data science and human expertise are combined.”

This move also provides IWSR with additional expertise in consumer behaviour tracking and trend forecasting as part of their product-led growth strategy

Julie Harris, CEO at IWSR, commented: “Joining forces with WGSN represents an exciting next phase for IWSR. Thanks to the expertise of our teams and deep customer trust we have built over the last four decades, IWSR is today the single source of truth for the beverage alcohol industry. Combining our proprietary data and analytics expertise with WGSN’s global leadership in consumer trend forecasting will deliver a truly world-class experience for clients worldwide.”

Mark Sykes, Principal at Apax, commented: “The pace of innovation at WGSN has been truly impressive, especially as it expands its insights, data, and forecasting capabilities across a range of consumer-facing sectors. The addition of IWSR, a clear market leader in the beverage alcohol space, will further enhance the products and services WGSN provides and create significant value for customers of both companies.”

Fiona McCormick, partner at Bowmark, commented: “Since 2021, we have supported the IWSR team in accelerating the company’s growth through product innovation, investment in technology and enhancement of its client proposition. With the expertise and reach of WGSN, IWSR is now ideally positioned to capitalise on its unique position in a dynamic market, delivering further value to its customers.”

The transaction closed in June 2025.

Global Media Contacts

Katarina Sallerfors

t: +44 20 7872 6300

Gill Corish

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Amanda Boateng

t: +44 207 872 6359

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Sema4.ai’s Agentic AI Comes to the AI Data Cloud with Snowflake Ventures Investment

Snowflake

At Snowflake, we believe that AI agents are essential to the enterprise workforce. The technology’s unique ability to autonomously perform complex tasks with minimal oversight represents a significant innovation and opportunity for enterprises across industries. And we’re not alone – Gartner® believes that, “by 2028, 33% of enterprise software applications will include agentic AI, up from less than 1% in 2024, enabling 15% of day-to-day work decisions to be made autonomously.”

For AI agents to work at scale, they need accurate context, secure access to enterprise data and unified governance to manage that access, similar to existing controls for teams. That’s why we are investing in our partner Sema4.ai, an enterprise AI agent company focused on transforming how knowledge workers collaborate with AI to accelerate enterprise decision making.

Sema4 integrates with Snowflake Cortex AI and enables customers to take action on enterprise applications, connect to non-Snowflake data sources, and orchestrate Cortex AI services like Cortex Search, Cortex Analyst, Document AI, and more.

With this investment and partnership, Sema4.ai Team Edition is now available as a Snowflake Native App on Snowflake Marketplace. Users can deploy Team Edition in their Snowflake environment, leveraging Snowflake’s security and governance, and removing the need for a separate procurement process. With just one click, Team Edition allows users to automate forecasting, insight extraction, and data workflows using their own enterprise context and secure data.

At a time when 59% of executives cite data governance, security, and privacy as the top challenge to deploying AI at scale, Snowflake and Sema4 customers will gain easier and faster access to Sema4’s agentic AI for tasks like supply chain automation, invoice reconciliation, regulatory compliance, and more, all from within their own Snowflake account.

Together, Snowflake and Sema4 are pushing the boundaries of what’s possible with data and AI, increasing efficiencies and creating new opportunities for innovation and growth.

Snowflake customers interested in trying the Sema4.ai Team Edition can get started today.

 

Gartner Article, “Intelligent Agents in AI Really Can Work Alone. Here’s How,” October 1, 2024. https://www.gartner.com/en/articles/intelligent-agent-in-ai

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and

internationally and is used herein with permission. All rights reserved.

 

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Ardian Clean Energy Evergreen Fund (ACEEF) Consolidates Spanish Portfolio with Acquisition of Remaining Equity Stake in Two Wind Farms from Mutua Madrileña

Ardian

ACEEF acquired this week 35% stake in its Spanish wind farms from Mutua Madrileña.
• The two projects, Ausines and Veciana, totals 56MW capacity and are located in Castilla y Leon and Catalonia regions respectively.
• The transaction enables ACEEF to further strengthen its global renewable energy platform and solidify its presence in Spain by securing full operational control—fully aligned with Ardian’s industrial approach to long-term value creation.

Ardian, a world-leading private investment firm, announces that it has acquired the remaining equity stake in two operating wind farms in Spain, previously co-owned with Mutua Madrileña, through its Clean Energy Evergreen Fund (ACEEF). Ardian initially acquired a majority interest in the assets in 2018.

Following the acquisition of the remaining stake from Mutua Madrileña, Ardian has become the sole owner of both wind farms. This strategic move reinforces ACEEF’s long-term commitment to building an industrial-scale renewable energy platform in Spain, under Agr-Am, its local platform.

This acquisition further strengthens the ACEEF’s Spanish portfolio, which now holds close to 250MW of wind and solar assets.

”This has been a highly fruitful co-investment opportunity, and we are proud of the value created together with Ardian and Agr-Am over the years. We look forward to continuing to build on this strong partnership in the future.” Jose Antonio Morales, Head of Alternative Investments, Mutua Madrileña

“We appreciate the strong partnership with Mutua Madrileña in supporting these assets over the past seven years. With full ownership now secured, we will continue building on ACEEF’s industrial strategy — focused on long-term value creation and operational excellence. We aim to further enhance performance by leveraging on OPTA, our proprietary data analytics tool designed to optimize the management of our renewable portfolio.” Federico Gotti Tedeschi, Managing Director Infrastructure, Ardian

ACEEF is Infrastructure’s first open-ended clean energy fund, which was launched in early 2022 and whose fundraising reached €1.0bn at the closing in July 2023. The fund offers professional investors the opportunity to enhance their exposure to renewable assets and the energy transition. The fund commits to make investments with an environmental objective as described in Article 9 fund of the EU Sustainable Finance Disclosure Regulation (SFDR) and invests globally, with a focus on Europe.

ACEEF will continue to focus on core renewable assets including solar, wind and hydro, as well as emerging technologies across biogas, biomass, storage and energy efficiency.

Ardian has been a pioneer in the energy transition, having started investing in renewable assets in 2007. Across all Infrastructure Funds at Ardian, the team manages more than 8GW of thermal and renewable energy capacity in Europe and the Americas.

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT MUTUA MADRILEÑA

Mutua Madrileña Group is the largest insurance group in the Non-Life segment in Spain, the leader in health and leader in car insurance. It has more than 18 million clients in Spain divided among the different insurance areas in which it does business: car and motorbike insurances, health, life insurances, accidents, etc.
The Mutua Madrileña Group, which was established 95 years ago, is the leader solvency on the Spanish insurance market. Its activities focus primarily on insurance, but it also does business in real estate and asset management.
At the close of 2024, the group generated total revenue of 8.700 million euros. The Group’s strategy has evolved around the generation of value, establishing as its levers diversification and growth by means of an extremely efficient business model.

mutua.es

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HEADLAND

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lmrodriguez@mutua.es

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Coller Capital Launches Secondaries Institute, a new digital platform for secondaries education

Coller Capital

Free digital platform supports advisors and high-net-worth investors with structured secondaries education

 London, June 4, 2025 – Coller Capital, the world’s largest dedicated private market secondaries manager, today announced the launch of the Secondaries Institute, a new digital educational platform developed to support its growing Private Wealth Secondaries Solutions (PWSS) business.

The platform provides wealth advisors and high-net-worth investors with structured, accessible content designed to deepen understanding of secondaries and support long-term portfolio construction. It reflects Coller’s longstanding commitment to private markets education and responds to growing demand for tools that deepen investors’ knowledge of private market secondaries.

As allocations to private markets accelerate, secondaries are playing a pivotal role in delivering liquidity, diversification, and price discovery. In 2024, secondaries turned over about $160 billion in transaction volume – a 40% increase over the prior year. Coller estimates that the addressable market for secondaries is ~$10trn and rapidly growing. Though the secondaries market is a small proportion of the overall market, Coller believes it remains undercapitalised.

The Secondaries Institute provides free access to regularly updated content, including:

  • Educational videos informed by Coller’s three-decade heritage in secondaries
  • Market primers across private equity and private credit
  • Commentary and insights from Coller Capital executives, including Founder and CIO Jeremy Coller
  • A comprehensive A-Z glossary of key private markets terms and concepts
  • Continuing Education (CE) – eligible courses led by subject matter experts
  • Continuing Education (CE)-eligible courses led by subject matter experts

“Many advisors are realizing that secondaries are a strategic tool for today’s high-net-worth investor,” said Jake Elmhirst, Partner and Head of PWSS at Coller Capital. “With this platform, we’re arming advisors with what they need to engage their clients with confidence. Our firm has spent three decades shaping the secondaries market, and we’re proud to make that experience more accessible.”

The Secondaries Institute will equip advisors, investors, media, and other stakeholders with the ongoing tools, insights, and data needed to navigate the space and maximize the role of secondaries as a core component of high-net-worth portfolios.

Coller Capital announced the creation of its global PWSS business in 2023 and has since introduced multiple secondaries strategies tailored to the private wealth market. The firm has raised nearly $4bn in private wealth assets globally since inception.

 

 

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Black and white formal headshot of Jake Elmhirst.
Jake Elmhirst

Partner, Head of Private Wealth Secondaries Solutions and Deputy Head of Capital Formation
Press contact
Edelman Smithfield

coller@edelmansmithfield.com+44 (0)7980 684 247

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Rabo Investments sells stake in Dutch high-tech healthcare manufacturer IGS GeboJagema to BC Partners

Rabo Investments

BC Partners to invest in IGS Gebojagema in partnership with Management and Smile Invest

Rabo Private Equity exits after supporting IGS’s international growth alongside Smile Invest

June 4 2025 – IGS GeboJagema (“IGS”), the leading independent pure-play healthcare manufacturer in the tooling market, announces, together with its current financial partner Smile Invest and management, a new strategic partnership with BC Partners, a leading international investment firm.

As part of the transaction, BC Partners will acquire a majority stake in the business alongside current financial partner Smile Invest and the IGS management team, who will retain a minority shareholding. Rabo Investments, which previously held a minority stake, will fully exit the business.

IGS is headquartered in Eindhoven, the Netherlands, with a growing presence in the United States through its facility in Peachtree City, Georgia. The business designs, manufactures and services complex, high-precision moulds used in the production of critical medical devices, including drug delivery systems, contact lenses, diagnostic equipment and healthcare consumables. With decades of specialised expertise, IGS has built a strong reputation as a global leader, in the supply of mission-critical tooling to the world’s leading healthcare and pharmaceutical companies. IGS is poised to write its next chapter of growth by building on its exceptional market position, expanding its presence in the rapidly growing GLP-1 segment and entering new healthcare end-markets that demand high-precision moulds.

IGS identified BC Partners as its strategic partner of choice that shares its values, long-term vision, and dedication to excellence in healthcare. BC Partners brings extensive experience in backing resilient, high-growth companies, particularly in pharma and specialised manufacturing. BC Partners’ track record through its investments in Aenova, IMA, Synthon, and Pharmathen demonstrate its deep expertise in pharma and healthcare automation and ability to support innovation, internationalisation, and operational scale.

This partnership aims to build on IGS’ strong foundations and accelerate its next phase of growth – through continued investment in organic expansion, targeted M&A opportunities, and entry into adjacent verticals. Just as importantly, it reflects a shared commitment to empowering IGS’ talented team and securing the long-term future of the business.

IGS and its shareholders were advised by Rothschild & Co (M&A adviser).

The transaction is subject to receipt of customary regulatory approvals and workers council feedback.

 

Herman Rusch – CEO, IGS GeboJagema

“Partnering with BC Partners marks an exciting new chapter for IGS. Their investment is a strong recognition of the expertise, innovation, and commitment that our team has demonstrated in becoming a global leader in precision mould manufacturing for the medical industry. BC Partners brings a deep understanding of the healthcare and specialised manufacturing sectors, and their experience with businesses like Aenova, IMA, Synthon and Pharmathen makes them an ideal partner for our next phase of growth.

We are deeply thankful to Smile Invest for the close collaboration and continued partnership, and to Rabo Private Equity for their support over the past years. Together, we’ve laid a strong foundation for the future. With BC Partners now joining us, we look forward to building on that momentum – expanding our capabilities, entering new healthcare markets, and continuing to support our customers in delivering high-quality medical solutions that make a real difference in patients’ lives.”

Matthew Evans – Managing Director, BC Partners

“We are excited to partner with Smile and the whole team at IGS to keep building the company and invest in new capabilities and avenues for further expansion. None of this would be possible without the impressive foundation that has been built over the years, by the IGS team past and present, and by Smile and Rabo. We look forward to continuing to deepen IGS’ partnership with its existing customers, while also introducing new partners across the globe to the quality and sophistication of IGS.“

Bart Cauberghe – Managing Partner and Ad Notenboom – Partner, Smile Invest

“Supporting the growth journey of IGS over the past years has been a highly rewarding experience. In that time, the company has reinforced its position as a global leader in precision moulds for the medical device industry, expanded its international footprint to the US, and continued to deliver exceptional quality and innovation to its customers . We are pleased to welcome BC Partners as a like-minded investor with a strong track record in healthcare. Together with BC Partners and the IGS management team, we look forward to supporting the next phase of growth and value creation.”

Bas Verlee – Director and Roelant Mantel – Director, Rabo Investments

“It has been a privilege to support IGS over the past years and invest alongside management and Smile Invest. We’re proud to have contributed to their impressive growth journey, and, with BC Partners now joining, we’re confident IGS is in excellent hands for the future.”

 

IGS GeboJagema

IGS GeboJagema (“IGS”) is the global leading, pure-play healthcare, high-precision mould technology provider. As the largest pure-play healthcare manufacturer, leveraging Industry 4.0 technologies, IGS produces high-precision, ultra-low tolerance, multi-cavity injection moulds that enable exact, repeatable, and scalable production of medical devices. IGS serves as a key strategic partner to leading global pharmaceutical and healthcare companies, particularly in the drug delivery and ophthalmology segments, while actively expanding into diagnostics and healthcare consumables. Founded in 1945, IGS is headquartered in Eindhoven, the Netherlands, and has a growing presence in the United States through its facility in Peachtree City, Georgia. The company employs approximately 174 FTEs.

Smile Invest

Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with over €500m of assets under management, financed by 40 entrepreneurial families and with a long-term focus on innovative growth companies. Smile Invest focuses on companies active in three investment themes: Advanced technologies, Innovative Healthcare and Environment. Since its inception in 2017, Smile Invest has invested in 19 platform companies in Belgium and the Netherlands. From its offices in Leuven and The Hague, the team supports ambitious entrepreneurs and management teams in realising their growth plans.

Rabo Private Equity

Rabo Private Equity (“RPE”) is part of the captive investment arm of Rabobank with a €3.5 billion mandate, dedicated to supporting companies that drive innovation in Food & Agriculture and Energy. As a long-term investor, RPE leverages its global network, expertise, and dedicated teams to create value and accelerate key transitions for a better world. By partnering with visionary teams, RPE aims to build resilient businesses that contribute positively to society and the planet.

BC Partners

BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Consumer. Since its foundation, BC Partners has completed over 128 private equity investments in companies with a total enterprise value of over €170 billion and is currently investing its eleventh private.

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Trucordia to Receive $1.3 Billion Strategic Investment from Carlyle

Carlyle

Transaction positions company for accelerated growth through improved capital structure and simplified governance 

LINDON, Utah and NEW YORK, NY – June 4, 2025—Trucordia today announced it will receive a $1.3 billion strategic investment from global investment firm Carlyle’s Global Credit platform. The transaction will reduce Trucordia’s leverage and simplify its governance structure by repurchasing units from existing minority investors.

The transaction, which is expected to close this month and values Trucordia at $5.7 billion, provides the company with long-term financial flexibility to pursue a variety of strategic outcomes.

“This investment and partnership with Carlyle will meaningfully strengthen Trucordia’s long-term financial and ownership structure and accelerate our transformational growth strategy,” said Felix Morgan, CEO of Trucordia. “Alongside momentum from the recent rollout of our platform operating model, leadership appointments, and latest acquisitions, I’ve never been more excited about what the future holds for Trucordia.”

Trucordia is a top 20 U.S. insurance brokerage offering a broad array of commercial and personal lines, life, and employee benefits insurance solutions. Trucordia is underpinned by a strong performance driven-culture, organic growth, and strategic acquisitions.

“The investment from Carlyle will reduce Trucordia’s leverage, fortify our balance sheet, and enhance our financial flexibility,” said Trucordia Chief Financial Officer Brandon Gray. “We are well positioned to continue making the right investments in our business moving forward.”

“Trucordia has quickly established itself as a category leader with an experienced management team and a clear strategic vision,” said Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America. “We believe the company is well-positioned to capitalize on long-term growth opportunities in the insurance distribution sector, and we’re thrilled to support their continued success.”

Gary Jacovino, Partner on Carlyle’s Credit Opportunities team, added, “We are excited to strengthen our partnership with Trucordia as the organization continues to deliver an industry-leading client experience while pursuing scalable growth. We value building lasting partnerships with industry-leading management teams and support their vision for sustained success.”

The investment was led by Carlyle’s Credit Opportunities team, within the firm’s Global Credit platform. The strategy seeks to provide highly structured and privately negotiated solutions across the capital structure to family, founder, and management-owned companies, sponsor-backed companies, and special situations, with a focus on long-term value creation. Carlyle’s Global Credit platform has $199 billion in assets under management as of March 31, 2025.

J.P. Morgan acted as sole advisor and placement agent to Trucordia in connection with the transaction.

Orrick, Herrington & Sutcliffe LLP served as legal counsel to Trucordia.

Latham & Watkins LLP served as legal counsel to Carlyle.

About Trucordia

Trucordia, formerly PCF Insurance Services, is the group name for a top 20 U.S. insurance brokerage headquartered in Lindon, Utah. The Trucordia group of companies offers a broad array of commercial and personal lines, life and health, and employee benefits insurance solutions. Trucordia is an integrated organization united by a passion to deliver extraordinary opportunities and exceptional experiences for its clients, partners, and each other. With more than 5,000 team members across the U.S., Trucordia is a notable leader in the insurance brokerage space, ranking #19 on Business Insurance’s 2024 Top 100 Brokers and #13 on Insurance Journal’s 2024 Top Property/Casualty Agencies. Visit trucordia.com for more information.

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 $453 billion of assets under management as of March 31, 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 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

For additional information: 

Trucordia Media Relations

communications@trucordia.com  

(385) 273-2270 

 

Carlyle

Kristen Ashton

Kristen.ashton@carlyle.com

(212) 813-4763

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