New York, NY, April 14, 2025— KKR, a leading global investment firm, today announced the signing of a definitive agreement under which investment funds managed by KKR will acquire OSTTRA, a leading provider of post-trade solutions for the global OTC market, from CME Group and S&P Global. The terms of the deal for OSTTRA equaled total enterprise value at $3.1 billion, subject to customary purchase price adjustments, which will be divided evenly between S&P Global and CME Group pursuant to their 50/50 joint venture.

Established in 2021 as a joint venture between CME Group and S&P Global, OSTTRA serves the global financial ecosystem with a comprehensive suite of critical post-trade offerings across interest rates, FX, credit and equity asset classes. OSTTRA provides end-to-end connectivity and workflow solutions to banks, broker-dealers, asset managers, and other market participants across trade processing, trade lifecycle, and optimization.

The OSTTRA management team, led by co-CEOs Guy Rowcliffe and John Stewart, will continue to lead the company in their current roles. KKR will support OSTTRA’s customer-centric growth and role as a critical market infrastructure provider by increasing OSTTRA’s investments in technology and innovation across its leading post-trade solutions platform.

“We are incredibly grateful for our partnership with CME Group and S&P Global over the past several years and delighted to have KKR’s backing as we embark on this exciting new chapter for OSTTRA,” said Guy Rowcliffe and John Stewart, co-CEOs of OSTTRA. “With KKR’s support, we will further accelerate our strategic initiatives to enhance our market-leading post-trade solutions, drive innovation, and expand our global footprint. Together, we look forward to delivering even greater value to our customers and helping them navigate the ever-evolving OTC landscape.”

“We have long admired OSTTRA for its mission-critical solutions, deep customer relationships, and strong market position, which we believe provide a great foundation for future growth,” said Webster Chua, Partner at KKR. “We look forward to working with the OSTTRA team and leveraging our experience in the tech-enabled and financial services sectors to help the company further innovate and drive value for its customers.”

“OSTTRA has generated significant growth over the past several years, and we are pleased with the role our joint venture played in driving the company forward,” said CME Group Chairman and Chief Executive Officer Terry Duffy. “Looking ahead, as the post-trade marketplace continues to evolve, we are confident that KKR will further scale this business and extend the important efficiencies that OSTTRA delivers to clients.”

“We’re thrilled about this next chapter for OSTTRA, which, together with KKR, is ideally positioned to tackle today’s complex post-trade challenges and proactively meet future operational demands,” said John Barneson, Chairman of the Board of OSTTRA and Head of Enterprise Solutions at S&P Global Market Intelligence. “This transaction reflects S&P Global’s continued commitment to active portfolio optimization in support of our strategy and to fuel future growth.”

KKR is making its investment in OSTTRA primarily through its North American private equity strategy. Following the close of the transaction, KKR will support OSTTRA in creating a broad-based equity ownership program to provide all of the company’s nearly 1,500 employees the opportunity to participate in the benefits of ownership. This strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, more than 60 KKR portfolio companies have awarded billions of dollars of total equity value to over 150,000 non-senior management employees.

Further financial terms were not disclosed. The transaction is expected to close in the second half of 2025, subject to customary closing conditions and receipt of required regulatory approvals.

Barclays and Davis Polk served as financial and legal advisors, respectively, to S&P Global. Citi and Skadden served as financial and legal advisors, respectively, to CME Group. Goldman Sachs & Co. LLC and BofA Securities, and Simpson Thacher & Bartlett served as financial and legal advisors, respectively, to KKR.

About OSTTRA

Formed in September 2021 as a 50/50 joint venture between CME Group’s optimization businesses (Traiana, TriOptima, and Reset) and S&P Global’s middleware business (MarkitSERV), OSTTRA has established itself as a critical infrastructure provider in the post-trade space, processing over 80 million trades monthly.

About CME Group

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

About S&P Global

S&P Global (NYSE: SPGI) provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through sustainability and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world.

We are widely sought after by many of the world’s leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world’s leading organizations plan for tomorrow, today.

S&P Global provides essential intelligence. We enable governments, businesses, and individuals with the right data, expertise, and connected technology to make informed decisions. S&P Global is a leader in credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets.

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.

Media Contacts

CME Group
Laurie Bischel
laurie.bischel@cmegroup.com

S&P Global
Farhan Husain
farhan.husain@spglobal.com

KKR
Julia Kosygina or Lauren McCranie
media@kkr.com

CVC, Nordic Capital and Platinum Ivy (a wholly-owned subsidiary of ADIA, managed by ADIA PED) announce the completion of the acquisition of Hargreaves Lansdown and the subsequent delisting of the Company from the London Stock Exchange.

Hargreaves Lansdown is the UK’s market leading platform for retail investors with an impressive position and strong purpose in the attractive UK wealth market.

The Consortium is motivated by Hargreaves Lansdown’s mission to make it easier for people in the UK to find their financial freedom. Hargreaves Lansdown’s goal is to give more retail investors access to the tools, information and services required to make sound investment decisions, combined with a transparent approach and good value. The Consortium intends to continue investing in improving the client proposition and the customer experience, and will use Hargreaves Lansdown’s scale and experience to continue innovating and developing new features and services to help its customers achieve better outcomes and great value.

On behalf of the Consortium, Pev Hooper, Managing Partner at CVC, Emil Anderson, Partner at Nordic Capital Advisors and Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “Hargreaves Lansdown has an important purpose: to make it easy for people to save and invest for a better future. Over the 40 years since it was founded, Hargreaves Lansdown has built a strong and trusted brand, underpinned by high levels of customer loyalty and advocacy. The Consortium brings extensive experience in supporting businesses undergoing transformation, and its members have strong track records of investing in regulated financial services companies to build better businesses and create better customer experiences. We look forward to partnering with Hargreaves Lansdown’s management to accelerate its transformation plan – including investment in technology infrastructure, digital channels and service enhancement – all with client value, service, speed of innovation, and Hargreaves Lansdown’s clear purpose at the core.”

Press contact:
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

About Nordic Capital

Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Service & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested c. EUR 26 billion in close to 150 investments. The most recent entities are Nordic Capital XI with EUR 9 billion in committed capital and Nordic Capital Evolution II with EUR 2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com.

Anacap, a market-leading private equity investor specialising in partnering with founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that it has signed transaction documentation for the acquisition of a majority stake in Fiduciaire Jean Marc Faber (“FJMF” or “the Company”).

FJMF is a leading independent provider of trust, fund, and corporate services based in Luxembourg. Founded in 1995 by Jean-Marc Faber, the Company is currently led by him along with partners Christophe Mouton and Daniel Galhano. The Company offers a comprehensive suite of services, including corporate administration, accountancy, trust, fund and payroll services. FJMF has experienced significant growth in recent years, fuelled by a strong organic growth strategy and strategic acquisitions.

With approximately 70 full-time equivalents (“FTEs”), FJMF is a member of the Ordre des Experts-Comptables (“OEC”). The Company serves as a “one-stop-shop” provider for more than 1,800 clients, mostly institutional fund customers and patrimonial clients.

Luxembourg is a leading financial centre in Europe, domiciling 25% of total European assets. The outlook for FJMF is positive, as the highly fragmented local market begins to consolidate. This trend aligns with the shared ambitions of AnaCap and FJMF to expand the Company’s inorganic growth strategy, leveraging AnaCap’s unique expertise and FJMF’s strong reputation. This acquisition represents AnaCap’s second investment in Luxembourg after it successfully sold First Names Group to SGG in 2017.This development also represents AnaCap’s third investment for its latest flagship fund, following the acquisitions of two founder-led businesses: Edge Group, an Italian insurance broking platform, and DK Accountants & Adviseurs, a Dutch accountancy services provider. Closing is expected first half of April.

Nassim Cherchali, AnaCap’s Managing Partner, commented:

“We are delighted to announce this partnership with FJMF. This represents AnaCap’s third investment in our latest flagship, with several other transactions already in the pipeline. This acquisition aligns with the AnaCap philosophy of partnering with founder-led platforms to support then during their next stage of growth. We believe FJMF is well-positioned to become a key consolidator in a highly fragmented local market, with this consolidation leading to improved service offerings for clients.”

Steven Gringoire, Director at AnaCap, added:

“We look forward to working closely with the entire team at FJMF and are thrilled for them to join the AnaCap platform. We were impressed with the Company’s recent growth, market reputation and constant focus on the quality of its services. We see an opportunity to cement FJMF’s leading position through increased M&A activity, continuous growth and expansion of the product proposition in an attractive sector. We are very excited for the next chapter of the company’s growth.”

Jean-Marc Faber, FJMF’s Founder and Managing Partner, concluded:
“We are pleased to partner with AnaCap and are very excited by what lays ahead of us for this new chapter. AnaCap’s entrepreneurial approach, track record and shared ambitions convinced us that they were the right partner to support us in our growth journey. We have very high ambitions for the Company as we look to continue expanding the value proposition for our clients and become a trusted consolidator in the corporate, fund and trust services sector.”

AnaCap received legal advice from Proskauer Rose LLP and Vam Campen / Liem. The financial details for this transaction are not disclosed.

Investment to drive expansion of the company’s renowned non-banking financial services platform building on Bain Capital’s deep financial services experience in India, as well as Manappuram Finance’s 75-year track record of excellence 

Mumbai / Thrissur – March 20, 2025 – Bain Capital, a leading global private investment firm, today announced that it has entered into definitive agreements to acquire joint control in Manappuram Finance, a Kerala-based non-banking financial company and the 2nd largest gold financier in India through its affiliates i.e., BC Asia Investments XXV Limited and BC Asia Investments XIV Limited (Bain Capital) in partnership with the Existing Promoters who will continue to stay fully invested. This strategic investment aims to fuel the company’s next phase of growth and drive transformation by enhancing operational excellence, strengthening leadership, and expanding its presence across key segments.

As part of the transaction, Bain Capital will be investing ~INR 4,385 cr to acquire an 18.0% stake on a fully diluted basis via preferential allotment of equity & warrants at a price of INR 236 per share which is at a premium of ~30% over the 6 month average trading price. The transaction will trigger a mandatory open offer for the purchase of an additional 26.0% stake in the company on an expanded capital basis (excluding warrants). The open offer price has been fixed at INR 236 per share. Based on the open offer subscription, Bain Capital’s stake post the investment will vary between 18.0% to 41.7% on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). Existing Promoters will hold a 28.9% stake in the company post the investment on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). The transaction is subject to customary closing conditions and regulatory approvals.

Founded in 1949, Manappuram Finance is a leading non-banking financial institution and the 2nd largest financier in the gold loan segment in India. It has grown to serve over 6.59 million customers through an extensive network of 5,357 branches and a workforce of 50,795 employees, who uphold its “customer-first” culture. With strong brand recognition, deep customer relationships, and a widespread presence across India, the company has successfully expanded beyond gold loans into microfinance, vehicle finance, housing finance and SME lending, establishing itself as a diversified financial services provider with significant scale and strong growth momentum.

Mr. V.P. Nandakumar, MD & CEO at Manappuram Finance, said, “The journey of Manappuram Finance has been a long and rewarding one, delivering rich dividends to all stakeholders and investors. For me personally, it has been a privilege to lead such a dynamic company that continues to set gold standards in the NBFC sector. As we embark on the next phase of our growth, we are delighted to welcome Bain Capital as our new partner. Their leadership team is renowned for its commitment to excellence, and their sharp focus on growth will unlock fresh opportunities for Manappuram Finance. We look forward to a successful partnership that drives innovation and sustained success”

“We are thrilled to partner with Mr. Nandakumar and his team to support Manappuram Finance in its next phase of growth. This collaboration leverages our deep expertise and commitment to sustainably expanding India’s financial services sector, while democratizing access to financial products that foster entrepreneurship and wealth creation across the country,” said Pavninder Singh, Partner at Bain Capital. “Manappuram has developed a robust, diversified platform, and we look forward to providing the necessary capital, strategic resources, and operational expertise to help the company accelerate its growth and continue to lead in the industry.”

“Manappuram Finance is a leader in the non-banking financial sector, with deep expertise and a strong market presence. Manappuram’s commitment to integrity, customer-centricity, and technology-driven innovation has been key to its success, and we are excited to build on these values to further solidify its leadership in the industry,” said Rishi Mandawat, Partner at Bain Capital. “There continues to be a huge opportunity for the company to accelerate growth in the core segments. We are partnering with the family to provide capital for growth and help the company on a professionalization journey that will enable it to drive better operational efficiency and risk management.”

Bain Capital has deep experience in investing to support the growth and leadership of a diversified set of financial services businesses in India and globally, including Axis Bank, 360One Wealth & Asset Management, L&T Finance Holdings, Lionbridge Capital, esure, among others.

Bain Capital was advised by Kotak Investment Banking, Boston Consulting Group India, Cyril Amarchand Mangaldas, Ernst & Young LLP, Kirkland & Ellis LLP and Unaprime Investment Advisors while Manappuram Finance, its affiliates and Existing Promoters were advised by Spark Capital and Khaitan & Co.

For more details, please refer to the investor presentation here.

***
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 25 offices on 4 continents, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

About Manappuram Finance Limited:
Manappuram Finance Ltd. (BSE: 531213, NSE: MANAPPURAM) is one of India’s leading Non-Banking Financial Companies (NBFCs), with a rich legacy spanning over 75 years. Established in 1949 in Valapad, Kerala, the company has grown into a trusted financial institution, serving millions of customers across urban and rural India. From its roots as a gold loan provider, it has evolved into a diversified financial services company, extending vehicle finance, home loans, microfinance, and SME lending to the underbanked and underserved segments of Indian society.

On a consolidated basis, Manappuram Finance Ltd has a nationwide network of 5,357 branches across 28 states and union territories, employing 50,795 professionals committed to its mission of financial inclusion. The company serves a customer base exceeding 6.59 million, with assets under management (AUM) surpassing ₹44,218 crore. To learn more, visit www.manappuram.com.

Madrid, 12 March 2025 – Auren, a leading Spanish firm in the global professional services sector, specializing in audit, legal advisory, consulting, and corporate finance services, has announced that the European private equity fund Waterland Private Equity has acquired a significant stake in the company. This marks a historic moment as it is the first time a private equity fund has invested in a multidisciplinary professional services firm in Spain.

• This marks the first investment by a private equity fund in a multidisciplinary professional services firm in Spain. Waterland, a European private equity firm, has selected Auren, a leading Spanish player in the sector, for this strategic partnership.
• The alliance offers Auren a historic opportunity to accelerate growth, enhance its international presence, invest in technology, strengthen its brand, and pursue strategic acquisitions while preserving its independence and core values.
• Auren aims to double its workforce and revenue over the next three years, further solidifying its leadership in the sector.
• Mario Alonso, President of Auren, emphasized that the partnership with Waterland drives the firm’s growth and expansion, affirming that “Auren remains true to its humanistic principles; our identity and values are the DNA of our firm.”

The alliance offers Auren a unique opportunity to accelerate its growth, strengthen its international presence, and enhance its competitiveness in a rapidly evolving market. The partnership will also drive greater investment in technology, brand positioning, and expansion through strategic buy-and-build activities.
The firm’s professional partners will continue to lead its management and strategic direction independently. Waterland will play a supportive role, leveraging its extensive experience in the European professional services sector and help drive the firm’s long-term growth and sustainability while preserving the identity and core values of Auren.
Auren aims to double its workforce and revenue over the next three years, strengthening its capabilities and solidifying its position as a leading firm in the sector. During this period, the firm plans to expand nationally and internationally, diversify its specialized services, and integrate innovative technologies into its solutions to enhance client experiences and meet their needs.
Auren’s current Board of Directors, composed of four professional partners, will be joined by two representatives from Waterland. Mario Alonso will continue to serve as the firm’s President.

A Shared Vision and Culture for Growth
“This alliance drives Auren’s growth and consolidation, enabling us to expand our services and strengthen our national and international presence. Moreover, it reinforces our commitment to digitalization and innovation, key elements in delivering more efficient, market-aligned solutions,” stated Mario Alonso, President of Auren.
Mr. Alonso also highlighted the importance of the firm’s culture, emphasizing that Auren remains committed to its humanistic values and pursuit of excellence. “Our identity and values are the DNA of our firm. In Waterland, we have found a partner who shares our vision and principles, ensuring a collaboration rooted in mutual respect and understanding. This partnership allows us to grow while preserving what makes us unique. We are proud to be a firm that prioritizes people, talent, and sustainability,” Mr. Alonso concluded.
David Torralba, partner at Waterland, shared his enthusiasm about the collaboration on behalf of the company: “We are thrilled to partner with Auren, a firm that has consistently demonstrated exceptional leadership and innovation in the professional services sector, and with whom we share a strategic vision for sustained growth. This partnership represents a unique opportunity to support a company with strong values, a clear vision, and a remarkable track record of growth.” Matthias Geyssens, partner at Waterland, added: “Additionally, Waterland will assist Auren in strengthening its collaboration with our other accountancy partnerships across Northern Europe.”
The completion of the transaction is subject to approval by the Spanish National Commission on Markets and Competition (CNMC).

About Auren
Auren, a leading global firm of Spanish origin, has been specializing in legal advisory, audit, consulting, and corporate finance services for over 25 years. With a human-centric culture that prioritizes the well-being of its teams and stakeholders, Auren helps clients meet all their business needs.
The firm employs over 1,000 people across 15 offices in Spain and more than 2,500 globally, providing coverage in over 70 countries through its membership in ANTEA, the Alliance of Independent Firms, which has been spearheaded and managed by Auren since 2008. In the last fiscal year, Auren achieved €96.2 million in revenue in Spain, reflecting a 12.3% growth compared to the previous year.
For more information, please visit: www.auren.com

Press contacts:
Sandra Baraza – sandra.baraza@auren.es | +34 653 838 144
Laurence Van Doosselaere – vandoosselaere@waterland.be | +32 473 88 05 21

• Strengthens KingsRock’s growing corporate finance advisory and capital raising business; Increases robust pipeline of investment opportunities for BC Partners Credit
• Collaboration aims to capitalize on the rapidly growing $2.0 trillion private credit industry

KingsRock Advisors, LLC, the independent global advisory firm, and BC Partners Credit, the $8 billion credit arm of international investment firm BC Partners, today announced a non-exclusive strategic alliance, wherein BC Partners Credit will have the ability to co-invest up to $500 million in a robust pipeline of credit and special opportunity transactions originated and structured by KingsRock. Likewise, KingsRock will benefit from BC Partners’ deep expertise, resources and broad international network.

This collaboration aims to leverage their combined expertise to originate, structure, execute and invest in credit and hybrid capital opportunities. BC Partners offers KingsRock greater ability to lead, underwrite and co-invest in mandated private capital markets transactions, thus providing issuer clients an enhanced level of financing certainty and its wide investor base with stronger alignment of interest by co-investments.

“The private credit sector has seen tremendous growth and it will not slow down any time soon. By combining KingsRock’s global origination expertise and broad client mix with BC Partners’ strong capital base and extensive distribution networks, both firms are even better positioned to execute complex financing transactions with greater efficiency and volume. We look forward to partnering together on attractive credit and special situation opportunities” said Ted Goldthorpe, Head of BC Partners Credit.

“We are thrilled to announce our strategic alliance with BC Partners Credit,” said Håkan Wohlin, Founder & Managing Partner, and Louis Jaffe, Co-Founder & Managing Partner of KingsRock Advisors. “Having successfully collaborated on multiple high-profile projects across industries, we are building on a strong foundation. This will allow us to support our clients’ capital raising efforts, and wherever applicable take a lead in transactions with other investor partners, by also utilizing access to BC Partners Credit’s significant capital base and distribution reach. We look forward to working together to capitalize on new transaction opportunities.”

-ENDS-

About BC Partners Credit

BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

About KingsRock:

KingsRock Advisors, LLC headquartered at 900 Third Avenue, New York, NY 10022, is an independent global advisory firm, with securities offered by KingsRock Securities LLC, a FINRA member firm and SIPC, as well as KingsRock Advisors UK Ltd and KingsRock Advisors Europe AB, both wholly owned subsidiaries of KingsRock Advisors LLC.

Founded in 2020, KingsRock comprises a team of approximately 30 professionals who advise on a wide range of private capital markets transactions including debt, hybrid, equity and M&A covering structures from vanilla to highly structured. The team collectively has worked on thousands of transactions across various industry sectors worldwide. Clients include private equity and private credit firms, corporations, financial institutions, government-related entities, and institutional investors.

KingsRock Advisors offers the experience and global reach of a large firm, combined with the structural agility and creativity of a boutique. An independent advisory firm with a global network that provides objective strategic and financial advisory services, along with innovative capital solutions and special situations. The firms’ bankers excel in complex transactions and deliver swift results often where large banks and traditional sources of financing do not have the ability to engage. KingsRock operates across all major industry sectors and is supported by a global network of 115 independent Senior Advisors across 45 countries, who bring decades of deal making experience.

• CohnReznick is among the fastest-growing professional services firms in the U.S.
• The Apax Funds will partner with CohnReznick to drive growth and strengthen its position as a market leader.

CohnReznick LLP (“CohnReznick” or “the Firm”), one of the United States’ leading advisory, assurance, and tax firms, today announced a strategic growth investment from Funds advised by Apax Partners LLP (“Apax”). The transaction marks the first institutional investment in CohnReznick and is expected to help accelerate the Firm’s growth strategy to deliver best-in-class client solutions and create greater career opportunities for employees.

With over 5000 global employees and 350+ partners in 29 offices across the U.S., CohnReznick has a demonstrated track record of above-market organic growth, posting $1.12B in FY25 revenues owing to its deep pool of talented advisers, industry expertise, and extensive service offering. Today, the Firm serves as a trusted adviser to clients in a wide range of industries, including real estate, financial services and financial sponsors, private client services, consumer, manufacturing, renewable energy, and government advisory.

CohnReznick’s delivery of above-market organic growth has been driven by its deep pool of talented advisers and differentiated positioning in key sectors. The Firm holds a strong position in the competitive professional services market, offering a diverse range of services, maintaining industry-leading client satisfaction, and earning recognition as an employer of choice.

In partnership with Apax, CohnReznick intends to invest further in its talent and business to continue to drive growth. Apax will apply its operational expertise and deep experience in professional services to support CohnReznick in advancing its value creation plan, which includes expanding service lines, developing technology-centric client solutions, entering new markets, developing best-in-class talent and advancing its existing tech platform to drive further innovation and efficiency. Apax will also support the Firm in pursuing its targeted acquisitions strategy to further grow its client offering.

David Kessler, CEO of CohnReznick, said: “Our partnership with Apax is a milestone moment in CohnReznick’s history. We have consistently delivered strong growth and cemented our position in the mid-market, thanks to our best-in-class talent, industry expertise, and comprehensive service offerings. This strategic investment from the Apax Funds will help us continue on our growth trajectory, expanding our solutions and geographic presence to meet client needs while continuing to create exciting career growth for our people. We were impressed by the Apax team’s track record in the professional services sector and their experience in driving operational excellence in complex businesses like ours, while continuing to create a best-in-class experience for employees and clients.”

Ashish Karandikar, Partner at Apax Partners, said: “Over the past two years, we have built a strong relationship with the CohnReznick team and have been deeply impressed by the company’s culture, vision, and the consistent growth they have achieved. We are excited to partner with David and the firm’s leadership team to fuel the next phase of growth. Together, we aim to accelerate service line expansion, explore new geographic opportunities, and drive innovation. We look forward to what we are confident will be a highly successful and rewarding partnership.”

Following the closing of the transaction, CohnReznick will operate in an alternative practice structure: CohnReznick LLP, a licensed CPA firm, will provide attest services and Kelly O’Callaghan will serve as CEO — and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other non-attest services, led by David Kessler as CEO.

Apax was advised by Guggenheim Securities, LLC and CohnReznick was advised by William Blair & Company, LLC. Koltin Consulting Group served as an additional financial advisor to both Apax and CohnReznick.