NEW YORK – December 11, 2025 – Today, Blackstone Credit & Insurance (“BXCI”) announced a forward flow origination partnership with Harvest Commercial Capital, LLC (“Harvest”), a leader in small business lending, to acquire business loans secured by first lien mortgages on owner-occupied commercial real estate. Under the terms of the partnership, BXCI has purchased an initial portfolio of loans and established a forward flow program for a total of $1 billion in loans.

Under the long-term partnership, BXCI will acquire small business loans from Harvest, including both SBA 504 and non-SBA conventional loans, providing permanent capital to expand lending to small businesses across the United States.

“We are excited to expand our asset-based credit platform by partnering with Harvest to bring much needed financing solutions to many small businesses, secured by their real estate assets,” said Aneek Mamik and Nick Menzies, Senior Managing Directors at Blackstone Credit & Insurance. “We believe their multifaceted approach to underwriting and comprehensive underlying collateral package creates a differentiated and attractive lending program.”

“Blackstone’s scale and expertise make them an ideal partner, and their commitment to Harvest validates the strength of our franchise and the critical role we play in serving America’s small businesses,” said Jason Raefski, Chief Financial Officer of Harvest Commercial Capital. “This capital relationship allows us to significantly expand our lending capabilities while maintaining our disciplined underwriting standards.”

Harvest will continue to operate independently, maintaining its specialized expertise in SBA 504 and conventional small balance commercial loans while benefitting from Blackstone’s platform and scaled insurance capital base.

BXCI’s Infrastructure and Asset Based Credit group manages over $100 billion and has over 80 investment professionals, as of September 30, 2025. The platform is focused on providing investment grade credit, non-investment grade credit, and structured investments across the real economy in sectors such as physical assets and infrastructure, commercial finance, fund finance, consumer finance, and residential loans.

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 Harvest Commercial Capital, LLC
Harvest Commercial Capital, LLC is a Delaware limited liability company that originates, owns, sells and services first-lien small balance commercial loans backed generally by multi-purpose commercial real estate. HCC originates conventional loans and first-lien loans pursuant to the U.S. Small Business Administration’s (“SBA”) 504 loan program. HCC is majority owned by an affiliate of Medalist Partners, LP, an SEC registered investment manager with approximately $2.3 billion of net assets under management as of September 2025, that invests predominantly in securitized credit and asset-based private credit strategies. HCC was founded in February 2016 and is based in Laguna Hills, CA.

Contacts
Blackstone
David Vitek
David.Vitek@blackstone.com
(212) 583-5291

Harvest Commercial Capital
Adam Seery
Aseery@harvestcref.com

Carlyle AlpInvest structured credit secondary transaction and provided significant new capital to launch the fund

November 25, 2025 – Investec Alternative Investment Management (“IAIM”), a subsidiary of Investec Bank plc (“Investec”), and Carlyle AlpInvest, a leading global private markets manager, today announced the successful launch of Investec’s inaugural European senior debt fund, Investec Senior Debt Fund I (“SDF I”, the “fund”), a private credit fund with approximately €400m of investable capital managed by the Investec Direct Lending team.

SDF I was established through an innovative credit secondary transaction, led by Carlyle AlpInvest, comprised of a secondary purchase of high-quality performing loans from Investec’s balance sheet to form a seed portfolio. In addition, Carlyle AlpInvest provided significant new capital which is available alongside this portfolio to invest in new direct lending investments.

SDF I is a close-ended, Luxembourg-based special limited partnership focused on providing traditional senior secured loans for European private equity and corporate backed businesses between €3m-€50m EBITDA primarily based in the UK, Ireland, Benelux, and DACH regions. The strategy is focused on lending to high quality growth-orientated companies in the lower mid-market – a segment which remains underserved by banks and fund managers. It partners with management teams and their financial sponsors supporting their strategic ambitions, whether organic or inorganic, to drive business growth.

SDF I is managed by Investec’s Direct Lending team consisting of over 50 investment professionals all with extensive experience in growth capital, leveraged finance and direct lending in the UK and Europe. The team has more than 15 years’ experience sourcing and managing private debt assets and has invested over €10 billion in private debt across more than 350 transactions over that period. The team has a strong track record of credit selection and delivering premium risk adjusted returns combined with de minimus losses.

The launch of the fund complements the 2021 launch of the €250m Private Debt Fund I (“PDF I”) – focused on stretched senior and unitranche direct lending solutions – and PDF II which is forecast to have its final close in January, with a target of €500m.

Investec intends to significantly expand its alternative investment activities across the private credit spectrum providing investors access to its significant sourcing capabilities. In addition to Direct Lending, Investec’s private credit activities include Fund Solutions, Energy and Infrastructure, Aviation and Real Estate.

 Investec’s Head of Direct Lending and IAIM, Callum Bell commented:

“The launch of this senior loan fund marks an important milestone for our alternatives platform, and we are delighted to have partnered with Carlyle AlpInvest. It enables us to showcase the full breadth of the team’s sourcing and underwriting capabilities across the European private debt market.

“We are actively and strategically growing into new adjacencies to strengthen our platform and to offer investors access to tailored risk-reward profiles across our sourcing spectrum. This new fund represents an exciting step forward as we pursue our growth ambitions over the next five years.”

Carlyle AlpInvest’s Mike Hacker, Partner and Global Head of Portfolio Finance, commented:

“This transaction highlights the strong momentum within Investec’s direct lending franchise and the depth of its relationships with leading sponsors. AlpInvest has a long history of partnering with leading financial institutions to provide solutions as they scale and broaden their asset-management capabilities, and this collaboration with Investec is a natural extension of that strategy. Our involvement in establishing SDF I underscores our commitment to building differentiated partnerships with high-quality credit managers. We’re excited to support Investec as it expands its senior lending platform and to further strengthen AlpInvest’s position as a partner of choice for private credit managers.”

The transaction was advised by Ely Place Partners, with legal advice from Travers Smith and K&E representing Investec and Carlyle AlpInvest respectively.

Ends

For further information, please contact:

Charles Clarke charles.clarke@investec.com

+44 (0)750 394 0139

Kristen Ashton kristen.ashton@carlyle.com

+1 (646) 4774164

Nicholas Brown nicholas.brown@carlyle.com

+44 7471 037 002

Notes to editors

This press release is issued on behalf of Investec Bank plc. Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 172330. Registered in England and Wales (No. 489604). Registered office at 30 Gresham Street, London EC2V 7QP. Member of the London Stock Exchange.

About Investec

Investec Bank plc (‘IBP’) is the banking subsidiary of Investec plc. Investec plc is a FTSE-250 listed company which holds the majority of Investec Group’s non-Southern African businesses under a dual listed company structure. IBP partners with private, institutional and corporate clients, offering banking and investment services in the UK, Europe and US, Continental Europe, Channel Island, India, Switzerland and Ireland.

IBP also offers wealth management services through its strategic partnership with Rathbones Group. IBP has operated in the UK since 1992. 

As part of the Investec Group, IBP is a purpose-driven organisation, dedicated to its core purpose of creating enduring worth. This means we will always strive to create long-term value for all stakeholders and contribute meaningfully to people, communities and the planet. 

Further information can be found at www.investec.com.

About Carlyle AlpInvest

Carlyle AlpInvest is a leading global private equity investor with $102 billion of assets under management and more than 700 investors as of September 30, 2025. It has invested with over 370 private equity managers and committed over $111 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 290 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

Stonepeak-Plus INFRA1 Note expected to list on ASX on December 10, 2025 under the ticker code “SPPHA”

NEW YORK & SYDNEY – November 4, 2025 – Stonepeak (“Stonepeak” or the “Company”), a leading global alternative investment firm specializing in infrastructure and real assets, today announced its intention to launch Stonepeak-Plus INFRA1 (“Stonepeak-Plus INFRA1 Note” or the “Note”), an unsecured, deferrable, redeemable, floating rate infrastructure-backed debt security expected to be listed on the Australian Securities Exchange (“ASX”) on December 10, 2025 under the ticker code “SPPHA.”

The Stonepeak-Plus INFRA1 Note will provide Australian investors access to regular monthly income generated through a curated portfolio of high-quality infrastructure debt assets. Debt will be sourced predominantly from critical infrastructure assets in the transportation and logistics, energy and energy transition, digital, and social infrastructure sectors in Australia, New Zealand, and other markets. The Interest Rate applicable to Stonepeak-Plus INFRA1 Notes is a benchmark rate of BBSW (1 month) + a margin of 3.25% per annum which accrues on a monthly basis, and the Note will have a target repayment date six years after the issue date.

Stonepeak has already secured over A$300 million in cornerstone investments for the Note, reaching its target and reflecting strong initial demand.

“Infrastructure businesses have historically exhibited lower default rates compared to corporate debt, making infrastructure debt an especially powerful portfolio diversification tool for investors due to its stable and predictable nature. However, infrastructure debt has historically been a challenging asset class for investors to access at scale. The proposed launch of Stonepeak-Plus INFRA1 aims to solve this for Australian investors while giving them the opportunity to invest behind some of the most compelling tailwinds in infrastructure today,” said Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak, the largest independent infrastructure investor globally. “We look forward to leveraging Stonepeak’s extensive experience, deep sector specialization, and strong industry relationships to bring a quality, investment-grade portfolio of infrastructure debt assets to our investors.”

“We have long recognized the compelling opportunities in the credit space, and we are excited to be broadening access to the asset class through the launch of this Note,” said Stonepeak Co-President Jack Howell. “Since we began investing in infrastructure debt in 2018, we have continued to thoughtfully expand the Stonepeak Credit team and its offerings. The proposed launch of Stonepeak-Plus INFRA1 reflects another milestone, and builds on our success investing across the capital stack into world-class, critical infrastructure on behalf of our investors.”

Today, Stonepeak Credit includes nearly 30 investment professionals and over 85 investments in its portfolio, and manages approximately A$2.9 billion in assets. Notably, this year Stonepeak completed the acquisition of Boundary Street Capital, a leading specialist private credit investment manager focused on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. The launch of the Note also reflects the continued growth of Stonepeak+, Stonepeak’s dedicated wealth solutions platform.

E&P Capital, Westpac, Morgans, FIIG Securities, MST, and Shaw and Partners are serving as joint lead managers to Stonepeak, with Corrs Chambers Westgarth acting as legal adviser.

About Stonepeak Credit

Stonepeak Credit is the credit investing arm of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately A$121.1 billion (USD$79.9 billion) of assets under management. Stonepeak Credit targets credit investments across the transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure sectors that provide essential services with downside protection, high barriers to entry and visible, recurring revenue generation. It seeks to provide capital solutions that are flexible across the capital structure while generating cash yield through majority senior secured credit investments.

Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Contacts

Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

Important Notices

Stonepeak-Plus Infra Debt Limited (ACN 692 150 253) (Issuer) is the issuer of the unsecured, deferrable, redeemable, floating rate notes known as the Stonepeak-Plus INFRA1 Notes (Notes) which are intended to be quoted on the ASX. The Notes are redeemable by, and the interest is deferrable by, the Issuer. Unless otherwise specified, any information contained in this material is current as at the date of publication and has been prepared by the Issuer.

The offer of Notes is made by a prospectus (Prospectus) which is available, along with a target market determination (TMD), at stonepeakplus.com.au/INFRA-1. You must read the Prospectus before making a decision to acquire the Notes. It is important for you to consider the Prospectus and whether you are in the target market in the TMD in deciding whether to invest.  You will need to complete the application form accompanying the Prospectus. No cooling off rights apply to an investment the Notes.

The Issuer has appointed EQT Australia Pty Ltd (ACN 111 042 132) (Authorised Intermediary) as authorised intermediary to make offers to arrange for the issue of Notes under the prospectus, pursuant to section 911A(2)(b) of the Corporations Act 2001 (Cth). The Authorised Intermediary is an Australian financial services representative (number 1262369) of Equity Trustees Limited (ACN 004 031 298; AFSL 240975). Stonepeak-Plus Infra Debt Management Pty Ltd (ACN 691 462 067, authorised representative no. 001318081) (Manager) provides investment management and other services to the Issuer.

The Issuer is not licensed to provide financial product advice in relation to the Notes. The information provided is intended to be general in nature only. This material has been prepared without taking into account any person’s objectives, financial situation or needs.  Any person receiving the information in this material should consider the appropriateness of the information, in light of their own objectives, financial situation or needs before acting.

Past performance is not a reliable indicator of future performance. Investments in the Notes are subject to investment risk, including possible delays in payment and loss of interest or principal invested. The Notes and their performance are not guaranteed by any member of the Stonepeak Group or any other person. The Notes are not bank deposits.

The material has not been independently verified.  No reliance may be placed for any purpose on the material or its accuracy, fairness, correctness or completeness.  To the fullest extent permitted by law, the Issuer, the Manager, the Authorised Intermediary or any other member of the Stonepeak Group and their respective associates and employees shall have no liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise in connection with the information.

A minority part of the portfolio is expected to comprise other debt investments that are not infrastructure related, as explained in the Prospectus. The above AUM is as of June 2025 inclusive of subsequent committed capital. Certain of these investments have signed but are pending close, and there can be no assurance they will close or that if they close that it will be on the terms currently agreed. The AUM, employee and investment information relate to Stonepeak Group, and not the Issuer.

New York, NY – October 20, 2025 – AEA Private Debt, AEA Investors’ (“AEA”) private credit platform, and Carlyle AlpInvest, a leading global private equity investor, today announced the successful closing of an approximately $550 million credit continuation vehicle. The transaction was led by Carlyle AlpInvest, who is also providing additional capital to support new loans originated by AEA Private Debt.

The continuation vehicle was established to acquire a diversified, income-generating portfolio of first-lien senior secured loans from AEA Private Debt’s 2016 vintage direct lending fund – AEA Middle Market Debt Fund III – primarily consisting of loans to sponsor-backed U.S. middle market companies. Further enhancing long-term alignment between AEA Private Debt and its LPs, the vehicle provided existing investors with an attractive liquidity option or the opportunity to reinvest in a high-quality pool of private credit assets that will continue to be managed by a proven, deeply experienced team. Building on the existing relationship between Carlyle AlpInvest and AEA, the transaction also underscores Carlyle AlpInvest’s leadership in credit secondaries and validates AEA Private Debt’s differentiated origination and underwriting capabilities.

“This transaction underscores our commitment to delivering strong outcomes and innovative liquidity solutions for our investors,” said Alexandra Jung, Partner and Head of AEA Private Debt. “Our partnership with AlpInvest is a testament to our cycle-tested approach and reflects the strategic growth of AEA’s private debt business. With this continuation fund, we are further bolstering our ability to support leading middle market companies and sponsors while expanding the reach of the AEA Private Debt platform for the long term.”

“This transaction reflects the strength of AEA Private Debt’s portfolio and their partnerships with many of the best private equity sponsors. With significant overlap between AEA Private Debt’s relationships and Carlyle AlpInvest’s long history of investing alongside leading sponsors, this transaction highlights the strong alignment between our organizations,” said Mike Hacker, Partner and Global Head of Portfolio Finance, Carlyle AlpInvest. “We are proud to establish this partnership with AEA and support the continued growth of their private debt platform.”

“Carlyle AlpInvest has a long history of delivering innovative and LP-friendly solutions to GPs across private equity and private credit. The growth of our Secondaries & Portfolio Finance platform continues to strengthen our ability to build impactful and differentiated partnerships with credit managers like AEA Private Debt,” said Stefan Singer, Managing Director on Carlyle AlpInvest’s Portfolio Finance Team.

PJT Partners LP served as financial adviser on the transaction. Simpson Thacher & Bartlett LLP acted as legal counsel for AEA Private Debt. Ropes & Gray LLP acted as legal counsel for Carlyle AlpInvest. Wells Fargo provided certain financing for the transaction.

###

About AEA Investors
AEA Investors (“AEA”) was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives, and leaders, many of whom invest with AEA as active individual investors, join its portfolio company boards, or act in other advisory roles. Today, AEA’s over 120 investment professionals operate globally with offices in New York, Stamford, Jacksonville, San Francisco, London, Munich, and Shanghai. The firm manages funds that have approximately $18 billion of invested and committed capital including the leveraged buyouts of middle market and small business companies, growth equity, and private debt investments.

AEA Private Debt makes senior debt, unitranche, junior debt, and equity co-investments in leading middle market companies across a broad range of industries and end markets. AEA Private Debt’s team of experienced professionals partners with private equity firms, family offices, and entrepreneur-backed companies to provide financing solutions in support of leveraged buyouts, recapitalizations, add-on acquisitions, refinancings, and other similar capital needs. Since inception in 2005, AEA Private Debt has invested over $8.5 billion across more than 425 transactions.

For more information, visit www.aeainvestors.com.

About Carlyle AlpInvest
Carlyle AlpInvest is a leading global private equity investor with $97 billion of assets under management and more than 600 investors as of June 30, 2025. It has invested with over 380 private equity managers and committed over $100 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

Media Contacts

AEA Investors:
Kaitlin Bilby
+1 212-845-4307
Media@aeainvestors.com

Carlyle:
Kristen Ashton
+1 212-813-4763
Kristen.ashton@carlyle.com