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Hello {{first_name|friends}}, Wednesday delivered a packed slate spanning mega-fundraises, strategic platform combinations, and cross-border tuck-ins.
Vision Ridge Partners nearly doubled its prior fund with a $2.4 billion close for sustainable infrastructure. Province scooped up StoneTurn to build an integrated financial advisory powerhouse. iCapital moved to acquire Passthrough, tightening its grip on GP onboarding infrastructure. Sportsology Capital made its first MLB play with a minority stake in the Texas Rangers.
Financing activity stayed brisk as WhiteHorse Capital backed two deals, Wingspire deployed $45 million to a dental platform, and Winn.AI pulled in $18 million led by Insight Partners.
Platform M&A kept rolling with Kohlberg's Worldwide Clinical adding oncology specialist Catalyst, MPE Partners exiting MSHS & PPG to Wynnchurch-backed ISS, and a flurry of add-ons across transportation, insurance, and wealth management.
Let’s dive in to all of these and more.
Vision Ridge Partners
Sustainable Asset Fund IV
Vision Ridge Partners closed approximately $2.4 billion for Sustainable Asset Fund IV, nearly doubling its predecessor vehicle. SAF III raised $1.25 billion in 2021. The Seattle-based firm now manages roughly $5.6 billion in total AUM. Strong backing came from sovereign wealth funds, endowments, foundations, family offices, public pensions, and consultants. The fund targets energy, transportation, and agriculture sectors with a sustainability lens. Vision Ridge has already committed about 30% of the capital to investments including GSSG Chikuden (Japan battery storage), VEMO (Mexico clean mobility), and Pelican Energy TCI (Turks & Caicos utility). Founder and Managing Partner Reuben Munger and Founding Partner Justin Goerke continue leading the platform. Recent hires include PJ Jannuzzi as Head of Asset Management and Jeff Bishop as Operating Partner. The close follows a $700 million SAF Annex Fund in January 2023.
Province
StoneTurn
Province acquired StoneTurn, a global professional services firm specializing in disputes, investigations, and risk advisory. The deal creates an integrated financial advisory platform combining Province's restructuring and capital markets capabilities with StoneTurn's investigative and forensic expertise. The combined firm has more than 300 professionals across 19 offices on five continents. Province CEO Paul Huygens and StoneTurn Managing Partner Brad Wilson will lead the integrated business. Province is backed by Trivest, a partnership that began in 2024. StoneTurn was previously backed by MML Capital Partners. Jefferies served as exclusive buy-side advisor to Province; Clearsight Advisors advised StoneTurn. Founded in 2004, StoneTurn has advised more than 95% of the AmLaw 100 and over half the Fortune 100, working on 30-plus monitorships. Province, founded in 2008, has a track record of 500-plus restructurings representing $400 billion in debt restructured.
iCapital
Passthrough
iCapital entered into a definitive agreement to acquire Passthrough, a provider of investor onboarding solutions and financial compliance infrastructure for general partners. The acquisition expands iCapital's support across both private wealth and institutional LP channels. Together, the firms support 1,200 GPs and product providers. Chairman and CEO Lawrence Calcano leads iCapital, while Tim Flannery serves as CEO and Co-founder of Passthrough. iCapital has $1.13 trillion in assets serviced globally, including $295.9 billion in alternative platform assets, $251.4 billion in structured investments and annuities, and $589.4 billion in client assets reported. The platform serves 3,300-plus wealth management firms and 122,000-plus active financial professionals. Institutional flows into alternatives exceeded $1.30 trillion in 2025. New York-based Passthrough focuses on investor identity, subscription documents, and KYC/AML compliance.
Sportsology Capital Partners
Texas Rangers
Sportsology Capital Partners made a strategic minority investment in the Texas Rangers, marking the firm's inaugural MLB investment. The deal does not alter the club's existing structure or day-to-day operations. Founding Partner John Carroll leads SCP, a private investment firm focused exclusively on sports franchises and global sports platforms. Hogan Lovells served as legal counsel to SCP; Moelis & Company provided financial advisory services. SCP previously acquired a minority stake in the France SailGP Team alongside Ares and Kylian Mbappé. The firm targets minority investments with a patient capital approach.
WhiteHorse Capital
ELM Utility Services
WhiteHorse Capital provided a first lien credit facility to support Tiger Infrastructure Partners' acquisition of ELM Utility Services. ELM is a leading provider of utility locating and leak detection services for natural gas, electricity, communications, fiber optics, and water services across the southern, western, and central United States. Founded in 1998 and based in Illinois, ELM was already a WhiteHorse financing partner prior to the transaction. WhiteHorse serves as Administrative Agent. The facility provides upsized flexible capital for continued growth. Marc Blair, Senior Managing Director at Tiger Infrastructure, and Mario Shaffer, Managing Director at WhiteHorse Capital, led the transaction.
WhiteHorse Capital
CEA CAPA Education Abroad
WhiteHorse Capital provided a new senior secured credit facility to CEA CAPA Education Abroad, a leading provider of study abroad programs, international internships, and career development opportunities. Founded in 1997 and based in Phoenix, CEA CAPA is owned by Infinedi Partners. The financing supports refinancing and related fees and expenses. CEA CAPA offers programs in 92 cities across 37 countries in Europe, Latin America, and Australia. Carter Harned, Partner at Infinedi Partners, and Brian Goldman, Managing Director at WhiteHorse Capital, worked on the deal.
Wingspire Capital
Dental Services Organization
Wingspire Capital provided a $45 million senior secured credit facility to a leading dental services organization. The DSO partners with dental practices to provide centralized management and operational support. Proceeds will refinance existing debt, support ongoing operations, and fund organic growth and strategic acquisitions. Brian Scully, Managing Director at Wingspire Capital, led the transaction. Wingspire is a portfolio company of Blue Owl Capital Corporation.
Insight Partners
WINN.AI
WINN.AI raised $18 million in Series A funding led by Insight Partners. Co-investors include Mangusta Capital, S Capital, Moneta, Highsage, Alumni Ventures, Sarona Ventures, and OurCrowd. The Tel Aviv-based company provides a real-time revenue execution platform delivering live AI guidance during customer sales calls. Founded in 2022 and launched in June 2023, WINN.AI tripled ARR in 2025 and achieved 30X growth over the past two years with a 0% churn rate among enterprise customers. Key customers include Deel, Cyera, and Kaseya. CEO and Co-Founder Eldad Postan-Koren will use proceeds to expand in the U.S. market and continue product development. Pablo Dominguez, Operating Partner at Insight Partners, and Kevin Jiang, Managing Partner at Mangusta Capital, participated in the round.
Canadian Business Growth Fund
Appficiency
Canadian Business Growth Fund made a minority equity investment in Appficiency, a global IT consulting firm and software business delivering AI-powered enterprise digital transformation services. Founded in 2014 and based in Toronto, Appficiency provides implementation, optimization, integrations, managed services, and custom application development across Oracle NetSuite, Salesforce, Microsoft, and other platforms. The company serves clients across North America, the UK, Europe, and Asia Pacific. Its flagship product, AskCipher, is an AI-powered universal interface enabling natural-language, multi-system workflows. Appficiency was named Oracle NetSuite's 2025 Canadian Alliance Partner of the Year. Founder and CEO Johnny Than and Hai Tran-Viet, Co-Managing Partner at CBGF, led the transaction. CBGF is an evergreen fund with $545 million in capital commitments, investing $5 million to $20 million per deal. Proceeds will fuel growth, expand the service portfolio, launch new AI Enablement Consulting and Rapid Assessment offerings, support geographic expansion, and fund strategic acquisitions.
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MPE Partners - MPE Partners completed the sale of MSHS & Pacific Power Group to Industrial Service Solutions, a Wynnchurch Capital portfolio company. Fort Lauderdale-based MSHS & PPG provides MRO solutions for power generation, marine, and national security industries. The company was formed through the merger of MSHS and Pacific Power Group.
Kohlberg - Worldwide Clinical Trials, a Kohlberg portfolio company, entered into a definitive agreement to acquire Catalyst Clinical Research, a specialized oncology CRO backed by QHP Capital. The deal creates a leading oncology-focused CRO.
Sophos - Sophos acquired Arco Cyber, a UK-based cybersecurity assurance company, to launch Sophos CISO Advantage. The service will deliver strategic security leadership to organizations without dedicated CISOs. Fewer than 32,000 of 359 million organizations worldwide have a CISO. Arco Cyber validates security controls and helps organizations stay ahead of compliance requirements.
Carlson Private Capital Partners - Carlson Private Capital Partners announced two milestones: the firm made a new platform investment in AMAG Technology, a Hawthorne, California-based access control and security solutions provider, alongside co-investors Shore Rock Partners and BellTower Partners; and portfolio company Quantum Design acquired the Oxford NanoScience division from Oxford Instruments in January 2026, uniting two leaders in cryogenics with more than 100 years of combined experience.
Sun Capital Partners - Sun Capital Partners closed a single-asset continuation vehicle for Fletchers, a business services company.
Cerity Partners - Cerity Partners agreed to merge with Verus Investments, an institutional investment consulting firm serving clients with approximately $1.2 trillion in assets. Verus serves public, nonprofit, multi-employer, and corporate clients and brings four decades of strategic investment expertise.
Halo Partners - Halo Partners acquired W.O. Grubb, a Richmond, Virginia-based specialty equipment provider founded in 1962. Grubb has approximately 450 professionals across 13 strategically located branches in the Mid-Atlantic. The company provides specialty equipment, lifting, rigging, warehousing, logistics, and value-added engineering solutions to infrastructure, data center, industrial, and utility end markets.
Stellex Capital Management - W&B Service Company, a Stellex Capital Management portfolio company, acquired Sanders Trailer Service, a Kansas and Missouri-based semi-trailer dealership. The deal adds three new locations in Wichita and Garden City, Kansas, and Carthage, Missouri. Sanders specializes in grain hoppers, livestock, drop deck, low boy, and end dump trailers under brands including Timpte, Demco, East, and Muv-All. Dallas-based W&B Service Company was founded in 1952 and operates more than 20 full-service locations across Texas, Arkansas, Louisiana, Oklahoma, Illinois, and Ohio.
Novacap - Revau Advanced Underwriting, backed by Novacap since 2020, acquired Triad Oilfield Underwriters, a Houston-based MGA and wholesale insurance brokerage focused on oil and gas and marine risks. Triad is a Lloyd's of London coverholder with delegated underwriting authority. Founded in 2017, Triad expanded via a 2022 merger with Bayshore Underwriters. This marks Revau's 10th acquisition since partnering with Novacap and its third MGA acquisition in the United States.
Accord Financial - Accord Financial Corp. closed the sale of its 60% stake in BondIt Media Capital for gross proceeds of $8.9 million CAD ($6.6 million USD), consisting of $6.8 million CAD in cash and a $2.2 million CAD minority investment in the acquirer. The buyer is an unnamed New York-based media investment company. The sale is part of Accord's plan to divest non-core assets, refinance debt, and refocus on Canada. Cash proceeds were used to pay down the primary banking facility. Accord originally invested in BondIt in 2017.
Private equity firms are scoring significant profits by flipping natural gas power plants to electricity producers scrambling to meet AI-driven power demand. Energy Capital Partners paid $2.3 billion in 2025 to acquire gas and coal generation assets from a Blackstone and ArcLight Capital Partners joint venture.
Gas-fired power plants have shifted from unloved bets to a hot trade as the AI data center boom creates unprecedented electricity demand. The trend positions PE firms at the center of the infrastructure buildout required to power the next generation of artificial intelligence applications.
Renovus Capital Partners - Renovus Capital Partners appointed Niklas Kuhlmann as Director of Investor Relations and Capital Formation, EMEA. Based in Frankfurt, Germany, Kuhlmann brings more than 10 years of experience in private markets fundraising and institutional sales.
Carlson Private Capital Partners - Carlson announced that Jared Brown has joined as Managing Director from Norwest Equity Partners.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team