Presented by:
Hello {{first_name|friends}}, Friday 13th showed that private markets were anything but spooked with headlines across major mergers, infrastructure plays, and strategic growth capital.
Seismic and Highspot signed a definitive agreement to merge, creating a combined entity worth $6 billion. Patient Square Capital moved on specialty care manager Paradigm, marking OMERS Private Equity's exit. Antin Infrastructure Partners entered exclusive negotiations to acquire French leisure infrastructure operator Belambra via its Mid Cap Fund I. Partners Capital closed its largest co-investment fund to date—over $1 billion for Merlin IV. Sixth Street-backed Enstar acquired AF Group from Blue Cross Blue Shield of Michigan, expanding its workers' comp footprint.
Platform add-ons stayed active as Bain Capital Real Estate and BlueWater Marinas picked up their fifth marina, while Stone-Goff's Spotlight grabbed Captivate Collective.
Let’s dive into it.
Permira, JMI Equity
Seismic and Highspot
Seismic and Highspot signed a definitive agreement to merge, creating a combined entity worth $6 billion. Permira, which has invested in Seismic since 2020, will remain the controlling shareholder. The combined company will operate as Seismic under CEO Rob Tarkoff. Robert Wahbe, Founder and CEO of Highspot, joins the board.
The transaction brings together two leading enablement platforms with a shared vision to reimagine revenue team performance amid complex GTM challenges. Highspot is one of Seattle's most prominent enterprise software companies and employs more than 1,000 people. Seismic is headquartered in San Diego with offices across North America, Europe, Asia and Australia. The combined organization plans to invest in AI-powered capabilities to help revenue teams improve productivity and execution.
Patient Square Capital
Paradigm
Patient Square Capital is acquiring Paradigm, a specialty care management organization focused on complex injuries and diagnoses. The transaction was announced February 12, 2026 and is expected to close in the first half of 2026. Paradigm has operated for nearly 35 years as a pioneer in value-based care, serving workers' compensation and healthcare markets.
The Walnut Creek, California-based company provides risk-based clinical solutions, case management, specialty networks, and payment integrity programs. The investment reflects Patient Square's long-standing relationship with Paradigm's leadership. Patient Square sees opportunity to extend Paradigm's proven model in workers' comp and accelerate impact across the broader healthcare landscape. John S. Watts, Jr. continues as CEO. The transaction marks the successful conclusion of Paradigm's partnership with OMERS Private Equity.
Antin Infrastructure Partners
Belambra
Antin Infrastructure Partners has entered into exclusive negotiations to acquire Belambra, a French leader in leisure infrastructure that owns and operates a diverse portfolio of holiday clubs.
The investment is made by Antin's Mid Cap Fund I. Founded in 1959, Belambra's holiday clubs benefit from large infrastructure and common areas, and provide a full-service offering including accommodation, food, activities and sports. The company highlights many strong and appealing infrastructure features that Antin seeks in its Mid Cap strategy, including a high-quality portfolio that is difficult to replicate due to the scarcity of such prime site locations. Belambra benefits from a leading position in a steadily growing market.
TA Associates
Volue
TA Associates joined as a new strategic investor in Volue, a global leader in electrification and energy technology, alongside existing shareholders Advent International, Generation Investment Management, and Arendals Fossekompani. This is a minority growth investment.
Volue is headquartered in Oslo, Norway and operates globally with more than 750 employees serving over 2,500 customers in more than 40 countries. The company provides integrated technology solutions for power trading and generation, grid optimization, and energy market intelligence. Over the past 18 months, Volue has undergone a strategic transformation to sharpen its focus on the energy sector, divesting non-core activities and investing in R&D innovation and strategic acquisitions. The company has developed an AI-driven integrated intelligence platform designed to support evolving energy market needs. Stephan Sieber joined as CEO on January 1st. TA's investment represents conviction in Volue's position at the center of the energy transition.
Partners Capital
Merlin IV Co-Investment Fund
Partners Capital closed its largest co-investment fund to date—over $1 billion in commitments for Merlin IV. The Merlin co-investment platform invests alongside high-conviction private equity managers as an aligned equity partner in single-asset transactions.
The strategy focuses on lower-middle-market and middle-market buyouts, where PE firms need reliable equity commitments under compressed timelines. Merlin IV typically invests $25 million to over $100 million per transaction. The fund includes commitments from global family offices and institutional investors across North America, Europe, Asia, and Africa. First launched in 2019, Merlin IV is the fourth fund raised within the platform and the largest to date. Since launch, the platform has deployed over $2 billion across more than 60 transactions.
Cohen & Company
Columbus Circle Capital Corp II
Columbus Circle Capital Corp. II completed a $230 million initial public offering on February 12, 2026, with units beginning trading on the Nasdaq Global Market on February 11, 2026, under ticker symbol "CMIIU". The offering consisted of 23 million units priced at $10 each.
Columbus Circle Capital II is a blank check company (SPAC) formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination. The SPAC plans to target attractive and undervalued opportunities in private and public markets across the EMEA and LatAm regions, focusing on AI and digital infrastructure, sports, media and entertainment, healthcare, energy transition, mining industries, and cryptocurrency. Columbus Circle Capital II is led by CEO and Chairman Gary Quin, who currently serves as Vice Chairman of Cohen & Company Capital Markets.
From our Sponsor:
The top PE firms are already using AI to move faster on diligence — but not ChatGPT. They're using Brightwave.
Brightwave is the AI research platform built specifically for investment professionals. Upload a data room, ask a question, and get sourced answers with
citations linked to the exact page and paragraph — no hallucinations, no guesswork.
What makes it different:
Process hundreds of documents in minutes, not days
Generate Excel models with live formulas — not static tables
Every insight traces back to the source, so your IC memo stands on solid ground
Firms using Brightwave are saving 8–12 hours per deal in diligence and completing tasks in a fraction of the time. One principal called it "a force multiplier that adds a useful second set of eyes."
Backed by investors including OMERS and OpenAI angels.
Get started with t bespoke demo →
Sixth Street, Enstar - Enstar Group acquired AF Group from Blue Cross Blue Shield of Michigan. Lansing, Michigan-based AF Group recorded about $3.3 billion in gross written premium in 2025 and reported net income of $184.8 million in 2024, a 67% increase from 2023. AF Group will operate largely as a standalone company under its current leadership, with President and CEO Lisa Corless continuing in her role. The purchase is expected to close in the second half of 2026. This represents Enstar's first major acquisition since Sixth Street acquired Enstar itself in a $5.1 billion deal in 2024.
CVC DIF - CVC DIF agreed to sell American Roads to John Laing Group. American Roads is a transportation infrastructure platform that owns and operates toll road infrastructure in the United States, including three bridges in Alabama with perpetual operating rights and the concession-lease for the American-side of the Detroit–Windsor Tunnel. The assets serve approximately seven million trips annually. CVC DIF acquired American Roads in 2018 via its DIF Infrastructure V fund.
Bain Capital Real Estate, BlueWater Marinas - BlueWater Marinas, backed by Bain Capital Real Estate, has acquired Bayside Marine, a family-owned, full-service marina in Duxbury, Mass., expanding the joint venture's Northeast footprint. This marks the fifth marina acquired by Bain Capital and BlueWater as part of their joint venture. Bayside Marine operates as a one-stop destination for boating needs, offering storage, service, and boat sales.
Stone-Goff Partners - Stone-Goff Partners' portfolio company Spotlight AR, LLC acquired Captivate Collective, a customer marketing and advocacy consultancy, on February 13, 2026. This marks Spotlight's first strategic add-on investment. The acquisition advances Spotlight's long-term strategy to expand its capabilities for B2B organizations navigating an increasingly complex buyer journey. Together, the companies create what they describe as the market's first end-to-end Influence Orchestration capability, uniting analyst relations, customer advocacy, and emerging AI-driven discovery into a single platform. Rick Nash, CEO and co-founder of Spotlight, continues leading the combined entity.
Ampersand Capital Partners - Ampersand Capital Partners has been named one of GrowthCap's Top Growth Equity Firms of 2025. GrowthCap evaluated several hundred firms across a broad set of criteria, including sector specialization, analytical rigor, operational capabilities, leadership depth, talent retention, professional networks, and overall firm reputation. Award recipients were selected for their ability to identify genuine momentum, support companies at critical stages of scale, and serve as trusted long-term partners to founders, management teams, and investors.
|
Share Private Markets Minute Know a colleague who should be reading this? Send them your link.
Your referrals: {{rp_num_referrals}} |
That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team