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Aquiline is handing Relation Insurance — one of the country's largest independent brokers — to BayPine after a seven-year run that included 100+ acquisitions and 230,000 clients. Sixth Street backs Vestwell's $385M raise, a bet on retirement savings infrastructure. JLL Partners closes $1.4B for Fund IX, continuing its healthcare buyout playbook.
On the fundraising side: Battery Ventures is out with Fund XV, leaning hard into AI; Riverside closes RAC GL III; Carnelian backs Azul Resources II for another Haynesville Shale run; Monark pulls in $8.1M to build plumbing for private markets.
M&A is active too — RF Partners and Prairie Capital recapitalize NSG-Norel in fire & life safety, Incline Equity's W.S. Connelly adds Sigma Organics, Twain Capital and InterVest launch a bridge lending JV, Hilco Global bolsters its receivership practice, Hampton Bluff breaks away from UBS with $1.3B, and DealGround rolls out AI-powered CRE prospecting tools. Busy Wednesday.
Let’s dive into it.
Aquiline Capital Partners
Sale of Relation Insurance Services to BayPine
Aquiline is selling Relation Insurance Services to BayPine, wrapping up a seven-year hold on one of the most acquisitive insurance distribution platforms in the country.
Aquiline backed Relation in 2018; the firm completed more than 100 acquisitions and grew into a top-20 independent broker serving roughly 230,000 clients across commercial, personal, and employee benefits lines. BayPine — the Boston-based PE firm founded by former Goldman Sachs and Warburg Pincus veterans — takes the reins. Terms weren't disclosed. Relation CEO Joe Tatum and the leadership team are staying on.
From our Sponsor:
Sixth Street
Vestwell — $385M Raise
Sixth Street is leading a $385M funding round for Vestwell, the workplace savings infrastructure platform that powers retirement, emergency savings, and 529 plans for employers and financial institutions.
This is a big number for a company that's quietly become the rails underneath a lot of what you'd recognize as modern workplace benefits — Vestwell currently administers over $50 billion in assets across more than 400,000 employer plans. The round also includes participation from strategic investors. Vestwell CEO Aaron Schumm isn't pivoting the business; the capital goes toward expanding the platform's reach and product depth as the retirement savings market continues to consolidate around tech-enabled administrators.
JLL Partners
Fund IX — $1.4B Close
JLL Partners has closed Fund IX at $1.4 billion, hitting its target for the New York-based healthcare-focused buyout firm. JLL has been doing this for 35 years — middle-market healthcare services, pharma services, and specialty distribution — and Fund IX continues that playbook.
The firm has backed companies like Nuo Therapeutics, Kindred Biosciences, and a string of specialty pharma platforms over the years. Fund IX drew commitments from a mix of returning LPs and new institutional investors. No co-investment sidecar was announced, but JLL typically runs a tight portfolio of 8-12 companies per fund, so expect deliberate deployment over the next few years.
Battery Ventures
Fund XV — AI-Focused Venture
Battery Ventures is back in market with Fund XV, and the firm is making no secret of where it's pointing the capital: AI.
Battery has been one of the more consistent multi-stage tech investors over the past three decades, and Fund XV continues that tradition with a clear emphasis on enterprise software and AI-native companies. The thesis: the AI opportunity is best captured through companies building durable software businesses — not just model providers. Fund size hasn't been formally disclosed, but Battery's recent funds have ranged from $1.2B to $1.5B.
The Riverside Company
RAC GL III — Fund Close
The Riverside Company has closed RAC GL III, its third global lending fund focused on asset-backed credit to lower middle-market companies.
RAC GL III continues the firm's strategy of offering senior secured loans to businesses that are often too small or complex for traditional bank financing, targeting companies with $5M–$50M in EBITDA across North America and Europe. Riverside didn't disclose the final fund size, but the series has grown with each vintage. A natural complement to the firm's buyout activity — Riverside often co-invests credit and equity in the same companies.
Carnelian Energy Capital
Azul Resources II — Capital Commitment
Carnelian Energy Capital has committed to Azul Resources II, a Haynesville Shale-focused natural gas E&P company.
Azul II follows Azul Resources I, which Carnelian also backed and which built a meaningful position in the Haynesville before being sold. The basin in East Texas and Northwest Louisiana has become one of the most active natural gas plays in the US, with proximity to Gulf Coast LNG export terminals making it a strategic asset as global LNG demand grows. Azul II is led by the same management team that ran Azul I.
Monark
$8.1M Strategic Funding Round
Monark has raised $8.1M to build "standard rails" for private markets — infrastructure to make it easier for GPs, LPs, and fund administrators to move data and execute transactions across the fragmented alternatives ecosystem.
Think of it as the plumbing layer the industry has been missing. The round was led by strategic investors with direct exposure to the problem. Private markets infrastructure is having a moment — between Vestwell's $385M raise today and Monark's seed-stage bet, capital is clearly flowing toward the picks-and-shovels plays in alternatives.
RF Partners & Prairie Capital — NSG-Norel: RF Partners and Prairie Capital have recapitalized NSG-Norel, a fire and life safety services platform. NSG-Norel provides inspection, testing, and maintenance services for fire suppression, alarm, and emergency systems — a fragmented market ripe for roll-up. The platform is positioned for add-on acquisitions in a sector where regulatory compliance drives recurring revenue.
Incline Equity Partners — W.S. Connelly (Sigma Organics Add-On): Incline Equity's W.S. Connelly has added Sigma Organics to its portfolio. Sigma Organics brings organic soil amendment and turf nutrition products to the platform, expanding W.S. Connelly's service offering beyond maintenance into inputs.
Twain Capital & InterVest Capital — Bridge Lending JV: Twain Capital and InterVest Capital have announced a JV to scale Twain's bridge lending platform. The JV combines Twain's origination capabilities with InterVest's balance sheet and credit expertise to accelerate deployment in the CRE bridge loan market.
Hilco Global — Fiduciary Services Expansion: Hilco Global has hired a senior executive to expand its fiduciary services platform covering receivership, bankruptcy, and distressed asset management. The hire signals Hilco's intent to grow its court-appointed services business as restructuring activity picks up.
Hampton Bluff Capital Partners — Atlanta RIA Launch: Hampton Bluff has launched as an independent RIA in Atlanta, breaking away from UBS with approximately $1.3 billion in client assets. The firm targets ultra-high-net-worth clients and family offices in the Southeast.
DealGround — AI-Powered CRE Prospecting: DealGround has launched an AI-powered prospecting platform for commercial real estate brokers, claiming up to 50x ROI by converting prospecting activity into closed deals. The platform uses property data and market signals to identify off-market opportunities.
Strattam Capital — Chris Hartigan named CEO of MHC, a Strattam portfolio company providing CCM and AP automation software. Hartigan joins from Quadient, where he led the global software business through a period of significant growth across CCM and AP automation — the exact markets MHC is doubling down on.
Sunstone Partners — Jason Wojahn appointed as Operating Advisor. Wojahn is the co-founder and former CEO of Thirdera, a prior Sunstone portfolio company acquired by Cognizant in January 2024. He previously held senior roles at Cognizant, Accenture, Cloud Sherpas, and IBM Global Services. He'll work with Sunstone's Portfolio Operations Group to support founders and CEOs across the portfolio.
AEA Investors (AEA Elevate) — Preston Hayes joins as Head of Portfolio M&A and Capital Markets, bringing experience from Ares Management's Private Equity Group and Penn Hill Capital. Kirk Goodman joins as Head of Portfolio Go-To-Market, with a background in commercial leadership at high-growth healthcare and business services companies and prior advisory work at Boston Consulting Group. Both appointments build out AEA Elevate's operating bench as the firm scales its professional services-focused growth buyout strategy.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team