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A hydraulics manufacturer with 50 years of aerospace and defense pedigree found a new home with a growth-oriented PE firm.
A UK-based AI cloud provider got folded into a $100B infrastructure buildout backed by one of the world's largest asset managers.
Gaming got its own dedicated agency deal. A parking app is about to become part of your Uber experience. Software growth equity had a strong week, with an $875M fund closing at its hard cap in six months.
A landfill RNG platform secured $85M in senior financing, a Philadelphia waterfront tower locked in $150M for construction, and a pair of energy specialists closed their second upstream credit fund.
Let's dive in.
Brookfield Asset Management
Ori Industries
Brookfield's $10B AI Infrastructure Fund (BAIIF) acquired UK-based Ori Industries, folding it into Radiant, the fund's operating platform targeting up to $100B in AI infrastructure.
Ori, founded in 2018, runs GPU-as-a-Service across 20+ data centers globally, with backing from Saudi Aramco's VC arm, Wa'ed Ventures. The deal gives Radiant a software and on-demand cloud layer to complement its compute buildout. Ori founder Mahdi Yahya becomes President of Radiant. One of BAIIF's first investments since launching in November 2025, the move signals Brookfield's intent to own the full AI infrastructure stack, not just the physical layer.
Arcline Investment Management
Hydraulics International, Inc.
Arcline Investment Management agreed to acquire Hydraulics International, Inc. (HII), a Chatsworth, California-based designer and manufacturer of mission-critical hydraulic, pneumatic, and electro-mechanical systems for aerospace, defense, and industrial applications.
Founded in 1976, HII serves U.S. and allied defense forces, prime contractors, and government agencies globally. Arcline, which manages $20B+ in AUM and focuses on building "Industrial Compounders," sees HII as a platform for continued investment in the defense supply chain. CEO Bahman Seifollahi stays on. RBC Capital Markets advised Arcline; Guggenheim Securities and Lazard advised HII.
Shamrock Capital
Mutiny
Shamrock Capital acquired Mutiny, a Los Angeles-based creative agency focused exclusively on gaming, from Trailer Park Group. Mutiny was incubated by Trailer Park in 2021 and built a reputation connecting publishers and brands with gaming audiences through player-first content, social strategy, and community engagement.
The deal comes from Shamrock's Clover Fund I, the firm's inaugural small-cap PE vehicle raised in 2024. Shamrock plans to grow Mutiny organically and through acquisitions. CEO Geordie Larratt-Smith continues. Willkie Farr & Gallagher advised Shamrock; Moelis & Company and Ropes & Gray advised Trailer Park Group.
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Updata Partners
Updata Partners VIII, L.P.
Updata Partners closed its eighth fund at $875M, hitting the hard cap in just six months. The D.C.-based growth equity firm targets capital-efficient B2B software companies outside Silicon Valley, writing $20M-$200M checks.
Fund VIII is the firm's largest, bringing total commitments to $3B+. GPs Carter Griffin and Jon Seeber cited AI as a tailwind for lightly capitalized, high-growth software formation. Gunderson Dettmer served as counsel; UBS Private Funds Group was placement agent.
Cutting Horse
Cutting Horse Fund I
Cutting Horse closed its debut fund at $75M, oversubscribed against a $50M target in under 12 months. The New York and Boston firm backs founder-led consumer businesses doing $1-$20M in revenue, writing $1-$10M minority checks.
Co-founders Michael Wystrach (Freshly, sold to Nestle for $1.5B) and Chris Protasewich (former Highland Capital) have already deployed into food & beverage, health & wellness, pet, and consumer services.
Breakwall Capital + Vitol
Valor Upstream Credit Partners II
Breakwall Capital and Vitol closed Valor Upstream Credit Partners II, their second energy credit fund together. Breakwall and Vitol (the global commodities trader with $331B in 2024 revenues) target structured credit in North American upstream oil and gas. Their first fund deployed $1B+ in just over two years. Fund size for VCP II was not disclosed.
Uber - Uber agreed to acquire SpotHero, the Chicago-based parking reservation app with 13,000+ garages across 400+ cities. Parking reservations will integrate directly into the Uber app; deal expected to close H1 2026.
Gemspring Capital / Morgan Stanley Capital Partners - Morgan Stanley Capital Partners acquired Security 101 from Gemspring, which backed the commercial security integrator since 2021. Security 101 runs 50+ locations across access control, video surveillance, and managed services. CEO Greg Daly stays on.
Brevet Capital - Brevet closed a $150M senior construction loan for Wharton Piers Building A, a 36-story mixed-use tower on Philadelphia's Delaware River waterfront with 620 apartments and 30,800 sq ft of retail.
Barings + Homestead Capital - Barings and Homestead Capital USA launched a $300M asset-based loan program targeting U.S. farmland credit. Homestead ($1.6B AUM) originates; Barings gains differentiated agricultural credit exposure for its ABF platform.
Power Sustainable Infrastructure Credit - PSIC closed $85M in senior secured financing for Sagepoint Energy, a vertically integrated RNG platform across landfill and dairy operations in Indiana. PSIC has now deployed into 9 North American investments.
Victor Capital - Victor Capital acquired Specialty Fenestration Group, a Houston-based platform of Quikserv (pass-through windows for food service and healthcare) and U.S. Bullet Proofing (high-security systems for government and military). CEO Jason Epps continues.
Kava Equity Partners - Kava Equity, the direct PE arm of the Southern Ute Indian Tribe Growth Fund, acquired The Berg Group, a Minnesota specialty contractor serving advanced manufacturing, data centers, and cleanrooms since 1967.
Kanbrick - Kanbrick took a minority stake in Depatie Fluid Power Group, a Nashville-area fluid power and automation distributor founded in 1956 with 12 U.S. locations. Second-generation owner Ryan Thomas stays as President.
Atlantic Street Capital - CampusWorks and Atlantic Street Capital-backed Dynamic Campus merged to create a scaled higher ed technology and transformation services provider. CEO Liz Murphy leads the combined entity.
Crestview Partners / OneMagnify - Crestview-backed OneMagnify acquired the performance marketing business of Optimal, adding audience data and campaign optimization across paid search, social, CTV, and programmatic.
Vistara Growth - Subject, an AI-powered K-12 education platform serving 1,000 schools across 360+ districts, raised $28M led by Vistara Growth. Kleiner Perkins returned.
Ambler Brook - Ambler Brook invested in Claimify, a tech-enabled disability insurance solutions provider, which will integrate with Tower MSA Partners to create a combined platform for self-insured enterprises and carriers.
Black Dragon Capital - Black Dragon Capital and Cornerstone League (600+ credit unions) announced a fintech innovation partnership. Cornerstone joins Black Dragon's FinTech LP Advisory Board.
Landmark Dividend - Landmark Dividend exited Vault Digital Infrastructure, a 7-facility, 75MW U.S. data center portfolio, to Igneo Infrastructure Partners. The JV included CVC DIF (49%) and Northleaf Capital Partners (49%).
Marble Capital - Doug Goff joined as Portfolio Manager leading Open-End Strategy. Goff spent 18+ years at Hines as Senior Managing Director of Investment Management, overseeing strategic separate accounts from London and Houston.
ATL Partners - Bob Biesterfeld joined as Senior Operating Executive. Biesterfeld was President and CEO of C.H. Robinson after 25+ years with the global logistics firm.
ARA Partners - James Chiu was promoted to Partner, leading the Ara Energy strategy across delivery and distribution, power, and biofuels. Prior roles include Pilot Travel Centers, Castleton Commodities, and Morgan Stanley.
Star Mountain Capital - Michael Karangelen joined as Managing Director and member of the Executive and Investment Committees. Karangelen was CEO of North America at Investindustrial (~$11B AUM) and previously co-founded Alakai Group.
PUR - Dr. Daniel Klier was appointed CEO of the Bregal Investments-backed Nature-based Solutions pioneer. Klier previously served as CEO of South Pole.
Aspen Standard Wealth - Kevin DiSano was named President. DiSano joins from Beacon Pointe (Chief Growth Officer) and brings 30+ years in financial services to Aspen's RIA acquisition platform.
Angeles Equity Partners - Eric Dunn joined as VP, Angeles Operations Group. Dunn spent nearly 10 years at BCG leading industrial operations and turnaround work, with earlier roles at GE Aerospace.
Genstar Capital - John Kufner joined the Strategic Advisory Board. Kufner brings 20+ years of supply chain and manufacturing leadership, including COO roles at Platinum Equity-backed Cook and Boardman and Blackstone-backed Noho Commerce.
The Raine Group - Anthony Kontoleon joined as Partner. Kontoleon spent 28 years at Credit Suisse as Global Head of ECM Syndicate and most recently was Partner and CEO of the Americas at Azura Partners.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team