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Two major fund closes landed today, one of them blowing past its target by more than a billion dollars in under a year. A Calgary firm wrapped up a nearly decade-long hold on an energy software business, with Carlyle stepping in to provide the exit.
On the investment side, a Berlin-based hydrogen startup pulled in a double-digit million-euro round from a trio of European backers, and a physician-founded food brand got its first institutional partner. Milan's Grade-A office market attracted an €85M refinancing from a U.S. credit giant.
Eight platform acquisitions rounded out the day, spanning aerospace, automation, marine manufacturing, and government services.
Let's dive in.
Calderion / WenCo / Terravent
Graforce GmbH
Three European backers, Paris-based Calderion (via its Next Generation Fuels fund), infrastructure developer Terravent, and Oldenburg family office Wen.Co.Invest, have funded Berlin's Graforce GmbH in a double-digit million-euro round.
Graforce's "plasmalysis" technology converts methane, biogas, flare gas, and landfill gas into CO2-free hydrogen and syngas. When biogenic feedstocks are used, the process achieves a negative carbon footprint. The modular, decentralized production model targets steel, chemical, and transportation industries. CEO Dr. Jens Hanke leads the company.
PSG Equity
Guidde
PSG Equity led a $50M oversubscribed Series B in Guidde, a Tel Aviv-based AI digital adoption platform. Co-investors include monday.com, Norwest, Entree Capital, Qualcomm Ventures, and Inkberry Ventures. Guidde serves 4,500+ enterprise customers, including Anheuser-Busch, Bayer, and Nasdaq, with 3x annual revenue growth for three straight years and 90%+ retention.
The platform observes how employees work, then builds workflow maps to train both human staff and AI agents on enterprise software. CEO Yoav Einav co-founded the company in 2020.
Contour Ridge
Just Date
San Antonio-based Contour Ridge, a lower-middle-market PE firm focused on founder-led CPG, tech, and healthcare businesses, has partnered with Just Date, a San Francisco-based organic food brand. Just Date makes date-sweetened syrups, sugars, and chocolate chips with a low glycemic index. Founder and CEO Dr. Sylvie Charles Royston is a physician-entrepreneur who built the brand on clean-ingredient principles. The company cited explosive growth over the past year. Deal size was not disclosed.
TriWest Capital Partners
Peloton Computer Enterprises
TriWest Capital Partners sold its interest in Peloton Computer Enterprises after roughly nine years, with Carlyle Group leading the recapitalization and providing liquidity to TriWest, Silver Lake, and HarbourVest. Peloton is a global energy SaaS company serving 600+ clients with well data lifecycle, production data lifecycle, and land data management solutions. It was TriWest's first SaaS investment. Glen Gray, CEO and Co-Founder, continues leading the business. TriWest has raised C$1.7B+ across seven funds.
From our Sponsor:
Ascend Capital Partners
Fund II, L.P. - $791M Final Close
Ascend Capital Partners closed Fund II at $791M, clearing its $700M target. The fund focuses on physician and provider services, value-based care enablement, and healthcare IT for underserved populations. Managing Partners In Seon Hwang and Dr. Richard Park led the raise. Fund I closed at its $570M hard cap in December 2021 and is fully deployed across eight investments. Active Fund II investments include Seoul Medical Group and Unison Therapy Services. Kirkland & Ellis handled legal; William Blair was exclusive placement agent.
Novacap
Tech Fund VII - $3.8B Final Close
Novacap closed Tech Fund VII at nearly $3.8B, surpassing its $2.75B target by more than $1B in under a year. The Montreal-based firm ($12B+ AUM, founded 1981) focuses on profitable North American B2B software and technology-enabled services. The fund's track record spans 29 platform investments, 95+ acquisitions, and 16 full realizations. Recent exits include IAS ($1.9B privatization) and Eddyfi Technologies ($1.45B sale). UBS placed the fund; Willkie Farr and Davies Ward handled counsel.
Sagard Real Estate
11102 NW South River Drive, Miami
Sagard Real Estate ($5.2B AUM) acquired a 186,731 sq ft Class A light manufacturing facility in Miami's Medley submarket. SeaVee Boats signed a long-term lease at closing. Built in 2019 on nine acres, the property features 27-ft clear heights, heavy three-phase power, ESFR sprinklers, and conditioned warehouse space. Direct frontage on Okeechobee Road provides immediate access to the Florida Turnpike and Palmetto Expressway. Joel Kattan and Anthony Peragine of SVN Commercial Realty advised.
H.I.G. WhiteHorse Finance
Viabus B.V.
H.I.G. WhiteHorse, the publicly traded BDC and credit affiliate of H.I.G. Capital ($74B AUM), provided first-lien, senior-secured financing to support Armira's acquisition of Viabus B.V. Armira is an entrepreneur-led, family-backed firm with $5.8B AUM and 30+ platform investments. Viabus is the largest senior travel provider in the Netherlands, operating brands including Bolderman, Effeweg, Destimundo, Diogenes Groups & Incentive Travel, and Van Nood Reizen. Asset-light model, loyal customer base.
Summit Park - Michelli acquired Greenville Scale Company (Taylors, SC), a 90+ year-old provider of scale sales, service, and calibration across SC, NC, and GA. Expands Michelli's Southeast footprint as the firm builds toward a nationwide measurement organization. Generational Group advised the seller. Closed February 9, 2026.
Renovus Capital - Definian acquired Michigan's Incite Analytics, a 16-year-old data analytics consultancy with deep automotive and mobility expertise. Incite Founder Matt Griffin joins as SVP of Insights & AI; co-owner Rita Brasler becomes Insights Practice Lead. Definian's third acquisition since 2023.
Wynnchurch Capital - Wynnchurch ($8.6B AUM) agreed to acquire Arcosa Marine Products from NYSE-listed Arcosa, Inc. in a corporate carve-out. Arcosa Marine manufactures hopper barges, tank barges, and marine components across six facilities, serving agricultural, aggregate, and petroleum shippers on the Mississippi and Ohio River systems. Subject to regulatory approval.
Frontenac - DSN acquired MVD Express, adding 14 locations across New Mexico and Montana. MVD Express serves 300,000+ customers annually with licensing, Real ID, title, and registration services. Founder Janice Lucero retires. DSN now operates in nine states with nearly 1,000 employees.
Charlesbank - Velocity One acquired Kaney Aerospace (Rockford, IL), a specialist in electromechanical actuation, motion control, and advanced power solutions for aerospace and medical applications. Kaney holds FAA Part 145 and EASA certifications and is gaining traction in Advanced Air Mobility. Velocity One's fourth portfolio company since 2022.
Monroe Capital / First Reserve - Monroe Capital served as lead left on a senior credit facility supporting First Reserve's acquisition of WGI Inc., a West Palm Beach-based multidisciplinary consulting firm with 23 offices nationwide. WGI covers transportation, environmental, geospatial, and subsurface utility engineering services. Closed today.
Fusion Capital Partners - Tavoron acquired Doig Corporation (Cedarburg, WI; founded 1956), a distributor of factory and industrial automation products covering motion control, robotics, sensors, and pneumatics. Third acquisition of 2026 for Tavoron, which now spans 12 companies and roughly 500 employees across the U.S. and Canada.
Genstar Capital - Docupace acquired InvestEdge and its ComplianceEdge platform, which monitors 750,000+ investor accounts representing $3.5T+ in assets across 100+ financial institutions, including 10 of the 50 largest U.S. banks. Brian Filanowski takes over as CEO effective today; David Knoch steps down. Jeffrey Cowley remains President of InvestEdge.
Hidden Harbor Capital Partners is publicly signaling its next vertical. The lower-middle-market consolidator, which has built scaled platforms across HVAC, fire life safety, pump and motor, and exterior services, is now hunting for a platform in generator and standby power services.
Target criteria: $5M-$50M EBITDA, generator and standby power installation and service businesses (including electrical contractors with meaningful generator revenue), residential and commercial end markets, United States only. Reach out to [email protected].
Docupace - Brian Filanowski appointed as CEO, effective February 25, 2026. Filanowski brings 30+ years of financial data and analytics experience, including stints as GM of Finance Risk & Capital Markets at Dun & Bradstreet, President of Fitch Solutions, and earlier roles at Bloomberg and Thomson Reuters/Refinitiv. He succeeds David Knoch.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team