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Healthcare infrastructure is having a moment. A major alternative asset manager just doubled down on home health with a strategic partnership designed to keep high-acuity patients out of hospitals, while simultaneously launching a systematic credit strategy with $5.5 billion in fresh firepower.
Elsewhere, a $391 million multifamily loan portfolio changed hands, precision machining capacity expanded into Silicon Valley, and temporary accommodation platforms went shopping across two continents.
The market is moving.
Let's dive in.
Ares & DaVita
Elara Caring Investment
Ares' Private Equity Group and DaVita announced a strategic investment in Elara Caring, a leading national provider of skilled home health, hospice, behavioral health, and personal care services. The investment will support Elara's expansion of personalized, clinically advanced care at home for patients with complex and acute needs.
Elara will continue to operate independently under CEO Ananth Mohan. As part of the partnership, DaVita and Elara intend to co-develop a kidney-specific home-based care model to reduce preventable hospitalizations and lower total cost of care. The closing is expected later in 2026, subject to regulatory approvals. Terms were not disclosed.
Nautic Partners
KabaFusion Investment
Nautic Partners completed its growth investment in KabaFusion, a nationally recognized leader in home and alternative site infusion. Founded in 2010 by CEO Dr. Sohail Masood, KabaFusion is licensed to serve patients in 45 states through 33 infusion pharmacies and 21 ambulatory infusion suites.
The company's clinician-led management team remains significant investors and will continue to lead the business, while Novo Holdings exited its successful investment. The partnership will enable KabaFusion to accelerate and expand its mission to serve patients nationwide with high-quality home infusion services.
AEA Investors
Magna5 Investment
AEA Investors' Small Business Private Equity team announced a majority investment in Magna5, a leading provider of managed IT, cybersecurity, and cloud-based services to SMB and mid-market businesses across the U.S. The company serves more than 1,700 customers across healthcare, financial services, manufacturing, legal services, construction, education, and other regulated sectors.
Headquartered in Canonsburg, Pennsylvania, Magna5 will continue to be led by CEO Bob Farina and its existing leadership team. Terms were not disclosed.
Ares Management
Systematic Credit Strategy Launch
Ares Management completed its acquisition of BlueCove Limited, a London-based systematic fixed-income manager. The integrated business will operate as Ares Systematic Credit, the latest strategy within the Ares Credit Group.
Led by Alex Khein, most recently CEO of BlueCove, the team comprises approximately 60 experienced professionals primarily based in London. Ares Systematic Credit offers systematic fixed-income strategies across high-yield, investment grade corporates, convertible bonds, and other liquid credit instruments. Inclusive of BlueCove's approximately $5.5 billion of AUM, the Ares Credit Group managed $397 billion of assets as of September 30, 2025.
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Vistara Growth exits Algo – Vistara Growth announced its successful exit from Algo, a Michigan-based supply chain planning solutions provider, following Algo's acquisition of Demand Driven Technologies in December 2025. Vistara partnered with Algo in December 2023, providing growth capital to support the acquisition and integration of Australia-based V-Net Solutions. The transaction marks the first exit from Vistara Growth's Fund V and highlights a core use case of the firm's growth capital solutions: acquisition financing.
Avista's GCM acquires Kettmann Machining – GCM, an Avista Healthcare Partners portfolio company, acquired Kettmann Machining, Inc., a leading manufacturer of precision-machined plastic and metal parts to the MedTech industry. Founded by Larry Kettmann in 1983, the company brings more than 40 years of MedTech manufacturing experience. The acquisition adds a modern, 40,000-square-foot facility in San Jose, CA, expanding GCM's capacity and manufacturing capabilities. The deal represents GCM's second acquisition since Avista's initial investment, following the acquisition of Precision Swiss Products in December 2024. Terms were not disclosed.
BCP completes Gray Surety sale – BCP completed the sale of The Gray Casualty & Surety Company to Palomar Holdings, Inc. (NASDAQ: PLMR). BCP made a significant investment in Gray Surety in 2021. The Treasury-listed surety carrier specializes in contract bonds for midsized and emerging contractors across the United States and is licensed in all 50 states. Gray Surety is one of three exits BCP announced in the second half of 2025, including the sale of Brown & Root Industrial Services, which closed in October, and United Utility, which is expected to close in Q1 2026.
SK Capital's PPT Group completes Valtris acquisition – SK Capital portfolio company Physical Properties Testers Group Limited completed the acquisition of Valtris Specialty Chemicals. The transaction creates a combined specialty chemicals platform with enhanced capabilities across testing and chemical manufacturing. Terms were not disclosed.
SCF's Centurion Group expands globally – Centurion Group, backed by SCF Partners, announced two strategic acquisitions: Kabin Hire in the UK and Rapid Camps in Australia. Kabin Hire is a specialist provider of welfare and portable accommodation to the construction, groundworks, water, and utilities sectors in Wales. Rapid Camps, headquartered in Fremantle, Western Australia, delivers temporary turnkey accommodation infrastructure for remote projects. Centurion also increased its credit facility by $52 million USD to $125 million, with additional credit provided by ATB Financial, HSBC, The Royal Bank of Scotland, The Toronto-Dominion Bank, Wells Fargo Bank, and Virgin Money.
BC Partners Real Estate team joins Proprium – Proprium Capital Partners announced an expansion of its European footprint, bringing in a 17-strong team from BC Partners Real Estate as part of a strategic partnership. The transaction adds approximately $1 billion to Proprium's Assets Under Management. The team, led by partners Stéphane Theuriau, Laurian Douin, and Thibault Lauprêatre, will transfer to Proprium within Q1 2026, subject to relevant approvals. The move further strengthens Proprium's global real estate proposition following L&G's 75% stake acquisition in Proprium in 2025.
Benefit Street Partners buys $391M loan portfolio – Benefit Street Partners announced the purchase of an approximately $391 million loan portfolio secured by eight, newer-vintage multifamily properties across multiple markets in the United States sponsored by institutional-quality borrowers and operators. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust, Inc. (NYSE: FBRT). The transaction represents one of the largest investments BSP CRE has executed to date.
No major regulatory or industry developments tracked today.
No major people moves tracked today.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team
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