Presented by:
Monday kicked off the week with serious firepower—Coller Capital closed a monster $17 billion secondaries fund while Bansk Group beat its target with $1.45 billion for consumer brands. Deal flow stayed hot across the board: Blackstone backed a $475 million grocery distribution play, Platinum Equity scooped up a century-old packaging business, and platforms kept rolling with add-ons in roofing, snacks, and healthcare payments. And did we miss the announcement? Apparently everyone chose today to announce their promotions.
Let's get into it.
Today's Report
Major Investments & Deals
Blackstone Credit & Insurance
$475M Grocery Distribution Play
Blackstone Credit & Insurance will invest $475 million in a triple net lease transaction to construct a highly automated grocery distribution center in Burlington, N.C. for Ahold Delhaize USA. Under the agreement, Blackstone will own the facility and fund 100% of in-scope construction costs. Once complete, Ahold Delhaize USA will lease the facility long-term with an option to purchase under pre-agreed terms. The $860 million, one-million-square-foot facility will deliver fresh and frozen grocery items to Food Lion stores and is expected to employ over 500 associates by 2029.
Warburg Pincus
Fleur Hotels Investment
Warburg Pincus announced an investment in Fleur Hotels Limited, a current subsidiary of Lemon Tree Hotels in India. Following a proposed reorganization, Fleur is expected to become one of India's largest owners of hospitality assets with a portfolio expanding to 41 hotels and 5,813 keys. Warburg Pincus will acquire APG's entire 41.09% stake and invest up to ₹960 crore of primary capital to support future growth.
WindRose Health Investors
Avalon Healthcare Investment
WindRose Health Investors completed an investment in Avalon Healthcare Solutions, a platform that integrates laboratory science and data to power real-time, lab-driven insights for health plan clients. Francisco Partners also made an additional investment in the company. Avalon's proprietary technology automatically reviews and enforces lab test claims against client-adopted, clinically-derived policies, helping payers reduce avoidable costs and improve clinical outcomes.
WhiteHorse Capital
Texas Express Wash Financing
WhiteHorse Capital provided a senior secured credit facility for Texas Express Wash (ClearWater) to support its acquisition of BlueWave Express Car Wash. The two Texas-based car wash platforms have been operating in tandem since 2023. ClearWater operates 28 express car wash locations while BlueWave operates 53 locations across Houston, the Rio Grande Valley, San Antonio, Central Texas, and Northern California., combining application solutions, dynamic workflows, and data architecture to help clients unlock the full power of their information.
Fundraising & Financing
Bansk Group
$1.45B Consumer Fund II
Bansk Group closed Fund II at $1.45 billion in December 2025, blowing past its $1 billion target. The consumer-focused PE firm now manages over $5 billion in assets including co-investments. Fund II will continue Bansk's playbook of backing strong management teams in CPG staples—consumer health, food & beverage, household products, and personal care. The firm's inaugural $800 million fund closed in July 2023 and is now fully deployed across seven investments.rm loans, equipment loans and leases, sale-leasebacks, and lender finance.
Coller Capital
$17B Secondaries Behemoth
Coller Capital closed Coller International Partners IX at $17 billion, cementing its spot as the world's largest dedicated secondaries manager. The fund targets LP-led and GP-led secondary transactions globally, with over 250 investors from pension funds, insurance companies, sovereign wealth funds, and asset managers. Already 70% deployed, CIP IX brings Coller's total AUM to $50 billion.
Warburg Pincus
$3B Financial Services Fund III
Warburg Pincus closed Financial Sector III at $3.0 billion, surpassing its $2.5 billion target. The fund follows successful raises of the firm's $17.3 billion Global Growth 14 and $4.0 billion Capital Solutions Fund, demonstrating continued LP confidence across Warburg Pincus's platform.
From our Sponsor:
Finally, an AI Tool Fit for Private Markets Investors.
ChatGPT chokes when large, complex datasets are on the line. Brightwave doesn't.
Their autonomous research agents surface patterns competitors miss, flag critical risks automatically, and deliver share-ready deliverables on-demand across preliminary research, due diligence, and ongoing monitoring.
Investors, from top-5 PE megafunds to boutique firms, are seeing research-intensive workflows, like CIM review, IC memo creation, and contract review, reduced from hours to minutes.
This is AI built for professionals who need to understand the world's most complex problems. Try it right now for free.
M&A Transactions & Deals
Platinum Equity invests in Norton Packaging – Platinum Equity announced a significant investment in Norton Packaging, a provider of plastic pails and packaging solutions founded in 1901 and headquartered in Hayward, California. Norton CEO Greg Norton and the Norton family retained a significant interest and Mr. Norton will continue to lead the company. The deal marks Platinum's continued focus on the packaging sector following previous investments in Growscape and BWAY.
PearlRock acquires The Good Crisp Company – PearlRock acquired The Good Crisp Company, a clean-label salty snack platform offering gluten-free, non-GMO canister chips, cheeseballs, and crinkle cut chips. Founded in 2015 by Matt Parry, the brand is available in over 20,000 retail doors across the U.S., Canada, Australia, and the UK. PearlRock is a strategic partnership between MidOcean Partners, Kroger, and data subsidiary 84.51°.
Juggernaut Capital exits Go Raw – Juggernaut Capital Partners sold Go Raw, a seed-based snacking brand, to USK Capital, the family office of Uday Kotak, founder and former CEO of Kotak Mahindra Bank in India. During JCP's ownership, Go Raw more than doubled revenue, broadened distribution across grocery, natural, club, and e-commerce channels, and expanded its product portfolio while maintaining its commitment to organic, plant-based ingredients.
K1 exits TechnoMile – K1 Investment Management announced that TechnoMile, a category-leading platform for government contractors, combined with SIMS Software in a transaction led by Capitol Meridian Partners. Since K1's initial investment, TechnoMile quadrupled its annual recurring revenue and built on its category-leading position, supporting more than 250 organizations including half of the top 10 U.S. defense contractors.
Catalyst's Zelis acquires Rivet – Zelis, backed by Catalyst Investors, acquired Rivet, a leader in revenue cycle analytics. Building on the companies' successful partnership, the acquisition delivers AI-enabled revenue cycle analytics to offer providers more visibility into claim payment and denials trends through actionable data and intuitive dashboards.
STG's Gresham acquires S&P Global's EDM business – Gresham, backed by STG, completed the acquisition of S&P Global's Enterprise Data Management (EDM) business. EDM is a market-trusted platform relied upon by 30 of the top 60 global asset managers supporting more than $12 trillion in assets under management. The transaction represents a strategic carve-out from S&P Global and materially expands Gresham's footprint in enterprise data management for global financial services.
Angeles Equity's O'Hara's Son Roofing adds CP Rankin – O'Hara's Son Roofing, backed by Angeles Equity Partners, acquired CP Rankin Inc., a top-ranked provider of commercial roofing services. Founded in 2001 and headquartered in Chalfont, Pennsylvania, CP Rankin operates seven locations along the East Coast and Southeast. The deal marks OSR's third strategic addition since Angeles acquired the platform.
Clearlake's PrimeSource Brands acquires Advantage Industries – PrimeSource Brands, backed by Clearlake Capital, acquired Advantage Industries, a provider of gate and fence hardware solutions based in Deerfield Beach, Florida. The transaction represents PrimeSource Brands' tenth acquisition since partnering with Clearlake in December 2020 and strengthens the company's leadership position in the outdoor living segment.
Huron Capital launches Rampart Exterior Services – Huron Capital launched Rampart Exterior Services in partnership with executive Gabe Mesanza as its latest ExecFactor® initiative. The platform will seek to acquire roofing and exterior restoration companies, focusing on re-roofing, repair, waterproofing, restoration, and maintenance services for commercial customers across government, education, healthcare, life sciences, data centers, manufacturing, and other sectors.
A&M Capital backs SkyMark-Rampmaster combination – A&M Capital Strategic Investments completed a minority investment alongside ATL Partners in support of the acquisitions of SkyMark Companies and Rampmaster. ATL will combine the two aircraft refueling solutions providers to create a leading global specialty vehicle equipment platform focused on aviation solutions, refueling, and ground support equipment markets.
Regulatory & Industry Developments
DOJ Investigation of Fed Chair Powell Sparks Rare GOP Pushback.The Justice Department's criminal investigation of Federal Reserve Chair Jerome Powell over testimony about building renovations triggered an unusual wave of Republican criticism, with senators warning the probe threatens Fed independence. Senate Banking Committee member Thom Tillis (R-N.C.) said he would oppose any Trump nominees to the Fed until the matter is resolved, while other Republicans including Sens. Kevin Cramer (N.D.) and Dave McCormick (Pa.) signaled disapproval. Even Senate Majority Leader John Thune called for the probe to be "resolved quickly," acknowledging it "could make it challenging" to confirm Powell's successor. Markets reacted with longer-term Treasury rates rising as investors parsed implications for Fed independence and inflation control
Trump Moves to Ban Institutional Investors from Single-Family Homes. President Trump announced plans to ban large institutional investors from purchasing single-family homes, taking direct aim at private equity's residential real estate holdings. The move—which Trump said he would implement immediately while calling on Congress to codify it into law—sent shockwaves through the sector, hammering stocks of American Homes 4 Rent (down 4%) and Blackstone (down 5.6%).
People Moves
Valtris Specialty Chemicals – SK Capital portfolio company Valtris Specialty Chemicals announced the appointment of Mike McGaugh as Chief Executive Officer. McGaugh was most recently CEO of Myers Industries Inc. (NYSE:MYE) and previously served as Executive Vice President and Chief Operating Officer of BMC Stock Holdings. He also spent nearly 25 years in various senior leadership roles at The Dow Chemical Company. McGaugh succeeds Simon Medley, who is retiring but will continue to advise the company.
Garnett Station Partners – The New York-based firm announced six promotions: Yasir Bari to Partner, Head of Credit Investments; Rafi Haramati to Managing Director; Bradley Ezratty to Principal; Max Hoberman to Principal; Madeline Zeiss to Principal, Investor Relations; and Teddy Sokoloff to Vice President.
Incline Equity Partners – The Pittsburgh-based firm announced three promotions: Jonathan Potter to Principal; Brandon Neimark to Vice President; and Sam Nelson to Senior Associate.
Periscope Equity – The Chicago-based firm announced two promotions: Luke Elder, who joined as Vice President in 2022, was promoted to Principal. He has played a critical role across portfolio companies including Cybermaxx, eHouse and Sentrics. Harry Waddoups, who joined as Associate in 2022, was promoted to Vice President. He has been a key contributor to Praecipio Consulting, MAS Medical, eHouse and Uprise Health.
O2 Investment Partners – The Bloomfield Hills, Michigan-based firm announced the promotion of Thomas Girdler to Vice President. Since joining O2, Girdler has demonstrated strong judgment and effective engagement with portfolio company management teams. The promotion follows a successful 2025 in which O2 completed 36 acquisitions and added four new team members.
Upcoming Events
That's the wrap. More deals coming your way tomorrow.
The Private Markets Minute Team