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Mid-week momentum hit hard on Wednesday:
GTCR officially closed the books on one of PE's biggest strategic exits ever—a $24.25 billion Worldpay sale that's been months in the making.
Ares made noise with a monster $7.1 billion credit secondaries raise that doubled its target, while the deal machine kept churning.
Warburg Pincus and H.I.G. teamed up on an automotive tech play that's tripled in size.
Chevron's plotting a $22 billion play for Russian oil assets that'll need Treasury sign-off
And platforms from landscaping to clinical trials kept stacking acquisitions.
Let's get into it.
Today's Report
Major Investments & Infrastructure Deals
Sagard NewGen
Quipment Investment
Sagard NewGen announced a minority strategic investment in Quipment, a leading clinical trial equipment solutions provider serving CROs and pharmaceutical sponsors globally. Founded in 2010 in Nancy, France, Quipment operates technical service centers in France, the U.S., and Japan, delivering equipment solutions to clinical trials in over 110 countries. The company's circular business model—spanning sourcing, logistics, regulatory compliance, and end-of-study recovery—reduces operational burden for clients while supporting decarbonization across the drug development value chain. Quipment is both a mission-driven company and B Corp certified.
Chevron + Quantum Energy Partners
$22B Lukoil Bid
Chevron and private equity firm Quantum Energy Partners are preparing a joint $22 billion bid for the international assets of sanctioned Russian oil giant Lukoil. The bid, led through Quantum's newly formed upstream acquisition unit Artemis Energy, targets Lukoil's entire non-Russian portfolio spanning oil and gas fields, refineries, and over 2,000 filling stations across Europe, Central Asia, the Middle East, and the Americas. If the deal closes, Chevron and Quantum plan to split Lukoil's assets between them for long-term operation. The transaction requires U.S. Treasury approval and would mark one of the largest energy transactions since Western sanctions reshaped the global oil landscape.
Nonantum Capital Partners
Flatiron Search Partners Investment
Nonantum Capital Partners announced a growth partnership with Flatiron Search Partners, a consumer-focused executive search and talent advisory firm. Founded in 2018 by Bill Stauffer and Joe Miller, Flatiron serves as a long-term talent partner to private equity-backed and growth-stage consumer businesses, integrating closely with management teams to build leadership and critical roles. The partnership brings strategic support, operating expertise, and infrastructure to enhance Flatiron's continued expansion while preserving its culture and approach.
CAZ Investments
Blackstone Strategic Partners Relationship
CAZ Investments, one of the top 120 allocators to private equity worldwide, announced an expanded relationship with Blackstone's GP Stakes strategy. The partnership reinforces CAZ's strategic focus on collaborating with established private markets platforms and reflects the firm's conviction in the GP stakes business model. CAZ continues to expand its presence in GP stakes, a strategy focused on acquiring minority, non-control interests in leading alternative asset managers.
Fundraising Announcements
Ares Management
$7.1B Credit Secondaries Fund
Ares Management raised approximately $7.1 billion of capital for its credit secondaries strategy, inclusive of the final closing of its inaugural Ares Credit Secondaries Fund, affiliated vehicles, and anticipated leverage. The fund received about $4 billion in LP equity commitments, double its $2 billion target, making it Ares' largest inaugural institutional fundraise and what the firm believes is the largest dedicated institutional credit secondaries fund globally. The fund aims to invest in predominantly senior, private equity-backed, floating-rate private credit portfolios by allocating across LP-led and continuation vehicle transactions.
EIG
NW €220M Financing
NW, one of Europe's leading battery energy storage system (BESS) operators, secured a landmark €220 million holdco debt financing from EIG to accelerate expansion across France, Finland, Italy, and Sweden. The non-dilutive growth capital will support development of NW's small-scale, distributed JBox® assets, enabling the company to reach 4.6 GWh of operating capacity by end of 2027. NW is already the largest BESS operator in France (approximately 1.0 GWh) and Finland (approximately 0.6 GWh by end of 2025). The facility represents one of the first of its kind in the BESS space, providing non-dilutive capital at scale at the platform level.
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M&A Transactions & Deals
GTCR completes $24.25B Worldpay exit to Global Payments – GTCR closed the previously announced sale of Worldpay, a global leader in merchant acquiring and payments processing, to Global Payments in a transformative three-way transaction. The sale represents one of the largest strategic sales in private equity history. As part of the transaction, GTCR will own shares representing approximately 15% of Global Payments' equity capitalization. GTCR acquired a majority stake in Worldpay in July 2023 from FIS and successfully executed a strategic transformation focused on technology investments, product enhancement, and operational excellence.
Insight Partners to acquire Two Sigma's Venn – Hedge fund Two Sigma agreed to sell its portfolio analytics platform Venn to private investment firm Insight Partners, where it will be combined with an existing portfolio company. The transaction reflects growing consolidation in the fintech and portfolio management software space.
Bertram Capital exits NEFCO with sale to Leonard Green – Bertram Capital completed the sale of NEFCO Holding Company, a value-added distributor of SHARP® products, tools, safety, and consumables serving professional contractors across the U.S., to Leonard Green & Partners. Since Bertram's investment in August 2022, NEFCO significantly expanded its geographic footprint, enhanced value-added engineering and fabrication capabilities, and executed multiple strategic acquisitions and greenfield expansions. The transaction represents Bertram's second exit from Fund IV and 23rd exit since the firm's launch in 2006.
TruArc Partners acquires Schill Grounds Management – TruArc Partners acquired Schill Grounds Management from Argonne Capital Group. Founded in 1993 and based in Cleveland, Ohio, Schill has grown into one of the largest commercial landscaping providers in the upper Midwest and Mid-Atlantic regions, serving property managers, homeowners associations, and commercial clients. The company operates over 30 branches across Ohio, Kentucky, Pennsylvania, Illinois, Indiana, Michigan, and Ontario, Canada. Founder Jerry Schill will continue as CEO.
Riverside's Seatex adds Key Polymer – The Riverside Company invested in Key Polymer, a specialty manufacturer of high-performance adhesives, sealants, and coatings, marking the first add-on to platform company Seatex. Founded in 1959, Key Polymer operates through the Key Polymer, Unichem, Crosslink, and Durant brands, serving customers through two ISO 9001:2015-certified manufacturing facilities in Lawrence, Massachusetts, and Greenville, South Carolina. The company's primary product technologies include acrylics, epoxies, urethanes, butyl rubber wax blends, bonding agents, and fire retardants.
Renovus-backed Behavioral Framework adds Autism Etc – Behavioral Framework, a Renovus Capital portfolio company, welcomed Autism Etc to its growing platform of applied behavior analysis (ABA) therapy providers serving children with autism spectrum disorder and related developmental disabilities.
Regulatory & Industry Developments
We’re not tracking major regulatory or industry developments today.
People Moves
Altas – Altas announced that Jordan Thomson has joined the firm as a Director within the Portfolio Solutions Group. Prior to joining Altas, Jordan worked at McKinsey & Company leading strategy and performance improvement engagements. He holds a Bachelor of Commerce from Queen's University and an MBA from Yale University.
Advent International – Advent welcomed Mike Eldred to its network of Operations Advisors. Mike brings deep operating experience from the animal health sector, having previously served as CEO & President of North American Operations at Dechra, a leading global animal health company.
Adams Street Partners – Adams Street named Michael Kurlander Chief Operating Officer in addition to his current role as Chief Financial Officer. The firm also announced four partner promotions: Peter Andersson (Investor Relations), Ali Cliff (Growth Equity), Kristina Milberg (Investor Relations), and Steve Montag (Accounting and Tax).
Upcoming Events
P.S. – Correction from yesterday's edition: We incorrectly reported that Huron Capital launched Rampart Exterior Services in partnership with executive Gabe Mesanza. The actual announcement on January 13th was that Huron Capital's Rampart Exterior Services completed its first acquisition, partnering with Colorado Moisture Control, a commercial roofing and waterproofing services provider based in Denver. We regret the error.
That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team