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We hope everyone had a good (long) weekend. We’re back where left off on Fridays.
Upon a backdrop of increasing geopolitical uncertainty, the private markets kicked off the week with a clear mission: a search for safe harbors.
Monday's action showed PE doing what it does best in choppy markets: investing in consumer staples, stacking bolt-ons, writing growth checks into vertical software with proven unit economics, and doubling down on energy infrastructure plays that print cash regardless of rate cycles.
Nothing revolutionary, just disciplined capital allocation while public markets figure out what's next.
Let's break down all of these and more.
Today's Report
Major Investments & Infrastructure Deals
Carlyle
$1.2B Comrod Financing
Carlyle's Global Credit platform led a $1.2 billion financing package to support Bridgepoint's acquisition of Comrod, a leading European supplier of mission-critical defense communications and power systems. Founded in 1946 and headquartered in Norway, Comrod is a global supplier of advanced communications and power technology for defense, utility, and industrial applications.
The company's antennas, masts, amplifiers, and power systems are used across a range of NATO programs and military platforms.
Updata Partners
$27M Series A in TitanX
Updata Partners VII invested $27 million in TitanX, a Knoxville-based data and software intelligence platform that predicts which prospects will answer the phone. The company delivers 25%+ connect rates—roughly 6x the industry average—via proprietary scoring that identifies phone-answering intent.
TitanX has scaled rapidly as a bootstrapped business, achieving 250%+ year-over-year revenue growth while maintaining rigorous focus on data quality and measurable customer outcomes.
Tailwater Capital
Northern Delaware Basin Acquisition
Tailwater E&P acquired a diversified non-operated leasehold position across the northern Delaware Basin in Lea and Eddy counties, New Mexico. The asset covers approximately 35,000 gross acres with exposure to more than 900 gross wells, over 97% held by production.
The position includes access to more than 250 near-term DUC, AFE, and permitted locations under premier operators including Coterra, Mewbourne, Devon and Matador, plus deep inventory of more than 10 years of highly economic undeveloped drilling locations.
H.I.G. Realty
Barts Life Sciences Partnership
H.I.G. Realty partnered with Barts Health NHS Trust to deliver the first applied healthcare innovation building within the newly launched Barts Life Sciences Cluster at Cavell Street in London, Whitechapel.
The 170,000 sq ft development will serve as a landmark project enabling companies to work directly with Barts Health clinicians and researchers to shape, test, and refine next-generation technologies across MedTech, AI, digital health, and other emerging fields.
Insight Partners
SpryPoint Growth Investment
Insight Partners made a strategic growth investment in SpryPoint, a provider of a cloud-native customer service and operations platform for utilities. The investment will fund expansion of capabilities to drive customer time-to-value, accelerate product development, and scale the organization as SpryPoint continues serving utilities modernizing their customer service and operations infrastructure.
Norwest, which initially invested in SpryPoint in 2023, remains deeply committed to the company and continues as a significant investor alongside Insight Partners.
Fundraising Announcements
Adams Street Partners
ASPEN Lux Launch
Adams Street announced the launch of ASPEN Lux, a Luxembourg-domiciled, open-ended evergreen vehicle designed to provide qualified investors with access to private equity asset classes typically available only to larger institutional investors.
The fund features monthly subscriptions and quarterly liquidity subject to availability, designed to give qualified investors access to a more flexible structure that supports ongoing capital deployment and capital recycling.
Bansk Group
Arcadia Consumer Healthcare Continuation Fund
Bansk closed a continuation fund to expand its partnership with Arcadia Consumer Healthcare, a recognized leader in the consumer healthcare market for over-the-counter medicines and premium vitamins and nutritional supplements. The transaction was co-led by Coller Capital and Ares Secondaries Funds, with additional support from investment funds managed by BlackRock, Churchill, Dextra Partners and Future Standard.
Since Bansk's initial investment in 2021, Arcadia has implemented several organic growth initiatives and successfully executed two major acquisitions.
Stellus Capital Management
Valor Fleet Services Unitranche Financing
Stellus Capital Management provided unitranche financing to support Tailwind Capital's investment in Valor Fleet Services, a leading provider of towing and roadside assistance services. The financing package supports Tailwind's platform strategy to build a national towing and recovery services business through organic growth and strategic acquisitions.
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M&A Transactions & Deals
AE Industrial Partners' United Building Solutions acquires DFW Mechanical – United Building Solutions, backed by AE Industrial Partners, acquired DFW Mechanical Group, a full-service commercial and industrial mechanical contractor serving clients across Texas, Oklahoma, Georgia, and Florida. This marks UBS's second add-on following AE Industrial's investment in February 2025. Read More →
Renovus Capital Partners exits Pillr Health – Renovus announced the sale of Pillr Health, a technology-enabled pharmacy optimization platform serving healthcare providers nationwide, to Water Street Healthcare Partners. Read More →
Sheridan Capital Partners invests in ICANotes – Sheridan completed its investment in ICANotes, a Practice Management and Electronic Health Record software platform purpose-built for the behavioral health market. Read More →
Allied Industrial Partners' Waste Eliminator acquires Enterprise Landfill – Waste Eliminator, backed by Allied Industrial Partners, acquired Enterprise Landfill and Phillips Recoveries, a construction and demolition and industrial waste landfill and waste hauling firm. This marks the sixth purchase by Waste Eliminator since being acquired by Allied in 2021. Read More →
Regulatory & Industry Developments
Secondary market soars to record $226 billion in 2025. Private equity secondaries volume jumped 41% to hit a new record of $226 billion in 2025, driven by continued distribution challenges and strong LP demand for liquidity solutions. GP-led transactions dominated activity as firms used continuation funds and other structures to extend hold periods on top-performing assets while providing exits for existing investors. The surge reflects private equity's ongoing maturation as secondaries evolve from a niche solution into a core portfolio management tool for both GPs and LPs navigating extended holding periods and capital deployment pressures.
People Moves
Wingman Growth Partners – Cheri Reeve joined as Chief Financial Officer. Reeve brings almost three decades of financial leadership experience, most recently spending nearly fifteen years at Atlas Holdings LLC, a global, $16B+ AUM investment firm, where she served as Principal & Chief Financial Officer.
Angeles Equity Partners – Corwin Carson was appointed CEO of Acieta, a portfolio company. Carson brings extensive experience in industrial automation and robotics, having previously led operations at several technology-enabled manufacturing businesses.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team