Presented by:
A megafund closed $3.6 billion for a strategy it's never pursued, the Space Force handed a satellite startup $50 million to fix America's orbital control bottleneck, a specialty chemicals firm carved out the controlled substance business in its pharma exit, and a major biopharma put $850 million in milestones on tumor-activated therapeutics.
Elsewhere, a consumer platform grabbed an iconic organic brand, a megafund made its first fixed operator bet, and structured credit vehicles kept closing as institutional capital hunts for yield in alternative strategies.
Let's get into it.
Today's Report
|
Share Private Markets Minute Know a colleague who should be reading this? Send them your link.
Your referrals: {{rp_num_referrals}} |
Major Investments & Infrastructure Deals
Washington Harbour Partners
$100M Northwood Space Series B
Northwood Space secured a $100 million Series B led by Washington Harbour Partners and co-led by Andreessen Horowitz, alongside a $49.8 million Space Force contract to upgrade the satellite control network. The El Segundo-based company is building modern ground-based communications infrastructure for an increasingly crowded orbital environment.
Incline Equity Partners
MCCi Investment
Incline Equity Partners invested in MCCi, a Tallahassee-based provider of enterprise content management and workflow automation solutions serving state and local governments. The company's platform helps public sector clients streamline document management, records requests, and licensing processes.
Cohere Capital
FlexTecs Strategic Investment
Cohere Capital made a strategic investment in FlexTecs to support services expansion, technology innovation, and accelerated growth. The deal positions FlexTecs to scale its operations and enhance its technology platform.
Cambridge Capital
STAT Recovery Majority Investment
Cambridge Capital announced a majority investment in STAT Recovery in collaboration with management to expedite growth and pursue significant expansion in the recovery services sector.
Fundraising & Financing
Leonard Green & Partners
$3.6B Sage Equity Investors
Leonard Green & Partners closed its inaugural Sage Equity Investors at over $3.6 billion in commitments. The new fund marks LGP's entry into a specialized investment strategy, demonstrating continued LP appetite for the firm's platform.
HarbourVest Partners
Structured Solutions Fund Close
HarbourVest Partners closed its Structured Solutions fund, adding another vehicle to the firm's suite of private markets strategies. The fund will target structured private equity opportunities across the market.
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
SK Capital sells Noramco to Siegfried – SK Capital Partners announced an agreement to sell Noramco, Extractas Biosciences, and Purisys to Siegfried Holding AG, a leading global CDMO for the pharmaceutical industry. SK Capital will retain ownership of Halo Pharmaceuticals, a sterile-fill-finish and controlled substance CDMO. Jefferies served as lead financial advisor. Read More →
LLR's Quantum Workplace acquires Assembly – Quantum Workplace, backed by LLR Partners, acquired Assembly, an employee recognition and rewards platform serving 500+ organizations. The deal strengthens Quantum Workplace's talent management platform by adding recognition and rewards capabilities to its existing engagement, performance, and development tools.
Amphora's Violet Foods acquires Muir Glen – Violet Foods, a portfolio company of Amphora Equity Partners, acquired the Muir Glen brand, adding the organic tomato products brand to its natural foods platform.
Specialized Elevator and Vintage Elevator merge – Specialized Elevator and Vintage Elevator announced a merger, combining two elevator services providers to create a larger platform in the vertical transportation industry.
Mascarene Partners receives Liberty Mutual investment – Mascarene Partners received a strategic investment from Liberty Mutual Investments, providing capital to support the firm's growth initiatives and portfolio expansion.
Peak Rock acquires Aegis Software – Peak Rock Capital affiliate completed the acquisition of Aegis Software, a provider of manufacturing execution systems and operations management software.
May River's Papertech acquires Bake Best Trays – Papertech, backed by May River Capital, acquired Bake Best Trays, expanding its food-focused sustainable packaging platform with the addition of the baking tray manufacturer.
Marksman Titan acquires Priebe Security – Marksman Titan Security Group acquired Priebe Security Services, expanding its presence in Central Texas and elevating service excellence across its security platform.
Kinderhook's USMBP acquires York Flashings – USMBP, a portfolio company of Kinderhook Industries, acquired York Flashings, a leading manufacturer of flexible flashing and moisture management systems. The deal marks USMBP's third strategic acquisition since Kinderhook's initial investment in July 2024.
Bain Capital enters fixed operator space – Bain Capital entered the fixed operator space with an undisclosed investment, marking the firm's expansion into this specialized real estate sector.
Regulatory & Industry Developments
OrbiMed's Janux Therapeutics partners with Bristol Myers Squibb – Janux Therapeutics, backed by OrbiMed, announced a collaboration and exclusive worldwide license agreement with Bristol Myers Squibb to develop a novel tumor-activated therapeutic for solid tumors. Janux may receive up to $50 million in upfront and near-term milestones, plus development, regulatory, and commercial milestones up to $800 million, along with tiered royalties.
People Moves
Fengate Asset Management – Peter Kinkartz joined Fengate as Managing Director, Infrastructure. Kinkartz brings over 30 years of global experience in corporate and investment banking, most recently serving as Managing Director & Co-Head, Infrastructure & Project Finance at Scotiabank.
SCF Partners – Adam Kerr was promoted to Director at SCF Partners, recognizing his contributions to the firm's investment activities.
Encina Private Credit – Bridget Anderson and John Schneider joined Encina Private Credit to expand its private credit platform and support continued growth.
Upcoming Events
That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team