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Wednesday brought a flurry of activity across private markets, headlined by Warburg Pincus closing a $3 billion financial services fund and Gemspring-backed Fenceworks expanding into the Southeast. The day showcased the breadth of PE activity—from mega-cap fundraising to middle-market consolidation plays in everything from fencing installation to airport consulting.
Let's break it down.
Today's Report
Major Investments & Infrastructure Deals
Lone Star Funds
San Francisco Office Bet
Lone Star Funds acquired the mortgage secured by 600 California Street, a 360,000-square-foot Class A office tower in San Francisco's Financial District. The opportunistic play signals confidence in the market's recovery despite 34.4% vacancy rates citywide. The property features unobstructed Bay views, modern amenities, and rare outdoor terrace potential—attributes that could prove valuable as flight-to-quality dynamics separate trophy assets from commodity office space.
Fundraising Announcements
Warburg Pincus
$3.0B Financial Services Fund III
Warburg Pincus Financial Sector III closed at $3.0 billion, exceeding 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.
Benefit Street Partners
$10B Real Estate Debt Fund
Benefit Street Partners Real Estate Opportunistic Debt Fund II secured $10 billion in investable capital (including $3 billion equity and anticipated leverage), representing the largest real estate fundraise in BSP's history and signaling institutional conviction in commercial real estate debt opportunities amid the 2026 debt maturity wall.
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M&A Transactions & Deals
Gemspring Capital's Fenceworks acquires Accurate Fence – Fenceworks, backed by Gemspring Capital, acquired Accurate Fence, an Atlanta-based provider of permanent fencing installation services serving homebuilders, developers, and commercial clients since 1999. The deal expands Fenceworks' Southeast footprint as the Riverside, California-based platform continues its geographic expansion. Read more →
Godspeed Capital's BNP Group acquires Airport Gurus – BNP Group, backed by Godspeed Capital, announced the acquisition of Airport Gurus, a Barcelona-based consultancy specializing in airport ICT and operations planning. The deal marks BNP's third acquisition since launching as Godspeed's 8th platform in fall 2024, following purchases of Establish and STS in 2025. Read more →
Atmus Filtration Technologies completes $450M Koch Filter acquisition – Atmus Filtration Technologies completed its $450 million acquisition of Koch Filter Corporation from Truelink Capital's Air Distribution Technologies platform. The Louisville, Kentucky-based manufacturer of air filtration solutions for commercial, industrial, and data center applications establishes Atmus's industrial air filtration platform. Read more →
Chicago Atlantic backs Hugo's $30M BPO roll-up – Chicago Atlantic announced a $30 million senior secured credit facility to Hugo Inc., a Chicago-headquartered BPO provider with 4,500+ employees across Africa. The financing will support Hugo's strategic roll-up of specialized BPO and call center platforms. Read more →
Creator Sports Capital invests $45M in Good Good Golf – Creator Sports Capital led a $45 million investment in Good Good Golf, a Texas-based golf content company that has amassed 1.75 million YouTube subscribers since 2020. The round included Peyton Manning's Omaha Productions, Manhattan West Private Equity, and Sunflower Bank. Read more →
People Moves
Sunstone Partners appointed Sean Lenahan as Head of Portfolio Operations – Lenahan brings deep experience scaling founder-led businesses, having previously served as Operating Partner at Bregal Sagemount and The Riverside Company. He holds a B.S. from the U.S. Air Force Academy and an MBA from Wharton.
Advent International named Tomohide Handa as Partner / Managing Director and Head of Japan – Handa joined Advent in 2026 from D Capital, where he served as Partner and investment committee member. He leads the firm's Tokyo office and advises on investments in consumer and healthcare sectors.
SK Capital Partners announced promotions for 13 professionals – Promotions include Santiago Nielsen and Booey Ghani to Principal, and Scott Solomon, McKenzie Chu, Sanjeet Raman, and Will Dana to Vice President.
Argosy Healthcare Partners promoted Ryan Noon to Partner – Noon joined AHP in November 2022 and leads deal execution strategy and finance function support across the portfolio. He previously served as Associate Director of Corporate Development & Strategy at Universal Health Services.
Upcoming Events
That's the wrap. More deals coming your way tomorrow.
— The PM Minute