Category Archives: News

Carlyle Provides $270 Million Unitranche Term Loan to Dexian

Carlyle

New York, NY – April 9, 2025 – Today, global investment firm Carlyle announced its Global Credit platform has provided a $270 million unitranche term loan to Dexian, a global leader in talent and technology solutions. The financing was used to refinance Dexian’s existing term loan facility.

Dexian offers comprehensive global staffing, IT and workforce solutions to companies in the US and internationally. With a presence spanning more than 70 locations worldwide and a team exceeding 10,000 professionals, Dexian combines over 30 years of industry expertise to connect the right talent and the right technology with the right organizations to deliver trajectory-changing results.

This strategic investment builds on the firm’s continued relationship with Dexian, following Carlyle’s capital solution for Digital Intelligence Systems, LLC’s (DISYS) acquisition of Signature Consultants, LLC in April 2021. The combined entity is now known as Dexian.

Gary Jacovino, a partner on Carlyle’s Opportunistic Credit team said, “We are pleased to serve as a trusted partner to Dexian as it continues to provide clients leading comprehensive staffing, technology and workforce solutions in an evolving employment market. Our multi-year relationship with the company positions us well to support the business as it continues to grow its position and scale over time.”

“We appreciate Carlyle’s continued partnership and their confidence in our business,” said Maruf Ahmed, Dexian CEO. “We are excited about our future globally and this funding allows us to maintain our focus on growth initiatives and provides the flexibility to continue our pursuit of  market opportunities.”

This strategic investment was led by Carlyle’s Opportunistic Credit strategy, with participation from its Direct Lending and other strategies across the Global Credit platform.

Carlyle’s Global Credit platform manages $192 billion in assets as of December 31, 2024. It is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans, and junior debt.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

Media Contact

Kristen Ashton

Carlyle

(212) 813-4763

Kristen.ashton@carlyle.com

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Karo Healthcare announces KKR as new owner, following successful strategic transformation into pan-European consumer healthcare player

KKR

Karo Healthcare (“Karo”) will change owner following the announcement that EQT has agreed to sell Karo to funds managed by KKR, a leading global investment firm. The transaction marks a significant milestone in Karo’s journey, following a period of rapid transformation, geographic expansion, and strategic portfolio development. Building on its digitised platform, Karo now welcomes new ownership under KKR to accelerate its next phase of growth.

The transaction follows Karo’s significant strategic transformation from a Nordic specialty pharma business into a leading pan-European consumer healthcare platform, with an attractive product portfolio spanning core categories such as Skin Health, Foot Health, and Intimate Health, as well as Digestive Health and Vitamins, Minerals & Supplements. During the past five years, Karo has scaled substantially, quadrupling in sales, building leading digital capabilities and establishing market presence to reach consumers in more than 90 countries with top brand positions across European markets.

This rapid growth has been driven by a focused strategy that combines strong organic performance with targeted M&A, enabling Karo to consistently outperform its peers while maintaining industry-leading profitability. M&A has played a central role in Karo’s expansion, evidenced by the successful completion of eight acquisitions since 2019, including deals with industry players which have enriched Karo’s portfolio, strengthened its presence in key markets, and accelerated its entry into new geographies.

The consumer healthcare sector continues to grow strongly with increasing consumer preferences for self-care products and trusted brands. KKR sees significant opportunities to further deepen Karo’s reach across categories and channels, with Karo’s portfolio of leading brands and differentiated marketing platform positioning the company for continued success.

“This is an exciting moment for Karo,” said Christoffer Lorenzen, CEO of Karo Healthcare. “ We’re incredibly proud of what we’ve achieved in recent years and grateful to EQT for their partnership, which has been instrumental in helping us grow and evolve into the business we are today. With KKR as our new owner, we are entering an exciting next phase in our journey. Their global reach, deep sector understanding, and long-term approach make them the ideal strategic partner as we continue to invest in our brands, expand into new markets and meet the evolving health needs of consumers.”

Inaki Cobo, Partner at KKR, said: “Karo is a unique platform with high-quality brands, strong digital and commercial capabilities, and a proven strong leadership team. We are thrilled to invest in this European champion’s next phase of growth, drawing on our deep experience in the consumer health space to support continued expansion, innovation, and organic and inorganic growth.” Hans Arstad, Managing Director at KKR, added: “Karo operates in a resilient, growing sector supported by long-term demographic trends and increasing consumer focus on wellness and self-care. We engaged the full capabilities of our firm to deliver this transaction during a period of market disruption and we look forward to supporting Karo’s growth as a value-enhancing strategic partner.”

“Karo is a textbook example of EQT’s approach – scaling a local company into a fast-growing sector champion with international reach,” said Erika Henriksson, Partner in the EQT Private Equity advisory team. “Thanks to its consumer centricity, strong M&A track record, and proven brand growth playbooks, Karo is now primed to further expand on its leadership position. We’re proud of what Christoffer and the team have achieved and excited to hand over to a new owner for the next phase.”

KKR is making the investment in Karo Healthcare through its Core Private Equity strategy, which represents capital targeting longer-term compounding opportunities. The firm has deep expertise across consumer health and beauty products, with recent investments including category leaders such as nexeye, KDC/ONE, Wella Company, Coty and The Bountiful Company.

The transaction is subject to customary conditions and regulatory approvals and is expected to close in the coming months.

For further information, please contact:
Christoffer Lorenzen, CEO, +46 735 017 620, christoffer.lorenzen@karo.com
Michael Kaltenborn, CSDO, +49 171 681 0314, michael.kaltenborn@karo.com

The information was submitted for publication by the contact persons set out above, at 11:30 CET on 9 April 2025.

About Karo Healthcare
Karo Healthcare is a leading European consumer healthcare company with the purpose of delivering “Smart choices for everyday healthcare”, empowering people to live life to the fullest. Our products are available in more than 90 countries and include trusted original brands such as Lamisil®, E45®, Pevaryl®, Proct®, AlphaFoods, Nutravita, Flux®, Locobase®, Multi-Gyn® and Paracet®. Headquartered in Stockholm, Karo employs about 470 people who work out of Karo’s 13 international hubs. More info: karohealthcare.com.

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

 

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Blackstone Announces $10.6 Billion Final Close of Largest Ever European Real Estate Drawdown Fund

Blackstone

LONDON, UK – April 9, 2025 – Blackstone (NYSE: BX) today announced the final close of its latest European real estate fund, Blackstone Real Estate Partners Europe VII (“BREP Europe VII”). The fund has raised €9.8 ($10.6) billion of total capital commitments, making it the largest European real estate drawdown fund ever raised based on third party capital commitments.

In total, Blackstone’s three opportunistic strategies (Global, Asia, Europe) have nearly $47 billion of available capital. With scale capital available globally, including in Europe through BREP Europe VII, we believe Blackstone’s real estate funds are well positioned to capitalize on an opportunity-rich environment.

James Seppala, Head of European Real Estate, Blackstone, said: “We are extremely proud to have raised Europe’s largest real estate drawdown fund ever during what has been a period of exceptional dislocation in the industry, particularly in Europe. The real estate recovery is coming into view and we are grateful that our limited partners have entrusted us with substantial capital to seek to capture opportunities through our time-tested, high conviction investment process.”

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $315 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Media Contact
Dafina Grapci-Penney
Dafina.GrapciPenney@Blackstone.com
+44 (20) 71044825

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EQT, Hg and TA-owned IFS valued at EUR 15 billion in minority stake sale, following investment from Hg, ADIA and CPP Investments

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HG Capital

  • Hg increases its stake in enterprise software provider IFS and becomes co-control shareholder alongside EQT, while existing minority shareholder TA Associates remains invested

  • New investors in this transaction include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”)

  • IFS continues to perform strongly, having recently surpassed EUR 1 billion in ARR while growing by more than 30% year-on-year

Stockholm, Sweden, and London, UK, 9 April – IFS, a leading provider of cloud enterprise software and Industrial AI applications, announces it has achieved a valuation of over EUR 15 billion following a significant pivot to AI-driven growth. The valuation comes as Hg increases its stake to become a co-control shareholder alongside EQT, with TA Associates (“TA”) remaining as minority shareholder. New minority shareholders also include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”). Hg and the new investors are acquiring shares in IFS from EQT, which is selling through its EQT VIII and EQT IX funds, as well as from TA and other minority investors.

The transaction follows many successful years of growth for IFS, delivering more than EUR 1 billion in ARR (“annual recurring revenue”) last year. Total revenue for 2024 was over EUR 1.2 billion, with some of the world’s largest industrial companies choosing IFS over legacy vendors. Demand for IFS’s industrial AI capabilities has increased significantly over the past 12 months as organizations across IFS’s focus industries of Aerospace & Defence, Engineering & Construction, Energy & Utilities, Manufacturing, Telco and Service, continue to realise the rapid and transformative value that IFS.ai delivers. IFS will continue to expand its capabilities with the industrial application of generative and agentic AI, so that customers can automate workflows, improve efficiency and deliver amazing moments of service to their own customers.

Over the past year, IFS added 350 new customers including Exelon who adopted IFS to streamline asset maintenance across its energy grid, Rolls-Royce who is using IFS to transform service delivery of its Power Systems business, and Total Energies who is deploying IFS as the single platform for management and servicing of its global operated asset portfolio. Moreover, an increasing number of large businesses are moving to IFS which is reflected in the average deal size of IFS’s largest customers increasing by 64% year-on-year.

Mark Moffat, CEO of IFS, said:

“IFS’s success and sustained growth is centred around a commitment and track record of rapidly delivering business value to our customers. We have a differentiated proposition that continues to drive momentum in the industrial setting, specifically with the agentic and generative capabilities of IFS.ai, which enables us to be the technology of choice for the businesses that service, power and protect our planet.” Moffat continued: “The investment and continued commitment from Hg, EQT and TA will help IFS further accelerate our journey to be the undisputed category leader of Industrial Software.”

Johannes Reichel, Partner and Co-Head of Technology in the EQT Private Equity advisory team, added:

“EQT’s relationship with IFS started in 2015 and it has been remarkable to see the company’s growth since then. Starting as a software vendor focused on Northern Europe, IFS has become a global provider of enterprise solutions while embracing the power of AI for the benefit of its industrial clients. It’s a prime example of EQT’s ability to “run with the winners”, where we partner with management teams over the long-term to scale regional players into global champions. We are excited to work alongside Hg to continue supporting IFS through this next phase.”

Nic Humphries, Senior Partner and Head of the Saturn funds at Hg, commented:

“With 20 years’ experience investing in software, we recognise exceptional businesses when we see them. Our increased investment in IFS reflects our conviction in their long-term vision and strong execution, which enables their customers’ digital transformation.”

Jonathan Wulkan, Partner at Hg, added:

“Since our initial partnership in 2022 alongside EQT, Mark and the team have not only delivered impressive and consistent growth but have emerged as a global leader in Industrial AI – translating the promise of AI into practical solutions that drive efficiency and sustainability for essential industries, with significant potential for continued growth.”

Naveen Wadhera, Managing Director at TA, commented:

“IFS’s exceptional leadership, strong execution, and transformative AI capabilities are redefining what’s possible in enterprise software. We remain confident in the company’s vision and are excited to be part of its continued journey.”

The transaction is subject to customary regulatory approvals and is expected to complete end of Q2 2025. IFS and selling shareholders were advised by Arma Partners and White & Case, EQT was also advised by Evercore, and Hg was advised by Morgan Stanley & Co. plc and Skadden.

For further information, please contact:

EQT
press@eqtpartners.com

Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com

TA
Maggie Benoit, mbenoit@ta.com

IFS
EUROPE / MEA / APJ: Adam Gillbe, adam.gillbe@ifs.com
NORTH AMERICA / LATAM: Mairi Morgan, mairi.morgan@ifs.com

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come.

Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and around $75 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 115,000 employees, consistently growing revenues at more than 20% annually.

About TA

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and businesses services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About IFS

IFS is one of the world’s leading providers of Industrial AI and enterprise software for hardcore businesses that service, power, and protect our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.

IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.

IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 80 countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.

Categories: News

HealthEdge Secures Strategic Investment from Bain Capital

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BainCapital

BURLINGTON, Mass. – April 8, 2025 – HealthEdge, a leader in healthcare technology solutions, today announced that it has entered into a definitive agreement to be acquired by Bain Capital. The investment is being made by Bain Capital’s Private Equity team. Financial terms of the private purchase from funds managed by Blackstone were not disclosed.

Founded in 2005, and headquartered in Burlington, Massachusetts, HealthEdge is a next-generation SaaS platform that connects health plans, providers, and patients with a suite of end-to-end digital solutions to automate operations, reduce administrative costs and improve overall health outcomes. HealthEdge currently serves over 115 health plans representing more than 110 million covered member lives across the U.S. Its best-in-class solutions and administrative processing systems have earned the Company repeated recognition from leading market analysts.

“We are pleased to welcome Bain Capital as our new partner as we embark on our next chapter of growth and innovation,” said Steve Krupa, CEO of HealthEdge. “We believe we are well-positioned to achieve our vision of being the long-term partner of choice for health plans as we continue to create deeper integrations between our solutions, which support health plans through claims processing, care management, and member engagement. We are thankful for Blackstone’s support over the last five years and look forward to working with Bain Capital as we remain committed to implementing solutions that will redefine the future of healthcare.”

“HealthEdge is enabling health plans to transition towards a modern tech ecosystem via its cloud-based claims adjudication software and complementary suite of value-added solutions. In a world of growing operational complexity, we believe that HealthEdge can streamline operations, improve care delivery, and increase engagement among healthcare payers, provider, and patients,” said Devin O’Reilly and Paul Moskowitz, Partners at Bain Capital. “The HealthEdge Solutions Suite is a mission-critical system that sits at the heart of the health plan tech stack in one of the most complex HCIT ecosystems we’ve seen. We believe HealthEdge can be a driving force for GenAI enablement at health plans, and we look forward to partnering with the management in the next phase of growth.”

“We are proud to have been part of HealthEdge’s journey over the last five years, partnering with management to evolve the business from an emerging modern software solution for payors to a mission-critical platform of high-value technologies for payors, caregivers, and patients,” said Ram M. Jagannath and Anushka M. Sunder, Senior Managing Directors at Blackstone. “Over the course of our investment, Blackstone partnered with HealthEdge to innovate new solutions, acquire and integrate strategically important software solutions, drive sustained growth, and build a comprehensive technology platform to address challenges across the American healthcare ecosystem. It has been a pleasure driving this phase of the transformation, and we wish Steve, the entire management team, and Bain Capital continued success in driving HealthEdge’s next chapter of strategic growth.”

The transaction is expected to close during the second quarter of 2025, subject to customary closing conditions.

TripleTree is acting as lead financial advisor, Kirkland & Ellis as legal counsel, and Ares Management as lead financing partner to Bain Capital. Evercore and UBS Investment Bank are acting as financial advisors, and Simpson Thacher & Bartlett as legal counsel to Blackstone.
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About HealthEdge
HealthEdge® is building a future without limits for health plans, where they can deliver better service and care, make more informed decisions and streamline operations. Through an integrated platform of solutions for core administration (HealthRules® Payer), payment accuracy (HealthEdge Source™), provider network management (HealthEdge Provider Data Management), care management (GuidingCare®) and member experience (Wellframe™), health plans can converge their data and harness
automation to drive more informed decisions, improve touchless transaction processing and payment accuracy, foster meaningful collaboration and enhance service and care delivery. HealthEdge is trusted by over 115 health plans covering more than 110 million member lives across the U.S. See what it means to converge without limits at HealthEdge.com and follow us on LinkedIn.

About Bain Capital  
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

 

Media Contacts

 Scott Lessne

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Altor divests Qmatic to Valsoft

Altor Fund II (“Altor”) has entered into an agreement to divest Qmatic Group AB (“Qmatic”) to Valsoft Corporation Ireland (“Valsoft”), a vertical software specialist based in Canada.

Altor invested in Qmatic in 2007, the company then focused on providing queue management solutions. The partnership aimed to continue building Qmatic’s platform and expanding into new markets and customer segments. Today, Qmatic is the leading Customer Journey Management solution globally, a position that was established through M&A and organic growth. Under Altor’s ownership, Qmatic has also transitioned from a mainly hardware-focused company to a software company with a multi-tenant SaaS platform.

About Altor

Since inception, the family of Altor funds has raised more than EUR 12 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Silo AI, Meltwater, Raw Fury, and F24.

About Qmatic

Qmatic is a global leader in reshaping connections between people and services for truly excellent customer experiences. Working seamlessly with partners all over the world, we provide over 2 billion customer journeys every year, on more than 65,000 systems, in over 120 countries and across several sectors such as finance, healthcare, retail and public services. Creating a world where everyone can access the services they need.

About Valsoft

Valsoft acquires and develops vertical market software companies that deliver mission-critical solutions. A key tenet of Valsoft’s philosophy is to invest in established businesses and foster an entrepreneurial environment that shapes a company into a leader in its respective industry. Unlike private equity and VC firms, Valsoft does not have a predefined investment horizon and looks to buy, hold, and create value through long-term partnerships with existing management and customers. Learn more at www.valsoftcorp.com.

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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Red Oak Acquires 4U Platform, Introducing Compliant Connectivity to the Financial Industry

Mainsail partners

Austin, TX – April 7, 2025 – Red Oak, a leader in advertising compliance and marketing review software, acquired 4U Platform, a premier content distribution, engagement and analytics platform for the investment industry. This strategic combination merges Red Oak’s innovative compliance technology with 4U’s seamless connectivity between Investment Companies and Wealth Management firms.

By integrating Red Oak’s AI-powered compliance workflow automation software with 4U’s streamlined content distribution network, this enhanced platform helps remove inefficiencies, ease challenges of regulatory oversight, and reduce time-to-approval for marketing materials. Investment Companies and Wealth Management firms now have a unified, automated ecosystem that helps ensure content integrity while accelerating delivery of compliant marketing material to financial professionals and investors.

Red Oak empowers Investment Companies to efficiently manage regulatory approvals while maintaining compliance with internal policies, FINRA, the SEC and Wealth Management firm requirements. 4U’s platform improves manual tracking and disjointed approval processes, giving financial professionals a centralized, pre-approved content library to engage with clients cohesively.

“By integrating 4U, we believe we are redefining what is available to financial services firms—evolving Red Oak into a true Compliance Connectivity Platform that links internal compliance workflows with the broader distribution ecosystem,” said Dave Dutch, CEO of Red Oak. “We couldn’t be more excited about branching out, deepening our roots and expanding what is possible for the customers of Red Oak and 4U.”

The combined platform will help drive deeper industry collaboration, integrate AI-powered compliance efficiencies, and enable firms to seamlessly connect content, data and distribution solutions benefiting the financial services ecosystem.

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Office Ally Embarks on Next Phase of Growth and Innovation with New Mountain Capital and Francisco Partners

Franciso Partners

VANCOUVER, WA, NEW YORK & SAN FRANCISCO – April 7, 2025 — Office Ally (or “the Company”), a leading healthcare technology company providing a comprehensive suite of cloud-based clearinghouse and software solutions to a national network of healthcare providers, partners, and health plans, announced a strategic growth investment from New Mountain Capital, a leading growth-oriented investment firm with more than $55 billion in assets under management. As part of the transaction, Francisco Partners, which originally invested in Office Ally in 2021, will also reinvest alongside management.

This investment empowers Office Ally to accelerate its strong growth and product roadmap to become a preeminent next-generation clearinghouse and software provider. With expanded resources, Office Ally will drive greater efficiency, automation, and interoperability across the healthcare ecosystem. Trusted by more than 80,000 healthcare organizations, Office Ally enables the exchange of more than 950 million transactions annually between providers and payers to coordinate patient care and enable healthcare payments.

“We are thrilled to have the opportunity to work with both New Mountain Capital and Francisco Partners on this next chapter of growth for Office Ally,” said Chris Hart, CEO of Office Ally. “The team at Francisco Partners have been incredible enablers of our success over the past several years and the New Mountain Capital team’s investing acumen, strategic insights and operational knowledge across the healthcare technology space make them an ideal partner for us moving forward. On behalf of the entire Office Ally team, we are proud to support the critical work of healthcare providers and payers across the country—and we cannot wait to work with both of these great firms to further our mission.”

Matt Holt, Managing Director and President, Private Equity at New Mountain Capital said, “We are excited to partner with Chris Hart, Francisco Partners and the entire Office Ally team to build a next-generation healthcare technology platform company. We have tracked Office Ally’s innovation record over the past few years and believe that the company is exceptionally well-positioned to lead the modernization effort of payment in the U.S. healthcare systems. Office Ally can leverage its technology and data assets to enable what we see as a modern, real-time payment system, bringing together clinical and administrative processes into a model that’s aligned with an overall shift to outcomes-based payment models. At New Mountain, we have been investing in the modernization of the healthcare system and we plan to bring our ecosystem and network to the benefit of Office Ally. We are excited to support the company’s leadership position in helping to shift the U.S. healthcare systems from a broken system of antiquated processes to a modern, proactive and efficient system that’s better aligned with the health of patients.”

Justin Chen, Partner at Francisco Partners said, “It has been a pleasure and a privilege to partner with Chris and the Office Ally team to accelerate growth and expand the business over the past several years. The team has built an exceptional company with a unique culture, customer-first approach, innovative product roadmap and compelling product suite. We are excited to continue supporting Office Ally’s mission and next stage of growth with our new partners at New Mountain Capital.”

William Blair served as financial advisor and Kirkland & Ellis served as legal advisor to Office Ally and Francisco Partners. Houlihan Lokey served as financial advisor and Ropes & Gray LLP served as legal advisor to New Mountain Capital.

Financial terms of the transaction were not disclosed.

About Office Ally

Office Ally is a healthcare technology company that offers cloud-based solutions tailored for healthcare providers, partners, and payers. Our comprehensive platform is trusted by more than 80,000 healthcare organizations of all sizes from start-ups to the Fortune 100. The Company’s all-payer clearinghouse connects healthcare organizations to a nationwide network enabling the secure exchange of clinical and financial information. For more information visit: www.officeally.com.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit: www.newmountaincapital.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in more than 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $50 billion in capital raised, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Under no circumstances does the information contained herein constitute an offer to sell or a solicitation of an offer to buy any security or interest in an investment vehicle managed by New Mountain Capital or Francisco Partners. Any such offer or solicitation can only be made through a definitive private placement memorandum describing the terms and risks of an investment to sophisticated persons who meet certain qualifications under the federal securities laws and are capable of evaluating the merits and risks of the investment. Nothing presented herein is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. It should not be assumed that an investment will be profitable or that the performance of any particular investment will equal its past performance. No guarantee of investment performance is being provided and no inference to the contrary should be made. There is a risk of loss from an investment in securities, including the potential loss of principal. Past performance is not indicative of future results.

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CVC DIF and VNG AG strengthen the future of BALANCE through a growth partnership

CVC Capital Partners

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, has agreed to acquire 49% of BALANCE Erneuerbare Energien (BALANCE), the biogas subsidiary of Leipzig-based gas company VNG AG (VNG). The investment in BALANCE will be made through the DIF Infrastructure VII (DIF VII) fund and will support the ongoing growth of the business.

Biogas is an important component in tomorrow’s decentralised energy system and is already helping to increase the share of green gases in the grid. Compared to wind and solar energy, biogas offers a decisive advantage: Its production is independent of weather conditions. Biogas is a reliable energy source that can be stored and flexibly complements other forms of renewable energy. BALANCE currently has a portfolio of 42 biogas facilities in Northern and Eastern Germany with a total installed rated thermal output of around 197 MW. This makes BALANCE one of the largest biogas plant operators in Germany, supplying green energy to more than 180,000 households every year.

Ulf Heitmüller, CEO of VNG, contextualised the transaction as follows: “We are delighted to have gained a partner for BALANCE in CVC DIF, a party that brings a wealth of expertise in supporting its financial investments on their growth path through active value creation. CVC DIF also shares our perspective on biogas as an energy source, the potential of BALANCE, and values such as trust and transparency in our collaboration. Together we can further strengthen BALANCE’s growth and competitiveness and, in line with our “VNG 2030+” corporate strategy, expand our green gas portfolio in the future. In this way, we are making an important contribution to the supply of renewable and sustainable energy.”

Gijs Voskuyl, Managing Partner of CVC DIF, also underlined the central role of the partnership approach with VNG for the investment: “The dynamics in the biogas market make it clear: Biogas is a key component in the decarbonisation of the energy industry. On the back of strong regulatory tailwinds, we want to actively support this development and see the partnership with VNG as offering a highly professional setup and thus ideal conditions for BALANCE as a platform in Germany to participate in market growth. We are convinced that BALANCE is a high-quality investment that will provide our investors with stable returns and offer potential for long-term growth and sustainable value creation.”

The completion of the transaction is subject to approval by the relevant antitrust authorities.

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AlpInvest Partners Raises Over $4 Billion for Portfolio Finance Platform

Carlyle

AlpInvest Strategic Portfolio Finance Fund II (“ASPF II”) exceeds its initial target and more than triples prior program size at $3.2 billion when including parallel SMAs and co-investments

Successful fundraise coincides with the closing of multiple Senior Portfolio Lending mandates and co-investments, bringing new capital raised for AlpInvest’s Portfolio Finance Platform to over $4 billion

New York and London, April 7, 2025 – AlpInvest Partners, a leading global private equity investor and subsidiary of Carlyle (NASDAQ: CG), has raised $3.2 billion for AlpInvest Strategic Portfolio Finance Fund II (“ASPF II”), inclusive of parallel SMAs and co-investments, exceeding its initial target and more than tripling the size of its prior program, ASPF I. Including the simultaneous closing of multiple Senior Portfolio Lending mandates and co-investments, which invest in investment grade Portfolio Financings, total new capital raised for AlpInvest’s Portfolio Finance platform exceeds $4 billion.

The fund, ASPF II, provides financing solutions to private equity funds, GPs, and LPs. It also pursues Credit Secondaries investments, which support an optimized portfolio construction. The fund takes a private credit approach, emphasizing downside mitigation through cross-collateralization, diversification, and significant equity overcollateralization, while offering cash yield and optimized duration. Leveraging AlpInvest’s leadership in the global secondaries market, ASPF II benefits from the firm’s integrated Secondaries and Portfolio Finance platform, which provides a full range of solutions from credit to equity as well as deep relationships with over 380 GPs worldwide.

“The strong investor demand for ASPF II and our broader Portfolio Finance strategy is a testament to the market’s recognition of our differentiated approach and the value our solutions bring to private equity sponsors and investors,” said Michael Hacker, Global Head of Portfolio Finance at AlpInvest. “With over $4 billion in total capital raised this cycle, we are now well-positioned to leverage our deep GP relationships, extensive structuring expertise, and the scale of the broader AlpInvest platform to deliver innovative and flexible financing solutions. This milestone represents the full realization of our vision for Portfolio Finance as a key pillar of the AlpInvest platform.”

ASPF II received backing from a broad mix of institutional investors globally, including insurance companies, sovereign wealth funds, pensions, corporations, and family offices, and received very strong support from existing investors in ASPF I.

“We are pleased to close ASPF II with such strong support from a range of investors, underscoring the caliber of our team, the capabilities of the AlpInvest platform, and the momentum and demand we are seeing across our offering of portfolio financing solutions,” said Ruulke Bagijn, Head of Carlyle AlpInvest. “This successful fundraise is a testament to our extensive track record of performance and our global GP relationships.”

Chris Perriello, Global Head of Secondaries at AlpInvest, added: “We were among the first global players to recognize that Portfolio Finance would be an essential strategic complement to our existing Secondaries platform. This approach allows us to offer flexible solutions to GPs and LPs while enhancing liquidity and optimizing portfolios.”

ASPF II has already executed 10 transactions, spanning financings for private equity and private credit funds, GP commitment financings, LP portfolio recapitalizations for sovereign wealth funds and asset managers, and Credit Secondaries such as the spinout of Norwest Mezzanine Partners.

About AlpInvest

AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $85+ billion of assets under management and more than 500 investors as of December 31, 2024. It has invested with over 380 private equity managers and committed over $100 billion across primary commitments to private equity funds, secondary transactions, portfolio financings and co-investments. AlpInvest employs more than 250 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

Media Contacts

U.S.

Isabelle Jeffrey

+1 (212) 332-6394

isabelle.jeffrey@carlyle.com

 

EMEA

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

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