Key private capital deals announced today include Trinity Ventures’ $435 million continuation fund, Waud Capital’s Mopec purchase, BEO’s fund launches, a $93 million Series A for biotech Orbis, AE Industrial’s CDI sale, and Czech Asset Management’s independence.
Trinity Ventures closes $435m continuation fund
VC firm Trinity Ventures announced the close of Trinity Ventures 2024, a multi-asset continuation fund with $435 million in total commitments. The fund will recapitalize 15 portfolio companies from Trinity Ventures XI, a 2012 vintage fund. Partners Group and Portfolio Advisors are leading the new fund as Limited Partners, alongside co-lead Goldman Sachs Asset Management. Trinity partners are rolling forward their full capital investment and realized carry from Trinity Ventures XI into the new fund. Jefferies served as financial advisor on the transaction, with Cooley serving as legal counsel to Trinity Ventures.
NextDecade unit secures $175m loan from General Atlantic
Rio Grande LNG Super Holdings, a NextDecade Corporation subsidiary, secured a $175 million senior secured loan from General Atlantic Credit’s Atlantic Park Fund. The loan, disbursed on Dec. 31, 2024, will repay $50 million in revolving credit facility borrowings and a $12.5 million interest term loan, with remaining proceeds funding working capital and corporate purposes. The senior loan has a six-year maturity. Santander served as financial advisor to NextDecade, with Latham & Watkins as legal advisor. Akin Gump Strauss Hauer & Feld and Baker Botts served as legal advisors to GA Credit.
Madison Realty Capital provides $107.6m loan for Miami luxury condo project
Madison Realty Capital provided a $107.6 million loan to Fort Partners’ affiliate for completing Seaway North at The Surf Club, an ultra-luxury residential condominium project in Miami’s Surfside neighborhood. The development, located next to the Four Seasons Hotel and Residences at The Surf Club, is under construction with completion expected in early 2026. This marks the fourth transaction between Madison Realty Capital and Fort Partners in the South Florida region.
BEO Investments launches three real estate funds totaling $100m
BEO Investments announced the launch of three new funds: the $50 million BEO Core Yield Fund targeting Class A properties in major cities with a 5 to 7-year horizon, the $40 million BEO Value Opportunity Fund for time-sensitive investments, and the $10 million BEO Luxury Home Fund focused on short-term luxury residential development in South Florida.
NEA leads $93m series A round for Orbis Medicines
New Enterprise Associates led a €90 million ($93 million) Series A financing for Orbis Medicines, with participation from Eli Lilly and Company, Cormorant, the Export and Investment Fund of Denmark, and existing investors Novo Holdings and Forbion. Novo Holdings Partner Morten Graugaard, who served as executive chair for nearly three years, has been appointed CEO. Orbis was established in 2021 by Novo Holdings’ Seed Investments team to advance oral macrocycle drug discovery, building on research from the Swiss Federal Institute of Technology in Lausanne.
Blue Owl completes $1bn acquisition of data center investor IPI Partners
Blue Owl Capital finalized its previously announced acquisition of IPI Partners from affiliates of ICONIQ Capital and Iron Point Partners for approximately $1 billion. IPI Partners, established in 2016 as a joint venture between ICONIQ and Iron Point, has built $11 billion in assets under management in data center investments as of Sept. 30, 2024. The transaction expands Blue Owl’s digital infrastructure strategy within its Real Estate platform.
Czech Asset Management to separate from Voya Investment Management
Czech Asset Management (CAM) and Voya Investment Management agreed to transfer CAM to entities affiliated with Founder and Chief Investment Officer Stephen Czech, operating as an independent company under his leadership. The firm, which has about $5.5 billion of capital under management, plans to focus on opportunities in private credit and direct lending markets. Kirkland & Ellis served as legal counsel to Czech on the transaction.
Aquiline invests in Cayman-based fund administrator Catalyst Global
Aquiline Capital Partners made a significant growth investment in Catalyst Global Financial Group, a Cayman Islands-based financial services provider offering fund administration, accounting and corporate services. Founded in 2021, Catalyst supports over 700 entities registered in the U.S., Cayman Islands and Bahamas, with more than $13 billion in assets under administration. The transaction requires approval from the Cayman Islands Monetary Authority. Harney Westwood & Riegels, Mourant Ozannes and Seward & Kissel are serving as legal advisers to Catalyst.
Advent International to acquire condiments maker Sauer Brands
Advent International agreed to acquire Sauer Brands, a platform of condiments and seasonings brands, from Falfurrias Management Partners. Under Falfurrias’ ownership since August 2019, Sauer Brands completed two add-on acquisitions and strengthened its management team with new executive appointments. Morgan Stanley is serving as lead financial advisor to Sauer Brands, with William Blair as co-advisor and McGuireWoods as legal counsel. McGuireWoods is also serving as legal advisor to Falfurrias. Centerview Partners acts as financial advisor to Advent, with Weil Gotshal & Manges as legal counsel. Financial terms were not disclosed.
Gallant Capital to acquire Navient Government Services
Gallant Capital Partners agreed to acquire Navient’s Government Services business, a provider of tolling and parking technology, call center support, revenue recovery, program management and payment processing services to government agencies. The acquisition, set to close in the first quarter pending customary conditions, marks the third platform investment from Gallant Capital Partners Fund II, which closed in October at $406 million. Financial terms were not disclosed.
Waud Capital acquires pathology supplier from Blackford Capital
Waud Capital Partners purchased Mopec Group, a supplier of equipment, consumables and services for anatomic pathology and laboratory markets, from Blackford Capital. During Blackford’s 11-year ownership, Mopec implemented an Enterprise Resource Planning system and made investments in people and processes to enhance operational efficiency and financial reporting. Financial terms were not disclosed. Stout Capital served as financial advisor to Waud Capital, with Kirkland & Ellis as legal counsel. Piper Sandler served as financial advisor to Blackford Capital and Mopec, with Varnum as legal counsel. Financial terms were not disclosed.
AE Industrial sells CDI Engineering Solutions to Tata Consulting Engineers
AE Industrial Partners completed the sale of CDI Engineering Solutions to Tata Consulting Engineers. Houston-based CDI Engineering Solutions provides technical design and engineering services for energy, chemicals, semiconductors and battery manufacturing projects. AE Industrial acquired CDI Corp, CDI Engineering’s NYSE-listed parent, in 2017, later divesting its aerospace and government services divisions to portfolio companies Belcan and Gryphon Technologies, and selling its IT services, staffing, recruiting and infrastructure businesses. Capstone Partners served as financial advisor and Kirkland & Ellis as legal advisor to CDI and AE Industrial on the transaction. Financial terms were not disclosed.
Coalesce Capital takes majority stake in Pearl Meyer
Coalesce Capital acquired a majority stake in Pearl Meyer & Partners, an executive compensation and leadership consultancy. Pearl Meyer’s management team maintains significant ownership and will partner with Coalesce, while existing minority institutional investors have exited. Citizens served as financial advisor to Pearl Meyer with Locke Lord as legal counsel. Ropes & Gray served as legal advisor to Coalesce Capital. Financial terms were not disclosed.
LaSalle acquires 536,000 sq ft industrial complex in Tempe for core fund
LaSalle Investment Management acquired Tempe Commerce Park, a five-building industrial complex totaling 536,122 square feet in Tempe, Arizona, for its U.S. core open-ended fund LaSalle Property Fund. The 36.79-acre property features 24-foot clear heights and is 92% leased to eight tenants including McKesson, Genuine Cable Group and Rivian. Located at 7340-7360 S. Kyrene Road and 7333-7343 S. Hardy Drive, the complex offers access to major transportation routes in Metro Phoenix. Terms were not disclosed.
