Telecommunications

The latest vehicle from BC Partners, Fund XII, marks the firm’s 12th flagship buy‑out fund and is structured to capitalise on its proven track record in upper mid‑market investments across Europe and North America. With a target of roughly €5‑6 billion in commitments, the fund seeks to leverage BC Partners’ deep operational platform, sector expertise and global sourcing capabilities to back companies with strong growth potential and resilient business models. The investment strategy emphasises “defensive growth” – targeting market‑leading companies in sectors such as TMT, Services & Industrials, Healthcare and Food that exhibit predictable cash flows, margin resilience and multiple avenues for value creation. The fund team will partner with proven management teams and seek to drive organic expansion, internationalisation, M&A‑led growth and operational improvement. Geographically, Fund XII will focus primarily on Europe and North America, drawing on BC Partners’ well‑established trans‑Atlantic platform and track record of investing across these regions. The firm believes that the upper mid‑market segment offers a compelling combination of deal flow quality, exit optionality and relative insulation from large‑cap competition. While the fund is still in fundraising, BC Partners is positioning Fund XII to exploit a market environment in which exit activity is picking up, valuations are re‑adjusting and disciplined buy‑out vehicles can deliver attractive returns. The firm emphasises operational value creation and seeks to partner with businesses that can benefit from BC Partners’ global resources, local networks and sector expertise. In doing so, Fund XII aims to deliver long‑term, risk‑adjusted returns for its limited partners.

Carlyle Japan Partners V (CJP V) is The Carlyle Group's fifth Japan-focused buyout fund, achieving a final close at ¥430 billion (approximately $2.8 billion USD), marking it as the largest Japan-focused buyout fund to date. This fund represents a significant increase of nearly 70% over its predecessor, reflecting strong investor confidence and demand from both domestic and international limited partners. CJP V continues Carlyle's established strategy of investing in upper middle-market opportunities within Japan. The fund focuses on sectors such as Technology, Media, and Telecom (TMT); Consumer, Retail, and Healthcare (CRH); and General Industries (GIG). Investment approaches include succession transactions, corporate carve-outs, and strategic take-private deals, aiming to support companies through transitions and growth phases. With over two decades of experience in the Japanese market, Carlyle leverages its local expertise and global resources to identify and nurture investment opportunities. The firm's commitment to Japan is underscored by its plan to expand its local investment team, ensuring robust support for portfolio companies and sustained value creation for investors.

Crayhill Capital Management, a New York-based alternative asset manager specializing in asset-based finance, announced the final close of its third flagship fund, Crayhill Principal Strategies Fund III, in April 2025. The fund secured approximately $1.31 billion in capital commitments, surpassing its $1 billion target. This total includes $162 million in committed co-investment capacity. Fund III focuses on providing capital solutions to specialty finance platforms and other asset-heavy companies across sectors such as residential housing, energy, commercial real estate, media, and digital infrastructure. The fund targets highly structured investments backed by segregated, cash-flowing assets, including loans, leases, royalties, receivables, and power purchase agreements. This strategy aims to offer downside protection and a resilient expected return profile. As of the fund's closing, over 75% of its capital had been deployed across a diverse portfolio of investments. Notable transactions include a $15 million credit facility for Universal Kraft Canada Renewables and a $200 million facility for AMPYR Energy USA to support utility-scale solar and energy storage projects.

ISQ Global Infrastructure Fund III is a 2021 vintage infrastructure value-added fund managed by I Squared Capital. The fund closed at its legal cap of $15 billion, surpassing the initial target of $12 billion, with commitments from over 200 institutional investors across 27 countries. Including a dedicated co-investment vehicle, the fund has $15.5 billion in investable capital. The fund focuses on investments in sectors such as transportation, water and waste management, telecommunications, renewable energy, supply chains and logistics, energy transition, and digital infrastructure. It aims to make impact investments in infrastructure, preferring to invest in 15 to 20 companies globally. ISQ Global Infrastructure Fund III seeks to address critical challenges in a post-COVID world, including climate change, supply chain disruptions, digital transformation, and the energy transition. The fund targets gross returns of 15–20% and a cash yield of 6%.

ISQ Global Infrastructure Fund IV is the latest infrastructure value-add fund from I Squared Capital, aiming to raise $15 billion following the $12 billion Fund III closed in 2021. The fund continues I Squared’s strategy of investing in essential infrastructure assets with operational upside, leveraging its global platform and local expertise. The fund focuses on platform investments, with at least 60% of capital expected to be deployed in scalable opportunities where additional investments can be made over time. This approach allows for building and expanding infrastructure businesses across various sectors and geographies. ISQ Global Infrastructure Fund IV maintains a diversified investment strategy across sectors such as renewables, transport, and utilities, targeting opportunities in North America, Latin America, Western Europe, and Asia-Pacific. The fund seeks to capitalize on the growing demand for sustainable and resilient infrastructure globally.

KKR Diversified Core Infrastructure Fund is a dedicated infrastructure strategy focused on acquiring mature, brownfield infrastructure assets. It targets essential service businesses with strong cash flows and long-term contracts or regulated revenues, helping to deliver downside protection and steady income. The fund invests primarily in OECD-developed regions, notably North America and Western Europe, to ensure portfolio stability and regulatory transparency. It pursues a diversified sector mix including energy, transportation, telecom, water and utilities, with tickets generally ranging from USD 250 million to USD 750 million per investment. Structured as a core strategy, the fund emphasizes capital preservation and inflation-protected value through investments in critical infrastructure assets. Its risk‑based asset selection process favors lower volatility opportunities with predictable returns, often supported by regulated or contracted frameworks. Managed by KKR’s global infrastructure platform, the vehicle leverages deep operational expertise across geographies to generate attractive risk‑adjusted returns. With multiple domiciles (Delaware, Luxembourg, Canada), it is accessible to a broad universe of institutional investors seeking infrastructure exposure.

Keppel Data Centre Fund III (KDCF III) is a private infrastructure fund launched by Keppel Ltd., designed to invest in the development and operation of hyperscale-ready, sustainable data centres across the Asia-Pacific region. In April 2025, the fund reached its first close with approximately US$580 million raised from institutional investors including pension funds, sovereign wealth funds, and insurance firms. The fund builds on the track record of Keppel’s earlier data centre vehicles, aiming to meet the surging demand for digital infrastructure spurred by the rise of AI and digital transformation. KDCF III emphasizes a de-risked approach through pre-commitments or long-term lease agreements with hyperscale clients, ensuring leasing stability and enhanced investor confidence. KDCF III leverages Keppel’s vertically integrated platform to deliver energy-efficient data centres, incorporating renewable energy sources and advanced cooling systems. This not only supports ESG commitments but also aligns with global trends toward sustainable infrastructure. The fund is strategically positioned to shape digital infrastructure across major growth markets in Asia-Pacific.

Macquarie Asset Management’s Macquarie Infrastructure Partners VI (MIP VI), a 2022‑vintage core‑plus infrastructure fund, achieved a final close at approximately $6.8 billion, with a hard cap targeting $7–8 billion—anchored by ~70 % re‑investment from existing LPs and North American investors. The fund focuses on transportation, digital infrastructure, utilities, energy, waste and social infrastructure across the Americas. Its core-plus approach emphasizes stable, income-generating assets with inflation linkage, high barriers to entry, and structural, contracted characteristics. MIP VI has deployed capital into several landmark assets, including a 40 % stake in Dow-linked US utility infrastructure, Montreal Met Airport, SwyftFiber, and Brazil’s Monte Rodovias toll roads. It aims for a 10–12 % net IRR and 4–6 % annual cash yield, investing $50–125 million per project.

Mediterrania Capital IV Mid Cap (MC IV) is a private equity fund managed by Mediterrania Capital Partners, focusing on growth investments in mid-cap companies across North Africa and Francophone Sub-Saharan Africa. With a target fund size of €350 million, MC IV aims to support businesses with strong growth potential and established market positions. The fund seeks to invest in sectors crucial for the region's development, including healthcare, education, financial services, consumer goods, and manufacturing. By providing both capital and strategic support, MC IV assists companies in scaling operations, enhancing governance, and expanding into new markets. MC IV is committed to responsible investing, integrating environmental, social, and governance (ESG) considerations into its investment process. The fund also emphasizes gender diversity, aligning with the 2X Challenge by aiming for a significant portion of its portfolio to meet gender inclusion criteria.

Northleaf Capital Partners has announced the final close of its latest infrastructure fund, Northleaf Infrastructure Capital Partners IV (NICP IV), achieving its hard cap of $2.6 billion and exceeding the initial target of $2.25 billion. This milestone marks the firm's largest infrastructure fund to date, reflecting strong investor confidence in Northleaf's mid-market investment strategy. The fund attracted commitments from over 70 institutional investors across 14 countries, underscoring its global appeal. NICP IV focuses on control investments in contracted mid-market infrastructure assets, primarily in North America, with selective opportunities in Western Europe and Australia. The fund targets sectors such as renewable energy, telecommunications, transportation, and outsourced services, aligning with emerging trends like the energy transition and digital infrastructure expansion. By concentrating on businesses operating within a single country, Northleaf aims to mitigate risks associated with cross-border activities and tariffs. Since commencing investments in 2023, NICP IV has completed five deals, including commitments to Shared Tower, Provident Energy Management, Tillman FiberCo, EVPassport, and Combined Cargo Terminals. These investments exemplify Northleaf's approach of acquiring high-quality assets with long-term contracted revenues. The firm's active value creation strategy involves working closely with management teams to grow and de-risk each investment, leveraging its extensive industry networks and disciplined investment process.

Platinum Equity Small Cap Fund II, L.P. is the second fund in Platinum Equity’s dedicated lower middle market strategy. Legally domiciled in Delaware and managed from the firm’s Beverly Hills headquarters, the fund was launched to target smaller buyout opportunities that fall outside the scope of the firm’s flagship mega-fund strategy. The fund closed in September 2025 with total capital commitments of $2.28 billion, significantly exceeding its original $1.75 billion target. This robust fundraising effort reflects strong LP confidence in Platinum’s approach to operationally intensive investing in the lower mid-market segment. Small Cap Fund II focuses exclusively on North American and European companies with less than $450 million in annual revenue and under $45 million in EBITDA. The investment strategy includes founder- or family-owned businesses, corporate carve-outs, and take-private transactions, especially where Platinum’s hands-on operational model can accelerate value creation. The fund complements Platinum Equity Capital Partners VI, the firm’s $12.4 billion flagship buyout vehicle, by targeting a distinct deal size bracket. Its dedicated team of more than 40 investment and operations professionals specializes in identifying and managing these smaller, often more complex transactions across key sectors.

Sixth Street Opportunities Partners VI is a flexible, all-weather investment vehicle that seeks to capitalize on complex, high-value opportunities across the capital structure. The fund focuses on control-oriented transactions, asset opportunities, and corporate dislocations, employing a thematic and actively managed approach. The strategy is designed to provide downside protection while targeting attractive risk-adjusted returns. Investments may include control or minority equity, preferred equity, debt, or hybrid instruments, tailored to the specific needs of each opportunity. Sixth Street leverages its deep sector expertise and global platform to source and execute investments that are often complex and require bespoke solutions. The fund aims to deliver value through active management and strategic partnerships.

Stonepeak Asia Infrastructure Fund, with $3.3 billion in capital commitments, exceeding its initial target of $3.0 billion. This fund marks Stonepeak's first dedicated strategy in the Asia-Pacific region, is Stonepeak's inaugural Asia-focused infra fund, the aiming to capitalize on the region's long-term economic and demographic tailwinds. The fund seeks to construct a diversified portfolio of infrastructure assets, primarily within the communications, transport and logistics, and energy sectors. Its geographic mandate spans the Asia-Pacific region, including both developed and high-growth countries. To date, the fund has made six investments across its target sectors, demonstrating its commitment to addressing the region's pressing infrastructure needs. Stonepeak's approach combines deep sector expertise with a "boots-on-the-ground" strategy, supported by a dedicated team of 49 employees across offices in Hong Kong, Singapore, and Sydney, with additional presence in Seoul and Tokyo. This localized presence enables effective asset management and value creation for stakeholders.

Stonepeak Core Fund is an open-ended infrastructure investment vehicle managed by Stonepeak Partners, a leading global alternative investment firm. Launched in 2022, the fund has successfully raised $3.1 billion to date, with significant commitments from institutional investors such as the Washington State Investment Board and the Oregon State Treasury. The fund aims to reach an initial target of $5 billion, focusing on long-term investments in essential infrastructure assets that provide stable, inflation-linked cash flows. The fund's investment strategy targets core infrastructure assets across developed markets, including North America, Europe, Australia, and New Zealand. Stonepeak Core Fund seeks to invest in sectors such as digital infrastructure, transportation and logistics, and energy and energy transition. The fund's inaugural investment was a $2.5 billion commitment to American Tower’s operating data centre platform, followed by a $500 million investment in October 2022. Stonepeak Core Fund is designed to deliver net internal rates of return (IRR) in the range of 8-10%, focusing on assets that offer long-term, inflation-linked revenue streams. The fund's strategy includes both brownfield (existing operating assets) and greenfield (new assets requiring construction) investments across its target infrastructure subsectors.

TLG Africa Growth Impact Fund II (AGIF II) is a $200 million private credit fund managed by TLG Capital, established to address the financing gap faced by African SMEs. With a strategic focus on supporting businesses that are financially viable but currently under strain, the fund aims to unlock their growth potential through tailored credit solutions and advisory support. The fund reached its first close at $75 million, backed by a consortium of international development finance institutions. Anchor commitments came from the International Finance Corporation (IFC), alongside Swedfund, Norfund, Bpifrance, and the UK’s Foreign, Commonwealth & Development Office (FCDO), through its Manufacturing Africa program. This collective backing reflects confidence in the fund’s approach and impact-oriented strategy. AGIF II works closely with local financial institutions to co-finance SMEs, often leveraging guarantees from local banks to reduce investment risk. This collaboration ensures capital reaches underserved yet promising companies, enabling them to restructure debt, expand operations, and maintain employment during challenging macroeconomic conditions. In addition to financial support, AGIF II offers value-added strategic and operational advisory services. The fund partners with leading advisory firms such as McKinsey, BDO, ESS, and Ndarama Works to help portfolio companies transform their business models and strengthen resilience. This dual approach of capital and capacity-building is central to AGIF II’s impact thesis. The fund prioritizes inclusive and sustainable development by focusing on investments in the UN’s least developed countries, promoting gender equity, local ownership, and industrialization. AGIF II embodies a strong belief in achieving competitive financial returns while delivering meaningful development outcomes.

Thoma Bravo Discover Fund V is the fifth installment in Thoma Bravo’s mid-market buyout series, focusing on control investments in software and technology-enabled services companies. Launched in October 2023, the fund reached a final close of $8.1 billion in mid-2025, surpassing its $7 billion target. This demonstrates continued investor confidence in Thoma Bravo’s ability to identify and scale mid-sized enterprise software firms. The fund follows Thoma Bravo’s proven “buy-and-build” strategy, emphasizing operational improvements and strategic add-on acquisitions. Discover Fund V targets founder-led companies with low EBITDA margins—typically between 5% and 10%—and aims to expand those margins to approximately 40% through value creation initiatives and consolidation. Discover Fund V is focused on the technology, media, and telecommunications (TMT) sectors, with a primary geographic focus on North America. Target companies generally have enterprise values between $500 million and $3 billion, fitting within Thoma Bravo’s strategic mid-market mandate.