Infrastructure & Field Services

Allied Industrial Partners, a Houston-based private equity firm, has announced the final close of its inaugural fund, Allied Industrial Partners I-A and I-B LP, reaching its hard cap of $300 million and exceeding the initial $250 million target. This fundraise marks a major milestone for the firm, which now manages over $1 billion in assets since its founding in 2019. The fund attracted commitments from a broad base of institutional investors including pension funds, insurance companies, foundations, financial institutions, funds-of-funds, and family offices. Notably, more than 10% of the committed capital came from Allied’s senior team, signaling strong internal alignment with investor interests. Allied’s investment strategy focuses on building scalable and resilient industrial platforms through active operational involvement. The firm specializes in transformative growth strategies and is known for investing in defensible, high-growth industrial subsectors. Prior to this fund, Allied deployed over $200 million across five platform investments and anticipates that Fund I will be more than 70% deployed by the end of 2025. With a strong track record and focused strategy, Allied Industrial Partners aims to continue identifying and enhancing value in middle-market industrial businesses throughout the United States.

CapMan Special Situations I is a closed-end €77 million credit and special situations fund, launched in 2021 by CapMan. It pursues event-driven investment opportunities in mid-market companies across Finland and Sweden. The fund plays an active, hands-on role in strategic and operational turnarounds, financial restructurings, and corporate carve-outs. Fund targets mid-sized, often distressed or underperforming companies, where its flexible capital—whether through control equity, minority equity with governance rights, or tailored debt—is employed alongside deep operational expertise. Typical investments range from €10 to €25 million per company, with CapMan’s seasoned operational advisors overseeing substantial value-creation plans. Key sectors include industrials, infrastructure, senior services, and business services. Its recent portfolio additions include residential care providers Nonna Group Oy and Aurahovi Oy (combined revenue ~€9 million in 2024), signaling strategic expansion into elderly care. With a clear Nordic focus, CapMan Special Situations I aims to rejuvenate viable companies and deliver strong returns for institutional investors.

The Comvest Investment Partners VI, L.P. fund (CIP VI) is a private equity that has closed with total capital commitments of $881 million. The fund targets control investments in market-leading middle-market companies throughout North America, with a focus on industries such as consumer, healthcare services, infrastructure and field services, and professional and managed services. The fund seeks to deploy up to $150 million of equity per investment and supports founder and family transitions, leveraged recapitalizations, corporate divestitures, buyouts, complex situations, and public-to-private transactions. The fund received commitments from a diverse global investor group that includes foundations, insurance companies, pension funds, asset managers, consultants, and family offices. Comvest Partners, the firm managing the fund, has nearly 25 years of experience in delivering results for investors and a proven investment team. Comvest's private equity strategy integrates specialized investment, industry, and operational expertise to help company founders and management teams scale their businesses, heighten operational performance, and drive value creation to realize their full potential. The firm has a collaborative approach and significant transaction experience as an active investor.

New Mountain Partners VII is a buyout fund managed by New Mountain Capital and located in New York. The fund will acquire controlling stakes in companies valued between $100 million and $1 billion, typically investing between $100 million and $500 million per transaction​. New Mountain Capital targets sectors characterized by sustainable and noncyclical growth, which they refer to as "defensive growth industries." These include life sciences, advanced materials, healthcare technologies, infrastructure services, and digital transformation services, among others. As of APril 2024, the fund has raised US$12.4 billion, above its target of US$12 billion. The fund expects to do around 20 investments.

Oaktree Power Opportunities Fund VII is the latest installment in Oaktree Capital Management’s long-running strategy focused on investing in companies that provide essential products and services to critical infrastructure sectors. With a target size of $2.5 billion, the fund aims to capitalize on transformative trends such as decarbonization, electrification, and modernization of utility networks. It seeks to partner with established businesses that are well-positioned to benefit from these shifts, particularly in the electric power, natural gas, water, and wastewater industries. The fund's investment approach emphasizes value creation through operational improvements and strategic growth initiatives. Oaktree leverages its deep sector expertise and extensive executive network to work closely with portfolio company management teams. This collaborative approach aims to drive performance enhancements, identify new market opportunities, and strengthen operational capabilities. Geographically, Fund VII focuses on opportunities in North America and Europe, regions where infrastructure modernization and energy transition efforts are accelerating. The fund targets companies that are not startups or turnarounds but are proven performers with strong market positions. By investing in such companies, Oaktree aims to generate attractive risk-adjusted returns for its investors while contributing to the advancement of critical infrastructure.

The ELIDO II fund by Warren Equity Partners will invest in lower middle market companies that provide products and services used to maintain, operate, and upgrade infrastructure assets. This fund will focus on middle market companies that are active in the operations and maintenance of critical infrastructure. Warren Equity has a track record of identifying and working with high-quality companies and management teams in their core sectors. The fund will target companies capitalizing on growth opportunities in one of the fastest growing segments in the private markets. ELIDO II is a complementary strategy to Warren Equity’s flagship fund series and is backed by a group of new and returning limited partners. Warren Equity’s assets under management now total approximately $4.6 billion, with ELIDO II closing above target and hard cap with more than $550 million in capital commitments. The fund is backed by endowments, pension funds, fund of funds, and family offices, and aims to invest in and build great companies, leveraging all of Warren Equity’s resources. Aqueduct Capital Group served as the placement agent for ELIDO II, and Kirkland & Ellis provided legal services for the fund.