Core Viewpoint - The CEO of EQT, a leading Swedish private equity firm, announced plans for significant investments in the US market, highlighting the firm's ambition to expand its footprint in this region [1] Company Summary - EQT is recognized as the world's second-largest private equity group based on capital raised, indicating its substantial influence and resources within the industry [1] Industry Summary - The interest in major investments in the US reflects a broader trend among private equity firms seeking growth opportunities in one of the largest and most dynamic markets globally [1]

Core Insights - Alaris Equity Partners has completed three investments totaling US$52.7 million, contributing an incremental US$6.6 million or 4.3% growth to its run rate partner distributions [1][2] - The Board of Trustees has approved a 9% increase in the distribution, raising the quarterly distribution to $0.37 per trust unit and the annual distribution to $1.48 [2] - Alaris has a strong track record, having invested over $2.9 billion in 43 portfolio companies since its founding in 2004, generating a 16% IRR from exited investments [3][4] Investment Details - The investments include a US$27.0 million initial investment in McCoy Roofing Holdings LLC, along with follow-on investments in Cresa LLC and Carey Electric Contracting Inc [1][10][11] - Alaris' investment in McCoy consists of US$19.0 million in preferred equity and US$8 million in common equity, with an initial annualized distribution of $2.7 million, yielding 14% [7] - If McCoy meets its growth targets, Alaris may fund an additional US$32.0 million in preferred equity [8] Partner Updates - Cresa received an additional US$20.5 million investment, increasing its annualized distribution by 69% to US$7.1 million [10] - Carey received an additional US$5.2 million investment, increasing its annualized distribution by 16% to US$2.2 million [11] - Ohana Growth Partners acquired a Planet Fitness franchisee, enhancing its competitive position and cash flow [12] Market Position and Future Outlook - Alaris is well-positioned in the $3 trillion North American private equity market, with a diversified portfolio and a strong pipeline of investment opportunities [3][14] - The company aims to continue its growth track record while returning excess cash to unitholders through potential future distribution increases and buybacks [5]

Core Viewpoint - Triumph Group, Inc. has completed its acquisition by Warburg Pincus and Berkshire Partners, transitioning to an independent privately-held company focused on aerospace systems and components [1][3]. Company Overview - Triumph Group, founded in 1993 and headquartered in Radnor, Pennsylvania, specializes in designing, developing, manufacturing, repairing, and providing spare parts for aerospace and defense systems [4]. - The company serves the global aviation industry, including original equipment manufacturers and military and commercial aircraft operators [4]. Leadership Changes - Jorge L. Valladares III has been appointed as the new CEO, succeeding Daniel J. Crowley, who held the position since 2016 [1][2]. - Valladares brings extensive leadership experience from his previous role as COO of TransDigm, a major player in the aerospace components sector [2]. Investment and Growth Potential - Warburg Pincus and Berkshire Partners are committed to supporting Triumph's growth as a leading aerospace and defense supplier [3]. - Both investment firms have a strong track record in the aerospace and defense sectors, with numerous successful investments [3][5][6]. Strategic Focus - Triumph aims to enhance its capabilities and meet the evolving needs of its customers in the aerospace and defense industries [2][3]. - The company is positioned to accelerate growth as a privately held entity, leveraging the expertise of its new investors [3].

Core Insights - ICG Enterprise Trust has fully realized its co-investment in Datasite, marking it as the fourth largest portfolio company, which accounted for 1.9% of the portfolio value as of January 31, 2025 [1][2] - The sale generated cash proceeds of $30 million (£22 million), reflecting a 3% premium over the valuation at Q1 FY26 [2] - ICGT's co-investment in Datasite was $18 million (£14 million), made in 2024, and has yielded an attractive return within a short holding period [2] Financial Performance - The cash proceeds from the sale of Datasite amounted to $30 million, which is a significant return on the initial co-investment of $18 million [2] - The co-investment represented 1.6% of the total portfolio value, indicating a strategic allocation within ICGT's investment framework [1][2] Future Exposure - Post-transaction, ICGT retains a small stake in Datasite through its commitment to ICG Strategic Equity V, which represented 0.3% of the portfolio value as of January 31, 2025 [3]

Core Insights - MSC Income Fund, Inc. has reported significant activity in its private loan portfolio during the second quarter of 2025, with new or increased commitments totaling $65.5 million and total investments funded amounting to $44.0 million [1][2] Group 1: Private Loan Portfolio Activity - As of June 30, 2025, MSC Income's private loan portfolio consists of total investments at cost of approximately $764.3 million across 82 unique companies [2] - The portfolio is primarily composed of 93.2% first lien debt investments and 6.8% equity investments or other securities [2] Group 2: Investment Strategy - The company primarily provides debt capital to private companies that are owned by or in the process of being acquired by private equity funds, focusing on leveraged buyouts, recapitalizations, growth financings, refinancings, and acquisitions [3] - MSC Income seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy [3] Group 3: Portfolio Company Characteristics - The private loan portfolio companies generally have annual revenues between $25 million and $500 million, while the lower middle market portfolio companies typically have annual revenues between $10 million and $150 million [3]

Core Viewpoint - MiddleGround Capital has entered into a definitive agreement to sell Arrow Tru-Line, a leading manufacturer of overhead garage door hardware, to the Chamberlain Group, a global leader in intelligent access and monitoring solutions [1][3]. Company Overview - Arrow Tru-Line (ATL) is a market leader in manufacturing and distributing metal garage door components, serving OEMs, distributors, and installers across North America [2]. - Founded in 1970 and headquartered in Archbold, Ohio, ATL operates six manufacturing and distribution facilities in the U.S. and Canada [2][6]. Transaction Details - The sale of ATL marks MiddleGround's third full exit from its first fund, which closed in August 2019 with $460 million in assets [3]. - The transaction is expected to provide liquidity to MiddleGround's investors while positioning ATL for future growth under the Chamberlain Group [3]. Operational Improvements - Since acquiring ATL in late 2021, MiddleGround has helped improve the company's manufacturing capabilities and operational efficiencies, leading to enhanced free cash flow conversion and profitability [3]. - ATL's management team has vertically integrated the business, aligning its product portfolio to meet the growing demand in the U.S. housing market, driven by factors such as aged housing stock and increased homeowner equity [3]. Market Position and Future Outlook - ATL is well-positioned to capitalize on industry trends, including accelerated demand for residential repair and remodeling, new housing construction, and increased commercial construction in North America [3]. - The combined platform of ATL and Chamberlain is expected to deliver greater value through complementary product offerings [3].

Core Insights - Banner Capital Management has successfully closed a portfolio recapitalization into Banner Capital Fund I and launched Banner Capital Fund II [1][4] Fund I - Fund I is a multi-asset continuation fund with over $400 million in capital commitments, aimed at acquiring interests in eight pre-fund portfolio companies [2] - Hamilton Lane acted as the lead investor, with many pre-fund investors retaining significant interests in the portfolio companies through this new vehicle [2] - The transaction provides additional time and capital for portfolio companies while offering partial liquidity to pre-fund investors [2][3] Fund II - Fund II is a lower middle market buyout fund with a target size of $200 million, following the close of Fund I [4] - A preliminary closing for Fund II was held to facilitate the Western Pavement Services transaction, with participation from the Larry H. & Gail Miller Family Foundation and other legacy LPs [4][5] - A traditional first closing for Fund II is anticipated in Q4 2025 [4] Company Overview - Banner Capital Management focuses on providing partnership capital to family-owned and founder-led businesses across the Western United States, investing in sectors such as industrial, services, consumer, and healthcare [6] - As of the closing of Fund I, Banner has $653 million in assets under management [6][7]