News

Periscope Elevates Luke Elder to Principal, Harry Waddoups to Vice President

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Periscope Equity has promoted Luke Elder to Principal and Harry Waddoups to Vice President. The promotions reflect internal advancement within the investment team and follow several years of portfolio work across technology-enabled business services companies.

Founded in 2012, Periscope invests in software and technology-enabled services, providing growth capital, operational support, and strategic guidance to founder-owned businesses serving enterprise and institutional customers. The firm was founded by Steve Jarmel and is headquartered in Chicago.

Mr. Elder joined the firm in 2022 and has worked with Cybermaxx, eHouse, and Sentrics. Mr. Waddoups, also hired in 2022, has supported Periscope’s investments  in Praecipio Consulting, MAS Medical, eHouse, and Uprise Health.

Piper Sandler Adds Dan Wolf to Healthcare Investment Banking Team

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Piper Sandler has added Dan Wolf as a managing director in its healthcare investment banking group. Mr. Wolf will advise healthcare technology companies on mergers and acquisitions, strategic partnerships, and capital raising, strengthening the firm’s sector coverage.

Mr. Wolf brings more than 20 years of healthcare experience across investment banking, operating leadership, and strategic advisory roles. He previously served as chief financial officer of Theradaptive and founded Convergence Bio Advisors, advising healthcare companies and investors on M&A transactions. Earlier in his career, he held senior strategy and corporate development roles at Baxter International and spent more than a decade at Medtronic.

Piper Sandler is headquartered in Minneapolis.

O2 Promotes Thomas Girdler to VP

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O2 Investment Partners has promoted Thomas Girdler to Vice President, reflecting his performance and expanded responsibilities within the firm. The promotion follows another active year for O2 and supports its continued growth entering 2026.

Mr. Girdler has worked with portfolio company management teams, contributing to investment execution and ongoing portfolio support. He has been involved in evaluating new opportunities and advancing O2’s investment philosophy through hands-on collaboration with operating leadership.

In 2025, O2 completed 36 acquisitions and added four new team members.

O2 is headquartered in the Detroit suburb of Bloomfield Hills.

Ares Raises More Than $7 Billion for Inaugural Credit Secondaries Fund

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Ares Management has raised approximately $7.1 billion for its Credit Secondaries strategy, including the final closing of its inaugural Ares Credit Secondaries Fund and affiliated vehicles. The fund attracted about $4 billion in limited partner equity commitments, doubling its original target and marking Ares’ largest inaugural institutional fundraise.

Launched to acquire senior secured, private equity-backed private credit portfolios, the fund allocates capital across LP-led transactions and continuation vehicles. Dave Schwartz leads the strategy with Blair Jacobson serving as co-president of the firm. Ares is headquartered in New York.

The Credit Secondaries strategy operates within Ares’ broader secondaries platform, which manages $38 billion of assets as of September 2025.

Lovell Minnick Promotes Three

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Lovell Minnick Partners, a financial services and fintech investor, has promoted Scott Shebelsky to Partner and appointed Alex Lovell and Roumi Zlateva to Principal. Ms. Zlateva was also named Head of Capital Markets as part of the firm’s senior leadership changes.

Mr. Shebelsky joined the firm in 2016 and has served as chief financial officer, overseeing finance, accounting, operations, and internal systems as the organization scaled. Mr. Lovell, who joined in 2021, focuses on sourcing, evaluating, and executing investments alongside portfolio company management teams. Ms. Zlateva joined in 2017 and has worked across investments, board roles, and strategic M&A initiatives.

Lovell Minnick Partners is headquartered in Philadelphia with offices in New York and Los Angeles.

Monroe Banks $6.1 Billion for Fund V

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Monroe Capital has closed its 2025 Monroe Capital Private Credit Fund V with $6.1 billion of total investable capital. The close follows the firm’s prior institutional vehicle, Fund IV, which raised $4.8 billion of investable capital in 2022.

Monroe Capital provides senior secured loans, unitranche financings, and mezzanine capital that customers use to fund acquisitions, refinancings, and growth. The firm serves private equity–sponsored and independent lower middle-market companies. Monroe Capital was founded in 2004 by CEO Ted Koenig and is headquartered in Chicago with 10 additional offices throughout the United States and Asia.

“The successful close of Fund V reflects the continued confidence our global institutional investor base has in Monroe’s tenured direct lending platform, disciplined underwriting culture, and long-term performance across market cycles,” said Zia Uddin, the president of Monroe Capital. “With this capital, we are well positioned to continue delivering consistent performance in a target segment where many limited partners are seeking increased diversification and exposure.”

Monroe Capital has approximately $23 billion of assets under management and more than 320 employees.

Odyssey Announces Senior Promotions

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New York City-based Odyssey Investment Partners, an industrial and business services investor, has promoted Henry Bendit to managing principal. The firm also promoted Spencer Marks and Tyler Miller to vice president and elevated Eitan Lewittes and Isabelle Lotocki to senior associate.

Mr. Bendit serves on the boards of Protective Industrial Products, PSE Group, and The Planet Group.

“We are proud to promote Henry, who has made many outstanding contributions to Odyssey and our portfolio throughout his career,” said Brian Kwait, the CEO of Odyssey. “Since joining the firm as an Associate, Henry has proved himself as an effective leader of several investments, a trusted partner to our management teams, and a mentor to colleagues who are building their careers at Odyssey just as he has.”

Messrs. Marks and Miller advance from senior associate on the investment team, while Mr. Lewittes and Ms. Lotocki were promoted within the investment and finance groups, respectively. Nearly all investment professionals at Odyssey began their careers at the firm as associates.

“These well-earned promotions reflect our continued commitment to developing and retaining best-in-class talent,” added Mr. Kwait. “We look forward to each of them continuing to grow professionally at Odyssey through our apprenticeship model, which immerses colleagues in our buy, build and integrate investment strategy with a singular focus on delivering value to our investors.”

Portage Point Names Adam Pollak Head of Advisory

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Portage Point Partners has added Adam Pollak as head of advisory and a member of the executive leadership team. Pollak will oversee transaction advisory services, valuations, transaction execution services, office of the CFO, and performance improvement.

Clients use Portage Point for transaction advisory, valuation, interim management, investment banking, operational turnaround, and financial restructuring services supporting middle-market companies. The Chicago-headquartered firm was founded by Matthew Ray.

At Portage Point, Mr. Pollak will lead advisory integration and firmwide technology initiatives. Previously, he held senior leadership roles at KPMG Strategy and AlixPartners.

In October 2024, New Mountain Capital made a minority growth investment in Portage Point Partners.

An Economy Moving Forward, Unevenly

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The U.S. economy is still pulling in two different directions. Manufacturing remains weak, with the ISM Manufacturing PMI around 48 in December, another month below the line that separates growth from contraction. PMI readings are straightforward: numbers above 50 mean activity is generally growing, while numbers below 50 mean it’s shrinking. Factory managers continue to report soft demand, fewer new orders, and ongoing efforts to burn off inventory rather than invest in new capacity. There’s little sign yet that manufacturing has turned the corner.

Services, however, are doing much better. The ISM Services PMI rose to 54.4, showing steady growth supported by consumer spending and business demand. Inflation is cooling, but unevenly—goods prices have eased, while services prices remain sticky. The labor market is slowing, but in an orderly way: hiring has cooled, job openings are down, and wage growth is easing, without a sharp rise in layoffs.

Technology investment stands out as one of the few areas where spending still has momentum, particularly around AI and the data infrastructure that supports it. Real investment in data centers and information-processing equipment is growing at roughly a 10–15% year-over-year pace, compared with low-single-digit growth for overall nonresidential capital spending.

Data-center construction is running at more than twice its pre-pandemic level, and information-processing equipment now makes up nearly half of all equipment investment, up from about one-third a decade ago. Large cloud and platform companies continue to guide toward double-digit annual capex growth, with most of that spending directed toward servers, networking gear, and storage tied to AI workloads. This investment is concentrated among large firms with strong balance sheets and long planning horizons. It’s less about quick productivity wins and more about building durable capacity—compute, storage, and data pipelines—that will be used over many years. That makes this cycle steadier than past tech booms, though for now it’s helping stabilize growth at the margin rather than push it materially higher.

For mid-market and lower-market private equity, this environment means fewer easy wins and more focus on fundamentals. Slower growth makes it harder to lean on volume growth or leverage to drive returns, especially in manufacturing-linked businesses where demand and margins remain under pressure. Service-oriented companies with recurring revenue, stable customers, and limited capital needs are holding up better and continue to attract most of the interest.

Deal activity is happening, but it’s slower and more selective, with fewer auction processes and more negotiated transactions. Value creation is coming more from operational work—pricing discipline, cost control, and working-capital management—than from financial engineering, and exit timelines are stretching as sponsors wait for clearer signals on rates and growth.

Monetary policy remains the main source of uncertainty. After December’s cut, the federal funds rate now sits at 3.50%–3.75%, and markets expect further easing later this year if inflation continues to cool and the labor market softens further. For now, the Fed appears content to pause, balancing still-elevated services inflation against ongoing weakness in manufacturing. Financial conditions are supportive enough to keep the economy moving, but uncertainty around the timing and pace of future cuts is keeping both markets and dealmakers cautious. Looking ahead to the next quarter, growth is likely to slow modestly rather than pick up, with services continuing to carry the economy and manufacturing remaining a drag.

Put simply, the economy is holding up better than feared. Services are doing most of the work, inflation is easing, and while manufacturing is still soft, the bigger picture looks steady rather than strained. The first quarter should tell us how long that balance can hold.

Abacus Enters 15th Year with Series of Promotions

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Abacus Finance Group has promoted Seth Friedman and Eric Petersen from managing director to senior managing director and Greg Scanlon from senior associate to vice president.

Abacus specializes in financing sponsor-led transactions in the lower middle market. Since inception, the firm has closed more than $3.5 billion in financings and targets private debt investments of up to $60 million in companies with EBITDA between $2 million and $15 million.

In October 2025, Abacus closed its first Small Business Investment Company vehicle, Abacus Finance SBIC Fund I LP (Fund I), with $262.5 million in capital. The firm secured $87.5 million in private commitments and leveraged the U.S. Small Business Administration’s SBIC program to reach its hard-cap target. Fund I has already deployed approximately 40% of its capital and expects to invest the remainder over the next 9 to 18 months.

Tim Clifford
Tim Clifford

“Seth, Eric, and Greg are key members of what has become one of the strongest investment teams in our industry. As we celebrate our 15th year, our team’s experience continues to deepen, making us better prepared than ever to meet our goal of providing our customers with resources that deliver swift and efficient service,” said Tim Clifford, the CEO and founding partner of Abacus. “Their promotions reflect our long-standing commitment to fostering professional growth as we continue building an organization that delivers exceptional results for clients and stakeholders. The strength of our investment team and our ability to move quickly are important aspects of why clients can Count on Us™ and the effectiveness of our Total Partnership Approach™.”

Mr. Friedman joined Abacus in 2019 and serves as an investment committee member of the firm’s SBIC fund and leads its capital formation efforts. He has more than 25 years of experience in leveraged finance and investment banking in the lower middle market. Before joining Abacus, Mr. Friedman was a managing director at GB Capital where he led lower middle market business development. Earlier in his career, Mr. Friedman held senior roles at RLJ Credit Management, Perseus Finance and MetLife Investments, and previously worked at Brown Brothers Harriman, Mesirow Financial and LaSalle Bank.

Mr. Petersen joined the firm in 2013 and serves as an investment committee member and chief financial officer of the SBIC fund, while also leading business development efforts. He previously worked in leveraged finance at BNP Paribas and held private equity-backed operational roles at Chromalloy and GE Energy. Earlier in his career, Mr. Petersen spent more than 14 years as a naval officer and F/A-18 fighter pilot.

Mr. Scanlon joined Abacus in 2021 and is involved in structuring, underwriting, executing, monitoring and valuing investments. Prior to Abacus, Mr. Scanlon was an analyst in MetLife’s corporate private credit group.

Abacus is headquartered in New York City and maintains a second office in Portsmouth, New Hampshire. Abacus is an affiliate of New York Private Bank & Trust, which was founded in 1850.

Paul, Weiss Adds Finance Partner

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Paul, Weiss, Rifkind, Wharton & Garrison added Alena Thomas, a finance partner, to its Corporate Department, expanding the firm’s Finance Group. Thomas joined the firm following the recent additions of finance partners Nicholas Schwartz, Mark Adler, and Julie Ann Lamm.

Founded in 1875, Paul, Weiss provides legal services across corporate, finance, litigation, restructuring, and regulatory matters. The firm advises corporations, sponsors, borrowers, and lenders on transactions including financings, restructurings, and complex liability management matters. Paul, Weiss is led by chairman Brad Karp, with Scott Barshay serving as chair of the Corporate Department, and is headquartered in New York.

Ms. Thomas advises sponsors, corporate borrowers, and lenders on acquisition financings, cross-border transactions, debt restructurings, and structured debt arrangements.

Mesirow Strengthens Investment Banking Bench 

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A dynamic duo: Garry Vaynberg and William “Bill” Lynch (left to right) Source – PEP

Mesirow has added William Lynch and Garry Vaynberg as managing directors within its investment banking group, expanding senior coverage across industrial technology and distribution-focused sectors. Both join the firm as part of a broader effort to deepen sector alignment within its existing vertical structure.

“We’re proud to welcome Bill and Garry to Mesirow. Their proven track records will significantly enhance our ability to deliver innovative, high-impact solutions for clients in dynamic sectors with meaningful M&A activity,” said Adam Oakley, Co-Head of Mesirow Investment Banking.

The Chicago-based firm was founded in 1937 and provides merger advisory, capital raising, and strategic advisory services to business owners and institutional clients. Its investment banking group supports clients through sell-side and buy-side transactions, financing assignments, and capital markets execution, led by senior bankers across defined industry verticals.

Mr. Lynch will work alongside Nathan Moeri in industrial technology, while Mr. Vaynberg focuses on distribution and supply chain. Mr. Lynch previously held senior roles at Imperial Capital and ProFinance Associates, and Mr. Vaynberg spent more than two decades at Piper Sandler and earlier worked at A.G. Edwards & Sons and ShoreView Industries.

Highland Rim Closes $208 Million Debut Fund Above Target

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Highland Rim Capital has closed its debut private equity fund at $208 million, surpassing its initial target and marking a milestone for the lower middle market firm.

Limited partners in the new fund include asset managers, pensions, foundations, family offices, insurance companies, and endowments.

Highland Rim makes control investments in companies with revenue between $10 million and $100 million and EBITDA ranging from $2.5 million to $10 million. The firm invests on a nationwide basis, with a geographic emphasis on the South and Midwest. Sectors of interest include light manufacturing businesses with differentiated processes or niche end markets; value-add distribution companies that provide specialized products or services beyond basic logistics; and business services companies that deliver recurring services to commercial customers.

Since May 2024, the firm has invested in Associated Adjusters, a Tennessee-based property and casualty insurance claims adjusting firm acquired in May 2024; I-Deal Optics, a Michigan-based designer and distributor of prescription eyewear frames and sunglasses acquired in May 2024; and Corporate Living, an Ohio-based provider of furnished corporate housing acquired in February 2025.

Highland Rim was founded by Chris Godwin, Matt Lane, and Mark Isaacs. The founders have worked together for more than 16 years and are joined by Lamar Stanley, focused on business development, Kevin Hinkamper, focused on portfolio operations, and Jack Jeffrey, a vice president.

The Highland Trio: Chris Godwin, Matt Lane, and Mark Isaacs (left to right)

“We appreciate the support of our limited partners and the positive reception of our inaugural fund,” said the founders of Highland Rim in a released statement. “We are thrilled to launch Highland Rim Capital alongside talented individuals and partners with whom we’ve worked for many years.”

Eaton Partners, a Stifel company, served as the placement agent for the new fund, and Choate, Hall & Stewart provided legal services.

“Highland Rim’s differentiated approach to partnering with management teams resonated well with investors, who also appreciated the team’s consistency and experience over several economic cycles,” said Chris Maduri, co-head and managing director at Eaton Partners. “We greatly value our partnership with the Highland Rim team and are pleased to have contributed to this successful outcome.”

Highland Rim was founded in 2022 and is headquartered in Nashville, Tennessee.

Gridiron Adds New Managing Director

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Gridiron Capital has appointed Steve Lamb as a managing director. Mr. Lamb most recently held the same title at Avance Investment Management, where he led investments in business and technology services while also shaping the firm’s thematic sourcing strategy and talent development.

Prior to his time at Avance, Mr. Lamb served as a managing director at MSD Partners, overseeing North American investments and participating on the board of West Monroe Partners. He was earlier a principal at Court Square Capital Partners, where he focused on thematic investing and supported portfolio company growth while contributing to firmwide recruiting.

Steve Lamb
Steve Lamb

“I’m honored to join the Gridiron team, a thematically disciplined firm with a strong reputation for operational excellence and a people-first culture,” said Mr. Lamb. “I’m looking forward to applying my experience to support the growth of both our current and future portfolio companies.”

“Steve is an excellent addition to Gridiron’s investment team. His breadth of experience within the business services sector, combined with his expertise with tech-enabled business models, aligns well with our investment focus,” said Tom Burger, co-founder and managing partner. “We’re looking forward to collaborating with him to support our portfolio companies and Gridiron’s long-term growth.”

“We’re thrilled to have Steve on the Gridiron team. His experience as a thematically driven investor complements our playbook for sourcing compelling platform opportunities, and his history of investing in and helping to build leading middle-market businesses will be instrumental as we continue to strive for outperformance for our limited partners,” said Kevin Jackson, managing partner.

Gridiron Capital invests in companies with enterprise values between $75 million and $600 million and EBITDA from $10 million to $60 million. The firm’s sectors of interest include business services, consumer products and services, and industrial growth. Gridiron is currently investing from its fifth fund, which closed above target in October 2023 with $2.1 billion in capital. Fund V is Gridiron’s largest fund to date, significantly surpassing its fourth fund, which closed in December 2020 with $1.35 billion.

Ally Financial Adds Fred Yanni to Sponsor Finance Team

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Ally Financial added Frederick Yanni to its Corporate Finance Sponsor Finance team, strengthening its middle-market lending capabilities. The hire expands the firm’s capacity to originate and structure private credit transactions for sponsor-backed companies.

Mr. Yanni brings more than 30 years of commercial finance experience, focused on building relationships with middle-market sponsors and executing cash-flow loan transactions. He most recently spent 15 years at NXT Capital, where he originated and managed private credit investments. In his new role, Yanni will support deal sourcing, structuring, and execution efforts across the Northeast. Ally Financial is headquartered in Detroit.

Heartwood Closes Continuation Vehicle for Amlon

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Heartwood Partners has closed a continuation fund for The Amlon Group, a provider of hazardous waste management and environmental services, with approximately $245 million in capital commitments. The transaction was led by Apogem Capital.

New investors in the vehicle include New 2ND Capital, Reinsurance Group of America (RGA), Mercer Investments, Round2 Investment Partners, and Flexstone Partners. Proceeds from the transaction will be used to support future add-on acquisitions and greenfield expansion projects for Amlon.

Amlon specializes in waste-to-value processing, focusing on recycling industrial byproducts rather than disposing of them in landfills. Specifically, Amlon processes metal-bearing waste streams from industries such as oil refining and semiconductor manufacturing, recovering valuable metals like copper, nickel, and cobalt which are then sold back into the supply chain. The company, led by CEO Mark Wayne, is headquartered near Dallas in Plano, Texas.

Since Heartwood’s initial investment in Amlon 2021 through its third fund, the company has completed four add-on acquisitions: Louisiana-based Thermaldyne (September 2022); Texas-based Paragon Southwest (June 2023); Tennessee-based Music City Group (June 2023); and Texas-based EcoWater (January 2024).

Demetrios Dounis 1
Demetrios Dounis

“Amlon has delivered exceptional results since our initial investment, and we see a clear path to significantly scale the business over the next several years,” said Demetrios Dounis, a managing partner at Heartwood Partners. “We are excited to continue our partnership with Amlon and appreciate the confidence and backing from our investors. Through this continuation vehicle, we can lengthen our investment timeline, further advance management’s strategic initiatives, and provide our investors with liquidity at an attractive valuation.”

Heartwood Partners invests in U.S.-based companies with revenues between $20 million and $250 million and EBITDA between $3 million and $30 million. Sectors of interest include food, agriculture, specialty chemicals, niche manufacturing, packaging, and industrial and consumer services. Heartwood is currently investing through its fourth fund, Heartwood Partners Fund IV LP. The Norwalk, Connecticut-based firm was founded as Capital Partners in 1982 and rebranded to Heartwood Partners in September 2020.

Apogem Capital was established in April 2022 to unify the operations of GoldPoint Partners, Madison Capital Funding, and PA Capital, which previously operated collectively under the New York Life Investments Alternatives umbrella. The firm, headquartered in New York City, is led by CEO Christopher Taylor and manages more than $37 billion in assets across private credit, private equity, and real assets.

Harris Williams and Brown Gibbons Lang were the financial advisors to Heartwood on this transaction with DLA Piper providing legal services.

Peninsula Closes Fund, Invests in Marcus Thomas

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Peninsula Capital Partners has made an investment in Marcus Thomas, a marketing communications agency.

Peninsula’s investment in Marcus Thomas was structured as a combination of subordinated debt and common equity with capital from the firm’s newest fund, Peninsula Fund VIII LP (Fund VIII), which closed with $400 million in capital in September 2025.

Marcus Thomas is a full-service advertising and digital marketing agency that provides creative development, media planning, public relations, and marketing automation services. The agency employs approximately 300 professionals across offices in Cleveland, Cincinnati, and internationally in Argentina and Chile.

Founded in 1937, Marcus Thomas has evolved through a series of mergers, most notably the 2011 combination with digital agency DigiKnow. The agency’s customers include the Ohio Lottery, KeyBank, Sherwin-Williams, and Stanley Black & Decker.

The current management team, led by chief executive officer Jim Nash and chief client officer Mark Bachmann, will continue to lead Marcus Thomas in partnership with Peninsula.

The investment in Marcus Thomas is one of seven platform investments already completed by Fund VIII which began investing in early 2024.

Scott Reilly
Scott Reilly

“We understood heading into Fund VIII’s fundraise that we would be facing headwinds such as we had never before experienced due to ultra-tight capital allocations among traditional mezzanine and growth equity fund investors, the result of several years of historically low PE-industry distributions,” said Scott Reilly, a managing partner at Peninsula. “We were able to overcome this due to the strong performance of our prior partnerships and having distributed record levels of capital back to our LPs over the last few years, which really served to differentiate us in the current marketplace.”

Peninsula Capital Partners provides junior capital, including subordinated debt, preferred stock or common stock, either as a minority or control investor, to non-sponsored and independently sponsored companies with at least $3 million of EBITDA. Sectors of interest include manufacturing, industrial services, distribution, and consumer product sectors. The firm is headquartered in the Detroit suburb of Southfield, Michigan.

Northstar Closes $530 Million Across Parallel Funds

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Northstar Capital has held a final close of Northstar Mezzanine Partners VIII LP and Northstar Mezzanine Partners SBIC II LP with a combined $530 million of capital. This fundraise follows the prior parallel fundraise that closed in January 2021 with $500 million in combined commitments.

Northstar is an active provider of mezzanine debt and equity co-investments to sponsored lower middle market companies with at least $3 million of EBITDA. Sectors of interest include healthcare, industrials, consumer, business services, food and agriculture, outsourcing, and distribution. Northstar can make unitranche investments of up to $50 million; subordinated debt investments of $5 million to $30 million; and equity co-investments of up to $15 million.

To date, Northstar has completed 18 investments across the two new funds. Earlier this month, Northstar provided debt and made an equity co-investment to back the add-on acquisition of Tennessee-based Total Garage Store by US Dock & Door, a portfolio company of Soundcore Capital Partners.

Georgia-headquartered US Dock & Door provides installation, maintenance, and repair services for commercial loading dock equipment, entry systems, and residential garage doors. US Dock & Door was formed by Soundcore in September 2023 as a platform in the overhead door and dock equipment services sector and has now made five acquisitions for the platform and serves customers located in the Southeast and Northeast United States.

“We’re incredibly grateful for the continued support and confidence from our investors,” said Christopher Kocourek, the managing partner at Northstar. “This fundraise reinforces the strength of our team, our strategy, and our commitment to delivering consistent results through market cycles. Our parallel fund structure enables us to deliver creative capital solutions for sponsor partners, and we’re excited by the momentum we’re already seeing in the market.”

Northstar was founded in 1993 and is headquartered in Minneapolis.