Capital moved across nearly every corner of the alternatives market today. Among the highlights: Manulife | Comvest closed its latest CLO, La Caisse moved to take full ownership of a Montreal-area infrastructure asset, General Catalyst and HarbourVest anchored a fresh growth round in AI-driven dealmaking, and TPG acquired a wealth management firm.
Read on for all 15 funds and deals.
Funds
LongWater closes $262.5m inaugural SBIC fund
LongWater held the final closing of its inaugural Small Business Investment Company fund, raising more than $262.5 million through a combination of private capital commitments and leverage provided through the U.S. Small Business Administration’s SBIC program.
The fund will pursue direct private credit and non-control equity investments in lower middle market companies across the U.S. LongWater said the vehicle received commitments from banks, family offices, insurance companies, institutional investors, and high-net-worth individuals, with approximately 40% of investors participating in the SBIC program for the first time. The fund has invested in eight companies to date.
VC
General Catalyst, HarbourVest lead $225m Series C in AI software platform Beacon
General Catalyst and HarbourVest led a $225 million Series C funding round for Beacon, a developer of AI software and operational tools for acquired businesses. The round also included Lightspeed, Intrepid Growth Partners, Valiant Peregrine, affiliated funds of BDT & MSD Partners, and other investors.
Beacon said the funding will support development of its AI-native business operating system and continued acquisitions. The company acquires and operates businesses through a shared technology platform and said it is currently acquiring companies at a pace of roughly one per week.
Private Equity
TPG invests in accounting and advisory firm Smith + Howard
TPG signed a definitive agreement to make a significant investment in Smith + Howard, an assurance, tax, advisory, and wealth management firm with approximately 800 professionals across seven states. Financial terms were not disclosed. The transaction is expected to close in the third quarter of 2026, subject to customary conditions and regulatory approvals.
Smith + Howard will continue to operate under its existing brand and leadership team following the investment. TPG said the partnership will support the firm’s expansion through investments in technology, operational infrastructure, talent, and client service capabilities, while accelerating the use of AI tools and supporting broader growth initiatives. The transaction follows several years of growth and acquisitions at Smith + Howard under ownership of Broad Sky Partners.
Centre Street launches real estate services platform
Centre Street Partners launched Accretus, a real estate transaction services platform, through the acquisition of Atlanta Deferred Exchange, an Atlanta-based provider of 1031 exchange services for property owners and investors. Terms were not disclosed.
Founded in 2008, Atlanta Deferred Exchange facilitates more than 600 exchanges annually and handles approximately $500 million in exchange proceeds each year across all 50 states. Centre Street said the acquisition will serve as the foundation for Accretus, which plans to expand through additional acquisitions and broaden its suite of real estate transaction services. Atlanta Deferred Exchange founder Ron Raitz will remain a minority shareholder and join the platform’s board.
Platte River partners with utility equipment supplier Tallman
Platte River Equity partnered with Tallman Equipment Company. Terms were not disclosed.
Founded in 1952 and headquartered in Columbus, Ind., Tallman provides tools, equipment, rentals, repair services, testing, manufacturing, and other field support services to the electric utility and linework industries.
Gemspring makes minority investment in motorcycle aftermarket platform Comoto
Gemspring Capital made a strategic minority investment in Comoto, an omnichannel platform serving the motorcycle and powersports aftermarket. Terms were not disclosed. Existing majority shareholder Prospect Hill Growth Partners will retain its ownership position in the company.
Headquartered in Philadelphia, Comoto serves the U.S. motorcycle aftermarket through the Cycle Gear, RevZilla, and J&P Cycles brands, offering motorcycle parts, accessories, and riding apparel through a nationwide retail network and e-commerce platform.
Chariot Capital acquires aesthetics provider Laser Clinics UK
Chariot Capital Group acquired Laser Clinics UK, a provider of laser, skin, and aesthetic treatments operating more than 40 clinics across the U.K. Terms were not disclosed.
Laser Clinics UK was developed as part of Laser Clinics Group, a portfolio company of KKR, and is being acquired as a standalone business. Chariot said it plans to support continued investment in the company’s clinic network, technology platform, and workforce as it operates independently.
Abry Partners invests in managed IT services provider KaufmanIT
Abry Partners made a strategic investment in KaufmanIT, a managed IT, cybersecurity, and cloud services provider serving small and mid-sized businesses in Southern California. Terms were not disclosed.
Founded in 2010 and headquartered in Irvine, Calif., KaufmanIT provides technology services to businesses with up to 2,500 users across Orange County, Los Angeles, and the broader Southern California region. Abry said the investment will support the company’s expansion of its cybersecurity and IT offerings and the pursuit of growth opportunities across the managed services sector.
Gulf Capital exits ECLAT in management buyout
Gulf Capital exited ECLAT Health Solutions, selling the revenue cycle management, risk adjustment, and healthcare technology provider back to its founders and management team. Terms were not disclosed.
Gulf Capital invested in ECLAT in 2020. During the hold, ECLAT expanded its revenue cycle management and risk adjustment offerings, grew its workforce from 450 to more than 4,000 employees across the U.S., India, and the Philippines, and increased both revenue and EBITDA by tenfold, according to the company.
Credit
Manulife | Comvest closes $428m private credit CLO
Manulife | Comvest Credit Partners has closed Comvest Credit 2026-1 CLO, a $428 million private credit collateralized loan obligation backed by a diversified portfolio of senior secured loans originated and managed by the firm.
The transaction is the platform’s sixth CLO since launching its CLO strategy in 2024 and increases its middle market CLO assets under management to $2.7 billion. The CLO was priced on May 11 and closed on June 8. It includes an approximately four-year reinvestment period and a two-year non-call period. Deutsche Bank served as lead arranger on the transaction.
Unlock, D2 Asset Management close $358.5m home equity agreement securitization
Unlock Technologies and D2 Asset Management have closed Unlock HEA Trust 2026-1, a $358.5 million securitization backed by approximately 3,546 home equity agreements originated and managed by Unlock.
The transaction is Unlock’s seventh rated securitization. The deal closed on May 21 and included $254 million of Class A notes, $48.5 million of Class B notes, and $42.2 million of Class C notes. Unlock said it has originated approximately $2 billion of home equity agreements since its founding and now operates in 26 states.
H.I.G. WhiteHorse backs KPS acquisition of industrial films maker Novacel
H.I.G. WhiteHorse provided financing to support KPS Capital Partners’ acquisition of Novacel, a manufacturer of process and protective films, technical tapes, and specialty machines used to protect industrial surfaces. Terms of the financing were not disclosed.
Founded in 1982, Novacel serves more than 3,000 customers across industrial end markets and operates manufacturing facilities in France, Italy, and the U.S. H.I.G. said the financing will support Novacel’s transition to an independent company following its carve-out from Compagnie Chargeurs Invest and support the business’s growth strategy under KPS’ ownership.
Real Estate
South Street acquires New Jersey resort Crystal Springs
South Street Partners acquired Crystal Springs Resort, a 1,400-acre resort property in Sussex County, N.J., from the founding families that have owned and operated the business since 1995. Terms were not disclosed.
Located approximately 50 miles from Manhattan, Crystal Springs includes two hotels, six golf courses, 10 dining venues, and more than 100,000 sq. ft. of meeting and event space. South Street said the acquisition expands its hospitality portfolio and marks its first property in the New York metropolitan area.
OlivePoint acquires Los Angeles aviation-connected R&D facility
OlivePoint Capital acquired 3507 Jack Northrop Avenue, a 40,553-sq.-ft. aviation-connected R&D and advanced manufacturing property adjacent to Hawthorne Municipal Airport in Los Angeles, in partnership with a global alternative asset manager. Terms were not disclosed.
The property is fully leased on a long-term basis to an investment-grade electric vehicle and advanced manufacturing company and includes a fee-simple hangar structure with direct runway access. OlivePoint said the asset is located within Hawthorne’s aerospace and advanced manufacturing corridor and is positioned near companies including SpaceX, Tesla, and The Boring Company.
Infrastructure
La Caisse to acquire remaining stake in Montreal-area toll road concession for C$280m
La Caisse has agreed to acquire Transurban’s remaining 50% interest in the A25 Concession for C$280 million ($201 million), increasing its ownership of the Montreal-area toll road and bridge concession from 50% to 100%.
The A25 Concession comprises a 7.2-kilometer highway and toll bridge linking Montreal and the North Shore. Following the transaction, Plenary Americas, a La Caisse portfolio company, will support the asset’s day-to-day operations. La Caisse first acquired a 50% stake in the concession from Transurban in 2023.