View this email online 

Altus benefitting from trade environment, says partner Thomas Groh; Hg buys A-Lign from Warburg Pincus

Good morning dealmakers, it’s Obey Martin Manayiti with the US edition of the Wire from the New York newsroom.

First, our H2 Q&A series with private equity thought leaders continues this morning with Thomas Groh, a partner at Altus Capital Partners, a firm that invests in the US manufacturing sector. Groh shared how Altus is navigating the tariff environment, how valuations are changing in the manufacturing sector and how the firm is preparing for the second half of 2025, among other themes. I will share some excerpts below.

Next, we have a few deal news this morning. First, Welsh, Carson, Anderson & Stowe made a majority investment in AIA Contract Documents, a risk management and workflow platform for the architecture, engineering and construction industry. We have more detail about WCAS’ co-investors, including what Christopher Hooper, general partner at the New York based firm, said about the deal.

Finally, London headquartered Hg will acquire a majority stake in A-Lign, a Tampa-based provider of technology-enabled cybersecurity compliance services from Warburg Pincus.

Robust US manufacturing sector for PE investors

While the roller coaster of tariff announcements has created uncertainty for overall M&A, some private equity firms say they are benefiting from the focus on domestic sourcing and manufacturing. PE Hub’s ongoing series of Q&As with private equity thought leaders continues now with Thomas Groh, a partner at Altus Capital Partners, a firm that invests in the US manufacturing sector. Groh shared how the firm is navigating the tariff environment, how valuations are changing in the manufacturing sector and how the firm is preparing for the second half of 2025.

Upgrade to the premium version of the Wire to read some excerpts.

Architecture

Welsh, Carson, Anderson & Stowe has made a majority investment in AIA Contract Documents, a Washington, DC-based risk management and workflow platform for the architecture, engineering and construction industry.

Premium subscribers to the Wire can learn more about the deal.

Architecture has caught the attention of PE investors recently. PE Hub rounded five deals last year and we expect to see more activity in the sector going forward.

Cybersecurity

London headquartered Hg is acquiring a majority stake in A-Lign, a Tampa-based provider of technology-enabled cybersecurity compliance services from Warburg Pincus. 

Upgrade to the premium version of the Wire for more.

That’s it from me today. Craig McGlashan will bring you the Europe edition tomorrow, while Rafael Canton will write Wednesday’s US Wire.

Cheers,

Obey

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

As Europe pushes ahead with digital transformation, data centers have become the vital backbone powering everything from cloud computing to AI models. Yet there is much more than just technological advancements driving this rapid expansion. Geopolitics, regulations and a rising focus on data and digital sovereignty are playing equally important roles, industry experts told PE Hub.

Apogem Capital, a subsidiary of New York Life Insurance Company, has secured almost 70 percent of its $400 million target for Apogem Private Equity Fund XI, which it launched late last year, Buyouts can reveal.

Federated Hermes is planning to invest more in the US in the near term in a bid to capture higher returns in private equity’s largest and deepest market, even as many global LPs show increased caution towards investing in the region. (Private Equity International)

Paris-headquartered private markets firm Tikehau Capital has raised its first continuation fund, having gathered more than €1 billion for a single-asset vehicle dedicated to portfolio company Egis. (New Private Markets)

Oryx Global Partners seeks to prove mining can have positive impact: The emerging manager will soon launch its first fund, which will be the only mining fund shadowing SFDR Article 8, according to managing partner Paul Schaffer. (New Private Markets)

Strategies focused on creating positive impact within specific groups in society – whether it involves backing female founders, addressing the needs of aging populations or financing Black, Indigenous and People of Color workforces – have gained momentum within impact investing. And yet, very few investors have chosen to focus their impact strategies on the needs of children. (New Private Markets)

Deals

They said it

“We expect more actionable opportunities in the second half of this year, particularly as visibility improves.”

— Thomas Groh, a partner at Altus Capital Partners, said in a Q&A about opportunities in the manufacturing sector.

Today's letter was prepared by Obey Martin Manayiti

Did someone forward you this email? Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article.

Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 

London | New York | Hong Kong | Tokyo | Sydney

PEI Group Ltd is registered in England no.6135779

Registered office: 5th Floor, 100 Wood Street, EC2V 7AN

To update your PE Hub email preferences, or to unsubscribe, click here.