November liquidity events related to portfolio companies in which PIF invests through its private equity holdings.
Potential benefits of secondaries
A key potential benefit of a private equity strategy focused on secondaries is its potential to provide an enhanced liquidity profile compared to a primary-focused strategy. Because secondary investors enter after the investment period is complete, the underlying portfolio is much closer to the point of realization. This typically allows investors to mitigate the J-curve and shorten the duration of their investment.
Pomona enhanced liquidity
Pomona typically purchases seasoned funds well into their 10-year life cycle whose commitments are 70–90% called. Pomona manages the Pomona Investment Fund (PIF) portfolio to receive cash distributions as the more mature assets are realized, while also adding younger assets to the portfolio that are expected to enter the growth phase. This maturity profile has led to an enhanced liquidity profile and, in our view, puts PIF in a strong position to comfortably meet its outstanding commitments and to nimbly respond to new investment opportunities.
27% Average annual portfolio liquidity1 (as % of NAV)
8% Average annual distribution2,3 to shareholders (as % of NAV)
Notable liquidity events
Below is a list of articles that discuss companies that were recently liquidated from the fund. Please refer to the recent headlines and corresponding links below for more information on these liquidity events.
Pearce Services acquisition expands CBRE’s capabilities to serve digital and power infrastructure
CBRE Group, Inc. today announced the acquisition of Pearce Services, LLC, a provider of advanced technical services for digital and power infrastructure, from New Mountain Capital. The initial purchase price was approximately $1.2 billion in cash plus a potential earn-out of up to $115 million, subject to Pearce meeting certain performance thresholds in 2027. Pearce is expected to be immediately accretive to CBRE’s core earnings-per-share and will operate as part of the Building Operations & Experience segment.
Founded in 1998 and based in Paso Robles, CA, Pearce provides design engineering, maintenance, and repair services for blue-chip clients in North America that depend on it to optimize asset uptime and output. Its primary markets are critical power & cooling systems, renewable energy generation & storage, wireless & fiber networks, and electric vehicle charging networks.
Samsung to acquire FläktGroup from Triton
Funds advised by Triton have signed an agreement to sell all shares of FläktGroup, a European energy-efficient ventilation and precision-cooling solutions company, to Samsung Electronics Co, Ltd. for €1.5 billion (equivalent to an enterprise value of €1.8 billion). The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in 2025.
FläktGroup was formed in October 2016 through the merger of DencoHappel, previously part of the Galapagos group, a Triton Fund IV investment, with the newly acquired FläktWoods. Under Triton’s ownership, the company delivered innovative and energy-efficient solutions to ensure comfort, safety, and performance for its customers, while reducing their carbon footprint.
Gryphon Investors completes $1.6 billion sale of Shermco to Blackstone
Gryphon Investors, a leading middle-market private investment firm, announced today that it has completed the sale of its portfolio company Shermco, an electrical testing, engineering, maintenance, and repair company, to private equity funds affiliated with Blackstone. The transaction, valued at approximately $1.6 billion, was previously announced on August 21, 2025.
Founded in 1974 and headquartered in Irving, TX, Shermco provides critical electrical system maintenance, repair, testing, commissioning, and engineering & design services for data centers, utilities, and other diversified commercial and industrial end-markets, partnering with customers to enhance the safety, reliability, and efficiency of their critical electrical infrastructure, while minimizing downtime and outages. Since Gryphon’s initial investment in 2018, Shermco has achieved strong growth through a focus on organic revenue expansion and operating margin improvement initiatives, while also expanding the business through more than a dozen add-on acquisitions.
Platinum Equity to acquire Playpower
Platinum Equity announced today that it has signed a definitive agreement to acquire PlayPower, a designer and manufacturer of recreational and outdoor living systems, from Littlejohn & Co, LLC.
Headquartered in Huntersville, North Carolina, PlayPower designs and manufactures a wide range of products for outdoor recreation and living, including playground systems, recreational equipment, and related solutions, serving key end markets such as schools, parks and recreation, commercial and industrial facilities, residential communities, marine environments, and hospitality venues. The company maintains an international footprint with manufacturing and distribution facilities across North America and Europe, enabling efficient delivery, reduced transit times, and compliance with regional regulatory and design standards.
BC Partners, a leading international investment firm, today announced an agreement with a consortium led by Goldman Sachs Alternatives, including funds managed by Blackstone’s private equity strategy for individual investors, for the sale of a majority stake in NAVEX, a global ethics, risk, and compliance management software-as-a-service provider. Under the terms of the agreement, the Private Equity business at Goldman Sachs Alternatives will be a majority shareholder in the firm. Blackstone will also become a significant minority shareholder. Funds managed by BC Partners will retain a significant minority shareholding to support NAVEX’s future growth, demonstrating conviction in the business’s continued success. Vista Equity Partners, an existing minority investor, will fully exit its investment in the company. Terms of the transaction were not disclosed.
BC Partners acquired its majority stake in NAVEX in 2018 in a bilateral transaction, having positioned itself as the partner of choice to the company and existing investor Vista. Leveraging its significant technology sector expertise and owner-operator approach, BC Partners, alongside management, drove significant organic growth and expanded NAVEX’s product capabilities, customer base, and global footprint as an ethics, risk and compliance management SaaS.
Risk of investing Discussed below are the investments generally made by Investment Funds and the principal risks that the Adviser and the Fund believe are associated with those investments and with direct investments in operating companies. These risks will, in turn, have an effect on the Fund. In response to adverse market, economic or political conditions, the Fund may invest in investment grade fixed income securities, money market instruments and affiliated or unaffiliated money market funds or may hold cash or cash equivalents for liquidity or defensive purposes, pending investment in longer-term opportunities. In addition, the Fund may also make these types of investments pending the investment of assets in Investment Funds and Co-Investment Opportunities or to maintain the liquidity necessary to effect repurchases of Shares. When the Fund takes a defensive position or otherwise makes these types of investments, it may not achieve its investment objective. The value of the Fund’s total net assets is expected to fluctuate in response to fluctuations in the value of the Investment Funds, direct investments and other assets in which the Fund invests. An investment in the Fund involves a high degree of risk, including the risk that the Shareholder’s entire investment may be lost. The Fund’s performance depends upon the Adviser’s selection of Investment Funds and direct investments in operating companies, the allocation of offering proceeds thereto, and the performance of the Investment Funds, direct investments, and other assets. The Investment Funds’ investment activities and investments in operating companies involve the risks associated with private equity investments generally. Risks include adverse changes in national or international economic conditions, adverse local market conditions, the financial conditions of portfolio companies, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other operating expenses, environmental laws and regulations, and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, uninsurable losses, war, terrorism, earthquakes, hurricanes or floods and other factors which are beyond the control of the Fund or the Investment Funds. Unexpected volatility or lack of liquidity, such as the general market conditions that prevailed in 2008, could impair the Fund’s performance and result in its suffering losses. The value of the Fund’s total net assets is expected to fluctuate. To the extent that the Fund’s portfolio is concentrated in securities of a single issuer or issuers in a single sector, the investment risk may be increased. The Fund’s or an Investment Fund’s use of leverage is likely to cause the Fund’s average net assets to appreciate or depreciate at a greater rate than if leverage were not used. The Fund is a non-diversified, closed-end management investment company with limited performance history that a Shareholder can use to evaluate the Fund’s investment performance. The Fund may be unable to raise substantial capital, which could result in the Fund being unable to structure its investment portfolio as anticipated, and the returns achieved on these investments may be reduced as a result of allocating all of the Fund’s expenses over a smaller asset base. The initial operating expenses for a new fund, including start-up costs, which may be significant, may be higher than the expenses of an established fund. The Investment Funds may, in some cases, be newly organized with limited operating histories upon which to evaluate their performance. As such, the ability of the Adviser to evaluate past performance or to validate the investment strategies of such Investment Funds will be limited. In addition, the Adviser has not previously managed the assets of a closed-end registered investment company. Closed-End Fund; Liquidity Risks. The Fund is a non-diversified closed-end management investment company designed principally for long-term investors and is not intended to be a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on net asset value. |