April liquidity events related to portfolio companies in which PIF invests through its private equity holdings.
Realized distributions turn paper gains into cash that can be redeployed into new investments to drive future returns. Pomona Investment Fund (PIF) is built around this dynamic.
By purchasing fund interests later in their life cycles, PIF focuses on investments with greater visibility into near-term return of capital. As distributions are received, that capital is recycled into new opportunities.
Below, we highlight select recent exit transactions from PIF, illustrating why liquidity matters in private equity investing. (Learn more about the importance of liquidity)
Distributions as a percent of total return1
PIF: 54%
Peer average: 31%
Neuberger Berman Capital Solutions exits minority investment in ENTRUST Solutions Group
Neuberger Berman Capital Solutions, along with funds managed by Neuberger Berman Private Markets, announced the exit of its minority investment in ENTRUST Solutions Group through a sale to Leidos for approximately $2.4 billion. Neuberger initially acquired a significant minority stake in ENTRUST in August 2023, alongside existing investor Kohlberg & Company.
The investment was held by several client portfolios managed by Neuberger.
Headquartered in Lisle, Illinois, ENTRUST is a leading consulting and engineering services platform serving the utility and infrastructure end markets. Working from 40+ locations across the country, ENTRUST’s over 3,100 professionals provide consulting, design, and engineering services to a broad base of customers, supporting the maintenance and upgrade of aging utility infrastructure across the United States.
Bain Capital and Cinven to sell majority stake in STADA to CapVest
International private equity firms Bain Capital and Cinven announced a definitive agreement to sell a majority stake in STADA Arzneimittel AG to CapVest Partners LLP.
Bain Capital and Cinven acquired STADA in 2017 and, after taking it private, supported the management team in transforming the company from a traditional German generics business into a diversified global healthcare platform with a strategic focus on consumer healthcare, generics, and specialty pharmaceuticals. Together with the management team, the firms have supported STADA to grow into a multifaceted company, generating revenues in excess of €4 billion, delivering a compound annual net sales growth rate of 9%, and more than doubling EBITDA since 2017.
During their funds’ ownership, Cinven and Bain Capital supported STADA to execute more than 25 targeted acquisitions, expanding its footprint and further strengthening its market position across Europe and beyond. Key acquisitions included: Johnson & Johnson’s Nizoral brand; Walmark; a portfolio of GlaxoSmithKline’s consumer healthcare brands; and a portfolio of Sanofi’s European consumer healthcare brands. This transformation has been underpinned by significant investment and expertise from both firms, establishing STADA as one of Europe’s leading pharmaceutical platforms today.
Zentiva announces sale from Advent to GTCR
Zentiva, a European generics pharmaceutical company, announced the sale of the company from Advent to GTCR, two global private equity investors.
Since acquiring Zentiva from Sanofi in 2018, Advent has worked closely with the management team to successfully transform the business, while investing to expand Zentiva’s portfolio of medicines and manufacturing footprint, both organically and through targeted M&A. This transformation program built Zentiva into a successful standalone business, with a strong focus on operational excellence and R&D capabilities, serving millions of patients across Europe.
QXO to buy Kodiak Building Partners for $2.25 Billion
QXO, Inc. announced it entered into a definitive agreement to acquire Kodiak Building Partners from Court Square Capital Partners for approximately $2.25 billion. The transaction is expected to be highly accretive to 2026 earnings and will expand QXO’s current addressable market to more than $200 billion.
The purchase price comprises $2.0 billion of cash and 13.2 million shares, with QXO retaining the right to repurchase these shares at $40 per share. The transaction is expected to close early in the second quarter of 2026, subject to the satisfaction of customary closing conditions.
Kodiak generated approximately $2.4 billion of revenues in 2025 as a U.S. distributor of lumber, trusses, windows and doors, construction supplies, waterproofing, roofing, and complementary exterior products, as well as value-added assembly, fabrication, and installation services. About 40% of Kodiak’s 2025 revenues were generated in Florida and Texas, where building market growth has consistently outpaced national market growth over the last decade.
HIG Capital doubles dividend in $2.3bn TKC refinancing deal
HIG Capital has secured a $200 million dividend from its portfolio company TKC Holdings after the U.S. prison-services vendor refinanced nearly $2.3 billion of debt through a combination of junk bonds and leveraged loans, according to a report by Bloomberg.
The transaction included a $500 million first-lien loan, a $1.1 billion first-lien bond, and $675 million of second-lien notes. While the deal was initially intended to fund a $100 million dividend to HIG, market appetite allowed TKC to increase the offering and boost the payout to $200 million, according to sources familiar with the private deal.
The refinancing extinguished all of TKC’s existing debt, including a payment-in-kind term loan, and was executed at pricing consistent with investor discussions. The two new high-yield bonds have since traded above par, reflecting strong secondary market interest.
The deal highlights HIG’s ongoing strategy of monetizing portfolio assets while refinancing legacy debt, even in sectors like private corrections, which faces financing challenges due to investor sensitivity and regulatory risks.
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. |