1 Oct 2026

Investcorp, a leading global alternative investment firm, today announced the final closing of Investcorp’s North American Private Equity (“NAPE”) Fund II L.P. (“Fund II”), which focuses on growing middle-market companies in the business and professional services and commercial services sectors. Fund II closed at $1.22 billion, exceeding its $1.1 billion target and an increase over Fund I (“Fund I”), in a difficult fund-raising environment. The closing builds on the success of NAPE’s inaugural 2021 Fund I and NAPE’s history of consistently returning capital to its investors.

Fund II received commitments from a diversified group of institutional investors across North America, Europe, the Middle East and Asia and reflects continued support from Investcorp on behalf of its longstanding investor base.

NAPE strategically uses co-investment from institutional investors to deepen its relationship with institutional investors and to create the flexibility to make investments based on a developed investment thesis that is decoupled from equity check constraints. In Fund I, NAPE’s Limited Partner (LP) institutional investors invested over $1 billion of fee-free co-invest equity.

Fund II continues the strategy NAPE has refined over the past decade, investing exclusively in growth services business and focused on two main verticals: Business and Professional Services, and Commercial Services. NAPE targets sub-sectors that have stable, non-cyclical demand, are highly fragmented and are supported by long-term secular tailwinds. NAPE is highly selective and pursues investments in companies with between $10 million and $50 million of EBITDA. Currently, Fund II is invested in:

• Guardian Fire Services, based in Nashville, TN, provides comprehensive fire protection and life safety services to commercial, industrial, and educational end markets; and
• Berger Financial Group, based in Plymouth, MN, is a full-service fee-only registered investment advisor providing comprehensive wealth management services to mass affluent clients across the United States.

Fund II completed its investments in Guardian Fire Services and Berger Financial Group in December 2025 and July 2026, respectively. Guardian has made two acquisitions in Midwest Protection Services and Houston Fire & Safety since NAPE’s investment, demonstrating the impact of its partnership with Investcorp to achieve new growth milestones. The investment in Berger was the culmination of a years-long pursuit of the right opportunity in the wealth management sector.

This announcement follows NAPE’s recent appointment of Dale O’Connell as Head of Investor Relations and Fundraising, based in New York. Dale will be responsible for leading the growth of NAPE’s IR and fundraising efforts while also serving as a partner to NAPE’s LPs. She joins from Palladium Equity Partners, where she was a Managing Director, also responsible for IR and fundraising.

Mohammed Alardhi, Executive Chairman, Investcorp, said: “The United States is Investcorp’s largest market and remains central to our global growth strategy. For more than four decades, we have built deep investment capabilities and relationships across the U.S., particularly in the middle market, where we continue to see compelling opportunities to create long-term value. The successful close of Fund II is also a strong reflection of the trust that leading institutional investors around the world place in Investcorp, our people and our investment approach. We are grateful for that confidence and remain focused on deploying capital with discipline and delivering sustainable value for our investors.”

Steve Miller, Senior Managing Director and Co-Head of North American Private Equity, said: “The successful close of NAPE’s Fund II is an important milestone for our business, as it increases the capital we have to deploy into leading business and professional services and commercial services companies looking to embark on the next stage of their growth journey. Our team’s ability to secure commitments from both existing and several new LPs, despite a challenging fundraising environment, is a testament to our track record as a trusted partner and steward of our investors’ capital. We want to sincerely thank all our partners that have continued to support and grow the NAPE franchise.”

Nicky McGrane, Senior Managing Director and Co-Head of North American Private Equity, continued: “Investcorp is deliberate and diligent in its pursuit of investment opportunities and both of Fund II’s current investments – Guardian Fire Services and Berger Financial Group – are led by experienced management teams, enjoy strong market positions and have a significant opportunity to create value through accelerated M&A. As we look ahead, we plan to invest in more internal resources to expand our value creation capabilities and bring artificial intelligence resources to our portfolio companies. We believe that finding established incumbents in our core verticals, and embedding them with AI capabilities, will be a winning formula going forward and result in attractive investment outcomes.”

Investcorp’s North American Private Equity group has been investing in North American mid-market businesses for over 40 years and has completed more than 75 investments in middle market companies, deploying more than $25 billion in transaction value since inception.