D•• S•••••• R•••••••• I••

What matters now

1. 2 vs 1

   add-ons, last 12 months vs the 12 before

   2 add-ons in the last 12 months, up from 1 in the 12 before; latest L••••••• T••••••••• on 18 Jun 2026.

   Buying faster than a year ago: the roll-up is in its active phase, and owners in its niche can expect an approach.

   Factadd-on announcements, datedFor Owners in its niche, lenders, sell-side bankersAll add-ons →
2. +4

   sponsor funds on Form ADV

   Its sponsor, T••••••• C••••••, went from 18 to 22 private equity funds on its Form ADV.

   New vehicles at the sponsor are capital arriving: it can keep funding this roll-up rather than sell it to fund the next one.

   FactSEC Form ADV, Schedule DFor Lenders, sell-side bankers