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D••••••••• I••••••••• M••••••••• L••

InfrastructureClassification probableLarge capSEC registered investment adviser· Boca Raton, FL

••• Locked

Regulatory AUM
$61B
Form ADV
PE fund assets
$56B
Form ADV
PE funds
56
Form ADV
Investments held
31 of 40
DFX transaction tape
Deals, last 12 months
2
DFX transaction tape
As of · identity and classification; each section below carries its own date

What matters now

  1. Form D
    new offering

    Filed a Form D on 15 Jul 2026, the first public sign that a vehicle is taking commitments.

    A vehicle in market is when LPs and placement agents can still get in.

    FactSEC Form DFor LPs, placement agentsFund families
  2. 2 deals
    180 days

    2 deals since 1 Jul 2026: bought V••••••••• (platform, 8 Sep) and H•••••• O•••••••• (add-on, 1 Jul).

    What it is buying now is the best guide to what it will buy next.

    Factannounced deals, press releasesFor Sell-side bankers, founders, lendersAll deals
  3. +24
    funds on Form ADV

    Private equity funds on its Form ADV went from 32 to 56 (+24).

    New vehicles are a new flagship's feeders, parallels and co-invest sleeves being stood up: capacity arriving before the capital is announced.

    FactSEC Form ADV, Schedule DFund families
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisInfrastructure · 2 in historyShow
Class
Infrastructureprobable, confidence 80%
Basis
Own website statement
Size band
Large capdefined by: proxy: $35.06bn Private Equity Fund GAV on the Form ADV filed 2024-11-18
Strategies
Private credit
Classification history (2)
  1. Sep 13, 2026
    Infrastructure (probable, 80%)
    Own website statement
    ••• Locked
    d•••••••••.com
  2. Sep 13, 2026
    Buyout firm (confirmed, 85%)
    34 of 38 distinct vehicles are sworn Private Equity Funds; 34 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)RAUM $61B · 56 PE funds · filed Jun 30, 2026Show
Adviser type
Registered investment adviser
Form ADV filings
Nov 20, 2017 to Jun 30, 2026
RAUM
$61Bregulatory assets under management of the adviser; not dry powder, not a fund size
PE funds, latest filing
56
PE fund GAV, latest filing
$56Breported gross assets (Form ADV), not fund size
All private fund GAV
$56Bevery private fund type, latest filing
2024 PE fund GAV
$56Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
PE share of funds, lifetime
94%
Fund type mix
  • Private equity fund: 56 funds, $56B reported gross assets, 58 ever reported
  • Hedge fund: 2 funds, $143M reported gross assets, 3 ever reported
  • Other private fund: 1 fund, $33.9M reported gross assets
Form ADV filed Jun 30, 2026
Employees
254
Headquarters
Boca Raton, FL
Office address
••• Locked
Business phone
••• Locked
Stated criteria beside observed behaviour3 of 8 criteria stated · 39 observed dealsShow
Stated by the firm
Sectors
Infrastructure, energy, real estate, media telecom, financial services, technology, consumer
Geography
Global, United States, Asia, North America, Europe, United Kingdom, Latin America, Mexico
Revenue
not stated or not yet read
EBITDA
not stated or not yet read
Enterprise value
not stated or not yet read
Equity check
not stated or not yet read
Control
not stated or not yet read
Thesis
••• Locked
Observed from deals on record
On record
39 companies, 40 holdings, 9 transactions
Period
2018 to 2026 (15 dated observations, 33 holdings undated)
Most deals
Tech enabled services (18 of 39, e.g. AIMS and Hiroshi Ogasawara), media telecom (15 of 39), healthcare services (1 of 39) and 1 more
Subsectors
Media telecom (15 of 39), data processing hosting (15 of 39), IT services MSP (2 of 39), assisted living senior (1 of 39) and 2 more
Deal roles
3 platforms, 6 add-ons, 31 with role not stated
Add-ons per platform
2 add-ons per platform
Control
8 control, 32 not stated
Bought from
1 corporate parent
By year
2018: 1 add-on; 2021: 3 add-ons; 2023: 1 other deal; 2024: 1 platform; 2026: 1 platform, 1 add-on

39 companies on the graph (9 transactions); most in tech enabled services (18); 3 platforms and 6 add-ons; observed 2018 to 2026

Funds
38 families, 59 vehicles on record

32 smaller families are in the full list of vehicles.

View all 59 vehiclesnewest vintage first, then largest
FundVehicleVintageReported gross assets (Form ADV), not fund sizeGAV by yearForm D soldLifecycle
D• S••••••• L•••• T••• H••••••• I•• L•
ADV: Private Equity Fund
buyout or unlabelled2024
first reported on Form ADV
$2.3B
as of Jun 30, 2026
no Form DEarly deployment
D• T•••••• L•••• T••• H••••••• I•• L•
ADV: Private Equity Fund
buyout or unlabelled2024
first reported on Form ADV
$584M
as of Jun 30, 2026
no Form DUnknown
D••••••••• C••••• I• ••••••••• L•
ADV: Private Equity Fund
Credit fund2024
Form D first sale
$387M
as of Jun 30, 2026
$711MUnknown
D•• I•• D••••••••• C••••••••• L•
ADV: Private Equity Fund
Co-investment vehicle2024
Form D first sale
$282M
as of Jun 30, 2026
$246MUnknown
D• R••••• U•••• T••• I• C••••••••• S•••
ADV: Private Equity Fund
Co-investment vehicle2024
first reported on Form ADV
$229M
as of Jun 30, 2026
$0Unknown
D• R••••• U•••• T••• I• C••••••••• S•••
ADV: Private Equity Fund
Co-investment vehicle2024
first reported on Form ADV
$140M
as of Jun 30, 2026
$0Unknown
D• I•••••••• H•••••••• L•
ADV: Private Equity Fund
buyout or unlabelled2024
first reported on Form ADV
$131M
as of Jun 30, 2026
$0Early deployment
D••••••••• C••••• ••••• S•••
ADV: Private Equity Fund
Credit fund2024
first reported on Form ADV
$72.4M
as of Jun 30, 2026
no Form DUnknown
D• M••••••• H••••••• I• L•
ADV: Private Equity Fund
buyout or unlabelled2024
first reported on Form ADV
$18.9M
as of Jun 30, 2026
$0Early deployment
D••••••••• P••••••• I••• L•
ADV: Private Equity Fund
buyout or unlabelled2023
Form D first sale
$6.3B
as of Jun 30, 2026
$6.3BEarly deployment
D•• I• W•••• H••••••• I• •••••• L•
ADV: Private Equity Fund
buyout or unlabelled2023
first reported on Form ADV
$2.0B
as of Jun 30, 2026
$0Unknown
D••••••••• P••••••• I•• L••• S•••
ADV: Private Equity Fund
buyout or unlabelled2023
Form D first sale
$1.3B
as of Jun 30, 2026
$6.3BEarly deployment
D• S•• W•••• H••••••• I• •••••• L•
ADV: Private Equity Fund
buyout or unlabelled2023
first reported on Form ADV
$356M
as of Jun 30, 2026
$0Unknown
D••••••••• C••••• ••••• L•
ADV: Private Equity Fund
Credit fund2023
first reported on Form ADV
$292M
as of Jun 30, 2026
no Form DUnknown
D• A•••• A••• I••••••••• H•••••••• L•
ADV: Private Equity Fund
buyout or unlabelled2023
Form D first sale
$262M
as of Jun 30, 2026
$47.8MEarly deployment
D••••••••• C••••• ••••••••• L•
ADV: Private Equity Fund
Credit fund2023
first reported on Form ADV
$219M
as of Jun 30, 2026
no Form DUnknown
D• S•• W•••• H••••••• I• L•
ADV: Private Equity Fund
buyout or unlabelled2023
first reported on Form ADV
$184M
as of Jun 30, 2026
$0Unknown
D•• I• W•••• H••••••• I• L•
ADV: Private Equity Fund
buyout or unlabelled2023
first reported on Form ADV
$159M
as of Jun 30, 2026
$0Unknown
D• B•••• I••••••••• H•••••••• L•
ADV: Private Equity Fund
buyout or unlabelled2023
Form D first sale
$135M
as of Jun 30, 2026
$100MEarly deployment
D••••••••• P••••••• ••••••••• L•
ADV: Private Equity Fund
Feeder or parallel2023
first reported on Form ADV
$94.6M
as of Jun 30, 2026
no Form DUnknown
D• S••••••• H••••••• I• L•
ADV: Private Equity Fund
buyout or unlabelled2022
Form D first sale
$2.4B
as of Jun 30, 2026
$1.6BActive deployment
D••••••••• P••••••• I• L••• S•••
ADV: Private Equity Fund
buyout or unlabelled2022
first reported on Form ADV
$2.4B
as of Jun 30, 2026
no Form DActive deployment
D• T•••• H•••••••• L•
ADV: Private Equity Fund
buyout or unlabelled2022
first reported on Form ADV
$1.2B
as of Jun 30, 2026
$0Mature
D••••••••• S•••••••• A••••• F•••• L•
ADV: Private Equity Fund
buyout or unlabelled2022
Form D first sale
$1.2B
as of Jun 30, 2026
$1.1BUnknown
D• S•••• I••••••••• H••••••• I•• L•
ADV: Private Equity Fund
buyout or unlabelled2022
first reported on Form ADV
$630M
as of Jun 30, 2026
no Form DActive deployment
D• S•••• I••••••••• H•••••••• L•
ADV: Private Equity Fund
buyout or unlabelled2022
first reported on Form ADV
$400M
as of Jun 30, 2026
no Form DActive deployment
D• C••• I••••••••• H••••••• I••• L•
ADV: Private Equity Fund
buyout or unlabelled2022
first reported on Form ADV
$222M
as of Jun 30, 2026
no Form DUnknown
D••••••••• C••••• ••••••••• L•
ADV: Private Equity Fund
Credit fund2022
Form D first sale
$60.6M
as of Jun 30, 2026
$578MUnknown
D•••••• C••••• P•••••••• I• L•
ADV: Private Equity Fund
buyout or unlabelled2021
first reported on Form ADV
$8.6B
as of Jun 30, 2026
no Form DActive deployment
D• T•••••• H••••••• I• L•
ADV: Private Equity Fund
buyout or unlabelled2021
Form D first sale
$2.2B
as of Jun 30, 2026
$1.5BMature
D•••••• C••••• P••••••• I• L••• S•••
ADV: Private Equity Fund
buyout or unlabelled2021
first reported on Form ADV
$421M
as of Feb 22, 2022
no Form DWound down
D• C••• I••••••••• H••••••• I•• L•
ADV: Private Equity Fund
buyout or unlabelled2021
Form D first sale
$187M
as of Jun 30, 2026
$125MUnknown
D• C••• I••••••••• H••••••• I• A•• L•
ADV: Private Equity Fund
buyout or unlabelled2021
first reported on Form ADV
$103M
as of Jun 30, 2026
no Form DUnknown
D•••••• C••••• L••••• O••••••••• F•••• L•
ADV: Other Private Fund
SPV2020
first reported on Form ADV
$33.9M
as of Jun 30, 2026
no Form DHarvest
D• F•••• R•••• H••••••• I• L•
ADV: Private Equity Fund
buyout or unlabelled2019
Form D first sale
$2.7B
as of Jun 30, 2026
no Form DUnknown
D•••••• C••••• P••••••• ••••••••• L•
ADV: Private Equity Fund
Feeder or parallel2018
first reported on Form ADV
$121M
as of Jun 28, 2022
no Form DWound down
D•••••• C••••• P•••••••• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$5.6B
as of Jun 30, 2026
no Form DUnknown
D• D••• H••••••• I•• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$3.3B
as of Jun 30, 2026
$0Unknown
D• Y••• H••••••• B••••• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$2.2B
as of Jun 30, 2026
no Form DUnknown
D• D••• H••••••• I• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$2.0B
as of Jun 30, 2026
$0Unknown
D• F•••• R•••• H••••••••• L•••
ADV: Private Equity Fund
buyout or unlabelledunknown$1.4B
as of Jun 30, 2026
no Form DUnknown
D• Y••• C••••••••• L•
ADV: Private Equity Fund
Co-investment vehicleunknown$590M
as of Jun 30, 2026
$0Unknown
D• Y••• H••••••• I•• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$459M
as of Jun 30, 2026
no Form DUnknown
D• T••• H••••••• a• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$453M
as of Jun 30, 2026
no Form DUnknown
D• A••• C••••••••• L•
ADV: Private Equity Fund
Co-investment vehicleunknown$366M
as of Jun 30, 2026
$0Unknown
D••••••••• C••••• I• ••••• L•
ADV: Private Equity Fund
Credit fundunknown$313M
as of Jun 30, 2026
no Form DUnknown
D••••••••• J•••• P•••••••• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$250M
as of Jun 30, 2026
no Form DUnknown
D• C••••••••• C•••••••• I• L•
ADV: Private Equity Fund
Co-investment vehicleunknown$190M
as of Jun 30, 2026
$0Unknown
D• P•••••• J•• P••••••• C•••••• L•
ADV: Private Equity Fund
Feeder or parallelunknown$166M
as of Jun 30, 2026
$0Unknown
D• P•••••• C•••••••• C•••••• L•
ADV: Private Equity Fund
Co-investment vehicleunknown$132M
as of Jun 30, 2026
$0Unknown
D• E••• C••••••••• S•••
ADV: Private Equity Fund
Co-investment vehicleunknown$125M
as of Jun 30, 2026
$0Unknown
D••••••••• D••• P••••• D•••••• I••••••••• L•
ADV: Private Equity Fund
Infrastructure fundunknown$123M
as of Jun 30, 2026
no Form DUnknown
D• T••• H••••••• B• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$120M
as of Jun 30, 2026
no Form DUnknown
D•• I• K• H•••••••• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$105M
as of Jun 30, 2026
no Form DUnknown
D•• I• C• H•••••••• L•
ADV: Private Equity Fund
buyout or unlabelledunknown$102M
as of Jun 30, 2026
no Form DUnknown
D• C••••••••• C•••••••• I•• L•
ADV: Private Equity Fund
Co-investment vehicleunknown$63.1M
as of Jun 30, 2026
$0Unknown
C•••• H••••••• G• S•• Y• C••••••• E• C•••••••• P•• A•••••••
ADV: Private Equity Fund
buyout or unlabelledunknown$59.8M
as of Jun 30, 2026
no Form DUnknown
D••••••••• C••••• I• ••••••••• L•
ADV: Private Equity Fund
Credit fundunknown$26.6M
as of Jun 30, 2026
no Form DUnknown
D••••••••• C••••• I• ••••• S•••
ADV: Private Equity Fund
Credit fundunknown$975
as of Jun 30, 2026
no Form DUnknown
Team
8 current, 7 former
Full team · 8 peoplegrouped by role, with sources
Managing partner (2)
Partner (1)
Vice president (2)
Platform (3)
7 former (kept with end dates)
Deals
41 on record, newest first · 3 platforms · 6 add-ons
DateCompanyDealThis firm’s roleStatusPartnerSource
Sep 8, 2026V•••••••••Platform acquisitionSponsor (confirmed)active
held 1 months
M••• C••••••••• G•••• (confirmed)d•••••••••.com
Jul 1, 2026H•••••• O••••••••Add-on acquisitionSponsor (derived)active
held 3 months
unknownd•••••••••.com
Jan 9, 2024V•••••• D••• C••••••Platform acquisitionSponsor (confirmed)unknown
held 2.7 years
J•• M•••• (confirmed)d•••••••••.com
Apr 4, 2023V•••••• D••• C••••••Minority investmentSponsor (confirmed)not in the portfolio readunknownvantage-dc.com
Dec 5, 2021P••• D•Add-on acquisitionSponsor (confirmed)unknown
held 4.8 years
J•• M•••• (confirmed)vantage-dc.com
All 41 dealsnewest first
DateCompanyDealThis firm’s roleStatusPartnerSource
Sep 8, 2026V•••••••••Platform acquisitionSponsor (confirmed)active
held 1 months
M••• C••••••••• G•••• (confirmed)d•••••••••.com
Jul 1, 2026H•••••• O••••••••Add-on acquisitionSponsor (derived)active
held 3 months
unknownd•••••••••.com
Jan 9, 2024V•••••• D••• C••••••Platform acquisitionSponsor (confirmed)unknown
held 2.7 years
J•• M•••• (confirmed)d•••••••••.com
Apr 4, 2023V•••••• D••• C••••••Minority investmentSponsor (confirmed)not in the portfolio readunknownvantage-dc.com
Dec 5, 2021P••• D•Add-on acquisitionSponsor (confirmed)unknown
held 4.8 years
J•• M•••• (confirmed)vantage-dc.com
Sep 9, 2021P••••• d••• c••••• b•••••••Add-on acquisitionSponsor (confirmed)unknown
held 5.0 years
J•• M•••• (confirmed)vantage-dc.com
Sep 9, 2021A•••• D••• C••••••Add-on acquisitionSponsor (confirmed)unknown
held 5.0 years
J•• M•••• (confirmed)vantage-dc.com
Dec 18, 20184••••••• C•••••••••Add-on acquisitionSponsor (derived)unknown
held 7.8 years
unknownvantage-dc.com
date unknownW••••••••Portfolio relationshipRole unknownexitedunknownFact Firm website
date unknownZ••• G•••• H•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownL••••••• D•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownE•••••••• I•••••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownM••••• T•••••• P•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownJ•••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownF•••••••• G••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownB••••• W•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownN••••• G•••••• I•••••••••Portfolio relationshipPlatformactiveunknownFact Firm website
date unknownV••••••• B•••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownW••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownA•••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownS•••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownV•••••• G•••• H••••••• L•••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownX••••• I•Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownV•••••• T•••••Portfolio relationshipRole unknownexitedunknownFact Firm website
date unknownG• T•••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownY•••• G••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownM•••• P•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownA•••••••• D••• C••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownR••••••••Portfolio relationshipRole unknownexitedunknownFact Firm website
date unknownB••••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownS•••• D••• C••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownD••••• O•Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownA•••• T•••••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownV•••••• G•••• H••••••• L•••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownO••••• B••••• M••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownD•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownH•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownA••••• T•••••• P•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownF•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownN•••••••Portfolio relationshipRole unknownactiveunknownFact Firm website
date unknownP••• L•••Add-on acquisitionSponsor (confirmed)unknownunknownvantage-dc.com
Placement agents, lenders, advisers and co-investors
15 relationships
Placement agents (13)
  • U•• S••••••••• L•• 8 shared · very strong · last Jan 1, 2024
  • C••• P•••••• A•••••••• L•• 7 shared · very strong · last Apr 23, 2024
  • L••• C•••••• P••••••• D••••••••• S•• 5 shared · very strong · last Jan 1, 2024
  • C••• P•••••• A••••••• L•• 5 shared · very strong · last Jan 1, 2024
  • C••• G••••• A••••••••• L•• 4 shared · strong · last Jan 1, 2023
  • C•••••••• C••••••••• U• L•••••• 3 shared · strong · last Jul 15, 2026
  • U•• A• •••••• B•••••• 3 shared · strong · last Apr 20, 2023
  • L• S••••••••• C• L•• 3 shared · strong · last Jul 15, 2026
  • C•••••••• G••••• M•••••• I••• 2 shared · recurring · last Apr 23, 2024
  • L••• C•••••• P••••••• D••••••••• S•• 2 shared · recurring · last Apr 20, 2023
  • N• I••••••••• • S••••••••• C••• L••• 2 shared · recurring · last Jan 1, 2024
  • C••••••• L•••••• • C•• I••• 1 shared · one time · last Jun 17, 2022
  • M•••• A•••• S••••••••• C•• L•• 1 shared · one time · last Jan 1, 2023
Co-investors (2)
LP commitments
0 LPs, 0 disclosed commitments
No LP commitment collected yet. An LP edge needs a public disclosure with a quote, such as a pension plan’s report or an announcement naming the LP.
Events
24 not already shown above, of 27 most recent
  1. Sep 23, 2026
    ••• Locked
    Firm newsFactFirm website
  2. Sep 22, 2026
    ••• Locked
    Firm newsFactFirm website
  3. Sep 8, 2026
    ••• Locked
    Firm newsFactFirm website
  4. Sep 8, 2026
    ••• Locked
    Firm newsFactFirm website
  5. Aug 27, 2026
    ••• Locked
    Firm newsFactFirm website
Full timeline · 27 eventsnewest first, including the LP commitments and deals above
  1. Sep 23, 2026
    ••• Locked
    Firm newsFactFirm website
  2. Sep 22, 2026
    ••• Locked
    Firm newsFactFirm website
  3. Sep 8, 2026
    ••• Locked
    Firm newsFactFirm website
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    First Form ADV filingFactForm ADV
Across the graphs

D••••••••• I••••••••• M••••••••• L•• is the same institution as 3 records in Independent Sponsors, RIA and Wealth and Private Credit.

Independent Sponsors1RIA and Wealth1Private Credit1

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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