Mascarene Partners, a middle-market infrastructure investment platform focused on North American transportation and industrial businesses, has received a strategic minority investment from Liberty Mutual Investments, the investment firm for Liberty Mutual Group.
The investment is intended to provide Mascarene with long-term capital to pursue its infrastructure-oriented strategy, with the firm emphasizing that its investment process, management, and approach will remain unchanged. Financial terms were not disclosed.
The partnership pairs Mascarene’s focus on transportation and industrial infrastructure with Liberty Mutual Investments’ broader mandate to deploy long-duration capital across liquid, credit, and alternative strategies. Mascarene positions its opportunity set around what it describes as a highly fragmented market for asset-intensive businesses that lease, rent, and operate transportation, commercial, and industrial equipment across North America, aiming to back stable cash flow models and pursue value creation through operational improvement and growth.
Mascarene’s recent deal activity has centered on Voyager Trucking Corporation. The firm closed its first investment in July 2025, acquiring Voyager alongside management. Liberty Mutual Investments was an anchor investor in the equity financing for that transaction and holds board representation at Voyager. In December 2025, Voyager completed its first add-on acquisition under Mascarene’s ownership, the purchase of Vision Transport, marking an early step in what appears to be a platform-building strategy.
Liberty Mutual Investments said it views the relationship as an extension of its focus on investing alongside select partners in sectors with secular growth drivers. The firm noted it manages more than $117 billion of long-term capital globally on behalf of Liberty Mutual Group.
Support: Kirkland and Ellis advised Mascarene in connection with the strategic investment.
KEY QUOTES
“We are proud to have established a strategic long-term partnership with Liberty Mutual Investments, which is a testament to the differentiated strategy we are building at Mascarene. As an emerging investment manager focused on the highly attractive and fragmented transportation and industrial sectors, we will leverage LMI’s financial and strategic support as Mascarene grows and executes its strategy. We believe there are compelling value creation opportunities for infrastructure-based businesses that lease, rent and operate transportation, commercial, and industrial equipment across North America, and we look forward to working with entrepreneurs and management teams to build great businesses.”
Wes Dick, Managing Partner of Mascarene
“LMI is excited to deepen its strategic relationship with Mascarene Partners as they capitalize on the large and growing need for investment in transportation and industrial infrastructure. Our partnership reflects LMI’s focus on supporting and investing alongside world-class partners, and we believe Mascarene is particularly well-positioned to invest behind secular growth trends across the transportation landscape.”
Charley Poole, Head of Energy & Infrastructure at Liberty Mutual Investments
