Neuberger Berman Group announced it has partnered with Tailwind Capital to establish a single-asset continuation vehicle for Axis Portable Air, providing additional capital and time to support the company’s continued growth.
Axis, a provider of temporary climate control and restoration equipment for commercial and industrial customers, has been a high-conviction portfolio company for Tailwind since its founding in 2019. The new structure offers existing investors the option to either realize liquidity or continue their investment alongside new capital.
The transaction represents another continuation vehicle led by Neuberger, which has committed approximately $10 billion across nearly 50 GP-led secondary transactions since launching its dedicated strategy.
The investment reflects Neuberger’s focus on backing market-leading companies with strong competitive positioning and long-term growth potential, while offering flexible solutions to investors and fund managers.
Support: Advisors on the transaction included PJT Partners as exclusive financial advisor to Tailwind and Axis, Davis Polk & Wardwell LLP as legal counsel to Tailwind, and Simpson Thacher & Bartlett LLP as legal counsel to Neuberger.
KEY QUOTES:
“We are delighted to partner with Tailwind and the strong leadership team at Axis to support their continued success.”
Boriana Karastoyanova, Managing Director, Neuberger Berman
“This transaction demonstrates our approach to investing in high quality, market leading companies with strong competitive positions and sustainable long term growth.”
Michael Pan, Managing Director, Neuberger Berman
“We continue to believe in the value and optionality continuation funds can provide to existing limited partners, fund managers, management teams and other key stakeholders. Since raising our first dedicated GP led fund, our platform has been one of the most active lead investors in the space, committing approximately $10 billion across nearly 50 transactions.”
Tristram Perkins and Ben Perl, Co-Heads Of Secondaries, Neuberger Berman
