​​Pomona Investment Fund: Monthly Liquidity Highlights​

A key potential benefit of a private equity strategy focused on secondaries is its potential to provide an enhanced liquidity profile compared to a primary-focused strategy. Because secondary investors enter after the investment period is complete, the underlying portfolio is much closer to the point of realization. This typically allows investors to mitigate the J-curve and shorten the duration of their investment.

Pomona typically purchases seasoned funds well into their 10-year life cycle whose commitments are 70–90% called. Pomona manages the Pomona Investment Fund (PIF) portfolio to receive cash distributions as the more mature assets are realized, while also adding younger assets to the portfolio that are expected to enter the growth phase. This maturity profile has led to an enhanced liquidity profile and, in our view, puts PIF in a strong position to comfortably meet its outstanding commitments and to nimbly respond to new investment opportunities.

26% Average annual portfolio liquidity¹ (as % of NAV)

8% Average annual distribution^2,3 to shareholders (as % of NAV)

Below is a list of articles that discuss companies that were recently liquidated from the fund. Please refer to the recent headlines and corresponding links below for more information on these liquidity events.

LS Power completes $13 billion milestone transaction with NRG Energy

LS Power completed the sale of 13 GW of their gas generation fleet and CPower Energy Management, their demand response business, to NRG Energy for approximately $13 billion in cash and NRG common stock.

As an energy infrastructure and investment companies in the United States, LS Power’s approach remains unchanged: America needs “more of everything” to meet growing electricity demand while keeping power affordable and reliable. That means developing and operating more thermal generation and storage for firm capacity, more renewables for clean low-cost energy, more transmission to move it all around, and more distributed resources and energy efficiency platforms to reduce strain on the system.

Bain Capital completes $4 billion strategic sale of WinTriX’s China business

Bain Capital, a global private investment firm, announced the completion of the sale of the China business of its data center portfolio company WinTriX DC Group (hereinafter “Chindata”) to a consortium led by Shenzhen Dongyangguang Industry Co., Ltd. (hereinafter “HEC”). The transaction, which values the business at approximately $4 billion, represents the largest transaction in the history of China’s data center industry.

The completion of the transaction marks a successful collaboration between Bain Capital and HEC, further underscoring strong industry confidence in the long-term growth potential of China’s digital infrastructure. Since Bain Capital’s initial investment in 2018, Chindata has grown into one of China’s leading hyperscale data center platforms, playing a critical role in supporting the rapid development of artificial intelligence, big data, and cloud computing.

Leonard Green takes control of Topgolf in $1.1bn carve-out from Callaway 

Leonard Green Partners has agreed to acquire 60% of Topgolf in a transaction valuing the business at $1.1 billion, according to a report by the Financial Times. The private equity firm already held a 3% stake in Topgolf Callaway Brands.

The deal will generate $770 million in net proceeds for Topgolf Callaway, which plans to use the capital to cut debt and repurchase shares. The agreement also covers the Toptracer tracking technology unit.

Leonard Green manages $75 billion and has invested in consumer brands including Shake Shack and Petco. Its new investment extends a long period of private equity interest in Topgolf, which previously secured backing from WestRiver Group and Providence Equity.

TPG to acquire majority stake in Conservice

TPG, a global alternative asset management firm, announced the signing of a definitive agreement to acquire a majority stake in Conservice (the “Company”), a utility management platform for the property management industry. TPG will invest in Conservice through TPG Capital, the firm’s U.S. and European private equity platform, and will join global private equity investor Advent International, who will retain a significant stake after first investing in Conservice in 2020. In connection with the transaction, TA Associates (“TA”) will fully exit its stake in the business

Conservice provides mission-critical, tech-enabled utility management tools to property managers throughout the U.S. Founded in 2000, the Company’s integrated solutions streamline metering, billing, payment, procurement, and analytics workflows across nearly 8 million units nationwide, playing a critical role in linking operators with more than 20,000 utility providers. Conservice’s customizable solutions and highly scalable platform enable effective and accurate utility management, supporting efforts to increase energy efficiency, enhance utility-related operations, and reduce costs.

American Golf is acquired by an investment group owned by Peter Jones

Peter Jones and his investment Group has acquired American Golf, the UK’s largest golf retailer, from private equity investors, Endless LLP (“Endless”). 

The sale completed on 3rd February 2026. 

Peter Jones CBE has built over the last 40 years a reputation for starting, growing, and investing in businesses and due to his appearances on Dragons Den and Shark Tank in the U.S. has become one of the world’s best known entrepreneurs. He is known as “Mr Global” on Shark Tank in the U.S. because of his interest and experience in growing businesses internationally. 

American Golf is the UK and Ireland’s leading specialist golf retailer, with an annual turnover of £135 million. It was acquired by Endless in 2018 and currently employs more than 1,000 people across its omnichannel operation, which consists of more than 80 bricks-and-mortar stores in the UK and Ireland alongside its online offering.