Painswick co-leads Impel continuation vehicle

Painswick and NorthSands co-led Pike Street Capital Reserve, a continuation vehicle for Impel, announced March 24, 2025. The vehicle raised $199 million in total, with NorthSands separately committing $100 million. The announcement did not disclose Painswick's individual commitment. Impel supplies fluid-management products and services for municipal and industrial applications. The transaction offered existing Fund I investors a liquidity option or the opportunity to continue investing. It also provided additional capital and a longer holding period to support the business. Ares provided senior debt and an equity investment, distinct from Painswick's participation. Proskauer served as legal counsel to Painswick on the transaction.