MASCARENE PARTNERS LLC

Thesis

Mascarene Partners LLC, established in 2024 and based in New York, is a private equity firm specializing in value-added infrastructure investments within the North American middle market. Their strategy focuses on partnering with management teams to acquire and grow companies in the transportation, industrial, e-commerce, and supply chain sectors. These target companies typically lease, rent, and operate transportation, commercial, and industrial equipment, possess asset-intensive business models, provide essential services, and generate stable cash flows. Mascarene Partners emphasizes a hands-on approach to foster long-term capital appreciation, with downside protection from hard assets and predictable cash flows. Growth drivers include e-commerce expansion, decarbonization efforts in transportation and industry, and navigating geopolitical uncertainty. The firm is actively seeking new investments and, while not yet managing a traditional fund, plans to do so in the medium term. As of March 27, 2026, they reported $81,987,549 in private fund AUM and qualify for an exemption from registration as an adviser to private funds with less than $150 million in U.S. assets under management. Liberty Mutual Investments has made a strategic minority investment in Mascarene Partners. Specific check size details are not public, but investments are expected to be substantial given the middle-market focus.

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