Exit of the Year – Mid Cap 
(Equity commitment on entry – USD 50m-USD 150m)

Burger King Japan (Affinity Equity Partners)

Affinity Equity Partners exited Burger King Japan to Goldman Sachs Alternatives for an enterprise valuation of JPY 76.8bn (USD 484m) in May 2026, securing a 5.8x return. It secured the country master franchise in 2017 and opened eight stores on a greenfield basis before acquiring the prior franchise holder’s struggling network. Drawing on advances made by Burger King Korea under its ownership – and investing USD 112.5m – Affinity drove improvements across restaurant development, menu architecture, operations, and digitalisation. During the holding period, Burger King Japan grew to 337 restaurants, revenue increased over 300x, and the business went from loss-making to profitable.

C-United (The Longreach Group)

The Longreach Group exited C-United, a Japan-based café chain, to domestic food services player Colowide for JPY 44.1bn (USD 278m) in April 2026. The investment delivered a 4x return. Longreach acquired Kohikan Corporation from UCC Foodservice Systems in 2018 and then added the Caffé Veloce and Café de Crié brands in 2021 and 2022, respectively. Value creation efforts focused on brand and menu innovations, improvements to store formats, supply chain optimisation, integration of back-office functions, and digital transformation. Longreach also helped the business navigate pandemic-related challenges. During the holding period, EBITDA rose 2.5x and sales at existing stores increased 1.7x.

CyberCX (BGH Capital)

BGH Capital exited CyberCX, an Australia-based cybersecurity and cloud services provider, to Accenture for an enterprise value of approximately AUD 930m (USD 650m) in February 2026. The investment delivered a 3.5x return. BGH devised the concept for CyberCX in collaboration with two industry executives. They selected 12 businesses out of 50 potential targets and executed the acquisitions confidentially in parallel in 2019. The platform had 430 employees and AUD 86m in turnover. Another 10 acquisitions were completed during the holding period, taking headcount and turnover to 1,300 and AUD 458m, respectively. Customers included two-thirds of ASX200 and NZX50 member companies.

Iwasaki Electric (Carlyle)

Carlyle exited Iwasaki Electric, a Japan-based lighting equipment manufacturer, to listed industry peer Henry Electric for JPY 70.3bn (USD 443m) in April 2026. It acquired the business in 2023 via a management buyout – executed as a take-private at a market capitalisation of approximately JPY 33bn. Recognising that Iwasaki’s traditional lighting equipment was facing structural decline, Carlyle wanted to refocus on higher-margin smart lighting, adopting an integrated model that spanned design, installation, maintenance and recurring services. It also changed organisational structures and mindset. During the holding period, revenue increased 11.5%, EBITDA rose 73%, and EBITDA margin grew from 8.6% to 13.5%.

Zenith Energy (Pacific Equity Partners)

Pacific Equity Partners (PEP) exited Zenith Energy, an Australia-based off-grid power station developer, to KKR at an enterprise valuation of AUD 1.8bn (USD 1.3bn) in February 2026. The investment delivered a 4x return. PEP acquired Zenith via a AUD 259m privatisation in 2020 – deploying capital from its first secure assets fund – and oversaw construction of new power stations in remote areas and an expansion into urban microgrids. It also embraced renewables. Zenith went from one power station representing about 1% of total generation capacity when PEP invested. On exit, renewables accounted for over half of capacity, including sites under construction.