Mascarene Partners Receives Strategic Investment from Liberty Mutual Investments

NEW YORK--(BUSINESS WIRE)--Mascarene Partners (“Mascarene”), a middle-market infrastructure investment platform focusing on North American transportation and industrial businesses, today announced that Liberty Mutual Investments (“LMI”), the investment firm for Liberty Mutual Group (“Liberty”), has made a strategic minority investment in the firm and will provide Mascarene with long-term capital to pursue investments.

Mascarene’s investment process, management, and strategy will remain unchanged. Terms of the investment were not disclosed.

Wes Dick, Managing Partner of Mascarene, said, “We are proud to have established a strategic long-term partnership with Liberty Mutual Investments, which is a testament to the differentiated strategy we are building at Mascarene. As an emerging investment manager focused on the highly attractive and fragmented transportation and industrial sectors, we will leverage LMI’s financial and strategic support as Mascarene grows and executes its strategy. We believe there are compelling value creation opportunities for infrastructure-based businesses that lease, rent and operate transportation, commercial, and industrial equipment across North America, and we look forward to working with entrepreneurs and management teams to build great businesses.”

“LMI is excited to deepen its strategic relationship with Mascarene Partners as they capitalize on the large and growing need for investment in transportation and industrial infrastructure,” said Charley Poole, Head of Energy & Infrastructure at Liberty Mutual Investments. “Our partnership reflects LMI’s focus on supporting and investing alongside world-class partners, and we believe Mascarene is particularly well-positioned to invest behind secular growth trends across the transportation landscape.”

Mascarene closed its first investment in July 2025, acquiring Voyager Trucking Corporation alongside management. LMI was a lead anchor investor in the equity financing for the transaction and has representation on the company’s board. In December 2025, Voyager completed its first add-on acquisition under Mascarene’s ownership with the acquisition of Vision Transport.

LMI invests more than $117 billion of long-term capital globally across its integrated platform on behalf of Liberty.

Kirkland & Ellis LLP represented Mascarene in connection with this strategic investment.

About Mascarene Partners, LLC

Mascarene Partners is a specialized investment platform targeting North American middle-market transportation and industrial businesses. Mascarene seeks to partner with top-tier management teams to build and grow companies with asset-intensive business models that provide essential services and generate stable, predictable cash flows. For more information, please visit https://www.mascarene.com/.

About Liberty Mutual Investments

Liberty Mutual Investments (LMI) is the investment firm for Liberty Mutual Group (Liberty), a global insurance and capital solutions partner. With deep expertise in liquid, credit, and alternative strategies, LMI invests more than $117B of capital globally, taking a long-term approach across its integrated platform. LMI has a clear purpose: build enduring businesses side-by-side with our partners, drive economic growth, and generate superior risk-adjusted returns that power Liberty’s strategy and secure its promises.

Liberty Mutual Group Asset Management Inc. does business under the name Liberty Mutual Investments.

For more information, visit https://www.libertymutualinvestments.com/