NEW YORK, March 25, 2025 – Proskauer, a leading international law firm, announced today that it advised Painswick Capital ("Painswick"), a specialized investment firm focused on investing in single-asset continuation vehicles, as a lead investor in the closing of Pike Street Capital, LLC's ("Pike Street") single-asset continuation vehicle, Pike Street Capital Reserve (the "Fund"). The Fund closed with $199 million for Impel Company ("Impel"), one of Pike Street's Fund I investments. Painswick co-led the investment alongside NorthSands Capital.
Impel is a provider of fluid management systems for the water and wastewater treatment sectors, as well as food and beverage, semi-conductor, manufacturing and other industrial markets. The Fund will be used to support the continued long-term growth of Impel, which was established in 2021 to build a provider of comprehensive flow management solutions serving municipal and industrial fluid management needs in partnership with top equipment manufacturers.
Painswick is a specialized investment firm focused on high-performing middle market companies within the rapidly expanding single-asset continuation vehicle market. The firm was established by John Garcia in partnership with AEA Investors.
The Secondary Transactions & Liquidity Solutions team advising Painswick was led by partners Blake Halperin and Chris Robinson (Private Funds); partner Michael Ellis (M&A); and partner Jeremy Naylor(Tax). It also included associates Philip Lenertz and Alexandra Briody (Tax); associate Jordan Shelton (M&A); and associates Alexander Starr and Rebecca Elsner (Private Funds).