Bridge Growth closes US$790 million vehicle to extend Solace investment

Bridge Growth Partners has closed a US$790 million, or C$1.1 billion, single-asset continuation vehicle for Solace, extending its investment in the real-time data and agentic AI platform.

The transaction brings in a new group of institutional investors while giving Bridge Growth a larger ongoing position in Solace. It also marks the inaugural investment from Bridge Growth Partners III, the firm’s latest flagship fund.

Bridge Growth deepens its position in Solace

The continuation vehicle was co-led by Apogem Capital, Golub Capital, HSBC Asset Management, and Schroders Capital. Bridge Growth Partners III also participated in the transaction, making its first investment through the vehicle.

Following the close, Bridge Growth will represent more than 15% of Solace’s total equity. That figure includes GP and affiliate rollover, as well as the investment from Bridge Growth Partners III. The Healthcare of Ontario Pension Plan, a minority investor in Solace, is also rolling its existing equity position as part of the transaction.

The deal extends Bridge Growth’s relationship with Solace, following its initial control investment in the company in 2016. Since launching Fund I in 2014, Bridge Growth has invested about US$1 billion in equity, including investments from co-investor partners, and has returned US$2 billion to investors. Bridge Growth Funds I and II will be liquidated after the continuation vehicle transaction.

“Solace is well-positioned for accelerated expansion as it helps enterprises capitalise on the transformative use of real-time data as a foundation to realise the potential of AI. Today’s milestone reflects Bridge Growth’s disciplined investment strategy focused on building enduring technology businesses,” said Alok Singh, CEO of Bridge Growth Partners. “We’re thrilled to welcome some of the most well-known and largest investors and financial institutions in the world, as we support Solace on its next phase of development. Apogem has been a trusted limited partner and co-investor with Bridge Growth for many years and worked closely with us as a lead arranger in this transaction, underscoring our long-standing relationship and our shared vision for Solace’s future.”

Solace focuses on real-time data for enterprise AI

Solace provides real-time data and event-driven capabilities for enterprises connecting agents, applications, and data across legacy, cloud, and AI systems. Its customers include organisations across financial services, retail, manufacturing, transportation, and the public sector.

The company’s role has become more closely tied to enterprise AI adoption, where systems need reliable data to move continuously across different applications and environments. For AI agents and enterprise applications, that places more weight on infrastructure that can support trusted, time-sensitive data flows.

“Partnering with Bridge Growth, we’ve grown into a true market leader at the forefront of enabling leading global enterprises to connect everything, and operate in real-time,” said Denis King, Chief Executive Officer of Solace. “We are excited to continue our journey with Bridge Growth and our new investors, who are all recognized as leading institutions globally. Looking ahead, we are well-positioned to scale as an innovation leader and partner of choice to enterprises as real-time data becomes the essential foundation for every AI agent and enterprise application.”

Solace describes its platform as supporting enterprises that need to bring together agents, applications, and data across legacy, cloud, and AI systems. Its stated customers include RBC Capital Markets, Bosch, Heineken, PSA Singapore, United Airlines, and Schwarz Group.

The transaction marks a fund milestone

The continuation vehicle is Bridge Growth’s first of its kind. Apogem Capital said it had worked with Bridge Growth Partners as a limited partner and co-investor across multiple investments, while Golub Capital said the transaction was also the first co-lead investment in its GP-Led Secondaries strategy.

The deal adds several private markets and sponsor finance investors to Solace’s next phase of ownership. HSBC Asset Management pointed to enterprise demand for real-time data infrastructure, while Schroders Capital cited growing enterprise prioritisation of event-driven architecture.

Campbell Luytens and J.P. Morgan acted as financial advisers to Bridge Growth Partners on the transaction. Willkie Farr & Gallagher LLP served as legal adviser.