New Mountain Capital has secured $2.4 billion to prolong its ownership of Azuria Water Solutions, a move reflecting heightened interest in secondary private equity markets. The firm plans to use the capital to maintain a 5-year hold on Azuria, which specializes in water infrastructure management across the U.S. This transaction highlights a broader trend of investors seeking stable, long-term assets amid economic uncertainty. Azuria’s focus on essential utilities positions it as a resilient player, with the deal signaling confidence in infrastructure’s role as a defensive investment.

The financing also suggests New Mountain’s strategy to consolidate influence over portfolio companies without full ownership, balancing liquidity needs with operational control.