Mascarene Partners has secured a strategic minority investment from Liberty Mutual Investments (LMI), giving the New York-based middle-market infrastructure platform long-term capital to pursue deals across transportation and industrial assets. The partnership deepens a relationship that began in 2025 and aligns Mascarene with one of the industry’s larger, permanent-capital investors. 

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

“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,” said Wes Dick, Managing Partner of Mascarene.  

“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,” he added. 

LMI, which invests more than 117 billion dollars of long-term capital globally on behalf of Liberty Mutual Group, will support Mascarene as it scales its platform, while Mascarene’s investment process, management, and strategy will remain unchanged.  

“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.  

Terms of the transaction were not disclosed. Kirkland & Ellis LLP represented Mascarene. 

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