Montagu Private Equity has raised a €2bn continuation fund to extend its ownership of Wireless Logic, one of the world’s leading IoT connectivity platforms, in a deal backed by TPG GP Solutions, CVC Secondary Partners, and Partners Group, Bloomberg reports.

The transaction, which values the UK-based company at around £3.5bn ($4.6bn), allows Montagu to retain control of Wireless Logic beyond the typical private equity holding period through a new secondary vehicle. The firm is rolling over most of its existing stake from a previous continuation fund, a rare “CV-squared” structure in the secondary market.

Founded in 2000, Wireless Logic provides smart connectivity solutions that enable companies to connect, control, and secure IoT devices across multiple networks. Under Montagu’s ownership since 2018, the company has expanded from a UK-focused provider into a global market leader through 15 acquisitions across Europe, the Americas, and Asia-Pacific.

Wireless Logic is the “natural acquirer of choice in its space, and has used M&A to expand from being a UK leader to a European leader, and today as a global leader,” said Montagu Managing Partner Ed Shuckburgh, noting that the business continues to grow at roughly 30% per year.

Wireless Logic’s board includes former Vodafone CEO Vittorio Colao and BT Group’s former chairman Sir Michael Rake, underscoring its preparation for a potential public listing.

The continuation fund structure reflects a growing trend among buyout firms seeking to hold high-performing assets for longer amid limited exit opportunities. Earlier this year, PAI Partners completed a similar transaction for Froneri, its €15bn ice cream venture with Nestlé.

Montagu’s latest move highlights the growing sophistication of private equity liquidity solutions and the expanding role of large secondary investors like TPG and CVC in supporting long-term portfolio ownership strategies.

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