Neuberger and Tailwind Capital Launch Unique Vehicle for Axis Portable Air's Growth
On April 8, 2026, Neuberger Berman, an employee-owned investment manager known for its private and independent operations, revealed a strategic partnership with Tailwind Capital, a well-respected player in middle-market buyouts, aimed at establishing a single-asset continuation vehicle for Axis Portable Air (Axis). This move is particularly significant as it reflects Neuberger's ongoing commitment to fostering growth in high-potential market segments.
This new vehicle will serve multiple purposes, providing more time and capital access to Axis Portable Air, which has become a core asset for Tailwind. Moreover, it will present existing investors in Tailwind funds with several options, including accelerated liquidity or the chance for continued investment in the evolving landscape of Axis.
The importance of this transaction is underscored by the fact that Neuberger Berman stepped in as the sole lead investor, a role it is not unfamiliar with, given its successful history with middle-market continuation vehicles. As Boriana Karastoyanova, Managing Director at Neuberger, stated, 'We are delighted to partner with Tailwind and the strong leadership team at Axis to support their continued success.' This sentiment points to Neuberger's confidence in Axis’ capabilities and future growth under this new financial structure.
Michael Pan, another Managing Director at Neuberger, emphasized the strategic nature of this investment, noting that it aligns with their method of backing quality companies that possess a competitive edge and sustainable growth prospects.
Founded in 2019, Axis Portable Air specializes in providing climate control and restoration equipment rentals, catering primarily to commercial and industrial sectors throughout the United States. The company’s rapid expansion can be attributed to its robust corporate culture and an unyielding dedication to customer service, which includes year-round support and a commitment to maintaining high service levels. This unwavering focus has propelled Axis to become recognized among the fastest-growing companies in the climate control sector.
Tristram Perkins and Ben Perl, who co-head Neuberger’s Secondaries team, expressed their firm belief in the advantages that continuation funds can offer to various stakeholders like existing limited partners, fund managers, and management teams. Since launching their first dedicated GP-led fund, they have been heavily involved in the industry, committing roughly $10 billion across 50 transactions. Their established track record reinforces Neuberger Berman's reputation as a major player in the private markets.
To facilitate this deal, PJT Partners acted as Tailwind and Axis’ exclusive financial advisor, while legal counsel was provided by Davis Polk & Wardwell LLP for Tailwind and Simpson Thacher & Bartlett LLP for Neuberger.
For a deeper understanding, Axis Portable Air has quickly established itself in the climate control space, offering reliable solutions such as portable air conditioning, heating, dehumidification, and air filtration systems. Their mission to fully support various sectors, including manufacturing and healthcare, showcases their adaptability and commitment to fulfilling market needs. With a network of sites expanding nationwide, Axis continues to support a myriad of industries, ensuring that climate regulation needs are met efficiently.
About Neuberger Private Markets, it is known for its diverse investment strategies and has been an active investor since 1987. As of late 2025, the firm oversees more than $150 billion in investor commitments across a wide spectrum of private markets strategies.
Meanwhile, Tailwind Capital has been an industry mainstay for over 20 years, managing around $6 billion in committed capital, focusing primarily on growth-oriented investments within the industrial solutions and technical services sectors. Tailwind aims to scale its portfolio companies through both strategic acquisitions and operational enhancements, a testament to its proactive investment philosophy. Their extensive history includes over 50 portfolio firms and 250 addition acquisitions, yet they remain committed to scaling businesses effectively, aligning operational capabilities with necessary resources.
This partnership between Neuberger and Tailwind represents a forward-thinking approach in private equity, highlighting a trend toward more specialized investment structures that meet the complex needs of dynamic, high-potential businesses like Axis Portable Air. Investors and stakeholders alike are likely to pay close attention to the outcomes of this collaboration and what it means for the future growth trajectory of Axis and similar companies in the market.
This new vehicle will serve multiple purposes, providing more time and capital access to Axis Portable Air, which has become a core asset for Tailwind. Moreover, it will present existing investors in Tailwind funds with several options, including accelerated liquidity or the chance for continued investment in the evolving landscape of Axis.
The importance of this transaction is underscored by the fact that Neuberger Berman stepped in as the sole lead investor, a role it is not unfamiliar with, given its successful history with middle-market continuation vehicles. As Boriana Karastoyanova, Managing Director at Neuberger, stated, 'We are delighted to partner with Tailwind and the strong leadership team at Axis to support their continued success.' This sentiment points to Neuberger's confidence in Axis’ capabilities and future growth under this new financial structure.
Michael Pan, another Managing Director at Neuberger, emphasized the strategic nature of this investment, noting that it aligns with their method of backing quality companies that possess a competitive edge and sustainable growth prospects.
Founded in 2019, Axis Portable Air specializes in providing climate control and restoration equipment rentals, catering primarily to commercial and industrial sectors throughout the United States. The company’s rapid expansion can be attributed to its robust corporate culture and an unyielding dedication to customer service, which includes year-round support and a commitment to maintaining high service levels. This unwavering focus has propelled Axis to become recognized among the fastest-growing companies in the climate control sector.
Tristram Perkins and Ben Perl, who co-head Neuberger’s Secondaries team, expressed their firm belief in the advantages that continuation funds can offer to various stakeholders like existing limited partners, fund managers, and management teams. Since launching their first dedicated GP-led fund, they have been heavily involved in the industry, committing roughly $10 billion across 50 transactions. Their established track record reinforces Neuberger Berman's reputation as a major player in the private markets.
To facilitate this deal, PJT Partners acted as Tailwind and Axis’ exclusive financial advisor, while legal counsel was provided by Davis Polk & Wardwell LLP for Tailwind and Simpson Thacher & Bartlett LLP for Neuberger.
For a deeper understanding, Axis Portable Air has quickly established itself in the climate control space, offering reliable solutions such as portable air conditioning, heating, dehumidification, and air filtration systems. Their mission to fully support various sectors, including manufacturing and healthcare, showcases their adaptability and commitment to fulfilling market needs. With a network of sites expanding nationwide, Axis continues to support a myriad of industries, ensuring that climate regulation needs are met efficiently.
About Neuberger Private Markets, it is known for its diverse investment strategies and has been an active investor since 1987. As of late 2025, the firm oversees more than $150 billion in investor commitments across a wide spectrum of private markets strategies.
Meanwhile, Tailwind Capital has been an industry mainstay for over 20 years, managing around $6 billion in committed capital, focusing primarily on growth-oriented investments within the industrial solutions and technical services sectors. Tailwind aims to scale its portfolio companies through both strategic acquisitions and operational enhancements, a testament to its proactive investment philosophy. Their extensive history includes over 50 portfolio firms and 250 addition acquisitions, yet they remain committed to scaling businesses effectively, aligning operational capabilities with necessary resources.
This partnership between Neuberger and Tailwind represents a forward-thinking approach in private equity, highlighting a trend toward more specialized investment structures that meet the complex needs of dynamic, high-potential businesses like Axis Portable Air. Investors and stakeholders alike are likely to pay close attention to the outcomes of this collaboration and what it means for the future growth trajectory of Axis and similar companies in the market.
Topics General Business）
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