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OceanSound Partners Closes $1.15 Billion Single-Asset Continuation Transaction in Partnership With Apollo S3

Paul, Weiss advised OceanSound Partners in the formation and closing of a $1.15 billion single-asset continuation fund in connection with the sale of its portfolio company, SMX Group, LLC, from its inaugural private equity fund, OceanSound Partners Fund, LP. OceanSound is a private equity firm that invests in technology and technology-enabled services companies serving government and highly regulated enterprise end markets. SMX, a leader in next-generation mission support and digital transformation solutions, will continue to be controlled and managed by OceanSound.

Apollo S3 is the lead investor in the continuation fund, which is supported by new and current limited partners. The continuation fund will provide incremental capital to support the continued execution of SMX’s acquisition strategy. OceanSound and SMX’s management rolled over most of their equity proceeds and will remain significant investors in the company.

The Paul, Weiss team was led by corporate partners Marco Masotti and Lindsey Wiersma and counsel Andrew Day, and included partner Aaron Schlaphoff, and counsel Arik Hirschfeld; tax partners Reuven Garrett and David Mayo; and executive compensation counsel Jake Glazeski.

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