System One brings StepStone into investor group alongside Oaktree

What's the deal? System OneDealroom has a profile for this one. Try Dealroom →, a US provider of specialized outsourced services and workforce solutions, has completed a new investment from funds managed by Oaktree Capital ManagementDealroom has a profile for this one. Try Dealroom → and StepStone Group. Financial terms were not disclosed.

Who's involved? Oaktree renews an existing partnership, while StepStone joins the investor group for the first time. Oaktree is part of BrookfieldDealroom has a profile for this one. Try Dealroom →'s $416 billion credit platform; StepStone is a global private markets firm spanning private equity, debt, infrastructure, and real assets.

What does the company do? Founded more than 40 years ago, System One serves critical-infrastructure end markets — utilities, telecom, industrial, and government among them. It operates in over 50 locations and employs more than 10,000 professionals across the US, Canada, the UK, and Brazil.

What's the money for? The investments will support System One's growth strategy and expand its portfolio of services. "We're excited to renew our partnership with Oaktree and bring StepStone into our investor group as we continue to execute our strategic growth initiatives," said chairman and chief executive officer Troy Gregory.

What do the investors say? Jimmy Lee, managing director at Oaktree, cited "a period of significant growth" for the company. Geoff Dolan, partner at StepStone, pointed to System One's "technical expertise, customer focus, and ability to deliver critical solutions to its clients."

The signal: The backing of two established private markets names signals continued appetite for platforms tied to critical infrastructure. Oaktree's Power Opportunities strategy targets companies serving owners of electric power, gas, water, and other utility assets — the same essential end markets System One equips.

Image credit: System One