Liberty Mutual Investments (LMI), the investment firm for Liberty Mutual Group, has made a strategic minority investment in Mascarene Partners, a middle-market infrastructure investment platform focusing on North American transportation and industrial businesses. LMI will provide Mascarene with long-term capital to pursue investments.
Mascarene’s investment process, management and strategy will remain unchanged. Terms of the investment were not disclosed.
Mascarene closed its first investment in July 2025, acquiring Voyager Trucking Corp. alongside management. LMI was a lead anchor investor in the equity financing for the transaction and has representation on the company’s board. In December 2025, Voyager completed its first add-on acquisition under Mascarene’s ownership with the acquisition of Vision Transport.
LMI invests more than $117 billion of long-term capital globally across its integrated platform on behalf of Liberty.
Kirkland and Ellis re
