Montagu Secures €2 Billion Fund to Deepen Its Hold on IoT Connectivity Leader Wireless Logic

Montagu Private Equity has raised a €2 billion continuation fund to retain its majority stake in Wireless Logic, a leading Internet-of-Things (IoT) connectivity company headquartered in the United Kingdom and valued at approximately £3.5 billion. The fund is led by TPG GP Solutions, with co-lead investors CVC Secondary Partners and Partners Group.
The decision to roll its existing stake into a new vehicle represents a strategic move by Montagu. This structure, often described as a continuation vehicle of another continuation vehicle, enables the firm to extend its ownership period and capture further value from an asset that continues to perform strongly. For Montagu, this step provides a longer investment horizon than what traditional private equity timelines allow.
Why Wireless Logic Is Worth Holding On To
Founded in 2000, Wireless Logic began as a small UK-based company offering IoT connectivity services. Over the years, it has evolved into a global leader with a strong presence across Europe, the Americas, and the Asia-Pacific region. Since Montagu acquired the company in 2018, Wireless Logic has completed 15 acquisitions that have strengthened its product capabilities, broadened its geographic reach, and deepened its customer relationships.
Montagu has reported that Wireless Logic is growing at a steady annual rate of around 30 percent. This growth is supported by a combination of new product introductions, expansion into emerging markets, and strategic acquisitions.
To Montagu, Wireless Logic represents more than an investment opportunity. It is a market leader in IoT connectivity, an area that continues to expand as the number of connected devices rises across industries. With increased data consumption and the ongoing development of advanced network technologies, the market remains highly fragmented. This presents significant opportunities for further consolidation and scale, positioning Wireless Logic as a key player in shaping the future of global connectivity.
The Mechanics of the Deal
The new fund is structured as a single-asset continuation vehicle, meaning it is entirely focused on Wireless Logic. This gives Montagu and its co-investors the flexibility to stay invested and continue guiding the company’s growth without the constraints of traditional exit deadlines.
What makes this transaction particularly noteworthy is its “continuation-on-continuation” nature. Montagu has rolled over most of its existing stake from a prior continuation fund into this new vehicle. Such a structure indicates a deliberate choice to remain invested in a high-performing asset and signals strong conviction in its continued growth trajectory.
The transaction is anticipated to close by December 2025, marking another milestone in Montagu’s long-term partnership with Wireless Logic.
What It Signals for the Private Equity Market
Montagu’s move reflects a broader shift within the private equity landscape. High-performing companies are increasingly being held longer instead of being sold quickly. Continuation vehicles are offering investors the flexibility to extend ownership while still providing liquidity options for existing backers.
Large secondary investors such as TPG, CVC, and Partners Group are playing an important role in these transactions by supplying capital that enables continuity of ownership. The growing use of such vehicles demonstrates how private equity firms are adapting to market conditions and finding innovative ways to balance investor needs with long-term value creation.
Montagu’s “CV-on-CV” model also reflects a growing sophistication in deal structuring. It showcases confidence in the underlying business fundamentals of Wireless Logic and highlights the firm’s belief that maintaining ownership will yield greater returns over time.
For the broader IoT and technology sectors, this move sends a strong message of confidence. Montagu’s decision to hold its stake rather than exit suggests that the firm sees significant long-term potential in the growth of connected devices and data-driven networks worldwide.
The Outlook for Wireless Logic
Wireless Logic’s future appears promising. The company is expected to continue expanding its global reach, enhancing its product portfolio, and pursuing strategic mergers and acquisitions. Its growth aligns closely with rising global demand for IoT connectivity and smart network solutions.
Montagu and the company’s leadership share a clear vision for the next phase of development, focusing on sustainable expansion, innovation, and long-term value creation. While an initial public offering remains an option in the future, Montagu’s current approach demonstrates a preference for stability and continued growth through its continuation vehicle.
In essence, this decision reflects confidence, confidence in Wireless Logic’s capabilities, in the resilience of the IoT market, and in Montagu’s strategy of long-term investment. It highlights a thoughtful, forward-looking approach to private equity management that prioritises enduring value over short-term exits.
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