Liberty Mutual Investments and Ara Partners Form Strategic Partnership

NEW YORK, February 10, 2026 – Liberty Mutual Investments (“LMI”), the investment firm for Liberty Mutual Group (“Liberty”) and Ara Partners, a global private markets firm focused on industrial decarbonization, today announced a new cross-platform partnership. The partnership includes a strategic commitment from LMI to support Ara Partners’ Energy and Infrastructure investment platforms and will enable the firms to collaborate on opportunities across the firms’ mandates.

Ara Partners’ investment strategy primarily focuses on supporting the decarbonization and resiliency of the industrial and energy value chains. Ara Infrastructure was launched in 2022, focused on building new infrastructure and repurposing high-quality legacy assets that are required for a lower-carbon economy. The firm launched Ara Energy in 2024 to acquire, optimize operations and, where economically attractive, decarbonize energy businesses and assets along the value chain across North America and Europe.

Through the new partnership, Ara Partners and LMI will collaborate on existing and future investments, including:

• JET, a major fuel retail network across Germany and Austria
• Centric Fiber, a fiber-to-the-home provider operating in large, master-planned new-build communities across Texas, Florida, Arizona, and North Carolina
• Natural-gas-fired combined-cycle power assets in Northeast U.S. wholesale power markets
• Ethanol production facilities with active and planned carbon capture initiatives
• An anchor investment in the Ara Energy Fund I

“We believe Ara Partners is well-positioned to continue capitalizing on opportunities amidst rising global energy demand,” said Charley Poole, Head of Energy & Infrastructure at Liberty Mutual Investments. “LMI is proud to join Ara Partners as a long-term, strategic partner as they pursue transformative outcomes across the energy and infrastructure sectors to meet this demand.”

“We are proud to welcome LMI to the Ara family,” said George Yong, Partner, Co-Head of Ara Infrastructure. “By combining Ara’s builder skillset with LMI’s broad reach across North America’s industrial, real estate, and infrastructure ecosystem, we see a significant opportunity to unlock value and accelerate growth.”

“LMI’s extensive experience and sophistication in the energy sectors in which we invest and operate make them an ideal long-term strategic partner,” said Shameek Konar, Partner, Head of Ara Energy. “We are truly excited to be working with them going forward.”

The partnership reflects LMI’s continued expansion and diversification of its Energy & Infrastructure platform into new tactical partnerships, structures, and sectors. LMI leverages a flexible investment approach to partner with leading operators, build enduring businesses side-by-side with its partners, and invest behind industries needed to drive economic growth. LMI invests more than $117 billion of long-term capital globally across its integrated platform on behalf of Liberty.

About Liberty Mutual Investments

Liberty Mutual Investments (LMI) is the investment firm for Liberty Mutual Group (Liberty), a global insurance and capital solutions partner. With deep expertise in liquid, credit, and alternative strategies, LMI invests more than $117B of capital globally, taking a long-term approach across its integrated platform. LMI has a clear purpose: build enduring businesses side-by-side with our partners, drive economic growth, and generate superior risk-adjusted returns that power Liberty’s strategy and secure its promises.

Liberty Mutual Group Asset Management Inc. does business under the name Liberty Mutual Investments. For more information, visit https://www.libertymutualinvestments.com/.

About Ara Partners

Founded in 2017, Ara Partners is a global private markets firm focused on decarbonizing the industrial economy. We invest in the middle market across three strategies: Private Equity, Infrastructure, and Energy. We scale commercially demonstrated decarbonization solutions, support the businesses and infrastructure that enable their adoption, and reduce emissions at the source across the conventional energy value chain. Our model combines investing, market and policy expertise, project execution and operational optimization, and rigorous carbon accounting to reduce emissions economically and unlock growth at industrial scale. Ara operates from Houston, Boston, Dublin and Washington D.C., and, as of September 30, 2025, had approximately $6.6 billion in assets under management.

For more information, visit www.arapartners.com.

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This press release may contain forward looking statements that are intended to enhance the reader’s ability to assess the future financial and business performance of Liberty Mutual Holding Company Inc. and its subsidiaries (“LMG”). Forward looking statements include, but are not limited to, statements that represent LMG’s beliefs concerning future operations, strategies, financial results, investment market fluctuations, or other developments, and contain words and phrases such as “may,” “expects,” “should,” “believes,” “anticipates,” “estimates,” “intends” or similar expressions. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond LMG’s control or are subject to change, actual results could be materially different. LMG’s forward-looking statements speak only as of the date they are made and should be regarded solely as LMG’s current plans, estimates and beliefs. For a detailed discussion of these and other cautionary statements, visit LMG’s Investor Relations website at www.libertymutualgroup.com/investors. LMG undertakes no obligation to update these forward-looking statements.