System One Announces Strategic Investment Partnership with Oaktree and StepStone Group

PITTSBURGH, Sept. 1, 2026 /PRNewswire/ -- System One announced it has completed a new investment from funds managed by Oaktree Capital Management, L.P. ("Oaktree") and StepStone Group L.P. ("StepStone"). Financial terms were not disclosed.

System One is a leading provider of specialized, highly technical outsourced services and workforce solutions to end markets with critical infrastructure.  The Company is a trusted and essential partner to thousands of blue-chip and government clients – delivering specialized, highly technical expertise and resources to execute the most complex, mission-critical programs and accelerate results.  Founded more than 40 years ago, System One operates in over 50 locations and employs more than 10,000 professionals predominantly in the United States.

"I am very proud of the platform we've built, centered around technical solutions, and our talented employees delivering trusted expertise and mission-critical services for our clients," said Troy Gregory, System One's Chairman and CEO. "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, expand our capabilities, and invest in our platform and employees to enhance the value we bring to our clients."

"System One has established itself as a leader in technical solutions, with a strong commitment to its people, clients, and culture of delivering high-quality solutions," said Jimmy Lee, Managing Director and Assistant Portfolio Manager at Oaktree. "We are proud of our partnership with the entire System One organization during a period of significant growth and look forward to continuing our support of the Company's strategic growth plan."

Geoff Dolan, Partner at StepStone, said, "System One has built a highly respected platform known for its technical expertise, customer focus, and ability to deliver critical solutions to its clients.  We're excited to partner with Oaktree and look forward to supporting System One and its talented team."

Together, Oaktree and StepStone's investments will support System One's continued growth strategy, strengthen its ability to serve clients, and create new opportunities across its expanding portfolio of services and solutions.

Moelis served as financial advisor and Kirkland & Ellis served as legal counsel to System One and Oaktree.  Debevoise & Plimpton served as legal counsel to StepStone.

About System One

System One is a leading provider of specialized, highly technical outsourced services and workforce solutions to end markets with critical infrastructure, including utilities, telecom, industrial, government and other commercial sectors. We are a trusted and essential partner to large private and public organizations, mobilizing specialized resources and expertise to execute complex, mission-critical programs. Founded more than 40 years ago, System One operates in over 50 locations and employs more than 10,000 professionals across the United States, Canada, the United Kingdom, and Brazil. More information is available at www.systemone.com.

About Oaktree

As a part of Brookfield's $416B credit platform, Oaktree is a premier credit manager emphasizing an opportunistic, value-oriented, and risk-controlled approach to investing across credit, equity, and real estate.

The Power Opportunities investment strategy seeks to invest in market-leading companies that provide essential products and services to owners of critical infrastructure across electric power, natural gas, water, wastewater and other energy and utility-related businesses based in North America and Europe. To learn more about our global business and investment ethos, please visit oaktreecapital.com. 

About StepStone Group

StepStone Group, L.P. is a global private markets investment firm that provides customized investment solutions, advisory services, and portfolio monitoring across private equity, private debt, infrastructure, real assets, and real estate. With a global platform spanning fund investments, secondaries, co-investments, and direct investments, StepStone serves institutional and private wealth investors around the world. The firm is entrusted with approximately $245 billion in assets under management and operates through a network of offices across North America, Europe, Asia-Pacific, and Latin America. For more information, visit www.stepstonegroup.com.

SOURCE System One