Gainline closes oversubscribed continuation fund for Core Health & Fitness, led by StepStone
What's the deal? Gainline Capital PartnersDealroom has a profile for this one. Try Dealroom → has closed an oversubscribed single-asset continuation fund to extend its partnership with Core Health & FitnessDealroom has a profile for this one. Try Dealroom →, a global commercial fitness equipment maker. StepStone Group anchored the fund as sole lead investor, with commitments from syndicate investors and Gainline's existing limited and general partners.
Why the structure? The transaction gives existing investors a liquidity option while raising follow-on capital for Core's growth and global expansion. Continuation funds let firms hold onto assets they want to keep backing rather than exiting outright.
Who is Core? Founded in 1992 and based in Vancouver, Washington, Core designs, manufactures, sells, installs, and services fitness equipment under brands including StairMasterDealroom has a profile for this one. Try Dealroom →, Nautilus, Star TracDealroom has a profile for this one. Try Dealroom →, SchwinnDealroom has a profile for this one. Try Dealroom →, ThrowdownDealroom has a profile for this one. Try Dealroom →, WexerDealroom has a profile for this one. Try Dealroom →, and Gym RaxDealroom has a profile for this one. Try Dealroom →. It is one of a few platforms worldwide able to equip strength, cardio, group fitness, and HIIT across a gym, serving health clubs, boutique studios, hotels, multifamily facilities, and corporate wellness centers in more than 75 countries.
What they said: "We are incredibly optimistic about what lies ahead for Core," said Rick Sullivan, managing partner of Gainline. Adam Johnston, partner at StepStone, called Core "the kind of high-quality investment we seek to back."
The players: William BlairDealroom has a profile for this one. Try Dealroom → served as exclusive financial advisor to Gainline and Core. Willkie Farr & GallagherDealroom has a profile for this one. Try Dealroom → advised Gainline, while Proskauer RoseDealroom has a profile for this one. Try Dealroom → advised StepStone.
The backer's weight: StepStone, listed on Nasdaq, was responsible for roughly $913 billion of total capital as of June 30, 2026, including $245 billion of assets under management. Gainline focuses on founder- and family-owned middle-market companies, often as their first institutional capital partner.
The signal: Single-asset continuation vehicles have become a mainstream tool for private equity firms seeking to return capital to investors without selling standout assets. Gainline's deal shows how established platforms like Core can attract fresh institutional money to fund further expansion under continued ownership.
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