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American private equity's foray into the English Premier League is running up against the uncertain economic realities of European sport.

Released earlier this month, Chelsea Football Club's 2024-2025 season financials report a £262 million pre-tax loss for 2024-25, a record for the Premier League.

Clearlake Capital, the Santa Monica firm that holds a 61.8 percent stake, and co-owner Todd Boehly paid £2.5 billion for Chelsea in May 2022, plus a further £1.75 billion in cash to the balance sheet.

The group's thesis was that elite European football clubs traded at steep discounts to American franchises despite their greater global popularity, and a data-driven, portfolio-style approach to player acquisition would improve performance in ways traditional ownership groups had not attempted.

Behdad Eghbali, Clearlake co-founder and managing partner, told a SporticoLive conference in October 2022 that "European sports is probably 20 years behind U.S. sports in terms of sophistication on the commercial and data side."

That thesis is now under pressure.

Following a five-game losing streak, Chelsea sit seventh in the Premier League with four matches remaining. It's all but guaranteed that the club will fall short of the top-five finish required for Champions League qualification for the third time in four seasons under the current ownership.

Revenue grew just 4.8 percent to £490.9 million last year, and commercial income lags every peer in the so-called Big Six, the other largest Premier League clubs.

The club's capital structure adds time pressure to the situation.

Clearlake and the Boehly-led group have injected a combined £2.9 billion of equity into 22 Holdco Limited, the top UK-registered entity in the ownership structure, through June 2025.

At the club level, the Chelsea reporting entity is debt-free. This means that the reported losses, £689 million in cumulative operating deficits over three seasons at the club, are exclusive of any debt service.

The debt is split across two facilities: Blueco 22 Limited, one step below the holdco, carries £800 million drawn from a revolving credit facility priced at SONIA + 325, or around £56 million in annual interest expense.

The second is a £500 million PIK facility funded by Ares Management to 22 Holdco in late 2023. Structured as a 10-year note maturing in August 2033, it accrues at a rate of SONIA + 750, currently 11.23 percent. By June 2025, the outstanding balance had risen to £609 million and could reach roughly £1.4 billion by maturity.

On the equity side of the equation, Clearlake (£1.79 billion contributed) has a liquidation preference over the Boehly-led group and would be made whole before Boehly (£1.11 billion contributed) recovers any of his investment.

With cumulative invested capital of £2.9 billion and £1.4 billion in debt, BlueCo would need to exit at an enterprise value of around £4.1 billion to break even. Assuming the Ares note reaches maturity without any interim payments, that figure rises to £5.1 billion—more than double the purchase price.

The firm's first-ever sports deal, Clearlake led the investment through Clearlake Opportunities III, which targets "non-control, structured equity & opportunistic credit" investments with a focus on “downside protection and contractual returns and/or cash yield.” An acquisition of a majority stake in a Premier League football club fits awkwardly within that mandate.

Recent filings show COP III's position marked at roughly 1.1x.

In 2023, Clearlake co-founder José E. Feliciano told attendees at the IPEM private equity conference that BlueCo was "trying to reduce the salary and essentially the [operating] expenses of the business by over $100 million per year." According to an analysis by The Athletic, based on UEFA-reported figures and adjusting for one-time expenses, the actual reduction has been roughly £6 million in annual spend.

Chelsea have partially offset the slide through €921 million in player sales, but the margins have been thin. A reported £300 million in sales last summer likely generated less than £50 million in accounting profit after covering transfer fees paid, which are amortized across the length of the player's contract.

Part of the club's management of transfer fees has been a new trend toward seven-year-plus contracts, well beyond the three-five-year industry standard, that allow amortization to be spread over a longer period of time, making compliance with the league's profitability and sustainability rules easier.

UEFA, however, caps amortization at five years. Under this stricter accounting treatment, Chelsea breached both of UEFA's Football Earnings and squad cost rules in 2023-24, triggering a £26.5 million fine and a settlement agreement with the governing body.

Under the terms of the agreement, if Chelsea exceed their loss limit by €20 million or less in either this season or next, they’ll be fined up to €20 million each time, with the size of the fine dependent on the size of the excess.

If they exceed either season's targets by more than €20 million, or if they exceed the cumulative three-year loss target in '27/'28 by any sum, UEFA would then find them in breach of the settlement agreement and ban the club from European competition for one year, provided they would otherwise qualify within the following three seasons.

People close to Chelsea project revenues reaching approximately £700 million in the current financial year, boosted by £85 million in Club World Cup prize money and an estimated £80 million from this season's Champions League campaign.

Even at that level, the club would need to hold cost growth across wages, operating expenses, and player amortization to roughly seven percent to remain within its UEFA settlement constraints, absent profitable player sales before June.

This year's Club World Cup earnings are one-time in nature. Like many top clubs, Chelsea’s financial viability is reliant on sustained revenue from Champions League participation. Failing to qualify again this season would put further strain on the business and increase the likelihood that the club breaches its UEFA settlement agreement, thereby missing out on another year of lucrative European competition.

Strategically, the path forward is unclear.

A critical decision on whether to leave the club's current 40,000-seat stadium in favor of a new, larger home (the single biggest driver of matchday proceeds) is still up for debate. At £86.7 million in total matchday revenue last season, Chelsea fall well short of modernized peers like Manchester United, which booked £160 million last season with a stadium twice the size.

Chelsea's current stadium, Stamford Bridge, sits on a constrained site in west London, blocked in by railway lines and a cemetery, making redevelopment both technically complex and operationally disruptive. The team would likely need to relocate temporarily.

An alternative plan to build a new ground at the Earl's Court development, roughly a mile away, appears to have lost momentum after two local councils approved plans for the site that included homes, offices, and leisure facilities but no stadium.

The longer Chelsea delays the decision, the more they risk falling behind the top clubs they hope to compete with. The stadium question has also been a source of tension between Clearlake and Boehly, given the parties' differing time horizons and risk appetites.

On the pitch, the club has cycled through four managers under current ownership. Though guilty of poor performances himself, Chelsea defender Marc Cucurella publicly criticized the latest managerial change in an interview with The Athletic: "If you asked me, I would not have made this decision. The instability around the club comes from this."

The Chelsea Supporters' Trust, in a letter to ownership this week, cited "relentless upheaval" and noted: "This has been presented as part of a long-term plan. Yet four years on, there is still no sufficiently clear or convincing explanation of how that plan delivers sustained success while preserving a recognisable Chelsea identity."

Planning for an eventual exit, the Clearlake and Boehly group are preparing for key dates in 2032, the end of a 10-year lock-up period, and 2033, when the Ares facility reaches maturity. By that point, real progress must be made toward the club's performance and the group's underlying valuation thesis. At the moment, there's no clear path toward that goal.

As time passes, available options become more challenging. Whether the next step is a refinancing, sale of the asset, or a capital raise, any positive outcome depends on convincing a buyer or lender that Chelsea is worth materially more than what has been poured into it.

• Bouygues Telecom (Paris: BOUY), Iliad-Free, and Orange (Paris: ORAN) entered exclusive negotiations with Altice France to acquire SFR, a French telecom operator, for €20.35 billion.

• QXO (NYSE: QXO) agreed to acquire TopBuild Corp. (NYSE: BLD), a distributor and installer of insulation and building products, for around $17 billion.

• Jersey Mike's Subs, a Blackstone-backed sandwich chain, confidentially filed for an IPO targeting a valuation of around $12 billion.

• Eli Lilly (NYSE: LLY) agreed to acquire Kelonia Therapeutics, a clinical-stage biotech developing in vivo CAR-T cell therapies, for up to $7 billion, including a $3.25 billion upfront payment.

• USA Rare Earth (Nasdaq: USAR) agreed to acquire Serra Verde Group, a Brazilian rare earths miner, for around $2.8 billion.

• Blue Owl Capital (NYSE: OWL) agreed to acquire Sila Realty Trust (NYSE: SILA), a healthcare-focused REIT, for $2.4 billion.

• Uranium Royalty Corp. (Nasdaq: UROY) agreed to acquire a 92% interest in Sweetwater Royalties, a uranium and critical minerals royalty platform, for around $1.9 billion from Orion Resource Partners and the Ontario Teachers' Pension Plan.

• Nippon Express Holdings agreed to acquire Metro Supply Chain Group, a Canadian third-party logistics provider, from LDC Metro Holdings and CDP Investissements for C$1.8 billion, plus an earnout of up to C$400 million.

• Brady Corporation agreed to acquire Honeywell's (Nasdaq: HON) Productivity Solutions and Services business for $1.4 billion.

• UCB agreed to acquire Neurona Therapeutics, a developer of cell therapies for drug-resistant epilepsy, for up to $1.2 billion.

• EQT has restarted the sale process for the mainland China operations of contact lens maker Ginko International, which could be valued at least $1 billion, after a previously agreed sale to Advent International fell through, per Reuters.

• Premier Energy agreed to acquire Evryo Group's Romanian power distribution network from Macquarie Asset Management for around €700 million.

• TA Associates is in talks to acquire Advanced Medical Solutions Group (LON: AMS), a UK-based wound care and tissue-healing products company, at valuation of more than £600 million, per Reuters.

• Kingdom Holding Company agreed to acquire a 70% stake in Al-Hilal Club Company, a Saudi Pro League soccer club, for $373 million from Saudi Arabia's Public Investment Fund.

• International Paper (NYSE: IP) agreed to acquire North Pacific Paper Company, a recycled-content paperboard manufacturer, for $360 million from One Rock Capital Partners.

• Hg, TowerBrook, Vitruvian Partners, and Aquiline Capital Partners have submitted initial bids for Benchmark Capital, the financial planning arm of Schroders (LSE: SDR), in a deal that could be valued at up to $270 million, per Sky News.

• engage2learn, a portfolio company of Leeds Equity Partners, acquired Education Elements, a K-12 education consultancy focused on district strategy and instructional leadership.

• D2 Solutions, a Viewside Capital Partners-backed healthcare market access consulting and technology firm, acquired ProModRx, a cloud-based prescription access platform.

• RedBird Capital Partners agreed to acquire Affinia, a UK-based accounting and advisory services platform, from Sovereign Capital Partners.

• Aptia, backed by Bain Capital, acquired Pension Decision Service, a retirement guidance service for pension scheme members, from Mercer.

• OneItalia Alliance, a J.C. Flowers & Co.-backed insurance brokerage platform, acquired Strategica Group, a Milan-based risk management consulting and insurance brokerage firm, from founder Enrico Guarnerio.

• Vox Media is planning to sell several assets separately, including the Vox Media Podcast Network, New York magazine, and a portfolio of digital brands, including The Verge, Eater, and SB Nation, with Versant, the newly formed parent of CNBC, in talks to acquire the podcast network, per Puck and the NYT.

• IK Partners agreed to acquire Selatek, a Stockholm-based technical installation platform for security, electrical, and automation solutions, from Amplio Private Equity.

• BTX Precision, a portfolio company of L Squared Capital Partners, acquired Maitland Engineering, a South Bend, Indiana-based manufacturer of high-precision components for medical, aerospace, and other regulated industries.

• Aquiline invested in EnrollHere, an AI-powered platform and system of record for Medicare Advantage insurance distribution.

• Steele Solutions, a portfolio company of Revelar Capital, acquired Maysteel Industries, a provider of data center enclosures, aisle containment systems, and precision sheet-metal fabrication, from Littlejohn Capital.

• Collective Waste Solutions, a portfolio company of Concentric Equity Partners, acquired Straight Flush Rentals, a Calgary-based portable sanitation, septic services, and temporary fencing provider.

• Grovecourt Capital invested in Guide Architecture, a Dallas-based healthcare-focused architecture and planning firm.

• Andwis, a portfolio company of H.I.G. Capital, acquired Senseco Systems, a U.K.-based fire and safety services provider.

• ModMed, a portfolio company of Clearlake Capital Group, acquired Bonsai Health, an agentic AI patient engagement platform.

• Learning Pool, a portfolio company of Marlin Equity Partners, acquired WorkStep, a frontline employee engagement and retention platform.

• Rayonier Advanced Materials (NYSE: RYAM) has launched a formal strategic alternatives review, including a potential sale, hiring Morgan Stanley as financial advisor.

• Stellus Rx, a portfolio company of WindRose Health Investors, acquired Tria Health, a pharmacist-led chronic condition management platform for self-insured employers.

• GMR Solutions, an air and ground emergency medical services provider backed by KKR, Koch, Ares, and HPS, filed for a NYSE IPO under the ticker GMRS.

Tech, Vertical SaaS, & Misc. Enterprise

• Recursive Superintelligence, a U.K.-based AI research lab founded by former DeepMind and OpenAI engineers, raised at least $500 million in new funding at a $4 billion pre-money valuation led by GV, with participation from Nvidia.

• DeepSeek, a Chinese AI foundation model developer, is in talks to raise at least $300 million at a $10 billion valuation in what would be its first round of outside capital, per The Information.

• Upscale AI, a Santa Clara, Calif.-based AI networking startup, is in talks to raise $180 million to $200 million in Series B funding at a valuation of approximately $2 billion, per Bloomberg.

• Factory, an SF-based enterprise AI coding company, raised $150 million in Series C funding at a $1.5 billion valuation led by Khosla Ventures, with participation from Sequoia Capital, Insight Partners, Blackstone, Abstract Ventures, NEA, and Mantis VC.

• Artemis, a NYC-based cybersecurity platform offering real-time threat detection and automated response, raised $70 million in combined seed and Series A funding led by Felicis, with participation from First Round Capital and Brightmind.

• Expo, an SF-based developer tools company, raised $45 million in Series B funding led by Georgian, with participation from Leadout Capital, A.Capital Ventures, and Red Swan Ventures.

• InsightFinder, a Durham, N.C.-based AI-powered IT reliability platform, raised $15 million in Series B funding led by Yu Galaxy.

Fintech

• Plata, a Mexican digital bank, raised $405 million in Series C funding at a $5 billion valuation led by Bicycle Capital, with participation from QIA, BTG Pactual, Valor Capital Group, Kora, Hedosophia, and Audeo Ventures.

• Polymarket, a NYC-based prediction markets platform, is in talks to raise $400 million in new funding at a $15 billion post-money valuation, per The Information.

• Zenskar, a billing and revenue automation platform, raised $15 million in Series A funding co-led by Susquehanna Venture Capital, Bessemer Venture Partners, and Shine Capital, with participation from Rocketship, Future Back Ventures, and Converge.

Consumer & Media

• Nas, an NYC-based AI platform for solopreneurs, raised $27 million in Series A funding led by Khosla Ventures, with participation from 500 Global.

• Eigen, a San Francisco-based platform that facilitates real-world human connections through mutual friends, raised $15 million in seed funding led by Benchmark.

Healthcare

• Joyful Health, a revenue recovery platform for healthcare providers, raised $17 million in Series A funding led by CRV, with participation from XYZ Venture Capital, Designer Fund, Inflect Capital, and Go Global Ventures.

• Coral, a NYC-based health care automation platform, raised $12.5 million in seed funding co-led by Lightspeed and Z47.

Industrials, Greentech, & Other

• Blue Energy, a Chevy Chase, Md.-based developer of prefabricated nuclear power plants, raised $380 million in new funding led by VXI Capital, with participation from Engine Ventures, At One Ventures, and Tamarack Global.

• CuspAI, a U.K.-based materials discovery startup, is in talks to raise at least $200 million in new funding at a valuation above $1 billion, per Bloomberg.

• Zūm, a Redwood City, Calif.-based student mobility platform, raised $100 million in new funding from TPG's Rise Fund at a $1.7 billion valuation.

• Loop, an SF-based AI platform for logistics and supply chains, raised $95 million in Series C funding co-led by Valor Equity Partners and the Valor Atreides AI Fund, with participation from 8VC, Founders Fund, Index Ventures, J.P. Morgan Growth Equity Partners, and Tao Capital Partners.

• Ulysses, an SF-based maker of autonomous submarines, raised $38 million in Series A funding led by Andreessen Horowitz, with participation from Booz Allen Ventures and Harpoon Ventures.

• Rivan, a London-based synthetic natural gas startup, raised $34 million in new funding led by IQ Capital, with participation from Plural and Fundomo.

• Sennos, a Durham, N.C.-based AI sensing and automation company for the fluidics and fermentation industries, raised $20 million in new funding led by TomEnterprise.

• Planetary, a Swiss industrial fermentation provider, raised nearly €17 million in Series A funding co-led by Radikal Capital and Oetker Ventures, with participation from Royal Cosun, Arc Investors, Green Generation Fund, AgriFoodTech Venture Alliance, Astanor Ventures, and XAnge.

• AlixLabs, a Swedish developer of Atomic Layer Etching technology for semiconductor manufacturing, raised €15 million in Series A funding from Stephen Industries and Global Brain.

• EQT raised $15.6 billion for its Asia Pacific buyout fund BPEA IX, surpassing its $12.5 billion target to set a record as the largest Asia Pacific-dedicated private equity fund ever raised.

• Partners Group raised over $9 billion for its eighth private equity secondaries program, including a closed-end fund, bespoke mandates, and co-investment vehicles.

• Cerberus Capital Management closed a $2.3 billion single-asset continuation vehicle for SubCom, a subsea fiber optic cable systems provider, led by CVC Secondary Partners.

• Baird Capital raised $450 million for its third Global Fund, a growth equity and buyout vehicle focused on B2B technology and services companies.

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Kirkland & Ellis is nearing a deal to hire Joshua Feltman, the chair of Wachtell Lipton Rosen & Katz's corporate restructuring and finance department, with a guaranteed pay package of $80 million over three years. It’s a move to rebuild the firm’s liability management practice after the departure of David Nemecek earlier this year, following pressure from private capital clients.

The two parties are still finalizing terms, but an announcement is expected in the coming days.

Feltman joined Wachtell in 2002 and made partner in 2010. He led a deliberately small restructuring group that took on a limited number of matters annually, with the firm more focused on its corporate M&A franchise.

His recent engagements include representing Jefferies in the First Brands bankruptcy and designing a complex refinancing deal at Xerox, both structured creditor negotiations of the type Nemecek provided.

Kirkland has long dominated formal Chapter 11 bankruptcy work, but Nemecek built a parallel practice around out-of-court liability management (a trend which some saw as a risk to the volume of traditional bankruptcy filings). His departure earlier this year to Simpson Thacher & Bartlett left a gap in Kirkland's lineup.

That departure, however, wasn't something either side wanted. Last autumn, Kirkland client Optimum Communications, the telecoms operator formerly known as Altice USA, sued major creditors including Apollo Global Management, Ares Management, and Oaktree Capital, alleging that a cooperation agreement among holders of its $26 billion in debt violated federal antitrust law.

It was the first time such a competition claim had been brought in a distressed debt context. Nemecek was widely viewed as the architect behind the aggressive strategy, even though Kirkland did not formally bring the complaint (though it was filed by another firm, sponsors assumed Kirkland was responsible).

That creditor group, which included several of Kirkland's largest asset management clients, complained to firm leadership over what they saw as a lawsuit against them orchestrated by one of their primary legal advisers.

Kirkland resigned as transaction counsel to Optimum in January and assured its private capital clients it would steer clear of the most aggressive creditor-on-creditor liability management fights. That decision effectively undermined the rationale for Nemecek's practice, and his ultimate departure presumably only helped Kirkland repair its relationship with disgruntled clients.

Nemecek appeared unfazed by the controversy surrounding his departure when he spoke to the Financial Times, adding in a veiled dig at the dissenting sponsors.

"At a macro level, it's not going to change in a material way. Distressed companies are looking for concessions [from their creditors]," he said. "They will be emotional and complicated. We will be well-situated wherever the market is."

With Feltman, Kirkland is returning to more traditional restructuring work focused on complex capital structure considerations with less of the aggressive LME tactics that sparked the backlash.

The $80 million guarantee is one of the largest-ever deals for legal talent — a combination of a hot lateral hiring market (particularly in restructuring and M&A), Kirkland's urgency, and its willingness to pay a premium for someone whose approach may prove more compatible with the firm's most valuable relationships.

• Madison Air Solutions, a Madison Industries-owned HVAC products maker, raised $2.23 billion in its NYSE IPO, pricing at the top of its $25–$27 range at a $13.3 billion valuation, with shares jumping 19% on the first day of trading.

• Amazon (Nasdaq: AMZN) agreed to acquire Globalstar (Nasdaq: GSAT), a satellite telecommunications operator, for $11.57 billion.

• Choice Properties and KingSett Capital agreed to acquire First Capital REIT, a shopping center-focused REIT, for C$9.4 billion.

• EQT submitted an unsolicited all-cash takeover proposal for Intertek Group (LSE: ITRK), a UK-based product testing and inspection company, at £51.50 per share, valuing the business at around £7.93 billion, which Intertek's board rejected.

• I Squared Capital and Blackstone are considering a joint bid for Ströer's core out-of-home advertising and digital media business, at a valuation above $3.8 billion, per Bloomberg.

• Quadra Capital is nearing a deal to acquire around $3 billion of assets from state-owned Banco de Brasília, which were previously held by liquidated lender Banco Master, per Reuters.

• Cashco, a portfolio company of May River Capital, acquired 3B Controls, a UK-based manufacturer of tank safety and storage solutions.

• Nemetschek Group agreed to merge HCSS, a heavy civil construction software provider, with its Build & Construct segment in a deal valuing HCSS at $2.4 billion, with Thoma Bravo retaining a ~28% minority stake in the combined unit.

• ESCO Technologies (NYSE: ESE) agreed to acquire Megger Group Limited, a UK-based provider of electrical test and measurement equipment, from TBG AG for $2.35 billion.

• Standard Life agreed to acquire Aegon UK, the UK insurance and pensions arm of Aegon (Amsterdam: AEG), for £2 billion.

• TPG agreed to acquire a majority stake in Learfield, a college sports media and technology company, from Charlesbank Capital Partners and Clearlake Capital Group, at a valuation of around $2 billion.

• Emirates International Investment Company acquired a minority stake in Joe & the Juice, a Copenhagen-based juice and coffee shop chain, at a $1.8 billion valuation, with General Atlantic retaining its majority position.

• Suntory Holdings agreed to acquire Daiichi Sankyo Healthcare, the OTC pharmaceuticals subsidiary of Daiichi Sankyo, for $1.6 billion.

• American Industrial Partners agreed to acquire medtech company Avanos Medical (NYSE: AVNS) for $1.27 billion.

• Arxis, an Arcline Investment Management-backed aerospace and defense components manufacturer, raised $1.13 billion in an upsized Nasdaq IPO priced at $28 per share, with shares jumping 36% on its debut.

• ADNOC is in advanced talks to acquire Shell's (NYSE: SHEL) South African retail fuel station network for around $1 billion, per Bloomberg.

• Ayar Third Investment Company (an affiliate of Saudi Arabia's Public Investment Fund) and Uber (NYSE: UBER) agreed to invest a combined $750 million in Lucid Group (Nasdaq: LCID), an electric vehicle maker.

• I Squared Capital agreed to acquire Spire Storage, a natural gas storage business in Wyoming and Oklahoma, from Spire (NYSE: SR) for $650 million.

• Horsburgh & Scott, a portfolio company of GenNx360 Capital Partners, acquired Franklin Machine & Gear, a Humble, Texas-based industrial gear and gearbox repair services provider.

• Tory Burch plans to repurchase General Atlantic's minority stake in the luxury retailer for around $346 million, per Bloomberg.

• Sumeru Equity Partners led a $175 million growth investment in K1x, an AI-native private markets tax data platform, acquiring a majority stake alongside existing investor Edison Partners.

• Q4 Inc., a portfolio company of Sumeru Equity Partners, acquired Virtua Research, a Boston-based provider of AI-powered earnings consensus and financial data solutions for investor relations.

• H.I.G. Capital acquired Inventus Power, a Woodridge, Illinois-based provider of advanced battery and power systems.

• Rep Data, a Mountaingate Capital portfolio company and market research data quality provider, acquired SightX, an all-in-one consumer research platform.

• Cerberus Capital Management agreed to acquire Lendco, a UK buy-to-let and bridging mortgage lender, from Cabot Square Capital and minority shareholders.

• Olympus Partners agreed to acquire a majority stake in Network Connex, a fiber installation and digital infrastructure services provider serving hyperscalers, cloud operators, and large enterprises, from ORIX Capital Partners.

• Registrar Corp, a portfolio company of Paine Schwartz Partners, acquired Dell Tech, a Canada-based regulatory consulting firm specializing in Health Canada requirements.

• Cineplex (TSX: CGX), Canada's largest movie theater chain, is exploring a sale to a potential rival, per Bloomberg.

• Service Compression, a Warburg Pincus portfolio company, acquired substantially all assets of Axip Energy Services, a Houston-based natural gas compression services provider.

• LIV Golf faces potential closure as Saudi Arabia's Public Investment Fund, the breakaway golf league's sole financial backer, is on the verge of withdrawing its funding, per the Financial Times and WSJ.

• Fortreum, a cybersecurity assessment and advisory firm backed by Gryphon Investors, acquired Kovr AI, a FedRAMP-authorized, AI-native compliance platform for highly regulated industries.

• King Risk Partners, a portfolio company of Lightyear Capital, acquired Morin Associates, a Groton, Connecticut-based independent insurance brokerage.

• Equity Methods, an HGGC portfolio company, agreed to acquire Equity Plan Solutions, a boutique equity plan administration firm.

• CPIhealth, a portfolio company of Iron Path Capital, acquired Midwest Interventional Spine Specialists and Serenity Surgical Center, an interventional spine practice and ambulatory surgery center in northwest Indiana.

• Hillman Solutions (Nasdaq: HLMN) acquired Delaney Hardware, a supplier of door and builder's hardware for residential, multifamily, and commercial construction, from Sargent and Greenleaf, a portfolio company of OpenGate Capital.

• Midland Industries, a portfolio company of Gemspring Capital, acquired Industrial Specialties Manufacturing, a maker of pneumatic, vacuum, and fluid-control components for OEM and medical markets.

• Apollo and KKR are weighing bids for Logoplaste, a Portuguese packaging manufacturer controlled by Ontario Teachers' Pension Plan, per Bloomberg.

• MKH Capital Partners acquired Haven Health Management, a Florida-based behavioral health provider operating across nine states and Puerto Rico, in a nine-figure transaction that also included the purchase of United Billing Solutions, a behavioral health billing services firm.

• One Call, a KKR-backed workers' compensation services firm, acquired Data Dimensions, a Janesville, Wisconsin-based EDI clearinghouse, from Thompson Street Capital Partners.

Tech, Vertical SaaS, & Misc. Enterprise

• Fluidstack, an NYC-based AI data center provider, is in talks to raise $1 billion at an $18 billion valuation, potentially co-led by Jane Street and Situational Awareness, per Bloomberg.

• Sygaldry, an Ann Arbor, Mich.-based developer of quantum-accelerated AI servers, raised $105 million in Series A funding led by Breakthrough Energy Ventures, with participation from Y Combinator, Rock Yard Ventures, and IQT.

• nEye Systems, a Santa Clara, Calif.-based developer of optical circuit switches, raised $80 million in Series C funding led by Sutter Hill Ventures, with participation from CapitalG, M12, and Socratic Partners.

• Mintlify, an NYC-based code documentation platform, raised $45 million in Series B funding co-led by Andreessen Horowitz and Salesforce Ventures, with participation from Bain Capital Ventures, Y Combinator, MVP Ventures, Avra, HubSpot Ventures, and TwentyTwo Ventures.

• Bluefish, a New York-based agentic marketing platform for Fortune 500 brands, raised $43 million in Series B funding co-led by Threshold Ventures and NEA, with participation from Amex Ventures, TIAA Ventures, Salesforce Ventures, Bloomberg Beta, Crane Venture Partners, Laconia, and Swift Ventures.

• Resolve AI, an SF-based AI platform that automatically resolves production software issues, raised $40 million in Series A extension funding co-led by DST Global and Salesforce Ventures at a $1.5 billion valuation.

• Parasail, an SF-based deployment network for AI agents, raised $32 million in Series A funding co-led by Touring Capital and Kindred Ventures, with participation from Samsung Next, Flume Ventures, and Banyan Ventures.

• Hilbert, an AI platform that unifies data across teams for centralized decision-making, raised $28 million in Series A funding led by Andreessen Horowitz.

• Solidroad, an AI platform for evaluating and improving customer interactions, raised $25 million in Series A funding led by Hedosophia, with participation from First Round Capital and Y Combinator.

• Auctor, a software adoption platform, raised $20 million in combined seed and Series A funding led by Sequoia Capital, with participation from M12, HubSpot Ventures, Workday Ventures, OneStream, Y Combinator, Tercera, and Dig Ventures.

• Phonely, an SF-based provider of AI voice agents for businesses, raised $16 million in Series B funding led by Base10 Partners, with participation from Y Combinator and Etech Global Services.

• Gitar, an AI agent platform for code review and continuous integration, raised $9 million in new funding led by Venrock, with participation from Sierra Ventures.

Fintech

• Kraken, a crypto trading platform, received a $200 million investment from Deutsche Börse via a secondary share purchase, giving the German exchange operator a 1.5% fully diluted stake in Kraken's parent company Payward at an implied valuation of roughly $13.3 billion.

• Slash, an SF-based vertical banking startup, raised $100 million in Series C funding co-led by Ribbit Capital, Khosla Ventures, and Goodwater Capital.

• Ratio, an SF-based AI fintech platform for B2B companies, raised $15.8 million in new funding from Streamlined Ventures, Cervin Ventures, HoneyStone Ventures, and Monte Carlo Capital.

• Paxos Labs, a developer of onchain financial products for enterprises, raised $12 million in seed funding led by Blockchain Capital, with participation from Robot Ventures and Maelstrom.

• Wamo, a Finnish financial operating platform for SMEs, raised €10 million in Series A funding led by 3TS Capital Partners, with participation from Oleka Capital.

Consumer & Media

• Neato, a Las Vegas-based e-commerce company that serves as the exclusive online retailer for consumer brands, raised $25 million in growth capital led by Advantage Capital.

• Gizmo, a London-based AI learning platform, raised $22 million in Series A funding led by Shine Capital, with participation from Ada Ventures, Seek Investments, GSV, and NFX.

Healthcare

• Beeline Medicines, a Boston-based biotech developing autoimmune and inflammatory disease therapies using five programs in-licensed from Bristol Myers Squibb, raised $300 million in Series A funding led by Bain Capital.

• Neomorph, a San Diego-based biotech developing molecular glue degraders targeting undruggable proteins, raised $100 million in Series B funding led by Deerfield Management, with participation from Regeneron Ventures, Longwood Fund, Alexandria Venture Investments, and Binney Street Capital of Dana-Farber Cancer Institute.

• Adcendo, a Danish biotech developing antibody-drug conjugates for cancer, raised $75 million in Series C funding led by Jeito Capital, with participation from Vida Ventures, BPI France, EIFO, TCGX, RA Capital Management, TPG, Orbimed, Venrock, Surveyor, Logos Capital, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma, HealthCap, Gilde Healthcare, and Ysios Capital.

• Alloy Therapeutics, a Boston-based AI drug discovery startup, raised $40 million in Series E funding at a $1 billion valuation from 8VC, JIC Venture Growth Investments, Echo Capital, Mubadala Capital, Presight Capital, Thiel Capital, Founders Fund, Alexandria Venture Investments, and Ulysses Diversified Holdings.

• Spiral Therapeutics, a South San Francisco-based biotech developing therapies for inner ear disorders, raised $27 million in Series B funding led by Gund Investment, with participation from Advanced Bionics, Ferring Ventures, and Uni-Bio Science Group.

• Onto Health, a Chicago-based AI-powered fertility and longevity provider, raised $20 million in Series A funding from ARTIS and Humania.

Industrials, Greentech, & Other

• Slate Auto, a Troy, Mich.-based electric pickup truck maker, raised $650 million in Series C funding led by TWG Global, with participation from General Catalyst and Slauson & Co., as well as Jeff Bezos.

• Hertha Metals, a Conroe, Texas-based producer of low-carbon steel and high-purity iron, is raising $100 million in Series A funding, per Axios Pro.

• Synera, a German AI platform for industrial engineering, raised $40 million in Series B funding led by Revaia, with participation from ISAI Cap Venture, UVC Partners, BMW iVentures, Cherry Ventures, and Spark Capital.

• NanoTech Materials, a Katy, Texas-based maker of thermal insulation and fireproof building coatings, raised $29.4 million in Series A funding led by HPI Real Estate & Investments, with participation from Goose Capital and Milliken & Company.

• Critical Loop, an LA-based modular microgrid provider for industrial clients, raised $26 million in Series A funding co-led by Conifer Infrastructure Partners and Hanover, with participation from Better Ventures, Climate Capital, Adapt Nation Capital, and Cyrus Ventures.

• Sepion Technologies, an Alameda, Calif.-based developer of polymer coatings for lithium-ion battery separators, raised $10 million in Series B funding led by Fine Structure Ventures, with participation from W. L. Gore & Associates, Syensqo Ventures, Volo Earth Ventures, Chailease, Catalus Capital, Impact Science Ventures, and ACVC Partners.

• Accel raised $4.65 billion across two late-stage funds: $4 billion for its fifth Leaders Fund and $650 million for a sidecar fund to increase stakes in select portfolio companies.

• Topspin Consumer Partners raised $328 million for its third consumer-focused buyout fund.

• EIG held an initial closing for EIG Geothermal Catalyst Partners, a fund focused on mid-stage development of next-gen geothermal power projects in the U.S.

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Thoma Bravo and its lenders have tapped restructuring advisers as portfolio company Medallia heads toward what could be among private credit's largest-ever loan workouts.

The experience management software platform and its sponsor are working with Kirkland & Ellis, while the lender group has retained Latham & Watkins, according to 9fin.

The engagements follow a months-long standoff between Thoma Bravo and a lender group led by Blackstone, which holds roughly $1.5 billion of Medallia's debt and is driving the restructuring discussions.

Lenders, which also include Apollo and KKR, have so far refused to extend further leeway to the business and have insisted that Thoma Bravo contribute additional equity.

A Blackstone spokesperson said the firm is focused on working with the sponsor, other lenders, and management on a turnaround plan for the company.

After Medallia's payment-in-kind arrangement (from the original credit agreement) expired at the end of 2025, the company's annual debt service jumped by $100 million to nearly $300 million. With $200 million in annual earnings, available cash flow is well below the level required.

The loan now accrues interest at its original all-cash rate of S+600. Multiple lenders have placed the credit on non-accrual as of the end of the first quarter, and most have marked it below 70 cents on the dollar.

It's something of an 'I told you so' moment for critics of ARR-based lending, who argued that underwriting based on a recurring revenue metric, instead of EBITDA, was risky and would eventually lead to pain for companies that couldn't actually support such leverage.

Medallia's original $1.8 billion loan that financed the 2021 take-private was an ARR-based arrangement, with the PIK option baked in from the start because the company could not generate sufficient cash to support conventional interest payments.

The idea was that Medallia would quickly grow into its capital structure and comfortably cover cash interest payments when the PIK period ended. While the business did enjoy double-digit topline growth, steep marketing spend to fend off rivals like Qualtrics meant EBITDA didn’t keep up.

The loan balance has now reached roughly $2.8 billion, partly from accrued PIK interest and partly from additional financing for add-ons (including Thunderhead and Mindful).

The path forward is likely to be one of two available options: a debt-for-equity swap that would hand the company to creditors and mark a roughly $5.1 billion loss for Thoma Bravo, or a fresh equity injection from the sponsor.

The question is whether Thoma Bravo thinks there's anything worth saving at this point (i.e. throwing good cash after bad), particularly in a situation where cash flow is still so far below debt service needs.

In a March CNBC interview, Thoma Bravo co-founder Orlando Bravo defended the firm's portfolio against AI-related market and valuation concerns. "What [investors] see for the most part is our companies are crushing it," he said. "Our companies are incredibly positioned to be winners in the agentic era."

But, even he admits that the Medallia situation has taken a turn for the worse. Later in the same interview, he said his firm "made a mistake" on Medallia by modeling too high a growth rate and paid "too much" for it. He added that his firm's equity in the business "has been impaired for a long time."

Prior to the latest restructuring discussions, the firm had marked its position at less than 0.2x its invested capital, according to sources familiar with the matter.

Also announced today, Thoma Bravo is winding down its growth equity platform and refocusing efforts on its core buyout strategy. Launched in 2021, the growth effort raised a single $1.8 billion fund. The strategy's two co-heads, Ross Devor and Robert Sayle, have left the firm.

• GFL Environmental (NYSE: GFL) agreed to acquire SECURE Waste Infrastructure Corp. (TSX: SES), a Western Canada-focused waste management provider, for around C$6.4 billion.

• Leonard Green & Partners is nearing a deal to acquire Cumming Group, a construction project consultancy, from New Mountain Capital for around $3 billion, per the Financial Times.

• Somnigroup International (NYSE: SGI) agreed to acquire Leggett & Platt (NYSE: LEG), a bedding components and diversified industrial products manufacturer, for around $2.5 billion.

• Suja Life, a Paine Schwartz Partners-backed producer of cold-pressed juices and functional shots, filed for a $100 million Nasdaq IPO under the ticker SUJA, reporting $327 million in 2025 revenue.

• Yesway, a Fort Worth-based convenience store operator backed by Brookwood Financial Partners and HPS Investment Partners, is seeking to raise $321 million in a Nasdaq IPO, reviving plans it had previously withdrawn in 2022.

• Hexagon (S: HEXA) agreed to acquire Waygate Technologies, a non-destructive testing solutions provider, from Baker Hughes (Nasdaq: BKR) for around $1.45 billion.

• Tiger Global invested in PopUp Bagels, a viral bagel chain, at a valuation of around $300 million.

• BP (LSE: BP) agreed to acquire a 60% operating interest in three offshore exploration blocks in Namibia's Walvis Basin from Eco Atlantic Oil & Gas for $2.7 million.

• STAPLE Investments invested in Corporate Travel Services, a Northville, Michigan-based provider of travel, tours, and event management services.

• STG acquired Carrier Logistics Inc., a transportation management software provider for LTL and last-mile carriers.

• The Sterling Group acquired Healthcare Linen Services Group, a St. Charles, Illinois-based linen services provider for healthcare facilities, from York Capital Management's private equity arm.

• Eurazeo agreed to acquire a majority stake in Netco Group, a French provider of critical maintenance services for conveyor systems, from Ardian.

• Salem One, a portfolio company of Granite Creek Capital Partners, acquired SmashBrand, a CPG brand development agency.

• Alpha Financial Markets Consulting, a Bridgepoint portfolio company, agreed to acquire JPSB Group Limited, a SimCorp-focused technology consulting and implementation firm.

Fintech

• Round, a London-based finance automation platform, raised $6 million in seed funding led by Alstin Capital, with participation from Backed VC and Love Ventures.

Healthcare

• Ultralight, an NYC-based EHR platform for longevity and personalized medicine clinics, raised $9.3 million in pre-seed and seed funding led by The General Partnership, with participation from Wisdom Ventures, Anthemis, and Emerson Collective.

• Adams Street Partners raised $7.5 billion, inclusive of leverage, for its third private credit platform.

• 26North Partners raised $5.9 billion for its debut middle market private equity fund.

• Leeds Equity Partners raised $1.9 billion for its eighth flagship fund focused on knowledge industries.

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Jamie Dimon used his annual shareholder letter to call out private equity for its lack of public exits this year.

"With stock markets at all-time highs in recent months, it is a little surprising that private equity firms, which own close to 13,000 companies, have not taken greater advantage of healthy markets to take their companies public," the JPMorgan Chase chief executive wrote.

He noted that holding periods have stretched to roughly seven years, "virtually double what it used to be." And he also commented on the proliferation of continuation funds with some derision.

Though he was talking his book, the general message was that sponsors should take the exit before the exit disappears.

"We have generally had nothing but a bull market since the great financial crisis — it's hard to imagine what will happen if and when we have an extended bear market," he wrote.

In 2025, global sponsor-backed offerings rose 36 percent over the prior year, but off such a depressed base that the increase barely registered. The year did include a couple of notable listings: Hellman & Friedman's $4.2 billion offering of Sweden's Verisure and the $7.2 billion Medline IPO led by Blackstone, Carlyle, and Hellman & Friedman. The latter, closing out the year, was supposed to signal building momentum for 2026.

In February, Goldman Sachs strategists projected total IPO proceeds would reach $160 billion in 2026 — more than three times the roughly $48 billion raised by companies the prior year, excluding SPACs. The team expected deal count to nearly double to 120 listings.

Those projections now look optimistic, thanks in part to the 'SaaSpocalypse' and rising geopolitical tensions.

The software pullback, in particular, has been an unfortunate trend for sponsors given their broad exposure to the sector. Between 2020 and the first half of 2025, roughly a fifth of all buyouts in North America were tech deals, according to Bain & Co.

The S&P North American technology software index's enterprise value as a multiple of forward EBITDA has now fallen more than 30 percent since 2021. For a company to simply keep its valuation static against that compression, it would need average annual EBITDA growth of nearly 15 percent.

Unsurprisingly, that’s led to a slowdown in public markets software exits.

At the end of March, Hg announced it would delay the €19 billion IPO of software group Visma until 2027, which had been expected to be London's largest this year. Blackstone also delayed a planned offering for advertising technology company Liftoff Mobile.

So, while Dimon may yet see more capital markets business from sponsors this year, he'll probably have to do without much activity from one of private equity's most active sectors of the last decade.

• Cohere, a Toronto-based enterprise AI company valued at $7 billion, is in talks to merge with Aleph Alpha, a German AI firm, with Berlin's support for a potential deal, per Handelsblatt.

• Kuwait Petroleum Corporation is exploring a $7 billion stake sale in its crude oil pipeline network, with early-stage interest from BlackRock's Global Infrastructure Partners, Brookfield Asset Management, EIG Partners, KKR, Macquarie, and Stonepeak, per Bloomberg.

• Corient acquired Vivaldi Capital Management, a Chicago-based RIA with $5.6 billion in AUM focused on alternative investments for high-net-worth clients, from its employee-owners.

• General Atlantic acquired TEAM Services Group, a home care provider for seniors and individuals with long-term disabilities, for around $3 billion from Alpine Investors.

• Seven & i Holdings has delayed the planned IPO of its North American convenience-store subsidiary 7-Eleven Inc. to fiscal year 2027 at the earliest, citing the need for more time to turn around the business amid uncertain market conditions and weaker-than-expected U.S. performance.

• Ares Management (NYSE: ARES) agreed to acquire Whitestone REIT (NYSE: WSR), a retail-focused REIT, for $1.7 billion.

• Unilever (NYSE: UL) agreed to acquire Grüns, a greens supplement gummy brand, for $1.2 billion.

• Francisco Partners has hired JPMorgan to find a buyer for MyFitnessPal, a fitness and nutrition tracking app that could be valued at over $1 billion, per Reuters.

• Charlesbank Capital Partners led a growth investment in Bridgepointe Technologies, a San Mateo, California-based technology advisory and enablement platform, alongside Carlyle AlpInvest, at a valuation of over $1 billion.

• A consortium of Rederiaktiebolaget Gotland AB, Interogo Infrastructure, and Lægernes Pension agreed to acquire a 30% stake in Nordic Ferry Infrastructure, a pan-Nordic ferry infrastructure operator, from EQT for around €510 million.

• Ara Partners acquired Sedron Technologies, a waste upcycling company, and committed up to $500 million to scale its operations, per Axios Pro.

• Blackstone acquired a 49 percent stake in Rowan Digital Infrastructure, a hyperscale data center developer, from Quinbrook Infrastructure Partners.

• Council Capital acquired MedicalServiceQuotes, a PaaS platform helping payers and employers procure and manage ancillary benefits and pharmacy services.

• Numa acquired Ficus, an AI-powered sales platform for automotive dealerships.

• Havencrest Capital Management completed a majority recapitalization of OFFOR Health, a Columbus, Ohio-based provider of office-based anesthesia services for pediatric dental procedures.

• Remote, an HR and payroll platform, acquired Bravas, a Paris-based identity and device management software company.

• ZRG, backed by RFE Investment Partners, acquired Howard Fischer Associates, a Philadelphia-based executive and board search firm.

• Avista Healthcare Partners acquired Bentec Medical, a Woodland, California-based maker of silicone-based medical device components, from Greyrock Capital Group and Hermitage Equity Partners.

• Baymark Partners acquired Katydid, a Dallas-based wholesale handbags, apparel, and accessories brand.

• TPG has hired Maybank and UBS to evaluate strategic options for Asia OneHealthcare, a Malaysian hospital operator, including a potential sale or IPO, per Bloomberg.

• Serie A, Italy's top soccer league, has hired JPMorgan and sounded out private equity investors including Apollo, Ares, and CVC about a potential minority stake in its international media rights business, per Reuters.

• Dynatrace (NYSE: DT) agreed to acquire Bindplane, an observability pipeline software provider, from Edison Partners.

• Nordic Capital is considering the sale of Ole & Steen, a Danish bakery chain, which could fetch several hundred million euros, per Bloomberg.

• Aero Accessories & Repair, a portfolio company of ATL Partners, acquired New Generation Aerospace and Tri-County Aerospace, Miami-based aerospace MRO providers specializing in component rewind and power generation services.

• Bregal Sagemount invested in Redgate Software, a U.K.-based database DevOps and lifecycle management platform.

• ATC Group, a portfolio company of AE Industrial Partners, acquired PAS MRO, a Bristow, Oklahoma-based aerospace bearing repair specialist.

• CenterGate Capital acquired Spartaco Tool Group, a professional-grade tools provider for utility and telecom linemen and technicians, from Platte River Equity.

• Mission Critical Group, backed by Emerald Lake Capital Management, acquired TxLa Systems, a Texas-based manufacturer of electrical switchgear and modular systems.

• Westnet LLC, a portfolio company of Armory Capital, acquired Low Voltage Installations Inc., a Golden, Colorado-based provider of fire station alerting and dispatch systems.

Tech, Vertical SaaS, & Misc. Enterprise

• SiFive, an SF-based developer of RISC-V processors for data centers, raised $400 million in Series G funding at a $3.65 billion post-money valuation led by Atreides Management, with participation from Apollo Global Management, Nvidia, Point72 Turion, T. Rowe Price Investment Management, Prosperity7 Ventures, and Sutter Hill Ventures.

• Elorian, a Palo Alto-based visual reasoning AI lab, raised $55 million in seed funding at a $300 million valuation, co-led by Striker Ventures, Menlo Ventures, and Altimeter, with participation from Nvidia.

• AfterQuery, an SF-based data research lab, raised $30 million in Series A funding at a $300 million valuation led by Altos Ventures, with participation from The Raine Group and Y Combinator.

• Q-Factor, an Israeli neutral atom quantum computing company, raised $24 million in seed funding co-led by NFX and TPY Capital, with participation from Intel Capital, Korea Investment Partners, and Deep33.

• Rork, an AI platform for building mobile apps using natural language, raised $15 million in seed funding led by Left Lane Capital, with participation from Peak XV, True Ventures, Goodwater, and a16z Speedrun.

• Haast, a NYC-based enterprise compliance platform, raised $12 million in Series A funding led by Peak XV Partners, with participation from DST Global Partners, Airtree, Aura Ventures, and Black Sheep Capital.

Fintech

• Paysend, a U.K.-based international money transfer company, raised $25 million in follow-on funding from Claret Capital Partners.

• Pipe, an embedded capital platform for small businesses, raised $16 million in new funding co-led by Fin Capital and MaC Venture Capital.

• Juno, an SF-based tax prep automation startup, raised $12 million in seed funding led by Bonfire Ventures, with participation from Impression Ventures and Xfund.

Consumer & Media

• ShengShu, a Beijing-based AI video startup, raised $293 million in new funding led by Alibaba Cloud, with participation from Baidu Ventures, Luminous Ventures, TAL Education Group, LINK-X Capital, and Delta Capital.

• Packz, a gamified collectibles platform, raised $10.7 million in total funding from Makers Fund, The Raine Group, Courtside Ventures, Sharp Alpha Advisors, and RiverPark Ventures.

Healthcare

• Chapter, a Medicare navigation platform, raised $100 million in Series E funding led by Generation Investment Management, with participation from Fifth Down Capital, 8VC, Stripes, XYZ Venture Capital, Addition, Narya Capital, Susa Ventures, and Maverick Ventures.

• Luminai, an SF-based automation platform for healthcare operations, raised $38 million in Series B funding led by Peak XV Partners, with participation from Define Ventures, General Catalyst, and Y Combinator.

Industrials, Greentech, & Other

• Treon, a Finnish predictive maintenance platform, raised €6.8 million in Series A extension funding led by ACME Capital.

• Court Square Capital Partners raised $3.8 billion for its fifth flagship middle market buyout fund.

• Mercer raised $3.8 billion for its eighth private markets fund.

• Arcmont Asset Management closed a $2.5 billion credit continuation vehicle led by Ares Credit Secondaries funds.

• Onex Partners closed a $1.6 billion multi-asset continuation vehicle holding investments in Fidelity Building Services Group, PowerSchool, and Sedgwick, backed by Neuberger Berman, GIC, Apollo S3, and StepStone Group.

• Warburg Pincus launched a €1.5 billion European defense investment platform with MEAG, the asset management arm of Munich Re, as an anchor backer.

• Royal Bank of Canada plans to launch a C$1 billion growth equity fund focused on Canadian companies.

• 154 Partners, a sports-focused lower middle market firm co-founded by former Blackstone colleagues Isaac Harrouche and Mike Berlin and backed by David Blitzer, raised $400 million for its debut fund at its hard cap.

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Announced last month, KKR’s $4.75 billion sale of its data center liquid-cooling business, CoolIT Systems, to Ecolab will return roughly 15x its investment and is another big win for the firm and its employee-ownership initiatives.

KKR acquired a majority stake in the Calgary-based company in 2023 at a valuation of around $270 million, with Mubadala Investment Company also participating.

If data centers are the 'picks and shovels' play for the AI boom, then CoolIT's data center cooling business is ‘picks and shovels-squared’. The company's systems tackle one of the biggest problems with heavy AI workloads: heat generation.

“We acted early on the conviction that rapid growth in computing demand would pose a significant challenge for data center efficiency, as traditional air-cooled systems can be incredibly energy- and water-intensive,” said Kyle Matter, managing director and head of North America Global Impact at KKR.

For context, KKR estimates that electricity demand from data centers could rise at a 13–15 percent CAGR and consume as much as 21 percent of global electricity by 2030, with thermal management accounting for more than 40 percent of data-center energy use.

With technology like CoolIT's offerings, liquid-cooled data centers use 30–40 percent less energy for cooling than traditional air-cooled facilities and also reduce water use through a closed-loop system.

Founded in 2001, CoolIT got its start producing liquid cooling systems for gaming computers before moving into server and data-center applications. The company now services more than 300 data centers globally.

From KKR's hold through the end of 2026, CoolIT is expected to deliver around 4x revenue growth (reaching $550 million of NTM sales) and more than 10x EBITDA growth.

Most of the story behind this investment is clearly market-driven growth (and the opportunity identification to take advantage of it). But KKR also put in work to ensure CoolIT was ready to service that demand.

Post-acquisition, KKR revamped the company's management team to bring in capabilities aligned with its stage and trajectory. Most of those key hires were sourced through referrals from the firm's industrials team, which tapped its network to find the right talent.

That team delivered against the operational demands required by such intense growth: since 2023, the firm said, CoolIT has doubled its workforce, added more than 300 jobs, expanded its manufacturing footprint to more than 300,000 square feet, and increased coolant distribution unit capacity by 25x.

Wrapping up the impressive performance was an enviable exit multiple. Ecolab said it's paying around 29x NTM adjusted EBITDA and 24x 2027 adjusted EBITDA.

Based on the provided purchase price and revenue growth, it's possible to back into an approximate KKR entry revenue multiple of around 2x. With EcoLab's purchase coming in at roughly 9x NTM revenue, KKR is enjoying some incredible multiple expansion.

After seeing off competition from sponsors who couldn't match such a lofty valuation, Ecolab plans to slot CoolIT into its Global Water segment and expects meaningful uplift from cross-sell — the combined business can sell coolant distribution units, cold plates, liquid loops, and rack manifolds into its existing customer base (doubling the company's Global High-Tech segment market opportunity from $5 billion to $10 billion) and opens up CoolIT's book of established relationships with hyperscaler and colocation clients.

The biggest win from the deal may belong to CoolIT employees, who stand to share in the windfall through equity received under KKR's broad-based employee ownership program. KKR said the 650 employees will receive cash payouts ranging from about 1 year of annual pay to more than 8 years, averaging around $240,000.

The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals.

• Pershing Square Capital Management submitted a non-binding proposal to acquire Universal Music Group (Euronext: UMG), the world's largest record label at a valuation of around €55.8 billion.

• Madison Air Solutions, a ventilation and filtration systems provider, set terms for its NYSE IPO at $25–$27 per share, targeting up to $2.23 billion at a valuation of up to $13.2 billion, in what would be the largest U.S. industrial IPO in nearly three decades.

• EQT is among suitors eyeing a bid for AA, the UK's roadside recovery business being sold by TowerBrook Capital Partners, Warburg Pincus, and Stonepeak in a deal valued at around £5 billion, per the Financial Times.

• Gilead Sciences (Nasdaq: GILD) agreed to acquire Tubulis, a German clinical-stage biotech developing next-generation antibody-drug conjugates, for $3.15 billion upfront and up to $1.85 billion in milestone payments.

• Neurocrine Biosciences (Nasdaq: NBIX) agreed to acquire Soleno Therapeutics (Nasdaq: SLNO), which markets the first approved treatment for Prader-Willi syndrome, for $2.9 billion.

• TotalEnergies (Paris: TTE) and Masdar agreed to form a $2.2 billion 50/50 joint venture combining their onshore renewable energy operations across nine Asian countries.

• Energy Capital Partners agreed to acquire EnergySolutions, a nuclear lifecycle services company, for around $2 billion from TriArtisan Capital Advisors.

• Blackstone and Tinicum agreed to acquire Senior (LSE: SNR), a UK aerospace and defense components manufacturer, for £1.4 billion, beating out Advent International and Arcline.

• Arxis, an Arcline Investment Management-backed maker of mission-critical aerospace and defense components, launched its Nasdaq IPO seeking to raise up to $1.06 billion at a price range of $25 to $28 per share.

• KKR has hired UBS to weigh options for its majority stake in Synergis, an Australian disability housing business that could be worth up to A$1 billion, per AFR.

• Francisco Partners agreed to acquire Blackline Safety (TSX: BLN), a Calgary-based connected worker safety technology provider, for up to C$850 million.

• OXIO and Newfoundland Capital Management agreed to acquire Telefónica México, the Mexican telecommunications unit of Telefónica (Madrid: TEF), for $450 million.

• Bureau Veritas (Paris: BVI) agreed to acquire Lotusworks, an Ireland-based provider of commissioning and quality assurance services for data centers and semiconductor facilities, for €375 million.

• Heartland Business Systems, a portfolio company of GenNx360 Capital Partners, acquired Applied Tech Solutions, a Madison, Wisconsin-based managed IT and cybersecurity services provider.

• FlexGen acquired Clean Energy Services (CES), a Houston-based provider of commissioning, maintenance, and remote monitoring services for utility-scale battery energy storage systems and solar assets, from 13Capital.

• GA Group, majority-owned by Oaktree Capital Management, acquired G2 Capital Advisors, an industry-focused investment bank and restructuring advisory firm.

• Efex, a portfolio company of Advent Partners, acquired Priority 1 IT, a Toowoomba, Queensland-based healthcare IT solutions provider.

• Lupin Limited acquired VISUfarma, a European ophthalmology pharmaceutical company, from GHO Capital Partners.

• AZZO, backed by Angeleno Group, acquired Qubits Energy, a Nashville-based provider of power and energy management solutions for data centers and mission-critical facilities.

• Supplier, backed by Norwest, acquired TealBook, a Toronto-based vendor master data management platform backed by Ten Coves Capital.

• EagleTree Capital acquired The Opus Group, a network of experiential, event, and brand marketing agencies, from Growth Catalyst Partners.

• MSCI (NYSE: MSCI) acquired PM Insights, a private markets data and analytics firm focused on secondary market reference data for private company securities.

• Antin Infrastructure Partners (Paris: ANTIN) acquired Sapphire Gas Solutions, a vertically integrated CNG and LNG solutions provider, from Apollo.

• First Reserve acquired a majority stake in Lindsey Systems, an Azusa, California-based provider of engineered solutions for transmission and distribution grid infrastructure.

• White Mountains Partners, an operating company of White Mountains Insurance Group (NYSE: WTM), acquired a majority stake in BaseSix Systems, a Marietta, Georgia-based provider of building systems integration and aftermarket services.

• Gamut Capital Management agreed to acquire Acousti Engineering, a Southeastern U.S. specialty interiors contractor, from Ardian.

• Closed Loop Partners' acquired a majority stake in Sutter Metals, a Tacoma, Washington-based metals recycling and scrap processing company.

• FFL Partners has hired Raymond James to find a buyer for Apex Infusion, an ambulatory infusion therapy provider, per Axios.

• Frontenac acquired Bill Gosling Outsourcing, a BPO platform providing accounts receivable management, customer experience, and back-office services, from Owner Resource Group.

• Sixth Street's Bay Collective agreed to acquire a majority stake in Sunderland AFC Women, a second-tier English women's football club.

• Uplift Investors acquired IMS Legal Strategies, a Dallas-based litigation services platform, from Trinity Hunt Partners.

• Graham Partners acquired Midwest Products & Engineering, a Milwaukee-based contract manufacturer of electromechanical and robotic-assisted surgical systems, from BPOC.

• Gamma Communications (LSE: GAMA), a British telecom company, is exploring a potential sale and has hired Barclays to manage the process, with early talks underway with multiple suitors, per Bloomberg.

• Olympus Partners invested in Vesta Foodservice, a specialty foodservice distributor focused on the Western U.S.

• SBA Communications (Nasdaq: SBAC) is exploring a potential sale after the cell tower operator received preliminary takeover interest from large infrastructure funds, per Bloomberg.

• Caylent, a portfolio company of Gryphon Investors, acquired Pronetx, an Amazon Connect consulting firm focused on customer experience services.

• Aeromax Industries, a portfolio company of Chimney Rock Equity Partners, acquired The Ely Co., a Torrance, California-based precision aerospace machining company.

• Vernacare, an H.I.G. Capital portfolio company, acquired Eakin Surgical Limited, a U.K. manufacturer of single-use surgical instruments.

• VITALSpace, a portfolio company of Heartwood Partners, acquired B.I.G. Enterprises, a California-based manufacturer of custom guard booths and protective enclosures.

• Office Ally, backed by Francisco Partners and New Mountain Capital, acquired Jopari Solutions, a Property & Casualty insurance clearinghouse and electronic claims processing provider.

• General Atlantic is preparing to launch a sale process for ACES, a San Diego-based autism treatment provider, per Axios.

• Liquid Environmental Solutions, a Goldman Sachs Asset Management portfolio company, acquired New Orleans Grease Trap Cleaning, a provider of grease trap and used cooking oil cleaning services.

• Superstep Capital merged JumpModel, an IFS ERP and cloud services firm, with Gogh Solutions, an IFS service management specialist, to create an independent IFS services platform.

• Bonaccord Capital Partners acquired a minority stake in Prime Finance, a San Francisco-based commercial real estate credit platform.

• Kelso & Company and ARA Services Partners invested in Beacon Communications, a Littleton, Colorado-based critical communications and security technology provider.

• Harrell-Fish, a portfolio company of New State Capital Partners and Amethyst Capital Group, acquired Ecofriendly Mechanical, a Bloomington, Indiana-based provider of sustainable and energy-efficient mechanical solutions.

• Optimove, backed by Summit Partners, agreed to acquire Smartico, a gamification-led CRM marketing platform for iGaming.

• Triton Partners agreed to acquire Integris Composites, a manufacturer of lightweight armor and protection solutions for defense and law enforcement, from Agilitas Private Equity.

• American Pacific Group acquired a majority stake in Dossier, a direct-to-consumer fragrance brand, from Otium.

Tech, Vertical SaaS, & Misc. Enterprise

• Sarvam AI, a Bengaluru-based developer of large language models for Indian languages, raised $350 million in Series B funding at a $1.5 billion valuation led by Bessemer Venture Partners, with participation from Nvidia, Amazon, and Prosperity7 Ventures.

• Xoople, a Madrid-based data infrastructure company that tracks physical change on Earth, raised $130 million in Series B funding led by Nazca Capital, with participation from MCH Private Equity, CDTI, Buenavista Equity Partners, and Endeavor Catalyst.

• Noon, a San Francisco-based AI product design platform, raised $44 million in seed funding led by Chemistry, with participation from First Round Capital, Scribble Ventures, Elevation Capital, Afore Capital, SV Angel, Homebrew, and Firestreak Ventures.

• Patlytics, an AI platform for patent lifecycle management, raised $40 million in Series B funding led by SignalFire, with participation from N47, Myriad Venture Partners, Relativity, Alumni Ventures, Antiportfolio Ventures, and BAM Corner Point.

• Mappedin, a Waterloo, Canada-based indoor mapping platform, raised $24.5 million in Series B funding led by Edison Partners, with participation from Betatron Venture Group.

• Natter, a New York-based AI conversation intelligence platform for enterprise, raised $23 million in Series A funding led by Renegade Partners, with participation from Kindred Capital, Costanoa Ventures, Rackhouse Ventures, Village Global, and Asymmetric Capital Partners.

• Daydream, a San Francisco-based AI-powered SEO agency combining AI agents with human experts, raised $15 million in Series A funding led by WndrCo, with participation from First Round Capital and Basis Set Ventures.

Fintech

• Modus, an audit technology platform that acquires majority stakes in accounting firm advisory entities, raised $85 million in seed and Series A funding led by Lightspeed Venture Partners, with participation from Comma Capital.

• True Footage, an Austin-based residential appraisal technology platform, raised $40 million in Series C funding led by Socium Ventures, with participation from Nava Ventures, Pilot Enterprises, Story Ventures, PagsGroup, and Mockingbird Capital.

Healthcare

• Syneron Bio, a Beijing-based macrocyclic peptide drug discovery platform, raised $150 million in Series B funding co-led by Decheng Capital and CDH VGC, with participation from True Light Capital, Qiming Venture Partners, BioTrack Capital, Lilly Asia Ventures, Sinovation Ventures, 5Y Capital, Gao Ling Venture Capital, GL Ventures, Biotech Development Fund, and Lenovo Capital.

• Sidewinder Therapeutics, a San Diego-based biotech developing bispecific antibody-drug conjugates for cancer, raised $137 million in Series B funding co-led by Frazier Life Sciences and Novartis Venture Fund, with participation from OrbiMed, Life Sciences at Goldman Sachs Alternatives, DCVC Bio, Samsara BioCapital, Longwood Fund, Astellas Venture Management, and Alexandria Venture Investments.

• Stipple Bio, a Cambridge-based biotech developing epitope-targeted antibody-drug conjugates for cancer treatment, raised $100 million in Series A funding co-led by RA Capital Management, a16z Bio+Health, and Nextech Invest, with participation from Emerson Collective Investments, GV, LoLa Capital Partners, and GordonMD Global Investments.

• SpectronRx, an Indianapolis-based radiopharmaceutical developer and contract manufacturer specializing in medical isotopes for diagnostic imaging and radioligand therapies, raised $85 million in new funding from OrbiMed.

• Life Biosciences, a Boston-based biotech co-founded by Harvard biologist David Sinclair focused on cellular rejuvenation through epigenetic reprogramming, raised $80 million in Series D funding.

• StairMed, a Shanghai-based implantable brain-machine interface company, raised $69 million in new funding led by Alibaba, with participation from Tencent, Fountainbridge Capital, OrbiMed, Oriza Seed, Qiming Venture Partners, Lilly Asia Ventures, and Source Code Capital.

• Yuzu Health, a third-party administrator providing infrastructure for health insurance plans, raised $35 million in Series A funding co-led by General Catalyst and Chemistry, with participation from Bain Future Back Ventures and Timeless Ventures.

Industrials, Greentech, & Other

• Firmus, an Australian AI data center developer focused on the Asia-Pacific region, raised $505 million in strategic equity funding at a $5.5 billion valuation led by Coatue Management, with participation from Nvidia.

• Hermeus, a developer of high-Mach unmanned defense aircraft, raised $350 million in Series C funding at a $1 billion post-money valuation led by Khosla Ventures, with participation from Canaan Partners, Founders Fund, RTX Ventures, Bling Capital, In-Q-Tel, Cox Enterprises, Pinegrove Venture Partners, Hercules Capital, and Trinity Capital.

• Also, a Palo Alto-based micromobility and autonomous delivery company spun out of Rivian Automotive, raised $200 million in Series C funding at a $1 billion valuation led by Greenoaks Capital, with participation from Prysm Capital.

• Starfish Space, a Tukwila, Wash.-based developer of robotic spacecraft for satellite servicing, raised $110 million in Series B funding led by Point72 Ventures, co-led by Activate Capital and Shield Capital, with participation from Industrious Ventures, NightDragon, NFX, Toyota Ventures, PSL Ventures, and Munich Re Ventures.

• Membrane Technology and Research, a Newark, California-based developer of membrane-based gas separation systems for industrial and carbon capture applications, raised $27 million in Series B funding led by Climate Investment, with participation from Hartree Partners.

• Sora Fuel, a producer of sustainable aviation fuel from air, water, and renewable energy, raised $14.6 million in seed funding co-led by Spero Ventures and Inspired Capital, with participation from Engine Ventures and Wireframe Ventures.

• Blackstone raised $10 billion for its fifth opportunistic credit fund.

• ArcLight Capital Partners raised $3.9 billion for its eighth infrastructure fund.

• Sumitomo Mitsui Financial Group and Nippon Life Insurance are in talks to launch a private credit fund targeting around $3.1 billion in initial capital, per Bloomberg.

• Gridiron Capital is targeting $2.5 billion for its sixth middle market buyout fund.

• NOVA Infrastructure raised $1.45 billion for its second middle market infrastructure fund.

• Eclipse, a Palo Alto-based venture firm, raised $1.31 billion across two funds — $720 million for early-stage Fund VI and $591 million for Early Growth Fund III, which targets companies approaching commercial scale in AI infrastructure, manufacturing, and defense.

• Jeito Capital raised €1 billion for its second biopharma-focused private equity fund.

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As part of its restructuring of portfolio company Vibrantz Technologies last month, American Securities required lenders to sign agreements restricting discussions with peers before it would disclose terms, Bloomberg reports.

People familiar with the matter said Vibrantz launched its liability management exercise—labeled "tantamount to default" by S&P—with around 90 percent support from its creditors after reaching deals with two separate groups.

Then, the borrower reached out separately to cut side deals with a handful of larger lenders, including GoldenTree Asset Management, Monarch Alternative Capital, and Oak Hill Advisors. The select group agreed to provide a fresh $350 million first-out loan, pushing all excluded lenders further down the stack.

Under the Vibrantz's communications restrictions, lenders considering the initial proposal were forced to decide whether to support the transaction or break from the creditor group without any information on the terms peers were receiving.

For the smaller lenders left out of the separate discussions, the side deal means they will now be repaid only after the first-out group is made whole.

The situation fits a broader pattern of sponsor-led restructurings.

“Sponsor behavior is getting even more aggressive in a market where lenders for the last few years have leaned in and played the game,” Scott Greenberg, a partner at Gibson Dunn & Crutcher, told Bloomberg. “The weaponization of NDAs and other ways to prevent lenders from talking to one another seems to be pushing the limits and inconsistent with the collective action provisions in credit docs that require lenders to coordinate,” he said.

This is part of the reason why the market has seen a surge in the use of co-operation agreements over the past 24 months. According to data from 9fin, around 45 co-op agreements were entered into in the US in 2024, up from an average of just four per year between 2018 and 2023.

Continuing the back-and-forth, sponsors have begun inserting language into credit agreements specifically targeting co-ops, such as a recent Thoma Bravo clause that forced lenders to disclose any such moves, giving the firm an opportunity to preempt collective action before momentum builds.

• McCormick & Company (Nasdaq: MKC) agreed to acquire Unilever's (NYSE: UL) Foods business, including brands such as Hellmann's, Knorr, and Frank's RedHot, for $44.8 billion.

• KNDS, the Franco-German defense group and maker of Germany's Leopard 2 tanks, has begun investor meetings for a Frankfurt IPO that could raise up to €5 billion at a €25 billion valuation, per Bloomberg.

• Eli Lilly (NYSE: LLY) agreed to acquire Centessa Pharmaceuticals (Nasdaq: CNTA), a clinical-stage sleep-wake disorder biotech, for $6.3 billion upfront plus a CVR of up to $9 per share, for a total potential value of $7.8 billion.

• Biogen (Nasdaq: BIIB) agreed to acquire Apellis Pharmaceuticals (Nasdaq: APLS), a rare-disease and immunology drugmaker, for $5.6 billion, plus a CVR of $2 per share if Syfovre reaches $1.5 billion in annual global net sales.

• KKR agreed to acquire Taiyo Holdings, a Japanese electronics chemicals manufacturer, for around $3.3 billion.

• Alpha Wave Global, Carlyle, and Anchorage Capital invested in Nxtra Data, an India-based data center subsidiary of Bharti Airtel.

• Carlyle agreed to acquire a majority stake in MAI Capital Management, a Cleveland-based registered investment adviser, in a deal valuing the firm at more than $2.8 billion.

• HMH Holding, a Baker Hughes- and Akastor-backed drilling equipment and services provider, raised $210 million in its Nasdaq IPO, pricing at $20 per share within its $19–$22 range at an initial market value of around $862 million.

• Inflexion acquired Marioff, a Finland-based provider of high-pressure water mist fire suppression systems, from Sentinel Capital Partners' Spectrum Safety Solutions for more than $500 million.

• Resultant, backed by Investcorp, acquired Liberty Advisor Group, a Chicago-based M&A advisory and technology consulting firm.

• Archer Foodservice Partners, a portfolio company of Wynnchurch Capital, agreed to acquire the foodservice business of SternoCandleLamp from Compass Diversified (NYSE: CODI) for $292.5 million.

• 26North Partners agreed to acquire Intermedia Intelligent Communications, an AI-powered cloud communications and collaboration platform, from Madison Dearborn Partners.

• Flynn Group acquired Grand Fitness Partners, a Planet Fitness franchisee, from HGGC and Monogram Capital Partners.

• Oak Hill Capital acquired Hunter Communications, an Oregon-based fiber-optic internet provider, from Grain Management.

• H.I.G. Capital acquired Global Elite Group, a provider of unarmed aviation security services for airports and cargo operators, from Securitas (Swiss: SECU).

• Afreshed, an Austrian organic produce rescue-box company, acquired Etepetete, a Munich-based food rescue startup backed by KI Capital.

• Windjammer Capital acquired PrecisionX Group, a Waterbury, Connecticut-based manufacturer of high-precision metal components for aerospace & defense, medical device, and satellite & space end markets, from CORE Industrial Partners.

• Closed Loop Partners acquired a majority stake in Sutter Metals, a Lacey, Washington-based metals management solutions provider.

• LongueVue Capital completed a majority recapitalization of Apex Dental Laboratory Group, a dental laboratory platform, alongside Swaney Group Capital.

• Del Monte Capital completed a majority recapitalization of DLG Infrastructure Services, a Houston-based municipal water and sewer infrastructure contractor.

• Mountaingate Capital acquired UpSwell Marketing, a Marietta, Georgia-based direct response marketing platform.

• Advent International and Cinven are considering an IPO for TK Elevator, a German elevator and escalator manufacturer, per Bloomberg.

• MTIP acquired a majority stake in Verifarma, a Spain-based pharma serialization, traceability, and regulatory compliance solutions provider.

• Greenbelt Capital Partners invested in American Wire Group, a Miami-based wire and cable solutions provider for the electrification market.

• Eir Partners Capital invested in Long Tail, a provider of AI-native software and services for utilization management, physician advisory, and denials and appeals workflows for hospitals and health systems.

• Cordillera Investment Partners invested in Northridge Law, a London-based sports law firm.

• Quad-C Management invested in Dane Street, a Florida-based provider of independent medical examination and peer review services for the insurance and healthcare industries.

• Apex Capital invested in El Latino, a Miami-based Latin American and Caribbean specialty food brand.

• Kain Capital invested in White Wilson Medical Center, a Fort Walton Beach, Florida-based independent multi-specialty physician group, as part of its emergence from bankruptcy.

• Prescient Healthcare Group, a portfolio company of Bridgepoint, acquired Dolon, a London-based pricing and market access consultancy for pharma and biotech companies.

• GALLS, a Charlesbank Capital Partners portfolio company, acquired CMS Uniforms and Equipment, a Nashville-based regional public safety outfitter.

• Tiger Infrastructure Partners invested in Orbis Protect, a UK-based critical security infrastructure provider.

• FormativGroup, backed by Rockbridge Growth Equity, acquired Flok, a Salesforce consulting firm.

• Accel-KKR acquired a majority stake in AccessPay, a Manchester-based bank integration and payment automation provider, with existing backer Beringea exiting as part of the deal.

• Osprey Landscape Group, a portfolio company of Southfield Capital, acquired Palm Gardens Landscape, a Dallas-Fort Worth commercial landscaping company.

• ATIS, a portfolio company of Thompson Street Capital Partners, acquired Vinspec, an Alberta-based elevator and escalator inspection and consulting services provider.

• Michelli Weighing & Measurement, a portfolio company of Summit Park, acquired Florida Industrial Scale Company and Industrial Scale and Measurement, two industrial weighing and calibration services providers.

• Allshares, a portfolio company of Bregal Milestone, acquired Amalia, a French sales commission and performance management software provider.

Tech, Vertical SaaS, & Misc. Enterprise

• Rebellions, a South Korean fabless AI inference chip company, raised $400 million in pre-IPO funding at a $2.34 billion valuation, co-led by Mirae Asset Financial Group and the Korea National Growth Fund.

• TENEX AI, a Sarasota, Florida-based managed detection and response cybersecurity company, raised $250 million in Series B funding at a valuation of over $1 billion led by Crosspoint Capital Partners, with participation from Shield Capital, DeepWork Capital, DTCP, and the Florida Opportunity Fund.

• ScaleOps, an Israeli cloud infrastructure resource management platform, raised $130 million in Series C funding at a valuation exceeding $800 million led by Insight Partners, with participation from Lightspeed Venture Partners, NFX, Glilot Capital Partners, and Picture Capital.

• Coder, an Austin-based cloud-based development environment platform for enterprises, raised $90 million in Series C funding led by KKR, with participation from Qube Research & Technologies and Uncork Capital.

• Depthfirst, an AI platform helping security teams detect, triage, and remediate software vulnerabilities, raised $80 million in Series B funding led by Meritech Capital, with participation from Forerunner Ventures, The House Fund, Accel, Box Group, Liquid 2 Ventures, Alt Capital, and Mantis VC.

• Censys, an Ann Arbor-based attack surface management and threat intelligence platform, raised $70 million in strategic funding, comprising a $40 million Series D round led by Morgan Stanley Expansion Capital and $30 million in debt financing, with participation from Decibel Partners, Greylock Partners, GV, and Intel Capital.

• Qodo, a New York-based AI code review and governance platform, raised $70 million in Series B funding led by Qumra Capital, with participation from Maor Ventures, Phoenix Venture Partners, S Ventures, Square Peg, and Susa Ventures.

• Crosby, a New York-based law firm that pairs licensed attorneys with AI software to review commercial contracts, raised $60 million in Series B funding co-led by Lux Capital and Index Ventures, with participation from Sequoia Capital, 01 Advisors, and Bain Capital Ventures.

• IQM Quantum Computers, a Finland-based superconducting quantum computing company, raised €50 million in new funding from funds and accounts managed by BlackRock.

• Sona, a London-based workforce management platform for frontline workers covering scheduling, HR, payroll, and compliance, raised $45 million in Series B funding led by N47, with participation from Felicis, Northzone, Gradient, and Italian Founders Fund.

• Treeline, a San Francisco-based AI-powered managed IT, security, and compliance platform, raised $25 million in Series A funding led by Andreessen Horowitz.

• Kestra, an open-source workflow orchestration platform, raised $25 million in Series A funding led by RTP Global, with participation from Alven, ISAI, and Axeleo.

• Variance, a San Francisco-based AI agent platform for risk and compliance investigations, raised $21.5 million in Series A funding led by Ten Eleven Ventures, with participation from 645 Ventures, Y Combinator, Urban Innovation Fund, and Okta Ventures.

Fintech

• 9fin, a platform for debt capital markets, raised $170 million in Series C funding at a $1.3 billion valuation led by HarbourVest, with participation from CPP Investments, Highland Europe, Spark Capital, Redalpine, Seedcamp, and British Business Bank.

• OpenFX, a Miami-based cross-border FX and stablecoin payments platform, raised $94 million in Series A funding co-led by Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera, with participation from Flybridge and Hash3.

• Midas, a Berlin-based onchain investment platform, raised $50 million in Series A funding co-led by RRE Ventures and Creandum, with participation from Framework Ventures, HV Capital, Ledger Cathay, Franklin Templeton, Coinbase Ventures, M1 Capital, Anchorage Digital, FJ Labs, North Island Ventures, No Limit Holdings, and GSR.

• Valinor, a blockchain-based private credit infrastructure platform, raised $25 million in seed funding led by Castle Island Ventures, with participation from Maven11 and Susquehanna Crypto.

Consumer & Media

• WHOOP, a Boston-based wearable health and performance platform, raised $575 million in Series G funding at a $10.1 billion valuation led by Collaborative Fund, with participation from 2PointZero Group, Qatar Investment Authority, Mubadala Investment Company, Abbott, Mayo Clinic, Macquarie Capital, IVP, and GP Bullhound.

• Create Wellness, a New York-based creatine gummy supplement brand, raised $20 million in Series B funding led by Alliance Consumer Growth, with participation from Impact Capital and Unilever Ventures.

Healthcare

• Ambrosia Biosciences, a Boulder, Colorado-based biotech focused on oral small molecule GLP-1 agonists for obesity and cardiometabolic disorders, raised $100 million in Series B funding co-led by Blue Owl Healthcare Opportunities, Redmile, and Deep Track Capital, with participation from BVF Partners, Boulder Ventures, Janus Henderson Investors, and Samsara BioCapital.

• Jimini Health, a New York-based AI platform providing clinician-supervised patient tools for behavioral health providers, raised $17 million in seed funding led by M13, with participation from Town Hall Ventures, LionBird, Zetta Venture Partners, and OneMind.

• Scala Biodesign, a Tel Aviv-based computational protein design platform, raised $16 million in Series A funding led by Grove Ventures, with participation from TLV Partners and Deep Insight.

Industrials, Greentech, & Other

• Saronic, an Austin-based developer of autonomous military vessels, raised $1.75 billion in a Series D round led by Kleiner Perkins, more than doubling its valuation to $9.25 billion.

• Starcloud, a Redmond, Washington-based developer of orbital data centers for AI compute, raised $170 million in Series A funding co-led by Benchmark and EQT Ventures, valuing the company at $1.1 billion.

• EPG, a Singapore-based modular and prefabricated data center infrastructure company, raised over $100 million in Series B+ funding co-led by Decarbonization Partners and Alibaba Cloud.

• Voltify, a US-Israeli startup that retrofits diesel locomotives with battery-electric systems, raised $30 million in seed funding co-led by Aleph and Fortescue, with participation from Menomadin, Jimpact, The Dock, and E44 Ventures.

• ThinkLabs AI, a GE Vernova spinout developing physics-informed AI for power grid planning, raised $28 million in Series A funding led by Energy Impact Partners, with participation from NVentures, Edison International, Powerhouse Ventures, Active Impact Investments, and Blackhorn Ventures.

• OceanSound Partners raised $3.4 billion for its third flagship fund, focused on government and enterprise technology investments.

• HCI Equity Partners, a Washington, D.C.-based lower middle market private equity firm, rebranded as Oridian Capital Partners.

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Vista Equity Partners released its 2026 report on Agentic AI, which argues that investors have been too quick to dismiss legacy enterprise software over fears of new AI-native competition.

“Software is not being replaced but is instead evolving into something more powerful,” writes Vista.

As evidence, the firm references patterns from previous platform shifts. Most notably, the period from 2014 to 2020, when SaaS multiples compressed as investors debated whether AWS and other cloud platforms would displace incumbent vendors. Instead, software demand expanded.

Vista believes AI is likely to follow a similar pattern and argues that if AI adoption moves deeper into enterprise workflows, the application layer is still on track to capture the largest share of value.

It's a different conclusion than recent doom-and-gloom projections that believe horizontal model providers like OpenAI and Anthropic will out-compete vertical vendors via ever-more-powerful general intelligence.

Corporate investment in AI across providers, infrastructure, and software tripled in a year to $37 billion in 2025, with the application layer taking more than half of that spend. Yet Vista also says that only 1 percent of enterprise data is incorporated into the AI tools workers use, even though 20 to 40 percent of workers already use AI in some capacity on the job.

That gap suggests adoption has started at the user level but not yet at the system level.

Lagging adoption may be partially blamed on the distinction between probabilistic models and deterministic systems. The variable nature of LLMs can be fine for use cases like customer service chatbots, but untenable for higher-stakes enterprise workflows requiring greater rigidity and accuracy.

That's part of the reason why Vista is more optimistic on value accrual to the application layer. Per the report, application layer “agentic Enterprise Solutions combine both: AI-generated intelligence acting within governed, deterministic systems.”

Another source of optimism is the potential for revenue model upside. Once software can execute work rather than simply support an employee performing it, companies can move from seat-based licenses to charging for work completed.

Instead of being capped by headcount, revenue growth is then free to scale with volume (e.g. number of claims processed, incidents resolved, or approvals completed).

“This is not a story about replacing workers," notes the report. "It is about software participating directly in specific, repeatable units of work where execution can be standardized, governed, and priced.”

Companies that can make this transition, says Vista, could eventually command higher multiples than traditional SaaS vendors.

Broadly, opportunity selection should focus on three key defensibility tests: context, trust, and scale. Does the vendor have enough workflow depth and domain specificity to make AI useful in production? Can it keep data and intellectual property inside the customer’s environment and deliver auditable decisions? Can it run reliably at enterprise volumes across geographies and business units?

On the other hand, vendors with generic workflows, limited proprietary data, and shallow customer relationships are facing real displacement risk.

• Sysco (NYSE: SYY) agreed to acquire Jetro Restaurant Depot, a cash-and-carry wholesale food distributor, from the Kirsh family for $29.1 billion.

• Bonaccord Capital Partners acquired a minority stake in Prime Finance, a commercial real estate credit platform with over $15 billion in assets under management.

• CVC Capital Partners made a non-binding offer to acquire the remaining shares of Recordati (Milan: REC), an Italian pharmaceutical company in which it already holds a controlling stake, valuing the company at €10.9 billion.

• KKR, Clayton, Dubilier & Rice, and PAI Partners have advanced to the next round of bidding for a 50% stake in Nestlé's European water and premium beverages business, including the Perrier and San Pellegrino brands, in a deal that could value the unit at around $5.75 billion, per the Financial Times.

• Mastercard (NYSE: MA) is exploring the sale of its real-time payments unit, acquired from Nets Group for $3.2 billion in 2019, with any deal expected to come in below that price, per the Financial Times.

• Astorg Mid-Cap agreed to acquire a majority stake in Barkene, a French B2B technical services platform for electronic security and fire safety, from Montefiore Investment.

• Novartis (NYSE: NVS) agreed to acquire Excellergy, a Palo Alto-based biotech developing next-generation anti-IgE therapies for allergic diseases, for up to $2 billion in upfront and milestone payments.

• Altor Equity Partners and SMS Group have hired Deutsche Bank to explore a sale of their combined 50% stake in Kaefer, a German industrial services company that could be valued at more than €2 billion, per Bloomberg.

• Claro agreed to acquire a 73% stake in Desktop, a Brazilian fiber broadband provider, for approximately $750 million from H.I.G. Capital.

• Raiffeisen Bank International agreed to acquire Garanti BBVA Group Romania, a Romanian banking unit, from Garanti BBVA for €591 million.

• Fertitta Entertainment agreed to acquire the Connecticut Sun, a WNBA franchise, from the Mohegan Tribal Gaming Authority for a record $300 million.

• Yesway, a Fort Worth-based convenience store and gas station operator backed by Brookwood Financial Partners and HPS Investment Partners, filed for a Nasdaq IPO targeting an estimated $300 million raise.

• Blackstone invested $250 million in Advanced Digital Gaming Technology, an Abu Dhabi-based payments and data intelligence platform.

• Sixth Street Partners is nearing a deal to acquire an 80% stake in Sunderland AFC's women's team, per Bloomberg.

• Terminus Capital Partners acquired a majority stake in Andesa Services, an Allentown, Pennsylvania-based provider of insurance and annuity policy administration software.

• Synergy Sports Capital acquired the operating rights for LOVB Salt Lake, a women's professional volleyball franchise, from LOVB.

• Bow River Capital's Software Growth Equity team acquired a majority stake in TrackVia, a Denver-based cloud platform for workflow and compliance management serving government and commercial clients.

• TruArc Partners acquired Matrix Adhesives Group, a Columbus, Ohio-based adhesive and sealant solutions provider, from Goldner Hawn.

• Miller Environmental Group, a Coalesce Capital portfolio company, acquired Haz-Mat Environmental Services, a Charlotte-based industrial waste treatment and disposal provider, and Canco, a South Carolina-based industrial services firm.

• Vision Innovation Partners, backed by Gryphon Investors, acquired Frederick Eye Institute, an ophthalmology practice in Frederick, Maryland.

• Universal Plant Services, a portfolio company of New State Capital Partners, acquired Mechanical Solutions Inc., a Whippany, New Jersey-based engineering firm focused on fluid machinery and turbomachinery systems.

• Allvia, a workforce services platform backed by Trinity Hunt Partners, acquired HR Pals, an LA-based provider of outsourced HR administration and employee support services.

• Advent International invested in Atwell, a Southfield, Michigan-based provider of engineering, consulting, and construction services for critical infrastructure.

Tech, Vertical SaaS, & Misc. Enterprise

• Sycamore Labs, a Palo Alto-based AI agent operating system for enterprises, raised $65 million in seed funding co-led by Coatue and Lightspeed Venture Partners, with participation from Abstract Ventures, Dell Technologies Capital, 8VC, Fellows Fund, and E14 Fund.

• Sett, an Israeli platform that automates marketing and user acquisition for mobile game publishers, raised $30 million in Series B funding led by Greenfield Partners, with participation from F2 Venture Capital, Bessemer Venture Partners, and TIRTA Ventures.

Fintech

• Tazapay, a Singapore-based cross-border payments infrastructure provider for emerging markets, raised $36 million in Series B extension funding led by Circle Ventures, with participation from Coinbase Ventures, CMT Digital, Peak XV Partners, GMO Venture Partners, January Capital, Ripple, Norinchukin Capital, ARC180, and RTP Global.

• Worth, an Orlando-based fintech platform providing AI-powered SMB onboarding and underwriting for financial institutions, raised $30 million in Series A funding led by Fulcrum Equity Partners, with participation from Amex Ventures and TTV Capital.

Healthcare

• Blossom Health, a New York-based telepsychiatry platform, raised $20 million across seed and Series A funding led by Headline, with participation from Village Global, TA Ventures, Operator Partners, and Correlation Ventures.

Industrials, Greentech, & Other

• Aetherflux, a solar-powered orbital satellite platform for AI computing, is seeking to raise $250 million to $300 million in Series B funding at a $2 billion valuation, led by Index Ventures.

• Xona Space Systems, a satellite-based GPS-alternative positioning, navigation, and timing infrastructure provider, raised $170 million in Series C funding led by Mohari Ventures Natural Capital, with participation from Craft Ventures, ICONIQ, Woven Capital, NGP Capital, Samsung Next, and Hexagon.

• Blackstone raised $6.3 billion for Blackstone Life Sciences VI.

• Inflexion raised €4.5 billion for its seventh flagship buyout fund.

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OpenAI is approaching private equity firms with an offer that includes a guaranteed minimum return of 17.5 percent on preferred equity stakes in its new enterprise joint venture.

The terms, first reported by Reuters, are more generous than rival Anthropic's structurally similar joint venture pitch, which includes no equivalent financial guarantee.

OpenAI’s proposal carries a pre-money valuation of roughly $10 billion, with sponsors collectively committing around $4 billion. TPG is the anchor investor, with Advent International, Bain Capital, and Brookfield Asset Management joining as co-founding participants.

Anthropic has held discussions with Blackstone, Hellman & Friedman, and Permira for its own vehicle.

Both companies are targeting buyout firms as enterprise distribution channels via access to portfolio companies. A multi-sponsor partnership model allows the providers to sign up hundreds of companies at once and bypasses typical deal-by-deal enterprise sales cycles.

The hope is that there is some level of enduring product stickiness once one provider's models are customized and embedded into workflows.

OpenAI's terms also include additional sweeteners beyond the headline return: seniority over other joint venture partners, downside protection, and early access to models not yet in public release. The venture expects to generate revenue from implementation services, revenue-sharing on deployed products, and co-ownership of newly created tools.

Several additional firms are in discussions for smaller stakes without board seats or lead roles.

But not every firm is biting. Thoma Bravo, after internal discussions led by managing partner Orlando Bravo, declined to participate in either venture.

Bravo questioned the long-term profit profile of both structures, noting that many Thoma Bravo portfolio companies are already deploying AI tools without the intermediation of a formal joint venture.

At least one other firm reached the same conclusion independently, says Reuters.

The guaranteed return has also raised eyebrows and fuelled concerns over OpenAI's financial health.

The company's annualized revenue crossed $20 billion in 2025, a 233 percent year-over-year increase, but internal projections show $14 billion in losses in 2026 alone, with profitability not expected until 2029.

Making matters worse is OpenAI's relative stagnation.

Anthropic's enterprise market share grew from 18 percent to 29 percent in 2025, with eight of the Fortune 10 counted as customers, according to Menlo Ventures data. The company raised a $30 billion Series G at a $380 billion valuation in February 2026 and has lifted its internal 2026 revenue target to as much as $18 billion. Where OpenAI is paying for enterprise access, Anthropic's pitch rests on a product track record already in place.

That's led to internal reorganization at OpenAI and plans to shed non-core activities to refocus on the enterprise market.

Starting its consolidation push, the firm announced this week it is shutting down its Sora video generation product and backing out of a related $1 billion video deal with Disney.

• Estée Lauder Companies (NYSE: EL) is in talks to acquire Puig Brands, a Spanish luxury beauty and fragrance group with brands including Jean Paul Gaultier and Rabanne, in a deal that could value the combined entity at around $40 billion, per Bloomberg.

• Equitable Holdings (NYSE: EQH) and Corebridge Financial (NYSE: CRBG) agreed to merge in a deal valuing the combined retirement, life insurance, and asset management company at around $22 billion.

• Brookfield and La Caisse agreed to acquire Boralex (TSX: BLX), a Canadian renewable energy company, in a take-private transaction valued at around $9.7 billion.

• Brookfield Asset Management and Caisse de Depot et Placement du Quebec agreed to acquire Boralex (TSX: BLX), a Canadian renewable energy developer, for C$9 billion.

• Victory Capital (Nasdaq: VCTR) withdrew its roughly $8.6 billion proposal to acquire Janus Henderson Group (NYSE: JHG), an asset manager, after Trian Fund Management and General Catalyst raised their competing offer to $52 per share.

• KKR, Ardian, GIP, and Vauban Infra Fibre are among the infrastructure investors bidding for Patrick Drahi's control stake in XpFibre, a French fiber-optic network operator, with bids coming in between €6 billion and €8 billion, per the Financial Times.

• Merck (NYSE: MRK) agreed to acquire Terns Pharmaceuticals (Nasdaq: TERN), a clinical-stage oncology company developing an oral treatment for chronic myeloid leukemia, for $6.7 billion.

• RAC, a UK roadside assistance provider backed by CVC Capital Partners, Silver Lake, and GIC, has kicked off investor meetings for a London IPO that could value the business at around £5 billion, per Bloomberg.

• Wealth Partners Capital Group and HGGC agreed to acquire a majority stake in Verdence Capital Advisors, a Hunt Valley, Maryland-based RIA with $4.6 billion in assets under management, from Emigrant Partners.

• Apollo Global Management, Bain Capital, Platinum Equity, KPS Capital Partners, Clearlake Capital, and a joint bid from Advent International and CVC Capital Partners have advanced to the next round of bidding for ContiTech, the industrial unit of Continental AG, which could be valued at more than €4 billion, per Bloomberg.

• Apollo agreed to acquire Nippon Sheet Glass Company, a manufacturer of architectural, automotive, and solar glass, for around $3.7 billion.

• GI Partners is exploring the sale of American Residential Services, an HVAC and plumbing services provider, which could be valued at more than $3.5 billion, per Reuters.

• Gilead Sciences (Nasdaq: GILD) agreed to acquire Ouro Medicines, a clinical-stage biotech developing T-cell engager therapies for autoimmune diseases, for up to $2.2 billion.

• Monarch Collective, a women's sports-focused investment fund, acquired a minority stake in the Cleveland WNBA expansion franchise, a Dan Gilbert-majority-owned team set to launch in 2028.

• Arxis, an Arcline Investment Management-backed defense electronics manufacturer, filed for a Nasdaq IPO (ticker: ARXS) that could raise around $400 million.

• KKR agreed to acquire Nothing Bundt Cakes, a Dallas-based bakery chain, for over $2 billion from Roark Capital, per the WSJ.

• Clearlake Capital Group agreed to acquire Qualus, a power and electric grid services platform, for around $1.7 billion from New Mountain Capital.

• VINCI Highways agreed to acquire Safeway Concessions, a portfolio of nine Indian toll highway concessions, from Macquarie Asset Management for around $1.6 billion.

• Primary Wave Music agreed to acquire Kobalt, an independent music publishing and technology platform, for more than $1.5 billion from Francisco Partners.

• TPG's Rise Fund and Allianz X led a $350 million investment in Cambridge Mobile Telematics, a telematics and AI platform for road safety, with participation from existing backer State Farm.

• LSI Industries (Nasdaq: LYTS) acquired Royston Group, a provider of identity and equipment solutions for retail environments, from Industrial Opportunity Partners for $325 million.

• AEVEX Aerospace, a Madison Dearborn Partners-backed defense technology contractor, filed for a NYSE IPO that could raise around $200 million.

• Arlington Capital Partners agreed to acquire Eptec Defence, an Australian naval defense vessel preservation and remediation services provider, for around A$150 million from Next Capital and The Silverfern Group.

• Investissement Québec invested C$125 million for a minority stake in Sherweb, a Québec-based cloud marketplace distributor for IT providers.

• Etna Capital acquired CodeRoad, a digital engineering and software development firm, from Peak Rock Capital.

• GIC acquired a minority stake in Envu, an environmental science solutions provider, from Cinven, which will retain majority ownership.

• AEA Elevate invested in Trinamix, a San Jose-based provider of Oracle Cloud implementation, integration, and managed services.

• TowerBrook Capital Partners acquired a majority stake in ID UNLIMITED, a European premium textile personalisation and embellishment platform for sports clubs, leagues, and brands, from Dentressangle.

• Advent International agreed to acquire a majority stake in Salt & Stone, a premium body care and fragrance brand, from Humble Growth.

• Lone Star Funds acquired Alliance Ground International, a North American airport ground handling and cargo services provider, from Audax Private Equity and Greenbriar Equity Group.

• Chimney Rock Equity Partners acquired United Electronics Company, a Charleston, South Carolina-based electronics design and manufacturing company serving defense, aerospace, and industrial end markets, from Albion River.

• Southfield Capital acquired a majority stake in Metric Search, a New York-based specialist executive search firm, from BGF.

• Altor agreed to acquire a majority stake in Eltera Gruppen, a Norwegian electrical installation services provider, from Valedo Partners.

• Bow River Capital agreed to acquire Spur Capital Partners, a venture capital fund-of-funds focused on technology and life sciences.

• Goldner Hawn acquired Lone Star Environmental Companies, a Texas-based underground infrastructure services provider.

• Empowering People Group, backed by Limerston Capital, agreed to acquire Mentor, a UK employment law, HR, health and safety, and environmental management consultancy, from NatWest (LSE: NWG).

• Bansk Group agreed to acquire a majority stake in So Good So You, a Minneapolis-based functional wellness shot brand, from Prelude Growth Partners.

• Octopus Energy Group agreed to acquire a majority stake in Uplight, a Boulder, Colorado-based distributed energy resource software company.

• Carlyle AlpInvest led a single-asset continuation vehicle for TowerBrook Capital Partners portfolio company EisnerAmper, an accounting and business advisory firm.

• Accel-KKR acquired tamigo, a European workforce management software provider for retail and hospitality businesses, from Viking Growth.

• Rootstock Software, a portfolio company of Gryphon Investors, acquired Ascent Solutions, a Minneapolis-based provider of Salesforce-native ERP and operational applications.

• Eureka Education, a French education company backed by Naxicap Partners, acquired Knovia Group, a UK provider of apprenticeships and commercial training, from Sovereign Capital Partners.

• Relation Insurance Services, backed by Aquiline Capital Partners, acquired Chinook Insurance Group, a Washington-based insurance and benefits consulting firm.

• Thompson Street Capital Partners invested in Karpel Computer Systems, a St. Louis-based provider of criminal case management software for prosecutor and public defender offices.

• The Amlon Group, a portfolio company of Heartwood Partners, acquired Lion Industrial Resources, a Channelview, Texas-based hazardous and non-hazardous industrial waste management firm.

• Tandym Group, backed by Mill Rock Capital and ICG, acquired InteliNotion, a Princeton, New Jersey-based provider of structured content authoring and AI-enabled content management software for life sciences and regulated industries.

• Ares Management is planning to launch an auction for The Lockwood Group, a pharmaceutical consulting firm, per Axios Pro.

• Arlington Capital Partners is exploring the sale of Everest Clinical Research, a Toronto-based contract research organization, per Axios Pro.

• Hopper OS, backed by GPI Capital, acquired Efferent, a The Woodlands, Texas-based healthcare informatics company.

Tech, Vertical SaaS, & Misc. Enterprise

• GIC and Sequoia co-led a $200 million growth round in Harvey, a legal AI platform for law firms and in-house teams, at an $11 billion valuation, with participation from Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic, and Kleiner Perkins.

• Vultr, a West Palm Beach-based cloud infrastructure platform, raised $333 million in growth financing at a $3.5 billion valuation, led by LuminArx Capital Management and AMD Ventures.

• Kandou AI, a Swiss fabless semiconductor company making connectivity chips and IP for data centers and AI systems, raised $225 million in Series A funding led by Maverick Silicon, with participation from SoftBank Group, Synopsys, Cadence Design Systems, and Alchip Technologies.

• Cents, a New York-based software, hardware, and payments platform for the laundry industry, raised $140 million in Series C funding led by Sumeru Equity Partners, with participation from Camber Creek.

• Granola, a London-based AI meeting notetaking app, raised $125 million in Series C funding co-led by Index Ventures and Kleiner Perkins at a $1.5 billion valuation, with participation from Lightspeed Venture Partners and Spark Capital.

• Dash0, a New York-based OpenTelemetry-based observability platform, raised $110 million in Series B funding at a $1 billion valuation led by Balderton Capital, with participation from DTCP Growth, Accel, Cherry Ventures, DIG Ventures, July Fund, and T.Capital.

• Gimlet Labs, a San Francisco-based AI inference platform that distributes workloads across diverse hardware, raised $80 million in Series A funding led by Menlo Ventures, with participation from Eclipse Ventures, Factory, Prosperity7, and Triatomic Capital.

• Rocketlane, a Chennai-based Professional Services Automation platform, raised $60 million in Series C funding led by Insight Partners, bringing total capital raised to $105 million.

• Doss, an inventory management platform that integrates with ERP systems, raised $55 million in Series B funding co-led by Madrona and Premji Invest, with participation from Greyhound Capital, Commerce Ventures, Intuit Ventures, Theory Ventures, General Catalyst, Contrary Capital, Mintaka, Pathlight VC, and 47th Street Partners.

• Normal Computing, a New York-based developer of electronic design automation software and thermodynamic computing chips, raised $50 million in strategic funding led by Samsung Catalyst Fund, with participation from Galvanize, ArcTern Ventures, Brevan Howard Macro Venture Fund, Celesta Capital, and Drive Capital.

• Above Security, an Israeli insider threat detection platform, raised $50 million in Series A funding co-led by Ballistic Ventures, Merlin Ventures, and Norwest, with participation from Jump Capital and QPV Ventures.

• Subbyx, an Italian subscription economy infrastructure platform, raised €30 million in Series A funding led by Systemiq Capital, with participation from Azimut and venture debt provided by Flashpoint.

• Notch, an Israeli AI platform for regulated industries such as insurance, finance, and telecom, raised $30 million in Series A funding led by Headline, with participation from Lightspeed Venture Partners, Jibe Ventures, Illuminate Financial, and Phoenix Insurance.

• Origin, a London-based employee benefits management platform, raised $30 million in Series A+ funding led by Notion Capital, with participation from Felix Capital, Acadian Ventures, and additional growth financing from HSBC Innovation Banking UK.

• Deccan AI, a provider of post-training data generation and evaluation for AI models, raised $25 million in Series A funding led by A91 Partners, with participation from Susquehanna International Group and Prosus Ventures.

• EPIC Microsystems, a semiconductor company providing power delivery solutions for AI infrastructure, raised $21 million in Series A funding led by Seligman Ventures, with participation from Intel Capital, AICONIC Ventures, Cambium Capital, A&E Investments, Assam Ventures, and Nepenthe Capital.

• Onit Security, an Israeli AI-powered vulnerability remediation platform, raised $11 million in seed funding co-led by Hetz Ventures and Brightmind Partners.

• Littlebird, a San Francisco-based AI tool that captures and converts screen content into searchable text, raised $11 million in seed funding led by Lotus Studio.

Fintech

• Shepherd, a San Francisco-based commercial insurance platform for construction and infrastructure, raised $42 million in Series B funding led by Intact Private Capital, with participation from Spark Capital and Costanoa Ventures.

• Spade, a platform that enriches raw payment transaction data into structured merchant records for banks and fintechs, raised $40 million in Series B funding led by Oak HC/FT, with participation from Andreessen Horowitz, Flourish, Gradient, NAventures, and Y Combinator.

Consumer & Media

• Mirage, the AI video editing and marketing company behind the Captions app, raised $75 million in growth financing from General Catalyst's Customer Value Fund.

Healthcare

• Qualified Health, an enterprise AI platform for health systems, raised $125 million in Series B funding led by New Enterprise Associates, with participation from Transformation Capital, GreatPoint Ventures, Cathay Innovation, Menlo Ventures' Anthology Fund, SignalFire, Frist Cressey Ventures, Flare Capital Partners, and Healthier Capital.

• Gilgamesh Pharma, a clinical-stage biotech developing psychedelics-derived neuropsychiatric therapies, raised $60 million in Series A funding led by Satori Neuro, with participation from Prime Movers Lab.

• Stedi, a New York-based healthcare clearinghouse for processing insurance transactions between providers and payers, raised $50 million in Series C funding led by Addition, with participation from Stripe, Ribbit Capital, Union Square Ventures, First Round Capital, BoxGroup, and Bloomberg Beta.

• Adonis, a New York-based AI orchestration platform for revenue cycle management, raised $40 million in Series C funding led by Quadrille Capital, with participation from General Catalyst and Bling Capital.

• Amani Therapeutics, a NYC-based biotech developing treatments for neuropsychiatric disorders, raised $25 million in Series A funding led by RTW Investments.

• JAAQ, a London-based behavioral health platform, raised $17 million in Series A funding led by Meridian Health Ventures, with participation from Fuel Ventures and Guinness Ventures.

Industrials, Greentech, & Other

• Shield AI, a defense AI company developing autonomous software for military aircraft and drones, raised $2 billion in Series G funding co-led by Advent International and Blackstone at a $12.7 billion post-money valuation, with a portion of proceeds earmarked to fund the acquisition of Aechelon Technology, a high-fidelity simulation and synthetic reality software company being divested by Sagewind Capital.

• PDW, a Huntsville, Alabama-based maker of modular unmanned systems for defense and public safety, raised over $110 million in Series B funding led by Ondas, with participation from Hood River, Cedar Pine, Hanwha Asset Management's venture fund, and Booz Allen Hamilton.

• Sift, an El Segundo-based AI platform that helps engineers and AI systems interpret hardware sensor data for mission-critical machines, raised $42 million in Series B funding led by StepStone, with participation from GV, Riot Ventures, Fika Ventures, and CIV.

• PAVE Space, a Swiss developer of orbital transfer vehicles, raised $40 million in seed funding co-led by Visionaries Club and Creandum, with participation from Lombard Odier Investment Managers, Atlantic Labs, Sistafund, b2venture, ACE Investment Partners, Ilavska Vuillermoz Capital, and Pareto & Motier Ventures.

• Lucid Bots, a Charlotte, North Carolina-based maker of autonomous exterior cleaning drones and robots, raised $20 million in Series B funding co-led by Cubit Capital and Idea Fund Partners, with participation from WaterStone Impact Fund and Front Porch Ventures.

• Miraterra, a Vancouver-based soil measurement and analytics platform, raised C$16 million in seed extension funding led by At One Ventures, with participation from Farm Credit Canada, S2G Investments, Sitka Foundation, and iSelect.

• Scalvy, a modular power electronics company serving AI data centers, energy storage, and electric mobility, raised $13.9 million in Series A funding co-led by a strategic investor and Silicon Badia, with participation from Azolla Ventures, Climate Capital, and Skyriver Ventures.

• Lead Edge Capital raised $3.5 billion for its seventh growth equity fund, focused on software, internet, and technology-enabled businesses.

• Kleiner Perkins raised $3.5 billion across two new funds: a $1 billion early-stage vehicle and $2.5 billion in growth funds.

• Forward Consumer Partners, a consumer-focused lower middle market investor, raised $500 million for its second fund.

• Pritzker Alternative Strategies, an Anthony Pritzker family-backed fund-of-funds focused on U.S. and European lower and middle-market private equity, raised $385 million for its debut fund.

• Futurepresent, a venture firm launched by former General Catalyst and Cherry Ventures partners, raised $300 million for its debut fund focused on AI platforms and infrastructure across the U.S. and Europe.

• Overmatch Ventures raised $250 million for its second fund focused on deep tech, defense, and space.

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Carlyle Group is preparing a multibillion-dollar structured financing to seed its next flagship buyout fund and return capital to investors in older vintages, reports Bloomberg.

The deal, known internally as "Project Potomac," would provide capital for Carlyle Partners IX through a vehicle combining senior debt, preferred shares, and common equity, with Carlyle retaining a significant minority stake in the equity on its balance sheet, according to people familiar with the matter.

Investors in predecessor funds would roll their holdings into the new structure, receiving a mix of equity exposure and cash, with the vehicle in turn investing in the next buyout fund.

Unlike popular liquidity solutions such as continuation vehicles and NAV facilities, Carlyle's proposal tackles both sides of the equation — liquidity for existing investors that also capitalizes the next vintage.

Carlyle's AlpInvest unit is structuring the transaction, which places the firm's own secondaries platform on the other side of a liquidity solution for its flagship private equity franchise.

The vehicle in some ways resembles a collateralized fund obligation, but has a couple of key differences.

It will not carry a credit rating, which means it won't be able to access capital from insurance companies and generally narrows the potential buyer universe. In return, the structure offers greater flexibility in the timing of cash distributions, giving Carlyle room to manage distribution waterfalls on its own terms.

The second major deviation is that the proposed Potomac vehicle contemplates a far larger allocation to preferred shares than is typical in rated structures.

The unrated, preferred-heavy proposal requires a buyer base that's comfortable with non-standard assets and free from constraints such as ratings mandates, which likely means family offices or sovereign wealth funds.

Project Potomac will hold stakes in both Carlyle Partners VII and Carlyle Partners VIII, the people said.

Co-President John Redett said late last year that the seventh fund was "not our best work of art," though performance has since improved, with 70 percent of invested capital distributed back to investors. Fund VIII is in better shape, with 80 percent of its capital committed and invested, Redett noted on last month's earnings call.

Carlyle has not yet begun formal fundraising for Carlyle Partners IX. The firm recently disclosed targets of at least $200 billion in capital raised by 2028, including $50 billion for global private equity, $90 billion-plus for credit, and at least $60 billion for AlpInvest.

The final size and terms of Project Potomac are still being negotiated.

• Ardian agreed to acquire a majority stake in Casaforte, an Italian self-storage operator.

• Judan Financial, a subsidiary of Abu Dhabi's International Holding Company (IHC), acquired a 50.1% stake in Alpha Wave Global, a U.S.-based alternative asset manager with around $29 billion in assets under management.

• Blackstone GP Stakes and Blue Owl Capital GP Strategic Capital acquired a minority stake in Atlas Holdings, a Greenwich, Connecticut-based private equity firm managing more than $16 billion.

• Denso, Toyota's largest automotive parts supplier, submitted a takeover proposal for Rohm, a Kyoto-based power semiconductor maker, in a deal valued at around $8.3 billion.

• EQT has hired Arma Partners to explore a sale of SUSE, a Luxembourg-based open-source software company that could be valued at up to $6 billion, per Reuters.

• Cintas (Nasdaq: CTAS) agreed to acquire UniFirst (NYSE: UNF), a workwear and facility services provider, for $5.5 billion.

• Advent International is exploring a potential sale of Ultra Maritime, a naval defense company specializing in anti-submarine warfare technologies, which could be valued at more than £3 billion, per Bloomberg.

• KKR is working with advisers on a sale of CoolIT Systems, a Canadian data center liquid cooling provider, which could be valued at more than $3 billion, per the Financial Times.

• Lone Star Funds agreed to acquire Lonza Group's Capsules & Health Ingredients business at an enterprise value of $3.0 billion, with Lonza retaining a 40% stake.

• Servier agreed to acquire Day One Biopharmaceuticals (Nasdaq: DAWN), a commercial-stage oncology company focused on pediatric and adult cancer treatments, for $2.5 billion in cash.

• Monomoy Capital Partners agreed to acquire Jiffy Lube International and Premium Velocity Auto, a quick lube and automotive service franchise network with more than 2,000 locations across the U.S. and Canada, for $1.3 billion from Shell (NYSE: SHEL).

• TA Associates has hired JPMorgan to find a buyer for bubble tea brand Gong cha, which could be valued at around $2 billion, per Bloomberg.

• AtaiBeckley (Nasdaq: ATAI) is exploring a potential sale or partnership for BPL-003, a nasal spray for treatment-resistant depression entering Phase 3 trials, which could be valued at $2 billion or more, with Jefferies and JPMorgan advising, per Bloomberg.

• Brookfield Asset Management is in talks to acquire World Freight Co., an air cargo firm, from EQT and PAI Partners for up to $1.3 billion, per Bloomberg.

• Goldman Sachs Alternatives acquired a majority stake in Mace Consult, a London-based project management consultancy with close to $1 billion in annual revenue, from Mace Group.

• Blackstone has hired Citigroup to lead a potential sale of ShyaHsin Packaging, a Chinese beauty packaging manufacturer, which could be valued at least $1 billion, per Bloomberg.

• Agilent Technologies (NYSE: A) agreed to acquire Biocare Medical, a California-based provider of clinical and research pathology solutions, for $950 million from Excellere Partners and GHO Capital Partners.

• Universal Health Services (NYSE: UHS) agreed to acquire Talkspace (Nasdaq: TALK), a virtual behavioral health company, for $835 million.

• Oak Hill Capital agreed to acquire Guild Garage Group, an alliance of garage door repair and replacement businesses, for more than $800 million, per Reuters.

• Netflix (Nasdaq: NFLX) acquired InterPositive, an AI-powered filmmaking technology company founded by Ben Affleck, for as much as $600 million, per Bloomberg.

• Axel Springer agreed to acquire Telegraph Media Group, a UK newspaper publisher, for £575 million from RedBird IMI.

• LDC acquired a minority stake in i247 Group, a Poole-based fleet management software provider for the automotive leasing sector.

• Informa (LSE: INF) is exploring the sale of a stake in its Monaco-based luxury events portfolio, which includes the Monaco Yacht Show and Top Marques Monaco and generates roughly $200 million in annual revenue, with potential interest from sovereign wealth funds, per Reuters.

• Morinaga & Co. acquired My/Mochi Ice Cream, a U.S. mochi ice cream brand, from Lakeview Capital for $135 million.

• L Catterton combined Bel Cosméticos and Mundo do Cabeleireiro to create Brazil's largest multi-brand specialty beauty retail platform with more than 130 stores, with NEIII Fund exiting as part of the deal.

• Austrian Post acquired a 70% stake in euShipments, a Bulgarian e-commerce logistics provider for online merchants across Central and Eastern Europe, from BlackPeak Capital for €55 million.

• EQT agreed to acquire a 42% stake in Kelda Holdings, the parent company of Yorkshire Water, a UK water and wastewater utility.

• Zendesk, owned by Permira and Hellman & Friedman, agreed to acquire Forethought, an SF-based customer service AI startup backed by K9 Ventures, NEA, and others.

• Round 2, a Praesidian Capital-backed collectibles company, acquired Lionel, a model trains and hobby brand, forming the Lionel Brands Group.

• Cogency Global, a Bertram Capital portfolio company, acquired Elemental CoSec, a UK-based corporate governance and company secretarial services firm.

• Victor Capital Partners acquired Specialty Fenestration Group, a Houston-based manufacturer of transaction and high-security windows and doors, from River Associates Investments.

• Dynamic Access, a portfolio company of RiverGlade Capital, acquired PICC Stat, a Minneapolis-based vascular access provider.

• ATIS, a Thompson Street Capital Partners portfolio company, acquired Soberman Engineering, a Toronto-based vertical transportation consultancy.

• Coriant, a UK-based industrial maintenance services group backed by H.I.G. Capital, acquired Control Valve Services, a specialist control valve maintenance and refurbishment provider.

• Siris agreed to acquire a majority stake in TAKKION, a renewable energy services provider, from Apollo.

• Tributary Group invested in Softworks Group, an Edmonton, Alberta-based regulatory and workforce software provider for professional regulators and licensing bodies.

• Altamont Capital Partners invested in Key Container Corporation, a family-owned corrugated box manufacturer in New England.

• ACA Group, backed by Genstar Capital, acquired FX Transparency, a provider of foreign exchange transaction cost analysis and best execution analytics for institutional investors.

• Ardurra Group, a portfolio company of Littlejohn, acquired Remington & Vernick Engineers, a Cherry Hill, New Jersey-based water and municipal engineering consultancy.

• Sundance Growth invested in Guardhouse, a Sydney-based workforce management platform for physical security providers.

• Ranger Fire & Security, a portfolio company of Hyperion Equity Partners, acquired MarkOne Safety Solutions, a U.K. provider of fire safety and emergency lighting systems.

• Midland Industries, a portfolio company of Gemspring Capital, acquired Industrial Specialties Manufacturing, an Englewood, Colorado-based maker of pneumatic, vacuum, and fluid-control components.

• Serent Capital invested in Saisystems Health, a Shelton, Connecticut-based provider of RCM and EHR solutions for physicians serving skilled nursing facilities.

• ramarketing, backed by NorthEdge, acquired ISR Market Research, a North Carolina-based market research firm specializing in the pharmaceutical outsourcing sector.

• Hydraulic Technologies, a portfolio company of Wynnchurch Capital, acquired Foxtrot Industriel, a Saint-Hyacinthe, Quebec-based maker of motorized industrial handling equipment.

• Mountaingate Capital invested in Harvest Group, a Rogers, Arkansas-based integrated commerce agency for high-growth consumer brands.

• Henkel agreed to acquire DeMert Brands, the parent company of haircare brand Not Your Mother's, from Main Post Partners.

• Chicago Pacific Founders invested in Nexben, a Minneapolis-based healthcare benefits management platform.

• BV Investment Partners acquired a majority stake in Moxe Health, a Madison, Wisconsin-based EHR-neutral clinical data exchange platform.

• Saber Power Services, a portfolio company of Greenbelt Capital Partners, acquired Bounds Construction II, a Tylertown, Mississippi-based foundation construction services provider for industrial, utility, and energy infrastructure projects.

• ISPN, a portfolio company of Align Capital Partners, acquired ZCorum, an Alpharetta, Georgia-based provider of broadband diagnostics and managed services for rural internet providers.

• RESA Power, a portfolio company of Kohlberg, acquired JA Tech, a Saskatoon-based provider of field and engineering services for electrical power systems.

• ORS Nasco, a portfolio company of Wynnchurch Capital, acquired AD Member Supply, a bearings and power transmission wholesaler, and Alliance Distribution Partners, an industrial and welding products wholesaler.

• Fera Science, a portfolio company of Bridgepoint, acquired Qotho Minerals, a South African provider of proficiency testing schemes for the minerals industry.

• GI Partners hired Centerview and Guggenheim to explore the sale of Clinical Ink, a clinical trial technology business, per Axios Pro.

• InTandem Capital Partners is preparing to sell Pediatric Home Service, a provider of home-based healthcare services for children, per Axios Pro.

• Seal Shield LLC acquired Vioguard, a Washington State-based provider of UV-C keyboard sanitizing systems and device sanitization technologies for healthcare, from Imagen Capital Partners.

Tech, Vertical SaaS, & Misc. Enterprise

• Nscale, a U.K.-based AI cloud infrastructure provider, raised $2 billion in Series C funding at a $14.6 billion valuation co-led by Aker ASA and 8090 Industries, with participation from Nvidia, Citadel, Dell, Jane Street, Lenovo, Linden Advisors, Nokia, Astra Capital Management, Point72, Fidelity Management and Research Company, and G Squared.

• AMI Labs, a Paris-based AI startup developing world models co-founded by Turing Award winner Yann LeCun, raised $1.03 billion in seed funding at a $3.5 billion pre-money valuation, co-led by Cathay Innovation, Greycroft, Hiro Capital, HV Capital, and Bezos Expeditions.

• Nexthop AI, a Santa Clara-based startup building AI switching solutions for hyperscalers and NeoClouds, raised $500 million in Series B funding at a $4.2 billion valuation led by Lightspeed Venture Partners, with participation from Andreessen Horowitz, Altimeter Capital, Kleiner Perkins, Battery Ventures, Emergent Ventures, U.S. Innovative Technology Fund, and WestBridge Capital.

• Armadin, a San Francisco-based cybersecurity company building autonomous threat simulation and defense agents, raised $189.9 million in combined Seed and Series A funding led by Accel, with participation from Google Ventures, Kleiner Perkins, Menlo Ventures, In-Q-Tel, 8VC, and Ballistic Ventures.

• Mozark, a Singapore-based digital experience testing and monitoring platform, raised $40 million in Series B funding co-led by International Finance Corporation and RMB Capitalworks, with participation from Kalaari Capital.

• Qevlar AI, a Paris-based AI platform that automates security operations center investigations, raised $30 million in new funding co-led by Partech and Forgepoint Capital International, with participation from EQT Ventures & Growth.

• Scanner, a security data platform for AI-powered threat detection and response, raised $22 million in Series A funding led by Sequoia Capital, with participation from CRV and Mantis VC.

• Standard Kernel, a company building AI systems that generate optimized GPU software, raised $20 million in seed funding led by Jump Capital, with participation from General Catalyst, Felicis, Cowboy Ventures, Link Ventures, Essence VC, CoreWeave, and Ericsson Ventures.

• Escape, a Paris-based offensive security platform, raised $18 million in Series A funding led by Balderton Capital, with participation from Uncorrelated Ventures, IRIS, and Y Combinator.

• Levitate, a Raleigh, NC-based relationship marketing platform, raised $16 million in Series C funding led by Harbert Growth Partners, with participation from Northwestern Mutual Future Ventures and Bull City Venture Partners.

• City Detect, a Tuscaloosa-based computer vision platform that helps local governments monitor and address urban blight, raised $13 million in Series A funding led by Prudence Venture Capital, with participation from Zeal Capital Partners, Knoll Ventures, Las Olas Venture Capital, and Atlanta Seed Co.

• Mega, a Brooklyn-based AI marketing platform for small and mid-sized businesses, handling SEO, paid ads, and website management, raised $11.5 million in Series A funding led by Goodwater Capital, with participation from Andreessen Horowitz, Atreides Management, SignalFire, and Kearny Jackson.

• Depot, a platform that accelerates container builds and CI runners, raised $10 million in Series A funding from Felicis, Y Combinator, and Pioneer Fund.

Fintech

• Nitra, a financial and back-office operating platform for healthcare practices, raised $187 million in financing, including a $50 million Series B equity round, $20 million in venture debt from Avenue Capital Group, and a $95 million warehouse facility, with equity investors including Comma Capital, AppWorks, Actions Capital, and Dunamu.

• Uzum, Uzbekistan's digital commerce and fintech platform, raised $131.5 million in pre-Series B funding — comprising $81.5 million in equity and $50 million in convertible financing — at a $2.3 billion pre-money valuation, led by sovereign entities of the Sultanate of Oman, with participation from Tencent, VR Capital, and FinSight Ventures.

• Silverflow, an Amsterdam-based card payment processing company, raised $40 million in Series B funding led by Picus Capital, with participation from Rabo Investments, Inkef, Global PayTech Ventures, Crane Venture Partners, and Coatue.

• Outpost, a London- and New York-based platform for cross-border payments and compliance, raised $17.5 million in Series A funding led by Ribbit Capital, with participation from Better Tomorrow Ventures.

• Sigma360, a New York-based platform for risk intelligence, financial crime prevention, and compliance, raised $17.3 million in Series B funding led by Moderne Ventures, with participation from Vocap Partners, Contour Ventures, and Mosaik Partners.

Consumer & Media

• Sandbar, a New York City-based AI smart ring company, raised $23 million in Series A funding co-led by Adjacent and Kindred Ventures.

• Saltz, a Vilnius-based marketplace connecting professional kitchens with food suppliers, raised €20 million in Series A funding from EBRD, Inovo, Lifeline Ventures, and Change Ventures.

Healthcare

• Alan, a French digital health insurance platform, raised €100 million in new funding led by Index Ventures, with participation from Belfius, Greenoaks Capital, Kaaf Investments, and SH Capital.

• Vitestro, a Utrecht-based developer of autonomous robotic phlebotomy devices, raised $70 million in Series B funding from Labcorp Venture Fund, Mayo Clinic, Sutter Health, InterVest, MGFO, PGGM, Puma Venture Capital, ROM Utrecht, Invest-NL, EIC Fund, NYBC Ventures, and Sonder Capital.

• Translucent, an AI platform for healthcare finance, raised $27 million in Series A funding led by GV, with participation from NEA, Virtue, and FPV Ventures.

• Tacit Therapeutics, a Brisbane, Calif.-based RNA editing company focused on brain disease therapies, raised $19 million in Series A funding led by KdT Ventures, with participation from Civilization Ventures, Eisai Innovation, and Michigan Capital Network.

Industrials, Greentech, & Other

• Rhoda AI, a Palo Alto-based startup that trains AI models on internet videos to direct industrial robots, raised $450 million in Series A funding led by Premji Invest at a $1.7 billion valuation, with participation from Capricorn Investment Group, Khosla Ventures, Leitmotif, Matter Venture Partners, Mayfield, Prelude Ventures, Temasek, and Xora.

• Augur, a London-based AI platform that uses existing cameras and sensors to detect threats against critical infrastructure and public spaces, raised $15 million in seed funding led by Plural, with participation from First Kind, SNR, Flix, and Tiny VC.

• Voomi Supply, a Philadelphia-based eCommerce platform for HVAC and industrial supplies, raised $10 million in Series A funding led by Asymmetric Capital Partners.

• Bain Capital raised $10.5 billion for its sixth pan-Asia buyout fund, surpassing its $7 billion target, per Bloomberg.

• General Catalyst is in talks to raise around $10 billion in new funding as it expands beyond its venture capital roots into a broader financial services platform, per Bloomberg.

• Founders Fund is nearing a $6 billion close for its fourth growth fund, per TechCrunch.

• Glade Brook Capital Partners raised over $1 billion for its Gondola Fund, a continuation vehicle acquiring assets from its 2021-vintage Strategic Growth III fund.

• Truelink Capital raised $2.0 billion for its second middle market buyout fund.

• a16z Crypto, the crypto arm of Andreessen Horowitz, is targeting around $2 billion for its fifth crypto fund, per Fortune.

• BNP Paribas Asset Management Alts, through its PRIME unit (formerly AXA IM Prime), raised €540 million for its debut GP stakes fund.

• Coefficient Capital raised over $500 million for its second growth equity fund focused on consumer and technology-driven brands.

• Scout Ventures raised an oversubscribed $125 million for its fifth fund targeting early-stage AI, autonomy, space, cyber, and quantum technologies.

• Breakout Ventures raised $114 million for its third fund focused on AI-driven early-stage startups in scientific fields.

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Private credit has dominated the headlines this week as concerns over investment quality reach a boiling point.

Recent product releases from AI research labs like Anthropic have reignited questions around the go-forward viability of legacy software products. That's an issue for private credit because of SaaS portfolio concentration after years of heavy lending to the sector.

Apollo President Jim Zelter said earlier this month that he estimated that roughly 40 percent of all sponsor-backed private credit went into the sector (and around 30 percent of private equity committed capital). Barclays estimates software is now the largest single exposure of all BDC loan holdings at around 20 percent, versus just 13 percent in the broadly syndicated leveraged loan market, per Morningstar.

True exposure could be even greater.

A Bloomberg News review of thousands of holdings across seven major BDCs found that at least 250 investments worth more than $9 billion were not labeled as software loans by one or more lenders, even though the borrowers describe themselves that way, their sponsors describe them that way, or other lenders in the same credit classify them that way.

Apollo categorizes Kaseya, a self-described "IT management software" company, as "specialty retail." Golub Capital categorizes Restaurant365, which calls itself a "back-office restaurant system software" provider, under "food products," alongside Louisiana Fish Fry and the maker of Bazooka Bubble Gum. Sixth Street Partners classifies Pricefx, whose homepage uses the word "software" more than a dozen times, as a "business services" company.

Investor jitters first hit Blue Owl last month with a wave of redemptions, eventually forcing the firm to halt exits from one of its funds and sell off assets to boost liquidity levels. That's led to fears of contagion, with Ares, Blackstone, and Apollo now all managing through a period of heightened withdrawals across their semi-liquid vehicles.

Blackstone's $82 billion Private Credit Fund faced a record redemption request of roughly $3.8 billion last quarter, or around 7.9 percent of net assets. To meet the request without altering the terms of its tender offer, Blackstone allocated $250 million of firm capital and collected $150 million of personal contributions from more than 25 senior leaders across the business, according to people familiar with the matter.

As BDCs prepare to meet the coming redemption requests, managers face decisions on how best to navigate the situation. Outside of Blue Owl, no other perpetual fund has formally gated withdrawals yet, and no one wants to be the first.

Adding more intrigue to the brewing mess, the escalating conflict in Iran could move things in either direction, depending on who you ask.

While geopolitical concerns likely mean a halt to dealmaking, some see a boost to the relative value of private credit. Volatile financial markets and borrower uncertainty could mean that relationship-based bespoke financing solutions offered by direct lenders are now more important than ever.

Either way, there seems to be growing consensus that the asset class is due for some level of reset.

"We're going to have a correction, but it's no different than the correction that's happening in banking," Rowan said at Bloomberg Invest. "There's always going to be fraud. There's always going to be underwriting mistakes. But the question is who's a good risk manager and who's not a good risk manager?"

.• Stonepeak Partners and Bernhard Capital Partners are in advanced talks to acquire Cleco, a Louisiana-based electric utility, from Macquarie Group for more than $5 billion, per Bloomberg.

• Norges Bank Investment Management, British Columbia Investment Management Corporation, and Brookfield Asset Management launched Northview Energy, a North American renewable energy platform with 2.3 GW of operating solar and wind capacity.

• NVIDIA (Nasdaq: NVDA) invested $2 billion each in photonics companies Lumentum (Nasdaq: LITE) and Coherent (NYSE: COHR) as part of separate multiyear strategic agreements that also include multibillion-dollar purchase commitments and future capacity access rights for data center optics development.

• Shanghai Moody Technology, a Chinese colored contact lens maker backed by Hillhouse, KKR, 5Y Capital, and GGV Capital, is exploring a sale that could value the company at around $1 billion, per Bloomberg.

• Blackstone Life Sciences agreed to invest $400 million over four years in Teva Pharmaceutical (NYSE: TEVA) to fund clinical development of duvakitug, a Phase III monoclonal antibody targeting TL1A for ulcerative colitis and Crohn's disease.

• Phusion Projects has hired JPMorgan to explore the sale of Four Loko, its canned alcoholic RTD brand, which could be valued at around $400 million, per Reuters.

• Centurium Capital, the controlling shareholder of Luckin Coffee, agreed to acquire Blue Bottle Coffee, a specialty coffee chain, from Nestlé for less than $400 million, per Caixin.

• TPG's Rise Fund invested around $250 million in Findhelp, an Austin-based social care technology platform.

• J.C. Flowers & Co. committed up to $200 million to support the launch of Accelerated Wealth Partners, a New York-based RIA acquisition and operating platform.

• Royal Cup Coffee & Tea, backed by Braemont Capital, agreed to acquire Farmer Brothers Coffee Co. (Nasdaq: FARM), a roaster, wholesaler, and distributor of coffee, tea, and allied products, for around $28 million in cash.

• Bierman Autism Centers, a privately held ABA provider operating 20 clinics across seven states, is in the late stages of a sale process, per Axios.

• Precision Strategies, backed by Abry Partners, acquired Firehouse Strategies, a Washington, D.C.-based public affairs firm backed by Aldine Capital Partners.

• Blue Fire Equity invested in Jovian Concepts, a Hanover, Maryland-based provider of technical services to the U.S. defense and intelligence community.

• SeaFort Capital acquired a majority stake in Allmar, a Winnipeg-based door and hardware supplier, with Roynat Equity Partners co-investing.

• West Star Aviation, a portfolio company of Greenbriar Equity Group, acquired DCJet, a Sterling, Virginia-based provider of field maintenance and AOG services for business aviation operators.

• Goldman Sachs Alternatives acquired a majority stake in Schellman, a Tampa-based cybersecurity compliance and attestation services provider, from Lightyear Capital, which will retain a minority position.

• Trinity Hunt Partners invested in Berger Consulting Group, a Los Angeles-based provider of economic consulting and damages analysis for labor and employment disputes.

• Roots Corp. (TSX: ROOT), a Canadian clothing retailer, is exploring strategic alternatives, including a potential sale, with J.P. Morgan advising, per Bloomberg.

• Lee Equity Partners acquired KCIC, a Washington, D.C.-based consulting firm specializing in tort liability management and insurance risk analysis.

• Riveron, a national business advisory firm backed by Kohlberg, invested in Cuesta Partners, a Chicago-based AI and data technology firm focused on finance transformation for middle market companies.

• Southern Home Services, a portfolio company of Gryphon Investors, acquired Dunn's HVAC, Plumbing & Electrical, an Anniston, Alabama-based residential home services provider.

• Trive Capital invested in Adrianna Papell, a New York City-based designer of women's special-occasion apparel.

• Enverus, a Blackstone-backed energy data analytics platform, agreed to acquire Spatial Business Systems, a design automation platform for electric and gas utilities and critical infrastructure, from Peak Rock Capital.

• All Seas Capital invested in Sereni, a funeral services platform operating across Belgium, Germany, and Poland.

• Gemspring Capital made a minority investment in Aeromed Group, a Charlotte, North Carolina-based aerospace and defense supply chain provider, to support the company's recent acquisitions of HITEK Electronic Materials, NorcaTec, and Kit Pack Company.

• Virtual Technologies Group, a portfolio company of Jacmel Partners, acquired Vector Tech Group, a Michigan-based provider of customized IT solutions.

• Gryphon Investors acquired a majority stake in HRSoft, a Denver-based enterprise compensation management software provider, from Bow River Capital, which retained a minority stake.

• Arcline Investment Management submitted a preliminary all-cash takeover offer for Senior Plc (LSE: SNR), a UK aerospace supplier, joining Advent and the Tinicum-Blackstone consortium in a three-way contest for the company, per Bloomberg.

• Cloudpermit, a portfolio company of The Riverside Co., acquired CityReporter, a Canadian provider of municipal asset management and inspections software.

• Vista Equity Partners increased its investment in Portside, a cloud-based aviation software provider, to a majority stake.

• Quantum Health, a portfolio company of Warburg Pincus and Great Hill Partners, acquired CirrusMD, a Denver-based on-demand virtual care provider.

Tech, Vertical SaaS, & Misc. Enterprise

• Cart, a Houston-based commerce and logistics platform, raised $180 million in growth equity funding led by Springcoast Capital Partners, with participation from PayPal Ventures, Arsenal Growth Equity, Mercury Fund, and Oak HC/FT.

• Cylake, a cybersecurity platform for regulated institutions requiring on-premises data sovereignty, raised $45 million in seed funding led by Greylock.

• Fig Security, an Israeli cybersecurity company that monitors enterprise security stacks to detect and fix broken detection and response workflows, raised $38 million in combined Seed and Series A funding co-led by Team8 and Ten Eleven Ventures, with participation from Crosspoint Capital Partners, U&I Ventures, and Cyber Club London.

• Unleash, an Oslo-based open-source FeatureOps platform for managing software feature rollouts, raised $35 million in Series B funding led by One Peak, with participation from Spark Capital, Frontline Ventures, and Firstminute Capital.

• JetStream Security, an enterprise AI governance platform, raised $34 million in seed funding led by Redpoint Ventures, with participation from CrowdStrike Falcon Fund.

• Lio, an AI platform for enterprise procurement, raised $30 million in Series A funding led by Andreessen Horowitz, with participation from Y Combinator.

• Validio, a Stockholm-based data management platform, raised $30 million in Series A funding led by Plural, with participation from Lakestar and J12 Ventures.

• Evervault, a platform for encrypting and managing sensitive data, raised $25 million in Series B funding led by Ribbit Capital, with participation from Index Ventures, Sequoia Capital, Kleiner Perkins, and Operator Partners.

• Reclaim Security, a threat exposure remediation platform, raised $20 million in Series A funding led by Acrew Capital, with participation from QP Ventures and Ibex Investors.

• ArmorCode, a Palo Alto-based exposure management platform, raised $16 million in new strategic funding led by Cheyenne Ventures, with participation from Ballistic Ventures, Highland Capital, Sierra Ventures, NGP Capital, Harmonic Growth Partners, Tau Ventures, and Cervin.

Fintech

• Crossover Markets, operator of CROSSx, an execution-only cryptocurrency ECN for institutional traders, raised $31 million in Series B funding at a $200 million valuation led by Tradeweb Markets, with participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial.

• OKX, a cryptocurrency exchange, received a minority strategic investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, at a $25 billion valuation, with ICE securing a board seat as part of the deal.

• RenoFi, a Philadelphia-based home renovation financing platform, raised $22 million in Series B funding led by Fifth Wall, with participation from Progressive Insurance, HighSage Ventures, Alumni Ventures, Flintlock Capital, Gaingels, Canaan, First Round Capital, Curql, and TruStage Ventures.

• Confido, a financial infrastructure platform for law firms and legal technology providers, raised $9 million in financing across two rounds led by Aquiline Capital Partners, with participation from The LegalTech Fund, Breakwater Ventures, Live Oak Bank, and Context Ventures.

Consumer & Media

• Starface, a New York-based skincare brand known for its star-shaped pimple patches, raised $105 million in minority funding co-led by Astō Consumer Partners and Align Ventures.

• Eight Sleep, a New York-based sleep technology company, raised $50 million in strategic funding led by Tether Investments at a $1.5 billion valuation.

Healthcare

• Sage, a New York-based care platform for senior living and skilled nursing facilities, raised $65 million in Series C funding led by Growth Equity at Goldman Sachs Alternatives, with participation from IVP and Goldcrest.

• Prolium Bioscience, a New York-based biotech developing PRO-203, a CD20xCD3 T-cell engager for autoimmune diseases, raised $50 million in Series A funding led by RTW Investments.

• Poplar Therapeutics, a clinical-stage company developing anti-IgE therapies for food allergy and atopic conditions, raised $45 million in Series A extension funding co-led by Janus Henderson Investors and RA Capital, with participation from SR One, Vida Ventures, and ArrowMark Partners.

• Atavistik Bio, a Cambridge, Massachusetts-based biotech focused on allosteric therapeutics for blood cancer and bleeding disorders, raised $40 million in Series B extension funding led by RA Capital Management, with participation from Nextech Invest, The Column Group, Lux Capital, and Regeneron Ventures, bringing total Series B proceeds to $160 million.

• Greater Good Health, an El Segundo-based value-based primary care company, raised $20.5 million in Series B funding led by Allumia Ventures, along with up to $12.5 million in venture debt from HSBC Innovation Banking, with participation from DaVita Venture Group, Granite Financial Holdings, Flare Capital Partners, Optum Ventures, LRVHealth, Health Velocity, Martin Ventures, and Epsilon Ventures.

• NexCure, a company that builds and operates community-based outpatient CAR-T and T-cell engager treatment centers with health systems, raised $19 million in Series A funding led by RA Capital Management, with participation from Cencora Ventures and Oncology Ventures.

Industrials, Greentech, & Other

• Neura Robotics, a German humanoid robotics company, raised €1 billion in new funding led by Tether Holdings, with participation from Lingotto Investment Management, at a post-money valuation of €4 billion.

• Sierra Space, a defense and space company spun out of Sierra Nevada Corporation, raised $550 million in Series C funding at a post-money valuation of $8 billion led by LuminArx Capital Management, with participation from General Atlantic, Coatue, Moore Strategic Ventures, and Andalusian Private Capital.

• PLD Space, a Spanish developer of reusable rockets for small satellite launches, raised €180 million in Series C funding led by Mitsubishi Electric, with participation from CDTI, COFIDES, and Nazca Capital.

• Oxa, an Oxford-based autonomous vehicle software company for industrial environments, raised $103 million in Series D funding led by the UK National Wealth Fund, with participation from NVentures, IP Group, Hostplus, and bp Ventures.

• RIFT, a Dutch developer of iron fuel technology for industrial heat decarbonization, raised €83.1 million in Series B funding led by PGGM, with participation from Invest-NL, Oost NL, Rubio Impact Ventures, Brabantse Ontwikkelings Maatschappij, and Energietransitiefonds Rotterdam.

• UFORCE, a London-based defense company developing autonomous drones and unmanned systems for multi-domain operations, raised $50 million in seed funding co-led by Shield Capital and Lakestar, with participation from Ballistic Ventures.

• PlasmaLeap Technologies, an Australian company producing zero-emissions ammonia and nitric acid using plasma technology, raised A$30 million (US$20 million) in Series A funding co-led by the Gates Foundation, Investible, and Yara Growth Ventures, with participation from Twynam, GrainCorp Ventures, and Uniseed/UniSuper.

• Frankenburg Technologies, a Tallinn-based developer of mass-manufacturable interceptor missile systems, raised €30 million in Series A funding led by Plural, with participation from SmartCap.

• Zeno, an electric mobility and distributed energy company, raised $25 million in a combined Series A equity and debt financing round led by Congruent Ventures, with participation from Active Impact Investments and Lowercarbon Capital, alongside debt facilities provided by Trifecta Capital and Camber Road.

• HawkEye 360, a Herndon, Virginia-based company that uses satellite constellations to detect and geolocate radio frequency emissions, raised $23 million in Series E extension funding from Ghisallo, Principia Growth, Sixty Degree Capital, and existing investor Strategic Development Fund.

• Photoncycle, a Norwegian solid-state hydrogen storage company that converts surplus solar energy into heat and electricity for winter use, raised €15 million in Series A funding co-led by NordicNinja and Voima Ventures, with participation from Lifeline Ventures, Eviny Ventures, Luminar Ventures, and Momentum.

• Sound Point Capital Management raised $1.5 billion for its third Strategic Capital Fund, targeting asset-based loans to U.S. corporate borrowers.

• Galvanize raised $370 million for its debut real estate fund targeting the decarbonization of commercial real estate.

• HighBrook Investors raised $266 million for its inaugural data center fund targeting 300 MW of data center capacity in Northern Virginia.

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Bain released its 2026 Global Private Equity Report last week, showing that private equity posted its second-best year ever in 2025 based on headline transaction value. New investments climbed 44 percent to $904 billion, and exits jumped 47 percent to $717 billion.

At first glance, that seems like the long-awaited turnaround that investors have been hoping for.

But, exclude the 13 transactions of $10 billion or more, and things look considerably worse. Those megadeals contributed 69 percent of the year's growth in deal value, and overall deal count actually fell 6 percent to 3,018 transactions.

Exit value improved materially in 2025, but distributions to limited partners remain stuck in crisis territory. As a percentage of net asset value, distributions have now held below 15 percent for four consecutive years to set an unwanted industry record.

The situation could arguably be worse than the aftermath of the financial crisis because the current drought has persisted far longer.

Average hold periods at exit have grown to more than seven years, up from five to six years during the 2010–21 period. Nearly 40 percent of portfolio companies are now held for more than five years, compared with 29 percent in 2019.

The companies that did exit successfully in 2025 were overwhelmingly 'gems', high-quality assets, or those with strong strategic relevance. General partners had far more difficulty moving anything with weaker momentum or an uncertain outlook.

GP- and LP-led secondaries continued their strong run, with 41 percent year-over-year growth. According to Bain's survey data, roughly a quarter of general partners initiated or completed a continuation vehicle over the past two years, and approximately 40 percent plan to explore one over the next 12 to 24 months. More than half of survey respondents cited generating liquidity as a primary motivation, with 42 percent focused on securing fresh capital for add-on acquisitions.

But, even with that growth, continuation vehicles still only account for less than 10 percent of total exit value. Limited partners also indicate little appetite for any more than one such transaction per year from any given general partner.

Amid ongoing liquidity challenges, global alternatives fundraising plateaued at roughly $1.3 trillion in 2025, while buyout dropped 16 percent to $395 billion. The total number of funds closed fell 18 percent overall and 23 percent for buyout specifically.

Though limited partner surveys consistently report that the majority plan to maintain or increase private capital allocations, they're still working against unfavorable distributions math: by year-end 2025, 53 percent of LPs in a Private Equity International survey indicated they were limited in making new commitments because prior commitments had not yet been called (a 15-percentage-point increase from year-end 2024).

According to Bain's analysis, around 70 percent of fund series that would typically have raised by now have done so.

It's not quite the zombie fund apocalypse some projected, though there are likely to be casualties among the 30 percent that have not yet raised.

In normal periods, roughly 15 percent of fund series fail to reraise. During the global financial crisis, that rate climbed to roughly 20 percent, which may serve as a good benchmark for where the current cohort will shake out.

• David Lloyd Leisure, backed by TDR Capital, acquired Aspria, a European premium health and wellness operator.

• A consortium led by Global Infrastructure Partners and EQT Infrastructure agreed to acquire AES Corporation (NYSE: AES), a U.S. power utility, for $10.7 billion ($33.4 billion including assumed debt), with CalPERS and QIA joining as co-investors.

• Thoma Bravo agreed to acquire WWEX Group, a third-party logistics provider, from CVC Capital Partners, Providence Equity Partners, PSG, and Ridgemont Equity Partners for around $5 billion, and plans to merge it with existing portfolio company Auctane.

• Allianz Global Investors acquired a 50% stake in a portfolio of 11 battery energy storage projects under construction in Germany from TotalEnergies, representing 789 MW and 1,628 MWh of capacity, with a total development value of €500 million.

• Warburg Pincus agreed to invest up to $1 billion in Global Eggs, a Brazilian multinational egg producer, at an $8 billion valuation.

• Brink's (NYSE: BCO) agreed to acquire NCR Atleos (NYSE: NATL), an ATM managed services provider, for $6.6 billion.

• CPP Investments and Equinix (Nasdaq: EQIX) agreed to acquire atNorth, a pan-Nordic data center operator, for $4 billion from Partners Group.

• Macquarie Asset Management is weighing a bid for a 50% stake in Secure Electronic Registries Victoria (SERV), Victoria's privatized land titles registry, from Aware Super in a deal that could value the asset at A$4 billion, per AFR.

• Bain Capital acquired a majority stake in Tingstad, a Swedish B2B distributor of non-food consumables, from the Jigberg family.

• Brookfield Asset Management (NYSE: BAM) acquired Ori Industries, a London-based AI cloud infrastructure platform, merging it into Radiant, a newly formed Brookfield portfolio company focused on on-demand AI compute and sovereign cloud deployments.

• Accenture (NYSE: ACN) agreed to acquire Ookla, a network intelligence and analytics company whose products include Speedtest, Downdetector, Ekahau, and RootMetrics, from Ziff Davis for $1.2 billion in cash.

• Sandbrook Capital, in partnership with funds managed by Blackstone Credit & Insurance, acquired United Utility Services, a New Orleans-based electric grid infrastructure services provider, from Bernhard Capital Partners for around $1 billion.

• Searchlight Capital Partners and Abry Partners agreed to acquire KORE Group Holdings (NYSE: KORE), an Atlanta-based IoT connectivity and analytics provider, for $726 million.

• 360training.com, a portfolio company of GreyLion and Vestar Capital Partners, acquired select assets of Canadian Food Safety Group, an Alberta-based online food safety training provider.

• Accel-KKR acquired a majority stake in Whip Around, a fleet maintenance and compliance software provider, for more than $100 million.

• Aluminium Bahrain (Alba) signed an exclusive agreement to acquire Aluminium Dunkerque, Europe's largest primary aluminium smelter, from American Industrial Partners.

• Grupo Alacant, a portfolio company of Investindustrial, agreed to acquire Silver Pail, a Cork-based Irish ice cream manufacturer, for around €10 million.

• Zavation Medical Products, a Gemspring Capital portfolio company, acquired ChoiceSpine, a Knoxville, Tennessee-based spinal implant systems maker.

• Waterland Private Equity acquired a majority stake in Cooper Turner Beck Group, a U.K.-based provider of safety-critical fastening solutions for the energy, construction, and heavy industries, from Watermill Group.

• SolomonEdwards, a portfolio company of Renovus Capital Partners, acquired CFO's Domain, a Los Angeles-based CFO advisory consulting and recruiting firm.

• CRC Group acquired Euclid Transactional, an MGA specializing in representations and warranties and tax liability insurance, from Searchlight Capital Partners.

• Tonka Bay Equity Partners acquired a majority stake in CAMP Digital, an Edina, Minnesota-based AI-driven digital marketing platform for home services companies.

• FutureLife Group, backed by CVC Capital Partners and Hartenberg Holding, agreed to acquire Herts & Essex Fertility Centre, an independent fertility clinic based in Hertfordshire, UK.

• Northlane Capital Partners invested in File & ServeXpress, a provider of online legal document exchange and management solutions for courts, government agencies, and legal professionals.

• Tilleghem acquired a stake in Nova Reperta, a Brussels- and Amsterdam-based management consulting firm, from Ardian.

• Woven Solutions, a portfolio company of Falfurrias Management Partners, acquired Valence, a government consultancy delivering commercial technology solutions to the Intelligence Community.

• New State Capital Partners acquired Vast Coworking Group, a coworking franchise platform operating brands including Venture X, Office Evolution, and Intelligent Office, from United Franchise Group.

• Scarlet Security & Risk Group, a portfolio company of Trilogy Capital Partners, acquired Elite Residential Concierge, a Toronto-based residential concierge and security services provider.

• Zenex Animal Health India, a portfolio company of Multiples PE, acquired a majority stake in VievePharm, a Dutch natural animal nutrition company.

• A group led by Tinicum and Blackstone submitted a preliminary proposal to acquire Senior (LSE: SNR), a UK aerospace and defence engineer, with Advent International also confirming it is separately considering an offer.

• Resurgens Technology Partners invested in Breezeway, a Boston-based operations platform for vacation rentals.

• Axel Springer acquired Bisnow, a commercial real estate media and events company, from The Wicks Group.

• Concord, backed by GTCR, acquired Finley Technologies, an SF-based provider of credit facility management software for banks, asset managers, and corporate borrowers.

• Trive Capital invested in Rolfson Oil, a Watford City, North Dakota-based distributor of fuel, oils, and lubricants.

Tech, Vertical SaaS, & Misc. Enterprise

• Ayar Labs, a co-packaged optics company for AI data center interconnects, raised $500 million in Series E funding at a $3.75 billion valuation led by Neuberger Berman, with participation from ARK Invest, Insight Partners, Qatar Investment Authority, Sequoia Global Equities, 1789 Capital, AMD, MediaTek, and Alchip.

• Gambit Security, an Israeli AI-native cyber resilience platform, raised $61 million in combined seed and Series A funding co-led by Spark Capital, Kleiner Perkins, and Cyberstarts.

• Encord, a San Francisco-based data infrastructure platform for physical AI, raised $60 million in Series C funding led by Wellington Management, with participation from Y Combinator, CRV, N47, Crane Venture Partners, Bright Pixel, and Isomer Capital.

• Guild.ai, an enterprise platform for managing and scaling AI agents with governance and cost controls, raised $44 million in seed and Series A funding led by GV, with participation from Acrew Capital, NfX, Khosla Ventures, Scribble Ventures, and Webb Investment Network, valuing the company at $300 million.

• Astelia, a cybersecurity exposure management platform, raised $35 million in combined seed and Series A funding co-led by Index Ventures and Team8, with participation from Holly Ventures.

• Sensera Systems, a Denver-based jobsite intelligence platform for construction, raised $27 million in Series B funding led by 10 Atlantic Group, with participation from Egis Capital Partners and MUUS Asset Management.

• Comp, a Brazilian HR platform for compensation management, recruiting, and performance management, raised $17.25 million in Series A funding led by Khosla Ventures, with participation from Kaszek, Canary, Abstract Ventures, and Endeavor Catalyst.

• Callosum, a London-based company developing software that orchestrates AI workloads across heterogeneous chips, raised $10.25 million in seed funding led by Plural, with participation from ARIA and British angel investors.

• Gushwork, an AI marketing platform that helps businesses get discovered on AI search engines, raised $9 million in seed funding co-led by Susquehanna Asia VC and Lightspeed, with participation from B Capital, Seaborne Capital, Beenext, Sparrow Capital, and 2.2 Capital.

Fintech

• Allica Bank, a UK-based digital bank for SMEs, raised $155 million in Series D funding led by Ventura Capital, with participation from GLG, Sona AM, TCV, and Blue Owl.

• Rowspace, an AI platform that helps financial services firms make faster decisions using proprietary data, raised $50 million in combined Seed and Series A funding co-led by Sequoia Capital and Emergence Capital, with participation from Stripe, Conviction, Basis Set, and Twine.

• Harper, a San Francisco-based commercial insurance brokerage for small and mid-sized businesses, raised $46.8 million in combined seed and Series A funding led by Emergence Capital, with participation from Y Combinator, Peak XV, Antler, 10X Founders, Fellows Fund, and Outset Capital.

• Croissant, a Nashville-based platform that guarantees resale value for fashion purchases at checkout, raised $28 million in new funding co-led by Portage and Third Prime, including $14 million in equity and $14 million in incremental debt capacity.

• Xflow, an India-based B2B cross-border payments platform, raised $16.6 million in Series A funding at an $85 million post-money valuation led by General Catalyst, with participation from Square Peg, Stripe, Lightspeed, Moore Capital, and PayPal Ventures.

Consumer & Media

• VITURE, a developer of XR/AR smart glasses, raised $100 million in Series B funding led by Legend Capital, alongside a group of strategic investors.

Healthcare

• Alveus Therapeutics, a clinical-stage biotech developing therapies for obesity and metabolic diseases, raised $197 million in Series A extension funding led by New Rhein Healthcare Investors, with participation from Jeito Capital and Novo Holdings.

• Salma Health, a brain health company combining diagnostics, treatment, and care coordination, raised $80 million in Series A funding co-led by Mubadala Capital and ARCH Venture Partners, with participation from Lingotto Horizon and Averin Capital.

• QL Biopharm, a Beijing-based biotech developing GLP-1 obesity drugs, including once-monthly candidate zovaglutide, raised $72 million in Series C funding led by OrbiMed, with participation from Qiming Venture Partners, 5Y Capital, Huagai Capital, BlueRun Ventures, and Taiyu Investment.

• BreezeBio, a South San Francisco-based biotech developing mRNA therapies for immune tolerance restoration in type 1 diabetes, raised $60 million in Series B funding co-led by Yuanta Investment and DSC Investment, with participation from SV Investment, Kiwoom Investment, STIC Ventures, Top Harvest Capital, DAYLI Partners, Pathway Investment, Loftyrock Investment, Korea Investment Partners, WOORI Venture Partners, KDB Silicon Valley, and ACVC.

• Temple, an Indian wearable that monitors cerebral blood flow for elite athletes, raised $54 million in seed funding at a post-money valuation of $190 million, with participation from Steadview Capital, Peak XV Partners, InfoEdge Ventures, and Dharana Capital.

• Ease Health, a New York-based CRM, EHR, and RCM platform for behavioral health providers, raised $41 million in Series A funding led by Andreessen Horowitz.

• KeyCare, a Chicago-based Epic-integrated virtual care platform for health systems, raised $27.4 million in new funding led by HealthX Ventures, with participation from 8VC, LRVHealth, BOLD Capital Partners, Ikigai Venture Partners, Edge Ventures, and University of Chicago Ventures.

• Third Way Health, a Los Angeles-based AI platform for medical practice front-office and revenue cycle management, raised $15 million in Series A funding led by Health Velocity Capital.

• BrainCheck, an Austin-based cognitive assessment and care platform, raised $13 million in Series A funding led by Next Coast Ventures, with participation from S3 Ventures and UPMC Enterprises.

• Tamarind Bio, a San Francisco-based AI drug discovery platform, raised $12 million in Series A funding led by Dimension Capital, with participation from Y Combinator.

• Oska Health, a Frankfurt-based platform combining AI and personal health coaches for high-risk chronic disease patients, raised €11 million in seed funding co-led by Capricorn Partners and SwissHealth Ventures, with participation from Revent, Calm Storm, LBBW Venture Capital, BMH, GoHub Ventures, and Aurum Impact.

Industrials, Greentech, & Other

• GROPYUS, a Vienna-based modular timber-hybrid construction company, raised €100 million in new funding from Semapa Next and Practical Venture Capital.

• Chariot Defense, a defense technology company developing battlefield power systems, raised $34 million in Series A funding led by Andreessen Horowitz, with participation from DCVC, LMNT, Marlinspike, Overmatch, Shield Capital, Ensemble, Trenches Capital, General Catalyst, and XYZ.

• NODA AI, an Austin-based orchestration platform for coordinating autonomous military systems, raised $25 million in Series A funding led by Bessemer Venture Partners, with participation from Booz Allen Ventures, Draper Associates, Bloomberg Beta, and Alumni Ventures.

• Bregal Sagemount raised $3.5 billion for its fifth flagship fund.

• Blackstone is planning to launch a publicly traded acquisition company focused on fully leased, operational AI data centers, per Bloomberg.

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KKR has handed control of Accell Group to the Dutch bicycle manufacturer's lenders, calling it quits on a deal that wiped out its initial equity contribution of more than €1.1 billion.

KKR acquired the owner of the Raleigh, Lapierre, and Babboe brands in 2022 for around €1.8 billion, running with the thesis that a recent boom in cycling and e-bikes was part of a long-term secular trend.

Instead, market growth proved fleeting, driven largely by a COVID sales bump as consumers avoided public transport and sought out alternative outdoor exercise options.

The handover, announced last Wednesday, is the second restructuring of Accell in just over a year.

As part of last week's transaction, shareholders, including KKR, will inject roughly €30 million to keep the business running through the ownership transition, according to people familiar with the matter.

Lenders agreed to write off approximately €850 million of 1.5-lien, second-lien, and holding-company level debt, with around €270 million of super-senior financing remaining in place.

Like other COVID-related demand forecast miscues, bicycle manufacturers that had ramped up production found themselves sitting on bloated inventories, forcing heavy discounting across the industry.

KKR wasn't alone in its misread of the durability of pandemic cycling trends. Investment firm GBL wrote down its stake in German bike manufacturer Canyon by 43 percent in 2024, and leadership at brands like Specialized and Pinarello have also discussed post-pandemic financial challenges of their own.

At Accell, however, the situation may have been even worse than that of struggling peers. The company had been more aggressive in its efforts to stay stocked, dramatically over-ordering components during the pandemic supply chain upheaval. The subsequent discounting and inventory write-offs killed the company's revenue and margins, while financing costs rose as rates increased.

An untimely safety recall at the Babboe brand didn't help. Dutch authorities ordered Accell to recall more than 20,000 three-wheeled cargo bikes designed to transport children—an immediate financial hit plus a lengthy period with an important product off the market.

By mid-2023, KKR and fellow shareholder Teslin were already extending emergency loans to the company. Across several cash infusions, the new money eventually totaled around €300 million—capital that has now been wiped out alongside the original equity.

In early 2025, KKR negotiated an initial restructuring agreement that cut Accell's debt by roughly 40 percent to €800 million, extended maturities to 2030, and brought in a total of €235 million in new money from lenders and shareholders. The company also drew €100 million in super-senior financing.

That deal allowed KKR and Teslin to retain control, against objections from some of the company's creditors. Lenders holding around 17 percent of the debt voted against it, and two complained that allowing shareholders to maintain ownership while creditors took writedowns was inequitable.

Ultimately, the deal only kicked the can down the road. The prolonged industry downturn, acknowledged CFO Mohammed Hassan in last week's announcement, "undermined the impact" of last year's salvage attempt.

Lenders, who have already taken significant losses, are now stuck running a business in an industry that still shows few signs of recovery.

• Paramount Skydance (Nasdaq: PSKY) raised its all-cash takeover offer for Warner Bros. Discovery (Nasdaq: WBD) to $31 per share from $30, valuing WBD at roughly $77 billion and potentially reigniting a bidding war with Netflix, per Bloomberg.

• Johnson & Johnson (NYSE: JNJ) is exploring the sale of its orthopedics unit, DePuy Synthes, which could be valued at more than $20 billion, per Bloomberg.

• Brookfield Asset Management (NYSE: BAM) acquired Ori Industries, a UK-based AI cloud infrastructure provider, and merged it into Radiant, a newly created vertically integrated AI infrastructure business.

• MiniMed Group, a diabetes device carve-out from Medtronic (NYSE: MDT), set terms for its Nasdaq IPO at 28 million shares priced at $25–$28, targeting $742 million in proceeds at a valuation of up to $7.9 billion.

• Gilead Sciences (Nasdaq: GILD) agreed to acquire Arcellx (Nasdaq: ACLX), a biotech developing CAR-T cell therapies for multiple myeloma, for $7.8 billion, or $115 per share in cash plus a $5 per share CVR.

• KKR is in final discussions to take Taiyo Holdings, a Japanese chemical manufacturer, private in a deal valued at over $3.6 billion, per Bloomberg.

• An investor consortium led by Affinius Capital, in partnership with Vista Hill Partners, agreed to acquire Veris Residential (NYSE: VRE), a Northeast-focused Class A multifamily REIT, for $3.4 billion.

• CECO Environmental (Nasdaq: CECO) agreed to acquire Thermon Group Holdings (NYSE: THR), a provider of industrial process heating solutions, for $2.2 billion.

• Mavis Tire Express Services, an auto repair and tire service provider backed by BayPine, TSG Consumer Partners, and Neuberger Berman, has selected Goldman Sachs and Bank of America to lead a US IPO that could value the company at around $2 billion, per Bloomberg.

• Bain Capital and Lone Star Funds have advanced to a second round of bidding for Mitsubishi Electric's automotive equipment business, which could fetch around $1.9 billion, per Bloomberg.

• KKR (NYSE: KKR) agreed to acquire a majority stake in XCL Education Holdings, a Singapore-based K-12 school operator, for around $1.3 billion from TPG, per Bloomberg.

• Kinderhook Industries agreed to acquire Enhabit (NYSE: EHAB), a home health and hospice provider, for $1.1 billion.

• Global Medical Response, a KKR-backed air and ground emergency medical services company, has selected JPMorgan and Bank of America to lead a US IPO that could raise around $1 billion, per Bloomberg.

• GSK (NYSE: GSK) agreed to acquire 35Pharma, a Canada-based clinical-stage biopharmaceutical company developing TGF-beta superfamily therapeutics for pulmonary hypertension, for $950 million; backers include VenBio, Marshall Wace, and Frazier Healthcare Partners.

• Carousel Capital-backed Palmetto Infusion Services, a specialty infusion services provider, has received check-in bids from sponsors including GTCR in an auction targeting a $500 million valuation, per Axios.

• Hamilton Lane, Braemont Capital, and Delta-v Capital invested $500 million in VFN Holdings (Vero Networks), a Boulder, Colorado-based fiber infrastructure and broadband internet provider.

• Morgan Stanley Capital Partners acquired Security 101, a West Palm Beach, Florida-based commercial security integration provider, from Gemspring Capital.

• QC Capital Group invested in My Pediatric Doctor, a 24/7 urgent care pediatric telemedicine company.

• Capitolis agreed to acquire the U.S. secured financing platform from 20 Gates Management, a New York-based investment management firm.

• CUBE, backed by Hg, acquired 4CRisk.ai, a Silicon Valley-based RegTech firm specializing in agentic AI-powered compliance and risk mapping.

• GHK Capital Partners acquired CPL, a Rochester, New York-based architecture, engineering, and consulting firm.

• OceanSound Partners acquired Automated Financial Systems (AFS), an Exton, Pennsylvania-based provider of commercial loan servicing and lifecycle management software for financial institutions.

• Angeion Group, backed by Renovus Capital Partners, acquired MedQuest Ltd., a New York City-based legal services firm supporting personal injury and medical malpractice litigation.

• Amberjack Capital Partners acquired a majority stake in CIMA Services, a Houston-based waste management, environmental remediation, and industrial services provider serving the Gulf Coast.

• Experian (LSE: EXPN) acquired AtData, an email address intelligence platform, from TZP Group.

• Shamrock Capital acquired Mutiny, a Los Angeles-based creative agency serving gaming publishers and brands, from Trailer Park Group.

• BayHawk Capital invested in Gridco, a Birmingham, Alabama-based provider of maintenance, upgrade, and construction services to electric utilities.

• RevSpring, a portfolio company of Frazier Healthcare Partners, acquired TrustCommerce, a provider of integrated healthcare payment and security solutions, from Waud Capital Partners.

• L Squared Capital Partners acquired Functional Devices, a Sharpsville, Indiana-based provider of field devices for building automation and emergency lighting systems, from Shorehill Capital.

• OneMagnify, a portfolio company of Crestview Partners, acquired the Performance Marketing business of Optimal.

• Visa (NYSE: V) agreed to acquire Prisma Medios de Pago and Newpay, two Argentine payments platforms, from Advent International.

• Uber (NYSE: UBER) agreed to acquire SpotHero, a digital parking reservation marketplace, from Macquarie Capital.

• WestView Capital Partners made a minority investment in Benefits All In, a Cincinnati-based provider of employee healthcare benefit navigation and risk management solutions.

• Arcline Investment Management agreed to acquire Hydraulics International, a Chatsworth, California-based provider of ground support equipment, mobile test systems, and specialized pumps for A&D and industrials uses.

• Scale Microgrids, a portfolio company of EQT Transition Infrastructure, acquired Reload, a US-based platform that sites, designs, and permits gigawatt-scale data center campuses with on-site power infrastructure.

• Green Heron Partners invested in Regency Plumbing Contractors, a Houston-based commercial plumbing contractor.

• Somersault, a portfolio company of Hidden River Strategic Capital, acquired six The Little Gym locations across the South Bay and San Jose, California markets.

• Center for Social Dynamics, a portfolio company of Goldman Sachs Alternatives, acquired Behavior Change Institute, an Albuquerque-based autism services provider.

• Nokken, a portfolio company of Brook Capital, acquired Space of Mind, a Finnish maker of modular wellness cabins and saunas.

• On Track Partners, a portfolio company of NorthCurrent Partners, acquired Carey's Seamless Gutters & Overhead Doors, a southern Wisconsin provider of gutter systems and garage door services.

• Superior Environmental Solutions, a portfolio company of Palladium Equity Partners, acquired ChemWorx, a Decatur, Alabama-based specialized chemical cleaning services provider.

• HKW acquired Handling Systems and Conveyors, a Little Rock, Arkansas-based provider of crane, hoist, conveyor, and tooling solutions for aerospace and defense, industrial manufacturing, and transportation markets.

• Victor Capital Partners acquired Specialty Fenestration Group, a maker of high-security windows and doors, from River Associates Investments.

• Topspin Consumer Partners invested in Grid, a Dallas-based manufacturer of lockers and performance flooring for fitness and athletic facilities.

• Peak Rock Capital agreed to acquire the EHS software business of UL Solutions (NYSE: ULS), which provides employee health and safety and occupational health management software.

• CargoSprint, a portfolio company of Lone View Capital, acquired Dray Dog, a port drayage software platform for drayage operators.

• Bregal Sagemount acquired a majority stake in Harbor Compliance, a Lancaster, Pennsylvania-based entity compliance solutions provider serving nonprofits and mid-market companies.

• Bain Capital has paused the sale process for Basic Home Infusion, a home infusion provider for patients with intrathecal pumps, over valuation concerns, per Axios.

• L Catterton acquired a significant minority stake in Ex Nihilo, a Paris-based luxury fragrance house, from Eurazeo.

• Dynamic Campus, a portfolio company of Atlantic Street Capital, merged with CampusWorks, a Sarasota, Florida-based IT services and strategy provider for higher education institutions.

• Kava Equity Partners acquired The Berg Group, a Minnesota-based commercial drywall and specialty construction contractor.

• DAE Capital, a Dubai-based aircraft lessor, is nearing a deal to acquire a controlling stake in Macquarie AirFinance, an Irish aircraft leasing platform, per Bloomberg.

Tech, Vertical SaaS, & Misc. Enterprise

• MatX, a Mountain View-based AI chip developer for large language models, raised $500 million in Series B funding co-led by Jane Street and Situational Awareness, with participation from Marvell Technology, NFDG, and Spark Capital.

• SambaNova Systems, a Palo Alto-based AI inference chip company, raised $350 million in Series E funding co-led by Vista Equity Partners and Cambium Capital, with participation from Intel Capital.

• Axelera AI, an Eindhoven-based company developing semiconductors for edge AI inference, raised more than $250 million in new funding led by Innovation Industries, with participation from BlackRock, SiteGround Capital, Bitfury, CDP Venture Capital, European Innovation Council Fund, SFPIM, Invest-NL, Samsung Catalyst Fund, and Verve Investments.

• Basis, a New York-based AI agent platform for accountants, raised $100 million in Series B funding at a $1.15 billion valuation led by Accel, with participation from GV, Khosla Ventures, NFDG, Better Tomorrow Ventures, BoxGroup, and Avid Ventures.

• Fluidstack, a New York-based AI GPU cloud infrastructure provider, raised $100 million in new funding from Google, as part of a deal valuing the company at $7.5 billion.

• Profound, a New York-based platform that helps brands optimize visibility in AI-powered search engines, raised $96 million in Series C funding at a $1 billion valuation led by Lightspeed Venture Partners, with participation from Sequoia Capital, Kleiner Perkins, Saga VC, South Park Commons, and Evantic.

• Dwelly, a London-based platform that acquires and digitizes independent UK letting agencies, raised £69 million in a combination of equity and debt, including a £32 million equity round led by General Catalyst, with participation from Begin Capital and S16VC, alongside a £37 million debt facility from Trinity Capital.

• SolveAI, a London-based no-code platform for building compliant enterprise software via natural language, raised $50 million in combined funding, including a $45 million Series A led by GV and a $5 million pre-seed led by Accel, with participation from Northzone, Mantis VC, and NeverLift.

• Nimble, a New York-based platform that structures live web data into queryable datasets for enterprise AI, raised $47 million in Series B funding led by Norwest, with participation from Databricks Ventures, Target Global, Square Peg, Hetz Ventures, Slow Ventures, R-Squared Ventures, J-Ventures, and InvestInData.

• Union.ai, a Bellevue-based AI development platform built on the open-source Flyte framework, raised $38.1 million in Series A funding led by NEA, with participation from Nava Ventures and Mozilla Ventures.

• Slang AI, a voice AI platform for the hospitality industry, raised $36 million in Series B funding led by U.S. Venture Partners, with participation from Thayer Investment Partners, Homebrew, Stage 2 Capital, Active Capital, Wing VC, Collide Capital, and Underscore VC; the round comprised $28 million in equity and $8 million in debt, bringing total funding to $68 million.

• Astelia, a New York-based exposure management platform, raised $35 million in combined seed and Series A funding co-led by Index Ventures and Team8, with participation from Holly Ventures.

• Portkey, an AI gateway platform for governance, observability, and cost management in production, raised $15 million in Series A funding led by Elevation Capital, with participation from Lightspeed.

Fintech

• Inscope, a San Francisco-based financial reporting platform for accounting firms and enterprises, raised $14.5 million in Series A funding led by Norwest Venture Partners, with participation from Storm Ventures, Better Tomorrow Ventures, and Lightspeed Venture Partners.

• Based, a Singapore-based crypto trading and spending app, raised $11.5 million in Series A funding led by Pantera Capital, with participation from Coinbase Ventures, Wintermute Ventures, and Karatage.

• Neural Earth, a Miami-based geospatial risk intelligence platform for insurance and real estate, raised $9.3 million in seed funding from strategic investors across the insurance, real estate, and technology sectors.

Consumer & Media

• Subject, a Beverly Hills-based K-12 education platform, raised $28 million in Series A funding led by Vistara Growth, with participation from NextEquity Partners, Green Street Impact Partners, Outcomes Collective, Kleiner Perkins, True Equity, L'Attitude Ventures, and Hannah Grey.

• Giant, an AI-powered interactive storytelling platform for child creators, raised $8 million in seed funding co-led by Matrix, Decasonic, and Griffin Gaming Partners, with participation from Perceptive Ventures, Flex Capital, Arbitrum Gaming Ventures, Unpopular Ventures, and LightShed Ventures.

Healthcare

• Slate Medicines, a Raleigh, North Carolina-based biotech developing anti-PACAP therapies for migraine, raised $130 million in Series A funding co-led by RA Capital Management, Forbion, and Foresite Capital.

• Ten63 Therapeutics, a Durham, NC-based AI drug-discovery company developing small-molecule therapies for undruggable targets, raised $22 million in new funding from Chugai Venture Fund and the Gates Foundation.

• Handl Health, an analytics platform for employer-sponsored health plan design, raised $14.2 million in Series A funding led by Arthur Ventures, with participation from Syndra Capital Partners, Mucker Capital, Riverfront Ventures, Digital Health Venture Partners, and Boutique Venture Partners.

• Coral Care, a platform for in-home pediatric speech, occupational, and physical therapy, raised $13 million in Series A funding led by Haymaker Ventures, with participation from FCA Ventures and Peterson Ventures.

• MedScout, an Austin-based commercial intelligence platform for medtech sales teams, raised $10 million in growth funding led by Fulcrum Equity Partners, with participation from Live Oak Venture Partners and Stage 2 Capital.

Industrials, Greentech, & Other

• Wayve, a London-based autonomous driving company, raised $1.2 billion in Series D funding co-led by Eclipse, Balderton, and SoftBank Vision Fund 2, with participation from Ontario Teachers' Pension Plan, Baillie Gifford, British Business Bank, Icehouse Ventures, and Schroders Capital.

• Ubicquia, a Fort Lauderdale-based infrastructure platform for grid modernization, smart lighting, and public safety, raised $106 million in Series D funding co-led by 67 Capital and Marunouchi Innovation Partners, with participation from Hamilton Lane, ClearSky, GMS, and Sercomm.

• Phoenix Tailings, a U.S.-based rare earth metals producer, raised $40.2 million in Series B-3 funding, consisting of $30.2 million in equity led by Olive Tree Capital and $10 million in venture debt from Nomura, with participation from Eni Next, Geodesic Alliance Fund, Traxys, Aether VC, Envisioning Partners, and MPower, bringing total Series B funding to $116.6 million at a $360 million valuation.

• Emerald AI, a Washington D.C.-based software platform that optimizes data center energy demand by orchestrating AI workloads between the power grid and data centers, raised $25 million in seed extension funding at a ~$250 million post-money valuation led by Energy Impact Partners.

• Sophia Space, a San Francisco-based developer of orbital computing systems and in-space data centers, raised $10 million in seed funding co-led by Alpha Funds, KDDI Green Partners Fund, and Unlock Venture Partners.

• Novacap raised nearly $3.8 billion for its seventh technology-focused buyout fund.

• Peak XV Partners raised $1.3 billion across three new funds: India Seed, India Venture, and an APAC-focused vehicle.

• Palm Peak Capital raised $374 million for its debut fund focused on lower middle market industrial and services companies across North America.

• Quantonation Ventures raised €220 million for its second fund.

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In its latest credit agreement, Thoma Bravo included a provision requiring lenders to notify the sponsor within three business days of entering into cooperation agreements with other creditors.

For lenders funding the $1.2 billion term loan backing portfolio company Majesco’s acquisition of cloud software provider Vitech, any failure to self-report results in a loss of voting rights on matters such as amendments to the credit agreement or covenant waivers.

Lender cooperation agreements have become an increasingly common defense against aggressive liability management exercises — a coordinated group of lenders can prevent sponsors from picking off individual lenders or arranging priming transactions.

Thoma Bravo’s provision is designed to give the firm an edge in any potential distressed situation.

By requiring disclosure, Thoma Bravo gains advance notice of any lender coordination, giving the firm an opportunity to preempt any collective action before momentum builds.

Some creditors, however, view the clause as having limited practical force. Because it's a notification obligation rather than an outright prohibition on cooperation agreements, lenders still retain the right to organize, just without the element of surprise that can make coordination more valuable.

The Majesco financing totaled around $1.3 billion, comprising the term loan and a $100 million revolving facility. The deal, which closed in early January, was priced at SOFR + 450 with a step-down to 425 and includes lenders Oak Hill Advisors, Antares Capital, Morgan Stanley Private Credit, Golub Capital, Francisco Partners, and Octagon Credit Investors.

Beyond pricing, the facility’s structural features reflect the leverage sponsors are currently enjoying in financing processes: it’s covenant-lite, non-amortizing, and includes a PIK option.

Borrowers are benefiting from a private credit universe that has become increasingly competitive for lenders—a market dynamic that opens the door to abnormally borrower-friendly documentation, such as Thoma Bravo’s notification provision.

In these situations, lenders are left to figure out the right balance between self-protection through appropriate covenants and LME blockers, while minimizing the number of deals lost to competitors willing to accept less favorable terms.

• The retail operator of Eddie Bauer, an outdoor brand owned by Authentic Brands Group, filed for Chapter 11 bankruptcy protection and began liquidation sales at its approximately 180 stores.

• Canada Pension Plan Investment Board and OMERS hired Morgan Stanley to advise on the sale of their stakes in Associated British Ports, the UK's largest port operator, which could be valued at more than £10 billion, per the Financial Times.

• Nuveen agreed to acquire Schroders (LSE: SDR), a UK-based asset and wealth manager, for £9.9 billion.

• Advent International and FedEx (NYSE: FDX) agreed to acquire InPost, a Polish parcel locker company, for €7.8 billion.

• Blackstone and EQT agreed to acquire Urbaser, a Spanish waste management company, for $6.6 billion from Platinum Equity.

• Transocean (NYSE: RIG) agreed to acquire Valaris (NYSE: VAL), an offshore drilling contractor, for approximately $5.8 billion in an all-stock transaction.

• Icertis, a SoftBank-backed provider of AI-powered contract management software, is working with Goldman Sachs on a potential sale that could value the business at up to $5 billion, per Bloomberg.

• TPG (Nasdaq: TPG) agreed to acquire a majority stake in Sabre Industries, a provider of power, telecom, and data center infrastructure, from Blackstone (NYSE: BX) in a deal valuing the company at $3.5 billion.

• CPP Investments agreed to acquire a 50 percent stake in Inkia Energy, a Peruvian power producer, from I Squared Capital at an enterprise value of $3.4 billion.

• NatWest Group (LSE: NWG) agreed to acquire Evelyn Partners, a UK wealth manager, for £2.7 billion from Permira and Warburg Pincus.

• Eli Lilly (NYSE: LLY) agreed to acquire Orna Therapeutics, a Watertown, Massachusetts-based RNA biotech developing in vivo cell therapies for autoimmune diseases, for up to $2.4 billion in cash.

• QXO (NYSE: QXO) agreed to acquire Kodiak Building Partners, a building materials distributor, for approximately $2.25 billion from Court Square Capital Partners.

• CVC Capital Partners agreed to acquire DSM-Firmenich's Animal Nutrition & Health business for an enterprise value of €2.2 billion.

• Nordic Capital is exploring the sale of Conscia, a Danish cybersecurity firm, which could be valued at more than €2 billion, with Arma Partners advising, per Bloomberg.

• GIC is exploring the sale of its 80 percent stake in xScale, a European data center joint venture with Equinix (Nasdaq: EQIX), which could value the business at around €2 billion, per Bloomberg.

• CapVest is in exclusive talks to acquire a majority stake in TSG, a European technical services provider for critical energy infrastructure, from HLD in a deal valuing the company at around €1.8 billion.

• Baker Hughes (Nasdaq: BKR) is exploring a sale of its Waygate Technologies unit, a provider of industrial testing and inspection equipment, which could be valued at around $1.5 billion, per Bloomberg.

• Bain Capital agreed to acquire MCJ, a Japanese gaming PC maker, for roughly $1.28 billion.

• Deutsche Börse agreed to acquire the remaining 20% stake in ISS STOXX, a provider of investment intelligence and index solutions, for €1.1 billion from General Atlantic.

• Inflexion and other owners are exploring strategic options for Acorn Group, a UK-based specialist motor and home insurer, including a controlling stake sale or IPO that could value the company at £1 billion, per Bloomberg.

• Beast Industries, the company led by YouTube creator MrBeast, acquired Step, a Palo Alto-based financial services app for teens and families that was last valued at $920 million by investors including Crosslink Capital, General Catalyst, and Coatue.

• TPG acquired a 6.5% stake in Jackson Financial (NYSE: JXN), a U.S. retirement services firm, for $500 million as part of a strategic partnership.

• Applus+, backed by TDR Capital and I Squared Capital, agreed to acquire APEM Group, an environmental consultancy, for around £335 million from WestBridge.

• General Atlantic agreed to acquire European Wax Center (Nasdaq: EWCZ), a franchisor and operator of out-of-home waxing services, for around $330 million.

• Nebius Group (NASDAQ: NBIS) agreed to acquire Tavily, a provider of search infrastructure for AI agents backed by Alpha Wave Global and Insight Partners, for an initial $275 million.

• One Equity Partners agreed to acquire Bozzetto Group, an Italy-based specialty chemicals provider, from Aimia for up to C$271 million.

• Carlyle agreed to acquire a majority stake in Nido Home Finance, an Indian provider of affordable housing finance, for approximately $230 million from Edelweiss Financial Services.

• Smarte Carte, a portfolio company of 3i Group, acquired Lost and Found Software, a German provider of lost and found management solutions.

• Harith General Partners agreed to acquire FlySafair, South Africa's largest domestic airline.

• Gauge Capital invested in Affordable American Insurance, a Colorado-based insurance agency network.

• ERA Partners acquired a majority stake in GeoTility Systems Corp, a Canadian geoexchange utility platform.

• Universal Maritime Solutions, backed by ZCG Private Equity, acquired Regenboog Shipping Pharmacy, a Dutch distributor of pharmaceutical products and medical devices for the maritime sector.

• LDC invested in Eagle Eye Innovations, a Lincoln-based provider of drone training, operating and consulting services.

• MKB Company, a portfolio company of Align Capital Partners, acquired US Silt & Site Supply, a New Hampshire-based manufacturer and distributor of erosion and sediment control products.

• Halo Partners acquired W.O. Grubb, a Richmond, Virginia-based provider of crane rental, rigging, and specialty equipment services.

• Province, a portfolio company of Trivest Partners, acquired StoneTurn, a provider of disputes, investigations, and risk advisory services, from MML Capital.

• Axis Insurance Managers, a portfolio company of Lee Equity Partners, acquired Treasures Insurance Edmonton, a provider of commercial and personal insurance solutions.

• Industrial Service Solutions, a portfolio company of Wynnchurch Capital, acquired MSHS Pacific Power Group, a Fort Lauderdale-based MRO provider for the energy, industrial, and defense sectors.

• KPS Capital Partners agreed to acquire The Wells Companies, an Albany, Minnesota-based manufacturer of architectural and structural precast concrete solutions.

• Baird Capital invested in Rapid Energy, a UK-based provider of rapid-response temperature-control hire solutions.

• Arbor Investments acquired Furlani Foods, a manufacturer of frozen and ambient garlic bread, from Entrepreneurial Equity Partners.

• Thomson Reuters acquired Noetica, an NYC-based AI platform for corporate transaction intelligence, from investors including Lightspeed Venture Partners.

• Supreme Group, a portfolio company of Trinity Hunt Partners, acquired Broth, a New York City-based healthcare-focused creative agency.

• Coral Tree Partners invested in Plein Air, a Dallas-based marketing, technology, and data consultancy for restaurant and retail brands.

• CapitalSpring invested in Alloy Personal Training, a Roswell, Georgia-based provider of personalized fitness training.

• Haveli Investments agreed to acquire Budge Studios, a Montreal-based developer of digital interactive entertainment for children, from General Atlantic.

• Novaria Group, a portfolio company of Arcline Investment Management, acquired Plasma Ruggedized Solutions, a San Jose-based provider of conformal coatings for sensitive electronics.

• Hellman & Friedman is in talks to acquire Bill Holdings (NYSE: BILL), a business payments provider, per Bloomberg.

• Bertram Capital invested in Querétaro F.C., a Mexican soccer club, joining existing owners Marc Spiegel and Innovatio Capital.

• Mission Wealth, a portfolio company of Great Hill Partners, merged with RightPath Investments & Financial Planning, a Frisco, Colorado-based wealth advisory firm.

• By Light Professional IT Services, a portfolio company of Sagewind Capital, acquired Dignitas Technologies, an Orlando-based provider of modeling, simulation and training solutions.

• The Light Park, backed by Guideboat Capital, acquired Holiday Supply Shop, a walk-through holiday light park operator.

• Primary Wave, backed by BlackRock and Brookfield, acquired the music catalog of Britney Spears, including hits such as "Toxic" and "Baby One More Time".

• Cinven agreed to invest in Regenity Biosciences, a developer and manufacturer of bioresorbable technologies, joining existing investor Linden Capital Partners.

• Kingswood Capital Management agreed to acquire the paper business unit of Coveris, a manufacturer of labels and board packaging that will be rebranded as Paragon Print and Packaging.

• White Cap, a portfolio company of Clayton, Dubilier & Rice, acquired Colony Hardware, a direct-to-jobsite distributor of specialty construction supplies and safety products, from Audax Private Equity.

Tech, Vertical SaaS, & Misc. Enterprise

• SambaNova Systems, an AI chip startup for enterprise inference, raised over $350 million in Series E funding co-led by Vista Equity Partners and Cambium Capital, with participation from Intel and SoftBank Vision Fund 2.

• Runway, an AI video generation platform, raised $315 million in Series E funding at a $5.3 billion valuation, led by General Atlantic, with participation from Nvidia, Adobe Ventures, AllianceBernstein, AMD Ventures, Fidelity, Mirae Asset, Emphatic Capital, Felicis, and Premji Invest.

• OLIX, a British photonic AI chip startup, raised $220 million in Series A funding at a $1 billion valuation led by Hummingbird Ventures, with participation from Plural, Vertex Ventures US, LocalGlobe, and Entrepreneur First.

• Oxide Computer Company, an on-premises cloud company, raised $200 million in Series C funding led by USIT, with participation from Eclipse, Riot Ventures, Jane Street, Intel Capital, and Counterpart Ventures.

• Vega, an AI security analytics platform, raised $120 million in Series B funding at a $700 million valuation led by Accel, with participation from Cyberstarts, Redpoint, and CRV.

• Neara, a physics-enabled digital twin platform for critical infrastructure, raised A$90 million in Series D funding at a A$1.1 billion valuation led by TCV, with participation from Partners Group, EQT, Square Peg Capital, and Skip Capital.

• Naboo, a Paris-based AI corporate event procurement platform, raised $70 million in Series B funding led by Lightspeed Venture Partners, with participation from Notion Capital, ISAI, and Ternel.

• Entire, a platform for managing AI-generated code, raised $60 million in seed funding at a $300 million valuation led by Felicis, with participation from Madrona, M12, Basis Set, 20VC, Cherry Ventures, Picus Capital, and Global Founders Capital.

• GitGuardian, a secrets and non-human identity security platform, raised $50 million in Series C funding led by Insight Partners, with participation from Quadrille Capital, Balderton, BPI, Eurazeo, Fly Ventures, and Sapphire Ventures.

• Andercore, a Berlin-based AI industrial supply platform, raised $40 million in Series B equity and debt funding from Atomico, Project A, Inven Capital, Commerzbank, and KfW.

• Monaco, an AI sales platform for startups, raised $35 million in seed and Series A funding led by Founders Fund, with participation from Human Capital.

• VillageSQL, an open-source MySQL fork for AI applications, raised $35 million in seed and Series A funding co-led by FirstMark, GV, and Spark Capital, with participation from Homebrew.

• Brandlight, an AI brand visibility and analytics platform, raised $30 million in Series A funding led by Pelion Venture Partners, with participation from Cardumen Capital and G20 Ventures.

• Reco, an AI SaaS security platform, raised $30 million in Series B funding led by Zeev Ventures, with participation from Insight Partners, Boldstart Ventures, Angular Ventures, Workday Ventures, TIAA Ventures, S Ventures, and Quadrille Capital.

• The Biological Computing Co., a developer of biological computing systems using living neurons, raised $25 million in seed funding led by Primary, with participation from Builders VC, E1 Ventures, Proximity, Refactor Capital, Tusk Ventures, and Wonder Ventures.

• Newo, an AI voice receptionist platform for small businesses, raised $25 million in Series A funding led by Ratmir Timashev, with participation from Aloniq, Constructor, Acrobator, and s16vc.

• Segura, a privileged access management company, raised $25 million in growth funding led by Riverwood Capital.

• Lema AI, an AI security platform for supply chain and third-party risk management, raised $24 million in Series A funding led by Team8, with participation from F2 Venture Capital and Salesforce Ventures.

• Matia, a data operations platform for AI infrastructure, raised $21 million in Series A funding led by Red Dot Capital Partners, with participation from Leaders Fund, Secret Chord Ventures, Cerca Partners, Caffeinated Capital, and VelocityX.

• Complyance, an AI-powered enterprise GRC platform, raised $20 million in Series A funding led by GV, with participation from Creandum, HV Capital, Speedinvest, and Everywhere Ventures.

• Nucleus Security, a Sarasota, Florida-based vulnerability and exposure management platform, raised $20 million in Series C funding led by Delta-v Capital, with participation from Arthur Ventures.

• Backslash Security, an Israeli cybersecurity platform for AI-native application development, raised $19 million in Series A funding led by KOMPAS VC, with participation from Maniv, Artofin Venture Capital, StageOne Ventures, and First Rays Capital.

• WINN.AI, a real-time sales guidance platform, raised $18 million in Series A funding co-led by Insight Partners, Mangusta Capital, and S Capital, with participation from Moneta VC, HighSage Ventures, Alumni Ventures, Sarona Ventures, and OurCrowd.

• Integrate, a project management platform for defense tech and classified programs, raised $17 million in Series A funding led by FPV Ventures, with participation from Fuse VC, Rsquared VC, New Vista, Hyperplane, and Riot Ventures.

• Hauler Hero, an AI-powered waste management operating system, raised $16 million in Series A funding led by Frontier Growth, with participation from K5 Global, Somersault Ventures, and I2BF Global Ventures.

• Reflow, a workforce and workflow intelligence platform, raised over $15 million in seed funding co-led by Basis Set and Bling Capital, with participation from e2vc.

Fintech

• Lassie, a Stockholm-based pet insurer, raised $75 million in Series C funding from Balderton Capital, Felix Capital, Inventure, Passion Capital, and Stena Sessan.

• Bretton AI, an AI financial crime compliance platform, raised $75 million in Series B funding led by Sapphire Ventures, with participation from Greylock, Thomson Reuters Ventures, Citi Ventures, Canvas Ventures, Y Combinator, and TIAA Ventures.

• ManageMy, an AI insurance orchestration platform, raised $45 million in new funding, including a $20 million Series B co-led by Ventura Capital and OCVC, with participation from BNF.

• Uptiq, an AI platform automating lending and wealth workflows, raised $25 million in Series B funding led by Curql, with participation from Silverton Partners, 645 Ventures, Broadridge, Green Visor Capital, Live Oak Ventures, First Capital, Epic Ventures, Tau Ventures, and Evolution VC.

• Equal Parts, an AI-powered platform for acquiring and scaling independent insurance agencies, raised $23 million in Series A funding led by Inspired Capital, with participation from Equal Ventures, Max Ventures, and Genius Ventures.

• Circit, a Dublin-based audit and financial data verification platform, raised $22 million in growth equity funding led by Ten Coves Capital, with participation from Aquiline and MiddleGame Ventures.

Consumer & Media

• Shizuku AI, a Japanese AI companion and virtual character developer, raised $15 million in seed funding led by Andreessen Horowitz, with participation from DeNA.

Healthcare

• Talkiatry, a telepsychiatry provider, raised $210 million in Series D funding led by Perceptive Advisors, with participation from Sofina, Andreessen Horowitz, blisce/, and Left Lane Capital.

• Solace Health, a patient advocacy platform for navigating the U.S. medical system, raised $130 million in Series C funding at a valuation of over $1 billion led by IVP, with participation from Menlo Ventures, SignalFire, Torch Capital, Inspired Capital, and RiverPark Ventures.

• Garner Health, a data-driven healthcare navigation platform, raised $118 million in Series D funding at a $1.35 billion valuation led by Kleiner Perkins, with participation from Redpoint, Maverick Ventures, Kaiser Permanente Ventures, Mercy, and Plus Capital.

• ILiAD Biotechnologies, a developer of an intranasal whooping cough vaccine, raised $115 million in Series B funding led by RA Capital Management, with participation from Janus Henderson Investors, BNP Paribas Asset Management Alts, and AI Life Sciences.

• Loyal, a clinical-stage developer of longevity drugs for dogs, raised $100 million in Series C funding led by age1, with participation from Baillie Gifford.

• QuantX Biosciences, a developer of computational oral small molecule drugs for immunology and inflammation, raised $85 million in Series B funding co-led by LAV and Sanofi Ventures, with participation from HongShan, OrbiMed, and Creacion Ventures.

• Cascade Pharmaceuticals, a Shanghai-based clinical-stage biotech developing metabolic disease treatments, raised $72 million in new funding led by Zhongping Capital, with participation from China Life Capital.

• Neurent Medical, a developer of minimally invasive chronic rhinitis treatments, raised €62.5 million in Series C funding led by MVM Partners, with participation from Sofinnova Partners, EQT Life Sciences, Atlantic Bridge, and Fountain Healthcare Partners.

• Aerska, a biotech developing brain-shuttle RNA medicines for central nervous system diseases, raised $39 million in Series A funding, co-led by EQT Dementia Fund and age1, with participation from Iaso Ventures and Ada Ventures.

• Kainova Therapeutics, a clinical-stage immuno-oncology and inflammation biotech, raised C$32 million in Series B funding led by Investissement Québec, with participation from CTI Life Sciences, Panacea Venture, 3B Future Health Fund, Seventure Partners, Viva BioInnovator, Turenne Capital, Schroders Capital, adMare BioInnovations, and Seido Capital.

• Galux, a South Korea-based AI protein therapeutics developer, raised $29 million in Series B funding co-led by SL Investment, SneakPeek Investments, and Yuanta Investment, with participation from InterVest, DAYLI Partners, PATHWAY Investment, Korea Development Bank, NCORE Ventures, Korea Investment & Securities, and Mirae Asset Securities.

• Atlas Oncology Partners, a value-based oncology platform for community practices, raised $28 million in Series A funding led by Flare Capital Partners, with participation from Rubicon Founders.

• Somethings, a youth mental health peer mentorship platform, raised $19.2 million in Series A funding led by Catalio Capital, with participation from General Catalyst and Tusk Ventures.

Industrials, Greentech, & Other

• Apptronik, an Austin-based humanoid robotics developer, raised $520 million in Series A extension funding at a $5 billion valuation co-led by B Capital and Google, with participation from Mercedes-Benz, PEAK6, AT&T Ventures, John Deere, and the Qatar Investment Authority.

• Inertia Enterprises, a commercial fusion energy developer, raised $450 million in Series A funding led by Bessemer Venture Partners, with participation from GV, Modern Capital, Threshold Ventures, Neo, Uncork Capital, Long Journey Ventures, WndrCo, and In-Q-Tel.

• Tem, a London-based AI energy transaction platform, raised $75 million in Series B funding led by Lightspeed Venture Partners, with participation from AlbionVC, Allianz, Atomico, Hitachi Ventures, Revent, Schroders Capital, and Voyager Ventures.

• Gather AI, an autonomous warehouse drone and logistics AI platform, raised $40 million in Series B funding led by Smith Point Capital Management, with participation from Bain Capital Ventures, Tribeca Venture Partners, Bling Capital, Dundee Venture Capital, XRC Ventures, and The Hillman Company.

• Trener Robotics, an AI robotics platform for manufacturing, raised $32 million in Series A funding co-led by Engine Ventures and IAG Capital Partners, with participation from Cadence, Geodesic Capital, Shanda Ventures, and Emergent Ventures.

• Ever, an AI-powered used EV retail platform, raised $31 million in Series A funding led by Eclipse, with participation from Ibex Investors, Lifeline Ventures, JIMCO, Maki VC, Joint Effects, Failup Ventures, and Illusian.

• Natilus, a manufacturer of blended-wing-body transport aircraft, raised $28 million in Series A funding led by Draper Associates, with participation from Type One Ventures, The Veterans Fund, Flexport, New Vista Capital, Soma Capital, Liquid 2 VC, VU Venture Partners, and Wave FX.

• Oaktree Capital Management raised $2.4 billion in a first close for its fourth special situations fund, which is targeting $4 billion, per Bloomberg.

• Blue Owl Capital raised over $3 billion for its inaugural strategic equity and secondaries fund.

• Vision Ridge Partners raised $2.4 billion for its fourth sustainable real assets fund.

• Coller Capital closed a $1.3 billion continuation vehicle for Ares Management's 2018-vintage U.S. direct lending fund.

• Montana Capital Partners raised $1.4 billion for its sixth private equity secondaries fund, focused on mid-market GP-led and LP-led transactions in North America and Western Europe.

• Layer Global, a new growth equity firm led by former General Atlantic Co-President Anton Levy, raised $1 billion for its debut fund.

• Primary Ventures raised $625 million for its fifth fund focused on seed-stage investments across the U.S.

• Seligman Investments launched Seligman Ventures, a $500 million venture capital arm focused on early-to-pre-IPO startups in AI, cloud infrastructure, cybersecurity, and data centers.

• Sun Capital Partners closed a £240 million single-asset continuation vehicle to extend its ownership of Fletchers Solicitors, a UK-based clinical negligence and personal injury law firm.

• All Aboard Fund, a NYC-based venture capital firm, raised $99 million for its debut energy transition fund.

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Clearlake Capital Group portfolio company Pretium Packaging filed a pre-packaged Chapter 11 bankruptcy last week, capping a two-year restructuring effort that featured a liability management attempt and an unusual lender blacklist (which we previously covered here).

The St. Louis-based rigid packaging manufacturer has a restructuring support agreement signed by holders of more than 91 percent of its first-lien tranche A-1 loans and 81 percent of its second-lien debt.

The deal will eliminate around $900 million in obligations from a capital structure that had become unwieldy following major debt-funded add-ons.

Clearlake acquired Pretium in 2020 from Genstar Capital. In 2021, the business completed the acquisition of Alpha Packaging, adding nine facilities across the United States, Canada, and Europe, followed by a smaller deal for Grupo Edid a few months later.

Docket 18, PRETIUM PACKAGING, L.L.C., et al., Case No. 26-10896

In isolation, the add-ons were part of a standard inorganic strategy that picked up where Genstar had left off, with the prior owner completing a series of deals through its hold.

But within a year, the thesis began to veer off track.

Pretium was caught off guard by a greater-than-expected reset in packaging demand as its COVID sales bump faded. Rising rates and inflation also took a toll.

By 2022 and 2023, customers had begun aggressively destocking, which collapsed Pretium volumes and the manufacturer's plant utilization rates.

That led to fixed-cost absorption problems. In response, the company closed five plants and laid off hundreds of workers in 2022 (plus a Jacksonville facility last summer).

Even so, by October 2023, Pretium needed a reprieve.

The company executed a textbook liability management transaction: it raised $325 million in new first-lien tranche A loans from existing lenders and exchanged 99.8 percent of the legacy term loan into new tranche A-1 paper at a 6.4 percent discount to face value. The deal captured roughly $83 million in discount and provided more than $200 million in liquidity.

But the relief was short-lived. By January 2025, the A-1 term loan was already trading in the mid-60s—the second-worst-performing leveraged loan that week. By June, it had fallen into the low 50s, and by October, it was trading below 40 cents on the dollar.

While that was happening, Clearlake made headlines with an unusually large expansion to its disqualified lender list.

The move came after a prospective buyer had reportedly circled a block trade that would have given it a significant position in the capital structure. Expanding the DQ list was Clearlake's strategy to prevent any further attempts.

Reaching nearly 100 names, it was the deepest such roster market participants could recall.

At the time, observers cautioned against the tactic's potential risks: "When DQ lists get too broad, they risk severely restricting secondary market liquidity and leaving par holders stranded in the debt, limiting options in a restructuring," said Grant Nachman, founder and chief investment officer at Shorecliff Asset Management, in an interview with Bloomberg.

"The potential result is ending up with creditors in bankruptcy who cannot sell and do not want to own the company or inject new equity."

Despite questions raised over the unorthodox approach, Clearlake ultimately hammered out a deal with creditors.

Under the current plan, holders of the roughly $1.3 billion in A-1 term loans will receive approximately $500 million in new first-lien second-out exit debt plus 72.5 percent of the reorganized company's equity—before dilution from participation fees on the debtor-in-possession financing.

Second-lien holders receive $5.7 million in cash and 5.6 percent of the equity. General unsecured creditors ride through unimpaired.

The debtor-in-possession package includes a $100 million ABL facility rolling over from the prepetition revolver and up to $533.5 million in new-money term loans backstopped by existing A-1 holders. The term DIP carries interest at SOFR plus 525 basis points, with a 10 percent commitment fee paid in reorganized equity and an additional 11.5 percent backstop fee, also in equity.

The $337.6 million in tranche A term loans—the senior tranche that funded the 2023 transaction—will be repaid in full in cash.

Clearlake will invest $50 million in new equity and walk away with 21.9 percent of the reorganized company.

The sponsor and management are confident in Pretium's go-forward viability. In his supporting declaration, CFO Federico Barreto claims that performance has stabilized under new leadership (CEO James Rooney joined in 2024), with execution of facility consolidations and cost cuts, as well as more than $100 million in annualized new business wins during the last fiscal year.

But even after shedding $900 million in debt, Pretium will exit bankruptcy with roughly $500 million in first-lien second-out term loans, the converted DIP debt in the first-lien first-out position, and whatever ABL drawings exist at emergence.

The first-day hearing occurred on January 30, with confirmation scheduled for February 23. The debtors expect to emerge within 30 days of confirmation.

Kirkland & Ellis and Cole Schotz serve as legal counsel to the debtors, with FTI Consulting as financial advisor and Evercore as investment banker. Milbank and Chiesa Shahinian & Giantomasi represent the ad hoc group of term loan lenders, with Moelis as their banker. Glenn Agre Bergman & Fuentes represents a supporting minority lender group.

• Rio Tinto (LSE: RIO) and Glencore (LSE: GLEN) abandoned plans for a merger valued at $260 billion after failing to agree on price, per The Guardian.

• KKR and Singtel agreed to acquire the remaining 82 percent stake in ST Telemedia Global Data Centres, a data center operator, for approximately $5.2 billion from ST Telemedia.

• Bob's Discount Furniture, a home furnishings retailer backed by Bain Capital, raised $331 million in its IPO and opened trading on the NYSE (BOBS) at a $2.2 billion valuation.

• I Squared Capital is exploring the sale of BDx, its Asian data center business, which could be valued at around $2 billion, per Bloomberg.

• Forgent Power Solutions (NYSE: FPS), a Neos Partners-backed manufacturer of electrical distribution equipment for data centers, raised $1.5 billion in its IPO priced at the $27 midpoint.

• SiTime (Nasdaq: SITM) agreed to acquire Renesas Electronics' timing business for $1.5 billion in cash and approximately 4.13 million shares.

• Genius Sports (NYSE: GENI) agreed to acquire Legend, a sports and gaming media technology platform, for up to $1.2 billion.

• E&J Gallo Winery agreed to acquire Four Roses, a Kentucky bourbon distillery, for up to $775 million from Kirin Holdings.

• Kodiak Gas Services (NYSE: KGS) agreed to acquire Distributed Power Solutions, a Pearland, Texas-based provider of distributed power generation services, for around $675 million.

• 4x4 Capital acquired Bob Evans Restaurants, a New Albany, Ohio-based family-dining chain with around 400 locations, from Golden Gate Capital.

• P10 (NYSE: PX) agreed to acquire Stellus Capital Management, a Houston-based lower middle market direct lender, for an initial $250 million.

• Igneo Infrastructure Partners acquired Vault Digital Infrastructure, a U.S. data center platform with 75MW of capacity, from CVC DIF and Northleaf Capital Partners.

• Pearl Meyer, a portfolio company of Coalesce Capital, acquired Ampersand Leadership Group, a leadership advisory consultancy.

• Foresight Group invested in AsiaVerify, a regulatory technology platform providing real-time corporate verification and risk insights on Asian entities.

• Schneider Geospatial, a portfolio company of Align Capital Partners, acquired Bruce Harris & Associates, a Batavia, Illinois-based GIS consulting firm specializing in land records for local governments.

• Goldman Sachs Alternatives (NYSE: GS) invested in LearnWell, a Plymouth, Massachusetts-based provider of academic and mental health services for students.

• Reliable Energy Partners, a portfolio company of Soundcore Capital Partners, acquired Irvington Gas, a Kentucky-based bulk-propane distributor.

• Westcap invested in Fit Foods, a British Columbia-based manufacturer of sports nutrition and healthy-living supplements.

• Liberty Waste Solutions, a portfolio company of Allied Industrial Partners, acquired AJ Disposal, an Asheboro, North Carolina-based residential and commercial waste collection provider.

• PrimeFlight Aviation Services, a portfolio company of The Sterling Group and Capitol Meridian Partners, acquired GAT Airline Ground Support, a Peachtree City, Georgia-based provider of ground handling, cargo handling, and catering services, from Atlantic Street Capital.

• Liftoff Mobile, a mobile ad-tech provider backed by Blackstone and General Atlantic, postponed its U.S. IPO amid a tech stock rout driven by concerns over the impact of AI.

• Kingswood Capital Management acquired Safran Passenger Innovations, a provider of in-flight entertainment and connectivity solutions, from Safran (Paris: SAF) and renamed the business Rave Aerospace.

• Accela, a portfolio company of Berkshire Partners and Francisco Partners, acquired Novotx, a provider of GIS-centric asset and work management software for local governments and utilities.

• Quantum Rise, backed by Erie Street Growth Partners, acquired Dhauz, a Brazilian data science and engineering firm.

• H.I.G. Capital acquired CargoTuff, a Virginia-based manufacturer of load securement products.

• Woven Solutions, a portfolio company of Falfurrias Management Partners, acquired Apira Technologies, a provider of computer vision, machine learning, and AI systems, from JHH VC.

• Guardsquare, a portfolio company of Verdane, acquired Verimatrix XTD, a mobile application protection business, from Verimatrix (Euronext Paris: VMX).

• MARI, the live events holding company led by Ari Emanuel, acquired a majority stake in Bucket Listers, a platform for discovering local events and experiences.

Tech, Vertical SaaS, & Misc. Enterprise

• Cerebras Systems, a wafer-scale AI chipmaker, raised $1 billion in Series H funding at a $23 billion valuation led by Tiger Global, with participation from Benchmark, Fidelity, Atreides Management, Alpha Wave Global, Altimeter, AMD, Coatue, and 1789 Capital.

• ElevenLabs, a generative voice AI platform, raised $500 million in Series D funding at an $11 billion valuation led by Sequoia Capital, with participation from Andreessen Horowitz, ICONIQ, Lightspeed Venture Partners, Evantic Capital, Bond, BroadLight Capital, NFDG, Valor Capital, AMP Coalition, and Smash Capital.

• Fundamental, a developer of foundation models for structured enterprise data, raised $255 million in Series A funding at a $1.2 billion valuation led by Oak HC/FT, with participation from Valor Equity Partners, Battery Ventures, Salesforce Ventures, Hetz Ventures, and Illuminate Financial.

• Goodfire, an AI model interpretability lab, raised $150 million in Series B funding at a $1.25 billion valuation led by B Capital, with participation from Juniper Ventures, Menlo Ventures, Lightspeed Venture Partners, South Park Commons, Wing Venture Capital, DFJ Growth, and Salesforce Ventures.

• Resolve AI, an automated system reliability engineering and troubleshooting platform, raised $125 million in Series A funding at a $1 billion valuation led by Lightspeed Venture Partners, with participation from Greylock Partners, Unusual Ventures, Artisanal Ventures, and A*.

• Adaption Labs, a developer of real-time learning AI models, raised $50 million in seed funding led by Emergence Capital Partners, with participation from Mozilla Ventures, Fifty Years, Threshold Ventures, Alpha Intelligence Capital, E14 Fund, and Neo.

• Duna, an AI business identity and onboarding platform, raised €30 million in Series A funding led by CapitalG, with participation from Index Ventures and Puzzle Ventures.

• Turnstile, an AI quote-to-cash platform for sales-led startups, raised $29 million in seed and Series A funding co-led by First Round Capital, OMERS Ventures, and Illuminate Financial.

• Daytona, an infrastructure platform for AI agents, raised $24 million in Series A funding led by FirstMark Capital, with participation from Pace Capital, Upfront Ventures, E2VC, Darkmode, Datadog, and Figma Ventures.

• Nixtla, a time series forecasting AI developer, raised $16 million in Series A funding led by Energize Capital, with participation from True Ventures and GreatPoint Ventures.

• Nullify, an AI product security platform, raised $12.5 million in seed funding led by SYN Ventures, with participation from Black Nova Venture Capital, Two Sigma Ventures, Root Ventures, and OIF Ventures.

• Cadastral, an AI platform for commercial real estate, raised $9.5 million in seed funding from Navitas, JLL Spark Global Ventures, AvalonBay, Equity Residential, and 1Sharpe.

Fintech

• Anchorage Digital, a digital asset bank, raised $100 million in strategic equity funding from Tether at a $4.2 billion valuation.

• Accrual, an AI-powered accounting automation platform, raised $75 million in Series A funding led by General Catalyst, with participation from Pruven Capital, Edward Jones Ventures, and Go Global Ventures.

• TRM Labs, a blockchain intelligence platform for crypto crime detection, raised $70 million in Series C funding at a $1 billion valuation led by Blockchain Capital, with participation from CMT Digital, Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Thoma Bravo, Alumni Ventures, Citi Ventures, Brevan Howard Digital, and Galaxy Ventures.

• Bound, an automated FX risk management platform for businesses, raised $24.5 million in Series A funding led by AlbionVC, with participation from Notion Capital and GoHub Ventures.

• Alinea, an AI wealth management platform for first-time investors, raised $22.5 million in user acquisition financing from PvX Partners.

• Sapiom, a financial infrastructure platform for autonomous AI agent purchasing, raised $15.75 million in seed funding led by Accel, with participation from Okta Ventures, Gradient Ventures, Array Ventures, Menlo Ventures, Anthropic, Coinbase Ventures, Formus Capital, and Operator Collective.

• Spire, a Dallas-based merchant-branded pay-by-bank platform, raised $10 million in Series B funding led by Continental Investment Partners.

Consumer & Media

• Lawhive, an AI legal platform for consumers, raised $60 million in Series B funding from TQ Ventures, GV, Balderton Capital, Jigsaw, and LTS.

Healthcare

• Chamber, a value-based cardiology platform, raised $60 million in Series A funding led by Frist Cressey Ventures, with participation from General Catalyst, AlleyCorp, American Family Ventures, Company Ventures, Optum Ventures, and debt from HSBC Innovation Banking.

• Third Arc Bio, a developer of multifunctional antibodies for solid tumors and inflammatory diseases, raised $52 million in Series A extension funding co-led by Andreessen Horowitz and Omega Funds, with participation from Life Sciences at Goldman Sachs Alternatives, BVF Partners, abrdn, T. Rowe Price, Marshall Wace, Hillhouse Investment, Galapagos, AbbVie Ventures, and Alderline Group.

• Gardia, an AI-powered fall-detection system for seniors, raised €8.5 million in Series A funding led by Peak, with participation from Amberra, Butterfly & Elephant, Bonventure, Dieter von Holtzbrinck Ventures, and Beurer.

Industrials, Greentech, & Other

• Overland AI, a Seattle-based developer of autonomous ground systems for defense, raised $100 million in new funding led by 8VC, with participation from Point72 Ventures, Ascend Venture Capital, Shasta Ventures, Overmatch Ventures, Valor Equity Partners, and StepStone Group, alongside a $20 million venture debt facility from TriplePoint Capital.

• Newcleo, a developer of fourth-generation nuclear reactors, raised $85 million in new funding from Danieli & C., Cementir Holding NV, Orion Valves, NextChem, Kairos, Indaco Ventures, Azimut Investments, the CERN pension fund, and Walter Tosto.

• R3 Robotics, a Luxembourg-based developer of automated EV component disassembly systems, raised €20 million in Series A funding and grants co-led by HG Ventures and Suma Capital, with participation from Oetker Collection, European Innovation Council Fund, BONVENTURE, FlixFounders, and EIT Urban Mobility.

• pHathom Technologies, a Canadian carbon capture and marine storage startup for coastal facilities, raised $12.5 million in seed funding led by Propeller Ventures, with participation from the New Brunswick Innovation Foundation, Invest Nova Scotia, and Carmeuse Ventures.

• Nomagic, a warehouse robotics startup for fulfillment operations, raised $10 million in Series B extension funding led by Cogito Capital Partners.

• Uplift360, a developer of chemical regeneration technology for defense and aerospace composites, raised €7.4 million in seed funding led by Extantia Capital, with participation from the NATO Innovation Fund, Promus Ventures, and Fund F.

• Geolinks, a French subsurface monitoring technology developer, raised €6 million in seed funding from Calderion, Bpifrance, BRGM Invest, and InnoEnergy.

• 2048 Ventures raised an oversubscribed $82 million for its third fund focused on pre-seed and seed investments in vertical AI, deep tech, healthcare, and biotech.

• Mundi Ventures held a €750 million first close for Kembara, a European deep tech and climate growth fund targeting €1 billion, anchored by the European Investment Fund.

• Shore Capital Partners raised over $400 million for its second industrial fund focused on niche businesses in infrastructure-adjacent services and specialized maintenance markets.

• Carousel Capital closed a continuation fund to support the continued ownership of Ethos Risk Services, a Florida-based provider of tech-enabled insurance claims investigation and medical management solutions, anchored by lead investor Dextra Partners.

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Kirkland & Ellis has resigned as legal counsel to Optimum Communications, the telecoms operator formerly known as Altice USA, after pressure from some of the firm's most lucrative sponsor relationships.

Kirkland's retreat ends a conflict that had been building since November, when Optimum filed an antitrust lawsuit alleging that its creditors, which include Apollo Global Management, Ares Management, and BlackRock, had formed an "illegal cartel" during debt refinancing negotiations.

The lawsuit, which Optimum filed through Kellogg Hansen, a Washington DC boutique, alleged that a cooperation agreement signed by more than 90 percent of the company's creditors violated federal and New York state antitrust law by preventing any signatory from agreeing to a bond exchange without approval from the broader group.

Kirkland's name appeared nowhere on the complaint, and the firm issued a statement in November: "Kirkland does not sue clients and did not here."

The creditors were unconvinced.

They believed Kirkland had been the strategic architect behind the litigation, a suspicion reinforced by years of public commentary from Kirkland lawyers about the potential vulnerability of cooperation agreements to antitrust challenge.

Many of the plaintiffs in the suit (Optimum's creditors) are long-standing Kirkland clients and pay the firm tens of millions of dollars annually.

In recent weeks, Kirkland's leadership held a series of meetings with sponsor executives to stem the backlash. In those meetings, reports the Financial Times, sponsors' primary demand was that Kirkland halt its work with Optimum entirely.

The firm complied.

"Firms like Kirkland can't be in a position where they are perceived to be suing their own clients," a person close to the firm's top management told the FT. "The more aggressive strategies are becoming increasingly difficult for law firms with large private equity practices, precisely because those same firms now also have significant private credit arms."

The decision leaves the status of David Nemecek, a star restructuring partner at K&E, in limbo. Nemecek had become the focus of creditor backlash after previously discussing the merits of challenging cooperation agreements at industry gatherings.

Though not formally involved in the Optimum lawsuit, he was representing the company in its debt negotiations and was perceived by creditors as the driving force behind the confrontational strategy.

Those close to Nemecek and Kirkland said he would continue working at the firm and that any departure would be his decision.

But, as part of its damage control, Kirkland has assured its private capital clients that it will avoid the most aggressive liability management transactions going forward — exactly the type of work that made Nemecek a coveted specialist in the first place.

That could provide an opening for rival firms to give Nemecek a new home and to take on future LME business when Kirkland is conflicted.

Either way, the current litigation continues in the background, as Optimum tests the novel theory that creditor cooperation agreements constitute antitrust violations, which no court has previously ruled on.

• Fifth Third Bancorp (Nasdaq: FITB) acquired Comerica (NYSE: CMA), a regional bank, for $10.9 billion.

• Global Infrastructure Partners and EQT have partnered to bid for AES Corp. (NYSE: AES), a U.S. power generation company with a market cap of around $10.5 billion, per Bloomberg.

• Zurich Insurance (SIX: ZURN) agreed to acquire Beazley (LSE: BEZG), a UK specialty insurer, for £8 billion.

• Texas Instruments (Nasdaq: TXN) agreed to acquire Silicon Laboratories (Nasdaq: SLAB), an Austin-based chipmaker focused on IoT, for $7.5 billion in cash.

• Marvell Technology (NASDAQ: MRVL) acquired Celestial AI, a developer of optical interconnect technology for data center infrastructure, for $3.25 billion.

• Henkel agreed to acquire Stahl, a Dutch provider of specialty coatings for flexible materials, for €2.1 billion from Wendel, BASF, and Clariant.

• Apollo Global Management agreed to acquire a minority stake in The GoodLife Group, Canada's largest fitness club operator, valuing the company at around C$2 billion, per Bloomberg.

• Conga, a portfolio company of Thoma Bravo, acquired the B2B business of PROS Holdings (NYSE: PRO), a provider of AI-powered commercial software solutions.

• EQT has hired Arma Partners to explore the sale of a majority stake in Thinkproject, a German SaaS provider, which could be valued at €1.5 billion, per Bloomberg.

• Arax Investment Partners, backed by RedBird Capital Partners, acquired GFP Private Wealth, a Cleveland-based RIA with $1.5 billion in assets under management.

• Copenhagen Infrastructure Partners agreed to acquire Ørsted's European onshore business, comprising wind, solar, and battery storage assets, for €1.44 billion.

• RoundTable Healthcare Partners acquired Colorescience, a Carlsbad, California-based provider of mineral-based skincare and sun protection products, from 1315 Capital and Montreux Equity Partners.

• Brookfield Asset Management (NYSE: BAM) agreed to acquire Peakstone Realty Trust (NYSE: PKST), an industrial REIT, for $1.2 billion in cash.

• Skyline Investors acquired Buddy's Home Furnishings, a rent-to-own franchisor of furniture, electronics, and appliances with over 220 stores.

• Rocket Software, a portfolio company of Bain Capital, agreed to acquire Vertica, an analytics database platform, from OpenText (NASDAQ: OTEX) for $150 million.

• Littlejohn & Co. acquired 80/20, a Columbia City, Indiana-based provider of modular framing solutions for industrial automation, from MPE Partners.

• Alignment Growth led a $63 million funding round for Kings League, a creator-led seven-a-side soccer competition founded by Gerard Piqué.

• AEA Investors acquired a majority stake in Magna5, a Pittsburgh-based managed IT and cybersecurity provider, from NewSpring Capital.

• Veritiv, a portfolio company of Clayton, Dubilier & Rice, acquired Pack4, a Boston-based distributor and fabricator of custom protective packaging.

• Red Nucleus, a portfolio company of THL Partners, acquired Bridge Medical Consulting, a London-based health economics and outcomes research firm.

• TA Associates invested in The Forge Companies, an Atlanta-based financial services platform for the personal injury industry.

• Precision Door Tri-State, backed by Monogram Capital Partners, acquired Foris Solutions, a Plymouth, Michigan-based Precision Door Service franchisee.

• Auria Space, a portfolio company of Enlightenment Capital, acquired BCubed Engineering Corporation, a Roanoke, Virginia-based provider of satellite communications software and engineering solutions.

• Triple JJJ Lube acquired Team Car Care, an Irving, Texas-based operator and the largest Jiffy Lube franchisee, from Wynnchurch Capital.

• Vivo Capital agreed to acquire Dutscher Group, a European distributor of R&D laboratory consumables and equipment, from LBO France.

• Trive Capital acquired PavCon, a provider of predictive analytics and decision-support solutions for the U.S. Department of Defense.

• Bridgepoint and Polaris acquired a majority stake in PDSVISION, a Stockholm-based digital engineering software and services provider, from CapMan Buyout.

• Edgehill Management, ECP Growth, Patriot Capital, and Providence Investment Partners invested in ILS Gummies, a McKinney, Texas-based manufacturer of gummy supplement products.

• Antin Infrastructure Partners agreed to acquire Vigor Marine Group, a Portland, Oregon-based provider of marine maintenance, repair, and overhaul services, from Lone Star Funds.

• Arcesium acquired Limina, a Stockholm-based provider of portfolio and order management systems.

• New Eagle, a portfolio company of MiddleGround Capital, acquired Pi Innovo, a developer of open platform electronic control systems and control software, from Dana Incorporated (NYSE: DAN).

• Palomar Holdings (NASDAQ: PLMR) acquired The Gray Casualty & Surety Company, a national surety carrier, from Bernhard Capital Partners.

• Avril acquired Champlor Renewables, a French rapeseed business, from Valtris, a portfolio company of SK Capital Partners.

• Abrigo, an Accel-KKR-backed provider of growth and risk management software, acquired Journey Technology Solutions, a Sioux Falls, South Dakota-based banking data and analytics firm.

• Rhône Group acquired a majority stake in Invacare Holdings and Direct Healthcare Group, combining them to form DHCare, a post-acute care medical device platform, with ARCHIMED retaining a minority stake.

• Bridgepoint sold The Flexitallic Group, a Houston-based provider of industrial sealing and joint integrity solutions, to Michelin (Paris: ML).

• IMMEC, a portfolio company of CORE Industrial Partners, acquired Helton Electrical Services, a Georgia-based provider of electrical, utility, and HVAC services.

• Superior Health, a portfolio company of Renovus Capital Partners, acquired Pulse Home Health and Hospice, a Louisiana-based provider of home health and hospice services.

Tech, Vertical SaaS, & Misc. Enterprise

• Positron, an AI inference hardware and memory chip developer, raised $230 million in Series B funding at a post-money valuation of over $1 billion co-led by Arena Private Wealth, Jump Trading, and Unless, with participation from Arm Holdings and the Qatar Investment Authority.

• SynthBee, an enterprise productivity platform for regulated industries, raised $100 million in new funding led by Crosspoint Capital Partners.

• GenLogs, an Arlington, Va.-based freight intelligence startup, raised $60 million in Series B funding led by Battery Ventures, with participation from IVP, Cathay Innovation, 9Yards, Venrock, Steel Atlas, HOF Capital, TitletownTech, and Autotech Ventures.

• RapidFort, a software supply chain security company, raised $42 million in Series A funding co-led by Blue Cloud Ventures and Forgepoint Capital, with participation from Felicis Ventures, Alumni Ventures, Boulder Ventures, Brave Capital, Evolution Ventures, Florida Funders, Gaingels, and Mana Ventures.

• Orion Security, an Israeli AI data security platform, raised $32 million in Series A funding led by Norwest Venture Partners, with participation from IBM, PICO Venture Partners, and Lama Partners.

• RADICL, a cybersecurity provider for defense and critical infrastructure SMBs, raised $31 million in Series A funding led by Paladin Capital Group, with participation from Access Venture Partners, Denver Ventures, and Cervin Ventures.

• Veremark, a background screening platform, raised $26 million in Series B funding led by Gresham House Ventures, with participation from Samaipata, ACF Investors, Stage 2 Capital, and Salica Partners.

• Pasito, an AI-powered employee benefits platform, raised $21 million in Series A funding led by Insight Partners, with participation from Y Combinator and MTech Capital.

• Day AI, an autonomous AI CRM platform, raised $20 million in Series A funding led by Sequoia Capital, with participation from Sound Ventures, Permanent Capital, Conviction, and Greenoaks.

• Kasada, a bot mitigation and AI-driven abuse defense company, raised $20 million in Series E funding at a $300 million valuation led by EQT, with participation from Ten Eleven Ventures, Main Sequence Ventures, Reinventure, Our Innovation Fund, StepStone Group, and Turnbull & Partners.

• Linq, a Birmingham, Alabama-based developer of an AI agent communication layer for messaging apps, raised $20 million in Series A funding led by TQ Ventures, with participation from Mucker Capital.

Fintech

• GoCab, an African mobility fintech providing "drive-to-own" vehicle financing for gig workers, raised $45 million in seed funding, including $15 million in equity co-led by E3 Capital and Janngo Capital and $30 million in debt, with participation from KawiSafi Ventures and Cur8 Capital.

• Sixfold, an AI underwriting platform, raised $30 million in Series B funding led by Brewer Lane, with participation from Guidewire, Bessemer Venture Partners, and Salesforce Ventures.

Consumer & Media

• Kindred, a home-swapping platform, raised $125 million in Series B and Series C funding at a $602.86 million valuation co-led by Index Ventures and NEA.

• Ares Interactive, an Austin-based cross-platform game developer, raised $70 million in Series A funding led by General Catalyst.

• GrubMarket, an AI-powered food supply chain platform, raised $50 million in Series H funding at a $4.5 billion pre-money valuation from Future Food Fund, Portfolia Funds, Liberty Street Funds, RD Heritage Group, Flume Ventures, and MY Securities.

• Ditto, an AI-powered iMessage dating platform for college students, raised $9.2 million in seed funding led by Peak XV Partners, with participation from Gradient, Scribble Ventures, Alumni Ventures, and Llama Venture.

Healthcare

• Alaffia Health, an AI platform for health plan claims operations, raised $55 million in Series B funding led by Transformation Capital, with participation from FirstMark Capital, Tau Ventures, and Twine Ventures.

• Lotus Health AI, an AI-powered primary care platform providing 24/7 medical consultations, raised $35 million in Series A funding co-led by CRV and Kleiner Perkins, with participation from Azuro Capital and Black Jays.

• Synthpop, an AI healthcare workflow automation platform, raised $15 million in Series A funding led by Ansa Capital, with participation from Defy.vc, Peterson Ventures, and Storm Ventures.

• Phylo, an AI-powered biomedical research lab, raised $13.5 million in seed funding co-led by Andreessen Horowitz and Menlo Ventures' Anthology Fund, with participation from Zetta, Conviction, and SV Angel.

Industrials, Greentech, & Other

• Skyryse, an El Segundo-based aviation automation company, raised over $300 million in Series C funding at a post-money valuation of $1.15 billion, co-led by Autopilot Ventures and Fidelity, with participation from ArrowMark Partners, Atreides Management, BAM Elevate, Baron Capital, Durable Capital, Positive Sum, Qatar Investment Authority, and RCM Private Markets.

• Bedrock Robotics, an autonomous construction technology developer, raised $270 million in Series B funding at a $1.75 billion valuation, co-led by CapitalG and Valor Atreides AI Fund, with participation from Xora, 8VC, Eclipse, Emergence Capital, Perry Creek Capital, NVentures, Tishman Speyer, Massachusetts Institute of Technology, Georgian, Incharge Capital, and C4 Ventures.

• Lunar Energy, a home battery and virtual power plant software developer, raised $232 million in Series C and Series D funding co-led by B Capital, Prelude Ventures, and Activate Capital.

• Machina Labs, an AI-powered robotics developer for advanced metal manufacturing, raised $124 million in Series C funding from Woven Capital, Lockheed Martin Ventures, Balerion Space Ventures, and Strategic Development Fund.

• Avalanche Energy, a Seattle-based compact fusion energy developer, raised $29 million in new funding led by RA Capital Management, with participation from 8090 Industries, Overlay Capital, Congruent Ventures, Founders Fund, Lowercarbon Capital, and Toyota Ventures.

• Mitra EV, a Los Angeles-based fleet electrification platform, raised $27 million in equity and debt funding led by Ultra Capital, with participation from S2G Investments.

• Additive Drives, a German 3D-printed electric motor manufacturer, raised €25 million in new funding led by Nordic Alpha Partners, with participation from AM Ventures.

• XFuel, a developer of low-carbon drop-in shipping fuels, raised $20 million in Series A funding from NYK Line, Stolt Ventures, Wagner Carbon, Audacy, Future Planet Capital, Light Ray Ventures, and Overlap Holdings.

• Eterna Growth Partners completed its spinout from Charlesbank Capital Partners, rebranding the firm's Technology Opportunities strategy as an independent middle-market technology private equity firm managing $2.3 billion.

• Hamilton Lane raised $1.9 billion for its second infrastructure fund and related vehicles, focused on middle market direct co-investments and secondaries.

• HighVista Strategies raised $800 million for its 11th fund focused on small-cap private equity.

• BayHawk Capital raised $616 million for its debut fund focused on founder-owned technology and essential services businesses.

• Project Level, a professional women's sports investment platform formed by Ariel Investments, held a $250 million first close.

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Blackstone released its fourth-quarter results last week, and the firm's performance and management commentary both point toward a real rebound in market activity.

In the words of CFO Michael Chae, the period solidified the team's "conviction that the deal cycle would accelerate, including a resurgence in capital markets activity."

Net realizations from investment exits jumped 59 percent in the fourth quarter to hit the highest level in more than three years. For dealmakers, that meant a 15 percent year-over-year increase in carried interest distributions to $1.1 billion.

Management fees increased 11 percent year over year to a record $2.1 billion, driven by 10 percent growth in base management fees and a 27 percent increase in transaction and advisory fees as dealmaking activity bounced back.

"The deal environment feels like it's reached escape velocity," Jonathan Gray, Blackstone's president, said. "We have a big drawdown cycle underway."

Blackstone deployed $138 billion across the firm in 2025, its highest level in four years, while private equity realizations hit $33.9 billion. Gray expects the stronger exit environment to continue and noted the firm now has "one of the largest IPO pipelines in our history," distributed across multiple sectors and geographies.

Gray was also optimistic that strategic appetite is rebounding.

"We do see strategics now given the strength of their stocks and the fact that the regulatory environment is much more conducive for M&A. There is more confidence as we have sort of normalized the approach in terms of evaluating antitrust issues."

On the new deal front, Blackstone signed or closed eight privatizations during the year across private equity and real estate, including the $18 billion take-private of medical technology company Hologic in the fourth quarter.

Across all new investments, CFO Michael Chae says the firm targeted "key thematic areas such as digital infrastructure, including data centers, power, and electrification, private credit, life sciences, and from a regional perspective, India and Japan."

"It feels like 2013-2014, where you had that four, five-year hibernation period, the markets reopened, and we took a bunch of companies public," Gray said. "And that is the way it feels today."

That earlier window produced a multi-year run of distributions that returned capital to LPs and drove subsequent fundraising cycles. Gray says this motion is now starting back up: "As they get capital back, as they get gains back, it makes it easier for them to allocate more capital to us. It does get that flywheel going again."

"I think we forget sometimes that the last four years have been an abnormal period, that M&A and IPO activity have been well below historic levels, and we are moving back towards more historic levels of activity," Gray added.

Fundraising momentum is starting to build: Blackstone raised around $240 billion for the full year across institutional, private wealth, and insurance channels, lifting total assets under management 13 percent to nearly $1.3 trillion.

"In corporate private equity, we have raised over $10 billion to date for our next Asia flagship, compared to approximately $6 billion for the previous vintage, and expect to reach over $12 billion," said Gray.

"We also launched fundraising for our fifth private equity energy transition vehicle, which we expect to be meaningfully larger than the prior vintage of approximately $5.5 billion, with a first close anticipated this spring … [and] held initial closings of $5 billion for our new PE secondaries flagship, targeting at least the size of the prior $22 billion vintage, with another major close expected in the coming weeks."

Private wealth was another bright spot for the firm, with fundraising up 53 percent year over year to $43 billion.

Blackstone's private wealth assets under management reached $300 billion—a threefold increase over five years. Analyst research cited by management estimates the firm now generates more than 50 percent of all private wealth revenue across major alternative managers.

Coming up, Gray expects 2026 to be a "foundational year" for building toward 401(k) market access as managers await the outcome of the Department of Labor's rulemaking process. 401(k) fundraising activity, however, isn't likely to start until 2027.

• Bertelsmann unit BMG Rights Management is weighing a potential acquisition of Concord, a music company majority owned by the State of Michigan Retirement System, in a cash-and-stock deal that could be valued at up to $7 billion, per Bloomberg.

• Thoma Bravo has hired Evercore and JPMorgan to explore a sale of Imprivata, a digital identity software provider for the healthcare industry, which could be valued at up to $7 billion, per Reuters.

• Architect Capital is in exclusive talks to acquire a majority stake in OnlyFans, a subscription-based creator platform, at a $5.5 billion enterprise value, per Axios.

• SOLV Energy, a solar and battery storage services provider backed by American Securities, launched the roadshow for its Nasdaq IPO (MWH) with plans to offer 20.5 million shares at $22 to $25, targeting a valuation of up to $5 billion.

• Eldorado Gold (NYSE: EGO) agreed to acquire Foran Mining (TSX: FOM), a copper-focused developer, for around $2.8 billion.

• G2 agreed to acquire Capterra, Software Advice, and GetApp, three B2B software discovery and review platforms, from Gartner (NYSE: IT).

• ESAB Corporation (NYSE: ESAB) agreed to acquire Eddyfi Technologies, a provider of advanced inspection and monitoring technologies, for $1.45 billion from Novacap, CDPQ, and Investissements Florian Hardy.

• Permira agreed to acquire a significant minority stake in Carne Group, a Dublin-based fund regulation and governance platform, from Vitruvian Partners at a €1.4 billion valuation.

• Bain Capital agreed to acquire FineToday Holdings, a Japanese personal care and beauty company, for approximately $1.29 billion from CVC Capital Partners.

• Mitsubishi Electric acquired Nozomi Networks, a San Francisco-based provider of AI-powered industrial cybersecurity and operational visibility software, for $1 billion.

• Aura, a Boston-based online safety platform, agreed to acquire Qoria (ASX: QOR), an Australian student safety and wellbeing software provider, for an implied valuation of A$972 million.

• Aluminium Corporation of China and Rio Tinto (NYSE: RIO) agreed to acquire a controlling stake in Companhia Brasileira de Alumínio, a Brazilian aluminum producer, from Votorantim for approximately $904 million.

• Clearlake Capital Group agreed to a pre-packaged Chapter 11 restructuring of Pretium Packaging, a plastic container manufacturer, that will reduce the company's debt by $900 million and allow Clearlake to retain its majority stake.

• Nine Entertainment (ASX: NEC) agreed to acquire QMS Media, a digital out-of-home advertising company, for A$850 million from Quadrant Private Equity.

• GeoPark (NYSE: GPRK) agreed to acquire Frontera Energy's (TSX: FEC) Colombian oil and gas exploration and production assets for an implied enterprise value of approximately $600 million.

• Halozyme Therapeutics (Nasdaq: HALO) agreed to acquire Surf Bio, a developer of biologic drug delivery technology, for up to $400 million.

• Spring Health agreed to acquire Alma, a New York-based platform helping independent mental health clinicians accept insurance and manage private practices, which had raised $225 million from investors including Thoma Bravo, Insight Partners, and Optum Ventures.

• Thrive Holdings invested $100 million to launch Shield, a national IT services platform.

• Aspen Power, backed by Carlyle, acquired two community solar projects in upstate New York from CTEC Solar.

• IKON Capital, Bolt Ventures, and Main Street Advisors acquired Red Bull KTM Tech3, a MotoGP racing team.

• MML Capital invested in RTM Engineering Consultants, a Schaumburg, Illinois-based engineering consulting firm specializing in MEP, structural and civil engineering.

• Premise Health, backed by OMERS Private Equity and Ares Management, agreed to merge with Crossover Health, an employer-focused provider of advanced primary care and occupational medicine services.

• SunSource, a portfolio company of Clayton, Dubilier & Rice, acquired Vytl Controls Group, a Woodlands, Texas-based provider of flow control solutions, from MiddleGround Capital.

• HKW merged its portfolio company Electric Equipment Engineering with Endpoint Industrial Controls, a Loveland, Colorado-based provider of electrical power products and solutions.

• Inspirit Equity acquired a majority stake in Sizemore, an Augusta, Georgia-based provider of outsourced facility management services.

• Capgemini plans to sell Capgemini Government Solutions, its U.S. subsidiary serving Immigration and Customs Enforcement, amid scrutiny over the unit's contracts.

• First Reserve invested in WGI, a West Palm Beach, Florida-based provider of engineering, design, and infrastructure solutions focused on transportation and public infrastructure.

• Anaplan, a business-planning software provider backed by Thoma Bravo, is preparing to file confidentially for an IPO in the coming weeks, per The Information.

• Crestview Partners acquired Tailwind Hospitality, a Wilmington, North Carolina-based operator of food, beverage, and retail concessions in non-hub and regional airports, from Palladin Consumer Retail Partners.

• J.F. Lehman & Company acquired majority stakes in Reclamation Technologies USA and Tradewater, providers of refrigerant recovery and collection services, to establish a new environmental services platform.

• The Paul G. Allen Estate is reportedly preparing to sell the Seattle Seahawks, an NFL franchise, following Super Bowl LX, per ESPN, though a spokesperson for the estate stated the team is not currently for sale.

• Invio Automation, a portfolio company of Arsenal Capital Partners, acquired Calvary Robotics, a Webster, New York-based provider of robotics and automation solutions.

Tech, Vertical SaaS, & Misc. Enterprise

• Fieldguide, an AI platform for audit and advisory, raised $75 million in Series C funding at a $700 million valuation led by Growth Equity at Goldman Sachs Alternatives, with participation from Geodesic, Bessemer Venture Partners, 8VC, and Thomson Reuters.

• Poetiq, a developer of AI systems designed to enhance LLM reasoning, raised $45.8 million in seed funding co-led by FYRFLY Venture Partners and Surface Ventures, with participation from Y Combinator, 468 Capital, Operator Collective, Hico Ventures, and Neuron Venture Partners.

• Arkero, an AI operations platform for sports organizations, raised $6 million in pre-seed funding led by Game Changers Ventures, with participation from 776, BoxGroup, Garuda Ventures, and Founders' Co-op.

Fintech

• Varo Bank, a US-based digital consumer bank, raised $123.9 million in Series G funding co-led by Warburg Pincus and Coliseum Capital Management, with participation from Northview.

• Talos, an institutional digital asset trading infrastructure provider, raised $45 million in Series B extension funding at a $1.5 billion valuation led by Robinhood Markets, with participation from Sony Innovation Fund, IMC, QCP, Karatage, a16z crypto, BNY, and Fidelity Investments.

• Bits, a Stockholm-based compliance and onboarding infrastructure for financial institutions, raised €12 million in Series A funding led by Alstin Capital, with participation from Cherry Ventures, Unusual Ventures, and Alliance Ventures.

• Incard, a financial platform for digital companies, raised £10 million in Series A funding led by Smartfin, with participation from Founders Capital and MountFund.

Consumer & Media

• Loop AI, an AI platform for restaurant and retail back-office operations, raised $14 million in Series A funding led by Nyca Partners, with participation from Base10, Afore Capital, Converge, Alumni Ventures, Data Tech Fund, 9Yards Capital, and Operators Studio.

• The Realest, a sports and entertainment memorabilia marketplace and authentication platform, raised $12 million in Series A funding led by EnOne Ventures, with participation from OneTeam Partners, Elysian Park Ventures, PGA of America, Interlock Partners, Entrepreneur Ventures, KB Partners, and Alumni Ventures.

• Sound Games, a Seattle-based cross-platform game developer, raised $6.5 million in seed funding led by Point72 Ventures, with participation from Timeless, Daybreak, WOCstar, Hustle Fund, and ZVC.

Healthcare

• Alan, a French digital health insurer, raised €173 million in Series F funding at a €4 billion valuation led by Belfius, with participation from Ontario Teachers' Pension Plan, Temasek, Coatue, and Lakestar.

• Tenpoint Therapeutics, a biotech company developing vision restoration therapies, raised $85 million in Series B funding co-led by Janus Henderson, EQT Nexus, Hillhouse, and British Business Bank, with participation from EQT Life Sciences, Sofinnova Partners, F-Prime, Eight Roads, Qiming Venture Partners USA, AdBio, and Wille.

• Biorce, a Barcelona-based AI clinical trial platform, raised $52.5 million in Series A funding led by DST Global Partners, with participation from Norrsken VC, YZR Capital, Mustard Seed Maze, and Endeavor Catalyst.

• When, a workforce transitions platform reducing healthcare costs, raised $10.2 million in Series A funding co-led by ManchesterStory and 7wire Ventures, with participation from Mairs & Power Venture Capital, B Capital, Enfield Capital Partners, TTV Capital, and Alumni Ventures.

Industrials, Greentech, & Other

• Waymo, Alphabet’s autonomous driving and robotaxi unit, raised $16 billion in new funding at a $126 billion post-money valuation co-led by Dragoneer Investment Group, DST Global, and Sequoia Capital, with participation from Alphabet, Andreessen Horowitz, Mubadala Capital, Bessemer Venture Partners, and Silver Lake.

• CesiumAstro, a space and defense communications developer, raised $470 million in Series C funding led by Trousdale Ventures, with participation from Woven Capital, Janus Henderson Investors, Airbus Ventures, the Development Bank of Japan, MESH Ventures, and NewSpace Capital, including a $200 million financing package from EXIM Bank and J.P. Morgan.

• VulcanForms, a digital metal manufacturing platform, raised $220 million in Series D funding co-led by Eclipse and 1789 Capital, with participation from Washington Harbour, Fontinalis Partners, and IEQ Capital.

• RobCo, a Munich-based autonomous industrial robotics developer, raised $100 million in Series C funding co-led by Lightspeed Venture Partners and Lingotto Innovation, with participation from Sequoia Capital, Greenfield Partners, Kindred Capital, Leitmotif, and The Friedkin Group.

• Plug, a used electric vehicle marketplace, raised $20 million in Series A funding led by Lightspeed, with participation from Galvanize, Autotech Ventures, Leap Forward Ventures, and Renn Global.

• Qatar Investment Authority expanded its venture capital fund-of-funds program to $3 billion, adding $2 billion to the initiative to back managers including Greycroft, Ion Pacific, and Speedinvest.

• Encore Consumer Capital raised $350 million for its oversubscribed fifth flagship fund.

• Yosemite, the oncology-focused venture firm led by Reed Jobs, raised over $200 million for the first close of its second fund, targeting $350 million with backing from Amgen, MIT, and Memorial Sloan Kettering.

• Santé Ventures raised $330 million for its fifth fund focused on early-stage biotechnology, medical technology, and digital health.

• Constructor Capital, a Swiss venture firm, raised $110 million for its debut fund focused on early-stage, science-first startups across deep tech, quantum, AI, and edtech.

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The California Public Employees' Retirement System's private markets program transformation has taken the $500 billion fund from dead last among its peers to the top of performance rankings in three years.

The turnaround, detailed in a board presentation last week by Anton Orlich, managing investment director of private equity, has focused on three core objectives: a rebalancing away from large buyouts toward venture and growth, a rethink of co-investment prioritization, and a commitment to steady deployment.

CalPERS' $98 billion private equity portfolio returned 7.4 percent annually in the three years ended June 2025, ranking first among the 30 largest US public pension systems. As recently as December 2022, the fund sat at the bottom of that same peer group.

The CalPERS Private Equity Turnaround, Board of Administration Educational Day, January 20, 2026

In 2024, CalPERS' board voted to raise the fund's private equity allocation from 13 percent from to 17 percent. But, within that allocation, CalPERS has cut its commitments to buyout funds to 58 percent of total private capital, down from 91 percent three years earlier.

The delta has been allocated to growth equity—now 31 percent of fund commitments, up from 9 percent in fiscal 2022—and a new venture capital program that received 12 percent of commitments in fiscal 2024.

"Growth and venture don't just have higher returns on average, they also have some diversification from buyout," Orlich told the board.

Within the remaining buyout allocation, CalPERS has moved away from large-cap funds and prioritized smaller managers.

Middle market funds are now 57 percent of buyout commitments, up from 40 percent in fiscal 2022.

Middle market strategies historically generate stronger returns than large-cap buyout, but the shift is also about maximizing leverage as an LP. In smaller vehicles, CalPERS' capital is a much larger share of the total fund, which gives the pension greater influence over general partner behaviour.

Supporting the new approach, a revision to CalPERS' concentration governance now permits the pension to take positions of up to 35 percent of a fund, up from 25 percent previously.

In part, the moves are also about avoiding public relations crises.

CalPERS, along with other public pensions, has had to manage what board president Theresa Taylor described as concerns about "buyouts and corporate restructuring" from constituents and politicians.

In the fund's view, large-cap buyout strategies disproportionately involve mature companies where workforce reductions and pension modifications are more common.

"It kind of reminds me of the old corporate hostile takeovers of the 80s and 90s," said Taylor.

That's part of the reason, says Orlich, that all incremental dollars from the fund's recent private capital allocation change have gone toward venture and growth, not buyout.

"On average, where would something be more likely to show up as a problem? I would imagine it would be with buyout," Orlich acknowledged. "We dramatically diversified the portfolio away from those transactions."

In buyouts, CalPERS says it prioritizes these concerns as part of its manager diligence process and its participation in limited partner advisory committees (where it now holds more sway with its middle market focus).

"We are looking out for these kinds of investments that hurt the workforce. We have some managers that we had really high confidence in, and they have proven not to be so reliable, and these are larger names," added Taylor.

—

Co-investment growth is a key target for many LPs, who see an attractive opportunity to reduce the fee burden from standard commitments. Taking a slightly different approach, CalPERS has deprioritized overall coinvestment allocation in favor of opportunity selection.

"In 30 years of investing, we actually had an outcome where our co-investments underperformed our funds in most periods, even on a net basis," Orlich said. "That's something that we've been able to reverse in the last three years."

That's meant a shift away from a philosophy that pursued co-investment opportunities with every manager relationship.

"We start with the foundation of manager selection and invest in what we think are the best funds, and then we selectively participate in co-investments where we think we are doubling down on the best opportunities that are provided by those funds," he explained, adding that doing co-investments "for the sake of it" exposes limited partners to adverse selection risk.

CalPERS’ co-investments now outperform the underlying fund portfolios even on a gross basis.

"We're capturing the full fee and carry savings and then adding a little bit of outperformance from the deal selection," Orlich said.

But in a challenging fundraising market, CalPERS’ new selectivity hasn't hurt overall co-investment allocation.

The pension now hits a 40 percent co-investment rate against its $15.5 billion annual commitment budget—a target it had missed in the three fiscal years prior to the launch of its turnaround strategy.

The economics: each $1 billion deployed via co-investment instead of fund commitments saves around $400 million in management fees and carried interest over the life of the investments. At current deployment rates, that's around $25 billion in fee savings over a ten-year period.

—

Perhaps the most consequential strategy shift is CalPERS’ commitment to sustained private markets deployments across market cycles — a response to the fund's disastrous "lost decade."

In 2006 and 2007, CalPERS made $24 billion in new commitments to private capital. After being burned by the subsequent financial crisis, the fund retreated over the following decade—sitting on the sidelines during a historically strong run for the asset class.

The result was an estimated $11 billion to $18 billion in foregone returns.

As part of the 2024 vote to increase the fund's private capital allocation, CalPERS also formalized its intent to prioritize consistent deployment regardless of market conditions. The fund has now committed around $15.5 billion in each of the past three fiscal years, avoiding outsized exposure to the challenged 2020 and 2021 vintages that have caused issues for some peers.

—

CalPERS' private markets turnaround has made impressive progress in a relatively short time, though it's still early days. Orlich, however, is confident in sustained improvement:

"The team has internalized the strategy, and there is shared ownership over the portfolio," he told a board member. "We have done very well with our manager selection and have gotten our process to a point where it's repeatable. We've done very well with our co-investment selection—that is also repeatable."

At the very least, CalPERS' jump to the top of the benchmarking table is proof that something's working.

• CD&R has hired advisers to sell Indicor, an industrial business partially owned by Roper Technologies (Nasdaq: ROP), which could be valued at $6 billion, per the FT.

• Blackstone and Yanmar Holdings are among the potential bidders for a majority stake in Everllence, Volkswagen's heavy diesel engine unit, which could be valued at nearly €5 billion, per Bloomberg.

• York Space Systems (NYSE: YSS), a Denver-based small satellite manufacturer backed by AE Industrial Partners, raised $629 million in its upsized IPO priced at $34 per share, valuing the company at $4.3 billion.

• Permira has launched a sale process for Neuraxpharm, a German pharmaceutical company specializing in central nervous system disorders, which could be valued at between €3 billion and €4 billion, per Bloomberg.

• Stonepeak agreed to invest $2.4 billion for a 25% stake in United Ports LLC, a new joint venture with CMA CGM operating 10 container terminals across the U.S., Brazil, Spain, and Asia.

• Leidos (NYSE: LDOS) agreed to acquire ENTRUST Solutions Group, an engineering solutions provider for utilities, for approximately $2.4 billion in cash from Kohlberg & Co.

• VSE Corporation (Nasdaq: VSEC) agreed to acquire Precision Aviation Group, a provider of aviation aftermarket services, for $2.03 billion from GenNx360 Capital Partners.

• Forgent Power Solutions, a data center electrical equipment manufacturer backed by Neos Partners, launched an IPO to raise up to $1.62 billion targeting a valuation of around $8.8 billion.

• Prosperity Bancshares (NYSE: PB) agreed to acquire Stellar Bancorp (NYSE: STEL), a Houston-based commercial bank, for $2 billion in cash and stock.

• IonQ (NYSE: IONQ) agreed to acquire SkyWater Technology (Nasdaq: SKYT), a U.S.-based semiconductor foundry, for approximately $1.8 billion in cash and stock.

• Stanley Electric agreed to acquire Iwasaki Electric, a Japanese provider of light sources and lighting fixtures, from Carlyle for ¥70.3 billion.

• Nordic Capital agreed to acquire a majority stake in 1741 Group, a Swiss provider of investment fund structuring and administration services.

• Thyssenkrupp is considering the sale of a roughly 30 percent stake in Rothe Erde, its bearings business, in a deal that could value the unit at about €1.5 billion, per Bloomberg.

• Audax Group has hired JPMorgan to explore a sale of BlueCat Networks, a Toronto-based cybersecurity provider, which could be valued at more than $1.5 billion, per Reuters.

• Anta Sports agreed to acquire a 29 percent stake in Puma, a German sportswear brand, for €1.5 billion from Groupe Artémis.

• Bridgepoint and Triton Partners are considering a potential £1.5 billion takeover of Spire Healthcare (LSE: SPI), the UK's largest private hospital group, per Sky News.

• CVC Capital Partners agreed to acquire Marathon Asset Management, a US credit manager, for up to $1.2 billion in cash and equity.

• Waterland Private Equity has hired Houlihan Lokey to explore a sale of Xebia, a Dutch AI and digital transformation consultancy that could be valued at more than €1 billion, per Bloomberg.

• AEA Elevate acquired a majority stake in 829 Studios, a Boston-based digital marketing firm, from CIVC Partners.

• ETS is exploring a sale of its GRE and TOEFL standardized testing assets, which could be valued at around $500 million, per The Wall Street Journal.

• Kodiak Solutions, a portfolio company of TPG, acquired Besler, a Princeton, New Jersey-based provider of revenue recovery and hospital reimbursement solutions.

• Conscious Capital Growth and Petra Capital Partners acquired RD Nutrition Consultants, a national provider of clinical nutrition and dietitian consulting services.

• Blackstone agreed to acquire Arlington Industries, a designer and manufacturer of electrical products including fittings and enclosures.

• Universal Music Group acquired a minority stake in Stationhead, a social music streaming platform, alongside Sterling Partners.

• Excellere Partners acquired Hinterland Group, a Riviera Beach, Florida-based provider of underground water infrastructure maintenance and repair services.

• Rover Group, a portfolio company of Blackstone, acquired Meowtel, a cat-sitting marketplace backed by Hustle Fund, SaaSCraft Ventures, and Hands On Angel.

• Southfield Capital acquired Contextual.io, a Guilford, Connecticut-based AI orchestration platform for enterprise solutions.

• The Chernin Group acquired a minority stake in Goalhanger, the UK-based podcast studio behind "The Rest Is History" and "The Rest Is Football".

• Siegfried Holding AG agreed to acquire Noramco, Extractas Biosciences, and Purisys, the controlled drug substance businesses of the Noramco Group, from SK Capital Partners.

• Tecum Capital and Inyarek Partners acquired F.A. Days & Sons, a Massachusetts-based propane supplier, to launch Guardian Propane Partners, a retail propane distribution platform.

• KPS Capital Partners agreed to acquire a controlling stake in Novacel, a French manufacturer of surface protection solutions, from Compagnie Chargeurs Invest.

• Accel-KKR invested in Exxat, a Warren, New Jersey-based provider of technology for clinical and experiential healthcare education.

• JLL Partners acquired PowerParts Group, a provider of aftermarket parts and field services for gas and steam turbines, from Mangrove Equity Partners.

• Brentwood Associates and Tenex Capital Management recapitalized Perennial Services Group, a Pittsburgh-based provider of lawn care, pest control, landscaping, and arbor services.

• NOCD acquired Rebound Health, a virtual trauma and PTSD therapy provider.

• Incline Equity Partners acquired MCCi, a Tallahassee, Florida-based provider of enterprise content management and workflow automation software for the public sector, from Century Park Capital Partners.

• AutoManager, a portfolio company of The Beekman Group, acquired Macrosmith, a State College, Pennsylvania-based automotive document management software provider.

• Main Post Partners acquired HomeWell Care Services, a franchisor of non-medical in-home senior care.

• Resonetics, backed by Carlyle and GTCR, agreed to acquire Resolution Medical, a Minnesota-based manufacturer of complex medical devices, from Arcline Investment Management.

• Healthcare Holding Schweiz, managed by Winterberg Advisory and KKA Partners, acquired PlusORTHO Prothetik, a Swiss provider of orthopedic hand, foot, and knee implants and fixation systems.

• Specialized Elevator, a portfolio company of Berkshire Partners, merged with Vintage Elevator Services, a San Francisco Bay Area-based provider of commercial and residential elevator services.

• Capstreet acquired TOPS Field Services, a Texas-based provider of inspection, overhaul, and maintenance services for gas and steam turbines, LNG equipment, and generators.

• Pavement Preservation Group, a portfolio company of The Sterling Group, acquired Holbrook Asphalt and Integrated Pavement Solutions, providers of pavement preservation services.

• Vireo Growth agreed to acquire Hawthorne Gardening, a provider of nutrients, lighting, and hydroponic gardening materials, from Scotts Miracle-Gro (NYSE: SMG).

• Adenia Partners agreed to acquire a majority stake in Parkville Pharmaceuticals, a Cairo-based pharmaceutical company, from Admaius Capital Partners and Dr. Sherif Bassiouny.

• LKQ Corporation (Nasdaq: LKQ), an auto parts supplier, has initiated a review of strategic alternatives, including a potential sale, with Bank of America advising.

• PaperTech, a portfolio company of May River Capital, acquired Bake-Best Trays, an Oregon-based manufacturer of pressed paperboard trays for food applications.

• Pollen Street Capital agreed to acquire Thesis Holdings, a UK-based fund services platform, from Ventiga Capital Partners, J Leon, and management.

• Gordon Brothers acquired LK Bennett, a UK-based premium womenswear, footwear, and accessories brand, out of administration.

• Bain Capital acquired APP Jet Center, a network of five FBOs providing aviation services, from Ridgewood Infrastructure.

• RESA Power, a portfolio company of Kohlberg & Company, acquired Société Générale d'Électrotechnique, a Quebec City-based provider of electrical energy solutions.

• Rubicon Technology Partners acquired a majority stake in Procede Software, a Solana Beach, California-based provider of dealer management systems for the commercial vehicle industry.

• Liberty Mutual Investments acquired a minority stake in Mascarene Partners, a New York-based middle-market private equity firm focused on North American transportation and industrials.

• The Amlon Group, a portfolio company of Heartwood Partners, acquired Mastermelt America, a Sweetwater, Tennessee-based processor of industrial waste containing precious metals and superalloys.

• Frontline Road Safety, a portfolio company of Bain Capital, acquired American Roadway Logistics, a Norton, Ohio-based pavement marking and traffic maintenance provider, from Monroe Street Partners.

• Bain Capital and Blackstone have advanced to the second round of bidding for Vitabiotics, a UK-based vitamin maker, alongside EQT and TPG, per Bloomberg.

Tech, Vertical SaaS, & Misc. Enterprise

• Ricursive Intelligence, an AI chip design lab, raised $300 million in Series A funding at a $4 billion valuation led by Lightspeed, with participation from DST Global, NVentures, Felicis Ventures, 49 Palms Ventures, Radical AI, and Sequoia Capital.

• Decagon, an AI customer support agent platform, raised $250 million in Series D funding at a $4.5 billion valuation, co-led by Coatue Management and Index Ventures, with participation from ChemistryVC, Definition Capital, Starwood Capital, Andreessen Horowitz, A*, Accel, Avra, Bain Capital Ventures, Forerunner, and Ribbit Capital.

• Upwind, a cloud security platform for runtime threat detection, raised $250 million in Series B funding at a $1.5 billion valuation led by Bessemer Venture Partners, with participation from Salesforce Ventures, Picture Capital, Greylock Partners, Cyberstarts, Leaders Fund, Sheva, and Craft Ventures.

• Flapping Airplanes, a data-efficient AI research lab, raised $180 million in seed funding at a $1.5 billion valuation co-led by GV, Sequoia Capital, and Index Ventures, with participation from Menlo Ventures.

• Factify, an AI-native document standard developer, raised $73 million in seed funding led by Valley Capital Partners.

• Eliyan, a chiplet interconnect developer for AI and high-performance computing, raised $50 million in strategic Series C funding from AMD, Arm, Coherent, Meta, Samsung Catalyst Fund, and Intel Capital.

• Summize, an AI contract lifecycle management platform, raised $50 million in Series A funding led by Maven Capital Partners, with participation from YFM Equity Partners, Kennet Partners, and Federated Hermes Private Equity.

• Compa, an AI compensation intelligence platform, raised $35 million in Series B funding led by Jump Capital, with participation from Crosslink Capital, Storm Ventures, Permanent Capital, HR Tech Investments, and PagsGroup.

• Fiddler AI, an AI observability and security platform, raised $30 million in Series C funding led by RPS Ventures, with participation from Lightspeed Venture Partners, Lux Capital, Insight Partners, Capgemini Ventures, Dallas VC, Dentsu Ventures, Mozilla Ventures, LG Technology Ventures, Benhamou Global Ventures, and LDV Partners.

• Adaptive6, a cloud cost optimization platform, raised $28 million in Series A funding led by U.S. Venture Partners, with participation from New Era Capital Partners, Forgepoint Capital, Pitango VC, and Vertex Ventures.

• Northslope, a developer of AI applications for the Palantir operating system, raised $22 million in Series A funding co-led by Friends & Family Capital and Goldcrest Capital.

• Visitt, an AI commercial real estate operations platform, raised $22 million in Series B funding led by Susquehanna Growth Equity, with participation from Vertex Ventures Israel, Anfield, and Sarona Ventures.

• Tradespace, an AI intellectual property management platform, raised $15 million in Series A funding led by Atlantic Vantage Point, with participation from Eniac Ventures, Amplo VC, and Scrum Ventures.

• Mesh Security, a cybersecurity mesh architecture platform, raised $12 million in Series A funding led by Lobby Capital, with participation from S Ventures and BrightPixel Capital.

• Datatruck, a Chicago-based AI operating system for long-haul trucking, raised $12 million in Series A funding led by Avenue Growth Partners.

Fintech

• Zero Hash, a crypto infrastructure platform for stablecoins and asset tokenization, is in talks to raise $250 million in new funding at a $1.5 billion valuation after ending acquisition discussions with Mastercard.

• Snout, a pet preventive care financing platform, raised $110 million in new funding, including a $10 million Series A led by Footwork and a $100 million debt facility from Clear Haven Capital Management, with participation from Pear VC, Bread and Butter Ventures, Restive Ventures, and Griffon Partners.

• Juspay, a payment infrastructure provider for enterprises and banks, raised $50 million in Series D follow-on funding at a $1.2 billion valuation led by WestBridge Capital, with participation from Avendus Capital.

• Raylo, an electronics subscription infrastructure provider, raised £30 million in Series B equity and debt funding at a £150 million post-money valuation led by Citibank, with participation from NatWest.

• Slice, an AI equity compliance and management platform for multinationals, raised $25 million in Series A funding led by Insight Partners, with participation from TLV Partners, R-Squared Ventures, and Jibe Ventures.

• Mine, a personal finance startup for young adults, raised $14 million in Series A funding led by 359 Capital, with participation from Kleiner Perkins, FJ Labs, Y Combinator, and U.S. News & World Report.

• Jelou, a developer of AI agents for financial operations in messaging apps, raised $10 million in Series A funding led by Wellington Access Ventures, with participation from Krealo and Collide Capital.

Consumer & Media

• Property Finder, a UAE real estate portal, raised $170 million in new funding led by Mubadala Investment Company, with participation from BECO Capital.

• Phia, an AI shopping agent platform, raised $35 million in Series A funding at a $185 million valuation led by Notable Capital, with participation from Khosla Ventures and Kleiner Perkins.

• Pixellot, an AI-automated sports production and streaming platform for youth and amateur markets, raised $35 million in new funding led by PSG Equity, comprising $15 million in equity and $20 million in venture debt.

Healthcare

• Tandem, a healthcare AI platform automating prescription workflows, raised $100 million in Series B funding at a $1 billion valuation led by Accel, with participation from General Catalyst.

• Gyde, an Austin, Texas-based AI health insurance brokerage, raised $60 million in new funding led by Lightspeed, with participation from Optum Ventures, Crystal Venture Partners, Virtue, and MVP Ventures.

• TRex Bio, a clinical-stage biotech developing tissue Treg-based medicines, raised $50 million in Series B extension funding from Janus Henderson Investors, Balyasny Asset Management, Affinity Asset Advisors, Alexandria Venture Investments, Avego BioScience Capital, Delos Capital, Eli Lilly, JJDC, Pfizer Ventures, Polaris Partners, and SV Health Investors.

• Recare, a Berlin-based hospital discharge and care coordination platform, raised €37 million in Series B funding led by DNV, with participation from CIBC Innovation Banking.

• Evaro, an NHS-licensed digital health platform, raised $25 million in Series A funding led by AlbionVC, with participation from Exceptional Ventures, Simplyhealth Ventures, Cornerstone VC, and BBI.

• Antheia, a pharmaceutical ingredient biosynthesis company, raised $24 million in Series C funding co-led by ATHOS KG and America's Frontier Fund, with participation from Global Health Investment Corporation and EDBI.

• Climatic, a respiratory wellness startup, raised $10 million in seed funding led by Lerer Hippeau, with participation from BBGV, Brand Foundry Ventures, Cade Ventures, Good Friends, and Space Station.

Industrials, Greentech, & Other

• DeepWay, a Chinese developer of autonomous electric heavy-duty trucks, raised around $173 million in Pre-IPO funding led by Puhua Capital, with participation from ABC Impact, Sunwoda Electronic Co, Qianhai Haotian, Hantang Real Estate, Linyi Guoke, Changxing Chuangqiang Fund, Shandong Guokong Capital, Lenovo Capital, Greater Bay Area Fund, Guangyue Investment, and Hongshan Fund.

• Standard Nuclear, a reactor-agnostic TRISO nuclear fuel producer, raised $140 million in Series A funding led by Decisive Point, with participation from Chevron Technology Ventures, StepStone Group, XTX Ventures, Welara, Fundomo, Andreessen Horowitz, Washington Harbour Partners, and Crucible Capital.

• Vention, a Montreal-based AI industrial automation platform, raised $110 million in Series D funding led by Investissement Québec, with participation from Desjardins Capital, Fidelity Investments Canada, and NVentures.

• Terra Energy, a residential solar subscription provider, raised $105 million in new debt and equity funding from ARC PE, Azora Capital, Breakwall Capital, Banesco, and First Horizon Bank.

• Northwood Space, a satellite ground station and backhaul infrastructure developer, raised $100 million in Series B funding co-led by Washington Harbour Partners and Andreessen Horowitz, with participation from Alpine Space Ventures, Founders Fund, StepStone Group, Balerion Space Ventures, Fulcrum, Pax, and 137 Ventures.

• Gigablue, a marine carbon removal developer, raised $20 million in the first close of its Series A funding led by Planet Ocean Capital.

• GlassPoint, a solar steam developer for industrial decarbonization, raised $20 million in Series A extension funding led by New Investment Solutions, with participation from MIG Capital.

• Leonard Green & Partners raised over $3.6 billion for Sage Equity Investors, its inaugural fund focused on single-asset continuation funds sponsored by third-party managers.

• Equality Asset Management raised $575 million for its second fund focused on growth-stage software and technology companies.

• Obvious Ventures, the venture firm co-founded by Evan Williams, raised $360 million for its fifth fund focused on planetary, human, and economic health.

• Voyager Ventures raised $275 million for its second fund focused on early-stage investments in energy, industrials, and climate technology across North America and Europe.

• Daphni raised €260 million for its Blue fund focused on early-stage, science-driven deeptech startups across Europe.

• Basis Set Ventures raised $250 million for its fourth fund focused on early-stage AI and automation.

• Bertelsmann Investments launched a $200 million venture fund, Bertelsmann Healthcare Investments, focused on health tech in the U.S. and Europe.

• b2venture, a Swiss venture capital firm, raised €150 million for its fifth fund focused on early-stage European technology companies.

• Epidarex Capital raised $145 million for the first close of its fourth fund focused on early-stage life sciences and medical devices in the UK and US.

• Hetz Ventures $140 million for its fourth fund focused on early-stage Israeli startups in cybersecurity, data platforms, and AI infrastructure.

• Boyne Capital raised a single-asset continuation fund anchored by New 2ND Capital to support its continued ownership of Pilot Energy, a San Diego-based energy advisory and management platform.

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Most critiques of continuation vehicles focus on their occasional use as a tool to kick the can down the road in a slow market, but a recent dispute is now airing out some of the CV governance considerations that can also turn problematic.

In December, Abu Dhabi Investment Council, an independently managed unit of Mubadala Investment Company, filed suit in Delaware Chancery Court in an attempt to block sponsor Energy & Minerals Group from transferring a stake in Ascent Resources, a natural gas operator in the Utica shale formation, into a continuation fund at a valuation of around $5.5 billion.

The parties have since agreed to pursue arbitration, with the transaction halted until at least late February 2026.

The sovereign wealth fund's complaint alleges that EMG prioritized its own economics over investor interests: "Defendants are trying to force a conflicted sale of EMG fund assets to a continuation vehicle to reap a massive benefit for themselves at the expense of ADIC and the other investors to whom Defendants owe fiduciary duties."

"Defendants have made multiple material misstatements and omissions about the proposed transaction and employed a variety of coercive tactics," lawyers for ADIC wrote in the filing. "In so doing, EMG has placed its own self-interest above the interests of its investors."

Court filings indicate that the limited partner advisory committees of two EMG-managed funds holding Ascent initially declined to waive the conflict of interest on the proposed transaction—EMG received just 3 of 43 Advisory Board members' votes—and numerous members asked for additional time and information.

ADIC claims the sponsor then approached LPs individually and eventually claimed it had received LPAC approval without holding a second formal vote or providing documentation of the consent.

The complaint argues that EMG was incentivized to pursue as low a valuation as possible on the CV transaction to maximize its ultimate outcome from Ascent.

The sponsor, says the complaint, intended to roll its existing equity, has the option to contribute new equity at what could be an artificially low price, and will have its carried interest reset.

The move could also salvage the EMG’s economics on an asset that might not have generated meaningful carry through a conventional exit at the current valuation, and the lower the CV valuation, the greater the potential carry at the subsequent exit.

In pursuit of a depressed CV valuation, ADIC believes EMG misrepresented the value of the asset to its LPs and downplayed market appetite for alternative exit options.

EMG did hire an advisor to obtain a fairness opinion on the CV purchase price. But ADIC alleges that the fairness opinion relied on unrealistically negative valuation assumptions provided by EMG, which were meaningfully worse than the assumptions used in the CIM shown to potential CV investors.

According to the complaint, "a key input for analysis of the CV Transaction was Ascent’s 'inventory life,' which is a measure of Ascent’s inventory (i.e., for how many years Ascent will be able to sell natural gas until it runs out). As EMG later told ADIC and other Advisory Board members, '[i]nventory life is one of the strongest corollaries to valuation.'"

"EMG has stated to the Advisory Boards that Ascent’s valuation is materially depressed compared to peers because Ascent has only an inventory life of [redacted].”

“At the same time, unbeknownst to Advisory Board members, EMG told potential investors in the continuation vehicle the opposite: Ascent has an inventory life of [redacted], which makes it a 'premier asset with competitive advantages' compared to peers."

ADIC says that EMG pitched the CV Transaction as the only feasible way for limited partners to access liquidity at a fair price, claiming there was no viable exit path through an IPO or sale of the company.

"EMG told the Advisory Boards that Ascent has no prospects of an IPO or M&A transaction," says the filing.

"At the same time, EMG told prospective investors in the continuation vehicle that an IPO is expected and an 'upside case' involves a merger. There were even discussions earlier this year among EMG and another significant Ascent shareholder of conducting an IPO. None of this was disclosed to Advisory Board members."

ADIC's accusation that EMG was dishonest in its gloomy portrayal of available exit options seems to be supported by competing bids for Ascent that were received from third parties after the governance dispute went public.

Last month, Kimmeridge Energy Management submitted a $6 billion offer, positioning its bid as superior to the CV valuation.

"Our view is that this is a significant premium versus the valuation proposed in the continuation funds," Kimmeridge managing partner Ben Dell said. "It is a high-quality asset with significant strategic value. When we look at the valuation that is being floated out there, our belief is there are better options for investors."

Hedge fund Mason Capital Management also expressed interest, publishing a letter to Ascent's board that corroborated ADIC's complaints and called EMG's sale process "fundamentally flawed." Mason indicated it was prepared to make an all-cash offer superior to EMG's proposed transaction.

Ultimately, if it's determined that Kimmeridge's offer provides real value uplift, EMG could face an uncomfortable choice: accept a higher third-party bid that validates investor complaints, or defend the lower price through arbitration.

• EQT (Stockholm: EQT) agreed to acquire Coller Capital, a London-based secondaries firm with nearly $50 billion in assets, for up to $3.7 billion.

• Stone Point Capital is in exclusive talks to acquire Amber River, a UK-based wealth manager with £15 billion in assets, from Penta Capital at a potential valuation of around £800 million, per Financial News.

• Beazley (LSE: BEZ), a UK specialty and cyber insurer, rejected a £7.67 billion takeover offer from Zurich Insurance Group (SIX: ZURN).

• Deutsche Boerse agreed to acquire Allfunds (Euronext Amsterdam: ALLFG), a fund distribution platform, for €5.35 billion in cash and stock.

• Blackstone (NYSE: BX) is exploring a sale or IPO of Beacon Offshore Energy, a Gulf of Mexico oil and gas operator that could be valued at more than $5 billion, per Bloomberg.

• Eaton Corp. (NYSE: ETN) is working with an adviser to explore a sale or spinoff of its vehicle unit, which could be valued at $5 billion, per Bloomberg.

• Advent International has hired UBS and Rothschild to advise on the sale of Irca, an Italian industrial confectionery group, which could be valued at around €3 billion, per Bloomberg.

• Cenovus Energy (NYSE: CVE) is considering a sale of its conventional oil and gas assets in the Deep Basin of Alberta, which could be valued at around C$3 billion, per Reuters.

• Platinum Equity is exploring a sale of Hop Lun, a Hong Kong-based lingerie and swimwear manufacturer, which could be valued at up to $1 billion, per Bloomberg.

• Inspira Global agreed to acquire a controlling stake in Restaurant Brands Asia, the operator of Burger King in India and Burger King and Popeyes in Indonesia, for about $505 million, from Everstone Capital.

• Worldwide Clinical Trials, backed by Kohlberg & Co., agreed to acquire Catalyst Clinical Research, an oncology-focused contract research organization, from QHP Capital for just under $500 million.

• Smithfield Foods (Nasdaq: SFD) agreed to acquire Nathan's Famous (Nasdaq: NATH), the iconic hot dog brand, for around $450 million in cash.

• TowerBrook agreed to acquire a majority stake in MSA Mizar, a Milan-based insurance claims management provider, from Columna Capital for €350 million to €400 million, per PE Hub.

• TDR Capital agreed to acquire Escode, a software escrow business, from NCC Group (LSE: NCCG) for £275 million.

• Grant Avenue Capital acquired 21st Century Healthcare, a Tempe, Arizona-based manufacturer of vitamins, minerals, and supplements for humans and pets.

• Resurgens Technology Partners acquired OrgChart, a provider of organizational chart automation and workforce planning solutions, from Lock 8 Partners.

• Aurora Capital Partners acquired Anova, a provider of industrial Internet of Things solutions for remote asset monitoring, from FFL Partners.

• Metagenics, a portfolio company of Gryphon Investors, acquired Symprove, a UK-based probiotic manufacturer, from bd-capital.

• Fengate Private Equity invested in Sussex Strategy Group, a Canadian public affairs and strategic communications firm.

• Aquitaine Capital acquired a majority stake in KidsChoice, an Oklahoma-based autism and pediatric therapy provider.

• RLH Equity Partners invested in Valent Partners, a Dallas-based technology strategy and transformation firm specializing in data, analytics, and AI.

• Cohere Capital invested in FlexTecs, an Atlanta-based provider of recovery audit, contract compliance, and payment accuracy software.

• Transom Capital Group acquired WellBiz Brands, a franchisor of beauty and wellness concepts including Drybar, Elements Massage, and Fitness Together, from KSL Capital.

• Victoria Park Medispa, a portfolio company of Peloton Capital Management, acquired PHI Medical Aesthetics, a Calgary-based provider of non-surgical aesthetic services.

• Qiagen (NYSE: QGEN), a European molecular testing firm, is exploring strategic options, including a potential sale, following renewed takeover interest, per Bloomberg.

• Echo Global Logistics, a portfolio company of The Jordan Company, agreed to acquire ITS Logistics, a Reno-based third-party logistics provider, from GHK Capital Partners.

• Godspeed Capital Management invested in Engineering Resource Group, a Mississippi-based MEP engineering, consulting, and design firm.

• Arora Engineers, a portfolio company of Jacmel Partners, acquired J.A. Watts, a Chicago-based program and construction management firm.

• BlueRidge Life Sciences, a portfolio company of Renovus Capital Partners, acquired Design Science, a Philadelphia-based human factors and usability engineering consultancy.

• Allshares, a portfolio company of Bregal Milestone, acquired Stock & Option Solutions, a Nashville-based provider of equity compensation and stock plan administration services.

• Platinum Equity acquired Czarnowski Collective, a Chicago-based experiential marketing services firm.

• GTCR partnered with former Match Group executive Gary Swidler to form Ascent Sports Group, a new technology and media platform focused on the youth and amateur sports ecosystem.

• Centerbridge Partners agreed to acquire a structured minority interest in Pure Cremation, a UK-based funeral services provider, from Epiris and CEO Dean Lamble.

• Argano, a portfolio company of Trinity Hunt Partners, acquired Advantco International, a North Carolina-based enterprise integration software provider, from Montage Partners.

• Water Street Healthcare Partners invested in MedSpeed, an Elmhurst, Illinois-based provider of same-day logistics for the healthcare industry.

• ConnectWise, a portfolio company of Thoma Bravo, acquired zofiQ, a Toronto-based agentic AI platform for service desk automation.

• BV Investment Partners acquired the managed repair program division of Alacrity Solutions, rebranding the business as Altimeter Solutions Group.

Tech, Vertical SaaS, & Misc. Enterprise

• SambaNova, an AI hardware and software developer for enterprise generative AI, is seeking to raise up to $500 million in new funding from technology companies and semiconductor manufacturers.

• RadixArk, an AI inference and LLM infrastructure developer, raised new funding at a $400 million valuation led by Accel.

• Baseten, an AI inference platform, raised $300 million in new funding at a $5 billion valuation co-led by IVP and CapitalG, with participation from Nvidia.

• Upscale AI, a developer of AI networking chips, raised $200 million in Series A funding at a valuation of more than $1 billion co-led by Tiger Global, Premji Invest, and Xora Innovation, with participation from Maverick Silicon, StepStone Group, Mayfield, Prosperity7 Ventures, Intel Capital, and Qualcomm Ventures.

• Applecart, a relationship-based marketing data platform, raised $100 million in Series C funding led by Blackstone at a $700 million valuation.

• Fracttal, an AI-powered asset maintenance platform, raised $35 million in growth funding led by Riverwood Capital, with participation from GoHub Ventures, Seaya Ventures, Kayyak Ventures, and Amador.

• Furl, an AI-powered security remediation startup automating vulnerability and configuration fixes, raised $10 million in seed funding led by Ten Eleven Ventures, with participation from Open Opportunity Fund.

• Renterra, a Chicago-based equipment rental software platform, raised $9 million in Series A funding led by Avenue Growth Partners, with participation from Alaris Capital, Bienville Capital, and Iron Prairie Ventures.

• Legato, an AI-powered SaaS customization platform, raised $7 million in seed funding led by S Capital VC, with participation from Cerca Partners.

Fintech

• Anchorage Digital, a federally chartered digital asset bank, is seeking to raise between $200 million and $400 million in pre-IPO funding.

• Datarails, an AI financial planning platform for CFOs, raised $70 million in Series C funding at a $550 million valuation led by One Peak, with participation from Vertex Growth, Vintage Investment Partners, Zeev Ventures, Innovation Endeavors, Qumra Capital, and ClalTech.

• Benepass, a benefits management platform, raised $40 million in Series B funding led by Centana Growth Partners, with participation from FoW Partners, Portage Ventures, and Threshold Ventures.

• Cloover, a Berlin-based residential clean energy fintech, raised $22 million in Series A funding and a $1.2 billion debt facility co-led by MMC Ventures and QED Investors, with participation from Lowercarbon Capital, BNVT Capital, Bosch Ventures, Centrotec, and Earthshot Ventures.

• Stoïk, a French cyber insurtech for mid-market companies, raised €20 million in Series C funding co-led by Impala and Opera Tech Ventures, with participation from Alven and Andreessen Horowitz.

Consumer & Media

• Preply, a language learning marketplace, raised $150 million in Series D funding at a $1.2 billion valuation led by WestCap.

• Statusphere, an AI-powered micro-influencer marketing platform, raised $18 million in Series A funding led by Volition Capital, with participation from HearstLab, 1984 Ventures, and How Women Invest.

Healthcare

• OpenEvidence, an AI medical search engine for doctors, raised $250 million in Series D funding at a $12 billion valuation co-led by Thrive Capital and DST Global, with participation from Nvidia and Google Ventures.

• Zarminali Pediatrics, an integrated pediatric primary and specialty care provider, raised $110 million in Series A funding led by Healthier Capital, with participation from General Catalyst and K2 HealthVentures.

• Mendra, an AI biotech developing rare disease therapeutics, raised $82 million in Series A funding co-led by OrbiMed, 8VC, and 5AM Ventures, with participation from Lux Capital and Wing VC.

• Think Bioscience, a biotech developing small-molecule drugs for difficult targets, raised $55 million in Series A funding co-led by Regeneron Ventures, Innovation Endeavors, and Janus Henderson Investors, with participation from CE-Ventures, MBX Capital, YK Bioventures, AV8 Ventures, CU Innovations, and Buff Gold Ventures.

• VieCure, an AI oncology care platform, raised $43 million in new funding led by Northpond Ventures, with participation from Durable Capital Partners, Socium Ventures, and Sator Grove Holdings.

• AnswersNow, a virtual ABA therapy platform for children with autism, raised $40 million in Series B funding led by HealthQuest Capital, with participation from Left Lane Capital and Owl Ventures.

• L-Nutra, a longevity and medical nutrition technology company, raised $36.5 million in Series D funding led by Mubadala Investment Company, with participation from Brentwood Associates and 618 Ventures.

• ErVimmune, a French biotech developing cancer vaccines and cell therapies targeting retrovirus-derived tumor antigens, raised €17 million ($19.8 million) in Series A funding from SPRIM Global Investments and Seventure Partners.

• Infinitopes, a clinical-stage cancer vaccine biotech, raised $15.4 million in seed extension funding, co-led by Octopus Ventures and Amplify Bio, with participation from Macmillan Cancer Support, Manta Ray Ventures, and Cancer Research Horizons.

• One to One Health, an employer-sponsored primary care provider, raised $12 million in new funding from Frist Cressey Ventures.

Industrials, Greentech, & Other

• Zipline, a drone delivery startup, raised more than $600 million in new funding at a $7.6 billion valuation led by Valor Equity Partners, with participation from Tiger Global, Fidelity, and Baillie Gifford.

• Noveon Magnetics, a rare earth magnet manufacturer, raised $215 million in Series C funding led by One Investment Management.

• Zanskar, a Salt Lake City-based AI geothermal energy company, raised $115 million in Series C funding led by Spring Lane Capital, with participation from Obvious Ventures, Union Square Ventures, Lowercarbon Capital, and Munich Re Ventures.

• Sage Geosystems, a Houston-based geothermal energy and storage developer, raised $97 million in Series B funding co-led by Ormat Technologies and Carbon Direct Capital, with participation from SiteGround Capital and UC Berkeley.

• Jetson, a home electrification and heat pump developer, raised $50 million in Series A funding led by Eclipse, with participation from 8VC, Activate Capital, Garage Capital, and Active Impact.

• Equitable Earth, a nature-based carbon project certification provider, raised €12.6 million in Series A funding led by a US-based family office, with participation from AENU and noa.

• Blueprint Equity, a San Diego-based growth equity firm, raised $333 million for its third fund focused on capital-efficient enterprise software and B2B services.

• Athvance Capital, founded by former JPMorgan banker Karim Ben Rejeb and former Eurosport executive Danny Menken, launched a new investment platform targeting €500 million for emerging and under-commercialized European sports assets.

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Connecticut regulators have abandoned efforts to rehabilitate PHL Variable Insurance Co., the troubled life insurer owned by Golden Gate Capital, after concluding that its $2.2 billion capital shortfall left liquidation as the only viable path forward.

"It has become clear that all of PHL's blocks of business are materially impaired," wrote Connecticut interim Insurance Commissioner Joshua Hershman in a New Year's Eve court filing. "The rehabilitator believes that any plan for a resolution of PHL's liabilities must include a liquidation order."

The liquidation filing is a sudden reversal from the rehabilitation strategy pursued by former Commissioner Andrew Mais, who had been working toward selling PHL's life insurance blocks before retiring abruptly on November 28. A decision on a buyer had been expected by year-end.

Instead, interim appointee Hershman determined that a sale of all or part of the company's assets would likely recoup less for policyholders than a conventional liquidation.

Regulators have said they now plan to pursue litigation against Golden Gate and its Nassau Financial Group insurance arm on claims including breach of fiduciary duty, breach of contract, and avoidable transfers—unless the firms agree to an acceptable settlement.

Nassau disputed the claims in a statement, noting that transactions carried out under Golden Gate's ownership were reviewed and approved by state regulators at the time.

The firm blamed PHL's problems on a block of problematic universal life policies issued between 2004 and 2008, well before Golden Gate's involvement.

"As the rehabilitator itself acknowledges, PHL's financial challenges predate Nassau's involvement with PHL by a decade," Nassau said.

"We continue to cooperate in an effort to reach a resolution and provide PHL with administrative support. However, should the rehabilitator pursue litigation, we will vigorously defend ourselves and expect to prevail on the merits."

—

Nassau was created in 2015 with $750 million from Golden Gate Capital.

One year later, Nassau bought Phoenix Companies, a publicly traded insurer based in Hartford, Connecticut, whose roots trace to 1851, when its predecessor, American Temperance Life Insurance Co., was founded with a focus on teetotalers, including one-time policyholder President Abraham Lincoln.

After taking it private, Nassau retired the Phoenix brand and moved forward with PHL.

Following the success of Apollo Global Management and its pioneering Athene affiliate, a number of large private equity firms have pursued what's known as the Bermuda Triangle Strategy, where large asset managers acquire life insurers to issue fixed-rate and fixed indexed annuities and use the cash generated by such issuance to finance higher-yielding investments originated by the parent firm.

The setup typically includes a reinsurer, which allows insurance companies to spread their risk across other entities by paying another firm that agrees to cover certain unlikely risks.

An affiliated reinsurer—sometimes called a “captive” reinsurer—is when an insurer will stand up its own reinsurance entity, rather than work with an outside party.

Many of these reinsurance affiliates are located offshore in places like Bermuda or the Cayman Islands, which avoid many of the detailed disclosure requirements of U.S.-based entities.

U.S.-based insurers can shift a portion of their obligations onto the captive reinsurer to take advantage of the favorable disclosure standards, as well as other benefits like alternative accounting standards, advantageous tax structures, and more flexible capital requirements.

This helps facilitate investments in less-liquid instruments like asset-backed securities or other private credit and private equity-related assets—meant to offer higher returns than the high-grade bonds favored by traditional life insurers.

In its 2025 annual report, the Financial Stability Oversight Council reported that U.S. life insurers ceded $2.4 trillion of reserves to reinsurers in 2024, up 70 percent from $1.4 trillion in 2019. Reserves ceded to offshore jurisdictions more than doubled over that period.

As the strategy has become increasingly popular, some industry observers have warned against the risk that an asset manager-led insurer could fail and leave policyholders in the lurch or state guaranty funds stuck holding the bag—something critics believe is of greater concern with a strategy that's both more opaque than traditional insurers and chases returns through potentially riskier assets.

PHL is not the only recent failure.

The offshore reinsurer affiliated with 777 Partners had its license revoked by Bermuda's monetary authority in October 2024 for investing too heavily in affiliated assets, inadequate governance, and insufficient capital contributions from its parent. The firm subsequently collapsed.

The FSOC has warned that increasing use of offshore reinsurers "could increase U.S. insurers' counterparty risk and possibly open an avenue for contagion risk in times of stress."

Insurance industry forensic accountant Tom Gober views the transparency gap as the real issue.

"When policyholder liabilities are moved to Bermuda, there's no full accounting to regulators," Gober told the National Law Review. "They could be assuming the worst risks imaginable, from who knows where? That company could be exposed to things we have no idea about."

—

When Nassau agreed to buy PHL in 2015, the insurer was already struggling—its stock had tumbled by more than 80 percent over the preceding nine months as its parent company posted losses.

Nassau injected $100 million of fresh capital, with executives predicting the move would "accelerate the company's turnaround, bolster its financial strength and ratings, and benefit policyholders."

What followed, in short, was an implementation of the Bermuda strategy, according to the timeline documented in Connecticut court filings.

By the end of 2022, PHL had established captive reinsurers that together accounted for $3.5 billion of a $5.3 billion reinsurance program.

In 2021, Golden Gate executives contributed additional capital and won regulatory approval to separate PHL into a standalone entity, moving it out of the healthier Nassau business.

Court records show that a commitment to maintain PHL's risk-adjusted capital ratio above 200 percent—a pledge the holding company had made to authorities—stopped appearing in public documentation around the same time.

Shortly after the separation, PHL's deterioration accelerated.

Connecticut regulators placed the company under closer supervision in 2023 as its capital turned negative. By May 2024, authorities estimated a $900 million shortfall. After launching a deeper investigation of the company’s captive reinsurers and updating actuarial assumptions, the state increased its estimate to $2.2 billion six months later.

Following the typical playbook for private capital-affiliated insurers, the business had allocated around 30 percent of its assets to structured notes and collateralized loan obligations issued by Nassau's asset management arm.

In PHL's audited statements for 2024, some CLO investments were worth a third less than face value, with other positions down by more than half.

Edward Stone, an attorney representing policyholders in the rehabilitation proceedings, has argued that the financial arrangements obscured PHL's true condition.

"Hundreds of millions of dollars were moved around in a circle to give the illusion that PHL Variable was OK when it wasn't," he said in court arguments. "That's the kind of thing that I think puts policyholders at great risk and creates systemic risk for the life and annuity business."

The outcome of the upcoming liquidation process will determine how much policyholders ultimately recover.

Under Connecticut law, policies terminate 30 days after a liquidation order, except to the extent covered by state guaranty associations. Claims for loss of coverage would be junior in priority to guaranty association claims and claims that remain unpaid under a moratorium in place since May 2024 as part of the attempted rehabilitation.

To date, that moratorium has effectively withheld more than $500 million in payouts to policyholders while still requiring some customers to continue paying premiums to keep policies active.

John Williams, who owns a security company in Hartford, Connecticut, and rolled his life insurance savings into a PHL annuity in 2018 after Nassau's acquisition, recalled the marketing that accompanied the deal: "You would've thought, 'Oh my God, this company is bulletproof for the next 300 years,' based on the way they were painting it. They were really pumping that."

• CK Hutchison is seeking a valuation of around $30 billion for a dual listing of its retail unit, A.S. Watson, in Hong Kong and London as soon as the second quarter, per Reuters.

• Boston Scientific (NYSE: BSX) agreed to acquire Penumbra (NYSE: PEN), a provider of mechanical thrombectomy and vascular devices, for approximately $14.5 billion in cash and stock.

• Hellman & Friedman and KKR are exploring a sale of Cordis, a cardiovascular medical device maker, which could be valued at more than $9 billion, per Bloomberg.

• Zurich Insurance Group (Swiss: ZURN) submitted an improved takeover proposal for Beazley (LSE: BEZ), a UK specialty insurer, valuing the company at £7.67 billion.

• Playlist, the Vista Equity Partners-backed parent of Mindbody and ClassPass, agreed to merge with EGYM, a fitness and wellness technology provider, in a transaction that includes $785 million in new equity led by Affinity Partners.

• Neuberger Berman agreed to invest up to $1.2 billion for a minority stake in Ryan, a Plano, Texas-based tax consulting and software firm, at a $7 billion valuation.

• Deutsche Boerse (Xetra: DB1) is in exclusive talks to acquire Allfunds Group (Euronext: ALLFG), a European fund distribution platform, for about €5.3 billion in cash and stock, per Bloomberg.

• York Space Systems (NYSE: YSS), a satellite manufacturer backed by AE Industrial Partners, set terms for its IPO to raise up to $544 million, targeting a valuation of $4.25 billion.

• TBS Holdings agreed to acquire a minority stake in Legendary Entertainment, a production studio, from Apollo Global Management for $150 million at a valuation of more than $4 billion.

• TransDigm Group (NYSE: TDG) agreed to acquire Jet Parts Engineering and Victor Sierra Aviation, providers of aerospace aftermarket parts, from Vance Street Capital for approximately $2.2 billion in cash.

• Henkel (Xetra: HEN3) is in talks to acquire Stahl Holdings, a Dutch specialty chemicals maker, from Wendel at a valuation of around €2 billion.

• Bain Capital made a binding offer to acquire FineToday Holdings, a Japanese personal-care group backed by CVC Capital Partners, in a deal valued at over $2 billion, per Bloomberg.

• Mitsubishi Electric is soliciting bids for its automotive equipment business, which could be valued at $1.9 billion, per Bloomberg.

• 1315 Capital invested in Coating Place, a Verona, Wisconsin-based contract development and manufacturing organization specializing in microencapsulation and modified release formulations.

• EQT is in preliminary discussions to acquire Oxford Biomedica (LSE: OXB), a British cell and gene therapy manufacturer valued at around £900 million.

• Bluestone Equity Partners invested $30 million in Selkirk Sport, a Hayden, Idaho-based pickleball equipment and sportswear manufacturer, valuing the company at approximately $200 million.

• Cutting Edge Group acquired John Paesano's music catalog, covering royalty streams for over 80 film, TV, and video game scores including the Maze Runner franchise.

• Alantra Partners and other shareholders are weighing the sale of a 10 percent to 30 percent stake in Salto Systems, a Spanish electronic locks manufacturer, per Bloomberg.

• Waste Eliminator, a portfolio company of Allied Industrial Partners, acquired Happy Haulers, a Gainesville, Georgia-based frontload and roll-off waste operator.

• Lime Rock Partners invested in Athena Energy Partners, a Houston-based upstream oil and gas company focused on the Eagle Ford Shale.

• IK Partners agreed to acquire a majority stake in Trustmoore, an Amsterdam-based fund and corporate services provider.

• Purpose Legal, a portfolio company of Blue Sage Capital, acquired Hire Counsel, a legal staffing and managed review provider, from Long Point Capital.

• GracoRoberts, a portfolio company of CM Equity Partners, acquired Sky Mart, a Miami-based aerospace distributor serving the Latin American MRO market.

• Five Arrows invested in StarRez, a provider of on-and-off-campus student housing software, joining existing investor Vista Equity Partners.

• Accel-KKR acquired a majority stake in Nutrislice, a Denver-based provider of digital dining solutions for non-commercial foodservice.

• Apollo Care, a portfolio company of Flexpoint Ford, acquired eStrat, a Raleigh, North Carolina-based provider of copay and patient access solutions.

• The Colt Group, a portfolio company of Capstreet, acquired Watertap, a Michigan-based provider of line intervention services for utilities and contractors.

• Gauge Capital acquired Ecosystems, a McLean, Virginia-based SaaS platform for customer value management.

• Exegy, a portfolio company of Marlin Equity Partners, acquired NovaSparks, a Paris-based provider of FPGA-enabled market data normalization and distribution solutions.

• One Rock Capital Partners acquired a majority stake in American Furniture Rentals, a Pennsauken, New Jersey-based furniture rental provider for special events, trade shows, and residential and commercial markets.

• Warburg Pincus acquired a minority stake in myKaarma, a Long Beach, California-based provider of service lane solutions for automotive dealerships, from H.I.G. Capital.

• Pamlico Capital invested in CalcFocus, a Philadelphia-based provider of cloud-native policy administration and illustration solutions for life, health and annuity insurance markets.

• Butterfly Equity acquired ePac Holdings, an Austin-based producer of digitally printed flexible packaging.

• Ardian agreed to acquire a minority stake in IVB Wellness Lab, a Spanish developer and distributor of science-based dietary supplements, joining existing investor Label Capital.

• Elliott Investment Management invested in Stratolaunch, a provider of hypersonic flight testing and production capabilities, joining existing backer Cerberus Capital Management.

• Tecomet, a Charlesbank Capital Partners-backed contract manufacturer for med-tech and defense, agreed to merge with Orchid Orthopedic Solutions, a portfolio company of Nordic Capital.

• Infoblox, backed by Vista Equity Partners and Warburg Pincus, agreed to acquire Axur, a Brazilian provider of AI-powered security solutions.

• WindRose Health Investors acquired a majority stake in Avalon Healthcare Solutions, a Tampa-based lab benefit management and diagnostic intelligence provider, from Francisco Partners.

• Platinum Equity acquired Tongrun International, a Bonham, Texas-based precision sheet metal contract manufacturer.

• Everstone Capital acquired AB Tasty, a Paris-based digital experience optimization platform, and combined it with portfolio company Wingify.

• YA Group, a portfolio company of THL Partners, acquired InQuis Global, a litigation consulting firm focused on life-care planning and vocational rehabilitation.

• Seatex, a portfolio company of The Riverside Company, acquired Key Polymer, a Lawrence, Massachusetts-based manufacturer of adhesives, sealants, and coatings.

• Relay Fire and Safety, a portfolio company of The Riverside Company, acquired AC&M Fire Equipment, an Acton, Massachusetts-based provider of fire extinguisher services.

Tech, Vertical SaaS, & Misc. Enterprise

• FuriosaAI, a South Korean AI chip designer, is seeking to raise up to $500 million in Series D funding.

• humans&, an AI lab, raised $480 million in seed funding at a $4.48 billion valuation led by SV Angel, with participation from Nvidia and GV.

• ClickHouse, a real-time analytics database, raised $400 million in Series D funding at a $15 billion valuation led by Dragoneer Investment Group, with participation from Bessemer Venture Partners, GIC, Index Ventures, Khosla Ventures, Lightspeed Venture Partners, T. Rowe Price Associates, and WCM Investment Management.

• Parloa, an enterprise AI customer service platform, raised $350 million in Series D funding at a $3 billion valuation led by General Catalyst, with participation from EQT Ventures, Altimeter Capital, Durable Capital Partners, and Mosaic Ventures.

• Tulip, a no-code manufacturing operations platform, raised $120 million in Series D funding at a $1.3 billion valuation led by Mitsubishi Electric.

• DealHub, an AI-powered enterprise CPQ and quote-to-revenue platform, raised $100 million in growth funding led by Riverwood Capital.

• Osapiens, a German ESG and sustainability software developer, raised $100 million in Series C funding at a $1.1 billion valuation led by Decarbonization Partners, with participation from Goldman Sachs Alternatives and Armira Growth.

• Emergent, an AI-powered app development platform, raised $70 million in Series B funding co-led by Khosla Ventures and SoftBank Vision Fund 2, with participation from Prosus, Lightspeed, Together, and Y Combinator.

• Listen Labs, an AI customer research platform, raised $69 million in Series B funding at a $500 million valuation led by Ribbit Capital, with participation from Evantic, Sequoia Capital, Conviction, and Pear VC.

• Ivo, an AI contract intelligence platform for legal teams, raised $55 million in Series B funding at a $355 million valuation led by Blackbird, with participation from Costanoa Ventures, Uncork Capital, Fika Ventures, GD1, and Icehouse Ventures.

• Depthfirst, an AI lab for software security and vulnerability management, raised $40 million in Series A funding led by Accel, with participation from Alt Capital, BoxGroup, Liquid 2 Ventures, Mantis VC, and SV Angel.

• Quadric, an on-device AI inference engine developer, raised $30 million in Series C funding led by BEENEXT Capital Management, with participation from Uncork Capital, Pear VC, Volta, Gentree, Wanxiang America, Pivotal, and Silicon Catalyst Ventures.

• TitanX, a Knoxville-based phone intent scoring platform for outbound sales teams, raised $27 million in Series A funding led by Updata Partners.

• Tive, a real-time supply chain visibility platform, raised $20 million in new funding led by Lightsmith Group at a valuation of more than $500 million, with participation from Sageview Capital and World Innovation Lab.

• Ditto, a product text management platform for design and production teams, raised $12.2 million in Series A funding led by Craft Ventures, with participation from Y Combinator.

• Brickeye, a Toronto-based construction risk mitigation platform, raised $10 million in Series B funding co-led by GreenSky Ventures, Brightspark Ventures, Export Development Canada, and Beauchamp Construction, with participation from BDC Capital, Graphite Ventures, and MaRS Investment Accelerator Fund.

Fintech

• Pennylane, a French accounting and financial management platform, raised €175 million in Series E funding at a $4.25 billion valuation led by TCV, with participation from Blackstone Growth, Sequoia Capital, DST Global, CapitalG, and Meritech Capital.

• Alpaca, an API-first stock and crypto brokerage infrastructure, raised $150 million in Series D funding at a $1.15 billion valuation led by Drive Capital, with participation from Citadel Securities, Opera Tech Ventures, MUFG Innovation Partners, Kraken, Flat Capital, DRW Venture Capital, Altered Capital, X&KSK, Bank Muscat, and Endeavor Catalyst.

• Pomelo, a Latin American payments infrastructure company, raised $55 million in Series C funding co-led by Kaszek and Insight Partners, with participation from Index Ventures, Adams Street Partners, S32, Endeavor Catalyst, Monashees, and TQ Ventures.

• Atomic Insights, a money-movement and workflow automation platform for RIAs and family offices, raised $10 million in seed funding led by Aquiline, with participation from Northwestern Mutual Future Ventures.

Consumer & Media

• Higgsfield, a generative video platform for creators and brands, raised $80 million in Series A extension funding at a $1.3 billion valuation, co-led by Accel, AI Capital Partners, and Menlo Ventures, with participation from GFT Ventures.

• Midnite, a UK-based sportsbook and casino operator, raised $35 million in Series C funding led by The Raine Group, with participation from Play Ventures, Discerning Capital, Makers Fund, and Big Bets.

• TaleMonster Games, an Istanbul-based mobile game studio, raised $30 million in Series A funding co-led by Arcadia Gaming Partners and Andreessen Horowitz, with participation from Point72 Ventures and General Catalyst.

• Holywater, a Ukrainian microdrama and AI content developer, raised $22 million in Series A funding led by Horizon Capital, with participation from Endeavor Catalyst and Wheelhouse.

• Otto Sport AI, a youth sports management platform, raised $16.5 million in seed funding co-led by Mamba Growth Equity and Rally Ventures.

• TeamFeePay, a Belfast-based management platform for grassroots football clubs, raised £9 million in growth funding co-led by YFM Equity Partners and the Investment Fund for Northern Ireland, with participation from Techstart.

Healthcare

• Exciva, a biotech developing neuropsychiatric therapies, raised €51 million in Series B funding co-led by Gimv and EQT Life Sciences, with participation from Fountain Healthcare Partners, LifeArc, Carma Fund, Modi Ventures, Andera Partners, and LBBW.

• Vista AI, an automated MRI scanning software developer, raised $29.5 million in Series B funding led by Cedars-Sinai Health System, with participation from Intermountain Health, University of Utah Hospital System, Temple University/Fox Chase Cancer Center, Tampa General Hospital, Khosla Ventures, and Bold Brain Capital.

Industrials, Greentech, & Other

• Terralayr, a grid-scale battery storage and energy flexibility platform, raised €192 million in new funding led by Eurazeo, with participation from RIVE Private Investment, Creandum, Earlybird Venture Capital, Norrsken VC, and Picus Capital.

• Mytra, a warehouse robotics and automation developer, raised $120 million in Series C funding led by Avenir Growth, with participation from Kivu Ventures, Liquid 2, D. E. Shaw, Offline Ventures, Eclipse, Greenoaks, Abstract Ventures, Promus Ventures, Lineage, and RyderVentures.

• Hydrosat, a thermal imagery startup for water management, raised $60 million in Series B funding co-led by Hartree Partners, Subutai Capital Partners, and Space 4 Earth, with participation from Truffle Capital, Luxembourg Future Fund, OTB Ventures, Blue Bear Capital, Statkraft Ventures, Cultivation Capital, and Santa Barbara Venture Partners.

• Dominion Dynamics, a Canadian defense tech startup developing Arctic defense systems, raised C$21 million in seed funding led by Georgian, with participation from Bessemer Venture Partners and BCI.

• Karman Industries, a developer of modular thermal infrastructure for AI data centers, raised $20 million in Series A funding led by Riot Ventures, with participation from Sunflower Capital, Space VC, Wonder Ventures, 8090 Industries, Knollwood, Infinite Capital, and High.

• Amperon, a Houston-based AI electricity forecasting and analytics platform, raised $20 million in Series B funding led by Energize Capital, with participation from D. E. Shaw group, Veriten, HSBC Asset Management, Ørsted, and National Grid Partners.

• H.I.G. Capital raised €1.6 billion for its fourth European fund focused on lower middle market buyouts.

• New Mountain Capital raised $1.2 billion for its second strategic equity fund focused on non-control investments.

• DTCP launched "Project Liberty," a €500 million fund focused on European defense, security, and resilience technologies.

• Verdict Capital, a new venture firm led by former General Catalyst managing director Niko Bonatsos and entrepreneur Michael Fertik, is targeting $250 million to $300 million for its debut fund, per Bloomberg.

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Investors rushed to pull cash from non-traded private credit funds late last year, causing a jump in redemption requests across business development companies, a popular structure for packaged private credit exposure to individual investors.

The heavy pullback is one of the loudest signals this cycle of growing concern around private credit. Fresh from banner years dubbed the 'golden age' of private credit, the asset class has been hit by a string of high-profile losses, tougher market dynamics, and increased regulatory scrutiny.

Non-traded BDCs were hit with average redemptions of 5 percent of net assets in the fourth quarter, up from around 2 percent historically, according to research from Goldman Sachs Group. Redemptions from funds with more than $1 billion in assets jumped 200 percent in the last three months of 2025 from the prior period.

Last month, Blue Owl Capital lifted the quarterly redemption cap at Blue Owl Technology Income Corp. to as much as 17 percent of the non-traded fund’s net assets, well above its previous 5 percent limit, according to regulatory filings. The firm has said actual redemptions are not expected to match the full amount permitted.

This is after a notably rough year for publicly traded BDCs, which posted their worst performance since 2020 relative to the S&P 500. Several listed vehicles have been trading at double-digit discounts to book value in recent months.

After the collapse of auto lender Tricolor Holdings and car-parts supplier First Brands Group late last year, there have been renewed warnings about the health of private credit as an asset class.

One of the loudest critics, DoubleLine Capital founder Jeffrey Gundlach, believes private credit has become rife with "garbage lending".

“The next big crisis in the financial markets is going to be private credit,” he said. “It has the same trappings as subprime mortgage repackaging had back in 2006.”

“There’s only two prices for private credit — 100 or zero,” Gundlach said. “It looks like it’s safe because you could sell it any day, but it’s not safe because the price at which you sell will be gapping lower day after day after day.”

Adding to negative sentiment, the Department of Justice recently questioned “creative” fund marks and valuation practices, the SEC has launched an inquiry into the private credit ratings practices of Egan-Jones, a BlackRock CLO failed over-collateralization tests at waived fees, and Blue Owl scrapped a planned fund merger after investor pushback (attempted in response to the aforementioned redemption pressures).

Despite headlines and the occasional dire prediction from observers like Gundlach, an imminent systemic crisis still seems unlikely. Selective default rates, inclusive of restructurings, have trended lower in recent quarters, and a combination of lower interest expense and EBITDA growth among private credit issuers should improve fundamentals.

Going forward, what's more probable is a shift in private credit's returns profile.

Pitched as a double-digit asset class, funds are likely to fall short of that lofty bar. As the Federal Reserve cuts rates and competitive pressures compress average spreads on private credit deals—now less than 500 basis points over the base rate from 650 basis points in the first quarter of 2023, according to data from Wells Fargo—private credit's golden age is now squarely in the rearview mirror.

• Merck & Co. (NYSE: MRK) is in talks to acquire Revolution Medicines (Nasdaq: RVMD), a Redwood City-based cancer drug developer, in a deal valued at up to $32 billion, per the Financial Times.

• Constellation (Nasdaq: CEG) acquired Calpine Corporation, an independent power producer with natural gas and geothermal assets, from Energy Capital Partners, Access Industries, and CPP Investments for approximately $26.6 billion.

• Chevron (NYSE: CVX) and Quantum Capital Group are partnering to bid for the international assets of Lukoil, a sanctioned Russian oil producer, in a deal valued at $22 billion, per the Financial Times.

• Hg agreed to acquire OneStream (Nasdaq: OS), an enterprise finance management platform, for $6.4 billion, alongside General Atlantic and Tidemark.

• Advent International is leading a group that submitted an indicative proposal to acquire InPost, a Polish parcel locker operator and owner of UK delivery firm Yodel, in a deal that could value the company at over €6 billion.

• I Squared Capital agreed to acquire Ramudden Global, a provider of traffic management and infrastructure safety services, for around €2.5 billion from Triton Partners.

• KKR and Oak Hill Capital invested nearly $2 billion in Global Technical Realty, a London-based built-to-suit data center platform.

• Allegiant (Nasdaq: ALGT) agreed to acquire Sun Country Airlines (Nasdaq: SNCY), a low-cost leisure airline, for $1.5 billion in cash and stock.

• TPG (Nasdaq: TPG) is nearing a deal to acquire Optum UK, a supplier of GP patient records systems, from UnitedHealth Group (NYSE: UNH) for up to £1.4 billion, per Sky News.

• Eli Lilly and Company (NYSE: LLY) agreed to acquire Ventyx Biosciences (Nasdaq: VTYX), a clinical-stage biopharmaceutical company focused on oral therapies for inflammatory-mediated diseases, for approximately $1.2 billion in cash.

• Haveli Investments acquired a majority stake in Sirion, a Lehi, Utah-based AI-powered contract lifecycle management platform backed by Partners Group and Tiger Global, at a valuation of around $1 billion.

• Snowflake (NYSE: SNOW) agreed to acquire Observe, a San Mateo-based AI-powered observability platform, for around $1 billion.

• CVC DIF agreed to acquire iPark, an Iberian parking infrastructure platform, for more than €500 million from Elliott Investment Management.

• L Catterton agreed to acquire a majority stake in Good Culture, a cottage cheese maker, from Manna Tree for more than $500 million.

• Jacobs Capital is exploring a sale of Mammut Sports Group, a Swiss outdoor gear maker, which could be valued at more than €500 million, per Bloomberg.

• Bob's Discount Furniture, a home furnishings retailer backed by Bain Capital, filed for a U.S. IPO that could raise around $400 million and plans to list on the NYSE (BOBS).

• Vickery Energy Partners, a portfolio company of Quantum Capital Group, acquired Tribune Resources, an owner of Marcellus Shale natural gas assets in West Virginia, for around $400 million.

• MidEuropa agreed to acquire a majority stake in Optika Anda, a Croatian optical retail chain with 64 stores, from the founding family.

• TPG Capital is nearing a deal to acquire a 30-40 percent stake in IIFL Capital Services, an Indian financial services firm, per The Economic Times.

• LongRange Capital and founder Mark Mastrov agreed to acquire 24 Hour Fitness, a gym chain, from Monarch Alternative Capital, Sculptor Capital Management, and Keyframe Capital Partners.

• 11:11 Systems, a portfolio company of Tiger Infrastructure Partners, acquired Ntirety, an Austin-based managed and professional IT services firm.

• Cleanova, a portfolio company of PX3 Partners, acquired Airflotek and TES-Clean Air Systems, US-based providers of custom air filtration and controlled environment solutions.

• Gryphon Investors acquired a majority stake in Fortreum, a Lansdowne, Virginia-based provider of cybersecurity audit, advisory, and technical testing services for regulated industries.

• Grant Avenue Capital acquired PatientCare EMS Solutions, a Tyler, Texas-based ground medical transportation provider.

• Capitol Meridian Partners and Stellex Capital Management acquired Beaufort, a UK-based aerospace and defense survival equipment manufacturer, from Survitec, a portfolio company of Searchlight Capital Partners, M&G, and CQS.

• Gryphon Investors acquired Safety Management Group, an Indianapolis-based provider of outsourced safety services, from NMS Capital.

• TA Associates invested in PureSpectrum, a Westlake Village, California-based provider of market research technology and information services.

• Prescient Healthcare Group, a portfolio company of Bridgepoint, acquired Uptake Strategies, a healthcare consultancy serving the pharmaceutical and biotech industries.

• Currier Plastics, a portfolio company of Sheridan Capital Partners, acquired Springboard Manufacturing and MOS Plastics, two California-based medical contract manufacturers.

• Gemspring Capital Management acquired TRG, a Cleveland-based provider of enterprise mobility lifecycle management and cybersecurity solutions.

• Innio, an Austrian power equipment maker backed by Advent International, has selected banks for a planned U.S. IPO, per Bloomberg.

• Antin Infrastructure Partners agreed to acquire Emsere, a provider of medical equipment rental and support services for clinical trials, from Gryphion.

• Platinum Equity invested in Norton Packaging, a Hayward, California-based manufacturer of plastic pails and rigid packaging.

• Blackstone (NYSE: BX) acquired the remaining stake it doesn't already own in Air Control Concepts, a Norfolk, Virginia-based commercial HVAC, electrical, and controls platform, from Madison Dearborn Partners.

• Brightwood Capital Advisors and Constitution Capital Partners acquired a majority stake in Museum of Illusions, a global chain of immersive museums, from Invera Capital Partners.

• Ranger Fire and Security, a portfolio company of Hyperion Equity Partners, acquired Partnership Fire and Security, a Dorset, England-based alarm and security services provider.

• Artis BioSolutions, a San Diego-based portfolio company of Oak HC/FT, agreed to acquire Syngoi Technologies, a Bilbao-based developer of synthetic DNA manufacturing technologies, from Columbus Venture Partners.

• NextEra Energy Resources acquired Symmetry Energy Solutions, a Houston-based natural gas supplier and logistics platform, from Energy Capital Partners.

• Fusion Capital Partners acquired Excel Engineering, a Diagonal, Iowa-based provider of testing services for engine, powertrain, and battery systems.

• Vanda, a portfolio company of FPE Capital, acquired Exante Data, a provider of macro strategy and capital flow analytics.

• H&MV Engineering, a portfolio company of Exponent, acquired Cooke Power Services, an Amarillo, Texas-based provider of high-voltage electrical services.

• Sigma Companies International, a portfolio company of Wind Point Partners, acquired Masonry Supply, a Selma, North Carolina-based manufacturer of municipal waterworks castings and polymer enclosures.

• Greenbriar Equity Group acquired eShipping, a Parkville, Missouri-based provider of managed transportation, logistics and supply chain technology, from Ridgemont Equity Partners.

• InterProse, a portfolio company of Wingman Growth Partners, acquired Beam Software, a Sarasota, Florida-based collections platform for debt buyers and servicers.

• Calera Capital acquired ReVamp Companies, a provider of residential concrete coatings, fencing, and decking installation services, from Bertram Capital.

• Bregal Sagemount agreed to acquire a majority stake in Redgate Software, a UK-based provider of database DevOps solutions.

• DirectMed Imaging, a portfolio company of Frazier Healthcare Partners, acquired Tri-Imaging Solutions, a Tennessee-based provider of aftermarket diagnostic imaging parts, equipment, and services.

• Radial Equity Partners acquired Cortina, a Franklin Park, Illinois-based manufacturer of traffic and work zone safety products, merging the business with portfolio company Plasticade.

• Fenceworks, a portfolio company of Gemspring Capital, acquired Accurate Fence, a Lawrenceville, Georgia-based provider of permanent fencing installation services.

• Altaris acquired Tegria, a Spokane-based healthcare IT consulting and services provider, from Providence St. Joseph Health.

• WindRose Health Investors invested in Avalon Healthcare Solutions, a Tampa-based lab benefit management platform, joining existing backer Francisco Partners.

• ATL Partners acquired SkyMark and Rampmaster, manufacturers of aircraft refueling trucks and specialty vehicles for the aviation and transportation sectors.

• East Coast Power, a portfolio company of A&M Capital Partners, acquired United Powerline Solutions, an Indiana-based provider of overhead distribution services for electric utilities.

• The Blackhawk Group, a portfolio company of New State Capital Partners, acquired Silver Sky Aviation, a Wasilla, Alaska-based provider of aircraft maintenance and performance upgrade services.

• Kelvin Group, a portfolio company of Southfield Capital, acquired PermaCold Engineering, a Portland, Oregon-based provider of industrial refrigeration systems.

• Superior Health Holdings, a portfolio company of Renovus Capital Partners, acquired the Bayou Country hospice operations of Hope Healthcare & Hospice, a Houma, Louisiana-based provider of community hospice services.

• PestCo Holdings, a portfolio company of Thompson Street Capital Partners, acquired Bio-Tech Pest Control, a Spring, Texas-based provider of residential and commercial pest control services.

• Arxis, a portfolio company of Arcline Investment Management, acquired Micro-Tronics, a Tempe, Arizona-based manufacturer of engineered elastomeric and metallic components for commercial aerospace and defense applications.

• New Directions Aromatics, a portfolio company of TruArc Partners, acquired Aromatic Fragrances International, a Cartersville, Georgia-based e-commerce-enabled fragrance supplier for beauty, personal care, and home care.

• AxioAero Group, a portfolio company of CORE Industrial Partners, acquired Airway Aerospace, a Florida-based provider of maintenance, repair, and overhaul services for commercial and defense aviation components.

• UserTesting, backed by Thoma Bravo and Sunstone Partners, acquired User Interviews, a participant recruitment platform for user research and AI training, from Sageview Capital and Teamworthy Ventures.

• PureStar, a portfolio company of Cornell Capital, acquired Emerald Textiles, a West Coast-based provider of healthcare linen and laundry services, from Pacific Avenue Capital Partners.

• Service Express, a portfolio company of Warburg Pincus, merged with Park Place Technologies, a data center services provider acquired from GTCR and Charlesbank Capital Partners.

Tech, Vertical SaaS, & Misc. Enterprise

• Anthropic, the AI startup behind the Claude chatbot, raised $10 billion in new funding at a $350 billion valuation co-led by Coatue Management and GIC, with participation from Microsoft and Nvidia.

• Nscale, a London-based AI infrastructure hyperscaler, raised $1.1 billion in Series B funding led by Aker ASA, with participation from Sandton Capital, Blue Owl, Dell, Fidelity Management & Research Company, G Squared, Nokia, Nvidia, Point72, and T.Capital.

• Cyera, a data security platform, raised $400 million in Series F funding at a $9 billion valuation led by Blackstone, with participation from Accel, Coatue, Cyberstarts, Georgian, Greenoaks, Lightspeed, Redpoint, Sapphire, Sequoia Capital, and Spark.

• LMArena, an AI benchmarking platform, raised $150 million in Series A funding at a $1.7 billion valuation co-led by Felicis and UC Investments, with participation from Andreessen Horowitz, The House Fund, LDVP, Kleiner Perkins, Lightspeed Venture Partners, and Laude Ventures.

• Torq, an AI security operations platform, raised $140 million in Series D funding at a $1.2 billion valuation led by Merlin Ventures, with participation from Evolution Equity Partners, Notable Capital, Bessemer Venture Partners, Insight Partners, Greenfield Partners, and J.P. Morgan Private Bank.

• Photonic, a developer of silicon spin-photon quantum computing systems, raised $130 million in Series C funding led by Planet First Partners, with participation from Royal Bank of Canada, TELUS, BCI, and Microsoft.

• Swap, a London-based e-commerce operating system, raised $100 million in Series C funding co-led by DST Global and ICONIQ.

• GS Microelectronics, a San Jose-based semiconductor provider, raised $35 million in Series B funding led by Maverick Silicon.

• Protege, an AI data platform for real-world datasets, raised $30 million in Series A extension funding led by Andreessen Horowitz, with participation from Footwork, CRV, Bloomberg Beta, Flex Capital, Shaper Capital, and Liquid 2 Ventures.

• Blackbird.AI, a narrative and risk intelligence platform tracking disinformation, raised $20 million in Series B funding led by Ten Eleven Ventures, with participation from Dorilton Capital, Generation Ventures, StartFast Ventures, and Trousdale Ventures.

• Qualinx, a Delft-based developer of ultra-low-power GNSS chips, raised €20 million in new funding led by Invest-NL, with participation from FORWARD.one, InnovationQuarter Capital, and Waterman Ventures.

Fintech

• Rain, a stablecoin payments infrastructure, raised $250 million in Series C funding at a post-money valuation of $1.95 billion led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.

• Corgi, an AI insurance carrier for startups, raised $108 million in Series A funding at a $630 million valuation co-led by Y Combinator, Kindred Ventures, Leblon Capital, Contrary, and Glade Brook Capital, with participation from SV Angel, Phosphor Capital, Tekedia Capital, Seven Stars, Fellows Fund, Alumni Ventures, Quadri Ventures, and Vocal Ventures.

• Payhawk, a Bulgarian spend management platform, is in discussions to raise over $100 million in new funding at a $2 billion valuation.

• Biller Genie, an accounts receivable automation platform for SMBs, raised $22 million in Series B funding led by Radian Capital.

Consumer & Media

• Semafor, a digital news platform, raised $30 million in new funding at a $330 million post-money valuation from PSP Investments and Carlyle Group.

• Spangle AI, an agentic infrastructure platform for e-commerce personalization, raised $15 million in Series A funding at a $100 million post-money valuation led by NewRoad Capital Partners, with participation from Madrona, DNX Ventures, and Streamlined Ventures.

Healthcare

• Parabilis Medicines, a clinical-stage oncology biotech focused on undruggable targets, raised $305 million in Series F funding co-led by RA Capital Management, Fidelity Management & Research Company, and Janus Henderson Investors, with participation from Frazier Life Sciences, Soleus Capital, venBio Partners, Cormorant Asset Management, Nextech Invest, and ARCH Venture Partners.

• Orca Bio, a biotech company developing cell therapies for blood cancer and autoimmune diseases, raised $250 million in Series F funding led by Lightspeed Venture Partners.

• AirNexis Therapeutics, a clinical-stage biotech developing pulmonary disease treatments, raised $200 million in Series A funding led by Frazier Life Sciences, with participation from OrbiMed, Life Sciences at Goldman Sachs Alternatives, SR One, Longitude Capital, and Enavate Sciences.

• Soley Therapeutics, an AI oncology biotech with a cell stress sensing platform, raised $200 million in Series C funding led by Surveyor Capital, with participation from HRTG Partners, RWN Management, Breyer Capital, and GordonMD Global Investments.

• Alveus Therapeutics, a clinical-stage biotech developing obesity and metabolic disease therapies, raised $160 million in Series A funding, co-led by New Rhein Healthcare Investors, Andera Partners, and Omega Funds, with participation from Sanofi Capital, Kurma Partners, and Avego BioScience Capital.

• Diagonal Therapeutics, a biotech developing clustering antibodies for genetic diseases, raised $125 million in Series B funding co-led by Sanofi Ventures and Janus Henderson Investors, with participation from Deep Track Capital, EcoR1 Capital, Atlas Venture, Balyasny Asset Management, Biovision Ventures, BVF Partners, Checkpoint Capital, Frazier Life Sciences, Logos Capital, RA Capital Management, RV Invest, and Velosity.

• EpiBiologics, a developer of tissue-selective protein degraders for cancer and immune diseases, raised $107 million in Series B funding co-led by GV and JJDC, with participation from Novartis Venture Fund, Aulis Capital, Avego BioScience Capital, Samsara BioCapital, Polaris Partners, Digitalis Ventures, Taiho Ventures, Vivo Capital, Codon Capital, and Mission BioCapital.

• Rakuten Medical, a biotechnology company developing photoimmunotherapy treatments, raised $100 million in Series F funding led by TaiAx Life Science Fund, with participation from Daiwa Securities, Mitsui Sumitomo Insurance, Sumitomo Mitsui Banking, ABIES Capital, and Nexus CVC.

• ViCentra, an insulin patch pump developer, raised $98 million in Series D funding led by Innovation Industries, with participation from ROM Utrecht Region, Venturing Tech, Partners in Equity, Invest-NL, EQT Life Sciences, and Health Innovations.

• Corsera Health, a biotech developing RNAi medicines and AI tools for cardiovascular disease prevention, raised $80 million in Series A funding, co-led by Forbion and Population Health Partners.

• Beacon Therapeutics, a clinical-stage retinal gene therapy company, raised $75 million in Series C funding led by Life Sciences at Goldman Sachs Alternatives, with participation from the Retinal Degeneration Fund, Syncona Limited, Forbion, Oxford Science Enterprises, Advent Life Sciences, and TCGX.

• Spiro Medical, a pulmonary neuromodulation platform for asthma treatment, raised $67 million in Series A funding co-led by Andera Partners, Omega Funds, and Sherpa Healthcare Partners, with participation from Hero Group, HSG, Supernova Invest, and Northern Light Venture Capital.

• Vibrant Therapeutics, a clinical-stage biotech developing logic-gated T-cell engagers for solid tumors, raised $61 million in Series A funding co-led by Pfizer Ventures and Apricot Capital, with participation from Bayland Capital, HSG, Northern Light Venture Capital, and First Principles Capital.

• bit.bio, a Cambridge-based human cell programming biotech, raised $50 million in Series C funding led by M&G Investments.

• Boltz, an open-source AI biomolecular research and drug discovery platform, raised $28 million in seed funding at a $125 million valuation co-led by Amplify Partners, Andreessen Horowitz, and Zetta Venture Partners, with participation from Factorial Capital and Obvious Ventures.

• Engitix, a London-based biotech targeting the extracellular matrix to treat cancer and fibrosis, raised $25 million in Series A extension funding led by Netherton Investments.

• Canopy, a safety platform for health systems, raised $22 million in Series B funding co-led by 111° West Capital and ACME Capital.

• Enodia Therapeutics, a biotech developing small-molecule protein degradation therapies, raised €20.7 million in seed funding co-led by Elaia, Pfizer Ventures, and Bpifrance, with participation from Wallonie Entreprendre, Argobio Studio, MACSF, Institut Pasteur, InvestSud, Sambrinvest, and Mission BioCapital.

Industrials, Greentech, & Other

• Lyte, a developer of robotics perception systems, raised $107 million in Series A funding led by Atreides Management, with participation from Fidelity Management & Research Company, Exor Ventures, Key1 Capital, and Venture Tech Alliance.

• Valinor Enterprises, a defense and government technology holding company, raised $54 million in Series A funding led by Friends & Family Capital, with participation from Narya, XYZ Venture Capital, Fifth Down Capital, General Catalyst, Founders Fund, and Red Cell Partners.

• Vizgen, a spatial multi-omics company, raised $48 million in Series E funding co-led by ARCH Venture Partners, M Ventures, and Northpond Ventures.

• Array Labs, a developer of space-based radar for 3D Earth mapping, raised $20 million in Series A funding led by Catapult Ventures, with participation from Washington Harbour Partners, Kompas VC, Y Combinator, Maiora Ventures, SuperOrganism, Gaingels, Hexagon, Animal Capital, Aera VC, Cultivation Capital, and Clearance Ventures.

• Mosa Meat, a Dutch cultivated beef developer, raised €15 million in Series C extension funding from Invest-NL, LIOF, and PHW Group.

• Andreessen Horowitz raised over $15 billion across a new slate of funds, including $6.75 billion for its fifth growth equity fund, $1.7 billion for an Apps-focused fund, and $1.2 billion for its American Dynamism fund.

• Monroe Capital raised $6.1 billion for its fifth private credit fund.

• Warburg Pincus raised $3 billion for its third financial services fund, exceeding its $2.5 billion target.

• KKR raised $2.5 billion for its second Asia-focused private credit fund.

• Parthenon Capital Partners is pitching a single-asset continuation fund that could top $1.7 billion to extend its ownership of Kroll Bond Rating Agency, with Lazard advising.

• Onex raised $1.6 billion for a continuation fund to house PowerSchool, Sedgwick, and Fidelity Building Services Group, with backing from Neuberger Berman, Apollo, GIC, and StepStone Group, per Bloomberg.

• Lux Capital raised $1.5 billion for its ninth fund, the firm's largest to date, focused on frontier science and defense technology.

• Bansk Group raised $1.45 billion for its second fund focused on consumer packaged goods, exceeding its $1 billion target.

• Apheon raised €1.3 billion for its sixth flagship middle market buyout fund, exceeding its €1.25 billion hard cap.

• Eir Partners raised $1 billion for its third fund focused on healthcare technology and tech-enabled services, exceeding its $800 million target.

• Guidepost Growth Equity raised $521 million for its fourth growth fund focused on enterprise-oriented technology companies, exceeding its $500 million target.

• Catalio Capital Management raised more than $325 million for its second structured credit fund focused on life sciences and healthcare.

• Rosberg Ventures, a Monaco-based venture capital firm founded by former Formula 1 champion Nico Rosberg, raised $100 million for its third fund.

• Arkin Capital raised $100 million for its third early-stage biotech fund focused on advanced pre-clinical and early clinical-stage drug development.

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