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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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