Oaktree Capital Management and Wind Point Partners portfolio company STG Logistics has become the latest test case for how far sponsors and majority lenders can push drop-downs, uptiers, and double dips.

Arguments in litigation related to the company's 2024 liability management exercise are hitting on a handful of key LME strategies, and an upcoming motion-to-dismiss ruling might change the approach used in future out-of-court restructurings.

In March 2022, STG acquired the intermodal division of XPO Logistics, financed with $725 million of broadly syndicated debt.

After a brief honeymoon period, the deal went south thanks to an unfortunate mix of strikes, labor shortages, and deterioration of the freight market.

By May 2024, liquidity issues forced STG to negotiate a seven quarter holiday for its financial covenant in exchange for agreeing to additional lender protections—the Fifth Amendment to the credit agreement—meant to prevent non-pro rata transfers to unrestrictied subsidiaries.

With no improvement by August 2024, a group of lenders quietly negotiated an extensive liability management exercise with the company.

The transaction included a Sixth Amendment to the credit agreement which stripped the lender protections added months earlier, as well as most covenants.

It also created a new unrestricted subsidiary and transfered into it the company's less-than-truckload business and STG Distribution unit — "substantially all" of the company's assets, according to plaintiffs.

The deal included $137 million of first lien first out new money provided to the subsidiary by participating lenders, who received a non-pro rata repayment of their existing debt holdings at a premium to the trading price, close to the face value of the loans.

STG then lent the new money from the unrestricted subsidiary to the parent (the borrowing entity under the credit agreement), which allowed participating lenders to benefit from a double dip structure (receiving two claims on existing collateral by combining a guarantee by the parent company and a secured intercompany loan from the subsidiary, strengthening their position in a potential recovery at the expense of non-participating lenders).

Those non‑participating lenders were separately offered a less favorable exchange into first lien second out and first lien third out debt at a mix of 40 cents and 30 cents on the dollar, respectively, of their legacy term loan holdings.

In Janury, two holdout lenders, Axos Financial and Siemens Financial Services, sued STG, agent Antares Capital, and participating lenders in New York State Supreme Court.

Their complaint called the deal a “bad-faith scheme” that violated their “bargained-for rights as holders of STG loans and significantly diminished the loans’ value,” labeling the structure “particularly egregious.”

Referencing the Fifth Amendment, the filing alleged that “STG never intended to abide by those negotiated protections,” and asserted the agreement was part of “a bad-faith effort to provide the company temporary financial runway while STG fully intended to strip and disregard those newly-granted lender protections as needed to further restructure its debt on better terms than those for which it had actually bargained.”

Axos and Siemens point to language in the credit agreement known as a Serta blocker, in reference to Serta Simmons' controversial 2020 uptier, which requires that affected lenders consent to any amendments that “could change or have the effect of changing the priority or pro rata treatment of any payments, Liens, proceeds of Collateral or reductions in Commitments,” or for any amendments which could subordinate existing liens.

In other words, a subset of lenders can't exchange their existing debt for higher priority debt to push excluded lenders down the stack without the consent of those excluded lenders, which is precisely what the plaintiffs say STG did to them.

STG, however, says that's not true.

The company and its sponsors argue that they never actually changed the repayment waterfall or lien priorities under the credit agreement — the waterfall and lien priorities were changed, but, says STG, because this reshuffling all happened at the newly-formed unrestricted subsidiary, it believes the credit agreement restrictions don’t apply.

The argument all comes down to the meaning of the "effect of" language and the difference, if any, between structural seniority (what happened here) and actual lien or payment subordination.

Another key point of contention is the path the company took to execute the non-pro rata dropdown and pari-plus exchange in the first place.

STG's credit agreement required any debt buybacks be funded with "internally generated" cash.

The plaintiffs say that intercompany loans, or the new money provided by the unrestrictied subsidary to the parent, are clearly not the same as cash from operations, and therefore should not have been available to use for the non-pro rata debt repurchases that benefitted the participating lender group.

Not so fast, say Oaktree and Wind Point, who argue that intercompany loans are “by their nature, internally generated because the funds come from within the company.”

Their position: if “internally generated” meant “internally generated from operations,” the credit agreement would have said so.

The case's oral arguments were held in August and Judge Anar Patel’s ruling on a motion to dismiss is expected in the coming months. Whatever the decision, expect it to inform how future liability management exercises are handled.

As for the defendants, it's possible they'll still come out ahead even with the ongoing dispute.

“It seems the benefits of non-pro rata treatment are sufficient for many lenders to take the litigation risk,” said David Prager, co-leader of the bankruptcy and restructuring practice at advisory firm Brattle, speaking to Bloomberg shortly after the plaintiffs filed.

“If all you need to do is fix your funded debt, this trade-off might make sense — the cost of litigation may be lower than the cost of a bankruptcy.”

• Saudi Arabia's Public Investment Fund, Affinity Partners, and Silver Lake have agreed to acquire videogame maker Electronic Arts (Nasdaq: EA) for $55 billion, which would be the largest-ever corporate buyout.

• KKR and CPP Investment Board agreed to acquire a 45 percent stake in Sempra Infrastructure Partners from Sempra (NYSE: SRE) for $10 billion in cash.

• EQT is seeking to sell GlobalConnect, a Nordic data center and broadband provider, for around €8 billion, per the Financial Times.

• Pfizer (NYSE: PFE) agreed to acquire Metsera (Nasdaq: MTSR), a drug developer focused on obesity treatments, for up to $7.3 billion.

• Stone Point Capital and CPP Investments agreed to acquire a majority stake in OneDigital, an insurance brokerage and workforce consulting firm, for over $7 billion from Onex Partners.

• New England Patriots sold an 8% minority stake to Sixth Street and Dean Metropoulos, valuing the franchise at over $9 billion.

• Sponsors including Blackstone, Warburg Pincus, Nordic Capital, Hellman & Friedman, and TPG are bidding for a 40% stake in French diagnostics provider Sebia, which Caisse de Dépôts et Placement du Quebec is selling, in a deal that could value the company at around €5 billion.

• MRI Software's owners, TA Associates, Harvest Partners, and GI Partners, have hired Goldman Sachs to explore a sale or IPO for the real estate software provider, which could be valued at up to $10 billion, per Reuters.

• Genmab (Nasdaq: GMAB) agreed to acquire Merus (Nasdaq: MRUS), a Dutch biotech developing a head-and-neck cancer drug, for $8 billion in cash.

• Alliance Laundry, backed by BDT & MSD Partners, is hoping to raise $751 million in its U.S. IPO at a $4.3 billion valuation.

• Elliott Investment Management is exploring strategic options for its UK-based data center firm, Ark Data Centres, in a possible sale that could fetch more than £3 billion, per Reuters.

• GTCR agreed to acquire Dentalcorp (TSX: DNTL), a Canadian dental practice network, for C$2.2 billion.

• KKR acquired a 50% stake in a 1.4 GW North American solar portfolio from TotalEnergies (Paris: TTE) for $1.25 billion.

• Phoenix Education Partners, owner of University of Phoenix and backed by Apollo Global Management and Vistria Group, set its NYSE IPO terms, hoping to raise up to $370 million at a $1.2 billion valuation.

• Signal Rock Capital invested in Thermae Retreat, a South Florida wellness destination.

• AeriTek, a Mill Point Capital portfolio company, acquired Due North, a commercial refrigeration solutions provider, from Ronin Equity Partners.

• Eagle Merchant Partners invested in ES Integrated, a Charleston, South Carolina-based provider of industrial cleaning, environmental, and waste services.

• Clinigen, a Triton Partners portfolio company, agreed to acquire SSI Strategy, a biotech consulting partner, from Amulet Capital Partners.

• Civica Media, backed by BlackBern Partners, acquired hybrid publishing companies Amplify Publishing Group and Greenleaf Book Group.

• Sunstone Partners acquired majority ownership of Clearwater, a provider of cybersecurity and compliance solutions for the healthcare industry, from Altaris.

• Sheridan Capital Partners invested in Currier Plastics, an Auburn, New York-based manufacturer of custom, precision plastic components for healthcare and life sciences.

• Resonetics, backed by Carlyle and GTCR, acquired Eden Holdings, a precision manufacturer of injection molding and micro-machining solutions for medical devices.

• Lupin acquired VISUfarma, a Dutch ophthalmology drugmaker, from GHO Capital.

• Prosus's OLX Group agreed to acquire La Centrale, a French autos classifieds platform, from Providence Equity Partners for €1.1 billion.

• Warburg Pincus has hired Harris Williams, UBS, and AEC Advisors to explore the sale of TRC Companies, an engineering and construction management firm, which could be valued at more than $3 billion, per the Financial Times.

• Patient Square Capital agreed to acquire Premier (Nasdaq: PINC), a technology-driven health care improvement company, for $2.6 billion.

• RevSpring, a Frazier Healthcare Partners portfolio company, agreed to acquire Kyruus Health, a Boston-based provider data and patient access platform.

• GOJO Industries, Purell hand sanitizer maker, is exploring options including a full sale or sale of a minority stake, which could value the business at up to $2 billion, per Reuters.

• Novacap agreed to acquire Integral Ad Science (Nasdaq: IAS), a media measurement and optimization platform, from Vista Equity Partners for $1.9 billion.

• Thoma Bravo agreed to acquire PROS Holdings (NYSE: PRO), a provider of AI-powered pricing and revenue management software, for $1.4 billion.

• PAI Partners is exploring a sale of Ethypharm, a French pharmaceutical company focused on pain and addiction treatments, which could be valued at around $1.2 billion, per Bloomberg.

• La Caisse agreed to acquire Edify, an Australian renewable energy and battery storage company, for A$1.1 billion.

• Atlas Holdings agreed to acquire The ODP Corporation (Nasdaq: ODP), parent company of Office Depot and OfficeMax, for around $1 billion.

• Petershill Partners Plc (LSE: PHLL), a GP stakes business backed by Goldman Sachs, plans to delist from the London Stock Exchange and return $921 million of capital to investors via a share buyback.

• Actis agreed to acquire 800 Super Holdings, a Singaporean environmental management firm, for an more than S$600 million from Keppel Asia Infrastructure Fund.

• Axcel is seeking to sell Emagine, an IT consultancy, which could be valued at around €700 million, per Bloomberg.

• FountainVest Partners and CPE are nearing a joint acquisition of SML Group, a Hong Kong-based RFID and brand identification provider, in a deal that could value the company at more than $600 million, per Bloomberg.

• Com Laude, a PX3 Partners-backed corporate registrar, agreed to acquire Markmonitor from Newfold Digital, a portfolio company of Clearlake Capital Group and Siris Capital Group, in a $450 million carve-out.

• Valsoft Corporation, a Montreal-based software acquisition platform, agreed to acquire Quorum Information Technologies, a Canadian provider of software for auto dealers and OEMs, for $60 million.

• Pivotal Growth, backed by Pollen Street Capital, acquired Believe Money Group, a UK-based tech-driven second charge mortgage broker.

• Portrait Capital acquired AAi Labels & Decals and Sticker Ranch, both makers of labels and decals, combining them to form a specialty label platform.

• Lion Equity Partners acquired Custom Tube Products, an Edgewater, Florida-based maker of metal tubing assemblies and parts.

• Bregal Milestone acquired a majority stake in SkySparc, a Stockholm-based provider of digital transformation solutions for treasury and finance organizations, from Bragnum Invest.

• Grant Thornton Advisors acquired Stax, a Boston-based strategy consultancy, from Blue Point Capital Partners.

• Keensight Capital agreed to acquire a majority stake in Decision Focus, a Denmark-based provider of Governance, Risk and Compliance software solutions, from VIA equity.

• Aspen Surgical, a portfolio company of Audax Private Equity, acquired Cygnus Medical, a provider of infection control and scope-care products, and Flagship Surgical, which specializes in OR safety.

• Handgards, a portfolio company of Wynnchurch Capital, acquired Albany Packaging USA, a Deerfield Beach, Florida-based distributor of foodservice packaging.

• Onex Corporation and Public Sector Pension Investment Board agreed to acquire Integrated Specialty Coverages, a tech-enabled insurance platform, from KKR.

• Carrick Capital Partners acquired a majority stake in Intelligo, a provider of pre-investment and pre-engagement background checks and continuous subject monitoring.

• R.L. James, a portfolio company of Hidden Harbor Capital Partners, acquired Commercial Plastering USA, a Bradenton, Florida-based commercial plastering company.

• E Source, a portfolio company of Align Capital Partners, acquired CF Power, a power systems engineering firm focused on grid modernization and interconnection studies.

• Arbor Investments acquired Acxion Foodservice, an Odenton, Maryland-based independent sales and marketing platform for the North American foodservice channel, from Prospect Hill Growth Partners.

• Apollo Global Management is nearing a deal to acquire a significant stake in Atletico Madrid, a Spanish soccer club, from Ares Management.

• Salt Creek Capital and HCAP Partners acquired a controlling interest in Real Diagnostics, a Maryland-based molecular testing lab providing diagnostic services across UTIs, toxicology, respiratory conditions, and women's health.

• BellTower Partners, led by former Carlyle CEO Kewsong Lee, acquired a minority equity stake in United Soccer League (USL), a US-based soccer league.

• Security Fire Systems, a Blackford Capital portfolio company, acquired Lakeview Security, Fire & Communications, an Arkansas-based provider of security, fire, and communications services.

• Tamarix Equity Partners invested in Royal Oak Recycling, a Detroit-based commercial recycling services provider.

• Alchemer, a portfolio company of KKR, acquired Chatmeter, a provider of customer intelligence and brand reputation software, from PSG.

• Vista Equity Partners invested in AKUVO, a collections software provider focused on AI.

• TeamSystem, an Italian business software firm backed by Hellman & Friedman, acquired Sellsy, a French cloud solutions specialist for SMEs, from PSG Equity.

• Counsel Press, a portfolio company of Align Capital Partners, acquired Firefly Legal, a Mokena, Illinois-based provider of process serving and other litigation services.

• Shore Capital Partners invested in Comfort Temp Company, a Gainesville, Florida-based provider of commercial and residential HVAC, refrigeration, plumbing, and mechanical services.

• Emerald Lake Capital Management invested in CORE Transformers, a provider of new and reconditioned transformers and repair solutions.

• Goldman Sachs Alternatives acquired Liquid Environmental Solutions, a national service provider managing non-hazardous liquid waste, from Audax Private Equity.

• BNP Associates, a portfolio company of Godspeed Capital Management, acquired Studdiford Technical Solutions, an airport systems development and transportation security consulting firm.

• Jensen Hughes, a Gryphon Investors portfolio company, acquired the Canadian operations of Professional Loss Control Inc., a fire and life safety engineering firm.

• Silver State, a portfolio company of Edgewater Funds, acquired Atlantic Coast Restaurant and Mechanical Services, a Miami-based provider of commercial HVAC, kitchen equipment installation, and mechanical services.

• PAX Health, backed by HCAP Partners and funds managed by Hamilton Lane, acquired Neuropsychology and Counseling Associates, a New Jersey-based outpatient mental health practice.

• Solifi, a portfolio company of TA Associates, acquired DataScan, a North American provider of wholesale finance and inventory risk management.

• TreeServe, a portfolio company of Soundcore Capital Partners, acquired Dave Leonard Tree Specialists (Lexington, KY) and JL Tree Service (Fairfax, VA).

Tech, Vertical SaaS, & Misc. Enterprise

• Nscale, a London-based AI infrastructure provider, raised $1.1 billion in Series B funding led by Aker ASA, with participation from Sandton Capital, Blue Owl Capital, Dell Technologies, Fidelity Management & Research Company, G Squared, Nokia, Nvidia, Point72, and T.Capital.

• Cerebras Systems, an AI chipmaker, raised $1.1 billion in Series G funding, led by Fidelity, with participation from Alpha Wave Global, Abu Dhabi Growth Fund, and 1789 Capital.

• Filevine, a legal operating intelligence platform, raised $400 million in all-equity financing co-led by Insight Partners, Accel, and Halo Fund, with participation from Meritech, Stepstone, Run Ventures, and Album Ventures.

• Modular, an AI compute layer developer, raised $250 million in Series C funding led by US Innovative Technology Fund, with participation from DFJ Growth, GV, General Catalyst, and Greylock.

• Rebellions, a South Korean AI chip startup, raised $250 million in Series C funding, co-led by Arm and Samsung Ventures, with participation from Pegatron VC, Korea Development Bank, Korelya Capital, and Lion X Ventures.

• AppZen, a finance process automation platform, raised $180 million in Series D growth funding led by Riverwood Capital, with participation from 500 Global, Bloomberg Beta, Dawn Capital, Redpoint Ventures, Lightspeed Venture Partners, Coatue Management, Google Ventures, and Qingsong Fund.

• Distyl AI, an enterprise AI integration platform, raised $175 million in Series B funding, co-led by Khosla Ventures and Lightspeed Venture Partners, with participation from DST Global, Coatue, and Dell Technologies Capital.

• Eve, an AI platform for plaintiff law firms, raised $103 million in Series B funding led by Spark Capital, with participation from Andreessen Horowitz, Lightspeed Venture Partners, and Menlo Ventures.

• Modal Labs, a serverless cloud platform for AI apps and inference, raised $87 million in Series B funding led by Lux Capital.

• Signal AI, a risk and reputation intelligence platform, raised $165 million in growth-equity funding led by Battery Ventures.

• Empower Semiconductor, an AI chipmaker, raised $140 million in Series D funding led by Fidelity Management & Research Company, with participation from Maverick Silicon, CapitalG, Atreides Management, Socratic Partners, and Walden Catalyst Ventures.

• Auterion, a provider of autonomous systems software for defense, raised $130 million in Series B funding led by Bessemer Venture Partners, with participation from Lakestar, Mosaic Ventures, and Costanoa Ventures.

• WeTravel, a multi-day travel operating system, raised $92 million in Series C funding, led by Sapphire Ventures, with participation from Left Lane Capital, Base10, and Cross Creek.

• EdSights, an AI student engagement and retention platform, raised $80 million in growth equity funding led by JMI Equity.

• Factory, an agent-native software company, raised $50 million in Series B funding, co-led by NEA, Sequoia Capital, J.P. Morgan, Nvidia, Abstract Ventures, and Mantis Ventures.

• Valence, developer of Nadia, the world's first enterprise AI coach, raised $50 million in Series B funding led by Bessemer Venture Partners.

• Fetcherr, a generative AI pricing and demand prediction platform for airlines, raised $42 million in Series C funding led by Salesforce Ventures, with participation from Battery Ventures, Left Lane Capital, and M-Fund.

• Enter, a Brazilian legal AI platform, raised $35 million in Series A funding, co-led by Founders Fund and Sequoia Capital.

• Obot AI, an open-source software company building enterprise platforms for the Model Context Protocol (MCP), raised $35 million in seed funding co-led by Mayfield Fund and Nexus Venture Partners.

• Beroe, a procurement intelligence company, raised $34 million in new funding led by Relativity Resilience Fund, with participation from Alchemy Long Term Ventures Fund.

• Mimica, a process intelligence company, raised $26.2 million in Series B funding led by Paladin Capital Group, with participation from Khosla Ventures, LGVP, and Entrepreneurs First.

• Greptile, an AI-powered code validation platform, raised $25 million in Series A funding led by Benchmark Capital, with participation from Y Combinator and Initialized Capital.

• Corintis, a semiconductor cooling startup developing silicon microfluidic cooling, raised $24 million in Series A funding led by BlueYard Capital, with participation from Founderful, Acequia Capital, Celsius Industries, and XTX Ventures.

• Emergent, an agentic coding platform, raised $23 million in Series A funding led by Lightspeed, with participation from Y Combinator, Together Fund, and Prosus Ventures.

• Synthesized, an AI software testing startup, raised $20 million in Series A funding led by Redalpine, with participation from IQ Capital, Mercia Ventures, UBS, Seedcamp, and Deutsche Bank.

Fintech

• Fnality, a central bank-regulated wholesale payment systems operator, raised $136 million in Series C funding, co-led by WisdomTree, Bank of America, Citi, KBC Group, Temasek, and Tradeweb, with participation from Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq Ventures, State Street, and UBS.

• Zero Hash, a crypto infrastructure provider, raised $104 million in Series D-2 funding led by Interactive Brokers, with participation from Morgan Stanley, Apollo, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, and Liberty City Ventures.

• Brale, a stablecoin platform, raised $30 million in Series A funding led by Lightspeed, with participation from NEA, Refract, Foundation Capital, and The FinTech Fund.

Consumer & Media

• Vibe.co, a self-serve CTV ad platform, raised $50 million in Series B funding led by Hedosophia, with participation from Elaia, Singular, QuantumLight, and Supercell.

• Nxtfood, a French plant-based meat producer, raised €49 million in Series B funding from Creadev, Roquette Ventures, Clay Capital, and IRD Invest.

• The Protein Brewery, a Dutch fungi-based food ingredients company, raised €30 million in Series B funding, co-led by Invest-NL and Brabant Development Agency, with participation from Novo Holdings, Unovis Asset Management, and Madeli.

Healthcare

• Star Therapeutics, a biotech developing bleeding disorder antibodies, raised $125 million in Series D funding, co-led by Sanofi Ventures and Viking Global Investors.

• Assort Health, a specialty-specific AI patient experience platform, raised $76 million in Series B funding led by Lightspeed Venture Partners, with participation from Felicis, First Round Capital, Chemistry, A*, Liquid2, and Quiet.

• Capital Rx, a health technology company and pharmacy benefit manager, raised $252 million in Series F funding co-led by Wellington Management and General Catalyst, with participation from Generation Investment Management and Growth Equity at Goldman Sachs.

• Inspiren, an AI-powered solutions company for senior living, raised $100 million in Series B funding led by Insight Partners, with participation from Avenir, Primary Venture Partners, Scale Venture Partners, Story Ventures, Third Prime, and Studio VC.

• Thyme Care, a value-based cancer care navigation company, raised $97 million in Series D funding led by CVS Health Ventures, Foresite Capital, a19z Bio + Health, Concord Health Partners, Town Hall Ventures, AlleyCorp, and Frist Cressey Ventures, with participation from Morgan Health.

• Sparrow Pharmaceuticals, a targeted cardiometabolic therapeutics company, raised $95 million in Series B funding, co-led by RA Capital Management and Forbion, with participation from OrbiMed, RiverVest, and US Venture Partners.

• AusperBio, a clinical-stage biotech developing functional cures for chronic hepatitis B, raised $63 million in Series B2 funding, led by Qiming Venture Partners, with participation from HanKang Capital, CDH Investments, YuanBio Venture Capital, Sherpa Capital, and Genesis Capital.

• Avenzo Therapeutics, a clinical-stage biotech developing oncology therapies, raised $60 million in Series B funding co-led by OrbiMed and SR One, with participation from Longwood Fund, Foresite Capital, Lilly Asia Ventures, Surveyor Capital, and New Enterprise Associates.

• Until Labs, a biotech company developing organ cryopreservation, raised $58 million in Series A funding led by Founders Fund, with participation from Lux Capital and Field Ventures.

• Leo Cancer Care, a developer of radiotherapy devices, raised $40 million in Series C funding led by Catalio Capital Management.

• Axon Therapies, a clinical-stage medical device company for heart failure therapies, raised $32 million in Series A funding, co-led by Earlybird Venture Capital and Santé Ventures, with participation from Deerfield Management, CD Capital, and KOFA Healthcare.

• Sunrise Group, a sleep health technology platform, raised $29 million in funding led by Eurazeo, with participation from Amazon's Alexa Fund, Sambrinvest, WE International, Kurma Partners, Seventure Partners, Vives Fund, Majycc, Namur Invest, Investsud, and Noshaq.

• Manas AI, an AI-native drug discovery and development company, raised $26 million in Seed Extension funding led by The General Partnership, with participation from Wisdom Ventures, Blitzscaling Ventures, Westbound Equity Partners, and Mosaic Ventures.

• Caregility, an enterprise telehealth company, raised $25.1 million in Series A-2 and Series C funding led by Star Mountain Capital.

• Daymark Health, a cancer care platform, raised $20 million in Series A funding, co-led by Healthier Capital and Blue Venture Fund, with participation from Yosemite, Maverick Ventures, and Oncology Ventures.

Industrials, Greentech, & Other

• Neptune Robotics, a robotics company for cleaning ship undersides, raised $52 million in Series B funding led by Granite Asia, with strategic investment from NYK Line.

• Revyve, a Dutch food-tech company developing egg-replacement yeast proteins, raised nearly €24 million in Series B funding co-led by ABN AMRO Sustainable Impact Fund and Invest-NL, with participation from BOM, Lallemand Bio-Ingredients, Grey Silo Ventures, Oost NL, and Royal Cosun.

• Telo Trucks, an electric mini truck maker, raised $20 million in Series A funding, co-led by Yves Behar and Marc Tarpenning, with participation from TO VC, E12 Ventures, Neo, Uncorrelated Ventures, Nova Threshold, and MCJ.

• Ridgemont Equity Partners raised $3.975 billion for its fifth middle market buyout fund.

• Macquarie Asset Management raised more than $3 billion for its first dedicated Green Energy Transition Solutions fund, including co-investment commitments.

• Verdane raised €2 billion for its Freya XII growth fund.

• Touring Capital raised $330 million for its debut fund targeting early growth-stage, AI-driven B2B SaaS companies.

• Razor's Edge raised $560 million for its fourth fund focused on national security investments.

• Point 41 Capital Partners raised $400 million for its inaugural middle market fund focused on specialty industrial and service businesses.

• Ventech raised €175 million for its sixth fund focused on European tech startups at seed and Series A stages.

• Evantic Capital, a London-based firm founded by former Sequoia partner Matt Miller, raised $400 million for its debut venture fund focused on B2B AI startups.

• Gemspring Capital raised $1.1 billion for its second Growth Solutions fund.

• Hughes & Company raised $260 million for its second fund focused on healthcare software and technology-enabled services.

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