Happy Wednesday. Here’s what we’ve got today…

• A look at an eventful week in private credit and one firm that wants nothing to do with it

• Plus, KKR considers Kito Crosby exit

And a quick note before the main story: we’ve been developing a private equity-specific deal intelligence and analytics platform, focusing on automated AI/ML-led generation of quantitative business diligence materials.

We’re currently running a closed beta with a small selection of firms and would like to open up (free) access to a handful of additional design partners.

Our platform is best suited for traditional buyout investors — if you’re interested in providing product feedback and your firm is a potential fit, we’d love to chat. Please reach out or respond to this email.

Cinven happy to sit on the sidelines while Blue Owl goes all in:

Blue Owl Capital is continuing its private credit push, reaching an agreement this week to acquire Atalaya Capital Management for up to $800 million. It’s also Blue Owl's third acquisition in recent months, following deals for real estate finance platform Prima Capital Advisers and insurance solutions firm Kuvare Asset Management.

Blue Owl will pay an initial $450 million for Atalaya, split between $350 million in equity and $100 million in cash. The deal also includes a potential revenue-based earnout of up to $350 million.

Atalaya manages more than $10 billion and has had a relationship with Blue Owl’s Dyal Capital Partners business since 2017, when it sold a minority stake to the firm.

The deal hands Blue Owl a foothold in the fast-growing (high single digits) asset-based finance market—a $5.2 trillion corner of non-bank lending (which is about as large as the entire syndicated loan market) that’s been a key focus area for insurance funds, pension funds, and private credit.

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This week’s other private credit news comes from Oak Hill Advisors and One Investment Management (OneIM), who’ve teamed up to launch a $5 billion European private credit joint venture.

The duo plans to focus on upper middle market and large-cap companies, which could mean more direct competition with syndicated loans and high-yield bond offerings that traditionally cover the larger end of the market. Bloomberg reports that the two will primarily offer first-lien and unitranche facilities.

The launch also suggests that there’s still plenty of optimism to go around, even as this summer has brought some concern over European economic headwinds and potential credit deterioration.

Led by Rajeev Misra, formerly of SoftBank's Vision Fund, OneIM has raised approximately $7 billion since its 2022 launch, including backing from Abu Dhabi’s Royal Group and Mubadala.

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To wrap things up, this week’s most interesting private credit news comes not from another splashy fund launch, but instead from an aversion to the asset class altogether.

Speaking with Bloomberg, Cinven’s Jorge Quemada, co-managing partner and head of Iberia, and Maxim Crewe, a partner leading the firm’s consumer and financial services teams, shut the door on any foray into direct lending for Cinven.

“We are very focused on buyouts, we don’t see ourselves becoming a multi-asset manager, investing in different types of asset class,” said Quemada.

Whether the firm feels its expertise is uniquely suited to buyout investing or thinks private credit is nearing the end of the cycle, its position is at odds with the AUM-first approach taken by many of Cinven’s peers.

• Blackstone and CVC Capital Partners are weighing takeover bids for StandardAero, an aircraft maintenance and repair company owned by Carlyle Group, which could value the business at around $10 billion.

• GitLab (Nasdaq: GTLB), a provider of cloud-based software development tools trading at a market value of around $8.8 billion, is exploring a sale after attracting acquisition interest, with cloud monitoring firm Datadog named as a potential suitor, per Reuters.

• KKR is reportedly exploring the sale of Kito Crosby, a lifting equipment manufacturer, which could be worth around $3 billion, per Bloomberg.

• Apollo Global Management agreed to acquire The Travel Corporation, a portfolio of 18 travel brands, including Trafalgar, Uniworld Boutique River Cruises, and Contiki.

• IBM (NYSE: IBM) received a request for additional information from the Federal Trade Commission regarding its $6.4 billion acquisition of HashiCorp, a multi-cloud automation software provider, potentially delaying the deal's expected closure by year-end.

• EssilorLuxottica agreed to acquire streetwear brand Supreme from VF Corp. (NYSE: VFC) for $1.5 billion.

• Lumerity Capital acquired a majority stake in Ellit Groups, a healthcare IT consulting group based in Spring, Texas.

• Stryker (NYSE: SYK) acquired Artelon, a developer of soft tissue fixation products for foot and ankle.

• Allianz agreed to acquire a 51 percent stake in Income Insurance, a Singapore-based insurer, for $1.64 billion from NTUC Enterprise Co-operative.

• Blackstone (NYSE: BX) agreed to acquire Trystar, a manufacturer of electrical equipment for backup power solutions.

• KBR (NYSE: KBR) agreed to acquire LinQuest, a provider of digital integration and engineering solutions for national security clients, for $737 million from Madison Dearborn Partners.

• Carlyle and KKR agreed to acquire Discover Financial Services' (NYSE: DFS) private student loan portfolio for up to $10.8 billion.

• Charlesbank Capital Partners invested in Aprio, an Atlanta-based business advisory and accounting firm.

• Francisco Partners and TA Associates agreed to become co-controlling shareholders of Orisha, a French provider of vertical software solutions.

• Thompson Street Capital Partners invested in National Arbitration & Mediation, a New York-based provider of alternative dispute resolution services.

• SK Telecom (NYSE: SKM) invested $200 million in SMART Global Holdings (Nasdaq: SGH), an enterprise IT services provider.

• Carmelina Capital Partners invested in KVP International, a McKinney, Texas-based provider of veterinary supplies and small animal wellness solutions.

• Warburg Pincus invested in Varicent, a Toronto-based provider of sales performance management software, alongside existing investors Great Hill Partners and Spectrum Equity.

• Ardian has acquired a majority stake in Robot-Coupe and Magimix, two cookware brands.

• Avenue Sports Fund acquired a minority stake in Trackhouse Entertainment Group, parent company of NASCAR and MotoGP racing team Trackhouse Racing.

• Spectris (LSE: SXS) agreed to acquire Micromeritics Instrument Corp, a provider of material characterization solutions, for $630 million plus up to $53 million in contingent consideration.

• Wafra invested in Triple Private Equity, a European lower middle market private equity firm.

• Eastward Partners acquired Press & Associates, an executive search firm focused on tech leadership talent for private equity firms and their portfolio companies.

• Edwards Lifesciences (NYSE: EW) acquired Innovalve Bio Medical, an Israeli developer of a minimally invasive transcatheter mitral valve replacement device, for around $300 million in cash.

• Lantheus Holdings (Nasdaq: LNTH) acquired Meilleur Technologies, a developer of Alzheimer's diagnostic PET imaging agents.

• Banner Capital Management acquired Vision Graphics, a Salt Lake City-based provider of large-format commercial printing services and equipment.

• United Refining Company acquired Pump N' Pantry, a gas store and convenience retailer in central Pennsylvania.

• Valenz Health, backed by Kelso & Company, agreed to acquire Healthcare Bluebook, a healthcare cost and quality navigation platform, from Primus Capital.

• Lineage, a cold storage real estate investment trust backed by Bay Grove Capital, set IPO terms and is planning to raise up to $3.85 billion by offering 47 million shares priced between $70 and $82.

Tech, Vertical SaaS, & Misc. Enterprise

• Tekion, a cloud-native automotive SaaS platform, raised $200 million in Series D funding from Dragoneer.

• Kandji, an Apple endpoint management and security platform, raised $100 million in Series D funding led by General Catalyst.

• One Data, a Munich-based data management provider, raised €32 million in Series B extension funding co-led by Vsquared Ventures, Molten Ventures, and HV Capital.

• Leya, an AI-enabled legal tech platform, raised $25 million in Series A funding led by Redpoint Ventures, with participation from Benchmark, Y Combinator, Wayfinder Ventures, and Alt Capital.

• Vectara, an AI enterprise search and retrieval platform, raised $25 million in Series A funding led by FPV Ventures and Race Capital, with participation from Alumni Ventures, WVV Capital, Samsung Next, Fusion Fund, Green Sands Equity, and Mack Ventures.

• Arcee AI, a startup developing small language models for enterprises, raised $24 million in Series A funding led by Emergence Capital, with participation from Long Journey Ventures, Flybridge, Centre Street Partners, and Arcadia Capital.

• netLex, a Brazilian contract lifecycle management platform, raised $24 million in Series B funding led by Riverwood Capital.

• Exa, a search engine for AI agents, raised $22 million in seed and Series A funding led by Lightspeed Venture Partners, with participation from NVentures and Y Combinator.

• Cubbit, a geo-distributed cloud storage enabler, raised $12.5 million in funding co-led by LocalGlobe and ETF Partners, with participation from Verve Ventures, 2100 Ventures, Hydra, Growth Engine, Eurenergia, Moonstone, Azimut Libera Impresa SGR, CDP Venture Capital SGR, and Primo Ventures.

• CultureAI, a cybersecurity human risk management platform, raised $10 million in Series A funding co-led by Mercia Ventures and Smedvig Ventures, with participation from Passion Capital and Senovo.

• Mira, a decentralized AI infrastructure platform, raised $9 million in seed funding co-led by BITKRAFT Ventures and Framework Ventures, with participation from Accel, Mechanism Capital, Folius Ventures, and Crucible.

• doinstruct, a German startup developing a mobile-first training platform for frontline workers, raised €7.6 million in funding led by Creandum, with participation from HTGF and D11Z.

Fintech

• Aven, a fintech offering consumer credit cards backed by home equity, raised $142 million in Series D funding co-led by Khosla Ventures and General Catalyst, with participation from Caffeinated Capital, Electric Capital, Founders Fund, and The General Partnership.

• Matera, a Brazilian banking and instant payments startup, raised $100 million in new funding from Warburg Pincus.

Consumer & Media

• Indie Campers, an online road trip platform, raised €35 million in new funding led by Indico Capital Partners, with participation from Cedros Capital and GED Ventures.

• Namma Yatri, an Indian community-led mobility app, raised $11 million in pre-Series A funding co-led by Blume Ventures and Antler, with participation from Google.

• Essentialist, a Mallorca-based luxury travel concierge service, raised $10 million in Series A funding led by IRIS Ventures.

Healthcare

• Scorpion Therapeutics, a clinical-stage biotech focused on precision medicines for oncology, raised $150 million in Series C funding co-led by Frazier Life Sciences and Lightspeed Venture Partners, with participation from Willett Advisors, Omega Funds, Vida Ventures, Atlas Venture, Abingworth, Fidelity Management & Research Company, Boxer Capital, EcoR1 Capital, Surveyor Capital, Invus, Wellington Management, Nextech Invest, OrbiMed, Logos Capital, Woodline Partners, and Casdin Capital.

• CatalYm, a German biotech developing immunotherapies, raised $150 million in Series D funding co-led by Canaan Partners and Bioqube Ventures, with participation from Forbion Growth Opportunities Fund, Omega Funds, Gilde Healthcare, Jeito Capital, Brandon Capital Partners, Novartis Venture Fund, and Vesalius Biocapital III.

• Asceneuron, a clinical-stage biotech targeting tau protein aggregation for neurodegenerative diseases, raised $100 million in Series C funding led by Novo Holdings, with participation from EQT Life Sciences - LSP Dementia Fund, OrbiMed, SR One, M Ventures, Sofinnova Partners, GSK, and Johnson & Johnson Innovation.

• Thyme Care, a value-based cancer care enabler, raised $95 million via a combination of new debt and equity funding from Concord Health Partners, CVS Health Ventures, Town Hall Ventures, Andreessen Horowitz Bio + Health, AlleyCorp, Echo Health Ventures, Frist Cressey Ventures, and Foresite Capital.

• Huma, a UK-based startup developing modular platforms for digital health, raised $80 million in Series D funding from AstraZeneca, Hitachi Ventures, Leaps by Bayer, and Hat Technology Fund.

• Octagos Health, an AI-enabled cardiac device monitoring provider, raised $43 million in Series B funding led by Morgan Stanley Expansion Capital, with participation from Mucker Capital.

• Novocuff, a medical device startup focused on preterm birth reduction, raised $26 million in Series A funding led by AXA IM Alts, with participation from Laerdal Million Lives Fund, Laborie, RH Capital, Avestria Ventures, and March of Dimes.

• Neuspera Medical, developer of an implantable sacral neuromodulation system for urinary incontinence, raised $23 million in Series D funding led by Vertex Ventures HC and Treo Ventures, with participation from Action Potential Venture Capital, Windham Venture Partners, and Olympus Innovation Ventures.

• Bioniq, a London-based startup offering personalized supplements based on blood biomarker data, raised $15 million in Series B funding led by HV Capital and Unbound.

• Eden, a Mexican AI-powered medical imaging and diagnostics startup, raised $10 million in Series A funding led by Sierra Ventures, with participation from Kaszek, Alt Capital, Y Combinator, and Khosla Ventures.

• Predicta Biosciences, a precision oncology biotech, raised $5.2 million in seed funding led by The Engine Ventures, with participation from Illumina Ventures, Time Boost Capital, and the American Cancer Society Bright Edge.

Industrials, Greentech, & Other

• LevelTen Energy, a provider of transaction infrastructure for renewable energy deals, raised $65 million in Series D funding led by B Capital, with participation from Google, Microsoft's Climate Innovation Fund, Equinor Ventures, Constellation, Aster, NGP, Prelude Ventures, and ZOMA Capital.

• Again, a Danish carbon utilization startup, raised $43 million in Series A funding co-led by GV and HV Capital, with participation from Kompas VC, EIFO, ACME Capital, and Atlantic Labs.

• Heimdall Power, a power grid optimization startup, raised $25 million in Series B funding co-led by Orlen, NRP Zero, and the Steinsvik Family Office, with participation from Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed.

• Naked Energy, a UK-based solar heat and power technology firm, raised £17 million in Series B funding led by E.ON Energy Infrastructure Solutions, with participation from Barclays.

• Dynelectro, a Danish green hydrogen technology company, raised €11 million in new funding led by Denmark's Export & Import Fund Organisation, with participation from Yara Growth Ventures, Vsquared Ventures, PSV DeepTech, The Footprint Firm, and the European Investment Bank.

• CCMP Growth Advisors raised $500 million for its fourth middle market fund.

• Menlo Ventures launched a $100 million Anthology Fund in partnership with Anthropic to invest in AI startups leveraging Anthropic's technology, offering investments starting at $100,000 and $25,000 in free credits for Anthropic's AI models.

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Partner Disclaimer: Alternative investments are speculative and possess a high level of risk. No assurance can be given that investors will receive a return of their capital. Those investors who cannot afford to lose their entire investment should not invest. Investments in private placements are highly illiquid and those investors who cannot hold an investment for an indefinite term should not invest. Private credit investments may be complex investments and they are subject to default risk.