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

• A look at an unwanted private equity data readout

• Plus, Sycamore reaches a deal for Walgreens

Peaked:

Bain & Company released its annual private equity report, which arrives with an unpleasant statistic: Private equity assets under management fell to $4.7 trillion as of mid-2024, down 2 percent from the prior year in the first contraction since Bain began tracking the data in 2005 (which, of course, includes the 2008 financial crisis).

Distributions from buyout funds as a percentage of net asset value fell to 11 percent in 2024, less than half the historical average and the lowest level in over a decade. The resulting lack of liquidity hit limited partners, who pulled back on new commitments to avoid overallocating. In all, private capital fundraising dropped 23 percent to $401 billion in 2024, below the $468 billion outflow from the year's exits.

"It won't all be better in 2025," warns Hugh MacArthur, chair of Bain's global private equity practice, speaking to the Financial Times. "It's a three- or four-year problem."

Buyout funds now hold almost twice the assets they did in 2019, while annual exit values remain largely unchanged.

The data also shows why portfolio liquidity solutions have been in the headlines this year. Nearly a third of portfolio companies have undergone partial liquidity events, including the sale of minority stakes, dividend recapitalizations, secondaries, and NAV loans.

For the 2019 vintage, the last with a five-year record, full exits account for only 20 percent of total realizations, down from the 44 percent average seen in the 2014-2016 vintages.

It's similar to the pattern seen coming out of the global financial crisis.

Rapid pre-crisis AUM growth, followed by an exit slowdown and negative distribution-to-contribution ratios, caused AUM growth to stall for eight years before recovering its upward trajectory.

This time, Covid-era funds from 2020-2022 are leading the way. After unusually rapid initial drawdowns during the height of the market, followed by the interest rate-induced exit slowdown, their J-curves now resemble the 2005-06 fund vintages launched just before the financial crisis. On average, those funds took over nine years to return capital.

For the capital that is still flowing into new funds, consolidation among top performers has become even more pronounced. The top 10 funds took 36 percent of all capital raised in 2024, with 40 percent flowing to funds raising $5 billion or more.

Despite the choppy conditions, buyout funds do still outperform public markets across time horizons longer than five years. But the trend has weakened, with 10-year returns falling 3 percentage points in North America, while public markets enjoyed a particularly strong 2024.

• Sycamore Partners agreed to acquire 8,500-location pharmacy chain Walgreens Boots Alliance (Nasdaq: WBA) for $10 billion in cash plus assumed debt, reaching a total enterprise value of up to $23.7 billion, including potential payouts tied to a VillageMD divestiture.

• Bain Capital agreed to acquire a 60 percent stake in Seven & i Holdings' supermarket business, York Holdings, at a $5.4 billion enterprise value, with plans to take the business public in three years.

• Eurazeo acquired Bioline AgroSciences, a British provider of biological crop protection solutions.

• H.I.G. Capital acquired TIMETOACT GROUP, a German IT services provider, from Equistone Partners Europe.

• Jamf (Nasdaq: JAMF) agreed to acquire Identity Automation, a Houston-based identity and access management platform for education and healthcare sectors, for $215 million from Spotlight Equity Partners.

• Grab Holdings (Nasdaq: GRAB) agreed to acquire Everrise, a chain of 19 grocery stores in Malaysia's eastern Sarawak state, from Navis Capital Partners.

• Francisco Partners agreed to acquire Quorum Software, a Houston-based provider of energy ERP software, from Thoma Bravo.

• Exponent agreed to invest in Hippo Digital, a UK-based digital transformation consultancy serving public sector clients.

• Copley Equity Partners invested in Herzig Engineering, a Kansas City-based electrical services firm focused on safety and compliance.

• Rubicon Technology Partners acquired a majority stake in CollegeNET, a provider of software solutions for higher education, with founder Jim Wolfston continuing to lead the business as a significant shareholder.

• Beary Landscaping, a portfolio company of Silver Oak Services Partners, acquired MJS Landscaping Services, a Wisconsin-based commercial landscaping and snow removal provider.

• GS Foods Group, a portfolio company of Highview Capital and A&M Capital Partners, acquired The Danielsen Company, a Northern California-based foodservice provider to K-12 schools.

• J.C. Flowers & Co. acquired Pepper Advantage, a London-based credit management firm.

• NGP Energy Capital Management acquired Denver-Julesburg basin assets from Occidental Petroleum (NYSE: OXY) for more than $900 million, per Bloomberg.

• New Water Capital acquired Dutch Gold Honey, a Lancaster, Pennsylvania-based honey producer, from the Gamber family.

• Ardian and Rockfield acquired Cristóbal de Moura, a 347-bed student housing facility in Barcelona.

• Peak Rock Capital acquired BrightStar Care, an Illinois-based provider of home care and supplemental staffing services.

• State Street (NYSE: STT) agreed to acquire Mizuho's custody and related businesses outside Japan.

• Honeywell (NYSE: HON) agreed to acquire Sundyne, an Arvada, Colorado-based manufacturer of centrifugal pumps and compressors, from Warburg Pincus for $2.16 billion.

• CoreWeave, a Roseland, N.J.-based cloud GPU infrastructure provider valued at $23 billion, filed for a Nasdaq IPO under ticker "CRWV" that could raise $3.3 billion, with backers including Magnetar, Fidelity, and Nvidia.

• Stone Point Capital invested in Keller Williams Realty, the world's largest real estate franchise by agent count.

• Lightspeed Venture Partners led a $3.5 billion investment in Anthropic, valuing the AI company at $61.5 billion.

• Adevinta, a portfolio company of Blackstone and Permira, agreed to sell its 50 percent stake in Austrian digital marketplace Willhaben to Styria Media Group and Sprints in a deal valuing the business at around €500 million.

• WE Soda Ltd acquired Genesis Alkali, the largest US-based producer of natural soda ash, from Genesis Energy LP (NYSE: GEL) for $14.3 billion.

• Nexa Equity launched Ladle as a new parent company combining portfolio companies ComplianceMate, MeazureUp, and Storewise, three foodservice software providers.

• Authentic Restaurant Brands, a portfolio company of Garnett Station Partners, acquired Tavern in the Square, a New England polished-casual dining brand.

• Celebrity Coaches, a portfolio company of Allied Industrial Partners, acquired BandWagon, a Bowling Green, Indiana-based provider of RVs for mid-level tour transportation.

• OMV and ADNOC agreed to merge their polyolefins businesses into a joint venture, which will acquire Canada's Nova Chemical from Mubadala Investment Company for $9.4 billion.

• Crestview Partners acquired Smyth Companies, a St. Paul, Minnesota-based provider of pressure sensitive labels and packaging solutions, from Novacap.

• Airwallex, a fintech valued at $6 billion, acquired CTIN Pay, a licensed payment service provider in Vietnam, to expand its financial infrastructure across Asia-Pacific markets.

• SK Capital Partners acquired Physical Properties Testers Group, a UK-based provider of physical property test and measurement solutions, from Battery Ventures.

• American Securities acquired Integrated Global Services, a Richmond-based provider of industrial surface enhancement solutions, from J.F. Lehman & Company.

• AP Moller Capital agreed to acquire a 40 percent stake in AC Logistics, a Philippines-based supply chain solutions provider, from Ayala Corporation, with an option to increase its ownership.

• Raizen, a Brazilian joint venture between Shell (NYSE: SHEL) and Cosan (NYSE: CSAN), has hired JPMorgan to explore the sale of its Argentinian oil refinery and gas stations network, per Bloomberg.

• Gulf Capital has hired Moelis & Co to advise on the sale of Art Fertility, an Abu Dhabi-based fertility clinic business with operations in the UAE and India, per Bloomberg.

• The Stephens Group invested in Kalkomey Enterprises, a Richardson, Texas-based provider of online recreational safety education, joining existing investors Macquarie Capital and Weatherford Capital.

• Hassana Investment Company and Warburg Pincus signed an agreement to jointly explore investment opportunities in high-growth sectors aligned with Saudi Arabia's Vision 2030 economic goals.

• Wellvana acquired CVS Health (NYSE: CVS)'s Medicare Shared Savings Program business in an all-stock transaction, giving CVS Health a strategic minority stake in the WCAS and Optum Ventures-backed value-based care enabler.

• Woodland Gourmet, a Graham Partners-backed specialty ingredients provider, acquired Sevillo Fine Foods, a Salt Lake City-based maker of ready-to-eat frozen ingredients.

• Airtron Heating & Air Conditioning, a portfolio company of Gamut Capital Management, acquired Sierra Air Conditioning, an HVAC systems installer for new homes in Nevada and Idaho.

• Charlesbank Capital Partners completed its take-private acquisition of EMCORE, a New Jersey-based provider of inertial navigation systems for aerospace and defense.

• Big 7 Ventures acquired Modern Concrete, an Elko, Nevada-based provider of remote concrete-pouring solutions.

• Blackstone acquired a minority stake in ITE Management, a transportation infrastructure-focused asset manager with over $10 billion in AUM.

• Partners Group agreed to acquire GreenSquareDC, an Australian data center provider, with plans to invest up to A$1.12 billion.

• Dalata Hotel Group has hired Rothschild to conduct a strategic review that could lead to a sale of the company.

• Knowledge Realty Trust, backed by Blackstone, filed to raise $711 million in what would be India's largest-ever REIT IPO.

• Discord, valued at $14.2 billion in 2021, is in early talks with investment bankers regarding a potential IPO, per The New York Times.

• ONE Bow River National Defense Fund invested $50 million in Bluestaq, a Colorado Springs-based provider of data mobility solutions for remote fields and disaster recovery zones.

• FloWorks, a Wynnchurch Capital portfolio company, acquired CAC, a Canadian distributor and repairer of industrial pumps and related parts.

Tech, Vertical SaaS, & Misc. Enterprise

• Peregrine Technologies, a law enforcement decision-support platform, raised $190 million in Series C funding led by Sequoia Capital at a $2.5 billion valuation, with participation from Goldcrest Capital, Friends & Family Capital, Fifth Down Capital, OG Venture Partners, and Godfrey Capital.

• Quantexa, a British AI platform for data-driven decision making, raised $175 million in Series F funding led by Teachers' Venture Growth, with participation from British Patient Capital, Warburg Pincus, Dawn Capital, Evolution Equity Partners, AlbionVC, and HSBC.

• Turing, an AI talent platform for enterprise AI development, raised $111 million in Series E funding led by Khazanah Nasional Berhad, with participation from WestBridge Capital, Sozo Ventures, UpHonest Capital, AltaIR Capital, Amino Capital, Plug and Play, MVP Ventures, Fortius Ventures, Gaingels, and Mastodon Capital Management.

• Odeko, an operations and technology platform for independent coffee shops and cafes, raised $96 million in Series E funding led by B Capital, with an additional $30 million credit facility from Banc of California.

• SpecterOps, a cybersecurity company focused on identity attack path management, raised $75 million in Series B funding led by Insight Partners, with participation from Ansa Capital, M12, Ballistic Ventures, Decibel, and Cisco Investments.

• Mews, a hotel management platform, raised $75 million in new funding led by Tiger Global, with participation from Kinnevik, Battery Ventures, and Growth Equity at Goldman Sachs Alternatives.

• Atmosic Technologies, a Campbell, CA-based developer of low-power IoT connectivity solutions, raised $40 million in Series D funding led by Sutter Hill Ventures, with participation from Clear Ventures, Quantum Innovation Fund, and other institutional investors.

• Swap, a cross-border e-commerce operating system, raised $40 million in Series B funding led by ICONIQ Growth, with participation from Cherry Ventures, QED Investors, Portfolio Ventures, and 9900 Capital.

• Firsthand, a New York-based brand platform for marketers and publishers, raised $26 million in Series A funding led by Radical Ventures, with participation from FirstMark Capital, Aperiam Ventures, and Crossbeam Venture Partners.

• Crogl, a cybersecurity company that uses AI to help analysts process security alerts, raised $25 million in Series A funding led by Menlo Ventures, with participation from Tola Capital.

• Auxia, a customer journey automation platform, raised $23.5 million in Series A funding led by VMG Technology Partners, with participation from MUFG Innovation Partners, Incubate Fund, Vela Partners, and Stage 2 Capital.

• QuantWare, a Dutch company developing scalable quantum processors, raised €20 million in Series A funding co-led by Invest-NL Deep Tech Fund and Innovation Quarter, with participation from EIC Fund, FORWARD.one, Graduate Entrepreneur Fund, and QDNL Participations.

• LlamaIndex, a platform for building AI agents that process enterprise data, raised $19 million in Series A funding led by Norwest Venture Partners, with participation from Greylock.

• Daupler, a Kansas City-based response management platform for utilities and municipalities, raised $15 million in Series B funding led by Aqualateral, with participation from Burnt Island Ventures and KCRise Fund.

• Ceramic.ai, a platform that accelerates AI model training with reduced GPU requirements, raised $12 million in seed funding led by NEA, with participation from IBM, Samsung Next, Earthshot Ventures, and Alumni Ventures.

• Knostic, a generative AI access control platform, raised $11 million in Series A funding led by Bright Pixel Capital, with participation from Silicon Valley CISO Investments, DNX Ventures, and Seedcamp.

• AIceberg, a provider of AI governance solutions for government and enterprise clients, raised $10 million in seed funding co-led by SYN Ventures and Sprout & Oak.

• Aryon Security, an Israeli platform that prevents cloud security risks pre-deployment, raised $9 million in seed funding co-led by Viola Ventures and Blumberg Capital.

• Faireez, a New York-based provider of AI housekeeping services for multifamily buildings, raised $7.5 million in seed funding led by Aristagora VC, with participation from Longevity Venture Partners, Hetz Ventures, Secret Chord Ventures, and RE Angels.

• Conveo, a Belgian platform that analyzes video interviews for customer insights, raised $5.3 million in seed funding from Y Combinator, 6 Degrees Capital, Entourage Capital, Pitchdrive, and Syndicate One.

• Copley, a Boston-based content experimentation and optimization platform, raised $4.8 million in seed funding co-led by Asymmetric Capital Partners and Underscore VC.

• Uniti AI, an AI platform for commercial real estate operators, raised $4 million in seed funding led by Prudence, with participation from Alate Partners, Flex Capital, Observer Capital, and RE Angels.

• Skyfora, a Helsinki-based weather technology company, raised €4 million in Series A funding co-led by Ugly Duckling Ventures and LUMO Labs, with participation from Voima Ventures and the EIC Fund.

• Momentic, an end-to-end testing platform for developers, raised $3.7 million in seed funding from FundersClub, General Catalyst, Y Combinator, and AI Grant.

• Telescope, a Norwegian proptech startup that converts climate risk data into insights for real estate owners, raised €3.7 million in seed funding co-led by Scale Capital and Dreamcraft Ventures, with participation from Curiosity VC and OBOS Oppstart.

• Humanitru, a Richmond-based nonprofit engagement platform, raised $3 million in funding led by Dogwood Ventures, with participation from Meeting Street Capital, the 98, I2BF, Front Porch Venture Partners, and Team Ignite Ventures.

• Kleio, a French enterprise conversational AI platform for sales, raised €3 million in seed funding co-led by Serena and Daphni.

Fintech

• InsuranceDekho, an Indian insurance distribution platform, raised $70 million in Series B funding co-led by Beams Fintech Fund, MUFG, and BNP Paribas Cardif through its insurtech fund managed by Eurazeo.

• Flowdesk, a French crypto market maker providing trading infrastructure and liquidity, raised $52 million in Series B extension funding led by HV Capital, with participation from Eurazeo, Cathay Innovation, ISAI, and a $10 million debt facility from BlackRock.

• Lenkie, a London-based financial management platform for SMEs, raised £49 million in Series A funding led by a US private credit fund focused on supporting international lenders, consisting of £4 million in equity and a £45 million debt facility.

• Grain, a Tel Aviv-based foreign exchange optimization platform, raised $33 million in Series A funding led by Bain Capital Ventures, with participation from Aleph, Vesey Ventures, and Hanaco Ventures.

• Coalition, a San Francisco-based cyber insurance provider combining coverage with preventive security tools, raised $30 million in equity funding from Mitsui Sumitomo Insurance, a subsidiary of MS&AD Insurance Group.

• DoubleZero Foundation, a developer of fiber networks for blockchain systems, raised $28 million in token funding co-led by Dragonfly Capital and Multicoin Capital at a $400 million valuation, with participation from Foundation Capital, Reciprocal Ventures, DBA, Borderless Capital, Superscrypt, and Frictionless.

• Flex, a Miami-based fintech platform for back-office automation and financial management for mid-market businesses, raised $25 million in equity funding led by Titanium Ventures, with participation from Companyon Ventures, Florida Funders, MS&AD Ventures, AAF Management, and First Look Partners, while securing a $200 million credit facility from Victory Park Capital.

• 1Money Co. emerged from stealth mode with over $20 million in funding for its Layer 1 protocol optimized for stablecoin payments.

• Numeral, a sales tax compliance platform for online businesses, raised $18 million in Series A funding led by Benchmark Capital, with participation from Uncork Capital, Y Combinator, and FundersClub.

• Napo, a London-based comprehensive pet insurance startup, raised €14.4 million in Series B funding led by Mercia Ventures, with participation from DN Capital, Companion Fund, MTech Capital, and Helvetia Venture Fund.

• Infrared Finance, a liquid staking protocol on Berachain blockchain, raised $14 million in Series A funding led by Framework Ventures, with participation from Citizen X, Halo Capital, No Limit Holdings, NGC Ventures, and Selini Capital.

• Zocks, an AI platform that analyzes financial advisor-client conversations and automates workflows, raised $13.8 million in Series A funding led by Motive Ventures, with participation from Lightspeed Venture Partners, Expanse Venture Partners, Entrée Capital, and 14Peaks.

• CoverForce, a platform connecting commercial insurance carriers, agencies, and wholesalers via API, raised $13 million in Series A funding led by Insight Partners, with participation from Nyca Partners.

• August, a prime brokerage connecting institutional investors to DeFi platforms, raised $10 million in Series A funding led by Dragonfly Ventures, with participation from SCB Limited, 6th Man Ventures, and Foresight Ventures.

• Seismic, a blockchain platform focused on encryption and scalability, raised $7 million in Series A funding led by a16z crypto, with participation from Polychain, 1kx, dao5, NGC Ventures, and Alliance.

• Outmarket AI, a platform that automates commercial insurance workflows for brokers and carriers, raised $4.7 million in seed funding led by Fika Ventures, with participation from TTV and Dash Fund.

Consumer & Media

• Business & Pleasure, a Laguna Beach-based outdoor furniture and accessories brand, raised $16 million in minority growth investment led by Silas Capital.

• Peer Global, an AI-powered metaverse game engine company, raised $10.5 million in new funding from the Family Office of Tommy Mai, bringing its total funding to $65.5 million.

• GoodSAM Foods, a food brand focused on regenerative agriculture, raised $9 million in Series A funding co-led by Alive Ventures and Desert Bloom, with participation from LATAM Impact Fund, Promotora Social Mexico, One Small Planet, and Connecticut Innovations.

• Intangible AI, a developer of no-code 3D creation tools for filmmakers and game designers, raised $4 million in seed funding led by a16z Speedrun and Crosslink Capital, with participation from Karman Ventures.

Healthcare

• Callio Therapeutics, a biotech developing antibody-drug conjugates for cancer therapies, raised $187 million in Series A funding led by Frazier Life Sciences, with participation from Jeito Capital, Novo Holdings, Omega Funds, ClavystBio, Platanus, Norwest, Pureos Bioventures, SEEDS Capital, and EDBI.

• Aescape, an AI-powered robotic massage company, raised $83 million in strategic funding led by Valor Equity Partners, with participation from Fifth Wall and Alumni Ventures.

• Bluebird Kids Health, a Boston-based pediatric care provider for underserved communities, raised $31.5 million in Series A funding co-led by F-Prime and .406 Ventures, with participation from AIF and Juxtapose.

• Freed, a clinical documentation platform for healthcare providers, raised $30 million in Series A funding led by Sequoia Capital, with participation from Scale Venture Partners.

• Lumata Health, a platform helping ophthalmology practices prevent blindness from chronic eye diseases, raised $23 million in Series B funding co-led by LRVHealth, McKesson Ventures, and Cencora Ventures, with participation from Cortado Ventures.

• Ataraxis AI, a company developing AI-powered cancer diagnostics, raised $20.4 million in Series A funding led by AIX Ventures, with participation from Floating Point, Thiel Bio, Founders Fund, Bertelsmann Investments, Giant Ventures, and Obvious Ventures.

• Heidi Health, an Australian AI-powered clinical documentation platform, raised $16.6 million in Series A follow-on funding led by Headline, with participation from LocalGlobe, Anthology, Blackbird, HESTA, Possible Ventures, and Archangel Ventures.

• Nervonik, a Los Angeles-based company developing opioid-free nerve stimulation technology for chronic pain, raised $13 million in Series A funding led by U.S. Venture Partners (USVP), with participation from Foothill Ventures and Correlation Ventures.

• GEM Health, a Minneapolis-based provider of virtual sleep care services, raised $7 million in Series A funding co-led by HealthTrend Capital and LFE Capital, with participation from Base10 Partners and Mairs & Power Venture Capital.

Industrials, Greentech, & Other

• Epirus, a defense tech company developing microwave systems to counter drones, raised $250 million in Series D funding co-led by 8VC and Washington Harbour Partners, with participation from StepStone Group, T. Rowe Price Investment Management, Gaingels, General Dynamics Land Systems, Oppenheimer's Private Market Opportunities Vista VI Fund, NightDragon, Manhattan Venture Partners, Centaurus Capital, and Center15 Capital.

• Shield AI, a San Diego-based military drone and autonomy software developer, raised $240 million in Series F-1 funding at a $5.3 billion valuation from L3Harris, Hanwha Aerospace, Andreessen Horowitz, U.S. Innovative Technology Fund, and Washington Harbour Partners.

• Zeitview, a Los Angeles-based visual AI for critical infrastructure inspection, raised $60 million in funding led by Climate Investment, with participation from Valor Equity Partners, Union Square Ventures, Upfront Ventures, Euclidean Capital, Energy Transition Ventures, Hearst Ventures, and Y Combinator.

• Tandem PV, a perovskite solar technology developer, raised $50 million in Series A funding and debt led by Eclipse, with participation from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Stifel Bank, and CSC Leasing.

• Netforce, a French company developing non-lethal law enforcement technology, secured €45 million in investment commitment from GEM Global Yield SCS, accessible over 36 months following the company's planned public listing.

• Spiritus, a Los Alamos-based direct air capture company, raised $30 million in Series A funding led by Aramco Ventures, with participation from Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures.

• Steady Energy, a Finnish developer of small modular nuclear reactors, raised €22 million in funding led by 92 Ventures, with participation from Lifeline Ventures.

• Echandia, a Swedish maritime battery system supplier, raised SEK 220 million ($20.7 million) in new funding led by Alantra's energy transition fund Klima and Industrifonden, with participation from SEB Greentech VC and Japanese venture capital firm EEI.

• Epoch BioDesign, a London-based company using enzymes to convert plastic waste into recyclable materials, raised $18.3 million in Series A funding led by Extantia Capital, with participation from Inditex, Lowercarbon Capital, Happiness Capital, Kibo Invest, Day One Ventures, and KOMPAS VC.

• ReSource Chemical, a Stanford spinout that transforms CO2 and agricultural waste into sustainable plastic alternatives, raised $15 million in Series A funding co-led by Khosla Ventures and Fathom Fund, with participation from Chevron Technology Ventures and Mitsubishi Gas Chemical Company.

• CaPow, a wireless power delivery system for robotic fleets, raised $15 million in Series A funding led by Toyota Ventures, with participation from Elements VC, IL Ventures, Payton Planar Magnetics, Mobilion, and Doral Energy-Tech.

• VIE Technologies, a San Diego-based company that uses AI to predict maintenance needs for electrical grid transformers, raised $15 million in Series A funding led by Energy Impact Partners.

• Stargate Hydrogen, an Estonian electrolyser manufacturer, raised €11 million in Series A funding from Giga, UG Investments, and SmartCap Green Fund.

• Alpine Eagle, a German defense tech company developing counter-drone systems, raised €10.25 million in seed funding led by IQ Capital, with participation from HTGF, Expeditions Fund, Sentris Capital, General Catalyst, and HCVC.

• AgZen, an MIT spin-out that optimizes chemical application on crops, raised $10 million in Series A funding led by DCVC Bio, with participation from Material Impact, Anderson Family Fund, and Finger Interests.

• Glimpse, a Somerville-based X-ray CT scanning software company for battery defect detection, raised $10 million in Series A funding led by TDK Ventures, with participation from Ibex Mobility and Flybridge Capital Partners.

• Moonwatt, an Amsterdam-based developer of sodium-ion batteries for solar energy storage, raised €8 million in seed funding co-led by Daphni and LEA Partners, with participation from Founders Future, AFI Ventures, and Kima Ventures.

• Mote, a company that produces hydrogen from woody waste while capturing CO₂, raised $7 million in Series A funding co-led by Nella Next and Preston-Werner Ventures, with participation from Counteract.

• Watter, a Dallas-based company that converts compute waste heat into water heating solutions, raised $5 million in seed funding led by Hunt Innovative Technologies and 17Shoals.

• BlackRock's Global Infrastructure Partners is nearing a $25 billion close for its fifth flagship fund, making it one of the largest infrastructure funds ever raised.

• CVC Capital Partners raised €4.61 billion for its third Strategic Opportunities fund.

• 400 Capital Management raised $1.39 billion for its fourth private credit fund, exceeding its $1 billion target.

• Blue Owl Capital raised more than $1 billion for a fund-of-funds focused on continuation vehicles, per Bloomberg.

• Sofinnova Partners raised €1.2 billion for its latest fund.

• 8VC raised $1 billion for its sixth venture fund.

• Octopus is targeting $950 million for its fourth real estate debt fund focused on UK property investments.

• ONE Bow River raised $500 million for its debut fund focused on data solutions for the Defense Department.

• Charter Growth Capital raised $111 million for its second mezzanine fund focused on lower middle market companies in the Great Lakes region.

• Lane42 Investment Partners was launched by former Ares executive Scott Graves with a focus on opportunistic credit investments across public and private markets.

• Guggenheim Partners CEO Mark Walter and former Legendary Entertainment owner Thomas Tull formed TWG Global, a holding company focused on AI investments that will house Walter's assets and Tull's existing investment portfolio.

• South Korea will establish a $34 billion policy fund through the Korea Development Bank to support strategic industries including semiconductors, electric vehicles, batteries, and biopharmaceuticals.

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