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

• A look at Point72’s private credit launch

• Plus, Sixth Street and Northwestern Mutual sign new partnership deal

Cohen eyes private credit:

Point72 Asset Management has hired Blackstone senior managing director Todd Hirsch as head of private capital.

Hirsch will report directly to Point72 founder and chief executive Steve Cohen and is tasked with launching the firm's first dedicated private credit strategy, according to an internal memo from Cohen circulated Tuesday morning.

Hirsch is leaving Blackstone after almost 13 years with the firm, most recently as co-president of Blackstone Private Equity Strategies and senior managing director in the Tactical Opportunities Group. Before joining Blackstone in 2013, Hirsch served as head of credit structuring at Deutsche Bank, before which he spent six years with Littlejohn & Co.

Cohen believes the private credit opportunity still has legs despite the rush of new entrants in recent years.

“Private credit is now a rapidly growing $3 trillion market, and the demand continues to exceed supply as corporate lending, specialty finance, and asset-based finance shifts from banks and public markets towards private markets,” noted Cohen in the memo.

According to an unnamed source cited by Reuters, the initiative will be rolled out as an additional strategy within Point72's multi-strategy hedge fund rather than as a standalone vehicle. The firm has not yet decided whether it will raise a future standalone private credit fund or separate the strategy into a standalone business.

The initial plan is structured differently than the firm’s existing private markets capabilities in venture and growth equity, which are segmented into the Point72 Private Investments unit.

The firm also raised $600 million in 2021 for its first dedicated buyout private equity fund, Point72 Hyperscale, which launched with a focus on post-close value creation through applied AI. The fund acquired car wash business Tsunami in 2022 but cut most of its investment professional headcount in 2023 and is no longer listed on the firm's website.

• Northwestern Mutual acquired a minority stake in Sixth Street as part of a partnership in which Sixth Street will manage $13 billion of capital for Northwestern Mutual.

• Paychex (Nasdaq: PAYX) agreed to acquire Paycor HCM (Nasdaq: PYCR), a payroll and HR software provider majority-owned by Apax Partners, for $4.1 billion.

• Cintas Corporation is launching a $5.3 billion hostile takeover bid for uniform and workwear services provider UniFirst Corporation (NYSE: UNF) after UniFirst's board refused to engage.

• Apollo and BC Partners agreed to acquire GFL Environmental's (NYSE: GFL) environmental services division, a provider of liquid waste and soil remediation services, for $5.6 billion, with GFL retaining a 44 percent stake.

• Advent International agreed to acquire Sauer Brands, a condiments and seasonings maker that owns Duke's Mayo, Mateo's Gourmet Salsa and Kernel Season's brands, for around $1.5 billion from Falfurrias Capital Partners.

• Flowers Foods (NYSE: FLO) agreed to acquire Simple Mills, a maker of nut flour crackers, cookies, and snack bars, for $795 million from Vestar Capital Partners.

• Stryker (NYSE: SYK) agreed to acquire Inari Medical (Nasdaq: NARI), a developer of thrombectomy systems, for $4.9 billion.

• Getty Images (NYSE: GETY) agreed to merge with Shutterstock (NYSE: SSTK) in a cash-and-stock deal valuing the combined entity at $3.7 billion.

• HBX Group, a Spanish travel technology firm owned by Cinven, EQT, and CPP Investments, is preparing for a €1 billion Madrid IPO later this month, per Reuters.

• Graycliff Partners acquired Boss Industries, a manufacturer of power takeoff air compressors, from Wynnchurch Capital.

• Tata Consulting Engineers acquired CDI Engineering Solutions, a Houston-based engineering and design firm, from AE Industrial Partners.

• Genstar Capital acquired a majority stake in Aperture, a forensic expert witness services provider, from Trinity Hunt Partners.

• Acon Investments and SB360 Capital Partners acquired True Religion, a denim apparel and lifestyle brand.

• Wind Point Partners acquired ExperiGreen, a provider of residential lawn care services.

• Remus Capital acquired Presto Automation, a provider of AI voice systems for restaurant drive-thrus, through a bankruptcy auction for $18 million.

• NXP Semiconductors (Nasdaq: NXPI) agreed to acquire TTTech Auto, a provider of automotive safety software, for $625 million in an all-cash transaction.

• Stifel Financial Corp. (NYSE: SF) agreed to acquire Bryan, Garnier & Co., a European investment bank focused on technology and healthcare.

• Sumitomo Rubber Industries agreed to acquire the Dunlop tire brand from Goodyear (Nasdaq: GT) for $701 million.

• Plains All American (NYSE: PAA) agreed to acquire Ironwood Midstream Energy Partners II, a crude oil pipeline operator in Texas' Eagle Ford shale region, for over $800 million from EnCap Flatrock Midstream.

• Toronto-Dominion Bank (TSX: TD) is reviewing strategic options for its 10 percent stake in Charles Schwab (NYSE: SCHW), which it acquired in 2020 through the sale of TD Ameritrade.

• KKR is exploring an early 2025 sale of its 85 percent stake in Seiyu, a 240-location Japanese supermarket chain, per Nikkei.

• Helvetia Holding (SWX: HELN) is exploring the sale of its German insurance operations and has hired JPMorgan to advise on the potential CHF600 million deal, per Bloomberg.

• Clarios International, a Brookfield-owned vehicle battery manufacturer, withdrew its planned NYSE IPO.

• Smithfield Foods, a WH Group-owned U.S. pork producer, filed for a Nasdaq IPO that could value the company at more than $5.38 billion.

• PSG invested in CourseKey, a San Diego-based provider of vocational student success platforms.

• Bregal Sagemount invested in 360 Advanced, a Florida-based cybersecurity and compliance consulting firm.

• Renovus Capital Partners invested in Superior Health Holdings, a Baton Rouge-based provider of home health and hospice services across Louisiana.

• Berkshire Partners made a growth investment in Electric Power Engineers, an energy and power systems engineering and consulting firm.

• Hidden Harbor Capital Partners acquired Quaker Valley Foods, a Philadelphia-based meat distributor.

• Muck Rack, a portfolio company of Susquehanna Growth Equity, acquired Ruepoint, an Ireland-based media intelligence and monitoring platform.

• ATG Entertainment, a Providence Equity Partners portfolio company, acquired SOM Produce, a Madrid-based theater producer.

• Varel Energy Solutions, a portfolio company of Bluewater, acquired Ace Well Technology, a manufacturer of oilfield casing products.

• Elite, a TPG portfolio company, acquired Tranch, an invoice automation and payments platform for law firms.

• AmeriLife Group, backed by Thomas H. Lee Partners, agreed to acquire Crump Life Insurance Services and Hanleigh Management, third-party distributors of insurance and retirement products, from TIH Insurance Holdings.

• Veracode, backed by Thoma Bravo and TA Associates, acquired Phylum, a software supply chain security startup.

• ActiGraph, backed by ArchiMed, acquired Biofourmis Connect, a digital trial platform for life sciences that provides AI-driven analytics and remote data collection capabilities.

• QuestGates, backed by Equistone Partners Europe, acquired Brownsword Group, a Manchester-based insurance investigation firm.

• Wellful, a portfolio company of Kainos Capital, acquired supplements brand Ancient Nutrition from VMG Partners and Hillhouse Investment.

• Onrad, a portfolio company of Housatonic Partners, acquired Direct Radiology, a teleradiology services provider, from Royal Philips.

• Colibri Group, a Gridiron Capital portfolio company, acquired Boston Institute of Finance, a Newton, Massachusetts-based provider of financial planning education and exam preparation programs.

Tech, Vertical SaaS, & Misc. Enterprise

• Anthropic is in advanced talks to raise $2 billion at a $60 billion post-money valuation, with Lightspeed Venture Partners expected to lead the round.

• Druid Software, an Irish cellular network software platform, raised $20 million in new funding co-led by J2 Ventures and Hico, with participation from Accel Partners.

• Jones, an insurance verification platform for real estate and construction, raised $15 million in Series B funding led by NewSpring Capital, with participation from Hetz Ventures, Camber Creek, Khosla Ventures, JLL Spark, DivcoWest Ventures, Rudin Ventures, and Ground Up Ventures.

• Fermata, a Tel Aviv-based computer vision startup focused on greenhouse crop diseases, raised $10 million in Series A funding from Raw Ventures.

• Dataships, a ecommerce compliance and marketing optimization platform, raised $7 million in Series A funding led by Osage Ventures, with participation from Lavrock Ventures and Urban Innovation Fund.

Fintech

• Addepar, a wealth management software platform, raised $250 million in Series C funding at a $3.25 billion pre-money valuation from 8VC, Valor Equity Partners, and WestCap.

Consumer & Media

• Whatnot, a live shopping marketplace for collectibles, raised $265 million in Series E funding co-led by Avra, DST Global, and Greycroft, with participation from Andreessen Horowitz, CapitalG, BOND, Durable Capital Partners, Lightspeed Venture Partners, and Y Combinator.

Healthcare

• Aviceda Therapeutics, a Cambridge-based biotech developing glycan-coated nanoparticle immunomodulators, raised $207.5 million in Series C funding co-led by Omega Funds and TCGX, with participation from Enavate Sciences, Jeito Capital, Blue Owl Healthcare Opportunities, Longitude Capital, OrbiMed, Logos Capital, Marshall Wace, Catalio Capital Management, abrdn, and Digitalis Ventures.

• Evergreen Nephrology, a value-based kidney care platform, raised $130 million in Series B funding co-led by Rubicon Founders and Oak HC/FT, with participation from K2 HealthVentures.

• FIRE1, a Dublin-based developer of remote heart failure monitoring systems, raised $120 million in Series B funding co-led by Polaris Partners and Elevage Medical Technologies, with participation from Sands Capital, Longitude Capital, Andera Partners, Gilde Healthcare, Gimv, Ireland Strategic Investment Fund, Lightstone Ventures, Medtronic, NEA, Novo Holdings, and Seventure Partners.

• XyloCor Therapeutics, a clinical-stage biotech developing gene therapies for cardiovascular disease, raised $67.5 million in Series B funding led by Jeito Capital, with participation from EQT, Fountain Healthcare Partners, and Lumira Ventures.

• Deciphex, an AI-powered digital pathology platform, raised €31 million in Series C funding led by Molten Ventures, with participation from ACT Venture Capital, Seroba, Charles River Laboratories, IRRUS Investments, HBAN Medtech Syndicate, and Nextsteps Capital.

• Torch Dental, a digital procurement platform for dental practices, raised $17 million in new funding led by Amex Ventures, with participation from Alumni Ventures, Parameter Ventures, Raga Partners, Bessemer Venture Partners, and Health Velocity Capital.

Industrials, Greentech, & Other

• Inari, a seed technology company developing gene editing tools for crop optimization, raised $144 million in new funding from Abu Dhabi Investment Authority, Hanwha Impact, NGS Super, State of Michigan Retirement System, and Flagship Pioneering.

• Phoenix Tailings, a rare earth startup developing zero-waste extraction technology, raised $43 million in Series B funding led by Envisioning Partners, with participation from BMW i Ventures, Yamaha Motor Ventures, MPower, and Escape Velocity.

• RoboForce, a developer of robotic workers for hazardous industrial tasks, raised $10 million in early-stage funding from Carnegie Mellon University.

• Karman Industries, a developer of industrial electric heat pumps, raised $7.5 million in new funding led by Wonder Ventures, with participation from Riot Ventures, Space VC, and 8090 Industries.

• Bonaccord Capital Partners raised $1.6 billion for its second GP stakes fund.

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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.