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

• A look at Blue Owl’s novel fundraising strategy

• Plus, Bain Capital considers options for Kantar

Retail sweetener:

Blue Owl Capital has secured at least $1 billion in commitments for its inaugural Strategic Equity fund after offering anchor investors an unconventional incentive structure to help sweeten the offering.

The Strategic Equity strategy is focused on single-asset GP-led secondaries, or continuation vehicles. Launched in 2023 under former Goldman Sachs partner Chris Crampton, the fund initially targeted $750 million in early institutional commitments.

For those anchor investors, Blue Owl offered equity stakes in both the institutional fund and in a related 40 Act retail vehicle—named for the Investment Company Act of 1940, the framework governing retail funds—that will invest alongside the primary fund.

The arrangement gives early backers a share of the fees generated by the retail vehicle, juicing their overall returns.

Blue Owl's accompanying retail fund is part of the firm’s broader push to tap into individual investors. Per its fourth-quarter results, Blue Owl has pulled in $13.5 billion from private wealth channels over the past 12 months, a 50 percent year-over-year increase.

Viewing retail as the next untapped market, asset managers have been steadily rolling out retail-focused alternatives offerings as key parts of their growth strategies.

Blue Owl's approach takes it one step further. On top of the asset base growth directly provided by retail, the firm believes the math checks out to 'recycle' a portion of fee revenue as leverage to grow assets further (or at least ease pressure in a challenging fundraising environment).

The strategy seems to have some legs — this is now the third time that Blue Owl has extended such an offer to anchor investors following similar arrangements for recent direct lending and real estate raises.

Blue Owl's assets under management surpassed $250 billion in December, up from $102 billion at the start of 2022. At the firm’s investor day earlier this year, CEO Marc Lipschultz shared plans for the next phase of growth: $500 billion by 2029.

• Bain Capital and WPP are exploring a breakup of Kantar that could include the sale of its Worldpanel unit for around $6.5 billion.

• Silgan Holdings (NYSE: SLGN) is working with an adviser on a potential sale of its custom containers business, which could fetch more than $1 billion, per Bloomberg.

• Warburg Pincus and KKR are in discussions to acquire Gerresheimer, a German medical packaging firm with a $3 billion market cap, per Bloomberg.

• TenneT Holding BV is launching a search for investors in its German high-voltage grid business, which could be valued at around €27 billion, per Bloomberg.

• Advent International is exploring the sale of Ultra PCS, a Kansas-based defense technology company that could fetch around $1 billion, per Bloomberg.

• Blackstone is exploring the sale of HealthEdge Software, a healthcare technology provider for insurers, in a deal that could value the company between $2 billion and $3 billion, per Axios Pro.

• Mallinckrodt agreed to merge with Endo in a stock and cash transaction worth $6.7 billion.

• Gulmohar Capital Partners acquired CurrentWare, a Canadian provider of employee productivity monitoring and insider threat detection solutions.

• Tempus AI (Nasdaq: TEM) acquired Deep 6 AI, a Pasadena-based AI-powered clinical trial matching platform that connects patients to research studies through electronic medical record analysis.

• PerkinElmer, backed by New Mountain Capital, acquired Project Farma, a Bethesda-based life sciences consultancy, from Blackstone and Berkshire Partners-backed Precision for Medicine.

• Chartbeat, a Cuadrilla Capital-backed media operations platform, acquired FatTail, a Calabasas-based advertising revenue management software for publishers backed by Fuse Capital.

• ARCHIMED acquired BioVendor Group, a Czech-based provider of in-vitro diagnostic products.

• Knox Lane acquired a majority stake in HighGround Restoration Group, a provider of residential emergency mitigation and restoration services.

• Pelican Energy Partners acquired United Services Group, a Charlotte-based welding, machining, and fabrication contractor for utilities and power generation customers.

• Thompson Street Capital Partners-backed PestCo Holdings acquired Garella Pest Services, an Illinois-based pest control services provider.

• KKR and Stonepeak Partners offered to acquire Assura (LSE: AGRP), a UK healthcare real estate investment trust, for £1.61 billion.

• Boston Scientific (NYSE: BSX) agreed to acquire SoniVie, an Israeli medical device company developing ultrasound systems for hypertension treatment, from Andrea Partners for $360 million upfront plus up to $180 million in milestone payments.

• Westland Insurance Group, backed by Ontario Teachers' Pension Plan, acquired Loewen Agencies, a Saskatchewan-based insurance brokerage.

• H.I.G. Capital acquired a majority stake in Protos, a Rome-based technical consulting firm for infrastructure, energy, and real estate clients.

• Gravyty, Ivy.ai, and Ocelot, all backed by K1 Investment Management, agreed to merge into a single AI-powered platform for education and nonprofit organizations.

• PharmaCord, a Permira-backed patient services provider, agreed to merge with Mercalis, a Morrisville, N.C.-based life sciences commercialization platform backed by Odyssey Investment Partners.

• The Rohatyn Group agreed to acquire Rayonier's (NYSE: RYN) New Zealand forestry business for $710 million.

• Mitsui O.S.K. Lines agreed to acquire Dutch bulk liquid storage firm LBC Tank Terminals from Ardian, APG, and PGGM for $1.7 billion.

• Rocket Companies (NYSE: RKT) agreed to acquire Redfin (Nasdaq: RDFN), a digital real estate brokerage, for $1.75 billion in stock, representing $12.50 per share and a 22.3 percent premium.

• Charterhouse Capital Partners agreed to acquire Estya, a French provider of electronic fire safety and security systems, from Chequers Capital, which will retain a stake.

• ServiceNow (NYSE: NOW) agreed to acquire Moveworks, a Mountain View-based provider of enterprise AI assistants, for $2.85 billion in cash and stock, marking ServiceNow's largest acquisition to date.

• Pollen Street Group is exploring a sale of Pair Finance, a German digital debt collector, which could be valued at around €300 million, per Bloomberg.

• TA Associates is exploring the sale of its majority stake in OmniActive Health Technologies, an Indian nutritional ingredients maker that could fetch up to $1 billion, per Bloomberg.

• IK Partners agreed to acquire a minority stake in Seventeen Group, a UK-based independent insurance and risk management firm.

• Audax Private Equity and Lovell Minnick Partners jointly invested in Fortis, a Plano, Texas-based payments technology provider for software companies.

• Orion Resource Partners invested $250 million in Lithium Americas Corp. (NYSE: LAC), a developer of the Thacker Pass lithium project in Nevada.

• RWS Global, a New York-based portfolio company of Bluestone Equity Partners, acquired Harmony Helper, a vocal practice app for singers.

• TMA Systems, a Silversmith Capital Partners portfolio company, acquired EQ2, a Charlotte-based provider of maintenance management systems for healthcare organizations.

• Owen Companies, a Wynnchurch Capital portfolio company, acquired J&R Equipment, an Oklahoma City-based distributor of environmental and refuse equipment.

• DOCS Dermatology Group, backed by SkyKnight Capital, acquired Charlotte Dermatology, an eight-location dermatology practice.

• PAR Excellence Systems, an Ohio-based portfolio company of OceanSound Partners, merged with TrackCore, a Grand Rapids, Michigan-based provider of biological tissue and implantable device tracking software for healthcare facilities.

• Shermco Industries, a portfolio company of Gryphon Investors, acquired Power Products and Solutions, a Charlotte-based electrical testing and breaker reconditioning provider.

• Smartlinx, a Framingham-based portfolio company of Lone View Capital, acquired Bektek, a Hackensack-based workforce management software provider.

• KNS International, a Centre Partners portfolio company, acquired Birdies, a women's footwear brand with direct-to-consumer distribution.

• Seoul Medical Group, a portfolio company of Ascend Partners, merged with Korean-American Medical Group, creating a larger Asian-American-focused physician network.

• Innergy, a Mainsail Partners-backed ERP software provider, acquired Oregon-based Microvellum, a woodworking design software company.

• KNS International, a Centre Partners portfolio company, acquired Birdies, a women's lifestyle and footwear brand.

• Bully Pulpit International, a Washington D.C.-based communications agency owned by Broad Sky Partners, acquired Propper Daley, a Los Angeles-based social impact agency.

• Piraeus Financial agreed to acquire a 90 percent stake in Ethniki Insurance, a leading Greek insurer, from CVC Capital Partners for €600 million.

• Clearwater Analytics (NYSE: CWAN) agreed to acquire Beacon, a risk analytics provider for alternative assets, for $560 million, and Bistro, a portfolio visualization software developed by Blackstone, for $125 million.

• Charterhouse Capital Partners agreed to acquire ESTYA, a French provider of electronic fire safety and security systems, from Chequers Capital, which will remain a significant shareholder.

• Zydus Lifesciences of India agreed to acquire Amplitude Surgical, a French orthopedics firm, from PAI Partners for $280 million.

• J. Safra Sarasin Group agreed to acquire a majority stake in Saxo Bank, a Danish digital investment and trading platform, for $1.21 billion, purchasing approximately 70 percent from Geely Financials Denmark and Mandatum Group.

• Whitecap Resources (TSX: WCP) is merging with Veren (TSX: VRN) in an all-stock deal that values the combined Canadian oil and gas companies at around C$15 billion, including debt.

• PharmaCord, a Permira-backed provider of patient services, agreed to merge with Mercalis, an Odyssey Investment Partners portfolio company in the life sciences commercialization space.

• Archer Daniels Midland (NYSE: ADM) is exploring a sale of its futures brokerage arm, ADM Investor Services, per Bloomberg.

• Dubai Aerospace Enterprise, backed by Dubai's sovereign wealth fund, is exploring the sale of its 80 percent stake in Jordan-based aircraft maintenance provider Joramco, per Bloomberg.

• Bain Capital, Hg, and TA Associates are preparing bids for Namirial, an Italian transaction management software firm that could be valued at around €900 million, per Bloomberg.

• Vista Equity Partners and Harvest Partners are exploring the sale of Granicus, a Denver-based provider of government services software, which could be valued at around $4 billion, per Reuters.

• BVI Medical, a Waltham-based ophthalmic devices manufacturer, raised $1 billion from TPG.

• NB Renaissance is in exclusive talks to acquire Genetic SpA, an Italian pharmaceuticals company backed by CVC Capital Partners, for around €700 million ($764 million), per Bloomberg.

• Veritas Capital is weighing a merger between its education technology portfolio companies Houghton Mifflin Harcourt and Cambium Learning Group, per Bloomberg.

• Allianz is in exclusive talks to acquire German insurance consolidator Viridium from Cinven for more than $3 billion, per WSJ.

• Hinge Health, a San Francisco-based digital physical therapy startup valued at $6.2 billion, is preparing to file for an IPO, with backers including Tiger Global, Coatue, Insight Partners, and TCV.

• SMG Swiss Marketplace Group, an online marketplace operator backed by General Atlantic, has selected Goldman Sachs, JPMorgan Chase, and UBS Group for an IPO that could value the company at around $5 billion, per Bloomberg.

• InTandem Capital invested in Clinilabs, an Eatontown, New Jersey-based contract research organization.

• Argosy Private Equity formed Endura Services, a chimney and hearth services platform, and completed initial acquisitions of Chim Chimney (Tennessee) and A Merrie Sweepe (New Hampshire).

• Bill Chisholm of Symphony Technology Group has emerged as a new bidder for the Boston Celtics, per Sportico.

Correction: WE Soda Ltd acquired Genesis Alkali, the largest US-based producer of natural soda ash, from Genesis Energy LP (NYSE: GEL) for $1.43 billion, not $14.3 billion as listed in the prior note.

Tech, Vertical SaaS, & Misc. Enterprise

• Flock Safety, an Atlanta-based security technology company for law enforcement and businesses, raised $275 million in Series C funding led by Andreessen Horowitz, with participation from Greenoaks Capital, Bedrock Capital, Meritech Capital, Matrix Partners, Sands Capital, Founders Fund, Kleiner Perkins, Tiger Global, and Y Combinator, at a $7.5 billion valuation.

• Cybereason, a cybersecurity company offering endpoint detection and response solutions, raised $120 million in Series F funding led by SoftBank Corp., SoftBank Vision Fund 2, and Liberty Strategic Capital.

• Reflection AI, which develops autonomous coding systems, raised $105 million in Series A funding led by Lightspeed Venture Partners and CRV, with participation from Sequoia Capital, NVentures, Databricks Ventures, and SV Angel.

• Ditto, a resilient edge computing database platform, raised $82 million in Series B funding co-led by Top Tier Capital Partners and Acrew Capital, with participation from U.S. Innovative Technology Fund, True Ventures, Amity Ventures, Fundrise, Friends & Family Capital, Advance Venture Partners, and Internet Initiative Japan at a post-money valuation of $462 million.

• Omni, a business intelligence platform with multiple data exploration interfaces, raised $69 million in Series B funding led by ICONIQ Growth, with participation from Theory Ventures, First Round Capital, Redpoint Ventures, GV, and Snowflake Ventures.

• Cartesia, a voice AI startup developing voice generation technology, raised $64 million in Series A funding led by Kleiner Perkins, with participation from Index Ventures, Lightspeed, A*, Factory, Greycroft, Dell Technologies Capital, and Samsung Ventures.

• Pentera, a security platform that tests defenses by simulating attacks, raised $60 million in Series D funding led by Evolution Equity Partners, with participation from Farallon Capital Management.

• Blackwall, an Estonia-based security company protecting SMBs from automated web threats, raised €45 million in Series B funding led by Dawn Capital, with participation from MMC Ventures.

• Bria, an enterprise visual generative AI platform using licensed data, raised $40 million in Series B funding led by Red Dot Capital, with participation from Maor Investment, Entrée Capital, GFT Ventures, Intel Capital, and In-Venture.

• Scimplify, an Indian platform connecting pharmaceutical and agricultural companies with chemical manufacturers across 10 countries, raised $40 million in Series B funding co-led by Accel and Bertelsmann India Investments, with participation from UMI, Beenext, Omnivore, and 3one4 Capital.

• 360 Privacy, a platform that removes personal information from the internet and dark web, raised $36 million in Series A funding led by FTV Capital.

• Sola Security, a no-code platform for building cybersecurity applications, raised $30 million in seed funding co-led by S Capital and Mike Moritz, with participation from S32 and Glilot Capital Partners.

• Onyx, an open-source AI platform for enterprise search, raised $10 million in seed funding co-led by Khosla Ventures and First Round Capital, with participation from Y Combinator, Pioneer Fund, and Twenty Two Ventures.

• Anysphere, the developer of coding assistant Cursor, is in talks to raise hundreds of millions of dollars at a valuation of nearly $10 billion in a funding round expected to be led by Thrive Capital, just three months after completing a $100 million Series B at a $2.5 billion valuation.

• QuamCore, an Israel-based startup developing scalable quantum processors, raised $9 million in seed funding led by Viola Ventures and Earth & Beyond Ventures, with participation from Surround Ventures.

• OptimHire, a recruiting platform that streamlines hiring from sourcing to scheduling, raised $5 million in Series A funding led by Mucker Capital, with participation from SparkLabs, Citta Capital, Pitbull Ventures, and VSC Ventures.

Fintech

• Plata, a Mexican digital bank, raised $160 million in Series A funding led by Kora, with participation from Moore Strategic Ventures and other U.S. and European investors, valuing the company at $1.5 billion.

• Mesh, a crypto payments network for digital asset transactions, raised $82 million in Series B funding led by Paradigm, with participation from Consensys, QuantumLight Capital, Yolo Investments, Evolution VC, Hike Ventures, Opportuna, and AltaIR Capital.

• Nirvana Insurance, a commercial trucking insurer, raised $80 million in Series C funding led by General Catalyst, with participation from Lightspeed Venture Partners and Valor Equity Partners.

• Zolve, a neobank for U.S. immigrants, raised $51 million in Series B funding led by Creaegis, with participation from HSBC, SBI, GMO, DG Daiwa, Accel, Lightspeed Venture Partners, Sparta Group, and DST Global.

• Curve, a London-based platform that consolidates multiple payment cards into a single card, raised £37 million in Series B funding led by Hanaco Ventures, with participation from Fuel Ventures, IDC, Outward VC, and existing shareholders.

• Lynx, a fintech platform for healthcare payment and administrative solutions, raised $27 million in Series A funding led by Flare Capital Partners, with participation from CVS Health Ventures, McKesson Ventures, .406 Ventures, Obvious Ventures, and Frist Cressey Ventures.

• Trust & Will, a San Diego-based estate planning platform, raised $25 million in Series C funding led by Moderne Ventures, with participation from Northwestern Mutual Future Ventures, UBS, Erie Strategic Ventures, and other strategic investors.

• Worth, a fintech platform automating SMB credit underwriting, raised $20 million in Series A funding led by TTV Capital, with participation from Ingeborg, Florida Funders, Deep Work Capital, and Florida Opportunity Fund.

• Tomo Mortgage, an AI-powered digital mortgage lender, raised $20 million in Series B funding from Progressive Insurance, Ribbit Capital, NFX, and DST Global Partners, bringing its total investment to $130 million.

• Town, a small business tax platform with AI-powered services and dedicated advisors, raised $18 million in seed funding led by First Round Capital, with participation from Conviction, Alt Capital, Defy, Depth, Mischief, and WndrCo.

• Synctera, a banking-as-a-service platform, raised $15 million in Series A extension funding co-led by Fin Capital and Diagram Ventures, with participation from Lightspeed Venture Partners, NAventures, Banco Popular, Mana Ventures, Evolution, True Equity, and 1st and Main.

• Mimo, a financial management platform for small businesses and accountants, raised $8.5 million in Series A funding led by Project A, with participation from Northzone and Seedcamp.

Consumer & Media

• OpusClip, a platform that converts long videos into short social media clips, raised $20 million in Series A funding led by SoftBank Vision Fund 2, with participation from DCM Ventures, AIGrant, and Millennium New Horizons.

• Fixated, a content creator management company, raised $12.8 million in Series A funding led by Eldridge Industries.

• Pickle, a peer-to-peer fashion rental marketplace, raised $12 million in Series A funding co-led by FirstMark and Craft Ventures, with participation from Burst Capital and FJ Labs.

• AvatarOS, a startup creating AI-powered 3D virtual avatars, raised $7 million in Series A funding led by M13, with participation from Andreessen Horowitz Games Fund, HF0, Valia Ventures, and Mento VC.

• Human Computer, a San Francisco-based game studio developing high-quality indie games, raised $5.7 million in seed funding led by Makers Fund, with participation from Andreessen Horowitz.

• Wolf Games, a Los Angeles-based cinematic gaming startup, raised $4 million in seed funding from television producer Dick Wolf, music industry pioneer Jimmy Iovine, and Main Street Advisors CEO Paul Wachter.

Healthcare

• Lila Sciences, a Cambridge-based company developing autonomous labs for scientific research, raised $200 million in seed funding led by Flagship Pioneering, with participation from General Catalyst, March Capital, ARK Venture Fund, Altitude Life Science Ventures, Blue Horizon Advisors, State of Michigan Retirement System, Modi Ventures, and the Abu Dhabi Investment Authority.

• 4C Medical Technologies, a medical device company developing transcatheter mitral valve replacements, raised $175 million in Series D funding led by Boston Scientific, with participation from new and existing shareholders.

• Insilico Medicine, an AI-powered clinical-stage drug discovery company, raised $110 million in Series E funding led by Value Partners Group, with participation from Warburg Pincus, Qiming Venture Partners, and other industry-focused investors.

• Vori Health, a musculoskeletal care provider, raised $53 million in Series B funding led by NEA, with participation from AlleyCorp, Intermountain Ventures, Echo Health Ventures, and Max Ventures.

• Shoulder Innovations, a developer of shoulder replacement technology, raised $40 million in Series E funding led by U.S. Venture Partners, with participation from Gilde Healthcare Partners, Gilmartin Capital, Aperture Venture Partners, Arboretum Ventures, and Sectoral Asset Management.

• Motivity, a Honolulu-based SaaS platform for autism therapy clinics, raised $27 million in Series A funding from Five Elms Capital.

• Junction, a company providing unified API connectivity between healthcare labs and wearables, raised $18 million in Series A funding led by Creandum, with participation from Y Combinator, Point Nine, Amino Collective, and Inflect Health.

• AdvocateMH, a startup connecting patients with mental healthcare resources, raised $6.2 million in seed funding led by Morningside.

• flowww, a Valencia-based software provider for beauty and healthcare businesses, raised €4 million in Series A funding led by Swanlaab Venture Factory and Bonsai Partners, with participation from Sabadell Venture Capital.

Industrials, Greentech, & Other

• Terabase Energy, a company that digitizes and automates utility-scale solar power plants, raised $130 million in Series C funding led by SoftBank Vision Fund 2, with participation from Breakthrough Energy Ventures, Prelude Ventures, Fifth Wall, SJF Ventures, and EDP Ventures.

• Dexterity, an industrial robotics startup creating dexterous automation for warehouses, raised $95 million in Series B funding co-led by Lightspeed Venture Partners and Sumitomo Corp.

• Lumafield, a Cambridge-based industrial X-ray CT technology company for manufacturing inspection, raised $75 million in Series C funding led by IVP, with participation from G2 Venture Partners, Wellington Management, Spark Capital, DCVC, Kleiner Perkins, Lux Capital, and Matter Venture Partners.

• Alloyed, an Oxford University spinout that develops metallic alloys and components for aerospace and electronics via additive manufacturing, raised £37 million in Series B funding led by SPARX and the Development Bank of Japan, with participation from Aviva Investors, Future Industry Ventures, Oxford Science Enterprises, JX Advanced Metals, and Anglo American.

• Infinite Uptime, an Indian industrial machinery predictive maintenance platform, raised $35 million in Series C funding led by Avataar Ventures, with participation from StepStone Group, LGVP, Tiger Global, and GSR Ventures.

• Capture6, a company that converts waste brine into fresh water and carbon removal solutions, raised $27.5 million in Series A and project funding led by Tetrad Corporation, with participation from Hyundai Motor Group's ZER01NE Ventures, Energy Capital Ventures, Elemental Impact, Bridge Investment, Sopoong Ventures, and Third Derivative.

• DG Matrix, a developer of solid-state transformers for AI data centers and electrification, raised $20 million in seed funding led by Clean Energy Ventures, with participation from ABB, Cerberus Ventures, Chevron Technology Ventures, and Piedmont Capital.

• Graphitic Energy, a startup converting natural gas into hydrogen and graphite through methane pyrolysis, raised $15 million in Series A extension funding from Energy Capital Ventures, Breakthrough Energy Ventures, and Trafigura.

• Supercritical Solutions, a London-based green hydrogen technology developer, raised £14 million ($17.4 million) in Series A funding co-led by Shell Ventures and Toyota Ventures, with participation from Lowercarbon Capital, Anglo American Platinum, Al Mada Ventures, Blackfinch Ventures, Kibo Invest, Niterra/Global Brain, TOP Ventures, Earth Ventures, and Alumni Ventures.

• Reshape Energy, a Munich-based platform for optimizing building energy systems, raised €5 million in seed funding from PostScriptum Ventures, Vireo Ventures, and industry insiders to expand its acquisition-driven strategy across Germany's building energy services value chain.

• Blackstone raised $8 billion for its latest real estate debt fund, Blackstone Real Estate Debt Strategies V (BREDS V).

• Banner Ridge Partners is targeting $3.2 billion for its latest secondaries fund focused on private credit and special situations vehicles, per the WSJ.

• Pamlico Capital raised $1.75 billion for its sixth middle market fund, exceeding its $1.5 billion target.

• Garnett Station Partners closed its fifth fund at its $1.2 billion hard cap after a four-month fundraise.

• Capitala Group raised $1 billion for a new lower middle market private credit and equity capital solutions fund.

• Bessemer Venture Partners raised $350 million for its second India-dedicated fund focused on early-stage technology startups.

• International Airlines Group (LSE: IAG) launched IAGi Ventures, a corporate venture arm that will invest up to €200 million over five years in aviation startups.

• Fusion Fund raised $190 million for its fourth fund, targeting early-stage investments in enterprise AI, healthcare, and industrial automation investments.

• Aligned Climate Capital raised $85 million for its second venture fund.

• Vento raised €75 million for its second early-stage venture fund.

• TPG is planning to launch its first open-ended private equity product.

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