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

• A look at New Mountain’s second single-asset process

• Plus, a possible Buffalo Bills minority stake for Arctos

Run it back:

New Mountain Capital is launching a single-asset continuation vehicle for portfolio company Real Chemistry, a healthcare marketing and commercialization platform it bought in 2019.

The deal is expected to raise around $2.5 billion. Coller Capital is leading, with the remainder syndicated out to additional investors in an ongoing Goldman Sachs-led process.

The planned CV will hold both Real Chemistry and its recently spun-out AI agency unit Swoop, moving them out of the firm’s fifth fund. Unnamed sources cited by Buyouts say New Mountain sees more room to run for the business and wants to to extend its hold on the asset. There’s also the expectation of a more robust M&A environment in the future, both for add-ons and an ultimate exit.

Real Chemistry booked seven percent topline growth last year with revenue of $595 million, working against a market-wide biotech slowdown that’s cut spending across a core customer segment.

It’s modest growth, but New Mountain is betting on the upside from ongoing work to build out AI-enabled tooling to complement Real Chemistry’s existing set of services, like a new AI-driven targeting platform that powers some of the company’s physician and patient engagement solutions.

Supporting the thesis are a handful of recent tech-forward add-ons—ConversationHealth (‘22), Swoop and IPM.ai (‘21), and TI Health (‘23)—that add data & AI capabilities across market access, commercialization, and real world data use cases.

It's a familiar playbook: last year, New Mountain ran a separate single-asset process for another healthcare data platform, Datavant, which sold to ICG's Strategic Equity unit as the sole buyer. New Mountain rolled over its full economics in the Datavant process and is expected to do the same with Real Chemistry.

• Arctos Partners is in talks to acquire a minority stake in the NFL’s Buffalo Bills from owner Terry Pegula, who hired Allen & Co. in April to advise.

• EQT is in talks to acquire Fujitec, a Japanese elevator and escalator manufacturer, per the Financial Times.

• Accudynamics, a portfolio company of Makers Forward, acquired TAM Precision, a manufacturer of custom metal products for the healthcare, aerospace, and defense industries.

• Bridgepoint agreed to acquire Eckoh, a secure payments and customer engagement software platform.

• Siemens is reportedly nearing an agreement to acquire Altair Engineering (Nasdaq: ALTR), an engineering software provider trading at a market value above $9 billion.

• Patient Square Capital invested in CorroHealth, a Plano-based healthcare RCM provider, joining backers Carlyle, TT Capital Partners, and Sanaka Group.

• Bain Capital agreed to acquire an 80 percent stake in data center operator AQ Compute from Aquila Group.

• FactSet (NYSE: FDS) agreed to acquire Irwin, a provider of investor relations and capital markets software, from K1 Investment Management.

• Ernst & Young acquired Dignari, an Alexandria, Virginia-based digital identity and access management consultancy.

• Carta acquired Tactyc, a provider of portfolio modeling and forecasting tools for private funds.

• Godspeed Capital acquired Concordia Technologies, a provider of hypersonic weapons and missile defense systems.

• Encore Consumer Capital acquired DeIorio's, a Utica, New York-based manufacturer of pizza dough balls.

• Leeds Equity Partners acquired Archer Review, a provider of test preparation solutions for nursing licensure and medical school entrance exams.

• Dream Finders Homes (NYSE: DFH) agreed to acquire underwriter Alliant National Title Insurance from Presidio Investors.

• ECI Partners invested in IGG, a professional pensions trusteeship.

• WellSky, backed by TPG and Leonard Green, acquired Bonafide, a provider of enterprise software for home medical equipment companies.

• Egen, a portfolio company of Recognize, agreed to acquire Qarik, a provider of cloud infrastructure and data engineering services.

• OceanSound Partners acquired Antenna Research Associates, a Maryland-based provider of communications products for aerospace and defense customers.

• The Riverside Company acquired Seatex, a Texas-based chemical manufacturer.

• Brookfield Asset Management agreed to acquire a 12.45 percent stake in four U.K. offshore wind farms for $2.3 billion from Ørsted.

• Preston Hollow Community Capital, a Stone Point Capital-backed municipal finance lender, is exploring strategic options, including a possible sale.

• Neuberger Berman invested in Mariner, a financial services firm based in Overland Park, joining existing backer Leonard Green.

• Great Hill Partners sold a majority stake in BigChange, a logistics field service management software provider, to Simpro Group.

• SV Labs, backed by San Francisco Equity Partners, acquired Sigan Industries Group, a Toronto-based beauty products CDMO.

• Astoriom, backed by Limestone Capital, acquired MTS Cryo Stores and Cool Repair Scientific, two biorepository and laboratory refrigeration services providers.

Tech, Vertical SaaS, & Misc. Enterprise

• Sierra, an AI customer service startup launched by former Salesforce co-CEO Bret Taylor, raised $175 million in new funding led by Greenoaks Capital at a $4.5 billion valuation.

• Armis, a cyber exposure management platform, raised $200 million in Series D funding co-led by General Catalyst and Alkeon Capital, with participation from Brookfield Growth and Georgian.

• DoorLoop, a property management platform, raised $100 million in Series B funding led by JMI Equity.

• Sana, an enterprise AI knowledge management startup, raised $55 million in new funding led by NEA, with participation from Menlo Ventures.

• Regal, a contact center platform, raised $40 million in new funding led by Emergence Capital, with participation from Founder Collective and Homebrew.

• Neara, a predictive modeling platform for critical infrastructure, raised $31 million in Series C funding led by EQT, with participation from Partners Group, Square Peg Capital, Skip Capital, and Prosus Ventures.

• Tabs, a B2B revenue automation platform, raised $25 million in Series A funding led by General Catalyst, with participation from Primary Ventures and Lightspeed.

• Speakeasy, an API infrastructure startup, raised $7.6 million in seed funding led by GV, with participation from Quiet Capital, Flex Capital, StoryHouse Ventures, and Firestreak Ventures.

Fintech

• Zinc, an Indian edu-wealth platform, raised $25.5 million in seed funding led by Nexus Venture Partners, with participation from Quona Capital, EDBI, Global Ventures, and Saison Capital.

• Billd, a financial platform for commercial subcontractors, raised $17.5 million in new funding co-led by LL Funds and MissionOG, with participation from RJT Credit, Ulysses Management, and HighSage Ventures.

Healthcare

• Vara, an AI-enabled breast cancer detection platform, raised $8.9 million in new funding co-led by Smart Family Office, FJH, and IBB Ventures.

• Cornerstone AI, a healthcare data cleaning startup, raised $5 million in new funding led by Acrew Capital, with participation from Initiate Ventures and Healthy Ventures.

Industrials, Greentech, & Other

• Infinite Machine, a New York-based electric scooter startup, raised $9.3 million in seed funding led by Andreessen Horowitz's American Dynamism fund, with participation from Adjacent Capital, Necessary Ventures, and Otherwise Fund.

• Blackstone raised $22 billion for its first evergreen senior direct lending fund, above a $10 billion target.

• Quantum Capital Group raised more than $10 billion across a selection of new funds, including a $5.25 billion flagship energy fund, a $2.8 billion structured capital fund, and $2 billion for associated funds on the platform.

• Brookfield Asset Management is raising around $2 billion for its new Middle East-focused fund, which is set to receive backing from Saudi Arabia's Public Investment Fund, per Bloomberg.

• Adams Street Partners raised $1.1 billion for its 2024 global funds program.

• Socium Ventures, the venture capital arm of Cox Enterprises, raised $300 million for its second fund.

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