Clearlake Capital Group's latest debt financing strategy may be tested as tariff announcements cloud the near-term outlook.

In late March, the firm turned to a $5.75 billion bridge loan to speed up the timeline of its $7.7 billion acquisition of data vendor Dun & Bradstreet Holdings Inc. Clearlake, hoping to beat out competition from rival suitors, including Veritas Capital, entered exclusive talks with Dun & Bradstreet on Friday, March 21, and announced the deal the following Monday.

While the 364-day bridge loan let Clearlake push the deal over the finish line on a much shorter timeline than what would have been required for a fully underwritten financing package, the arrangement includes substantial fees and escalating interest rates meant to incentivize refinancing well before maturity. Clearlake is now on the hook to find more permanent funding.

The lender group includes Morgan Stanley, Goldman Sachs, Barclays, Citigroup, Deutsche Bank, Santander, Wells Fargo, HSBC, and Ares. Because of the bridge loan structure–rather than a syndicated financing–none of the lenders are obligated to find longer-term funding to replace the bridge facility.

Seemingly confident in its ability to refinance, 9fin reported that Clearlake had pushed lenders toward an unconventional provision: if the sponsor could line up a long-term financing package within 60 days, the bridge loan underwriters would refund the loan’s entire commitment fee. The proposal, which could let Clearlake effectively use the banks' balance sheets for free, received pushback from bankers, but a form of the concept ultimately made it into the final agreement.

Now, what seemed like a relatively straightforward refinancing when the deal was struck could become a more challenging situation.

Last week's tariff announcements sparked a record $6.5 billion outflow from leveraged loan funds, nearly double the previous record of $3.6 billion set in 2018. Traditional banks are pulling back from new buyout financings, wary of being stuck with unwanted loans on their books should syndications fail.

Some deals have been left in limbo: H.I.G. Capital’s $1.1 billion leveraged loan sale in support of its acquisition of Converge Technology Solutions Corp. was postponed, reports Bloomberg, as was Brookfield's $2.4 billion CMBS refinancing for a shopping mall.

“Credit volatility is back,” wrote Deutsche Bank strategists on Monday. Saba Capital Management's Boaz Weinstein was more blunt, warning in a Friday interview with Bloomberg that “the avalanche has really just started–the hit could be faster and the bankruptcy rate could spike much faster than other crises.”

That might mean another opportunity for private credit to jump in and fill the gap left by banks, repeating its aggressive growth during pandemic-related market dislocations.

This time around, however, direct lenders may be more hesitant to rush into new deals. The risk of widespread economic shock and limited policy visibility brings real uncertainty, even for an asset class that has benefited from periods of greater volatility in the past.

On the more bearish end of the spectrum, DoubleLine Capital's Jeffrey Gundlach expressed skepticism last week at the idea that private credit is any more insulated than the rest of the market: "When public markets experience a sharp decline, like now, it is nonsensical to think private markets are a harbor in the storm. Yet I have heard this absurd assertion twice in the past week: 'Don’t worry, we’re not down'. Sure."

For Clearlake, the upshot is that its refinancing bet may suddenly be much harder to pull off.

• Baker Tilly, backed by Hellman & Friedman and Valeas Capital Partners, is in talks to merge with Seattle-based Moss Adams to create the sixth largest U.S. accounting firm with $3 billion in annual revenue, per WSJ.

• Bain Capital plans to acquire HealthEdge from Blackstone for $2.6 billion and merge it with health insurtech HealthProof, per Axios Pro.

• KKR (NYSE: KKR) agreed to acquire Karo Healthcare, a Swedish consumer healthcare company and maker of E45 moisturizer, from EQT for more than €2.5 billion.

• Bain Capital agreed to acquire Sizzling Platter, a 750-unit restaurant franchisee operating multiple brands including Little Caesars and Dunkin', from CapitalSpring for more than $1 billion.

• Comply365, backed by Insight Partners and Liberty Hall Capital Partners, acquired the safety and compliance systems business from Rolls-Royce (LSE: RR).

• Ethos Capital, British Columbia Investment Management Corporation, and White Mountains Insurance Group (NYSE: WTM) acquired a co-control stake in BroadStreet Partners, a North American insurance brokerage platform.

• Federated Hermes (NYSE: FHI) acquired a majority stake in Rivington Energy Management, a UK-based renewable energy project developer.

• Redbrick, a Canadian software firm, acquired business news site Quartz and commerce site The Inventory from G/O Media, a Great Hill Partners portfolio company.

• Cloudflare (NYSE: NET) acquired Outerbase, a San Francisco-based developer database company that simplifies data management for applications.

• Western Union (NYSE: WU) acquired eurochange, a UK-based travel money retailer, from Corsair, completing Corsair's exit from its NoteMachine investment.

• McKesson Corporation (NYSE: MCK) acquired an 80 percent stake in PRISM Vision Holdings, an Edison, N.J.-based ophthalmology and retina management services provider, from Quad-C Management for $850 million.

• DFW Capital Partners acquired a stake in Kept Companies, a Fairfield, N.J.-based cleaning and maintenance services provider, from ACON Investments.

• GENDA agreed to acquire Player One Amusement Group, a Toronto-based amusement services provider, from OpenGate Capital.

• Clessidra Private Equity is weighing options for Impresoft, an Italian enterprise software firm, including a sale that could value the company at around €800 million, per Bloomberg.

• Harley-Davidson (NYSE: HOG) is exploring a sale of its financing unit, which could be valued at over $1 billion, per Bloomberg.

• Thyssenkrupp is exploring options for its Materials Services unit, which provides logistics and materials processing services, in a deal that could value the business at up to €2 billion, per Bloomberg.

• 3i Group has paused the sale process of pet food maker MPM to assess the impact of U.S. tariffs on Thai exports, per Bloomberg.

• Capgemini (Paris: CAP) is in advanced discussions to acquire WNS Holdings (NYSE: WNS), a New York-based outsourcing and analytics firm valued at around $3 billion, per Bloomberg.

• New Mountain Capital invested in Thoughtful.ai, an Austin-based healthcare revenue cycle automation platform.

• CAPZA and Abry Partners invested in European Dynamics, a Greek provider of e-governance software and digital transformation services.

• WestBridge invested in Koto, a London-based creative agency specializing in brand strategy and digital implementation.

• Capital D acquired a minority stake in Refinery89, an Amsterdam-based AdTech platform for digital publishers across Europe and Latin America.

• Seaside Equity Partners invested in Capstone, a provider of tax, accounting, and advisory services to small and mid-size clients in the Pacific Northwest.

• Frontline Road Safety, a Denver-based portfolio company of Bain Capital, acquired Charlotte-based InfraStripe, a roadway safety solutions contractor, from Soundcore Capital Partners.

• Surplus Solutions, a portfolio company of NMS Capital, acquired Certified Genetool, a San Francisco-based provider of laboratory instruments and technical services.

• Wilsonart acquired the woodworking products distribution business of Virginia Tile from Transom Capital Group-backed Artivo Surfaces.

• Blackstone agreed to acquire a portfolio of 25 warehouses in Texas from Crow Holdings for $718 million.

• Wind Point Partners acquired Sigma, a New Jersey-based manufacturer of waterworks infrastructure products.

• Altus Capital Partners and Centerfield Capital Partners acquired ALM Positioners, an Illinois-based provider of automated positioning equipment for manufacturing processes.

• DEME acquired Havfram, a Norwegian offshore wind infrastructure company, from Sandbrook Capital and PSP Investments for around €900 million.

• Middle West Partners acquired David Webb, a New York-based luxury jeweler.

• KKR and Stonepeak Partners agreed to acquire Assura (LSE: AGRP), a British healthcare property REIT with over 600 medical buildings, for £1.61 billion, after Assura rejected a lower offer from Primary Health Properties.

• Mubadala Energy agreed to acquire a 24 percent stake in SoTex HoldCo, a U.S. shale gas operator developing an LNG export terminal, from Kimmeridge for hundreds of millions of dollars.

• Stonepeak agreed to acquire a 40 percent interest in Woodside Energy (NYSE: WDS)'s Louisiana LNG production and export terminal.

• CVC Capital Partners agreed to acquire a 49 percent stake in BALANCE, the biogas unit of German gas company VNG.

• Keppel is exploring the sale of Singapore-based waste management firm 800 Super in a deal that could reach $450 million, per Bloomberg.

• Paceline Equity Partners made a $40 million preferred equity investment in Kassel Mechanical Holdings, a Columbus-based installer of mechanical, electrical, plumbing, and fire suppression systems.

• Stada, a German drugmaker owned by Bain Capital and Cinven, postponed its planned IPO due to market volatility, per the WSJ.

• MidOcean Partners agreed to help finance Energy Transfer's (NYSE: ET) Lake Charles LNG export facility in Louisiana, committing to fund 30 percent of construction costs in exchange for 30 percent of the LNG production.

• LongueVue Capital invested in Daedalus Industrial, a Bradenton, Florida-based provider of management and control systems for data centers and industrial facilities.

• New Mountain Capital invested in Office Ally, a Vancouver-based provider of cloud-based clearinghouse and software solutions for healthcare providers.

• AMPAM Parks Mechanical, a portfolio company of Gemspring Capital, acquired Seal Electric, an El Cajon, California-based electrical services provider for the multifamily market.

• U.S. Compliance, a portfolio company of Susquehanna Growth Equity, acquired OSHA/Environmental Compliance Systems, a St. Paul, Minnesota-based environmental, health and safety consultancy.

• Trivest Partners formed Sentinel Dock & Door Solutions, a commercial services platform, through the acquisitions of three Canadian companies: Lenworth Building Services, Pro Door & Dock Systems, and Mar-Lin Dock & Door.

Tech, Vertical SaaS, & Misc. Enterprise

• Rippling, a workforce management platform, raised $200 million in Series F funding led by Coatue, with participation from Founders Fund, Greenoaks, and Dragoneer, while also facilitating a $590 million secondary sale for employees and early investors at a $13.5 billion valuation.

• Rescale, a cloud platform for high-performance computing and AI simulation, raised $115 million in Series D funding with participation from Applied Ventures, NVIDIA, Y Combinator, Atika Capital, Foxconn, Hanwha Asset Management Deeptech Venture Fund, Hitachi Ventures, NEC Orchestrating Future Fund, Prosperity7, SineWave Ventures, TransLink Capital, and University of Michigan.

• SILQ Group, a B2B commerce platform formed by merging Bangladesh's ShopUp and Saudi Arabia's Sary, raised $110 million in Series B funding co-led by Sanabil Investments and Valar Ventures, with participation from Qatar Development Bank, STV, Raed Ventures, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, Wafra Investment, Peak XV, Prosus, Tiger Global, and Endeavor Catalyst.

• Jobandtalent, a Madrid-based workforce management platform connecting temporary workers with employers, raised €92 million in Series F funding at a €1.3 billion valuation from Atomico, BlackRock, DN Capital, Hercules, Infravia, Kibo, and Kinnevik.

• Krea, a San Francisco-based visual generative AI platform, raised $83 million in Series B funding led by Bain Capital Ventures, with participation from Andreessen Horowitz and Abstract Ventures.

• Incident.io, a London-based incident management platform, raised $62 million in Series B funding led by Insight Partners, with participation from Index Ventures and Point Nine Capital.

• Tessell, a cloud database service platform, raised $60 million in Series B funding led by WestBridge Capital, with participation from Lightspeed Venture Partners, B37 Ventures, and Rocketship.vc.

• nEye Systems, an optical circuit switch developer for data centers, raised $58 million in Series B funding led by CapitalG, with participation from Microsoft's M12, Micron Ventures, NVIDIA, and Socratic Partners.

• Anecdotes, a Governance, Risk, and Compliance (GRC) platform for enterprises, raised $55 million in Series B funding led by DTCP, with participation from Glilot Capital Partners, Vertex, Red Dot Capital Partners, Vintage Investment Partners, and Shasta Ventures.

• Aurascape, an AI-native security platform, raised $50 million in Series A funding co-led by Mayfield Fund and Menlo Ventures, with participation from Celesta Capital.

• LiveKit, a real-time multimodal AI infrastructure platform, raised $45 million in Series B funding at a $345 million valuation led by Altimeter Capital, with participation from Redpoint Ventures and Hanabi Capital.

• NexGen Cloud, a UK-based AI GPU infrastructure provider, raised $45 million in Series A funding led by Moore & Moore Investment Group, with participation from high-net-worth individuals and family trusts.

• Optilogic, a supply chain design software company, raised $40 million in Series B funding led by NewRoad Capital Partners, with participation from MK Capital and Moore Strategic Ventures.

• Portnox, a provider of cloud-based access control solutions, raised $37.5 million in Series B funding led by Updata Partners, with participation from Elsewhere Partners.

• groundcover, a cloud observability platform, raised $35 million in Series B funding led by Zeev Ventures, with participation from Angular Ventures, Heavybit, and Jibe Ventures.

• Artisan, a company developing AI-powered sales agents, raised $25 million in Series A funding led by Glade Brook Capital, with participation from Y Combinator, Day One Ventures, HubSpot Ventures, BOND, Soma Capital, and Fellows Fund.

• Blumind, an Ottawa-based developer of analog AI chips for edge computing, raised C$20 million in Series A funding co-led by Cycle Capital and BDC Capital, with participation from Fusion Fund, Two Small Fish Ventures, and Real Ventures.

• Corsha, a machine identity security platform, raised $18 million in Series A-1 funding led by SineWave Ventures, with participation from Razor's Edge Ventures and Ten Eleven Ventures.

• Outtake, a NYC-based cybersecurity platform that fights social engineering attacks, raised $16.5 million in Series A funding led by CRV, bringing its total funding to $20 million.

• Solve Intelligence, a document editor for patent attorneys, raised $12 million in Series A funding led by 20VC, with participation from Microsoft's Venture Fund (M12), Thomson Reuters Ventures, and Y Combinator.

• Tracera, a sustainability data management platform, raised $12 million in Series A funding led by Foundry, with participation from Rho Ignition, Tola Capital, and Contour Venture Partners.

• Glimpse, a deduction management platform for CPG brands, raised $10 million in Series A funding led by 8VC, with participation from YCombinator, Origin Ventures, Informed Ventures, and former Gainsight COO Allison Pickens.

• Qevlar AI, a Paris-based autonomous security operations platform, raised $10 million in Series A funding co-led by EQT Ventures and Forgepoint Capital International.

• Neuranics, a Scottish semiconductor company developing magnetic sensing technology for human-machine interactions, raised $8 million in seed funding led by Blackfinch Ventures, with participation from Archangels, Par Equity, the University of Glasgow, and Old College Capital.

• Miss Moneypenny Technologies, a Berlin-based company that transforms Apple and Google Wallets into customer engagement tools, raised $8 million in seed funding led by Earlybird Venture Capital, with participation from existing investor b2venture.

• HoneyHive, a platform for monitoring and evaluating AI agent performance, raised $7.4 million in Seed funding led by Insight Partners, with participation from Zero Prime Ventures, 468 Capital, MVP Ventures, AIX Ventures, and Firestreak Ventures.

• Octane, a cybersecurity startup that identifies and fixes vulnerabilities in blockchain code, raised $6.75 million in seed funding co-led by Archetype and Winklevoss Capital, with participation from Gemini, Circle, Legion Capital, Druid Ventures, and Duke Capital Partners.

Fintech

• Sipay, a Turkish payment and finance platform, raised $78 million in Series B funding at an $875 million valuation led by Elephant VC, with participation from QuantumLight.

• Rain, an early wage access and financial wellness app for employees, raised $75 million in Series B funding led by Prosus, with participation from Nextalia Ventures, Spark Growth Ventures, QED, and Invus Opportunities.

• Pennylane, an accounting software platform for businesses and accountants, raised €75 million ($81 million) in Series B funding co-led by Sequoia Capital, Alphabet's CapitalG, and Meritech, with participation from DST Global.

• Blackbird Labs, a restaurant payment and loyalty platform, raised $50 million in Series B funding led by Spark Capital, with participation from Coinbase Ventures, Amex Ventures, and Andreessen Horowitz.

• Scapia, a travel fintech offering co-branded credit cards for Gen Z and millennials, raised $40 million in Series B funding led by Peak XV Partners, with participation from Elevation Capital, Z47, and 3STATE Capital.

• Easebuzz, an Indian payments infrastructure platform, raised $30 million in Series A funding led by Bessemer Venture Partners, with participation from 8i Ventures and Varanium Capital.

• TransFICC, a connectivity platform for fixed income and derivatives markets, raised $25 million in Series B funding led by Citadel Securities, with participation from BlackFin Tech, AlbionVC, Citi, HSBC, Illuminate Financial, ING, and neosfer.

• Turbine Finance Corp., a platform providing credit facilities to venture investors, raised $13 million in Series A funding co-led by Alpha Edison and TTV Capital, with participation from Fin Capital, B Capital, and Sozo Ventures.

• Luzern Risk (formerly XN Captive), a captive insurance platform for the middle market, raised $12 million in Series A funding from Caffeinated Capital.

• Alinea Invest, a wealth management platform, raised $10.4 million in Series A funding led by Play Ventures, with participation from GFR Fund, Y Combinator, Gaingels, FoundersX, F7, and Visible Ventures.

• Ryft, a regulated payments platform for marketplaces and digital platforms, raised £5.7 million in Series A funding led by EdenBase, with participation from GPOS Investments, British Business Bank, Pembroke VCT, Sidebyside, and Ingenii VC.

Consumer & Media

• Faume, a white-label resale platform for luxury fashion brands, raised €8 million in Series A funding led by Amundi Private Equity Transition Juste, with participation from Daphni and Bpifrance's Digital Venture fund.

Healthcare

• Merida Biosciences, a Cambridge-based biotech developing therapeutics for autoimmune and allergic diseases, raised $121 million in Series A funding co-led by Bain Capital Life Sciences, BVF Partners, and Third Rock Ventures, with participation from GV and Perceptive Xontogeny Venture Funds.

• RayThera, a biotech company developing immunology therapies, raised $110 million in Series A funding co-led by Foresite Capital and OrbiMed Advisors, with participation from TTM Capital.

• Clinomic, a German intensive care workflow platform, raised €23 million in Series B funding co-led by DeepTech & Climate Fonds (DTCF) and a private family office.

• Bliss Aesthetics, a platform for cosmetic enhancement, raised $17.5 million in seed funding led by Shine Capital, with participation from Synchrony Ventures, Sheva Ventures, Point72 Ventures, and Cerca Partners.

• Vaxess Technologies, a developer of microarray patches for at-home therapy delivery, raised $9 million in Series A funding from RA Capital Management and Engine Ventures.

• Ingenix, a Polish biotech startup using AI to simulate clinical trials, raised €9 million in seed funding led by Inovo.vc, with participation from OTB Ventures and International Finance Corporation.

• Cofertility, a startup offering women free egg-freezing when they donate half their eggs to infertile individuals, raised $7.25 million in Series A funding co-led by Next Ventures and Offline Ventures, with participation from Initialized Capital, Gaingels, Arkitekt Ventures, Foreground Capital, Gratitude Railroad, How Women Invest, and Everywhere Ventures.

• SecondWave Systems, a St. Paul-based medical device company developing ultrasound treatments for inflammatory disorders, raised $7 million in Series A funding led by Treo Ventures and a major healthcare strategic, with participation from Scientific Health Development and the University of Minnesota's Discovery Capital and SSBCI funds.

Industrials, Greentech, & Other

• Nuro, an autonomous driving technology company, raised $106 million in Series E funding at a $6 billion valuation from T. Rowe Price Associates, Fidelity Management & Research Company, Tiger Global Management, Greylock Partners, and XN LP.

• BRINC, a Seattle-based emergency response drone company for public safety agencies, raised $75 million in new funding led by Index Ventures, with participation from Motorola Solutions.

• Corinex, a provider of broadband over power line technology for grid monitoring solutions, raised $30 million in Series A funding led by Energy Growth Momentum, with participation from Suma Capital and Adara Ventures.

• Heron Power, a startup developing solid-state transformers for electrical grids, is raising between $30 million and $50 million in Series A funding led by Capricorn Investment Group.

• Gallatin AI, a Washington DC-based company applying AI to military logistics, raised $15 million in seed funding led by 8VC, with participation from Silent Ventures, Moonshots Capital, Timeless Partners, and Banter Capital.

• Simplifyber, a Raleigh-based maker of bio-based materials for soft goods manufacturing, raised $12 million in Series A funding led by Suzano Ventures, with participation from At One Ventures, Techstars, Plug and Play Sustainability Fund, One Small Planet, Staddle Holdings, Collateral Good, M.I.H. Capital, Overlay Capital, and Meliorate Partners.

• Remedy Scientific, an environmental remediation automation company, raised $11 million in seed funding from Eclipse, Refactor Capital, Cantos Ventures, and Box Group.

• Zero Industrial, a Charleston-based thermal energy storage developer for industrial heat decarbonization, raised $10 million in Series A funding led by Evok Innovations, with participation from Rusheen Capital Management.

• Ardian is delaying fundraising for its next flagship fund while revamping its buyout team, per Bloomberg.

• Andreessen Horowitz is in discussions with limited partners to raise a $20 billion venture fund, per Reuters.

• Pantheon raised $5.2 billion for its third private credit secondaries program.

• AlpInvest Partners, a unit of Carlyle, raised $3.2 billion for its second Strategic Portfolio Finance Fund.

• J.P. Morgan Asset Management's Campbell Global raised $1.5 billion for its second Forest & Climate Solutions Fund, exceeding its $1 billion target.

• KSL Capital Partners raised $1.44 billion for its second tactical opportunities fund, exceeding its $1 billion target.

• ONCAP of Toronto raised $1.3 billion for its fifth middle market private equity fund.

• Andros Capital Partners raised $1 billion for its third fund focused on oil and gas investments.

• Excelsior Energy Capital raised over $1 billion for its second renewable energy fund, exceeding its $750 million target.

• SignalFire raised over $1 billion for its latest fund focused on applied AI investments.

• RCP Advisors raised $994 million for its fifth co-investment fund, exceeding its $800 million target.

• FM Capital, a Boulder-based venture firm, raised $240 million for its fourth fund focused on transportation technology.

• Lerer Hippeau raised $200 million for its ninth early-stage fund focused on pre-seed and seed investments, primarily targeting New York-based startups.

• Revent, a Berlin-based VC firm, raised €100 million for its second fund focused on planetary and societal health startups.

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