Buyout firms are taking advantage of a rebound in the broadly syndicated loan market to refinance existing private credit facilities with cheaper debt.

Tariff concerns at the start of the year led to pulled deals and a two-week market freeze in April, but conditions have normalized and lenders are ramping up activity.

Capital that was trapped in hung deals earlier in the year is now chasing limited primary supply (with a continued shortage of new platforms), driving banks to bid aggressively for refinancings. McDermott Will & Emery tallies data show borrowers capturing average savings of 263 bps versus private credit pricing.

Vista Equity Partners is among the firms taking the opportunity to cut interest expense across its portfolio.

Including last week's $4.1 billion refinancing for Finastra, the firm has swapped more than $9 billion of direct loans at four companies for cheaper broadly syndicated facilities. In total, the refinancings reduce portfolio-wide interest expense by at least $200 million.

Finastra shows the math: its first-lien pricing drops to S+400, down from S+725 in last year’s direct lending package; the second-lien tranche is expected to price at S+700. Vista achieved similar outcomes in earlier refinancings for Avalara, KnowBe4, and Duck Creek.

“Sponsors have been really active in refinancing names from private credit into the broadly syndicated market,” BC Partners head of credit Ted Goldthorpe told Bloomberg. “If the company is performing well, and can save a good portion on its debt by refinancing, we’ve seen the broadly syndicated market be really competitive.”

On new platforms, sponsors have favored dual-track processes this year to maintain a direct lending backstop in case BSL market conditions worsen.

Private credit has responded by tightening pricing, continuing the trend of gradual yield compression as the market matures. Options like payment-in-kind arrangements or portability provisions are also becoming more popular as lenders work to stay competitive with cheaper syndicated offerings.

• Palo Alto Networks (NASDAQ: PANW) agreed to acquire CyberArk (NASDAQ: CYBR), an identity security provider, for around $25 billion in cash and stock.

• KKR and PIMCO agreed to buy a stake in Harley-Davidson's (NYSE: HOG) financing unit for up to $5 billion.

• EQT AB, Omers Administration Corp., and Phoenix Tower International are considering final bids for Cellnex Telecom SA's (BME: CLNX) majority stake in its Swiss telecommunications infrastructure business, which could fetch as much as €2 billion, with binding offers expected by the end of next week.

• Amphenol Corporation (NYSE: APH) agreed to acquire CommScope's (NASDAQ: COMM) Connectivity and Cable Solutions business for $10.5 billion.

• LGT Capital Partners invested in Teneo, a communications firm, at a $2.3 billion valuation, per Bloomberg.

• Machinify, a healthcare intelligence firm recently acquired by New Mountain Capital, agreed to buy Performant Healthcare (Nasdaq: PHLT) for $670 million, or $7.75 per share.

• Zebra Technologies (Nasdaq: ZBRA) agreed to acquire Elo Touch Solutions, a Milpitas-based touchscreen manufacturer, from Crestview Partners for $1.3 billion in cash.

• Alcon (Swiss: ALC) agreed to acquire Staar Surgical (Nasdaq: STAA), a vision treatment firm, for approximately $1.5 billion in cash.

• Talen Energy agreed to acquire Caithness Energy's Moxie Freedom Energy Center in Pennsylvania and Caithness and BlackRock's Guernsey Power Station in Ohio for $3.8 billion.

• General Atlantic and Oakley Capital are in talks to acquire Brevo, a French email marketing platform, for around €1 billion from Bridgepoint, Partech, and Bpifrance, per Bloomberg.

• Intercontinental Exchange (NYSE: ICE) is in talks to acquire Enverus, an energy data platform, from Hellman & Friedman for at least $6 billion, per Bloomberg, with Blackstone also emerging as a potential bidder per Reuters.

• Evercore (NYSE: EVR) agreed to acquire Robey Warshaw, a UK-based independent advisory firm, for £146 million.

• Investcorp is exploring the sale of NourNet, a Saudi Arabian IT firm that provides cloud computing, cybersecurity, and data center management services to over 1,500 clients, with HSBC (NYSE: HSBC) acting as advisor.

• New Mountain Capital is in talks to acquire approximately a 40 percent stake in Wipfli, a Milwaukee-based accounting firm, at a valuation of more than $1 billion, per WSJ.

• L Catterton acquired a majority stake in L.A.B. Golf, a premium putter maker, at a valuation north of $200 million, per the Wall Street Journal.

• CVC Capital Partners is weighing the sale of its 22.5 percent stake in PT Soho Global Health, a listed Indonesian pharmaceutical company, per Bloomberg.

• Thoma Bravo invested in Trading Technologies, a Chicago-based capital markets tech platform owned by 7RIDGE.

• Mascarene Partners acquired Voyager Trucking Corporation, a waste services company specializing in transporting municipal solid waste and bulk materials to landfills and incinerators across the East Coast.

• ARCHIMED acquired a majority stake in Arkstone Medical Solutions, a provider of infectious disease clinical guidance and antimicrobial stewardship solutions powered by machine learning and generative AI.

• KKR invested in SupplyHouse, a Melville, N.Y.-based e-commerce platform for HVAC, plumbing, and electrical products distribution.

• Valence Surface Technologies, an ATL Partners portfolio company, acquired C.I.L., a provider of surface treatments for North American aerospace and defense products.

• Graham Partners acquired Smithstown Light Engineering, an Irish medical device contract manufacturer.

• Providence Equity Partners acquired GCL, a New York-based provider of live events and luxury goods logistics services, from ATL Partners.

• L Catterton acquired Kisshokichi, a Tokyo-based Kobe beef restaurant chain.

• KKR acquired a majority stake in HealthCare Royalty Partners, a biopharma royalty acquisition firm with approximately $3 billion in assets under management.

• NDT Global, backed by Novacap and La Caisse, acquired Entegra, an Indianapolis-based provider of in-line pipeline inspection services, from AmberJack Capital Partners.

• Versaterm, a Canadian public safety software firm backed by Banneker Partners and Permira, acquired DroneSense, an Austin-based drone-as-a-first-responder technology provider.

• TriWest Capital Partners acquired Spence Diamonds, a Canadian jewelry retailer, from Lion Capital.

• IVI RMA Global, an infertility treatments firm owned by KKR, acquired Gulf Capital's stake in the Middle Eastern operations of ART Fertility Clinics.

• FountainVest agreed to acquire a 35.7 percent stake in EuroGroup Laminations (Milan: EGLA), an Italian manufacturer of electric motor components.

• HNI (NYSE: HNI) agreed to acquire Steelcase (NYSE: SCS), a Michigan-based furniture maker, for approximately $2.2 billion in cash and stock.

• Cinven agreed to acquire a majority stake in Smart Communications, a London-based enterprise customer communications company, from Accel-KKR.

• ICG agreed to acquire three U.K. regional airports in Bournemouth, Exeter, and Norwich from Rigby Group for around £200 million.

• XOMA Royalty (Nasdaq: XOMA) agreed to acquire troubled biotechs Lava Therapeutics (Nasdaq: LVTX) and HilleVax (Nasdaq: HLVX).

• Perella Weinberg (Nasdaq: PWP) agreed to acquire Devon Park, a private equity secondaries advisory firm, per WSJ.

• SAP (NYSE: SAP) agreed to acquire SmartRecruiters, a San Francisco-based talent acquisition software provider that had raised $215 million from investors including Bonfire Ventures, Silver Lake, and Insight Partners.

• Northeast Grocery, the parent company of Price Chopper and Tops Friendly Markets, is exploring a potential sale that could value the company at over $1 billion, per Reuters.

• Goldman Sachs Alternatives agreed to acquire a majority stake in NAVEX, a provider of ethics, risk and compliance management software, from BC Partners and Vista Equity Partners.

• Permira and Warburg Pincus are exploring the sale of Evelyn Partners, a British wealth manager, in a deal that could be valued at more than £2.5 billion, per Reuters.

• Uplight, a Boulder-based distributed energy resource management provider backed by AES, Schneider Electric, Huck Capital, Coatue, and Inclusive Capital Partners, has hired Evercore to explore a sale that could value the company at around $1 billion, per Latitude Media.

• Skyline Investors, a Los Angeles-based private equity firm focused on investments that bolster local economies, raised $125 million for its debut fund.

• Equistone entered talks to sell French tourism group Karavel Groupe to Ceres Industries Capital, CFJ, and Montefiore Investment.

• AbbVie (NYSE: ABBV) is in talks to acquire Gilgamesh Pharmaceuticals, a New York-based mental health drugmaker that could be valued at around $1 billion, per Bloomberg.

• ICG invested in Excellera Advisory Group, an Italian corporate affairs advisory firm.

• Advent International outbid KKR with a £4.8 billion offer for Spectris (LSE: SXS), a UK-based scientific instruments maker, in one of the largest recent take-private deals for a London-listed company.

• Ambienta sold Namirial, a SaaS provider of paperless business solutions, to Bain Capital for €1.1 billion, with Namirial's founder and management team retaining a minority stake.

• BDT & MSD Partners invested in Summit Companies, a provider of fire and life safety services.

• Audax and Parthenon Capital invested in Elevate Patient Financial Solutions, a Texas-based healthcare revenue cycle management company.

• StonePeak will invest $1.3 billion in Princeton Digital Group, a Singapore-based data center operator backed by Warburg Pincus, Ontario Teachers' Pension Plan, and Mubadala.

• SURJ, a Saudi-backed sports fund, and Michael Moritz invested in the Professional Triathletes Organization.

• US Dock & Door, a portfolio company of Soundcore Capital Partners, acquired Garage Headquarters, a garage door products manufacturer serving Massachusetts and Rhode Island.

• Cloudera, a portfolio company of KKR and CD&R, acquired Taikun, a Miami-based Kubernetes and cloud infrastructure management platform.

• Cloud Software Group, a Vista Equity portfolio company that owns Citrix and Tibco, agreed to acquire Arctera, a Pleasanton-based data management firm, from Carlyle.

• Midland Industries, a portfolio company of Gemspring Capital, acquired Cerro Brass, a St. Louis-based distributor of brass components.

• DataServ, an accounts payable firm backed by Renovus Capital, agreed to acquire xFact, a North Andover-based IT consultant.

• Integrated Diagnostic Services, an HCAP Partners portfolio company, acquired Community of Nevada Diagnostics, a mobile imaging services provider.

• SES, a portfolio company of Palladium Equity Partners, acquired Hydroblasters, a Wisconsin-based provider of industrial services.

• Acon Investments agreed to sell its controlling stake in Amfora Packaging, a Colombian beauty and personal care packaging provider, to Albéa Group.

• ClearCourse, an Aquiline Capital Partners portfolio company, acquired Davidson Richards, a retail management and point-of-sale software provider.

Tech, Vertical SaaS, & Misc. Enterprise

• OpenAI, an AI research company, raised $8.3 billion at a $300 billion valuation as part of a $40 billion funding round, with participation from Dragoneer, Blackstone, TPG, T. Rowe Price, Fidelity, Andreessen Horowitz, Altimeter, Coatue, D1 Capital Partners, Founders Fund, Sequoia Capital, Tiger Global, and Thrive Capital.

• VAST Data, an AI infrastructure platform, raised $1 billion in new funding co-led by CapitalG and Nvidia at a $30 billion valuation.

• Anaconda, a Python distribution platform for AI development, raised $150 million in Series C funding led by Insight Partners, with participation from Mubadala Capital, valuing the company at $1.5 billion.

• Motive, an AI-powered operations platform for the physical economy, raised $150 million in new funding led by Kleiner Perkins, with participation from AllianceBernstein and existing investors.

• Fal AI, a developer platform for generative AI media, raised $125 million in Series C funding led by Meritech Capital, with participation from Salesforce Ventures, Shopify Ventures, Google AI Futures Fund, Bessemer Venture Partners, Kindred Ventures, Andreessen Horowitz, Notable Capital, First Round Capital, Unusual Ventures, and Village Global.

• Noma Security, a unified platform for AI and agent security, raised $100 million in Series B funding led by Evolution Equity Partners, with participation from Ballistic Ventures and Glilot Capital.

• Oxide Computer Company, an on-premises cloud computing company, raised $100 million in Series B funding led by Thomas Tull's USIT, with participation from Eclipse, Intel Capital, Riot Ventures, Counterpart Ventures, and Rally Ventures.

• Safe Security, a cyber risk management platform, raised $70 million in Series C funding led by Avataar Ventures, with participation from Susquehanna Asia Venture Capital, NextEquity Partners, Prosperity7 Ventures, Eight Roads, and Sorenson Capital.

• Wallarm, an API and AI security platform, raised $55 million in Series C funding led by Toba Capital.

• Lyric, a supply chain intelligence platform, raised $43.5 million in Series B funding led by Insight Partners, with participation from Primary Venture Partners, Permanent Capital Ventures, VMG Partners, PSP Partners, and NewBuild Venture Capital.

• Augmodo, a Seattle-based retail inventory management platform using AI wearable badges, raised $37.5 million in Series A funding led by TQ Ventures, with participation from Lerer Hippeau, NewFare, WIN, Interlace, Arena Holdings, and Jefferson River Capital.

• Fundamental Research Labs, an AI research company building autonomous collaborative agents, raised $33 million in Series A funding led by Prosus Ventures, with participation from a16z Speedrun, Patron, First Spark, Factorial, and VamosVentures.

• Cline, an open-source AI coding agent, raised $32 million in combined seed and Series A funding led by Emergence Capital, with participation from Pace Capital, 1984 Ventures, Essence VC, and Cox Exponential.

• Pantomath, an AI-powered data operations platform, raised $30 million in Series B funding led by General Catalyst, with participation from Sierra Ventures, Bowery Capital, Epic Ventures, Hitachi Ventures, Cintrifuse Capital, and Foster Ventures.

• Prophet Security, an autonomous AI cybersecurity defense platform, raised $30 million in Series A funding led by Accel, with participation from Bain Capital Ventures.

• Vast Data, a New York-based AI data infrastructure provider, is in talks to raise Series F funding at a $30b valuation from CapitalG and Nvidia, per Reuters.

• Conversion, a San Francisco-based marketing automation platform for B2B companies, raised $28 million in Series A funding led by Abstract Ventures, with participation from HOF Capital, True Ventures, and Antler.

• QuamCore, an Israeli startup developing scalable superconducting quantum processors, raised $26 million in Series A funding led by Sentinel Global, with participation from Arkin Capital, Viola Ventures, Earth & Beyond Ventures, Surround Ventures, Rhodium, and Quantum Leap.

• OpenMind, an open-source operating system for intelligent machines, raised $20 million in Series A funding led by Pantera Capital, with participation from Ribbit, Coinbase Ventures, HSG, DCG, Pebblebed, Topology, Primitive Ventures, Lightspeed Faction, and Anagram.

• Subzero Labs, a blockchain infrastructure startup building a platform for decentralized applications, raised $20 million in seed funding led by Pantera Capital, with participation from Variant, Coinbase Ventures, Fabric Ventures, Mysten Labs, Susquehanna Crypto, Hashed, Flowdesk, and Mirana Ventures.

• Metaforms, an AI platform for market research agencies, raised $9 million in Series A funding led by Peak XV Partners, with participation from Nexus Venture Partners and Together Fund.

• Streamline AI, a legal intake and matter management platform for in-house teams, raised $8.6 million in Series A funding led by Blumberg Capital, with participation from Tribeca Venture Partners, Acronym Venture Capital, Great Oaks Venture Capital, and Scribble Ventures.

• SixSense, a Singapore-based AI platform for semiconductor defect detection, raised $8.5 million in Series A funding led by Peak XV's Surge, with participation from Alpha Intelligence Capital and FEBE.

Fintech

• Saphyre, a software platform that automates finance operations and trading workflows, raised $70 million in growth equity funding from FTV Capital.

• Uzum, an Uzbekistani fintech and e-commerce company, raised $65.5 million in Series B funding co-led by Tencent and VR Capital, with participation from FinSight Ventures, at a post-money valuation of $1.5 billion.

• QI Tech, a São Paulo-based financial services infrastructure provider, raised $63 million in Series B extension funding led by General Atlantic, with participation from Across Capital.

• Alaan, a Dubai-based corporate spend management platform, raised $48 million in Series A funding led by Peak XV Partners, with participation from 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund.

• RD Technologies, a Hong Kong-based stablecoin infrastructure developer, raised $40 million in Series A2 funding co-led by ZA Global, China Harbour, Bright Venture, and Hivemind Capital, with participation from HSG, Eternal Digital, CMSC Partners, and Guotai Junan International Private Equity Fund.

• GeoWealth, an asset management platform for RIAs, raised $38 million in Series C funding led by Apollo, with participation from BlackRock, J.P. Morgan Asset Management, and Kayne Anderson Capital Advisors.

• Stable, a blockchain platform for stablecoin payments, raised $28 million in seed funding co-led by Bitfinex and Hack VC, with participation from Franklin Templeton, Castle Island Ventures, eGirl Capital, Bybit-Mirana, Susquehanna International Group, Nascent, Blue Pool Capital, BTSE, and KuCoin Ventures.

• OLarry, a tax advisory firm for high-net-worth individuals and businesses, raised $10 million in Series A funding led by TTV Capital, with participation from Walkaround Ventures and Marin Sonoma Impact Ventures.

Healthcare

• Ultromics, an AI cardiology diagnostics company, raised $55 million in Series C funding co-led by L&G, Allegis Capital and Lightrock, with participation from Oxford Science Enterprises, GV, Blue Venture Fund, Oxford University, UCM Ventures, and UPMC Enterprises.

• Unmind, a London-based workplace mental health platform, raised $35 million in Series C funding led by TELUS Global Ventures, with participation from Project A, Felix Capital, and Sapphire Ventures.

Consumer & Media

• Good Job Games, a Turkish mobile games studio, raised $60 million in Series A funding co-led by Menlo Ventures and Anthos Capital, with participation from Bessemer Venture Partners.

• Journey, a loyalty platform for independent hotels and luxury rentals, raised $7.7 million in seed funding co-led by Lerer Hippeau and Slow Ventures, with participation from Bulletpitch.

Industrials, Greentech, & Other

• Jeh Aerospace, a company developing software-defined manufacturing systems for aerospace precision components, raised $11 million in Series A funding led by Elevation Capital, with participation from existing investor General Catalyst.

• Carlyle raised $9 billion for its tenth U.S. opportunistic real estate fund.

• Frazier Life Sciences raised $1.3 billion for its 12th biotech venture fund.

• OrbiMed raised $1.86 billion for its Royalty and Credit Opportunities Fund V.

• Silversmith Capital Partners raised $1.7 billion for its fifth fund.

• Coller Capital led a $1.6 billion GP-led credit transaction with Abry Partners, creating a continuation vehicle for Abry's Advanced Securities Fund III, representing the largest credit continuation vehicle to date.

• Post Road Group raised $525 million for its third flagship fund and $500 million for its second digital infrastructure fund.

• Blue Owl Capital raised $850 million for its alternative credit fund.

• CRV raised $750 million for its 20th flagship venture capital fund.

• Dextra Partners raised $825 million for its seventh co-investment fund.

Interested in partnering with Transacted? If you’re a financial services firm looking to connect with an engaged audience, please reach out.