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

• A look at possible preparations for a General Catalyst listing

• Plus, Warburg Pincus sells majority stake in ModMed

Venturing into an IPO:

Axios reports General Catalyst is exploring an initial public offering that would make it the first American venture firm to go public, following a path Blackstone paved for private equity nearly two decades ago.

It’s still early in the process; no decision has been made, nor have any bankers been engaged. Even so, it’s a big jump for the Cambridge-based firm, which has grown to manage a combined $32 billion across its various strategies.

Those strategies have moved well beyond General Catalyst’s venture roots. The firm now has operations across growth, mature roll-ups/buyout, wealth management, fund-of-funds, and a tech advisory offering.

The broad diversification lines up with possible public company aspirations and mirrors preparations made by many managers who have gone before.

With future public shareholders principally focused on fee-generating assets under management, aggressive expansion into non-core strategies helps build the asset base and keep it growing.

In the background, General Catalyst has also been making adjustments to its ownership structure.

Back in 2018, General Catalyst sold a stake in the firm to Petershill Partners (then part of Goldman Sachs) for $200 million. In January, Petershill announced that it was selling the position for $726 million, and, shortly after, Axios cited unnamed sources who said that General Catalyst was itself the buyer.

The firm reportedly financed the purchase in part through proceeds from separate stake sales tied to its nascent tech and AI advisory unit.

In a strategy rolled out last year, General Catalyst is pursuing partnerships with legacy corporates looking for help with large-scale tech transformations. Part of the deal in such arrangements includes the aforementioned purchase of a stake in General Catalyst's holding company.

Looking forward: At this stage, there’s no timeline for a possible listing, but plans could become more concrete as the year progresses.

• Clearlake Capital agreed to acquire a majority stake in Modernizing Medicine (ModMed), a Boca Raton-based medical practice SaaS provider, from Warburg Pincus at a $5.3 billion valuation.

• PAI Partners agreed to acquire an 80 percent stake in Motel One Group, a European budget design hotel chain, at a valuation of around €3.5 billion.

• Genstar Capital agreed to acquire a controlling stake in First Eagle Investment Management from Blackstone and Corsair Capital.

• Welltower (NYSE: WELL) agreed to acquire Amica Senior Lifestyles, a portfolio of luxury seniors housing communities across Canada, from Ontario Teachers' Pension Plan for C$4.6 billion.

• CK Infrastructure Holdings is weighing a bid for Virador, a UK waste management firm owned by KKR, which could be valued at up to £7 billion, per Bloomberg.

• Blackstone agreed to acquire a 60 percent stake in CMIC, a Japanese pharmaceutical contract research organization, with CMIC Holdings retaining the remaining 40 percent.

• Shell (NYSE: SHEL) hired Morgan Stanley to explore the sale of its European and U.S. chemicals assets, per the Wall Street Journal.

• Sagard Healthcare Partners agreed to provide Nuvation Bio (NYSE: NUVB) with up to $250 million in non-dilutive financing, including $150 million in royalty interest financing and up to $100 million in senior term loans contingent on FDA approval of taletrectinib.

• NGP Energy Capital Management acquired Denver-Julesburg basin assets from Occidental Petroleum (NYSE: OXY) for more than $900 million.

• J.C. Flowers & Co. acquired Pepper Advantage, a London-based credit management firm with operations across Europe and Asia.

• H.I.G. Capital acquired TIMETOACT GROUP, a German provider of IT services, from Equistone Partners Europe.

• GP Energy Capital Management acquired assets worth more than $900 million from Occidental Petroleum (NYSE: OXY), per Bloomberg.

• Peak Rock Capital acquired BrightStar Care, an Illinois-based provider of home care and supplemental staffing services.

• Verdane sold a minority stake in Finnish beauty company Lumene Group to Swedish investment firm Creades.

• Howard Hughes Holdings (NYSE: HHH) rejected a takeover offer from Bill Ackman's Pershing Square as "not acceptable in its current form."

• Adevinta, a portfolio company of Blackstone and Permira, agreed to sell its 50 percent stake in Austrian digital marketplace Willhaben to Styria Media Group and Sprints.

Tech, Vertical SaaS, & Misc. Enterprise

• Viam, an AI robotics engineering platform, raised $30 million in Series C funding led by Union Square Ventures, with participation from Battery Ventures, Neurone, and other existing investors.

• Cloudsmith, an artifact management platform for software supply chain security, raised $23 million in Series B funding led by TCV, with participation from Insight Partners, MMC, Frontline, Techstart, Sorenson, Tapestry, and Shasta.

• Instant, a Sydney-based eCommerce abandoned cart recovery platform, raised A$18 million in Series A funding led by Hummingbird Ventures, with participation from Blackbird, TEN13, and Reinventure.

Fintech

• Ramp, a financial operations platform for businesses, completed a $150 million secondary share sale at a $13 billion valuation from Stripes, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures, and Definition Capital.

• FairPlay, a company that helps lenders detect and eliminate algorithmic bias in lending decisions, raised $10 million in new funding from Infinity Ventures, JPMorganChase, and Nyca Partners.

Healthcare

• Faks, a Paris-based platform that automates pharmacy-supplier interactions, raised €6 million in new funding led by Speedinvest, with participation from Connect Ventures, Seedcamp, and FJ Labs.

Industrials, Greentech, & Other

• VRAI, a Dublin-based company providing simulation data analytics for defense and aerospace training, raised €5 million in Series A funding led by Beringea, with participation from Enterprise Ireland, Northstar Ventures, and several Irish family offices.

• ICG raised $11 billion for its fifth GP-led secondaries fund, exceeding its $6 billion target.

• Garnett Station Partners raised $1.2 billion for its fifth fund, hitting its hard cap in a four-month fundraise.

• Northleaf Capital Partners raised more than $1 billion for its third middle market private credit fund.

• SoftBank plans to borrow $24 billion to fund AI investments, including a $40 billion commitment to OpenAI and the Stargate project.

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