Good morning and TGIF! Calling a $65 billion deal a "growth investment" almost seems ludicrous—except when it's going into AI. Artificial intelligence plays seem to have no limits, as the Journal's report on the latest round backing Claude developer Anthropic suggests: The company's valuation surged to an astronomical $965 billion.

Meanwhile, our Chris Cumming digs into a little-noticed trend in which private-equity firms are investing in the small businesses that operate condo and homeowners' associations. The fragmented market is characterized by low overhead and steady cash flows.

We have those and many other stories summed up and linked for you below, so please dive in...

Private-equity investors are trying to combine America’s mom-and-pop condominium managers into larger and more profitable businesses, but they face challenges cracking an industry long considered too local, fragmented and diverse to accommodate big-money investors, WSJ Pro's Chris Cumming writes. The sector has attracted private-equity interest with its steady growth and stable, recession-resistant cash flows at companies that manage homeowners’ associations, or HOAs, and condos. Nobody knows the precise number of deals—most transactions are small, negotiated privately and never announced—but people who work on them say activity has never been higher.

Altimeter Capital, Dragoneer Investment Group, Greenoaks Capital Partners and Sequoia Capital led a $65 billion growth investment in artificial-intelligence technology developer Anthropic, The Wall Street Journal reports. Other participants included Coatue Management, Singapore's GIC and Temasek, Blackstone, Iconiq Capital and many others. The deal values the creator of the Claude agentic AI inference engine at about $965 billion. As use of Claude rises, Anthropic said its revenue run-rate has soared to over $47 billion. The fresh capital is expected to help the San Francisco-based company meet new demand for Claude and related tools.

Existing backer Bain Capital participated in a more than $1 billion growth investment in artificial-intelligence coding startup Cognition that valued the business at $26 billion, Kimberley Kao reports for Dow Jones Newswires. The deal was led by Lux Capital, General Catalyst and 8VC, and also joined by Peter Thiel's Founders Fund. The San Francisco-based company offers autonomous coding systems and Chief Executive Scott Wu said in a LinkedIn post that use of its Devin product has taken off this year. Bain Capital invested through its venture strategy.

Private-equity firm Northcote Equity is in talks to buy wealth manager Lockhart Capital Management, Sebastian McCarthy reports for sister publication Private Equity News in London, citing people familiar with the matter. The recently formed buyout shop is set to acquire the U.K. business, which was founded in 2017. The deal would mark the latest transaction by Northcote since wrapping up its maiden fund last year at its hard cap of £160 million, or roughly $214.8 million.

Technology-focused TCV in Menlo Park, Calif., led a $106 million growth investment in Corgi Insurance Services that values the technology-driven business at about $2.6 billion. Other participants in the deal included Prime Capital and Leblon Capital. The San Francisco-based commercial insurance provider plans to use the fresh capital to add new coverage lines.

Mars Growth Capital is providing up to $50 million in financing to stablecoin payments system operator Nala, which connects users across emerging economies in Africa and Asia. Mars is a joint venture of private-credit lender Liquidity and MUFG Bank.

Eurazeo in Paris is backing information-technology hardware recycler T1A Group, acquiring a majority stake in the business through its Eurazeo Planetary Boundaries Fund. The company refurbishes more than 250,000 data-carrying units every year, reducing electronic waste.

Main Capital Partners in The Hague is acquiring a majority stake in European software developer Ferranti. The Antwerp, Belgium-based company specializes in programs used by utilities for managing their operations.

Riverside Co. is acquiring specialty software supplier Workbench International. Started in New Zealand, the company serves around 400 construction industry customers there and in Australia. The deal is Riverside Australia’s 50th investment since inception 15 years ago.

Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.

Silver Lake-backed software developer Entrata plans an initial public offering but didn't say how many shares it plans to sell or at what expected price range, Colin Kellaher reports for WSJ Pro. The Lehi, Utah, company makes applications used in property management. Silver Lake initially invested in Entrata in July 2021 and took a majority stake in the company in March 2022. Blackstone invested $200 million in the business last year at a $4.3 billion valuation.

WindRose Health Investors has sold behavioral health pharmacy services provider Altruix to Frazier Healthcare Partners in Seattle. The Hunt Valley, Md.-based company, which WindRose formed in 2023 by consolidating several pharmacy businesses, serves more than 32,000 patients monthly across 17 mid-Atlantic locations. WindRose had backed the company since 2022, according to research provider PitchBook.

Bansk Group-backed PetIQ has sold its veterinary services unit VIP Petcare to retailer Tractor Supply. The Eagle, Idaho-based VIP business provides mobile veterinary services and operates clinics in around 2,700 retail locations across 39 states. New York-based Bansk first backed PetIQ in 2024.

Private-equity firm American Securities has sold manufacturer MW Components to strategic buyer Rosebank Industries in a deal valued at about $950 million. American first backed the Charlotte, N.C.-based maker of highly engineered specialty fasteners, springs and other parts, in 2017.

Vector Capital has sold its stake in intellectual-property licensing company IPValue Management Group, which buyers led by Fortress Investment Group said Wednesday they were purchasing. Vector had owned the business since 2014.

Ampersand Capital Partners in Boston has closed its latest fund with $1.5 billion in limited-partner commitments, the firm's upper limit for the vehicle. As Ampersand's 12th main fund since the firm's inception in 1992, Ampersand 2026 was raised in under five months. The midmarket investor manages over $4 billion.

Stoneshield Capital in Luxembourg has closed on €1.5 billion, or $1.74 billion, for its Stoneshield Opportunity Fund IV, excluding co-investment commitments. The firm raised the capital in about six months and surpassed its €1 billion target for the vehicle. Overall the firm manages about €8 billion.

Tikehau Capital in Paris has appointed Guillaume Arnaud as head of France and deputy chief executive of Tikehau Investment Management. He has been with the firm for nearly two decades.

Alternative-asset manager LGT Capital Partners in Liechtenstein is adding Marco Bizzozero as a managing partner and member of the executive committee, beginning in September. He was most recently with iCapital and previously led UniCredit Group Wealth Management.

Marco Fontana, a partner with KKR & Co.'s infrastructure team in London, is moving to Milan to lead the firm's new office there, joined by Nicolò Della Casa, a director with the private-equity team. The New York firm is establishing the office to expand its operations in Italy.

Secondaries-focused Revelation Partners has appointed Prashant Gangwal as a partner and chief financial officer. He was previously with Altos Ventures. Sausalito, Calif.-based Revelation specializes in healthcare investing.

Transom Capital Group has added Jeff Haight as an operating partner with its operations team to work with companies it backs. He is a former chief executive of consulting company Locana, a former Transom portfolio holding.

Lenders to bankrupt Trinseo, led by CastleKnight Management, have sued rival credit providers including TPG's Angelo Gordon, Apollo Global Management and Brookfield Asset Management's Oaktree Capital Management, saying that they orchestrated a series of financing deals with Trinseo that violated credit agreements and positioned them to seize control of the chemicals producer, Alexander Gladstone reports for WSJ Pro. Trinseo filed for a chapter 11 restructuring Tuesday that would wipe out roughly $2 billion in debt and hand the defendants in the new lawsuit controlling equity in the company. Representatives for Trinseo, Angelo Gordon and Oaktree declined to comment, while Apollo didn’t respond to a request for comment.

Crédit Agricole's wealth arm was "happy" to meet withdrawals from its private-credit evergreen fund in the first quarter, despite requests coming in "slightly above" the standard limit of 5% of assets per quarter, Xhulio Ismalaj reports for sister publication Financial News in London. Indosuez had "quite a lot of cash available" for redemptions, according to the division's global head of investor relations for private markets. The group manages €233 billion, or about $270.87 billion.

Elevated withdrawal requests from some credit vehicles by wealthy investors will likely persist following a surge earlier this year, Apollo Global Management President Jim Zelter said during an investor presentation Thursday, Reuters reports. The activity is likely to continue for a "couple of quarters," he said. Even though "the headlines are certainly louder than the spread widening," he said, "I don't think it was a one-shot." He added that some investors may be trying to game the system as well. "We are not through the turbulence yet," he said.

European buyout firm EQT AB and Alphabet's Google are partnering to provide easy access to Google Cloud-based agentic artificial-intelligence technology for the more than 300 companies backed by Stockholm-based EQT. The deal includes collaboration with engineers from Google and its wider network of AI experts and users.

Pantheon in London is supporting Oaktree Capital Management's expansion of its European direct-lending operation, establishing a dedicated capital reservoir to give the Brookfield Asset Management-controlled company capacity of as much as €1 billion, or nearly $1.17 billion, according to an emailed news release.

The British Columbia Investment Management Corp. is entering the private-credit realm through its direct-investing private-equity arm, offering structured equity and financing to fund general partners including through secondary continuation vehicles. The public funds manager in Victoria, B.C., with assets of about 295 billion Canadian dollars, or $213.14 billion, already has connections to more than 1,000 companies through fund and direct investments. The new initiative is expected to increase BCI's capital allocations to the activity over the coming years.

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Maria Armental; Ted Bunker; Chris Cumming; Luis Garcia; Laura Kreutzer; Isaac Taylor; Chitra Vemuri.