Welcome back. Chris Cumming and Katherine Hamilton share news that Clayton Dubilier & Rice- and KKR-backed software company Cloudera faces claims that its recruiting practices discriminated against U.S. workers.

Meanwhile, industrial valve and pump maker Indicor, also backed by Clayton Dubilier & Rice, is in talks to sell its testing and measurement businesses to a strategic buyer at a valuation of around $5 billion, Lauren Thomas reports for the Journal.

Now on to the news...

Private-equity-backed software company Cloudera is facing government claims that it discriminated against U.S. workers in favor of job applicants with temporary visas, Chris Cumming and Katherine Hamilton write for WSJ Pro. The Justice Department’s Civil Rights Division on Tuesday sued the Santa Clara, Calif., data management software and analytics supplier backed by KKR & Co. and Clayton Dubilier & Rice, alleging it violated the Immigration and Nationality Act.

Clayton, Dubilier & Rice-backed industrial valve and pump maker Indicor is in talks with strategic buyer Ametek to sell its testing and measurement businesses at a valuation of around $5 billion, Lauren Thomas reports for The Wall Street Journal. The industrial technology company has a market value of over $52 billion and makes electronic instruments and other devices for the aerospace and medical industries, among others. Clayton, Dubilier & Rice acquired Indicor in 2022, according to the firm's website.

Oak Hill Capital has agreed to form a $2 billion strategic fiber joint venture with T-Mobile, one of two such ventures T-Mobile announced, Katherine Hamilton and Laura Kreutzer report for WSJ Pro. The 50/50 partnership with Oak Hill Capital will acquire and combine GoNetspeed and Greenlight Networks, two of the private-market firm’s portfolio companies. The other T-Mobile joint venture is with Wren House to acquire i3 Broadband.

Private-equity and venture investor Eclipse Operations in Palo Alto, Calif., and Riot Ventures Management in Venice, Calif., led a $650 million growth investment in space technology developer True Anomaly, joined by new and existing backers and Stifel Bank, which provided $50 million of the total in debt. The Centennial, Colo.-based company builds spacecraft, writes mission software and makes space-based interceptors.

Fortress Investment Group and long-term company backer Geveran Trading are investing in Norwegian debt purchaser and servicing company Axactor through a private placement valued at €175 million, or about $205 million. The deal will give Fortress funds about 31% of the Oslo-listed company's equity while existing investor Geveran will have at least 33%. The deal also includes a five-year co-investment agreement between Axactor and Fortress.

Sofinnova Investments, Forbion and Novo Holdings led a $125 million growth investment in biotechnology company Coultreon Biopharma, joined by others including Balyasny Asset Management. The Belgian company formerly known as Onco3R Therapeutics is developing treatments for autoimmune diseases such as psoriasis.

Cormorant Asset Management and healthcare specialist RA Capital Management were among participants in a $110 million private sale of shares in Nasdaq-listed clinical-stage biotechnology company Climb Bio. The Wellesley, Mass.-based company sold nearly 9.5 million shares. RA Capital has backed the business since before it went public in 2021 under the name Eliem Therapeutics. At the time, RA Capital held about 52% of the company's shares, a regulatory filing shows.

Early-stage investor First Harmonic and TCV led a $45 million growth investment in sales and marketing software developer Actively, joined by Bain Capital as well as others. Legally named Taurus Labs, the New York company's applications use agentic artificial-intelligence technology to spur revenue generation for corporate users.

Main Street Capital is backing Shift Transit, a maintenance and logistics services provider for bicycle and scooter share networks, through a $40 million recapitalization. New York-listed Main Street was joined by company founders and existing investors in the Chicago-based business. The Houston firm provided Shift with new loans and a direct minority investment.

Trinity Capital is backing medical device maker Iantrek with a $30 million growth investment. The White Plains, N.Y.-based business specializes in products used in minimally invasive eye surgery.

U.K.-based Hg has backed an additional investment in Teamworks that brings the firm’s total investment in the sports-management software provider to more than $200 million and values the company at some $1.5 billion. AllianceBernstein also backed the latest growth investment. Teamworks serves more than 7,000 sports organizations.

Midmarket firm TruArc Partners is supporting Brightstar Capital Partners’ acquisition of children’s activity books publisher Bendon Publishing International through TruArc’s structure opportunities strategy.

Private-equity firm O2 Investment Partners in Bloomfield Hills, Mich., is backing family-owned Steffl Drilling & Pump, a water well drilling and repair services provider based in Willmar, Minn.

Strattam Capital has acquired a majority stake in procurement software provider PurchasePlus, according to an emailed news release. The investment will help the company, whose legal name is Marketboomer Holdings, expand its presence in the U.S. and further its AI-driven product capabilities. PurchasePlus provides software to help hospitality company operators manage purchasing and inventory.

Superstep Capital, a San Francisco-based private-equity firm that backs digital services companies, has acquired technology consulting firm JumpModel, according to Generational Group, which advised JumpModel on the sale.

Infrastructure specialist I Squared Capital is acquiring Brazilian company Elea Data Centers. The investment will support Rio de Janeiro-based Elea’s expansion beyond the nine data centers it operates across Brazil. Elea will need more than $10 billion to develop its pipeline of new projects, according to I Squared.

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

Genstar Capital is selling property and casualty specialty group Obsidian Insurance Holdings to strategic buyer Protective Life Insurance. Genstar set up Obsidian in 2020 and it has expanded to more than $1 billion in annual gross written premiums. Protective's ultimate parent is Tokyo-listed Daiichi Life Group.

Insight Partners-backed defense technology developer HawkEye 360 plans to sell 16 million shares in an initial public offering priced from $24 to $26 each, a regulatory filing shows. Insight, which holds about 18% of the Herndon, Va.-based company's shares, led a $145 million growth investment in the signal intelligence specialist in 2021, joined by specialist investor NightDragon. NightDragon has a roughly 12% stake, the filing shows, while Singapore's GIC has 8.5% and BlackRock holds 6.1%.

Summit Partners has agreed to sell its stake in French legal technology provider Doctrine to Relx Group, which owns LexisNexis Legal & Professional. Summit initially backed Doctrine in 2023.

Virtusa, an information ‌technology services provider backed by European buyout firm EQT AB, may seek to raise over $1 billion through an initial public offering in India at a valuation of more than $7 billion, Reuters reported, citing people familiar with the matter. EQT has backed the business since 2021, according to the firm's website.

Silver Rock Capital Partners has amassed over $4 billion of investible capital for the latest iteration of the firm’s private-credit tactical allocation strategy. The latest capital raise surpassed the $3 billion that Silver Rock gathered back in 2022 for the strategy’s previous fundraise.

European buyout firm EQT AB has closed on €3.1 billion, or about $3.63 billion, for its EQT Real Estate Europe Logistics Value Fund V, of which €3 billion is already generating fee revenue. The firm exceeded its €2.5 billion target for the new vehicle, which is about 42% larger than its 2021 predecessor. The Stockholm-based firm invests from the strategy in the largest warehouses to small, last-mile distribution facilities across Europe. Investors in the latest pool, which was originally named EQT Exeter Europe Logistics Value Fund V, include the Los Angeles City Employees' Retirement System and the Teachers' Retirement System of Louisiana, according to the WSJ Pro Private Equity LP Commitments database. The firm renamed the fund last year.

Asset manager BTG Pactual has collected $1.24 billion for an impact fund dedicated to a Latin American reforestation strategy that targets both economic returns and rural community benefits, as well as environmental goals. The Brazilian firm aims to restore and reforest 660,000 acres of degraded landscapes in the region through its Timberland Investment Group.

Asset manager KKR & Co. has named Lauren Goodwin as managing director and chief investment strategist for the private-markets firm’s global wealth business. Goodwin joins KKR from New York Life Investments, where she most recently served as chief market strategist.

InTandem Capital Partners announced leadership changes that see the firm’s founder Elliot Cooperstone assuming the role of chief executive and managing partner, while Senior Partner Brad Coppens is elevated to president and managing partner, and Operating Partner Chris Reef is promoted to partner.

Twin Bridge Capital Partners has appointed Patrick dePenaloza as principal, head of capital formation and investor relations, based in Chicago. He was most recently with RCP Advisors.

Clayton Dubilier & Rice has named Jim Lico as an operating adviser to the firm’s industrials team. Lico previously served as president and chief executive of publicly traded diversified industrial company Fortive Corp.

Paramount is seeking approval from the Federal Communications Commission for Persian Gulf sovereign-wealth funds to take a substantial equity stake in the company as part of its $81 billion acquisition of Warner Bros. Discovery, the Journal reports. U.S. rules bar foreign owners from holding over 25% of a licensed broadcaster without FCC approval, and the deal would give Paramount 28 CBS stations. Paramount earlier this month signed a deal to receive about $24 billion in combined investment from three Middle East sovereign-wealth funds: Saudi Arabia’s Public Investment Fund, Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co.

Ares Management's Nasdaq-listed business development company Ares Capital, one of the largest publicly traded BDCs with total assets of nearly $30.68 billion at the end of March, described 85% of its portfolio to be at low risk of disruption from artificial-intelligence technology in an earnings call with analysts Tuesday, an S&P Global Market Intelligence flash transcript shows. Chief Executive Kort Schnabel said just 1% of the BDC's software-oriented holdings by reviewed names are judged to be at high risk following a consultant's study, while 14% were seen as at medium risk, representing just 3% on a fair-value basis. The BDC backed 607 companies at the end of the first quarter. Ares Capital shares rose about 1.7% to close at $18.92 Tuesday.

Affiliates of Great Mountain Partners in New Haven, Conn., will get a one-time cash payment of $1.16 billion from the combination of music company Concord with Penguin Random House owner Bertelsmann's music arm, Aimee Look reports for the Journal. Concord shareholders will also retain a 33% stake in the merged business, to be based in Nashville, Tenn. Bertelsmann will hold the remaining 67% stake. Great Mountain closed Saranac Holdings, a single-investor fund, in December with $600 million to invest in media and entertainment, including Concord.

Broadtree Partners has closed a multiasset continuation fund with commitments of about $240 million, led by Adams Street Partners. The fund backs four businesses: digital marketing company Semify; government services contractor Sayres Defense; telecommunications industry services company Triage Partners; and aerospace parts manufacturer Seanair.

Partners Group's business development company Partners Group Lending Fund is offering to repurchase up to 5% of its net assets, worth about $788.4 million, through a tender offer that concludes May 26. The BDC had a net asset value of about $15.77 billion at the end of February, according to a regulatory filing.

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