Good morning! President Trump took a swing at Wall Street Wednesday, declaring his intent to ban institutional investors from buying single-family homes—something housing activists have railed about for years. As the Journal reports, investors have never exceeded owning 3% of the national market by some estimates. But in locations such as Atlanta, investors have owned around 25% of the politically sensitive home rental stock.

In our report today, we have a trifecta of fundraising exclusives for you, two from our Isaac Taylor. He writes that Benefit Street has amassed $10 billion in fresh investment capacity while Davidson Kempner has closed on $1.1 billion for asset-backed lending deals.

And our Chris Cumming reports that Eir Partners raised $1 billion for its third fund focused on healthcare technology. 

We have these stories and much more summarized and linked for you below, so please read on...

Private-credit firm Benefit Street Partners has collected $3 billion for its latest fund focused on real-estate deals, including related vehicles, giving the firm $10 billion of investible capital when anticipated leverage is included, Isaac Taylor writes for WSJ Pro. The fresh capital amassed for Benefit Street Partners Real Estate Opportunistic Debt Fund II marks a more than sixfold increase from the investment capacity of the firm’s previous fund, which collected roughly $1.5 billion including leverage in 2022. The additional vehicles are a mix of co-investment sidecars and parallel funds.

Eir Partners Capital, a Miami private-equity firm that invests in healthcare technology and tech-enabled services, closed its third fund at more than double the size of its predecessor, Chris Cumming writes for WSJ Pro. The $1 billion final tally for Eir Partners III exceeded both its $800 million target and the $496 million raised for the fund’s predecessor.

Davidson Kempner Capital Management has closed its second asset-backed private credit fund and related vehicles, giving it over $1.1 billion in fresh investible capital exclusive of fund-level leverage, WSJ Pro’s Isaac Taylor writes. Investors in the new vehicle, Davidson Kempner Income Fund II, included roughly 70% of those that backed the first fund in the strategy, said Patrick Dennis, a co-deputy managing partner with the New York firm. The predecessor fund, which wrapped up investing in 2024, had around $750 million from investors when the firm closed it in 2021. Investors in that debut fund so far have gotten back about what they put in, with more on the way, Dennis said.

Singapore sovereign-wealth fund GIC and Coatue Management plan to lead a $10 billion investment in Anthropic at a $350 billion valuation before the new investment, the Journal reports, citing people familiar with the matter. The investment, the third megadeal in the past year, follows a $13 billion investment in September that valued the company at $183 billion.

Buyout firm KKR & Co. is committing an additional $1.5 billion to data center infrastructure developer Global Technical Realty, joined by Oak Hill Capital, which is supplying $400 million to the business as a new investor. KKR helped set up the business in 2020 and is backing it through its global infrastructure strategy.

Apollo Global Management is leading a $3.5 billion financing commitment to support Valor Equity Partners’ $5.4 billion acquisition and leasing of computer processors used in data centers, including graphics processing units made by Nvidia, to a unit of Elon Musk’s xAI artificial intelligence business. The leased assets are expected to support xAI's training and development of the company’s Grok system.

Energy Capital Partners has completed the roughly $26.6 billion sale of its Calpine fleet of gas-fired power stations to strategic buyer Constellation Energy, closing out its nearly decade-long investment with an estimated $25 billion return. The firm agreed to pay about $5.6 billion for Calpine in 2017.

Blackstone has acquired the remaining equity in Air Control Concepts held by buyout firm Madison Dearborn Partners in Chicago, with company founder Brad Hobbs investing alongside the New York firm. Blackstone first backed the Norfolk, Va., business in July 2024 and is investing through its private equity strategy for individual investors, advised by law firm Simpson Thacher & Bartlett. Madison Dearborn first backed the company in 2023. Air operates in 35 states with over 1,900 employees.

Surveyor Capital provided the primary investment in a $200 million growth round backing cancer treatment developer Soley Therapeutics, joined by others including HRTG Partners and RWN Management. The South San Francisco, Calif., company uses artificial intelligence technology to generate promising drug candidates.

Andera Partners in Paris led a $67 million growth investment in Spiro Medical, an Irvine, Calif., startup developing an asthma treatment. Other participants in the deal included Omega Funds and Sherpa Healthcare Partners.

Varsity Healthcare Partners is backing clinical trial patient recruitment services provider Trialbee with a majority investment. The Swedish company uses online systems and found subjects for tests run by more than 6,000 organizations last year.

Levine Leichtman Capital Partners has acquired private dispute mediation company Signature Resolution, investing alongside the founders of the business. The Los Angeles firm is backing the business out of its lower midmarket strategy.

Technology-focused TA Associates is backing workplace services company OneSource Virtual with a majority investment, providing exits for Halyard Capital and TCV. Based in Dallas, OneSource offers back-office and personnel services to over 1,400 businesses that use the Workday software system.

The life science strategy of London-listed buyout firm ICG and Amplitude Ventures led a $76 million growth investment in clinical-stage biotechnology company Mediar Therapeutics. The Boston company is developing treatments for pulmonary fibrosis.

Iconiq Capital and DST Global led a $100 million growth investment in e-commerce services provider Swap Commerce, based in London. The company is expanding its digital services internationally.

LongRange Capital is acquiring gym chain 24 Hour Fitness alongside founder Mark Mastrov, who sold the business some two decades ago, from private-equity owners. Backers of the Carlsbad, Calif.-based chain have included Monarch Alternative Capital, Sculptor Capital Management and Cyrus Capital Partners, according to the company. The company has over 7,000 employees and 240 locations in nine states, including New York and Texas.

European buyout firm Mutares in Munich is buying e-commerce operations in Slovenia and Croatia and related assets from Allegro Group. The operations generate revenue of about €100 million and employ over 250 people.

Infrastructure investor I Squared Capital is buying traffic management and safety services provider Ramudden Global from Triton Partners. The company operates in Europe and North America from 190 depots.

Technology investor TA Associates is making a strategic investment in market research technology company PureSpectrum. The Westlake Village, Calif., company is focused on automation, marketplace and sample management for clients.

Lotus Infrastructure Partners in Greenwich, Conn., has acquired the 365 megawatt Caithness Long Island Energy Center from Caithness Energy. The gas fired plant is located in New York’s Suffolk County and is being renamed​​ as the Brookhaven Energy Center.

Investment firm Bregal Sagemount is backing database-focused programming developer Redgate Software with a majority growth investment. The deal with the company is expected to close before March 31.

Taiwania Capital Management in Taipei and Axil Capital Group in Tokyo led a $70 million growth investment in biotechnology company Rakuten Medical in a transaction that also included the conversion of $30 million of promissory notes. The San Diego company is developing a cancer treatment.

Gemspring Capital Management has acquired technology lifecycle management company TRG, investing alongside the company's founder and family. The Cleveland company focuses on enterprise mobility.

European investment firm EQT AB's EQT Exeter Real Estate Income Trust has purchased a 9.6 acre Torrance, Calif., industrial property for $51.5 million. The site includes a 76,007 square-foot structure currently leased to a large food and beverage business.

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

Charlesbank Capital Partners in Boston and GTCR in Chicago have exited their investments in Park Place Technologies following the company's combination with Warburg Pincus-backed Service Express, according to a spokesman. The Cleveland-based data center services provider has more than 3,000 employees and over 20,000 customers worldwide. GTCR first backed the business in 2015 with Charlesbank joining in 2019.

Wynnchurch Capital has sold portfolio company Stampede Culinary Partners to Premium Brands Holdings. Wynnchurch initially backed the Bridgeview, Ill.-based provider of protein and other food products to restaurants, retail and food distributors in 2017, the firm’s website shows.

Midmarket firm Gryphon Investors made a majority growth investment in cybersecurity services firm Fortreum. The Lansdowne, Va.-based company’s management is retaining a significant stake in the company.

Reverence Capital Partners has sold its majority stake in temporary housing and managed repair services provider CRS to Ridgemont Equity Partners. Reverence first backed the Phoenix company, which works with insurers and their covered clients, in 2021.

Truelink Capital has sold Air Distribution Technologies unit Koch Filter to strategic buyer Atmus Filtration Technologies for $450 million in cash. Truelink first backed Plano, Texas-based Air in August 2024, according to the firm’s website.

Insignia Capital Group is backing Trooh Media with a strategic investment. The New York company operates digital screens dedicated to brand marketing on over 1,000 U.S. college campuses.

Warburg Pincus in New York has closed on $3 billion for its Warburg Pincus Financial Sector III fund, surpassing a $2.5 billion target set in 2024 when the firm began collecting commitments for the vehicle to invest across the financial services landscape. Backers of the new fund include the New York City Employees’ Retirement System, which pledged at least $76 million and also backed both the firm’s previous funds focused on the strategy, a public document shows.

Healthcare investor Catalio Capital Management in New York has raised over $325 million for its second credit fund, Catalio Structured Opportunities Fund II as well as co-investment vehicles. The firm reported receiving its first commitment to the fund in January 2024. Investments so far from Fund II include backing a growth investment in Leo Cancer Care and a $20 million commitment to Amalgam Rx. The firm managed about $1.7 billion in regulatory assets at the end of 2024, a regulatory filing shows.

Impact investor Creation Investments Capital Management in Chicago has raised over $46 million for its Impact Credit Fund II, which focuses on deals involving businesses in underserved markets in emerging economies such as India.

New York-based AEA Investors has added Zeynep Tumer Bayazid as head of EMEA in its investor relations and fundraising group, based in London and focusing on Europe and the Middle East. She joins from AlbaCore Capital Group.

New York-based growth investment firm LoneTree Capital has added Gerald Castaldo as a partner at the firm. Castaldo joins LoneTree from H.I.G. Capital, but he also spent some eight years working on technology investments at Bregal Sagemount.

GenNx360 Capital Partners has added Kay Blackwell as head of investor relations at the firm. Blackwell joins the firm from Neotribe Ventures, where she served as partner of investor relations.

Specialist investor ITE Management in New York has hired Alexander Dalhoff as a managing director and head of European investments, based in the firm's recently opened London office. He was previously with Fortress Investment Group.

Lower midmarket-focused CCMP Growth Advisors has made several promotions, including moving Patrick McGrath, a managing director, to the investment committee. The firm also elevated Chris Stevenson to senior principal, Casey Klingler and Connor Moran to principal and Jamie Flanagan to vice president and controller.

President Trump said he was taking steps to ban large investors from buying single-family homes, a move that would represent his administration's first significant action to address the U.S. housing crisis, the Journal reports. Wall Street firms and private equity investors have scooped up hundreds of thousands of U.S. homes to rent out. Some housing advocates say those purchases are contributing to a dearth of homes for sale and driving up home prices in certain neighborhoods.

Buyout firm KKR & Co. has struck a deal to acquire pro sports investment pioneer Arctos Partners at a valuation of around $1 billion, Bloomberg News reported, citing people familiar with the matter. But before it can proceed, the firms need to obtain approval from various leagues where Dallas-based Arctos holds investments, which include Major League Baseball, the National Football League and the National Basketball Association in the U.S. Arctos, with assets of roughly $15 billion, is also an active secondaries investor.

Private-equity firms need a different approach to eliminate the “definitional ambiguity” that often politicizes discussions about the role of environmental, social and corporate governance factors in dealmaking, WSJ Pro’s Luis Garcia reports for Dow Jones Newswires, citing a new paper by Stanford University’s Long-Term Investing Initiative and British Columbia Investment Management. Investors should see ESG as “a set of societal issues that, due to their growing relevance, have become material to business performance,” the paper says.

The chairman of MBK Partners in Seoul faces possible arrest after South Korean prosecutors sought a warrant against Kim Byung-ju over the firm’s sale of troubled supermarket chain Homeplus, Reuters reports. The requests from prosecutors seek arrest warrants for Kim and three associates on charges that include fraud, Reuters said, citing the Supreme Prosecutors’ Office. The firm disputed the allegations and said it will challenge the warrant requests in court, Reuters said.

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