Good morning! As another week unfolds, spring weather has finally arrived here in the Boston area, which means it changes nearly practically every hour. Yesterday the Department of Labor released long-awaited details of a proposed rule aimed at smoothing the path for private-markets investments in 401(k) retirement accounts and, as our own Chris Cumming writes, the final proposal seems to fulfill many of the items on private-markets firms’ wish lists. However, whether 401(k) managers actually buy in to the industry’s pitch remains to be seen.

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A Trump administration proposal to get private equity into Americans’ retirement plans is stronger and further-reaching than all but a few optimists on Wall Street had hoped, attorneys and policy experts say. But, as WSJ Pro’s Chris Cumming writes, some still question whether it will be enough to persuade savers and retirement-plan sponsors to take the plunge into alternative assets.

The proposed regulation by the Labor Department aims to curb the litigation that dissuades employers from broadening their 401(k) investment menus beyond the typical mix of stock and bond funds. But the proposed rule come as redemption requests from investors in semiliquid private-credit funds continue to mount amid concerns about the health of those funds' underlying portfolios.

Swedish buyout firm EQT AB co-led or joined Benchmark Capital in investments totaling $170 million backing space-based data center developer Starcloud at a $1.1 billion valuation. Other participants included Macquarie Group. The company launched its first data center-bearing satellite in November. EQT invested through its venture arm.

Mirae Asset Financial Group and the Korea National Growth Fund led a $400 million growth investment in artificial intelligence technology infrastructure company Rebellions at a roughly $2.34 billion valuation. The South Korean company provides purpose-built inference accelerators and aims to expand into the U.S. market.

Insight Partners led a $130 million growth investment in software company ScaleOps Labs, a deal that valued the business at over $800 million. Other participants included Glilot Capital Partners and Picture Capital, along with existing backers. The company specializes in cloud computing and database management systems.

Lone Star Funds and a group that includes Sixth Street Partners and Centerbridge Partners have entered the picture as Irish bank operator Permanent TSB Group Holdings explores a sale, according to a regulatory filing by the London-listed lender. Austrian bank Bawag Group is also in the mix. The company indicated it is looking for a new owner that is willing to invest in the retail operation's growth. The company has a market value of about €1.57 billion, or roughly $1.81 billion. Reuters reported that the Irish government holds nearly 58% of the bank's equity.

Bain Capital remains locked in talks to buy the U.K. wealth arm of Canaccord Genuity, sister publication Financial News in London reports, citing people close to the matter. The firm is in discussions about buying the division from the Canadian financial services giant, but neither side has agreed on terms amid differing expectations over price, according to multiple people close to the deal. HPS Investment Partners, now owned by BlackRock, has backed the wealth adviser since July 2021.

Consumer-focused L Catterton in Greenwich, Conn., led a $27.5 million growth investment in wellness products company Mars Men. The Austin, Texas-based company legally named Mars Health offers products such as a testosterone supplement.

European buyout firm Astorg is acquiring a majority interest in security and fire-safety services provider Barkene from Montefiore Investment and managers. Montefiore has backed the French business since its founding in 2018. The company now operates with nearly 800 employees in 39 locations. Astorg is investing through its Mid Cap strategy.

Midmarket investor TruArc Partners in New York has acquired Matrix Adhesives Group from Goldner Hawn, a private-equity firm in Minneapolis. The Columbus, Ohio, company supplies adhesives and sealants to a variety of industries, including construction. Goldner had backed the company since June 2021, according to the firm's website.

BlackRock in New York is supplying €50 million, or $57.5 million, in financing to quantum computing company IQM Finland, which plans to go public through a reverse merger with blank check company Real Asset Acquisition Corp. The company has about 350 employees.

Lower midmarket focused firm Del Monte Capital has backed its third platform deal with an investment in DLG Infrastructure Services, a Houston-based municipal water infrastructure company that offers services such as water line upgrades, drainage, sewer, wastewater rehabilitation and upgrades, trenchless pipe replacement, and neighborhood flood mitigation.

Growth investor Alliance Consumer Growth and family office investment firm Impact Capital have led a $20 million investment in Create Wellness, a creatine supplement brand. Unilever Ventures also participated in the transaction.

Qumra Capital led a $70 million growth commitment for software coding review and test company Qodo, joined by others including Phoenix Capital Partners. Legally named Codium, the company focuses on applications generated with the assistance of artificial intelligence technology.

Coatue Management in New York led a $65 million growth investment in software developer Sycamore Labs, joined by Lightspeed Venture Partners and others. The Palo Alto, Calif.-based company is developing applications designed to serve as the operating system layer used to manage autonomous agentic artificial intelligence programs.

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

European firm Hg has agreed to sell infrastructure management technology provider Geomatikk Group to Nordic firm Axcel in a deal that has an enterprise value of around £300 million, or roughly $395.62 million, Sebastian McCarthy writes for sister publication Private Equity News. Hg first invested in the company back in 2020.

Midmarket-focused GHK Capital Partners in Greenwich, Conn., has sold freight broker ITS Logistics to strategic buyer Echo Global Logistics. GHK first backed the Reno, Nev.-based company in June 2021.

Inflexion in London has wrapped up its latest investment pool with €4.5 billion, or $5.16 billion,, reaching the vehicle's hard cap in just six months in the market, according to the firm. The total for Inflexion Buyout Fund VII surpassed the firm's €3.75 billion target as well as eclipsing the size of its predecessor, which closed on £2.5 billion, or about $3.3 billion, in 2022. Investors in the latest vehicle included the Ohio Police & Fire Pension Fund, which pledged up to €25 million, according to the WSJ Pro Private Equity LP Commitments database. The firm plans to back Northern European businesses valued at around €250 million to €1 billion with the new fund.

Midmarket-focused H.I.G. Capital in Miami is expanding its investment capabilities in the insurance sector and hired Clark Jeffries as managing director and global head of insurance and Gary Droscoski as managing director in H.I.G.'s capital formation group.

Anzu Partners in Tampa, Fla., has advanced Josh Stiling to principal with the firm's investment team. He joined Anzu in 2021.

Sun Life Financial has completed its full acquisition of private-credit investment manager Crescent Capital Group, paying 829 million Canadian dollars, or about $595.3 million, for the 49% of Crescent that it didn't already own. The insurer acquired a 51% stake in Crescent for C$450 million in January 2021. Sun Life also acquired the remaining 44% equity interest in real estate investment management adviser BGO for C$1.59 billion after obtaining a 56% stake in July 2019.

Japanese builders have announced or closed acquisitions of 23 U.S. single-family home builders since 2020, more than double the number from 2013 to 2019, the Journal reports. That doesn’t include the multifamily developers and construction-supply companies they have also bought. By some estimates, Japanese builders are now set to own about 6% of the U.S. home-construction market.

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