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Climate and clean energy deals in the U.S. had largely ground to a halt as the industry awaited clarity from the Trump administration. The policy outcome “was better than people expected,” TPG’s Jim Coulter said on the firm’s most recent earnings call. “So underneath the noise in the U.S. market, I think the clarity we now have is really interesting,” he said, adding that TPG’s pipeline was “very, very busy.” The bottom line, he said, is the U.S. needs more energy and renewable energy is the fastest and cheapest way to address that.

Luis Garcia reports on the tax credit opportunity around solar and wind projects—and the calculations at play to tap the tax credits before they are phased out.

Isaac Taylor reports on Apollo and Motive Partners’ setting up a private-markets servicer for institutional investors and wealth advisers.

And Jonathan Weil shines a light on private equity’s notorious opacity, saying that the tricks of the trade take on greater importance as the industry seeks to broaden its reach among ordinary investors.

We have summaries of these stories and more. Please read on …

Some private equity-backed businesses that help solar and wind energy developers sell their tax credits continue to see many deal opportunities ahead even as developers face shorter deadlines to benefit from the incentives, WSJ Pro's Luis Garcia writes. The recently enacted One Big Beautiful Bill Act accelerated the phaseout of wind and solar tax credits, but projects that begin construction within a year can still qualify for the incentives. Projects that begin producing power before the end of 2027 will also generate credits. The accelerated timeline has spurred a scramble to get projects off the ground to snare the credits.

Asset managers Apollo Global Management and Motive Partners are backing the formation of a new private-markets services provider, WSJ Pro's Isaac Taylor reports. The new company, set up by combining fund administrator Alchelyst and Apollo spinout Lyra Client Solutions, will offer private-markets fund administration services for institutional investors and wealth advisers. The business is expected to help fund sponsors meet growing investor demands for swift, frictionless and transparent services.

While private equity is synonymous with opacity, the tricks of the trade are taking on greater importance as the industry seeks to broaden its reach among ordinary investors, Jonathan Weil writes for The Journal. Often, firms obscure the value of their assets or otherwise make examining their performance difficult—practices that could lead new investors in the asset class to suspect that what they see isn't always what they get when investing in private-markets funds.

Abu Dhabi's Mubadala completed the acquisition of CI Financial in deal that valued the Canadian asset manager at about 12.1 billion Canadian dollars, equivalent to roughly $8.78 billion, including debt. The company, which agreed to the deal in November, reported C$550.9 billion in assets as of the end of June, up about 12.6% from a year earlier.

Infrastructure-focused Zero Two, which invests on behalf of Abu Dhabi sovereign wealth fund ADQ, is joining Warburg Pincus as a co-controlling investor in Evolution Data Centers. The New York firm has backed the Singapore-based developer since 2022. Evolution is building hyperscale data centers in places such as Thailand, the Philippines and Vietnam, powered by renewable energy sources.

European buyout firm EQT AB is offering to acquire and take private Tokyo-listed CareNet for ¥1,130 a share, equivalent to about $7.66, in a bid that values the business at about $320 million. The company's directors are supporting the deal. EQT is investing through its BPEA EQT Mid-Market Growth Partnership fund.

Advent International in Boston is acquiring the aerospace and defense operations of photonics manufacturer Coherent for $400 million. The unit of Saxonburg, Pa.-based Coherent includes optical and laser systems and employs about 550 people in 10 locations.

Apollo Global Management is acquiring a majority stake in German heat exchange and cooling systems supplier Kelvion from midmarket investment firm Triton, which plans to remain a minority backer of the company. Kelvion provides cooling systems for data centers as well as heat pumps and other technology to commercial and industrial users worldwide. Triton has backed Kelvion since 2014.

Nexa Equity in San Francisco is investing in software supplier Facility Grid, providing expansion capital to the Brookline, Mass.-based business. The company's software is used to help manage large-scale construction and renovation projects involving commercial, industrial and infrastructure properties.

Buyout firm KKR & Co. and private-equity firm Stonepeak lost their bidding war with U.K. real estate investor Primary Health Properties for healthcare property owner Assura as nearly 63% of shareholders in the London-listed company accepted PHP's cash and stock offer while less than 17% opted for the KKR-Stonepeak bid, which was valued at roughly £1.7 billion, or roughly $2.29 billion.

Bain Capital in Boston and strategic partner BlueWater Marinas have acquired dry slip marina and boatyard Glyn’s Marine in Nantucket, Mass. Bain Capital's joint venture with Charleston, S.C.-based BlueWater acquires boatyards in markets along the East Coast and has purchased three so far.

Great Hill Partners in Boston has acquired a majority stake in ambulatory dental care clinic operator Blue Cloud Pediatric Surgery Centers from TPG’s Rise Fund, which first backed the business in 2021. The Woodlands, Texas, company operates 32 centers across a dozen states, serving more than 60,000 patients annually.

Surge Private Equity in Dallas has acquired commercial laundry White Plains Linen in a transaction valued at more than $50 million. The Peekskill, N.Y.-based company serves the hotel and restaurant industries.

Healthcare specialist RA Capital and Insight Partners as well as others joined a $44 million growth investment in clinical-stage biotechnology company Gameto, led by Overwater Ventures. The Austin, Texas, company is developing treatments for infertility.

Growth investor Blue Sea Capital in West Palm Beach, Fla., has acquired cleaning products provider MicroCare Holdings, based in New Britain, Conn.

Navigant Capital Partners is backing insurance broker Marketplace 4 Insurance as it acquires peer company Reilly Insurance Agency. The acquisition extends southeast-focused Marketplace's reach into the mid-Atlantic region.

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

Carlyle Group sold its stake in software services provider HSO Group to Bain Capital, which invested alongside company founder and CEO Peter ter Maaten. The Dutch technology services company helps clients work with Microsoft products and has around 1,400 customers in more than 30 countries. Carlyle has backed HSO since 2019.

Swedish private-equity firm EQT AB is selling digital and information technology services provider Nexon Asia Pacific to Australian firm Adamantem Capital. EQT first backed the Sydney-based business in 2019.

European buyout firm EQT AB has sold about 1.5 million shares of Kodiak Gas Services back to the company for $50 million, or $33.14 a share, and still holds roughly 29.8 million shares in the oil and gas contract compression services provider based in The Woodlands, Texas. EQT has backed the U.S. provider of contract compression services since 2019, investing through its infrastructure strategy.

Audax in Boston has sold compliance software supplier GovOS to Neumo, which Arlington Capital Partners established by merging GovOS with Avenu Insights & Analytics and Intellectual Technology. Austin, Texas-based GovOS provides transaction and other applications to more than 700 state and local government agencies across the U.S. Audax acquired Kofile Technologies in 2020 through its private-equity group and later spun out GovOS. Bethesda, Md.-based Arlington said Neumo has been set up in Centreville, Va. Arlington has backed Avenu since 2023 and ITI since 2019.

Private-equity firm Kelso & Co. in New York has sold insurance broker Accession Risk Management Group to strategic buyer Brown & Brown in a deal valued at about $9.83 billion. The Boston-based company operates through two subsidiaries, adviser Risk Strategies and wholesaler One80 Intermediaries. Kelso invested in the company in 2015, helping the broker multiply its revenue to $1.7 billion from $130 million, with employee headcount rising 10-fold to about 5,500.

Nuveen, the investment manager for the Teachers Insurance and Annuity Association of America, or TIAA, has collected $1.3 billion so far from investors for Energy & Power Infrastructure Credit Fund II and has held a first close for the pool. The New York-based manager is aiming to raise $2.5 billion for the vehicle.

GoalVest Advisory's venture capital arm aims to raise $50 million for growth investments through GoalVest Venture Growth Fund II, and has held a first close for the vehicle. The firm was among the backers of artificial intelligence infrastructure company CoreWeave before its March IPO.

Dundon Capital Partners founder Tom Dundon is poised to acquire the National Basketball Association's Portland Trail Blazers at a value of more than $4 billion, as the head of a group that includes some local investors, the Oregonian reports. Dundon, whose firm is based in Dallas and who already owns hockey's Carolina Hurricanes, has agreed to buy the Blazers from the estate of Microsoft co-founder Paul Allen, the Portland newspaper reports. Dundon's group also includes Blue Owl Capital co-president Marc Zahr. ESPN reported the price at just over $4 billion, though Dundon didn't confirm that to the Oregonian.

Midmarket buyout firm H.I.G. Capital in Miami has added Harrison Davis as a managing director. He was previously a partner and co-head of New York-based fund manager TZP Group.

Credit-focused Munroe Capital in Chicago has added Todd Davis as a director with its direct originations team, based in New York, according to an emailed news release. He was most recently with Antares Capital.

Opportunistic credit investor Kennedy Lewis Investment Management is likely to be repaid at least some of the $450 million it has loaned to Eastman Kodak as the legacy camera film company winds down its in-house pension, WSJ Pro's Alicia McElhaney reports. Kodak expects the $3.5 billion pension to have a surplus of some $850 million.

Personal-injury claimants alleged that bankrupt nursing home chain Genesis Healthcare is trying to cleanse itself of tort liabilities in chapter 11 before the private-equity investor who controls Genesis buys the company’s assets back on the cheap, WSJ Pro's Soma Biswas reports.

Shares of cryptocurrency exchange Bullish soared 84% in their trading debut Wednesday after pricing above the expected range at $37 in the company's initial public offering of some 30 million shares, the Journal reports. Investor Peter Thiel’s family office has been among the Cayman Islands-based company's backers since 2021, the year it was founded, according to research provider PitchBook Data.

Private-equity dealmakers turned to equity to clinch deals amid market uncertainty following the Trump administration's declaration of broad-based tariffs in early April, according to BDO USA. About 30% of respondents surveyed subsequent to the White House event said they favored equity to finance acquisitions, up from 15% in March. Meanwhile, private credit, which had earned the top spot among respondents in March, fell to No. 2 as credit underwriting became more difficult and time-consuming, the financial advisory and consulting firm said.

Family offices from the U.K. to Switzerland, Hong Kong, South Africa and Bermuda plan to increase their investments across private markets, with infrastructure funds leading the way, according to a report from Ocorian, which supplies support services to wealthy families. The company surveyed family offices that control $68.26 billion in aggregate.

Shore Capital Partners in Chicago has formed clinical trials recruiter PhaseWell Research. The Nashville, Tenn.-based company helps developers of drugs and medical devices as they move into clinical trials.

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

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