Welcome back. If you're like some of my friends, you may have winced earlier this year when checking your retirement accounts. Even so, a new option for 401(k) plans may be coming soon from private-markets firms.

My colleague, Chris Cumming, shares news of the private-equity industry making a push to give Americans wider access to their funds through 401(k) plans. So firms are lobbying the Trump administration for regulatory changes that will make it harder to sue retirement-plan fiduciaries who offer private funds, and to issue guidelines to bolster sponsors’ legal arguments if they do face such lawsuits.

In other news, Monogram raised its first continuation vehicle to buy back meat snack manufacturer Western Smokehouse in a roughly $500 million deal, including debt, our Maria Armental reports.

Now onto the news...

The private-equity industry has almost all the pieces in place to start managing Americans’ 401(k) money—everything but the customers, WSJ Pro's Chris Cumming writes. Despite the strides private-equity managers have recently made in efforts to access the $12 trillion in U.S. defined-contribution retirement plans, few companies offer the asset class to participants in their programs. Lawyers say retirement-plan sponsors are afraid of getting sued for offering expensive private funds rather than sticking to low-cost index funds. So firms are lobbying the Trump administration for regulatory changes that will make it harder to sue retirement-plan fiduciaries who offer private funds, or to issue guidelines to bolster sponsors’ legal arguments if they do face such lawsuits.

Monogram Capital Partners is buying back a majority stake in high-protein meat snack manufacturer Western Smokehouse Partners in a nearly $500 million deal that will allow fellow private-equity firm AUA Private Equity to exit, WSJ Pro’s Maria Armental reports. Monogram is backing the transaction partly through the formation of a continuation fund led by secondary firm Committed Advisors and also backed by an anchor investment from RCP Advisors.

Global investment firm Carlyle Group led a $400 million financing to support TPG’s recently completed acquisition of Sabre’s hospitality business, investing through Carlyle's credit strategy. The former Sabre unit provides software to more than 40% of the world's leading hotel brands.

Oak Hill Capital and Pamlico Capital have teamed up to back investments in two local broadband service providers, IdeaTek Telcom in Kansas and Socket Telecom in Missouri, with plans to combine them into a regional Midwest operation with fiber-optic cable networks passing more than 500,000 homes by 2028. TPG is selling its IdeaTek stake, held through its Peppertree strategy, to the two buyers and then reinvesting in the new operation.

Software and services investor Hg is acquiring a majority stake in cybersecurity compliance services provider A-Lign from New York-based Warburg Pincus. The Tampa, Fla.-based company provides technology audits and assessments for more than 5,700 clients. Warburg has backed the business since 2021.

Clean hydrogen infrastructure investment fund Hy24, a joint venture of Ardian and FiveT Hydrogen, is backing Hynamics UK's development and funding of the Fawley Green Hydrogen Project, according to an emailed news release. Hy24 and Hynamics have also agreed to partner on other U.K. projects in the future. The Fawley project aims to eliminate up to 100,000 tons of carbon dioxide pollution annually by replacing fuel oil and "gray hydrogen" with low-carbon hydrogen.

K2 HealthVentures is backing a $60 million debt investment in Phil, a software-powered pharmaceutical commercialization company whose backers include Warburg Pincus. Warburg led a growth investment in Phil back in 2021.

Summit Partners is taking a minority equity stake in Quorso Global, which offers data and operational technology for multistore retailers. The company plans to use the capital to expand both across the U.S. as well as in the U.K. and Europe.

Software-focused Clearhaven Partners is backing Omatic, which offers data analytics technology for nonprofit organizations and social institutions. The Charleston, S.C.-based company serves more than 3,000 customers globally.

Strategic Value Partners in Greenwich, Conn., is acquiring Red Oak Power, which operates an 831-megawatt natural gas-fired power plant in Sayreville, N.J., from Morgan Stanley Infrastructure Partners. SVP is investing through a partnership set up last year called EverGen Power to invest in and run generating assets. The Morgan Stanley investment arm bought the Red Oak plant in 2017.

Private-equity firm IRA Capital in Irvine, Calif., has acquired recently developed Reunion Inverness Hospital in Englewood, Colo. The inpatient facility is operated by Reunion Rehabilitation Hospitals.

Private-equity firm Valesco Industries has acquired commercial and architectural interior wood door producer Five Lakes Manufacturing. Valesco invested in a recapitalization of the Clinton Township, Mich.-based company through Valesco Fund III alongside Brookside Capital Partners.

Private-equity firm GTCR has invested in Clear Capital, a provider of real-estate analytics, data solutions and valuation technology, making the Chicago-based firm the company’s first outside institutional investor. GTCR is taking a majority stake in the company alongside co-founder and Chief Executive Duane Andrews, who will retain a significant equity stake.

Welsh, Carson, Anderson & Stowe has acquired a majority interest in architectural, engineering and construction documentation services provider AIA Contract Documents, joining existing investor True Wind Capital and the American Institute of Architects in backing the business. The company specializes in developing contracts and other forms used by developers, lawyers and others involved in construction projects.

Monroe Capital led a $100 million growth investment in equipment financing company NFS Capital. The Beverly, Mass.-based company provides leases for computers and other information-technology gear to a variety of industries.

German buyout firm SHS Capital is acquiring a majority interest in family-operated surgical tools company Ackermann Instrumente, with Rolf Ackermann remaining as a minority investor. The company's products are used in endoscopy, implantology and general surgery.

Balderton Capital led a $59 million growth investment in property-technology company Huspy, joined by former Sequoia Capital arm Peak XV and several other investors. The company's technology is used to facilitate residential real-estate transactions in Spain and the United Arab Emirates.

Constellation Wealth Capital is backing Merit Financial Advisors, an Atlanta-based investment adviser with $19.94 billion in assets under advisement, acquiring a minority stake. The fresh capital is expected to help the business expand beyond the 40 offices it now has nationwide.

Healthcare-focused GHO Capital Partners in London is acquiring a majority stake in dermatoscope specialist FotoFinder Systems from German firm EMZ Partners. The German company makes analog and digital scanning systems and software used to identify skin cancer and for other dermatological purposes. EMZ has backed the business since 2022.

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

French private-equity firm Parquest is selling European pet food business Sopral to CapVest Partners-backed Inspired Pet Nutrition, a strategic acquirer based in England. Parquest first backed the French manufacturer in 2018.

Bow River Capital in Denver is selling commercial property services provider Progressive Roofing to strategic buyer TopBuild for $810 million in cash, Colin Kellaher reports for WSJ Pro. Bow River recapitalized Progressive in 2021.

Seaside Equity Partners in San Diego has collected over $720 million across two funds, Seaside Equity Partners III and Seaside Navigator I. The lower midmarket-focused firm banked $568 million in limited-partner commitments to its third flagship fund and $155 million for the Navigator pool. The closings bring the firm's assets under management to about $1.4 billion.

Manulife Financial's investment arm has closed on $1.1 billion for its midmarket-focused Manulife Co-Investment Partners III fund and related commitments. Manulife Investment Management had sought to raise $750 million for the vehicle, which is now more than $300 million larger than a 2021 predecessor fund.

Meridiam Infrastructure North America has raised at least $1.24 billion so far for Meridiam North America Infrastructure Fund IV and related parallel vehicles, according to regulatory filings. Investors that have disclosed commitments to the fund include the Employees’ Retirement System of Rhode Island and the Sacramento County Employees’ Retirement System, according to the WSJ Pro Private Equity LP Commitments database. The fund will back the development of new assets in the transportation, digital, energy transition and social infrastructure sectors supported by public-private partnerships, according to Rhode Island pension documents.

Growth investor Revaia in Paris has added Jérémie Falzone as a partner based in Munich. He was previously with Cathay Capital Private Equity and led its Munich office.

Pritzker Alternative Strategies, which invests Anthony Pritzker family capital in private-equity funds, has added Philip Durst and Michael Batal as senior advisers on investment strategies and strategic initiatives. Batal was most recently with Kemnay while Durst previously led Brush Street Investments.

Healthcare-focused investment firm Cressey & Co. in Chicago has elevated Dan Vollman to principal. He joined the firm in 2021.

Special situations investor Sandton Capital Partners in New York has committed to provide up to $60 million in debtor-in-possession financing to bankrupt Linqto, the once-highflying private stock investment platform, The Wall Street Journal reports. The company sought chapter 11 court protection citing investigations into its business and questions about what its customers even own.

Buyout firm KKR and Brazilian banking company Itaú Unibanco's Itaú Asset Management arm have agreed to collaborate on investment opportunities to offer to investors in Brazil. The Itaú unit manages about $198 billion while KKR has assets of around $664 billion. Together they plan to develop investment products for institutional and private-wealth clients in Brazil.

SoFi Technologies is expanding its private-markets offerings to investors with funds managed by Cashmere, Fundrise and Liberty Street Advisors, Dean Seal reports for Dow Jones Newswires. The funds have invested in private companies in the fields of artificial intelligence, machine learning and space technology, among other sectors.

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

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