Good morning. 

Clearlake Capital Group closed its latest fund with $14.8 billion, wrapping up one of the largest vehicles to close in 2026 after several years on the road, I report.

Sixth Street is committing $143 million to help portfolio-monitoring company Chronograph expand into private credit, our Maria Armental reports.

And our Luis Garcia has a scoop on the $900 million debut fundraise for Conifer Infrastructure Partners, which backs developers of energy infrastructure.

Now, onto the news...

Clearlake Capital Group raised $14.8 billion for its eighth flagship fund, closing one of the largest recent private-equity vehicles, WSJ Pro's Chris Cumming reports. The firm exceeded the $14.1 billion raised by the 2022 predecessor, but required several fund extensions to do so, according to news reports. Clearlake has already made several deals through the latest fund, the largest of which is the $7.7 billion takeover of business-analytics company Dun & Bradstreet Holding. 

Sixth Street Partners is investing $143 million in Chronograph as the portfolio-monitoring company expands into private credit—where investors’ fears over valuations and threats from artificial intelligence have roiled markets and driven wave after wave of redemptions, WSJ Pro’s Maria Armental writes. The investment, which values Chronograph at $350 million, underscores private capital’s broader bet on high-integrity data infrastructure as a foundation for AI-driven decision-making.

Conifer Infrastructure Partners has raised $900 million for its first fund to back developers of infrastructure across the energy and critical-materials sectors, WSJ Pro's Luis Garcia writes. The Pittsburgh-area firm was founded about three years ago as a family office to invest deal-by-deal. The firm has invested in M2X Energy, a developer of portable units that convert methane gas from landfills into methanol fuel, among other businesses.

A new fund backed by fashion giant LVMH and more than 200 professional athletes said it is making its first investment, taking a minority stake in a U.S. activewear brand, Lauren Thomas reports for the Journal. The fund known as Champ—which stands for Champion Athlete Managing Partner—and a handful of other investors are putting nearly $50 million in Rhoback, according to people familiar with the matter. Champ launched in April and aims to raise $500 million to invest in buzzy consumer brands.

Washington Harbour Partners made a growth investment in Computomic, a Princeton, N.J.-based company that helps enterprises integrate Databricks data, analytics and AI technology into their operations and businesses.

Brookfield's Oaktree Capital Management has joined Pacific Equity Partners and I Squared Capital in pursuing Sydney-listed outdoor advertising and communications company oOh!media, which said Monday that indicative offers have climbed as high as 1.60 Australian dollars per share, or about $1.13 a share. The company earlier rebuffed lower offers from Pacific and I Squared, and said interest from Bain Capital has apparently waned. The stock rose about 8.7% Monday to close at A$1.50 a share in Sydney, giving the company a market capitalization of about A$789.7 million, or about $556.4 million.

Los Angeles-based firm Truelink Capital has agreed to invest in Horwitz, a Minneapolis-based provider of mechanical, electrical and plumbing services supporting complex commercial and industrial facilities. The transaction marks Truelink’s 12th main investment out of a debut fund that closed back in 2022. Svoboda Capital Partners has backed Horwitz since 2022. 

Sixth Street Partners has acquired a minority stake in the Pinnacle Gas Services unit of Comstock Resources for $600 million, investing at a $2.2 billion enterprise value. Comstock retained a 73% interest in the unit and continues to operate the midstream energy industries services provider.

Birch Hill Equity Partners in Toronto has acquired a majority stake in Canadian industrial valve manufacturer Velan for 203.9 million Canadian dollars, or about $145.8 million, Robb M. Stewart reports for Dow Jones Newswires. The deal for control of the Toronto-listed firm was struck in January. Velan shares rose nearly 2.6% in Monday trading.

Family-owned investment firm Hoffmann Family of Cos. has acquired Cedar Crest Ice Cream, a family-owned and operated dairy business based in Cedarburg, Wis. Renato DePaolis, chief executive of Oberweis Dairy, another Hoffmann portfolio company, will also assume leadership of Cedar Crest.

An investor group that includes growth equity and venture firms Bettor Capital, Commerce Ventures, Decades Holdings, and Thayer Street Partners has backed a $50 million investment in payments infrastructure company Interchecks.

Recently formed Prime Radiant Partners is joining a growth investment in cell therapy manufacturer Cellares adding a $50 million commitment to a round led in January by BlackRock and Eclipse. Other investors included DFJ Growth while ARK Invest also joined the round last week with a  $20 million commitment. The round backing the South San Francisco, Calif.-based startup totaled $327 million with Prime's participation.

Capza in Paris is negotiating with pharmacy-based dermocosmetics company Respire to acquire a minority stake in the business, whose founders would retain a majority interest, according to an emailed news release. The company makes deodorants and facial products. Capza is a unit of the alternatives investment arm of BNP Paribas.

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

Easterly Asset Management-backed maritime investment platform Easterly Clear Ocean announced the exit of all of the vessels from its debut investment fund ECO Tranche I, which the platform closed in 2022 with the acquisition of seven chemical tankers, according to an emailed announcement. The final vessels of the fund sold in the second quarter of 2026 and will be delivered to buyers by the third quarter. The fund is expected to generate an estimated 4.25-times net return and 63% estimated net internal rate of return, the announcement stated. Easterly Clear Ocean has deployed nearly $400 million across four fund tranches.

Midmarket specialist H.I.G. Capital has sold pharmaceuticals contract research organization Celerion Holdings to buyout peer THL Partners for $1.8 billion. Miami-based H.I.G. had invested in the Lincoln, Neb.-based business since 2022, through its Advantage strategy.

Energy Capital Partners has sold the 1.2 gigawatt Lawrenceburg Power Plant in Indiana, the 869 megawatt Waterford Energy Center and the 480 megawatt Darby Generating Station peak load generator in Ohio to strategic buyer Talen Energy for about $2.55 billion in cash and 2.4 million Talen shares, worth about $926.9 million at Monday's close. Based in Summit, N.J., Bridgepoint Group's ECP acquired the plants in 2024 from Blackstone and ArcLight Capital Partners.

Shares of listed German satellite maker OHB fell Monday after the company said it would raise around €500 million, or about $578.4 million, in fresh capital through a rights issue, the Journal reports. OHB said its major shareholders, the Fuchs family and KKR-owned Orchid Lux HoldCo, will waive their subscription rights, which will free up around 94% of the new shares for a private placement and increase the number of shares available for public trading. KKR’s Orchid Lux will sell some of its stake in the offer while retaining the majority of its current shareholding.

European alternative investment firm Veld Capital has raised a €355 million, or $412 million, continuation vehicle to acquire a diversified portfolio of cash-flowing European asset-backed finance assets. Blue Owl Capital’s alternative credit strategy served as a lead investor in the continuation fund, which will provide liquidity to existing Veld investors.

Distressed credit investor Mudrick Capital Management in New York has added Adam Kaufman as chief legal officer. He was most recently in a similar role with Muzinich & Co.

Verix Equity Partners has added Patrick Foley as a principal at the lower midmarket firm, which focuses on national security investments. Foley most recently served as a member of the investment team at Washington Harbour Partners but earlier in his career also worked at Clayton Dubilier & Rice.

The Washington State Investment Board's Allyson Tucker and the California State Teachers' Retirement System's Scott Chan have joined the Ownership Works board of directors. The organization partners with companies and investors to implement broad-based employee ownership programs by sponsor-backed companies.  

The private-equity secondaries team of Japanese investment bank DC Advisory has unraveled in the latest sign of retrenchment in the market, sister publication Private Equity News in London reports. Most recently Sabina Sammartino joined the departures of two other managing directors over the past year, regulatory filings show. DC Advisory had viewed secondaries as a key potential growth area and hired Sammartino in April 2023 to bolster its efforts.

Lower midmarket firm Juggernaut Capital Partners is teaming up with professional soccer player Gareth Bale to launch Juggernaut Diversified Sports, an investment strategy to back domestic teams, leagues, international soccer clubs, women's sports and youth sports organizations.

Longtime private-equity critic Sen. Elizabeth Warren (D., Mass.) launched a probe of private-equity investors over data center deals, which she said could be contributing to higher utility costs for American consumers. Warren sent the letters, dated June 10 and made public Monday, to the leadership of KKR & Co., Blackstone, BlackRock and Brookfield Infrastructure Partners, asking for details on their data-center investments. Warren, a member of the Senate Banking, Housing and Urban Affairs Committee, previously initiated probes of private equity’s involvement in areas including for-profit colleges, prison-support services and firetruck manufacturing.

Grain Management's plan to acquire key wireless spectrum from T-Mobile came under scrutiny in Washington Monday as the Senate Commerce Committee chair, Sen. Ted Cruz (R., Texas), indicated it should only be approved with spectrum deployment requirements, Reuters reported, citing a letter from Cruz. Grain agreed to buy a collection of spectrum licenses from T-Mobile for about $2.9 billion in cash plus all of its licenses for lower portions of the spectrum last year. Cruz called for the usage requirements saying that the country could ill-afford letting valuable airwaves stay dark amid rising demand.

Brookfield Asset Management, Swedish telecommunications operator Telia and the KTH Royal Institute of Technology in Stockholm are forming a partnership to jointly develop sovereign artificial-intelligence services and applications in Sweden, Dominic Chopping reports for Dow Jones Newswires. The partners aim to establish scalable capabilities based on large language models and KTH software.

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