Good morning! Investors and their computerized trading tools hammered technology stocks Tuesday, the Journal reports. Shares of private-equity firms that back software developers shared in the pain, which has been tied to new developments in artificial intelligence technology. Today may show whether the moves were overdone or just the beginning of a more prolonged trend.

On the fundraising front, our Laura Kreutzer writes about a first-time effort by recently formed BayHawk Capital, which succeeded in surpassing its target for the vehicle, banking $616 million.

Finally, the Journal reports that Copenhagen Infrastructure Partners has acquired the onshore wind-energy business in Europe of generator installer Orsted for roughly $1.7 billion. The deal came just after a U.S. court ruling that let the company restart work on a project off the New York coast.

We have these and many more deals, including exits, summed up and linked for you below, so please slide on down ...

Lower midmarket investment firm BayHawk Capital has raised $616 million for its debut fund and related parallel vehicles, placing the firm among a rare club of emerging private-equity firms that have successfully won over investors, WSJ Pro's Laura Kreutzer writes. The final close of BayHawk Capital Fund I exceeded a $475 million target. One investor that has disclosed a commitment to the fund is the Illinois State Board of Investment, a pension that backed the fund through its adviser Franklin Park. The team the firm built over the past roughly two years and the network of relationships the founders have cultivated in the industries BayHawk targets improved their fundraising prospects, according to Bart Molloy, a partner at Monument Group, which placed the BayHawk fund.

Investor fears that new developments in artificial intelligence will supplant software reverberated through the stock market Tuesday, dragging down shares of companies that develop, license and even invest in code and systems, the Journal reported. Private-equity firms, whose funds in recent years have invested heavily in software equity and debt, were also dragged into the selloff. Shares of Ares Management, KKR and Blue Owl Capital dropped more than 9%, while Apollo Global Management and Blackstone lost over 4.5%.

Copenhagen Infrastructure Partners is acquiring the European onshore business of wind energy developer Orsted for €1.44 billion, or $1.7 billion, a day after a U.S. judge ruled that the renewable-energy company could resume work at its Sunrise Wind project off New York’s coast. The Trump administration ordered a halt to construction of five U.S. offshore wind projects just before Christmas, including Orsted’s Revolution Wind and Sunrise Wind projects, citing national security risks. The assets being acquired by Copenhagen include around 578 megawatts of operational capacity and 248 megawatts under construction as well as a development pipeline.

Dragoneer Investment Group, DST Global and Sequoia Capital led a $16 billion growth investment in Alphabet's Waymo self-driving car business in a deal that valued the operation at $126 billion, exceeding the valuation reported earlier by sister publication Barron's and other news outlets. Other participants included existing backers Silver Lake, Mubadala and Tiger Global Management. The Mountain View, Calif.-based company operates its vehicles in six major U.S. markets and expects to expand into 20 more markets this year, including London and Tokyo.

Buyout firm KKR & Co. and Singapore communications technology company Singtel are acquiring an 82% interest in ST Telemedia Global Data Centres for the equivalent of $5.1 billion in a deal that implies an enterprise value for the business of about $10.9 billion, including leverage and existing capital commitments to projects, the Journal reports. The buyers already own a significant stake in the operations after investing around $1.3 billion in 2024. Once the latest deal closes, KKR expects to hold a 75% interest in the business while Singtel would have 25%.

Fidelity Management & Research and Autopilot Ventures led a more than $300 million growth investment in aviation instruments and flight-control computer developer Skyryse. The deal valued the El Segundo, Calif.-based company at about $1.15 billion. Other participants included ArrowMark Partners, Atreides Management and Durable Capital Partners.

Advent International in Boston is backing Aditya Birla Housing Finance, acquiring a minority stake in the unit of Aditya Birla Capital with an investment equivalent to about $305.1 million for a roughly 14% interest in the lender. The deal values the business at about $2.14 billion.

Goodwater Capital led a $100 million growth investment in women-focused teleservices provider Midi Health, joined by other investors including Foresite Capital and Serena Ventures. The deal valued the Los Angeles company at over $1 billion.

Igneo Infrastructure Partners in New York has acquired a 136 megawatt gas-fired power plant operator, Indigo Generation, with Meridian Clean Energy as the firm's operating partner. Igneo plans to expand the North Palm Springs, Calif., project through further investment.

The small business private-equity strategy of AEA Investors is acquiring a majority interest in Magna5 from NewSpring Capital. The company provides managed information technology, cybersecurity and cloud-based services to small and mid-sized companies across the U.S. As part of the deal, Chris Claudio, an AEA executive partner and former chief executive of IT managed services provider Logically, will join Magna5’s board of directors. NewSpring has backed Magna5 since at least 2016.

Ares Management has acquired fixed-income investment manager BlueCove in London and plans to rename it as Ares Systematic Credit. The firm manages about $5.5 billion and uses a quantitative assessment process to invest in bonds and other liquid credit vehicles.

Transformation Capital led a $55 million growth commitment to insurance claims-focused agentic artificial intelligence technology company Alaffia Health, joined by others including FirstMark Capital.

CommerzVentures led a $45 million growth investment in digital insurance broking and underwriting technology provider Artificial Labs, joined by the growth-investing arm of Move Capital in Paris.

Littlejohn & Co. has acquired modular framing company 80/20 from fellow private-equity firm MPE Partners, which initially invested in the Columbia City, Ind.-based company in 2021.

Skyline Investors, a Los Angeles-based private equity firm backing companies with $5 million to $50 million of annual revenue, has acquired Buddy’s Home Furnishings, a U.S.-based rent-to-own home furnishing franchisor.

Dallas-based Trive Capital Partners has invested in PavCon, which provides AI-driven predictive analytics and decision-making support technology for the Pentagon.

Growth equity firm Denali Growth Partners has made a minority investment in Beesy, a provider of AI-powered behavioral-science market research, insights and technology for the commercial biopharmaceutical industry.

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

Apax Partners and TPG-backed artificial intelligence technology company Fractal Analytics has reduced the size of an initial public offering of shares in India by about 42%, regulatory filings show. The IPO reportedly values the business at around $2 billion, or significantly less than the $2.44 billion valuation in a growth investment last year. Apax first backed the business in 2019, according to the firm's website, and TPG invested around $360 million to acquire an interest, including shares from Apax, in 2022.

Private-equity investor LBO France is selling lab equipment and supplies distributor Dutscher Group to healthcare and life sciences specialist Vivo Capital, marking its first European buyout. The Brumath, France-based company generated revenue of over €400 million, or $472.7 million, last year and has more than 1,100 employees serving over 25,000 customers. LBO has backed the company for about five years.

Midmarket firm Wynnchurch Capital has sold oil change automotive services provider Team Car Care to strategic buyer Triple JJJ Lube. Wynnchurch initially acquired the Irving, Texas-based operator and franchisee of Jiffy Lube brand service providers in 2018.

Specialist investor DW Healthcare Partners is selling eye exam device maker LKC Technologies to strategic buyer Ametek. The firm has backed the Germantown, Md.-based company for about three years.

Recently formed Otro Capital Management in New York has closed on $1.2 billion for its debut sports investment vehicle, Otro Capital Fund I. Founding partners Alec Scheiner, Brent Stehlik, Niraj Shah and Isaac Halyard previously worked for RedBird Capital Partners, gaining experience in backing professional teams in major leagues in the U.S., Europe and India, as well as Formula 1 auto racing. The firm has invested in Alpine Racing, sports data company Two Circles and youth-focused FlexWork Sports. Started in 2023, Otro ended last year with assets estimated at $1.3 billion.

HighVista Strategies has raised $800 million for HighVista Private Equity Fund XI, surpassing a $725 million target. The new fund’s final tally also exceeded the $675 million that the firm raised for the fund’s predecessor in 2024. The firm plans to invest the new vehicle in commitments to funds of less than $500 million, as well as direct co-investments alongside fund managers and independent sponsors as well as lower middle market secondary interests.

Eurazeo in Paris has closed on €480 million, or about $565.9 million, for a debt-focused continuation fund, backed by Pantheon. The fund includes performing credit assets held by Eurazeo and additional capital from Pantheon, with Eurazeo continuing to manage the assets. The deal provided liquidity options to backers of Eurazeo's private credit strategy.

Cavu Consumer Partners has closed Cavu Consumer Partners V with $325 million to back growth investments and early-stage investments in consumer brands across areas that include food and beverage, beauty and personal care, pets and wellness. The firm closed the fund above its $275 million goal.

Vista Equity Partners has expanded its senior executive ranks with the addition of Suzanne Donohoe as chief operating officer and chief commercial officer, overseeing fundraising and reporting to founder and Chief Executive Robert Smith. She joins from Stockholm-based EQT AB, where she held a similar role.

Midmarket firm ATL Partners in New York has made a series of promotions including elevating Josh Raj and Daniel Wu to vice president and Lauren DiBartolomeo to chief operating officer.

Energy industry growth investor EIV Capital in Houston has added Lance Terveen as a partner. He was previously with EOG Resources.

Jon Gray, Blackstone’s president and chief operating officer, said the private credit industry faces “disruption risk,” citing an accelerating pace of change from artificial intelligence and other advances that could have implications on company valuations and business models across industries, the Journal reports. But overall he said the private credit industry is healthy despite issues with a handful of specific investments in recent months.

Asset manager and advisory firm Hamilton Lane's fee-related earnings jumped 42% to over $93.8 million in its fiscal third quarter, which ended Dec. 31, while assets under management rose 8.4% to about $146.12 billion and assets under advisement increased 6.1% to around $871.49 billion. The Conshohocken, Pa.-based firm posted a 10% gain in net income, which climbed to about $58.4 million for the period, or $1.37 a share, on revenue that rose 18% to almost $198.6 million compared with a year earlier.

Buyout firms worldwide returned $21.5 billion to their fund limited partners during the third quarter of 2025, the highest quarterly total since the fourth quarter of 2021, according to a report by Carlyle Group in Washington. “While full exits continued to lag in 2025, strong activity in dividend recapitalizations and continuation vehicles enabled [fund managers] to return capital" to their investors, the private-equity firm said. Carlyle expects buyout fund distributions to continue apace as managers benefit from “robust” credit markets and an increased ability to sell assets for the returns they need.

Arax Investment Partners has acquired investment adviser GFP Private Wealth, which oversees about  $1.5 billion from its headquarters in Cleveland. The firm plans to add the business to its Arax Advisory Partners group.

Shore Capital Partners in Chicago has formed specialty produce distribution operation Premier ProduceOne after acquiring Native Maine Produce, with its base location in Columbus, Ohio.

Patria Investments posted fourth quarter fee-related earnings of $64.3 million, up 17% from the last three months of 2024, but distributable earnings fell almost 12% to $78.5 million, or 50 cents a share. The Latin America-focused investor said it ended last year with assets of about $52.6 billion, or 26% more than it had a year earlier.

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