Welcome back. Today, our very own Laura Kreutzer reports that Veritas Capital collected $14.4 billion for its newest and largest fund focused on investments in companies at the intersection of government and technology.

And as someone who has spent too much time in hospitals, I don't see how more transparency could hurt. Our Chris Cumming shares news of a bill from California lawmakers that would require buyout firms and other investors to notify certain state organizations of planned mergers or acquisitions of healthcare entities. 

Now onto the news...

Veritas Capital has rounded up  $14.4 billion for its latest main private-equity fund focused on companies at the intersection of government and technology, WSJ Pro's Laura Kreutzer reports. The final tally for Veritas Capital Fund IX exceeded both the firm’s $13 billion initial goal for the vehicle and the nearly $10.7 billion it raised for a predecessor pool in 2022. This time around, more than double the number of investors backed Veritas IX compared with the prior offering, according to the firm.

California lawmakers want the state to demand more information from private-equity and hedge-fund investors seeking to buy in-state medical providers, WSJ Pro's Chris Cumming writes. On Monday, the Assembly in Sacramento passed a bill that would require buyout firms and other investors to notify the state's Office of Health Care Affordability of planned acquisitions of healthcare entities. The Senate approved the bill last Friday. Gov. Gavin Newsom, a Democrat, has 30 days to sign or veto the measure.

Internet-focused DST Global joined Dutch chip-equipment giant ASML in a roughly $2 billion growth investment round that valued French artificial-intelligence developer Mistral at nearly $14 billion, more than double the level it reached last year, The Wall Street Journal reports. French state-owned investment bank Bpifrance also participated. ASML alone invested over $1.5 billion in the transaction, acquiring an 11% stake in the startup.

New Mountain Capital has acquired a collection of net-lease assets for $640 million, its biggest deal since the New York firm initiated the strategy in 2016. The collection consists of long-term net leases involving 11 tenants in 53 locations across 16 states. The firm is investing from its New Mountain Net Lease Partners II, a fund that closed on $825 million in June 2023.

Permira in London led a $525 million minority investment in online classifieds company Property Finder, joined by others including Blackstone. The Dubai-based company has been backed by General Atlantic as a cornerstone investor since 2018, and the New York firm sold part of its stake in the deal but retained an interest as well. Technology-driven Property Finder focuses its real-estate sales and rental listing services on the Middle East and North Africa markets.

Technology investor Vitruvian Partners is investing $637 million in healthcare marketing company DeepIntent to accelerate expansion. The New York-based company's technology helps connect therapeutics developers with healthcare practitioners and patients.

Blackstone’s credit and insurance team has amended a credit facility for Dropbox, which will provide the company with up to an additional $700 million in delayed-draw secured term loans. The proceeds of the additional loans may only be used to repay the company’s outstanding convertible senior notes due next year.

New Enterprise Associates led a $300 million equity investment in kidney care company Strive Health while credit provider Hercules Capital led a $250 million financing round for the Denver-based business. Other equity investors included BlackRock.

Existing backers including Dell family office DFO Management and General Catalyst have increased their support for insurer and clinic group operator Harbor Health through a $130 million growth investment. The company offers specialty health services such as skin care as well as group insurance plans to consumers and employers in central Texas.

Existing investors MIG Capital and Novo Holdings participated in a €52 million, or about $60.9 million, equity and debt investment in German biotechnology company AMsilk, led by the Athos-AT Newtec investment vehicle of the Strüngmann brothers. The deal included €30 million in equity and €22 million in convertible bonds. The company is developing silk-based protein materials that can be used in powders, hydrogels, fibers and coatings.

Yotta Capital Partners and NGP Capital led a $58 million growth investment in Grenoble, France-based Scintil Photonics, which is developing infrastructure technology for use in artificial-intelligence systems. The company's products are expected to lower energy use by data centers.

Growth investor IAG Capital Partners led a $51 million investment in electronics test and monitoring systems provider ProteanTecs, joined by a number of existing and strategic backers. The Israel-based company also has operations in the U.S., India and Taiwan.

Healthcare investor Council Capital in Nashville, Tenn., is backing software developer and services provider GEOH with an investment of more than $30 million, joining existing investors including First Leaf Capital and VisionTech Partners. The growth investment is expected to help the Indianapolis-based company further develop its revenue-cycle-management software for home-healthcare providers that rely on Medicaid, the government insurance system for low-income and disabled Americans.

Power-sector investor Hull Street Energy in Bethesda, Md., is acquiring 13 hydroelectric dams in Michigan from local gas and electric utility company Consumers Energy. The transaction, which requires regulatory approvals, includes a 30-year agreement to supply the 132 megawatts of power generated by the century-old dams to Consumers.

Ariel Alternatives in Chicago has acquired maintenance company Groome Industrial Service Group from Argosy Private Equity, joined by JPMorgan Chase & Co. as a minority co-investor through its asset-management arm. The Fairfield, N.J., specialist in power generation facilities has about 900 employees across more than 20 U.S. locations. Wayne, Pa.-based Argosy first backed the business in September 2019, according to the firm's website.

Windjammer Capital in Newport Beach, Calif., has acquired stakes in affiliated electrical businesses PDU Cables and Engineered Products, investing alongside the management of each and the Lee Family. Both businesses are based in Minnetonka, Minn., and are led by Troy Peterson as chief executive.

Sverica Capital Management in Boston has acquired a majority interest in construction-management software supplier Raken. The Carlsbad, Calif.-based mobile app maker has recently reached 70,000 users.

Trinity Capital is backing agentic artificial-intelligence consulting company TQA with a $15 million growth investment. The Austin, Texas-based startup works with clients in the healthcare, life sciences, aviation, financial services and consumer goods industries.

Specialist investor HarbourView Equity Partners is leading a $30 million investment in Lion Forge Entertainment, an entertainment production studio focused on both live action and animated content. The Steward Family and media- and sports-focused firm Polarity, which also contributed to the latest round, will continue to own a majority stake in the company.

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

Brookfield's separately listed affiliate, Brookfield Infrastructure, has sold its remaining roughly 26% stake in metallurgical coal terminal operator Dalrymple Bay Infrastructure through a sale of the company's Sydney listed shares in a transaction worth about 527 million Australian dollars, The Australian newspaper reported. Brookfield sold its remaining Dalrymple shares for the equivalent of $347.4 million through investment bank Barrenjoey for A4.05 a share, representing a 6.9% discount to the stock's last traded price, according to the paper. Brookfield gained control of Dalrymple in 2009 and took it public in 2020, retaining a 49% interest.

Bobby Sharma's Bluestone Equity Partners is selling a stake in VideoVerse to strategic acquirer Minute Media while becoming a strategic investor in the buyer. Formed in 2022, Bluestone invests in sports, media and entertainment businesses. The firm backed VideoVerse in December 2023.

Trivest Partners and Shoreline Equity Partners have sold a majority stake in maintenance services provider Pave America to AEA Investors and the British Columbia Investment Management Corp., while remaining minority investors. The paving company based in Warrenton, Va., has operations in 43 states through 27 branch locations. Shoreline and Trivest first backed the business in 2021, according to the firms' websites.

MiddleGround Capital in Lexington, Ky., has sold garage door hardware maker Arrow Tru-Line to Blackstone-backed strategic buyer Chamberlain Group. MiddleGround has backed Archbold, Ohio-based Arrow since September 2021, investing through its $460 million debut fund, which closed in August 2019

Consumer-focused Yellow Wood Partners and its Future Beauty Brands portfolio company are selling a majority interest in skincare brand Byoma to private-investment firm Bansk Group. Yellow Wood first backed the company's predecessor in May 2020.

Atlanta-based private-equity firm Red Dog Equity has sold Superior Waste Industries, an environmental services holding company, to GFL Environmental.

Adams Street Partners has stepped up its evergreen private-markets investment strategy with its Adams Street Private Equity Navigator Fund. Like other recently established evergreen funds, the new pool is tailored to meet the interests of wealthy individuals. But Chicago-based Adams Street has been down this road before. The firm set up its secondaries-focused Adams Street Global Private Markets Fund in February 2021 and it now has about $404.2 million. The new vehicle follows the same strategy and requires a $25,000 minimum entry investment while offering quarterly redemption windows

Cottonwood Group in Los Angeles has closed on $1 billion for its Cottonwood Real Estate Special Situations Strategy, which includes separately managed accounts and pooled vehicles. The firm focuses investments from the strategy on property-linked credit and event-driven equities opportunities.

Midmarket-focused Constitution Capital Partners in Boston is setting up a semiliquid evergreen fund for wealthy individual investors. The firm's Constitution Capital Access Fund will be open to non-U.S. investors through the Access Fund on the iCapital alternatives market site. The firm requires a minimum investment of $25,000 and offers quarterly redemption periods, according to its website.

Credit specialist AlbaCore Capital Group has brought on Viktor Kozel as a managing director to lead the firm's new infrastructure debt strategy. He joins from UBS Asset Management where he held a similar role. Ciara Halleman, Thibault Pontaut and Margherita Mascia have also jumped to AlbaCore from UBS along with Kozel.

A top Blackstone dealmaker in Europe, Natacha Jamar, has left the firm to take on an operational role with Blackstone-backed online classifieds provider Adevinta, Sebastian McCarthy reports for sister publication Private Equity News in London, citing a person familiar with the matter. She joined the New York firm in 2009, rising to senior managing director in London. A group led by Blackstone and Permira in London acquired the European ad site in 2023.

Percheron Capital in San Francisco has added Manish Goyal as a managing director and head of the firm's portfolio support group. He was most recently an operating partner with Berkshire Partners.

Finance-focused 17Capital named Osama Al-Adhamy as a managing director and the firm's principal representative in Dubai, according to an emailed news release. He joins from JPMorgan Chase's asset-management arm. Recently acquired by Brookfield-controlled Oaktree Capital Management, 17Capital specializes in net asset value financing.

NOVA Infrastructure Management in New York has hired Matt Altman as a vice president and made a number of other moves, including elevating Noah Frick and Michael Troy to the ranks of its vice presidents. Altman was formerly with Basalt Infrastructure Partners.

Recently formed Accrual Equity Partners in Scottsdale, Ariz., has added James “JT” Taylor as a managing partner. He joins from Truist Financial's investment banking unit.

Prashant Yerramalli, a former staff chief under Securities and Exchange Commission Chair Gary Gensler, is joining the California Public Employees’ Retirement System, the nation's largest public pension as a special adviser. He is also expected to become the $578.69 billion system's general counsel once he has been admitted to the state bar. Yerramalli served under Gensler, who left the SEC earlier this year, from January 2021 to December 2022, according to his LinkedIn page.

Canadian asset manager Sagard Capital Partners and Milwaukee-based investment bank Baird Financial Group are collaborating on a strategy to make Sagard investments more readily available to wealthy American investors, including through Baird. The investment bank is acquiring a minority stake in Sagard, becoming its first U.S. institutional backer. Baird's private-wealth arm oversees about $350 billion.

New York Life Insurance Co. has combined its general account and third-party asset-management operations to create a single group with anticipated assets of about $785 billion at the start of next year, including $228 billion overseen by 15 private-markets managers.

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