Welcome back. A friend of mine recently took another friend to court for the paltry sum of $200. Petty, I know. But I think that was probably the point. The whole episode was an example of adults failing to communicate.

These aren't the sort of legal claims that Siguler Guff is looking to invest in with its newest fund, totaling roughly $439 million along with a related vehicle. As our Luis Garcia reports, the firm makes credit investments backed by legal judgments against governmental entities in Brazil.

Meanwhile, our WSJ Pro colleague Alicia McElhaney reports that Veritas-backed ed-tech company Anthology entered chapter 11 bankruptcy in Texas Monday.

From the Journal, we have a story looking at Silver Lake's Electronic Arts deal and how it shows the Silicon Valley firm has gone back to its roots as a tech investor.

Now onto the news ...

Siguler Guff has raised about $439 million to make loans backed by legal judgments against governmental entities in Brazil, a strategy the private-market investor says benefits from a slow, but reliable judiciary system, Luis Garcia reports. The New York-based investment firm wrapped up its Siguler Guff Brazil Special Situations Fund III with $415 million, while collecting an additional 128 million Brazilian reais, or roughly $23.7 million, through a related local vehicle. The total surpassed both a $350 million goal and the $307 million raised by the firm for a predecessor pool that closed at the end of 2020. Siguler Guff makes credit investments backed by judicial decisions that award claimants money for things such as tax overcharges and underpaid government contracts. 

Veritas Capital-backed education technology company Anthology sought chapter 11 bankruptcy protection in Texas Monday with a plan to sell parts of its business to lenders including Nexus Capital Management and Oaktree Capital Management, WSJ Pro's Alicia McElhaney reports. The company had faced tough competition and struggled to repay lenders. Through the deal with Nexus and Oaktree, which requires court approval, Anthology’s debt will be eliminated and the company will receive at least $50 million in new money. Both Leeds Equity Partners and Providence Equity Partners held minority stakes in the Boca Raton, Fla.-based company after it combined with Blackboard around the end of 2021. Anthology said it currently has about 1,550 U.S. employees supporting operations in more than 80 countries.

Silver Lake's Electronic Arts deal and its involvement in the government-sanctioned TikTok transaction show the Silicon Valley firm is capitalizing on its role as the pre-eminent technology investor, the Journal reports. The moves also show that Silver Lake has been making good on a pledge to investors to return to the strategy that made it famous—making big bets on technology companies.

Bluestone Equity Partners led a $40 million growth investment in sports software provider Scorability, joined by others including existing backer Silverton Partners. The Austin, Texas-based company's applications are used by coaches to identify and track potential team recruits.

Atreides Management and Fidelity Management & Research led a $1.1 billion growth investment in computer and chip maker Cerebras Systems, joined by Tiger Global Management, Valor Equity Partners and 1789 Capital as well as existing backers. The transaction valued the Sunnyvale, Calif., company at $8.1 billion. Cerebras graphics processing chips and computers are used in data centers and artificial intelligence systems.

Tikehau Capital in Paris investing with real estate investor Captiva have acquired several retail properties in Berlin and other parts of Germany totaling about 16,000 square meters of rentable space, according to an emailed news release.

Manulife Financial's investment management arm has acquired about 18,100 acres of woodlands and over 11,900 acres of pine plantations in Australia, investing from its Manulife Forest Climate Fund. The assets include two registered forest carbon projects.

NewSpring Growth, NewSpring Capital's dedicated growth equity strategy, has invested $25 million in Bite Investments, a provider of technology for the alternative investments sector. With this new investment, the firm will continue to scale its technology business, further expand its team and enhance services for asset managers and investors globally.

Spark Capital led a $103 million growth investment in artificial intelligence-driven software developer Eve at a more than $1 billion valuation. The San Francisco-based company works with plaintiff's lawyers at over 450 firms providing automated summaries and analyses of legal work as well as other functions.

Life sciences and pharmaceuticals specialist QHP Capital is backing research site network Vector Clinical Trials, based in Las Vegas, Nev.

Ares Management is backing EP Wealth Advisors by acquiring a significant minority interest, joining existing minority investor Berkshire Partners. The investment advisory firm based in Torrance, Calif., oversees about $40 billion from over 54 offices in 19 states.

Revelstoke Capital Partners has invested in primary care provider Griffin Concierge Medical. Revelstoke backed the Tampa, Fla.-based company through its Revelstoke Capital Partners Fund III.

Centana Growth Partners led a $37 million growth investment in car-shipping technology provider RunBuggy OMI, joined by existing backer OMI Capital. The Tempe, Ariz.-based company's systems connect shippers to vehicle haulers.

Novo Holdings, SR One and Catalys Pacific led a $205 million growth investment in clinical-stage biopharmaceutical company Crystalys Therapeutics. The San Diego company is developing treatments for gout.

Healthcare investor RA Capital Management and the life sciences strategy of the Ontario Municipal Employees Retirement System are providing up to $250 million in credit to ARS Pharmaceuticals, starting with an initial $100 million. The company is developing a nasal spray to counter allergic reactions.

Viking Global Investors and Sanofi Ventures led a $125 million growth investment in clinical stage biotechnology company Star Therapeutics, joined by others including Frazier Life Sciences and Janus Henderson Investors as well as existing backers. The South San Francisco-based company is developing treatments to prevent debilitating blood clots.

Junson Capital led a $50 million growth investment in radiopharmaceutical company Full-Life Technologies, joined by other investors as well as a syndicate that provided $27 million in debt financing. The company is developing a manufacturing plant in Belgium.

Growth-oriented private-equity firm Sunstone Partners is backing Clearwater, a provider of cybersecurity and compliance for the healthcare industry. Through the investment, Sunstone has acquired majority ownership of the company from Altaris and other existing shareholders.

Lithuanian firm Invalda INVL agreed to take a 75% stake in Eesti Keskkonnateenused, Estonia’s largest waste-management company.

Midmarket investment firm Serata Capital Partners in Austin invested in EventLink Group, an experiential-marketing company in Sterling Heights, Mich.

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

Apollo Global Management- and Vistria Group-backed for-profit education company Phoenix Education Partners aims to raise as much as $140.2 million through an initial public offering of over 4.2 million shares priced from $31 to $33 each, a securities filing shows. Apollo holds about 81% of the shares in the operator of the University of Phoenix while Vistria has about 16%, according to the filing. Apollo expects to sell up to about 4.1 million shares in the offering while Vistria is selling as much as around 808,500 shares in the Phoenix-based operation. The company reported degreed enrolment totaling 82,700 students and said the average age of new students is 37.

General Catalyst-backed immigration and relocation services provider Localyze has been acquired by Silver Lake portfolio company Boundless Immigration, according to an emailed news release. Both companies work with employers and workers on issues tied to immigration and relocation. General Catalyst has backed Localyze since 2022, when it led a $35 million growth investment in the Hamburg, Germany-based company.

Hughes & Co. in Chicago has wrapped up Hughes Growth Equity Fund II with $260 million, the firm's hard cap for the pool, which surpassed the firm's $200 million target. Hughes specializes in investing in the healthcare sector. The firm closed its first fund in 2021 with $116 million.

Credit-focused Deerpath Capital Management has wrapped up a collateralized loan obligation with $653.5 million, its 16th CLO since inception and its third so far this year. Deerpath CLO 2025-1 brings the Fort Lauderdale, Fla., firm's assets in CLOs to about $3.9 billion.

Fortress Investment Group's co-Chief Executive and Managing Partner Josh Pack has died, the company said late Monday. Jack Neumark is joining Drew McKnight as co-CEO and managing partner. Pack had been with the Mubadala-owned firm, which manages $53 billion, for over 20 years. Fortress said it was "devastated" by Pack's untimely passing. The Dallas resident had held chief investment officer roles in the firm's private credit, private equity, real estate debt, net lease, distressed and opportunistic investing operations over the decades.

A team of senior private-equity figures are planning to launch a European buyout shop targeting defense and cyber-security deals, as geopolitical tensions and armed conflicts give rise to more investment in the sector, Sebastian McCarthy reports for sister publication Private Equity News in London. The new firm, which is called ETNA, includes Florian Funk, a Munich-based former EQT AB partner, and Jannik Kruse Petersen, a former head of EQT's European middle-market fund, according to people familiar with the matter.

Healthcare-focused private-equity firm Welsh, Carson, Anderson & Stowe has hired Maureen Ladouceur as an operating partner on its healthcare team. Ladouceur has more than two decades of experience building and scaling commercial organizations across the life sciences and provider markets.

Emerald Lake Capital Management has added two new members to its investment team, Eric Rea, who joined as a principal and Bobby Jahrling, an associate.

Quantum Capital Group has hired Ben Daniel, joins the firm next year to focus on expanding its newly formed energy infrastructure investment operation. He was most recently with BlackRock's Global Infrastructure Partners.

Tikehau Capital has appointed Martino Mauroner as the deputy head of private debt. He will also join the senior debt investment committee, in addition to his current membership on the direct lending committee.

Blackstone has added Kimberly Kim as a senior managing director and head of APAC insurance institutional client solutions for the firm's credit and insurance operations, a newly created role. She was previously with BlackRock in a similar post.

Onex Corp.'s Nigel Wright, who led the firm's Onex Partners private-equity strategy, died unexpectedly. He was 62, Bloomberg News reported. Wright had worked for the Toronto-listed firm since 1997. Onex said he was "a remarkably astute investor" and "an outstanding leader."

Cosmetics giant Coty is conducting a strategic review of CoverGirl and its other mass-market beauty brands, and will consider options including selling or spinning them off, Natasha Khan reports for the Journal. In 2020, the company sold a majority stake in its professional-beauty and hair-care businesses—including the Wella, Clairol and OPI brands—to private-equity firm KKR & Co. in a deal that generated proceeds of $2.5 billion in cash.

Credit-focused Kensington Capital Partners has suspended redemptions from its Kensington Private Equity Fund, citing "ongoing, persistent, market challenges that have reduced liquidity" as well as the low level of private-markets exit deals and initial public offerings. The Canadian firm said the 90-day suspension would avert forced asset sales at discounted prices and might be extended. Kensington also said it would cut management fees by 10 basis points. One basis point is equivalent to one one-hundredth of 1%.

BlackRock-backed TXSE Group in Dallas, which is setting up the Texas Stock Exchange to challenge New York’s dominance, moved a step closer to ringing the opening bell with approval to operate from the Securities and Exchange Commission Tuesday, Corrie Driebusch reports for the Journal. Other backers of the Dallas venture include investment firm Franklin Mountain Investments, Citadel Securities and Energy Transfer Co-founder and Chairman Kelcy Warren.

S&P Dow Jones Indices, an index provider, announced plans to expand its private-markets offerings with the launch of the S&P Private Equity 50 Indices in collaboration with NewVest, a private markets index manager. Designed to measure the performance of 50 of the largest available private-equity funds for a year, the S&P Private Equity 50 Indices aim to provide market participants with a view into some of the top funds in North American and European private equity.

Credit-focused Kennedy Lewis Investment Management has acquired remaining interests in Generate Advisors from York Capital Management and renamed it as Kennedy Lewis Loan Management. Kennedy Lewis first invested in York's collateralized loan obligation operation in 2021. The firm said Rizwan Akhter will remain head of the CLO unit.

Seaside Equity Partners has established a provider of industrial cleaning, emergency response and wastewater treatment called Enviracore Services. The firm aims to build out the environmental services provider and has already brought Boomer Environmental and Environmental Cleanup into the fold, serving the Oklahoma and Arkansas markets.

Future Standard, agreed to buy the digital infrastructure arm of Post Road Group in Stamford, Conn. The unit manages over $2 billion and specializes in credit and structured equity investments across digital-infrastructure assets, such as data centers, fiber networks and cloud connectivity. The unit is led by Michael Bogdan, Post Road Group's co-founder. He is joining Future Standard to lead the business, bringing with him a team of 12 professionals based in Connecticut.

Carlyle Group is partnering with Becon Investment Management in Argentina to offer investments in three of the Washington-based firm's semi-liquid funds through investment advisers, broker-dealers and other distribution channels. Becon is expected to focus its efforts in Latin America excluding Brazil and Chile.

Brookfield's Brookfield Wealth Solutions, a separately traded entity specializing in retirement and wealth management, has agreed to reinsure Dai-ichi Frontier Life's liabilities through a U.S.-based subsidiary, American National Insurance. The deal is Brookfield's first reinsurance pact in Japan.

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

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