Good morning. Today, our Isaac Taylor brings us a scoop on the $1.65 billion second flagship fund from Pacific Avenue Capital, which tripled its first fund's haul.

Meanwhile, the Journal reports that Bain Capital is considering an IPO for its Bob’s Discount Furniture chain. The 189-store operation could be valued around $1 billion, D.A. Davidson analysts say.

Now onto the news...

Pacific Avenue Capital raised $1.65 billion for its second flagship private-equity fund, more than tripling the amount collected for its first main investment pool, Isaac Taylor reports for WSJ Pro Private Equity. The Los Angeles-area firm, founded eight years ago, is known for corporate carve-outs and acquiring businesses undergoing operational and capital challenges. 

Bain Capital is considering an initial public offering of shares in retailer Bob’s Discount Furniture, potentially mounting an IPO by later this year, The Wall Street Journal reports, citing people familiar with the matter. Boston-based Bain Capital is currently looking to hire bankers to work on the offering, the people said. The chain with 189 stores spread across 24 states generated sales of around $2 billion last year and about $200 million in adjusted pre-tax earnings, according to analysts at D.A. Davidson. The business could be valued at around $1 billion. Bain Capital acquired Bob's in 2014.

Centerbridge Partners has agreed to acquire software provider MeridianLink at an enterprise value of around $2 billion, Colin Kellaher reports for WSJ Pro. Centerbridge is paying $20 a share in cash for the Costa Mesa, Calif., company, whose systems are used by financial institutions and consumer credit-reporting agencies. The price represents a 26% premium to Friday's close.

Technology investor Prosus won conditional approval from the European Union for its $4.77 billion bid to acquire JustEat Takeaway.com, clearing a key hurdle for the transaction, Edith Hancock reports for the Journal. The European Commission—the bloc’s executive arm tasked with reviewing large corporations’ multibillion-euro mergers—said it approved the merger after Prosus offered concessions to ease concerns that the deal would hamper competition in food delivery if it goes ahead.

Infrastructure-focused DigitalBridge Group in Boca Raton, Fla., and Crestview Partners in New York have agreed to acquire broadband services provider WideOpenWest at an enterprise value of about $1.5 billion. The firms are offering $5.20 a share to take the company private, representing a roughly 63% premium to Friday's closing price in New York. Crestview already controls about 37% of the Englewood, Colo., company's shares. WOW operates cable networks that pass some 2 million homes and businesses in 20 markets, mainly in the Midwest and southeastern U.S. WOW shares rose almost 6% Monday to close at $3.38 in New York before the take-private was disclosed.

Pacific Equity Partners is acquiring a 75% interest in the data-center business of telecommunications company Spark New Zealand, in a deal that values the asset at up to 705 million New Zealand dollars, equivalent to about $418.3 million, Stephen Nakrosis reports for Dow Jones Newswires. Auckland, New Zealand-based Spark said it expects to receive about NZ$486 million when the deal closes and could get up to NZ$98 million more, based on performance through 2027. The company's shares rose 2.5% to trade around NZ$2.67 in early trading Tuesday.

European buyout firm EQT is buying personnel-management technology provider Remember & Co. from sellers including Ark & Partners in a transaction valued at about 500 billion South Korean won, equivalent to roughly $360 million. The company's systems are used to manage records for recruiting purposes and by some 5 million individual users. EQT is investing from its BPEA Private Equity Fund VIII.

Existing backer Altor and other investors such as Temasek Holdings have committed €150 million, or about $174.2 million, to heat pump company Aira Group in Stockholm. The company plans to use the fresh capital to expand installations of residential electrical heat pumps in Europe, where Aira says there are 130 million homes still heated by gas-fired boilers.

Apollo Global Management is acquiring digital-services company Trace3 from private-equity firm American Securities in New York, which will retain a minority interest in the Irvine, Calif., business.

Growth investor BGF Group in London is backing CWC Group, investing out of a £300 million, or roughly $403.5 million, commitment to back women-led businesses. The Northern Ireland company provides in-home nursing and disability care services.

Multistrategy investment firm SMG Capital is acquiring luxury jewelry and art-objects producer Fabergé through a carve-out from African mining company Gemfields Group. SMG will pay $45 million at closing of the deal plus $5 million in quarterly payments based on 8% of Fabergé's revenue, according to a regulatory filing in London by Gemfields, which is listed there and in Johannesburg, South Africa. Owned by Sergei Mosunov, U.S.-based SMG invests in luxury brands and businesses. Gemfields said the assets it is selling generated an operating loss of about $5.7 million last year.

Pennington Creek Capital in Dallas, a private-equity firm set up last year by the Native American Chickasaw Nation, bought Rite in the Rain, a supplier of water-resistant writing and organizational gear based in Tacoma, Wash.

Lead Edge Capital in New York led a $50 million growth investment in agriculture supply-chain-technology company BinSentry. 

Amplify Partners led a $30 million growth investment in cell-modeling company Tahoe Therapeutics, joined by a group of investors including Abu Dhabi's Mubadala. 

Healthcare investment manager Ally Bridge Group co-led a $115 million growth investment in therapeutics developer SetPoint Medical, joined by Patient Square Capital-backed Elevage Medical Technologies. The Valencia, Calif.-based company develops treatments for chronic immune deficiency diseases such as rheumatoid arthritis.

Limestone Capital in Switzerland is backing U.K. modular-cabin manufacturer Nokken. The U.K. company supplies structures to nature-focused hospitality providers with operations in forests, coastal areas and other remote locations.

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

The Canada Pension Plan Investment Board is selling its nearly 50% interest in Peruvian pipeline operator Transportadora de Gas del Peru to EIG Partners in Washington. The Toronto-based asset manager, also known as CPP Investments, first backed the supplier of natural gas used to fuel 40% of the nation's power-generating capacity in 2013, investing a total of $1.4 billion over the ensuing years. The company had about $809 million in debt as of March, according to Fitch Ratings, which said TGP enjoys a "natural monopoly" in Peru and handles around 95% of the country's gas supplies. CPP Investments said the purchase price would be disclosed when the deal closes.

Asset manager Keppel in Singapore is selling its stake in M1 telecommunications operations to strategic buyer Simba Telecom at an enterprise value of about 1.4 billion Singapore dollars, or $1.1 billion, in cash, subject to adjustments. Keppel, whose backers include Singapore sovereign-wealth investor Temasek Holdings, expects to receive about S$1 billion in proceeds from the sale of its roughly 84% interest in the operations, indicating an accounting loss of about S$222 million, but it also is retaining a segment of M1's operations involving connecting data centers and undersea cables. Keppel first backed M1 in 1994.

ABC Impact, the impact-investing arm of Singapore sovereign-wealth investor Temasek Holdings, is backing Philippines healthcare network company AC Health, acquiring a roughly 16% stake in the business.

Credit-focused TPG Twin Brook Capital Partners closed a $3 billion continuation fund to cash out investors in two older funds managed by the Chicago private lender, a unit of buyout firm TPG, according to an emailed statement. Secondary firm Coller Capital led the deal to provide liquidity to backers of the 2016- and 2018-vintage funds, which comprise floating-rate, senior secured loans made to sponsor-backed companies. The Journal reported in May that Twin Brook was marketing the continuation fund, the largest yet raised to acquire private-credit assets. 

Private-credit firm Sound Point Capital Management has held a first close for its latest fund, Sound Point Strategic Capital Fund III, which has collected $1.1 billion in capital commitments, exceeding both its initial first and final close targets of $500 million and $1 billion, respectively. Sound Point is now targeting a final close for the fund by year-end 2025 with a hard cap of $1.5 billion.

Arctos Partners has promoted Alastair Seaman to partner and said Brian Lafemina, an operating partner, has moved to a full-time partner role. Seaman has been with the Dallas firm for about five years while Lafemina became an operating partner last year.

Private investment marketplace company iCapital has added former television correspondent Sonali Basak as chief investment strategist. She will help develop and outline strategy for the firm legally named Institutional Capital Network for its clients and the public. Basak was most recently the lead global finance correspondent and anchor for the television service of Bloomberg News. ICapital's services are used by investors managing about $945 billion.

Midmarket private-equity firm JLL Partners added Maggie Anderson, formerly an executive at healthcare company DaVita, as an operating partner. 

Local television station operator Sinclair has begun a strategic review of its broadcast unit, which could lead to acquisitions or strategic partnerships and business combinations. The review could also lead to a break up of Sinclair, separating the Hunt Valley Md.-based company's 178 U.S. TV stations from its venture investment group, which backs private equity and technology businesses as well as property interests.

Bain Capital and Advent International are combining their portfolio company Imperial Dade, a Jersey City, N.J.-based distributor to the food service and janitorial industries, with BradyPlus, a Las Vegas distributor backed by Kelso & Co. and Warburg Pincus, among others. The firms are all retaining ownership of the combined business. Bain bought Imperial Dade in 2019 and Advent has backed the company since June 2022. Warburg and Kelso became majority co-owners of BradyPlus alongside company management in 2023.

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