Good morning! We start a new week with my colleague Chris Cumming reporting on a $11.5 billion fund that financial-services specialist Stone Point Capital recently wrapped up. The third largest buyout fund closed so far this year comes as private-equity firms in general continue struggling to raise capital.

Meanwhile, just as renewable-energy investors thought the One Big Beautiful Bill had provided them more clarity on tax credits, a new executive order from President Trump tossed some sand in the gears, as I report in this morning's newsletter.

We have those stories and more news below. Please read on …

Stone Point Capital, a specialist investor in financial-services businesses for over 30 years, has raised one of the largest private-equity vehicles of 2025, WSJ Pro's Chris Cumming reports. Stone Point closed the vehicle, Trident X, at $11.5 billion, well above its original $9 billion target, the Greenwich, Conn., firm said Monday. Stone Point wrapped up the new fund as  private-equity fundraising has struggled. The slow pace of exits through mergers and acquisitions has left many investors with little cash for fresh commitments, making it more competitive for firms trying to raise new funds.

An executive order President Trump issued last week has created new uncertainties for renewable-energy investors, including private-equity firms, just days after the passage of his tax-and-spending bill had encouraged developers to start new projects within the next year, WSJ Pro's Luis Garcia reports. Concerns about the Trump administration’s clean-energy policies, particularly on tax credits, since his election have made it more difficult for wind and solar developers to finance new projects, leading to delays and cancellations, according to industry analysts. But the president's July 7 order to take a harder look at the so-called safe harbor rules, which enable developers to lock in tax credits once their projects reach certain milestones, has stirred unease.

Kraft Heinz is preparing to break itself up, a decade after an infamous merger of two of the biggest names in packaged foods that was orchestrated by Warren Buffett and Brazilian private-equity firm 3G Capital Partners, the Journal’s Lauren Thomas writes. The company is planning to spin off a large chunk of its grocery business, including many Kraft products, into a new entity that could be valued at as much as $20 billion on its own, according to people familiar with the matter. That would leave a company housing goods such as sauces and spreads like Heinz’s namesake ketchup and Dijon mustard brand Grey Poupon.

Sycamore Partners' $10 billion take-private of healthcare, pharmacy and retail company Walgreens Boots Alliance won overwhelming shareholder support, with 95% of votes cast at a special meeting approving the deal, Natalie Weger reports for Dow Jones Newswires. Sycamore is paying $11.45 per share in cash and rights to receive as much as $3 more in cash contingent on certain future events and conditions. Sycamore aims to close the deal later this year.

Paris-based Ardian is expanding its stake in the holding company for Heathrow Airport by another 10%, bringing the firm’s total interest to nearly 33%, making it the largest shareholder. The latest deal allows existing investors Ferrovial, Canadian pension investor Caisse de dépôt et placement du Québec and  U.K.-based Universities Superannuation Scheme, or USS, to exit their minority stakes in the airport.

Bullhound Capital is backing learning-focused consumer technology company Headway, whose mobile apps include Impulse and Nibble. With the fresh capital from Bullhound, the company is expanding in Europe, opening a Madrid office.

Iconiq Capital in San Francisco led a $50 million growth investment in data security company Virtru, joined by others including the Chertoff Group. The transaction valued the Washington-based company at about $500 million.

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

Spacecraft and rocket developer Firefly Aerospace, whose major investors include AE Industrial Partners, has registered for an initial public offering of shares, without saying how many shares it plans to sell or at what expected price range, Katherine Hamilton reports for Dow Jones Newswires. In addition to holding 5% or more of the company's common stock, AE Industrial has previously invested $254 million in three separate issues of preferred shares offered in 2022, 2023 and last year into this year, a securities filing shows. Cedar Park, Texas-based Firefly intends to list its shares on the Nasdaq stock market. The company was valued at about $2 billion in November.

Eurazeo in Paris has entered exclusive talks to sell majority-owned CPK, its European confectionery and chocolate business, to strategic buyer Ferrara Candy Co. in a deal that would add about €240 million, or roughly $280.9 million, to Eurazeo's balance sheet. Co-investor Katjes International, a German buyout firm, said a deal is expected to deliver as much as €80 million to its balance sheet in exchange for its 23% interest in the confections business. CPK has three plants in France with more than 900 employees and produces sweets such as Carambar, Terry's milk chocolate and French brands such as Poulain and 1848. Eurazeo has backed the company since 2017, according to the firm's website, while Katjes became a backer in 2018.

Pacific Equity Partners faced daunting odds when it sought to tap investors for its seventh private-equity fund, but rather than struggle to lock down interest, PEP’s Fund VII was oversubscribed and closed at a hard cap of 3.2 billion Australian dollars, equivalent to $2.1 billion, David Winning reports for the Journal. Commitments came from asset managers in North America and Asia, as well as private-wealth groups. The Canada Pension Plan Investment Board tipped in A$150 million. Separately, PEP is offering to take private Sydney-listed Johns Lyng for around A$1.1 billion.

Chicago-based Adams Street Partners has raised at least $523 million so far for Adams Street Global Secondary Fund 8, according to a regulatory filing. The firm collected a total of more than $3.2 billion for its previous secondary investment program, which included Adams Street Global Secondary Fund 7 along with related co-investment vehicles, separately managed accounts and other assets.

Private-equity firm BlackFin Capital Partners is acquiring the Internationale Kapitalanlagegesellschaft fund-administration business of corporate lender HSBC Continental Europe in Paris. The unit being acquired had roughly €430 billion in assets under administration at the end of last year, equivalent to around $503.21 billion.

Growth-stage investor OnePrime Capital in Palo Alto, Calif., closed on $305 million for its OnePrime Secondary Fund III, surpassing a $275 million initial target in roughly eight months. The firm invests in technology assets through the fund.

Healthcare specialist Invidia Capital Management appointed Terry Hyman as partner. Hyman was previously a senior executive partner at Thomas H. Lee Partners.

An arbitration panel in Los Angeles this week ruled that Merrill Lynch must pay nearly $3.7 million in damages to two retail clients over allegations that their adviser had persuaded them to invest in several private-equity “feeder funds” that went on to significantly underperform expectations, sister publication Barron’s reports. Merrill Lynch declined to comment on the award.

Asset managers pushing into private markets have turned to pay specialists for advice on how to overhaul their compensation structures to compete with some of the world’s biggest alternative firms, sister publication Financial News reports. Possible changes include using lucrative carried interest payments, compensation experts say.

U.S. private equity’s second quarter exit count and deal value hit the lowest point in the 12 months through June, pushing firms' investment backlog to 12,552 companies and sending an "alarming signal" about the state of the industry, according to research from PitchBook Data. Firms made 314 exit deals worth a combined $118.5 billion in the second quarter, with the deal count down about 25% and the value falling 46% from the previous quarter, according to preliminary PitchBook figures.

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

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