Good morning! Today our Chris Cumming starts things off with a look at the wrangling over whether to dump or preserve curent tax rules for carried interest. His read of the tea leaves suggests the coveted capital-gains treatment will survive a presidential assault.

Next our Maria Armental reports on the outlook at TPG, where CEO Jon Winkelried sees the current market upheaval as creating fertile conditions for the firm and the $57 billion it has on hand, awaiting deployment.

We have these and many more deals, exits and fundraising summarzied for you below, so please read on ...

Wall Street lobbyists might have secured enough backing to preserve a tax provision for fund managers—the carried-interest treatment—that is under threat in the Republican-led tax negotiations, WSJ Pro’s Chris Cumming writes. The main wild card is how much influence President Trump, who wants to end carried interest, will wield over the bill, a draft of which Congress is expected to present in the coming weeks. Trump has called carried interest a “loophole” that benefits Wall Street and is unfair to workers and recently included cutting the tax provision among the handful of tax priorities he wants Congress to pass. But early indications from the tax-writing House Ways and Means Committee, which is expected to produce a draft of the bill in the coming weeks, are encouraging for carried interest’s defenders.

Asset manager TPG is playing offense to capitalize on current market volatility and has $57 billion available to invest, even as volatility continues to challenge fundraising efforts, WSJ Pro’s Maria Armental reports. “As we look ahead, our experience has been that periods of dislocation often create some of the most interesting investment opportunities,” Chief Executive Jon Winkelried told analysts on an earnings call Wednesday. “We’re in a strong position to take advantage.” Like many of his peers at other large firms, Winkelried acknowledged a dramatic shift in the outlook for a recovery in private-equity deals and exits, as tariff moves and policy uncertainty rattled markets.

Bain Capital has secured stakes from two major shareholders in Japanese aircraft parts maker Jamco after beginning a tender offer for the Tokyo-listed company last month, Kosaku Narioka reports for the Journal. Boston-based Bain Capital’s bid for Jamco comes as Japanese companies and management become more open to partnering with private-equity firms to take their businesses private or spin off non-core assets. Part of Bain Capital's vision for Jamco is to leverage the firm's existing ties with airlines and airplane manufacturers to boost the company's sales.

Private-equity firm TA Associates in Boston is in “advanced discussions” with software maker FD Technologies over a buyout offer, the London-listed company confirmed in a securities filing Wednesday. The company noted that TA’s most recent proposal would deliver £24.50 per FD share, which the company’s directors are prepared to accept. The potential deal would value the company at  £541.6 million, or about $724.1 million, Ian Walker reports for Dow Jones Newswires. TA has a June 4 deadline to firm up its intentions toward the business.

Raine Group-backed mobile game maker Tripledot Studios is acquiring the gaming business of marketing company AppLovin for $400 million in cash plus a 20% stake in Tripledot. The AppLovin assets include 10 gaming studios, according to an emailed statement. The Financial Times said the deal values Tripledot at about $2 billion, making the 20% stake worth around $400 million. Raine first invested in Tripledot in 2022, according to research provider PitchBook Data.

Specialist private-equity firm NGP Energy Capital Management in Dallas is providing more than $200 million in equity commitments to Greenlake Energy’s latest oil and gas exploration and production operation, Greenlake Energy II. The Austin, Texas, group is focused on developing U.S. shale assets.

Valor Equity Partners participated in a $130 million growth investment in aging treatments developer NewLimit, joining a round led by venture capital firm Kleiner Perkins. Other participants included Khosla Ventures, Human Capital and existing backers of the South San Francisco, Calif.-based company.

Hark Capital in New York is providing an $85 million term loan to communications services provider Fusion Connect. The credit will be used to pay down existing debt and make strategic investments.

Denali Growth Partners and family investment firm Truck9 Partners are backing Tobin Scientific with a $65 million growth investment, with Eastern Bank contributing a financing package to support the deal. Legally named Tobin & Sons Moving and Storage, the Beverly, Mass.-based company offers storage and logistics services in the life sciences sector.

PeakSpan Capital led a $43 million growth investment in TSOLife, which collects and analyzes data used to measure the quality of life in communities set up for older residents. The company works with organizations such as Priority Life Care, Senior Resource Group, Vitality Senior Living and Commonwealth Senior Living.

Bayland Capital and MRL Ventures Fund co-led a $39 million growth investment in biotechnology company PAQ Therapeutics, joined by strategic investors as well as BioTrack Capital and existing backer Sherpa Health Partners. The Burlington, Mass.-based company is developing cancer therapies.

Ares Management is backing rental home booking and management services provider Awayday, while LightBay Capital in Los Angeles is selling stakes in the Florida company held in its first fund and reinvesting alongside Ares through its second fund. Ares is investing through its private-equity strategy.

A venture formed by Bain Capital and developer Botanic Properties, GenesisM, is acquiring a building in Bedford, Mass., with plans to make it into a 154,000-square-foot manufacturing site for biotechnology products. Boston-based Bain Capital is investing through its real estate group.

Palatine Private Equity in the U.K. is backing customer relationship specialist Atombit, which works with client businesses to improve interactions with customers and employees. The company is using the fresh capital to acquire consulting businesses, 2 Reliance, Profusion and DWise.

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

Canadian pension investor Caisse de dépôt et placement du Québec is selling its 30% stake in French utilities company Veolia’s water technologies unit to the parent company for $1.75 billion, the Journal reports. CDPQ acquired the stake in 2017, with an investment of more than $700 million, when it was sold by the former General Electric Co. to Suez and CDPQ at an enterprise value of roughly $3.4 billion. Veolia merged with Suez in 2022.

European private-equity firm Astorg is buying a majority stake in ingredients company Solabia Group from TA Associates in Boston, while TA plans to reinvest in the business. The Paris-based company operates 11 plants and eight research labs with more than 900 employees and specializes in extracting natural ingredients from plants to supply the cosmetics, pharmaceutical, nutrition and food industries. TA first backed Solabia in 2018.

Infrastructure-focused I Squared Capital, joined by pipeline operators MPLX and Enbridge, are acquiring an 85% equity interest in the Matterhorn Express natural gas pipeline from Ridgemont Equity Partners and Devon Energy. The 510-mile line connects the Permian Basin to the Wharton and Katy, Texas, areas near Houston and began operating in November. Ridgemont in Charlotte, N.C., has participated in the development of the pipeline since at least 2022.

Valeas Capital Partners in San Francisco is acquiring a majority interest in corporate and private wealth services provider Suntera Global, providing an exit for Palatine Private Equity in the U.K. Suntera has more than 500 employees operating in nine locales and last month refinanced its debt through an agreement with Carlyle Group. Palatine has backed the business since 2019.

The Angelo Gordon credit arm of TPG has amassed nearly $2.5 billion for its latest European real estate strategy, including $2.27 billion collected by TPG AG Europe Realty Fund IV and $214 million in commitments for co-investments, according to an emailed statement. The firm aims to invest in sub-performing assets from the fund and has committed about 20% of the new capital to deals so far.

Midmarket-focused Hidden Harbor Capital Partners has closed on more than $850 million of commitments to a multi-asset continuation fund. Carlyle Group’s AlpInvest secondaries unit led investors in the deal, which acquired interests in Dayco, SuperHero Fire Protection, Air Conditioning Specialist and Inspire Aesthetics from Hidden Harbor funds.

Performance Equity Management, an investment firm backed by Sagard, has raised $383 million for its latest co-investment fund, Performance Direct Investments V, above the fund’s $300 million target. The new fund is larger than its predecessor, which closed with $300 million in 2021, the firm told WSJ Pro at the time.

Bregal Investments has appointed Neil Syers as chief financial officer. He joins the firm from a similar role at Hayfin Capital Management, where he was also a founding partner

Bain Capital in Boston has added Nick Mouradian as a managing director with its special situations group, based in New York, according to an emailed statement. He joins from Coatue Management.

Frazier Healthcare Partners in Seattle has brought on Ben Hansen as a partner, finance and operations, in its Center of Excellence to work with companies held by the firm’s funds. Hansen was most recently chief financial officer at IMG Academy.

Palistar Capital in New York has hired Brian O'Grady as a managing director and global head of business development and capital solutions, accroding to an emailed statement. He joins from Singapore-based Keppel.

Multi-strategy asset manager GCM Grosvenor in Chicago ended the first quarter with about $82 billion in assets under management, up 4% from the same point a year ago. The firm collected $2.9 billion in fresh capital during the just-ended quarter, or 77% more than it brought in the year-earlier period. While fee-related earnings rose 22% to $46.7 million in the first quarter, net income fell 78% to about $500,000, or a 2 cents a share loss. After the quarter ended, the firm’s strategic partner in Japan, Sumitomo Mitsui Trust Bank, purchased about 3.8 million GCM shares at $13.32 each, providing the firm with about $50 million in gross proceeds. GCM shares fell as much as 5.1% Wednesday morning following the results but rebounded to trade little changed at $12.50 by mid-afternoon.

Many doctors have decried private-equity firms’ push into healthcare, saying patient care has eroded under their ownership, Mark Maurer reports for CFO Journal. Now, as these firms make similar inroads in accounting, some medical professionals have a warning for CPA firms: Don’t make our same mistakes.

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

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