Good morning and TGIF! It's school vacation week here in Boston, and as is frequently the case in this famously fickle month, it has been cold and wet—until yesterday. Then the clouds parted, the fog lifted and at least for one day we got a glimmer of the promising weather that for the Hub of the Universe typically arrives in May.

No rain fell on the parade of headlines either. So today we start off with a scoop from our Laura Kreutzer, who reports that relative newcomer Invidia has inked its first deal.

Next, our Wall Street Journal colleague AnnaMaria Andriotis writes that Blackstone's credit business slowed during the just-ended quarter, even as overall distributable earnings rose.

Also, the Journal reports that inquiries into private credit by regulatory agencies in Washington are picking up steam.

We have those and many more stories for you below, so please read on ...

Invidia Capital Management, a healthcare investor founded in 2024, recently agreed to its first deal, which will give the firm a majority stake in fertility benefits and family services provider WIN, WSJ Pro’s Laura Kreutzer reports, citing people familiar with the matter. The transaction remains subject to regulatory approval, one of the people said.

Returns in Blackstone’s private-credit business slowed in the first quarter even as the company reported strong earnings, AnnaMaria Andriotis reports for the Journal. Gross returns in the firm’s private-credit business were 0.6% in the period, compared with 2.7% a year ago and 4.1% two years ago, while net returns were nil. Public debt fared worse. A public leveraged loan index slipped 0.6% in the quarter. The firm reported a rise in distributable earnings in the just-ended period from a year earlier, but fell 26% in its credit and insurance business.

Wall Street’s watchdogs are ramping up their inquiries into how much risk has built up in the $3 trillion private-credit industry, just as investor angst has sent some backers running to the exits, the Journal reports. The Securities and Exchange Commission in recent months has opened several enforcement investigations of large private-credit managers, according to people familiar with the matter. The Treasury Department has requested information from private-fund managers and insurance firms about their business models. Bank regulators, too, have stepped up their focus on the risks posed by the industry, with the Federal Reserve querying banks about their lending and exposure to private credit.

Private-equity firm American Industrial Partners has agreed to acquire the warehousing and workflow business of publicly traded Honeywell International, Dow Jones Newswires' Connor Hart writes. The unit generated revenue of some $935 million last year automating material handling and warehouse systems and provides aftermarket services and software.

New Mountain Capital has combined Azuria Water Solutions and Inframark, backing the previously announced merger with a $2.4 billion single-asset continuation vehicle that included a new investment from New Mountain Partners VII and was co-led by HarbourVest Partners. The deal valued the combined operation at about $5.5 billion. New Mountain first invested in Azuria in May 2021 and in water and wastewater operations and maintenance services provider Inframark in December 2020, according to the firm's website.

Existing backer TCV led a $72 million growth investment in software management systems developer Cloudsmith, joined by Insight Partners and other previous investors in the business. Belfast, Northern Ireland-based Cloudsmith's systems are used to manage the production and use of applications developed by agentic artificial intelligence technology.

The growth equity strategy of Goldman Sachs's alternatives investment group is backing Zurich-based artificial intelligence technology company BLP Digital with a $50 million investment. BLP’s technology helps enterprises reduce manual labor in high-volume finance processes such as accounts payable.

Atlas Holdings has dropped a proposal to acquire London-listed BRCK Group after the company’s board rejected the firm’s initial price. In February, Atlas had put forward a potential offer of 65 pence, or $0.88, a share for the U.K. provider of construction materials and services. BRCK rejected the offer and wouldn't extend the deadline for Atlas to make an improved proposal. The company's shares fell about 7.8% Thursday, giving it a market value of about £156.2 million, or about $210.4 million.

Asset-based private credit investor Castlelake has become the majority owner of Resfin Partners, whose property lending operations include Eastview and Lendmarq. Leste Group, which acquired Eastview and Lendmarq in 2020, retained an interest in Resfin following Castlelake's entry.

Investment firm Owner Resource Group in Austin, Texas, is investing in Smart City Locating, a Dallas-based apartment locating service.

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

Buyout firm KKR & Co. is selling a 40% stake in Canadian company Pembina Gas Infrastructure, or PGI, to Apollo Global Management, Adriano Marchese reports for Dow Jones Newswires. Pembina Pipeline Corp., which operates and manages PGI’s 23 gas processing plants, is retaining its 60% stake in the company. Pembina and KKR formed PGI as a joint venture in 2022.

Bain Capital is looking to sell at least 40% of Bridge Data Centers at an enterprise value of about $5 billion for the Singapore-based company and could exit a controlling interest at the right price, Reuters reports, citing two people familiar with the matter. The Boston firm has hired bankers to shop the stake, attracting interest from other private-equity firms as well as infrastructure investors, Reuters said.

Energy industry investor EIV Capital in Houston has closed EIV Capital Fund V and EIV Resources II, as well as related vehicles, raising about $1.1 billion. The firm invests in energy infrastructure businesses such as pipeline and tank operators through the fifth flagship fund and in U.S. oil and gas wells through the resources fund.

Pantheon has launched Pantheon Global Infrastructure Secondaries Fund, its latest evergreen private-markets strategy for private-wealth channels. The firm’s global evergreen platform had grown to some $15 billion in assets as of Sept. 30.

Eurazeo's Kurma Partners has raised €215 million, or about $251 million, for its latest healthcare venture fund Biofund IV. In addition to Eurazeo, the new fund is anchored by investors that include Australian pharmaceutical company CSL, the European Investment Fund (EIF), and Bpifrance. Kurma has already invested the new fund in 11 transactions and plans to back a total of 20. The fund has also already completed three exits.

Joshua Kushner's Thrive Capital has added Bob Iger, the former Walt Disney Co. chief executive and part owner of the firm, as an adviser, the Journal reports, citing people familiar with the matter.  Thrive, which recently raised $10 billion across a new set of funds, has backed the likes of Instagram, Spotify, A24 and OpenAI. Iger briefly joined Thrive as a venture partner in 2022, but relinquished the role when he returned to lead Disney later that year.

New Mountain Capital has named Sangmyung Lee to lead its newly established Seoul office. Lee joined the New York firm as a director in February from Korea Investment Corp.

The global asset management business of Prudential Financial has appointed Brian Towers as head of insurance and strategic partnerships within its strategic capital group. Towers previously was a managing director with Blackstone’s mulit-asset credit strategy.

Consumer-focused private equity firm Manna Tree Partners has added Jessica Schmitt as managing director of capital formation, based in Los Angeles. She was most recently with Waud Capital Partners.

Midmarket private equity firm Sterling Group in Houston has added Robert Gray as a managing director and general counsel and chief compliance officer, and Pierce Edwards as managing director, business development in Dallas. Gray was previously with Riverstone Holdings and Edwards had been with Valesco Industries.

Blue Owl Capital business development company Blue Owl Credit Income Corp. reported a mere 1.3% decline in assets during the first quarter, based on par value, falling to about $33.8 billion at the end of March after the BDC capped withdrawals at 5% of shares outstanding during the quarter. The BDC had received requests to redeem almost 22% of shares outstanding but stuck with its quarterly limit. It ended March with some $12.5 billion in available liquidity. Another Blue Owl BDC, Blue Owl Technology Income Corp., reported a nearly 15% drop in par value, to about $5.04 billion at the end of March after it also opted to impose a 5% cap on withdrawals in the face of redemption requests for 41%. The tech-focused BDC reported available liquidity of over $1.4 billion.

Consumer-focused L Catterton is joining with specialized investment and advisory firm Patricof to form a partnership to back athlete-centric brands. The partnership, called Champ, has already signed up over 250 athletes, including quarterback Joe Burrow and slugger Mike Trout.

Alphabet's Google Cloud is partnering with CVC Capital Partners to advance artificial intelligence adoption across the global private-markets firm’s portfolio companies. The partnership is at least the second that Google Cloud announced with a private-equity firm over the past week, following a similar arrangement with Vista Equity Partners.

Tikehau Capital ended the first quarter with assets of about €53 billion, or roughly $62.03 billion, up about 7% from the end of March 2025. The firm reported bringing in €700 million in net new money during the just-ended quarter.

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