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For all the fundraising challenges, some firms are showing that it can be done. Take Silversmith’s fast-clip raise, which drew $1.6 billion from outside investors. A test of faith: backers included senior industry executives from the firm's portfolio companies, past and present. 

Isaac Taylor scoops that private-credit firm Antares Capital and insurer Ascot Group are launching Wayfare Reinsurance. Insurers are taking a keen interest in private credit for higher yields and alignment of long-duration investments.

Finally, Luis Garcia brings us another scoop as FTV Capital doubled down on businesses that help make capital markets more efficient with a $70 million investment in software provider Saphyre. 

Read on for more..

Silversmith Capital Partners has amassed $1.71 billion for its fifth fund, reaching the vehicle’s upper limit in less than four months by sticking to its time-tested formula of backing capital efficient, healthcare and technology businesses, often as the first institutional investor. The firm’s approach earned Silversmith an endorsement from some of the founders it has backed, as they invested in the new fund. Separately, the firm promoted Sri Rao, one of the firm’s initial employees in 2015, to managing partner alongside firm founders Todd MacLean, Jim Quagliaroli, Lori Whelan and Jeff Crisan.

Private-credit firm Antares Capital and insurer Ascot Group are partnering on a $500 million deal to create Wayfare Reinsurance, Isaac Taylor writes for WSJ Pro. The new Bermuda-based sidecar reinsurance company will be capitalized through equity investments from Antares and Ascot with Antares to serve as the exclusive private-credit asset manager for the newly formed Wayfare.

Growth investor FTV Capital has invested $70 million in Saphyre, doubling down on its strategy of backing companies that help make capital markets more efficient, WSJ Pro's Luis Garcia reports. Hoboken, N.J.-based Saphyre develops systems that speed up securities trading by digitizing related data, including documents from sellers and buyers. Saphyre's system makes it easier to resolve settlement mismatches and identify users, which helps prevent fraud, said Chief Executive Gabino Roche. 

KKR & Co. and Pacific Investment Management Co., or Pimco, are investing in the financing arm of American motorcycle manufacturer Harley-Davidson, acquiring equal interests in a 9.8% stake as well as about $5 billion in retail loan receivables, John Keilman reports for Dow Jones Newswires. The company plans to use the $1.25 billion it expects from the deal primarily to reduce debt and buy back shares.

Iconiq Capital's growth arm led a $500 million investment in Ramp that values the artificial intelligence company at $22.5 billion, Belle Lin reports for the Journal. Other backers include existing investors Founders Fund and D1 Capital Partners. Ramp uses AI technology to help businesses automate corporate finance tasks.

New Mountain Capital is in advanced talks to acquire a roughly 40% stake in Wipfli, which would make it the latest accounting firm to turn to private-equity investors to help accelerate revenue growth, Marc Maurer reports. The stake in the Milwaukee-based firm would value it at more than $1 billion, people familiar with the matter said. Wipfli audits the financial statements of the National Football League’s Philadelphia Eagles and Green Bay Packers.

European buyout firm EQT AB is offering about $2.7 billion to take private Tokyo-listed Fujitec Co., a maker of elevators and escalators, Kosaku Narioka reports for the Journal. If successful, EQT would own 85% of Fujitec and its founding family would retain the remaining 15% stake. EQT aims to begin the ¥5,700 per-share tender offer, equivalent to $38.39 each, in January.

Japan Post Insurance has agreed to invest about $2 billion in a vehicle sponsored by KKR & Co.'s Global Atlantic Financial Group, a provider of annuities, life insurance and reinsurance, expanding a financial partnership that began in 2023. Japan Post's commitment is expected to be over half of the vehicle, which is expected to have access to Global Atlantic's insurance, reinsurance and strategic activities, starting next year.

Healthcare and financial technology specialist Oak HC/FT and venture investment firm Andreessen Horowitz led a $243 million growth investment in Ambience Healthcare, whose software and services provide documentation, coding and other functions for medical and related companies. Existing backers and other new investors also joined the round.

AllianceBernstein joined a $150 million growth investment led by venture firm Kleiner Perkins to back artificial intelligence systems developer Motive Technologies. The company focuses on software used to enhance the safe operation of heavy equipment, including trucks.

Thomas Tull's US Innovative Technology Fund in Pittsburgh led a $100 million growth investment in Oxide Computer Co., joined by the company's existing backers. The Emeryville, Calif.-based startup develops in-house enterprise systems for customers to use as an alternative to public cloud computing resources.

Harrison Street Asset Management, a unit of Colliers, has acquired a majority interest in European credit investment manager RoundShield Partners. The U.K.-based firm manages about $5.4 billion. Harrison acquired a 60% stake from members of RoundShield management and a third-party investor, with the remaining held by firm managers.

Buyut firm KKR & Co. has acquired a majority stake in HealthCare Royalty Partners, pushing the investment firm further into the healthcare industry, Ben Glickman reports for the Journal. Also known as HCRx, the business acquires the rights to royalty streams from pharmaceutical companies, either for drugs that already generate sales or those that are in later stages of development and manages around $3 billion in assets.

Healthcare-focused Archimed is acquiring a majority stake in artificial intelligence-driven clinical software developer Arkstone Medical Solutions. The Boca Raton, Fla.-based company uses machine learning technology along with AI to develop programs used for infectious disease clinical decision support, among other applications.

Cibus Capital and Astanor led a $40 million growth investment in agricultural technology company 4AG Robotics, joined by new investor Voyager Capital and existing backers. The Canadian company makes harvesting machines used by mushroom growers in Canada, Australia and Ireland and plans to expand in the U.S. and Europe.

Coatue Management led a $38 million growth investment in cybersecurity software company Legion Security, joined by existing backers Accel and Picture Capital among others. The startup is developing artificial intelligence-based programs that companies can use to help hone their analysis of cyber threats and act on security alerts.

Valspring Capital in Boston led a $35 million growth investment in membership-based pet healthcare provider Small Door Veterinary, joined by existing investors. Valspring was formed in 2022 by former members of Bain Capital's healthcare ventures investment team.

Investment firm SLW Management in San Francisco led a $35 million growth investment in personnel management technology supplier Sparrow. The company's software is used to manage employee leave. SLW was founded in 2012 as Silver Lake Waterman, a later-stage growth strategy within Silver Lake and became an independent in 2024.

Tech investor Thoma Bravo is backing Trading Technologies International, a capital markets technology services provider backed by growth equity investment firm 7Ridge. London-based 7Ridge had acquired Trading Technologies in 2021 and will remain an investor in the company.

Family-owned Hoffmann Family of Cos. has acquired Atlanta Party Rentals, an Atlanta family-run party and event equipment rental services company.

Partners Group is acquiring a significant minority stake in cybersecurity company Nozomi Networks, according to a spokeswoman. The San Francisco company incorporates artificial intelligence technology in its programs that are used to protect operational and internet-connected devices and machinery operating in industrial, commercial and infrastructure settings.

Credit provider Thornburg Bow River Advisers is financing the expansion of indoor climate-control company Mechanical Group. Las Vegas-based Mechanical Group maintains and replaces heating and air-conditioning systems used in commercial and industrial buildings across California, Nevada and Texas. The credit provider is a partnership between Thornburg Investment Management in Santa Fe, N.M., and Bow River Capital in Denver.

Brookfield-controlled Oaktree Capital Management is backing property developer Omaxe in India with funding equivalent to about $57 million, according to a regulatory filing.

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

Turning Rock Partners in New York has sold its stake in real estate investment and management company Capital Square.

Pacific General is backing Middle Eastern fast-casual restaurant chain Naya Group through its leading participation in a single-asset continuation vehicle transaction of TriSpan, joined by co-lead investor Kline Hill Partners. The deal provided liquidity to TriSpan fund investors and growth capital to Naya, which has 35 locations across six states and aims to expand nationally. TriSpan acquired Naya in 2020.

Multistrategy investor KKR & Co. has raised about $6.5 billion for asset-based lending, including $5.6 billion for KKR Asset-Based Finance Partners II, its largest credit fund to date. The firm also collected nearly $1 billion for separately managed accounts. The New York firm manages more than $74 billion in ABF assets and invests in areas such as consumer finance and mortgages, commercial credit and contractual cash flows.

Nuveen, the investment management arm of Teachers Insurance and Annuity Association of America, has collected new commitments totaling $785 million for its public-private real estate finance pool Nuveen C-PACE Lending Fund III. The vehicle is overseen by affiliate Nuveen Green Capital and finances building upgrades that improve energy efficiency, water conservation and climate resilience. Nuveen managed assets of more than $1.3 trillion at the end of April.

Tacora Capital Management in Austin, Texas, has banked $685 million for its second flagship fund, according to a LinkedIn post by Claire Councill Ellison, an investments executive with the firm, which focuses on asset-backed lending. Tacora was established in July 2021 and managed assets totaling about $960 million at the end of last year, according to a regulatory filing in March.

Architect Equity Management in El Segundo, Calif., has closed Architect Equity Fund I and a related vehicle with $285 million, including the firm's commitment as general partner. The firm, which began raising the fund late last year, had a $200 million target for the pool. Architect typically backs businesses with revenue of $50 million to $750 million and in March reported managing about $95.1 million in client assets at the end of 2024.

Morgan Stanley alum Kevin Nunez and Fatima Teos, formerly with Jefferies Financial Group and JPMorgan Chase & Co., have launched NJK Partners to back Main Street businesses in underserved U.S. markets.

Shamrock Capital promoted Michael LaSalle and Andrew Howard to co-presidents. Stephen Royer becomes chairman. Los Angeles-based Shamrock, initially founded as the family investment company for the late Roy E. Disney, managed about $6.5 billion in assets as of March 31.

FTI Consulting appointed Pat McLay as a senior managing director and Australia leader of the accounting advisory practice in the firm's forensic and litigation consulting segment.

Tikehau Capital collected €5.2 billion, or roughly $6 billion, in capital during this year's first half, and reported net inflows of €4 billion for the period, both record levels, according to the Paris-based firm. Realizations of fund investments rose 68% from last year's first six months to reach €1.5 billion and helped support fundraising efforts. The Paris-listed firm managed assets of about €51 billion at the end of June, up about 12% from a year earlier.

Paris-listed investment firm Wendel's asset management operations had about €39 billion at the end of June, including funds raised by majority-owned Monroe Capital and IK Partners, which raised €4 billion and €300 million, respectively, during the period. Wendel posted a more than three-fold increase in fee related earnings, rising to €59 million in the first half of the year, compared with last year's first six months. 

Evercore has agreed to acquire U.K. mergers and acquisitions advisory firm Robey Warshaw for £146 million, or around $196 million, which the bank will pay in two tranches.

Ares Management and oil major Shell's Savion Equity unit have formed a solar energy joint venture to develop projects in the U.S. under the Tango Holdings name. Ares is investing through its infrastructure opportunities strategy and will own 80% of the venture, which owns five solar projects either in operation or under development. Savion serves as the partnership's managing member while Shell Renewable Asset Management International oversees its assets.

Mutual fund sponsor Capital Group in Los Angeles is setting up an interval fund with KKR & Co. that will focus on private and public U.S. equities and will be tailored to retail investors with no accreditation requirements. The Capital Group KKR U.S. Equity+ fund is expected to become available early next year, subject to regulatory approval. The firms collaborated earlier this year on two credit-focused interval funds, which have already collected more than $100 million in investor assets. Capital Group manages more than $3 trillion.

Energy Capital Partners in Summit, N.J., and KKR & Co. have begun work on a hyperscale data center in Texas, the first investment from their $50 billion strategic partnership. The nearly $4 billion project is being developed through a joint venture with CyrusOne, a data center builder and operator, and adjacent to ECP-backed power generator operator Calpine's Thad Hill plant in the Dallas-Fort Worth area. The facility is expected to be operational by the fourth quarter of 2026.

Law firms have doubled down on private equity hiring in London despite a slower than expected rebound in deal activity, Zoe Hu reports for sister publication Financial News. A total of 21 private equity partners were appointed in London in the first half of this year, up from 13 in the same period last year and 17 in 2023, according to a report by legal recruitment firm Macrae.

Buyout firm BC Partners faces pressure from executives in its United Group portfolio company after the recent dismissal of founder Dragan Šolak and Viktoriya Boklag, the telecommunications and media company's chief executive, Sebastian McCarthy reports for sister publication Private Equity News in London. In a letter to the company's directors, 14 executives expressed "deep concerns" over leadership changes and urged “immediate action to rectify this situation.” BC Partners, which acquired a majority stake in the business in 2019, declined to comment.

U.S. midmarket companies' revenue and employment growth during this year's first half fell to the lowest level in the post-pandemic years, according to the national Center for the Middle Market. More company leaders say they are less inclined to invest, opting instead to hold their money in reserve, citing rising costs, new tariffs and economic uncertainty.

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