Good morning! Maria Armental today brings us an interview with General Catalyst Chief Executive Hemant Taneja, whose firm is about to become the first venture investor to buy a hospital, on how he plans to tackle major problem areas of the economy.

Yuliya Chernova reports that startup CEOs are facing a challenge over the Trump administration's proposed $100,000 fee for H1B visa applications.

And Colin Kellaher and Laura Kreutzer report that Patient Square Capital sealed a $2.6 billion deal for software company Premier.

Now onto the news...

General Catalyst is poised to become the first U.S. venture-capital firm to own a hospital system with its pending investment in Summa Health in Akron, Ohio. The deal, which the firm is funding with its own money—as opposed to investors’—offers a road map the firm plans to follow in tackling other areas, from climate change to national defense, Chief Executive Hemant Taneja said. WSJ Pro’s Maria Armental spoke to Taneja about his new book “The Transformation Principles” and how he sees new approaches to innovation reshaping the way capitalism works.

Some startup CEOs say they will hire more contractors abroad to avoid the new $100,000 fee on H1B visa applications, Yulia Chernova reports for WSJ Pro Venture Capital. Others say they expect to find ways to bring in people but include new clauses where hires owe them some of that fee if they leave quickly. The changes add new stress, and many venture investors say that the anti-immigration moves by the Trump administration will weaken the U.S. overall. 

Healthcare-focused Patient Square Capital is acquiring software developer Premier, whose technology is used in managing workforces, group purchasing and analyzing performance data, through a take-private deal that values the company at about $2.6 billion, Colin Kellaher and Laura Kreutzer report for WSJ Pro. Menlo Park, Calif.-based Patient Square is offering $28.25 a share in cash for the Charlotte, N.C., company, a 9.7% premium to Friday's closing price.

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Atlas Holdings in Greenwich, Conn., is acquiring retailer Office Depot for $28 a share in cash, or $842.2 million based on its shares outstanding, Dean Seal reports for WSJ Pro. The price represents a 34% premium to Friday's close for ODP, the Boca Raton, Fla.-based company's legal name. ODP, whose chains include OfficeMax, said the deal has the support of its directors and values the business at about $1 billion. Atlas Holdings closed its latest fund earlier this year with more than $6.4 billion.

Thoma Bravo is buying software company PROS Holdings in a deal that values the business at about $1.4 billion, Colin Kellaher reports for WSJ Pro. Thoma Bravo will pay $23.25 a share in cash for the Houston company, a nearly 42% premium to Friday's closing price of $16.41. PROS provides AI-powered software-as-a-service used in pricing and selling goods and services.

Canadian pension investor La Caisse is acquiring renewable energy and battery storage company Edify Energy with an investment expected to total about 1 billion Canadian dollars, or roughly $725.6 million, including equity to finance two ready-to-build integrated solar and utility-scale battery projects in Australia. Legally named Caisse de dépôt et placement du Québec, La Caisse is backing the Sydney company through its infrastructure and sustainability strategy.

Bain Capital in Boston is backing boutique hotel owner-operator Les Hôtels de Paris, which is part of Machefert Group, according to an emailed news release. The company has 17 hotels in Paris and one in St. Tropez on the Mediterranean coast. Last week, the buyout firm agreed to acquire the 957-key Pullman Paris Montparnasse hotel from Unibail-Rodamco-Westfield, a real estate investment trust, investing with Columbia Threadneedle and QuinSpark Investment Partners.

Buyout firm TPG is backing management systems and services provider Tide, joined by existing investor Apax Partners, which together are putting over $120 million into the internet-based financial-technology business. TPG is investing through its Rise impact strategy while Apax has backed Tide through its Apax Digital funds. The new investment valued Tide at $1.5 billion. The company works with more than 800,000 smaller businesses in the U.K., over 800,000 in India and others in France and Germany.

Healthcare-focused OrbiMed and SR One led a $60 million growth investment in clinical-stage biotechnology company Avenzo Therapeutics, joined by Longwood Fund and existing investors in the business. The San Diego company is developing cancer therapies.

Spark Capital led a $60 million growth investment in financial services provider Cardless, joined by existing backers including Activant Capital. The San Francisco company works with businesses to develop in-house credit cards.

Credit investor Trinity Capital is providing $45 million in growth capital to biotechnology production instruments supplier Rapid Micro Biosystems. The Nasdaq-listed company based in Lexington, Mass., specializes in automating microbial quality control, including environmental monitoring and testing services.

Keensight Capital is buying a majority stake in software developer Decision Focus from Danish private-equity firm VIA equity. The Denmark-based company makes programs used in governance, risk and compliance operations. VIA has backed the business since 2022.

Lion Equity Partners in Denver has acquired manufacturer Custom Tube Products in Edgewater, Fla. The company makes metal assemblies and components.

DelCam Capital, a Boston firm that invests in manufacturing companies, bought electronics maker Gaston Electronics in Mount Holly, N.C.

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

Ardian in Paris is exiting its minority investment in French orthopedics company Proteor, with fellow Parisian private-equity firm Eurazeo stepping in as a backer along with Crédit Mutuel Equity. The Dijon, France-based company, majority owned by its founding family, has about 1,100 employees, five production sites and generates revenue of about €170 million, or roughly $199.7 million. Ardian has been an investor since 2021.

Bregal Sagemount and FTV Capital are set to sell shares in insurer Neptune Insurance Holdings through the St. Petersburg, Fla.-based company's initial public offering, which is expected to price at $18 to $20 a share, a regulatory filing shows. Bregal held about 29% of the company's equity while FTV had around 25% at the end of August.

European buyout firm Mutares in Munich is in negotiations to sell portfolio company Clecim to a unit of French industrial company SNEF. Clecim, a supplier of steel processing equipment including rolling mills, has around 200 employees and generates revenue of roughly €55 million. Mutares has backed Clecim since 2021.

Venture capital-backed fantasy sports company PrizePicks is being acquired by lottery operator Allwyn International for $1.6 billion, Katherine Sayre reports for the Journal. Allwyn, which operates lotteries in Europe and Illinois, plans to buy about a 62.3% stake in a deal that implies an enterprise value of $2.5 billion for PrizePicks, the companies said.

Pattern Group, whose significant shareholders include Banner Capital Management and Knox Lane, saw its shares tumble 10% Monday following their trading debut Friday, when the stock climbed almost 12% from its initial public offering price of $14 a share. The stock closed Monday at $14. Knox Lane held about 19% of the company's equity before the IPO while Banner had around 10%. Neither planned to sell shares through the IPO.

Lower midmarket investor Boathouse Capital in Wayne, Pa., aims to raise $125 million for its fourth flagship fund, Boathouse Capital IV, a securities filing indicates. The firm also indicated that it had yet to receive any commitments to the new fund as of last Thursday. The firm raised about $300 million for its third main fund, which closed in late 2021, according to research provider PitchBook Data, which also indicated that the firm may seek as much as $300 million for the new fund.

Credit-focused Canyon Partners in Dallas has wrapped up two collateralized loan obligations totaling nearly $1 billion. The firm's Canyon EUR CLO 2025-2 has €400 million, or $469.9 million, while its Canyon US CLO 2025-2 closed with $500 million. The firm now manages around $11.4 billion in CLO assets.

Hybrid asset manager Irth Capital has appointed former U.S. ambassador to Qatar Timmy Davis as a partner and president of the firm. Irth manages equity investments in private and publicly traded companies. Matthew Bradshaw and Mohamed bin Abdulla Al Thani founded New York-based Irth last year.

KKR appointed Roland Koch as a senior adviser to investment teams focused on Germany, Austria and Switzerland. He currently teaches at Frankfurt School of Finance & Management in Germany.

Sun Life Financial-backed Crescent Capital Group has hired Juan Grana and Doran Chernichen as managing directors. Grana will lead the Los Angeles firm's banking team focusing on credit risk-sharing transactions. Chernichen is also joining the banking team. Both are based in London. Grana was previously with Chorus Capital while Chernichen was with Standard Chartered Bank.

Clean-energy growth investor Angeleno Group in Los Angeles has added Andrew Steer to its board of advisers. He currently teaches at Georgetown University in Washington and at the London School of Economics.

Sagard in Montreal is combining its private-equity operations with those of midmarket-focused Unigestion in Geneva to create a single midmarket PE group with assets of over $23 billion, managed by Sagard, according to an emailed news release. The group's strategies will include primary and secondary investments. Unigestion had more than $12.5 billion in private-equity assets at the end of August. Its non-PE operations aren't involved in the deal, which is expected to close next year. Once the combination is completed, Sagard will manage roughly $44 billion across all its strategies, which include venture investments, private credit and real estate.

Ardian in Paris and its partner Rockfield Real Estate have secured €550 million, or roughly $646.1 million, in structured financing for their strategy to develop student housing in Europe. The partnership has acquired eight properties across the Netherlands, Spain, Italy and Germany totaling more than 6,000 beds and has investment capacity of nearly €1.3 billion.

Hunter Point Capital, which invests in asset managers, is backing Willow Tree Credit Partners, which provides financing to midmarket companies, including some backed by private equity. New York-based Willow Tree manages about $5 billion.

Elevation Point, a growth accelerator for independent advisers and breakaway firms, made a minority equity investment in Loxahatchee Capital, a Tequesta, Fla., multi-family office with $1.4 billion in assets.

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

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