Welcome back. Lately, I’ve found myself returning to strategic card games like Magic: The Gathering. It’s a hobby that feels remarkably like private markets, where success isn't just about the hand you're dealt. It’s about resource management, anticipating an opponent's pivot and finding alpha in the "fine print" others miss. In today's market, much like a complex deck build, value is often hidden in the "triggers"—those interdependent risks that only reveal themselves once the game is in full swing.

For today's news, I cover a $16 billion fundraise from Churchill Asset Management that marks the firm's largest capital raise to date. The fresh capital was raised to bolster the firm's senior lending strategy. 

Also, we have news of Baseten, a startup specializing in AI inference, raising $300 million at a $5 billion valuation.

Now onto the news...

Churchill Asset Management has amassed over $16 billion for senior lending, including anticipated leverage, extending its capacity to back core middle-market deals, Isaac Taylor reports for WSJ Pro. Representing the New York firm’s largest fundraise to date, the amount includes equity commitments to the firm’s fifth main senior loan vehicle along with separately managed accounts. Churchill’s new pool marks the latest in a string of multibillion-dollar funds raised for private credit strategies in recent months.

A group of investors that include private investment firm IVP, Alphabet’s growth fund CapitalG and artificial intelligence chip maker Nvidia have backed a $300 million investment in Baseten that values the AI startup at $5 billion, the Journal reports, citing people familiar with the deal. Nvidia invested $150 million in Baseten, which specializes in AI inference, the process of AI models generating output in response to prompts.

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Blackstone and growth investor TCV led a €175 million, or $205.2 million, investment in French software company Pennylane, joined by Sequoia Capital and DST Global, among others, according to a post on the company's LinkedIn page. The Paris company is developing what it calls a financial operating system for businesses that includes  artificial intelligence technology.

Asset manager Eiffel Investment Group led a €300 million, or $349.4 million, financing for European renewable energy company Amarenco, initially committing €150 million to the deal. It's the firm's eighth partnership with the company since 2018 and is expected to help reduce Amarenco's financing costs and back its accelerated development of solar projects and energy storage sites across Europe.

Goldman Sachs is providing $355 million in tax equity and debt financing to Lotus Infrastructure Partners-backed Radial Power to support the development of 106 commercial and community solar-energy projects with peak output capacity of 214 megawatts.

Majority investor KKR & Co. added to its commitment to fungal biotechnology company Sylvan, joined by fellow backer Novo Holdings and new investors in the business including TPG, Ping’An Capital and Tsao Pao Chee. KKR's new commitment came partly from its first fund denominated in renminbi to facilitate local investor participation in China.

Elliott Investment Management is joining Cerberus Capital Management in backing Stratolaunch, a privately held maker of hypersonic test aircraft, the Journal reports, citing people familiar with the matter. Elliott’s investment is worth several hundred million dollars. Cerberus bought Mojave, Calif.-based  Stratolaunch in late 2019.

Tailwater Capital has expanded its activities in the Permian Basin, adding 35,000 acres to its non-operated leasehold positions in New Mexico. The deal includes exposure to more than 900 gross wells.

Water Street Healthcare Partners has acquired a majority stake in medical device logistics company GlobalMed Logistix Partners.

Healthcare-focused firm Grant Avenue Capital has acquired vitamin, mineral and supplement provider 21st Century Healthcare, according to an emailed news release. Dave Meadows, a member of the firm’s operating executive platform, is joining 21st Century’s board of directors. Founded in 1991, 21st Century Healthcare’s brands include Alaska Wild, Arthri-Flex Advantage, ImmuBlast, Herbal Slimming Tea, VitaJoy and Zoo Friends.

Riverwood Capital led a $100 million growth investment in software developer DealHub to help accelerate the Austin, Texas-based company's build-out of its agentic artificial intelligence system for monetizing various sales models.

Insight Partners and Latin America-focused Kaszek led a $55 million growth investment in software developer Pomelo, which offers credit and debit apps used by consumers and businesses.

Dallas-based private investment firm Highlander Partners has acquired hot sauce brand Tapatio from the founding Saavedra family, which will retain a minority stake in the company. The Arnold Cos., a Dallas-based family investment management firm has taken a significant minority stake in Tapatio alongside Highlander. Tapatio is sold through retail outlets, supermarkets and others and is widely used in restaurants, especially in the American West.

European investor EQT AB and Gimv in Belgium led a €51 million, or $59.8 million, growth investment in clinical-stage biopharmaceutical company Exciva, which is backed by Andera Partners. The Heidelberg, Germany-based company is developing a treatment for certain symptoms of Alzheimer’s disease. EQT in Stockholm invested through its life sciences strategy while Andera increased its commitment to the business.

Gauge Capital is investing in software-as-a-service provider Ecosystems through a recapitalization of the company. Ecosystems helps clients manage customer relations.

BV Investment Partners is backing the former managed repair division of Alacrity Solutions, with the separated unit operating as Altimeter Solutions Group.

Investment firm Highlander Partners is acquiring the Tapatio hot sauce brand from the Saavedra family, joined by minority investor Arnold Cos. Tapatio is sold through retail outlets, supermarkets and others and is widely used in restaurants, especially in the American West.

Bluestone Equity Partners in New York is backing pickleball equipment supplier Selkirk Sport, investing from the firm's inaugural $300 million fund. Selkirk is based in Hayden, Idaho.

Private-equity firm GTCR in Chicago is backing the formation of Ascent Sports Group by consumer technology executive Gary Swidler. The business offers tech-based performance enhancement for amateur and youth athletes, as well as products that help athletes, families and others stay connected with events, teams and each other.

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

Wendel in Paris is in talks with strategic buyer Henkel over a potential acquisition of the firm's Dutch specialty-chemicals company Stahl Holdings, Billy Gray reports for the Journal. Wendel acquired a majority stake in Stahl in 2006 and has invested about €225 million, or about  $262.1 million, in the business. The firm has received €427 million in dividends from the company plus loan repayments in that time as well, according to the firm's website. Stahl generated €930.2 million in 2024 revenue and employed about 1,700 people at the end of 2024.

Michal Strnad is taking Prague-based munitions manufacturer Czechoslovak Group public through an Amsterdam listing that is expected to value the company's shares at around €25 billion, or roughly $29.1 billion, making it the largest-ever defense sector listing, Reuters reports. Strnad, who owns virtually all the company's equity, is expected to receive proceeds of nearly €3 billion from the €3.8 billion offering.

Renovus Capital Partners has exited a technology‑enabled pharmacy operation Pillr Health through its sale to Water Street Healthcare Partners. Renovus first backed the Boca Raton, Fla.-based business in 2019.

American Securities-backed Solv Energy has registered for an initial public offering of shares, without saying how many it plans to sell or at what expected price. The San Diego company provides infrastructure services to utilities and other power producers.

Frontier Growth-backed specialty software maker ClearGov has been acquired by Lead Edge Capital-backed Gravity and combined under the ClearGov brand. Maynard, Mass.-based ClearGov develops public-sector finance software. Frontier first backed the business in late 2021, when the firm led a $20 million investment round.

Montage Partners in Scottsdale, Ariz., has sold systems integrator Advantco International to Trinity Hunt Partners-backed Argano. Montage first invested in Charlotte, N.C.-based Advantco in 2019.

Secondary investor Pantheon has led a $3.2 billion continuation vehicle with Crescent Capital Group to acquire a diversified portfolio of performing sponsor-backed loans and securities and other equity interests from Crescent Mezzanine Partners VII, a more than $4.6 billion fund closed in 2016. Other investors that backed the secondary deal include Allianz Global Investors, Hamilton Lane, Dawson Partners, Ares Management’s credit secondary strategy and Antares Capital.

Vossen Capital Management in London has secured £200 million, or $268.8 million, for investing in companies that are approaching public listings, or pre-IPO deals. The firm said participants making commitments to the strategy included institutional as well as wealthy individual investors.

Specialist investor Pontem Energy Capital in Houston has wrapped up its second fund, Pontem Energy NonOp Fund I, with $250 million, meeting the firm's target. Pontem aims to invest in non-operated working interests in upstream oil, natural gas and natural gas liquids assets through the new vehicle.

Emerging European markets-focused Horizon Capital in Kyiv has reached the halfway mark for its Horizon Capital Catalyst Fund, which aims to co-invest in minority stake of companies participating in critical sectors of Ukraine's economy. The firm has collected more than €150 million, or about $175.9 million, against a €300 million goal for the vehicle. In its first investment from the new fund, Horizon backed Notus Energy's 124-megawatt wind-energy project in Ukraine's Odesa region.

Adams Street Partners in Chicago has set up an evergreen fund targeting eligible European investors, Adams Street Private Equity Global Fund. The vehicle will be used to back midmarket secondaries and co-investments. Adams Street is offering potential quarterly liquidity windows with initial subscription minimums of $100,000,  €100,000 or £100,000.

Canadian Imperial Bank of Commerce's CIBC Asset Management arm has set up the CIBC Diversified Private Credit Fund for institutional investors in Canada looking for a private credit investment opportunity. CIBC didn't specify a target amount for the open-ended vehicle.

Consumer-focused growth investor VMG Partners has promoted Robin Tsai to managing partner to co-lead the firm alongside co-founder and Managing Partner Mike Mauzé. Tsai has been with VMG since 2016. The firm also said it has elevated McConnell Smith to general partner, consumer and Angad Hira to partner, chief financial officer and chief operating officer.

Growth investor Avalt in Boston has added Paige Emerson as vice president of business development. She was previously with AlphaSites.

Apollo Global Management affiliate Bridge Investment Group Holdings has appointed Dugan Fife as a senior managing director and head of wealth solutions. He joins the property-focused investor from Hines Private Wealth Solutions.

The Capza unit of BNP Paribas Asset Management Alts has named Christophe Vulliez as co-head of private debt while promoting Oriane Mizrahi to head of France private debt. Vulliez previously worked for Diagonal Capital and Ardian, among others. Mizrahi joined Capza in 2016.

Multi-family office Collaborative Capital Advisors has hired Michael Moriarty as chief investment officer. He was previously in a similar role with Wealthspire Advisors.

Harvest Partners announced a wave of promotions, including four on its private-equity team. The firm elevated Lucas Rogers to partner, Matthew Bruckmann and Ian Singleton to principal, and Connor Scro to vice president. It has also added three partners to its private equity investment committee: Steve Fessler, Jim Mitchel and Nick Romano.

Clarion Capital Partners has promoted Ho Hong Lau to principal at its structured credit business while elevating Dan Genzelev to senior associate at its private equity strategy, according to an emailed news release. Lau and Genzelev joined the New York midmarket-focused firm in 2019 and 2023, respectively.

HarbourVest Partners has added Ivan Pascual as head of private wealth, EMEA, based in London. He joins from BlackRock, where he held a similar role, Xhulio Ismalaj reports for sister publication Financial News in London.

Blue Wolf Capital Partners in New York has promoted Mike Trivelli to principal and move up four professionals to vice president: Henry Baldwin, Jordan Fong, David Meyers and Alan teGroen. The firm also elevated Nikhil Ramanathan to senior associate.

Private-equity interest in professional ice hockey has lifted values of National Hockey League franchises to a collective $80 billion, according to the Hockey News. The publication said the average value of the 32 NHL teams comes to $2.5 billion, with the four least valuable franchises worth $1.5 billion each and the priciest team, the Toronto Maple Leafs weighing in at $4.75 billion, according to publisher W. Graeme Roustan's estimates.

Eurazeo has entered into an agreement to sell to a third-party, at no discount, €260 million, or $304.9 million, in assets previously carried on its balance sheet. These assets will be carried by a dedicated fund still managed by Eurazeo.

Goldman Sachs has upped its private markets allocations for moderate-risk clients to between 20% and 25%, Xhulio Ismalaj reports for sister publication Financial News in London, citing EMEA- wealth boss Rob Mullane. Investors seeking to benefit from innovations like AI that are driving growth need to be in private markets, Mullane told a roundtable on Tuesday.

Apollo Global Management, Ares Management and Blackstone are among fund sponsors who have agreed to make their strategies available to 401(k) plan participants advised by insurance and retirement services provider OneDigital. The brokerage run by Digital Insurance has included private equity, credit and opportunistic strategies in its offerings to employer sponsors of 401(k) plans.

Canadian private-equity firms scored 65 asset sales last year through November, down roughly 44% from 117 exit deals in all of 2024, WSJ Pro's Luis Garcia reports for Dow Jones Newswires, citing law firm McCarthy Trétault. The total value of exit deals, however, declined only 8.9% last year through November compared with the previous year, falling to 25.7 billion Canadian dollars, or roughly $18.6 billion.

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