Welcome back. This past weekend, I traveled back to the familiar roads of my hometown, Albany, Ga. On a whim, I pulled into the parking lot of my old high school to visit an English teacher whom I hadn’t seen since my 2014 graduation. Watching her face light up when she recognized me was a reminder of where it all began. It was in her classroom, and the early days of working on the school newspaper, that my future in journalism first took shape.

For today's news, our own Luis Garcia shares news of Springcoast Partners leading a $180 million cash infusion into e-commerce facilitator Cart.com. The company plans to expand its use of artificial intelligence to give more businesses access to logistics infrastructure.

And Matt Wirz reports that Blackstone’s Jonathan Gray had been a steady voice of optimism even as cracks began appearing in the private-credit industry. But now, the momentum has shifted. 

Now, please turn to the news ...

Growth-equity investor Springcoast Capital Partners led a $180 million cash infusion into e-commerce provider Cart.com, which plans to expand its use of artificial intelligence to give more businesses access to logistics infrastructure they can’t build alone, Luis Garcia reports. Strategic investor PayPal, through its venture investment arm, has also participated in the deal alongside other early backers of Cart, including the Mercury Fund of Mercury Partners Management and Oak HC/FT, Cart said.

Blackstone’s Jonathan Gray had been a steady voice of optimism as cracks began appearing in the private-credit industry, Matt Wirz reports. He downplayed the risk of individual investors cashing out their investments, pointing to the surge of new investments coming in. Now, the momentum has shifted. Outflows topped inflows by a record $1.7 billion in Blackstone’s massive $82 billion private-credit fund in its latest quarter.

Josh Kushner's Thrive Capital is co-leading a multi-billion dollar growth investment in autonomous weapons systems developer Anduril Industries alongside venture capital firm Andreessen Horowitz, with the company's valuation doubling to $60 billion, the Journal reports, citing people familiar with the matter. Existing investors Lux Capital and Founders Fund also plan to participate, some of the people said. The investment round isn’t yet closed and terms of the deal could still shift.

Welsh, Carson, Anderson & Stowe in New York is taking private hospital and rehabilitation clinic operator Select Medical Holdings through a management-led buyout at $16.50 a share in cash, representing an enterprise value of $3.9 billion, a securities filing shows. The price represents a 10% premium to Monday's close. The Mechanicsburg, Pa.-based company operates over 140 critical illness recovery and rehab hospitals and more than 1,900 clinics across much of the U.S. Welsh, Carson now operates as WCAS Management.

RedBird IMI-backed entertainment producer All3Media is combining with French peer Banijay Entertainment to create a group with an equity value of roughly $5 billion, the Journal reports. Run by media executive Jeff Zucker, Redbird IMI is a joint venture of RedBird Capital Partners in New York and  International Media Investments in the United Arab Emirates. Banijay is a unit of France-based Banijay Group. RedBird IMI is paying Banijay Group €625 million, or $730.6 million, and retaining a 50% stake in the newly created company. Banijay Entertainment is paying its parent €171 million.

Irenic Capital Management has proposed taking music company Reservoir Media private for $10 to $11 a share, subject to conditions, the company confirmed Tuesday. The New York hedge fund manager is already a major shareholder with a 9.3% stake in the company, which owns music by artists such as Joni Mitchell, Miles Davis and Sheryl Crow. A deal at $11 would give New York-based Reservoir an equity value of as much as $721.6 million. Among Irenic's conditions is reaching an agreement with current Reservoir management regarding continued employment.

Blackstone is providing $400 million to Teva Pharmaceutical Industries to support clinical development of duvakitug as a treatment for conditions such as Crohn's disease. Blackstone is spreading its investment across four years.

The impact investing strategy of TPG is backing healthcare networking company Findhelp with a $250 million investment from the Rise Fund. The Austin, Texas-based company operates a system that connects consumers with services and healthcare providers.

New State Capital Partners has acquired Vast Coworking Group through a carve-out from United Franchise Group. West Palm Beach, Fla.-based Vast operates around 200 shared-office sites worldwide under three different brands. New Rochelle, N.Y.-based New State invested from its fourth flagship fund.

Accel‑KKR in Menlo Park, Calif., has acquired a majority interest in software maker Whip Around. The company's applications are used to manage vehicle fleet maintenance and compliance.

Gryphon Investors in San Francisco has acquired a majority stake in compensation management software maker HRSoft from Bow River Capital, which is retaining a minority interest. The Denver company's programs are used to structure merit pay, bonuses, long-term incentives and carried interest. Bow River first backed the company in 2022.

Serent Capital is backing Autire, an AI-powered software provider that supports certified public accounting firms performing employee benefit plan audits.

Resurgens Technology Partners has invested in vacation rentals operations technology provider Breezeway to help bolster the Boston-based company’s growth. The transaction is the second main deal from Resurgens’ latest fund, which closed with $800 million in 2024.

Gemspring Capital in Westport, Conn., is backing Aeromed Group with a minority investment to support recent acquisitions by the Charlotte, N.C., company. Aeromed supplies aerospace and defense companies with parts and inventory management systems.

Healthcare-focused Lee Equity Partners has announced the expansion of its insurance services platform following the acquisition of KCIC, a consulting firm specializing in helping corporate clients manage high-value tort-system liabilities.

Trive Capital, a Dallas-based private-equity firm, has backed Adrianna Papell, a designer of women's special-occasion apparel. The company's existing management team will continue leading the business as it executes on key strategic initiatives to drive continued growth.

Cryptocurrency company Tether’s investment arm led an investment that valued sleep technology company Eight Sleep at $1.5 billion. The latest capital raise, a Series D1, follows Eight Sleep’s $100 million raise last summer.

Blackstone and U.S. industrial conglomerate Tinicum jointly proposed an all-cash, take-private of London-listed engineering company Senior, putting the firm and its partner in competition with Advent International. Boston-based Advent is also weighing a formal bid for the U.K. company, which has said it has received multiple offers at unspecified prices. The company's shares were little changed in Tuesday trading in London, closing at 295.5 pence, or $3.96 each.

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

Providence Equity Partners, CVC Capital Partners and Ridgemont Equity Partners are among the investment firms selling stakes in logistics services provider WWEX Group in Dallas to Thoma Bravo, which plans to combine the business with Auctane, a portfolio company that develops shipping software. The selling group plans to retain a minority interest in the combined entity. WWEX generated revenue of about $5 billion last year, Nicholas G. Miller reports for the Journal.

Buyout firm Partners Group in Switzerland participated in a block sale of shares representing a 14% stake in Indian retailer Vishal Mega Mart, generating $840 million and delivering pro-rata proceeds to Partners of about $560 million. The sale led to a distribution of capital to investors at a roughly 36% internal rate of return. Vishal went public in India in 2024 and Partners sold a 23% stake at the time and now holds about 27% of the company's equity. The firm joined an earlier $1.2 billion trade last June that generated proceeds to Partners of about $800 million. The firm said that so far, Vishal has returned about 4.4 times the capital put in by Partners investors.

Private-equity firm American Securities is selling CPM Holdings and ASP MWI Holdings to London-listed Rosebank Industries for about $3.05 billion plus potentially $200 million in earnouts. American Securities first backed the businesses in 2018 and 2017, respectively. Combined, the companies most recently generated annual revenue of about $1.21 billion.

Wicks Group, a private-equity firm focused on information companies, has sold commercial real estate information and events company Bisnow to Axel Springer, roughly a decade after it initially acquired the company.

BlackRock has sold a stake in energy producer Naturgy worth nearly €3 billion, or $3.51 billion, Adam Whittaker reports for Dow Jones Newswires. Reuters said the sale for about €2.79 billion represented a 5.8% discount to Naturgy's share price at Monday's close. BlackRock took control of the stake with its 2024 acquisition of Global Infrastructure Partners, which had backed the utility company previously.

SoftBank Group-backed PayPay app operator in Japan is targeting a valuation of up to $13.4 billion in a U.S. initial public offering, in a move that could bolster the technology investor's multi-billion dollar bets on  artificial intelligence, Kosaku Narioka reports for the Journal. PayPay plans to sell about 55 million American depositary shares at $17 to $20 each in the IPO, with SoftBank holders retaining nearly 92% of the company's equity following the deal.

Investment adviser and mutual fund sponsor Capital Research and Management Co. in Los Angeles began accepting investments Monday in a new blended interval fund that plans to put 40% of its assets into a KKR & Co. fund, KKR Private Equity Conglomerate, or K-PEC, and in co-investments alongside the fund or the firm. The other 60% of the new interval fund, called Capital Group KKR U.S. Equity+, will be invested in public equities, according to a registration filing last year. The vehicle offers quarterly redemptions of as much as 5% of outstanding shares, priced at net asset value, to provide investors with liquidity options, according to the filing. Capital Group's website indicates the fund's NAV at inception Monday was $10.

Franklin Park Associates has raised at least $110 million of the $150 million it is seeking for Franklin Park Corporate Finance Access Fund III, according to a regulatory filing. One investor that disclosed a commitment to the buyout fund of funds is the Arkansas Teachers Retirement System.

ArcLight Capital Partners has appointed former Competitive Power Ventures Chief Executive Gary Lambert as a senior adviser to help drive strategic initiatives with a focus on artificial intelligence-related infrastructure opportunities.

The asset management arm of banking giant JPMorgan Chase & Co. has appointed Stephanie Davis as head of private wealth alternatives, based in New York. She was most recently in a similar role with Hamilton Lane.

Brookfield Asset Management in New York is providing seed assets to a joint venture with the British Columbia Investment Management Corp. and Norway's sovereign wealth fund. Called Northview Energy, the joint venture will buy and hold renewable power suppliers and related assets in the U.S. and Canada. The three organizations are providing equal investments to get the business up and running. Brookfield is providing operational solar- and wind-energy assets from its holdings, including from Deriva Energy, Scout Clean Energy and Urban Grid. Combined, the assets have peak capacity of about 2.3 gigawatts. Northview has also agreed to a framework for future asset purchases from Brookfield representing about $1.5 billion of equity capital.

Shares of some of the biggest private-credit managers dropped sharply Tuesday after Blackstone said outflows topped inflows by a record amount in its largest private-credit fund, Bcred, Jack Pitcher reports for the Journal. Blackstone shares dropped 3.8% Tuesday. Blue Owl Capital shares also fell 3.8%, while Apollo Global Management, Ares Management and KKR & Co. were little changed for the day and Carlyle Group slipped 1.4%.

Apollo Global Management Chief Executive Marc Rowan foresees a shakeout in private credit, Bloomberg News reported, citing comments he made during an in-house investment forum. “This will be a shakeout—I don’t think it is going to be short term,” Rowan reportedly said during the event. “We’re going to have a correction, but it’s no different than the correction that’s happening in banking,” Rowan said, according to Bloomberg News. He also noted last week's collapse of Market Financial Solutions in London, which ensnared Apollo's Atlas SP Partners private-credit operation.

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