Investors in August prioritized durable yield and scaled innovation, with over $2.7B committed to private real estate and $8.3B raised by OpenAI alone. The August 2025 Dakota Monthly Roundup tracks allocator moves across real estate, private credit, and venture capital; highlighting how institutions are positioning for late-cycle stability and long-term growth.
Download the full report to see where capital is moving, and why.
European AI darling Mistral pulled off a blockbuster raise, securing €1.7B ($2B) in fresh capital led by Dutch chipmaking powerhouse ASML. The deal not only cements ASML as Mistral’s top shareholder with a €1.3B check, but also vaults the Paris-based startup to an €11.7B ($13.7B) valuation, more than double last year’s mark. Also in Europe, Copper Street Capital is exploring a sale of its majority stake in One Four Nine Group, the UK wealth rollup that’s grown to £2B AUM via acquisitions.
In the US, deal flow stayed brisk as PNC Financial is buying FirstBank for $4.1B to make Colorado a top market; Mitsubishi Electric will take full control of industrial-cybersecurity player Nozomi Networks in an $883M deal; and, blockchain lender Figure upsized its IPO to as much as $693M, implying a $4.7B market cap.
Across Asia, logistics and robotics were in the spotlight, as a KKR/Kreate-led consortium was picked as preferred bidder for Brookfield’s Cheongna Logistics Center in what could be Korea’s largest logistics transaction, while China’s Unitree Robotics is targeting a $7B IPO next year as Beijing champions homegrown humanoid and quadruped tech.
Read on for a full rundown of all the latest transaction news.
Mitsubishi Electric to Acquire Nozomi Networks in $883M Deal
Mitsubishi Electric agreed to acquire all shares of Partners Group-backed industrial cybersecurity software provider Nozomi Networks in a deal valued at $883 million. The deal, which pertains to shares not already owned by Mitsubishi Electric, is expected to close in 2025, pending regulatory approvals. The announcement came more than a year after Nozomi Networks raised $100M in a Series E funding round from investors, including Mitsubishi Electric and Schneider Electric.
UK’s IQE Considers Sale Amid Financial Headwinds
UK-based IQE, a supplier of advanced compound semiconductor wafers, is reportedly exploring a potential sale of the company along with plans to divest its Taiwan operations. The strategic move comes as the company lowered its 2025 revenue forecast to between £90M ($122M) and £100M ($135.6M) due to a prolonged downturn in mobile handset sales and delays in US defense contracts.
Bowmark Capital-Backed Helio Intelligence Buys Dods' EU Operations
Bowmark Capital-backed Helio Intelligence, a newly formed group that includes DeHavilland and Forefront Advisers, acquired the EU business of Dods, a political intelligence and public affairs company. The acquisition, which did not include Dods' UK operations, will expand Helio Intelligence's reach and client base. The combined entity aims to leverage advanced technology and expert analysis to provide enhanced political intelligence to its clients.
Improving Acquires MangoChango, Expands Latin American Footprint
Trinity Hunt Partners-backed Improving acquired technology consulting and software development company MangoChango for an undisclosed amount. The transaction will expand Improving’s presence and development capabilities in Latin America and increase its annualized revenue to over $300M. The MangoChango leadership team will remain in place to lead the business as part of the Improving brand.
ASML Holding Leads Mistral AI’s $2B Series C Round
French AI startup Mistral AI raised €1.7B ($2B) in a Series C funding round led by Dutch chipmaking giant ASML Holding, with participation from existing investors DST Global, Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed and NVIDIA. ASML is reportedly set to become the top shareholder of Mistral AI with a €1.3B ($1.5B) investment. Mistral’s post-money valuation following the funding was €11.7B ($13.7B), up from a $6B valuation after its series B funding round last year. Mistral AI aims to use the funding to help companies like ASML solve complex engineering problems and strengthen its position in the global AI landscape.
EcoDataCenter Secures $703.6M in Debt Financing
EcoDataCenter, a sustainable data center operator and portfolio company of Areim, secured €600M ($703.6M) in debt financing from Deutsche Bank Private Credit and Infrastructure to accelerate the expansion of its data center campuses in Falun and Borlänge, Sweden. LionTree Advisors was the financial advisor, while White & Case acted as legal counsel to EcoDataCenter.
QuEra Expands $230M Funding Round with Investment from NVentures
QuEra Computing expanded its $230M Series B funding round with a new investment from NVentures, NVIDIA’s venture capital arm. The new capital builds on earlier funding from Google and others, and will be used to advance the company's journey toward fault-tolerant neutral-atom quantum computers. QuEra will continue to collaborate with NVIDIA on go-to-market initiatives and deeper software integration to accelerate the timeline for useful quantum machines.
Robotics Startup X Square Robot Raises $140M
Shenzhen-based robotics company X Square Robot raised $140M in an A+ funding round led by Alibaba Cloud and CAS Investment, with participation from investors including HongShan, Meituan, Legend Star, Legend Capital and INCE Capital. The company, which is challenging rivals like Figure AI and Boston Dynamics, aims to create humanoid robots capable of autonomously completing complex tasks. The new capital will fuel hardware development and the continued training of the company’s self-developed intelligence model.
Scintil Photonics Secures $58M to Fuel Global Expansion, LEAF Light Deployment
Scintil Photonics, a global leader in integrated photonics for AI infrastructure, closed a $58M Series B funding round led by Yotta Capital Partners and NGP Capital, with participation from NVIDIA, BNP Paribas Développement, Supernova Invest, Bpifrance Digital Venture, Innovacom, Bosch Ventures and Applied Ventures ITIC Innovation Fund. The funds raised will be used to accelerate production, expand hiring internationally and support full scale deployment of Scintil’s LEAF Light product.
GFT Ventures Leads $50M Series A for Video Reasoning Engine Higgsfield
AI-native video reasoning engine Higgsfield raised $50M in Series A funding round led by GFT Ventures. The oversubscribed round saw participation from BroadLight Capital, NextEquity Partners, AI Capital Partners, Menlo Ventures and Alpha Square Group. The company has pioneered a new "Click-to-Video" category, which simplifies video production by transforming curated presets into cinematic, brand-ready clips with a single click. The new capital will be used to expand Higgsfield's enterprise platform and accelerate its global engineering and go-to-market efforts.
Translink Capital, IBM Ventures Back Atolio’s $24M Series A Round
Atolio, a San Francisco-based AI-powered platform for enterprise search, raised $24M in a Series A funding round led by Translink Capital, with additional participation from IBM Ventures, Bloomberg Beta, Acorn Pacific Ventures and Parameter Ventures. The company intends to use the proceeds to accelerate product development and scale operations for its platform, which helps businesses access and leverage information across siloed systems.
Proxima Fusion Secures $17.6M to Develop Stellarator Tech
Germany-based fusion energy company Proxima Fusion secured a €15M ($17.6M) extension to its Series A funding round, bringing its total funding to €200M ($230M). CDP Venture Capital, the European Innovation Council Fund and Brevan Howard Macro Venture Fund provided the new funding. Proxima plans to use the proceeds to accelerate the development of its stellarator technology, a type of magnetic confinement fusion device that uses twisting external magnets to confine plasma.
Runware Raises $13M Seed Round Led by Insight Partners
San Francisco-based AI-as-a-Service provider Runware raised $13M seed funding led by Insight Partners, with participation from a16z Speedrun, Begin Capital and Zero Prime. The company's proprietary Sonic Inference Engine is designed to help customers achieve up to 10 times cost savings on AI media generation. Runware will use the new capital to expand its services beyond image and video to include all-media workflows such as audio, LLM and 3D generation.
Cassidy Secures $10M Series A to Expand AI Automation Platform
New York-based AI-powered automation platform Cassidy secured $10M in Series A funding led by HOF Capital, with participation from The General Partnership, Neo, Alumni Ventures and Quest Venture Partners. The company has built an AI automation platform that allows non-technical teams to design, deploy and evolve workflows without writing a line of code. The investment will support the expansion of Cassidy’s platform and grow its team.
Lightspeed Leads $9.5M Seed Round for Sphinx
Sphinx raised $9.5M in a seed funding round led by Lightspeed, with participation from Bessemer Venture Partners, Box Group, K5 and Impatient VC. The company's AI copilot is purpose-built for data professionals to find value in raw information by thinking in statistics and patterns. Sphinx plans to use the proceeds to continue building agentic AI that natively interacts with data and data science workflows.
Astrus Raises $8M Funding to Accelerate AI-Driven Microchip Design
AI startup Astrus raised $8M in a funding round led by Khosla Ventures, with participation from Juniper Networks founder Pradeep Sindhu, 1517 Fund, Drive Capital and Alumni Ventures. The company’s unique reinforcement learning model is designed to automate the traditionally manual and time-consuming process of analog chip layout. The new capital will be used to expand Astrus’ research and engineering team, scale its compute infrastructure and deliver its tools to leading semiconductor companies.
Ten Eleven Ventures, General Catalyst Lead $6.5M Seed Round for Geordie
Agent-native security platform Geordie emerged from stealth with $6.5M seed funding led by cybersecurity specialist investor Ten Eleven Ventures and General Catalyst. The company's platform is designed to help enterprises safely adopt and govern autonomous AI agents by providing real-time visibility and proactive control.
China’s Unitree Robotics Targets $7B Valuation in IPO
Hangzhou, China-based Unitree Robotics, a producer of quadruped and humanoid robots, is reportedly targeting a valuation of up to CNY50B ($7B) for its planned IPO on a Chinese exchange, likely the Shanghai STAR Market. The company is preparing to submit its listing application documents in the fourth quarter of 2025. This move follows Unitree's recent growth and a highly publicized meeting between founder Wang Xingxing and Chinese President Xi Jinping, signaling Beijing's support for domestic technology champions.
Dropbox Secures Expanded $2.7B Credit Line from Blackstone
Blackstone increased its private credit line to Dropbox, a collaboration and file-sharing platform, from $2B to $2.7B. The expanded secured term loan will support Dropbox's new $1.5B stock buyback program and may be used to repay outstanding convertible notes due in 2026. The financing includes an option for a $1B delayed draw feature while the pricing and structure of the loan remain unchanged.
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DICK'S Sporting Goods Closes $2.4B Acquisition of Foot Locker
Pittsburgh-based DICK'S Sporting Goods, a US omni-channel retailer, closed its $2.4B acquisition of footwear and apparel retailer Foot Locker. Goldman Sachs acted as financial advisor, with Wachtell, Lipton, Rosen & Katz providing legal counsel to DICK'S Sporting Goods.
Incubeta Boosts AI Offerings with Acquisition of RocketSource
Carlyle-backed digital marketing agency Incubeta acquired RocketSource, a consultancy specializing in AI-driven transformation, to expand its human-centered AI capabilities. The acquisition brings together RocketSource’s proprietary frameworks and behavioral science knowledge with Incubeta’s marketing performance expertise. RocketSource co-founders and team of skilled consultants will be fully integrated into Incubeta as part of the deal.
Neo Space Group Acquires Display Interactive to Enhance In-Flight Connectivity
Riyadh, Saudi Arabia-based Neo Space Group (NSG) agreed to acquire France-based wireless in-flight entertainment and connectivity innovator Display Interactive for an undisclosed amount. The deal strengthens NSG's position as a provider of integrated, multi-orbit satellite solutions for the aviation market. The companies have been collaborating since 2023, with the acquisition marking the next stage in their partnership to deliver faster and more reliable in-flight connectivity. NSG is a company of Saudi sovereign wealth fund Public Investment Fund.
Minute Media Buys VideoVerse to Boost Sports Video Creation
New York-based Minute Media, a global technology and sports content company, acquired VideoVerse, the owner of AI-driven SaaS platform Magnifi. The acquisition allows Minute Media, which is backed by HSBC Innovation Banking, to offer a full-stack solution ranging from content creation to monetization for sports rights holders, leagues and teams. The deal will also enhance Minute Media's existing brands like Sports Illustrated and The Players' Tribune and strengthen its STN Video platform.
Alterra Pours $400M Into Ski Resorts, Doubling Deer Valley’s Terrain
Denver-based outdoor entertainment and travel company Alterra Mountain Company, backed by KSL Capital Partners and Henry Crown and Company, will invest over $400M in a capital investment program, with a focus on Deer Valley Resort in Utah. The investment includes an expansion at Deer Valley to double its terrain with 10 new lifts and nearly 100 new runs, as well as on-mountain enhancements at other resorts like Steamboat, Winter Park Resort, Stratton, Palisades Tahoe, Snowshoe, Mammoth Mountain and Crystal Mountain.
WME Leads $20M Series B in Palm Tree Crew, Valuing Firm at $215M
Palm Tree Crew, a Miami-based entertainment, hospitality and investment holding company, announced a strategic partnership with Beverly Hills, CA-based talent agency WME Group. WME Group led a $20M Series B funding round for Palm Tree Crew at a $215M valuation. The round included participation from existing and new investors.
Tanglin Leads $5M Series A for Ziffi Chess at $23.5M Valuation
Gurugram, India-based Ziffi Chess, a 2-minute chess game, secured $5M in its Series A funding round led by Tanglin Venture Partners, with participation from existing investors India Quotient, DeVC, Symphysis LSV and Rohan Nayak. The round valued the company at $23.5M post-allotment. The capital will be used to fuel the expansion of the company.
Carlyle Group Agrees to Landmark Partnership with Oracle Red Bull Racing
Carlyle Group agreed to a multi-year strategic partnership with the Formula 1 team Oracle Red Bull Racing, a first instance where a major global private markets firm has collaborated with an F1 team. Carlyle's branding will feature on the team's car, kit and garage. The partnership aims to use F1's platform to engage with clients and expand access to private markets for a new generation of investors.
Specialty Appliances Expands Product Reach Through IDA Acquisition
Cumming, GA-based Specialty Appliances, an orthodontic laboratory and a portfolio company of Reynolda Equity Partners, acquired International Dental Arts (IDA), a specialty dental lab based in Oklahoma City and Tulsa, OK. The acquisition expands Specialty Appliances' product categories and geographic reach, supported by Reynolda investors Marshall White, Steele Windle and Daniel Buckley.
Accord, Paras Acquire WestStar PT to Expand Workers’ Comp Network
San Diego-based private equity firm Accord Asset Partners, in partnership with Boston-based Paras Capital Partners, closed the acquisition of WestStar Physical Therapy Network, a Southern California company specializing in workers' compensation and auto injury patients with 17 full-service clinics. The recapitalization, supported by senior debt financing from Polen Capital, aims to expand WestStar's presence in California and new states. Accord and Paras received legal counsel from Katten Muchin Rosenman, while Husch Blackwell represented WestStar, and Provident Healthcare Partners advised the company on the deal.
Strive Health Raises $550M to Scale AI-Enhanced Kidney Care Model
New Enterprise Associates (NEA) led a $300M Series D equity round for Denver-based value-based kidney care company Strive Health, with additional investments from CVS Health Ventures, CapitalG, Echo Health Ventures, Town Hall Ventures, Redpoint and funds managed by affiliates of BlackRock. In addition, Hercules Capital led a $250M in debt financing for the company. The capital will be used to strengthen strategic partnerships, grow multi-specialty services and enhance the company’s care model through advanced technology.
Harbor Health Raises $130M to Fuel Texas Expansion, Specialty Care Push
Austin, TX-based primary and specialty care clinic group and health insurance company Harbor Health announced a $130M funding round co-led by existing investors General Catalyst, 8VC and Alta Partners, with additional support from DFO Management (Dell Family Office). The funding round also included returning investors Health 2047 Capital Partners, Lemhi Ventures, Martin Ventures, Breyer Capital and individuals. The capital will enable Harbor Health to expand its clinical footprint in Texas and add specialty services like rheumatology, dermatology and mental health.
iRegene Closes $40M Round, Boosting Parkinson’s and Eye Therapy Pipeline
Chinese biotechnology firm iRegene Therapeutics completed its Series B+ financing round, raising over CNY 300M ($40M), the largest single financing in China's induced pluripotent stem cell (iPSC) sector in recent years. The round was co-led by Northern Light Venture Capital, Chuangjing Capital and OneHealth Haihe Capital. The funding will be used to accelerate global clinical development for the company’s lead asset, NouvNeu001, for Parkinson's disease and NouvSight001 for retinal degenerative diseases.
Alchemab Locks in $32M, Targets Muscle Atrophy Drug
London-based biopharmaceutical company Alchemab Therapeutics raised an additional $32M in Series A funding, bringing the total to $114M. The financing round included new investor Ono Venture Investment (OVI), alongside existing investors RA Capital, SV Health Investors, DCVC Bio and Lightstone Ventures, with a strategic investment from Eli Lilly and Company. The firm plans to use the capital to advance its wholly-owned program ATLX-2847 for muscle atrophy into clinical development, as well as other early-stage programs.
Ridge Biotech Emerges From Stealth with Oversubscribed $25M Seed Round
Palo Alto, CA-based Ridge Biotechnologies, a company focused on enzyme and targeted drug design, emerged from stealth with an oversubscribed $25M in seed financing led by Sutter Hill Ventures, which incubated the company. Overlap Holdings also participated in the round. The capital will be used to scale operations, expand technology partnerships in bioconjugates and advance discovery programs.
Plural Fuels $20M Series A for Teton.ai
Washington, DC-based early-stage venture capital firm Plural led a $20M Series A funding round for Danish predictive intelligence company Teton.ai, with participation from Bertelsmann Investments, Antler Elevate, Nebular and follow-on investment from PSV Tech. The funding will accelerate the company's expansion in the US and Europe to bring its AI and computer vision platform, which shifts care from reactive to predictive, to more senior care communities and hospitals.
LightSpun Raises $13M to Reshape Dental Insurance with AI
AI-powered dental insurance platform LightSpun (formerly 32Health) secured $13M in Series A funding, bringing its total funding to $18M. The funding round was led by Brewer Lane, with participation from Virtue, Cambrian and Industry Ventures, and will be used to accelerate the company's AI platform and expand its teams.
Cascade Bio Scores $6M to Speed Petrochemical-Free Future
Denver-based industrial biotech company Cascade Bio secured $6M to advance enzyme-based processes and accelerate the shift from petrochemicals to biomanufacturing. The funding round included a $2.8M seed round led by Endurance28, with participation from Stray Dog Capital, 1Flourish, Range Ventures, 10VC and Amplify, as well as $3.2M in non-dilutive funding from the US National Science Foundation (NSF).
PNC Strikes $4.1B Deal for FirstBank, Elevating Colorado to Core Market
Pittsburgh-based PNC Financial Services Group agreed to acquire Lakewood, CO-based bank FirstBank Holding in a $4.1B cash-and-stock deal. The acquisition will propel Colorado to one of PNC's top markets, more than tripling its branch network in the state to 120. Wells Fargo and Wachtell, Lipton, Rosen & Katz are advising PNC, while Morgan Stanley & Co., Goldman Sachs & Co. and Sullivan & Cromwell are advising FirstBank.
Copper Street Weighs Exit from £2B Adviser One Four Nine
London-based private equity firm Copper Street Capital is exploring the sale of its majority stake in London-based financial advisory and investment group, One Four Nine Group, with Continuum Advisory Partners acting as the broker. Since receiving capital from Copper Street in 2021, One Four Nine Group has grown its assets to around £2B ($2.7B) through acquisitions of firms like 1st Chartered Financial Planning and Rice Whatmough Crozier. The group is also reportedly building an in-house platform with SS&C Hubwise.
Vietnam’s VNLife May Fetch $1B as GIC, SoftBank Mull Stake Sale
GIC and SoftBank Vision Fund 1 are reportedly considering selling their stakes in Hanoi, Vietnam-based fintech firm VNLife, with a potential transaction valuing the company at $1B or more. VNLife operates a digital ecosystem, including the digital payments firm VNPay, and previously raised over $250M in 2021 from investors including General Atlantic and Dragoneer Investment Group, in addition to a prior $300M from GIC and SoftBank Vision Fund 1.
Creative Planning Acquires $1.3B Grassi Investment Management
Overland Park, KS-based RIA Creative Planning acquired Grassi Investment Management, a wealth management firm in Santa Clara, CA, with $1.3B in AUM. Terms of the deal, which closed on Aug. 28, were not disclosed. Decerno Advisors served as the exclusive advisor to Grassi Investment. Creative Planning and its affiliates have $370B in combined assets under management. It has minority backing from General Atlantic and TPG Capital.
Beacon Pointe Adds $1B in Assets with 3 RIA Acquisitions
Newport Beach, CA-based Beacon Pointe Advisors acquired three RIAs: Alderfer Bergen & Co. in Warsaw, IN; Moser Wealth Advisors in Bellevue, WA; and Amore Ambro in Jericho, NY. Alderfer Bergen, a fiduciary financial advisory firm managing $650M AUM, is led by partners and managing directors Alan Alderfer, Michael Bergen and Jason Gergely. Moser Wealth, which provides comprehensive tax planning and investment management services, manages $270M in client assets and is led by Partner and Managing Director Scott Moser. Amore Ambro, an independent, fiduciary-focused wealth advisory firm, is led by partner and senior wealth advisor Louis Ambrosio and has $165M AUM. Alderfer Bergen and Amore Ambro deals closed on Aug. 1 and Aug. 16, respectively, while Moser Wealth officially joined Beacon on Sept. 1. Beacon Pointe, which is backed by KKR, now has $48B in assets under advisement.
Bluespring Wealth Grabs WI-based $135M New Wall Street
Austin, TX-based aggregator of independent RIAs and hybrid wealth management firms Bluespring Wealth Partners acquired New Wall Street, an existing Kestra Financial firm based in Green Bay, WI, overseeing $135M in client assets. The firm was co-founded by Bernie Van Eperen and Chris Battle. Bluespring’s parent entity Kestra Holdings is majority owned by Stone Point Capital, while Oak Hill Capital holds a minority stake.
Prosus-Backed PayU Targets $300M Raise Before 2026 Indian Listing
Dutch payments company PayU, backed by Dutch investment group Prosus, is reportedly exploring a $300M fundraise by offloading a minority stake, with HSBC acting as its banking partner. The deal aims to set a valuation for PayU's planned 2026 IPO on Indian stock exchanges. In March, PayU acquired a 43.5% strategic stake in Mindgate Solutions, a real-time payment technology firm, with Prosus also recently infusing $35M into PayU's credit business.
India’s Venture Catalysts Bags $18M, Hits $200M Valuation
Mumbai, India-based multi-stage venture investing platform Venture Catalysts raised $18M in a funding round that valued the company at $200M. The round included new investors like Ashish Kacholia and group, Authum Investments, the Shah Rukh Khan family office, Aishwarya Rai, Hardik Patel of Finquest, Mukul Agarwal, Vinod Dugar, Utpal Seth and business conglomerate LNB Group, as well as existing backers such as Radhakishan Damani, Kamal Agarwal, Enam Securities and Capri Global. The capital will be used to expand leadership, launch new funds and implement AI tools for due diligence.
Parento Secures $10.3M to Reinvent Paid Parental Leave Insurance
Parento, a provider of paid parental leave insurance based in Washington, DC, secured an oversubscribed Seed II funding round led by ResilienceVC, bringing its total amount raised to $10.3M. The round saw participation from investors including Kapor Capital, Bread & Butter Ventures, Operator Stack, Coyote Ventures, ffVC, Human Ventures, Springbank, Precursor, Cross Impact, K Street, Evidenced and Avesta. The company plans to use the capital to expand its product development, sales, and marketing teams, as well as launch additional insurance offerings.
Orbii Secures $3.6M to Unlock $1B SME Financing in MENA
Saudi Arabia-based embedded credit infrastructure company Orbii raised $3.6M in a seed round led by Prosus Ventures, with participation from VentureSouq, DASH Ventures, Taz Investments and Sanabil 500. Orbii plans to use the capital to expand in Saudi Arabia and the UAE and aims to unlock $1B in SME financing by 2026.
Pathwork Secures $3.5M to Automate Insurance Distribution
Pathwork, a California-based autonomous distribution platform for the life and health insurance market, raised a $3.5M seed round led by Costanoa, with participation from Logos Fund, American Family Ventures and Meridian Ventures. The funding will be used to accelerate adoption among brokers and carriers.
CIBC Provides $1.6M to Vasco to Power RevOps Expansion
CIBC Innovation Banking provided a $1.6M debt facility in growth capital to Vasco, a Montreal-based RevOps platform, to support its continued product innovation and market expansion. Supported by investors Inovia, BY Venture Partners and Framework Venture Partners, the funding will accelerate Vasco's mission to empower businesses with more efficient revenue operations.
Lithuanian Fintech Kashimi Raises $1.36M to Expand into EU, UK and US Markets
Lithuanian alternative payment infrastructure provider Kashimi secured a $1.36M pre-seed investment. The funding round was co-led by Coinvest Capital and US-based Impellent Ventures, with additional investment from Plug and Play Tech Center and international business angels. The capital will be used for expansion into the European and UK markets and entry into the US.
Baird Takes Minority Stake in Canada’s Sagard Holdings
Milwaukee-based Robert W. Baird & Co. agreed to acquire a minority stake in Canadian alternative asset manager Sagard Holdings, becoming its first US institutional shareholder. The deal, which also includes the distribution of Sagard funds, adds Baird to a group of minority investors that includes Abu Dhabi’s sovereign wealth fund and Bank of Montreal. Sagard, with $32B in assets under management, is controlled by the Desmarais family through Power Corp. of Canada, which held a 47% controlling interest as of the end of June.
CoinShares Plots Wall Street Debut via $1.2B Vine Hill SPAC
Cryptocurrency asset manager CoinShares International will go public in the US via a $1.2B pre-money SPAC merger with blank-check firm Vine Hill Capital Investment Corp. The new combined entity will be named Odysseus Holdings. The deal, anchored by an institutional investor committing $50M in equity, is expected to close by the end of fourth quarter. CoinShares will delist from Nasdaq Stockholm upon completion of the merger. Stifel, Keefe, Bruyette and Woods (KBW) are acting as financial advisors to CoinShares, while White & Case is serving as legal counsel. Paul Hastings is serving as legal counsel to Vine Hill.
Blockchain Lender Figure Boosts IPO to $693M, Eyes $4.7B Valuation
New York-based blockchain-based credit company Figure Technology Solutions increased its IPO to 31.5M shares, potentially raising as much as $693M. The offering is led by Goldman Sachs Group, Jefferies Financial Group and Bank of America Corp., with co-managers Societe Generale, Keefe, Bruyette & Woods, A Stifel Company, Mizuho, Texas Capital Securities, Needham & Company, Piper Sandler, FT Partners, KKR and Roberts & Ryan, and includes an indicated interest from investor Duquesne Family Office to purchase up to $50M in shares. The IPO is expected to give the firm a market value of about $4.7B, a significant increase from its 2021 valuation of $3.2B.
PennyMac Taps Vesta With Equity Stake to Turbocharge Loan Tech
California-based mortgage lender PennyMac Financial Services entered into a strategic partnership with and made a long-term minority equity investment in Vesta Innovations, a San Francisco-based loan origination system (LOS) provider. The collaboration aims to streamline the mortgage application process, with Pennymac adopting Vesta’s cloud-based platform to enhance efficiency and customer experience. Vesta is backed by investors including Andreessen Horowitz, Bain Capital Ventures, Conversion Capital, Index Ventures and Zigg Capital.
AEA, BCI Acquire Virginia-based Pave America
British Columbia Investment Management and AEA Investors acquired Pave America, a commercial paving maintenance firm based in Warrenton, VA, from Trivest Partners and Shoreline Equity Partners. Trivest and Shoreline will retain a minority stake in Pave America, alongside company management.
Georgia PE Firm Invests in Guidewell, Enables UK Acquisition
Atlanta-based private equity firm Eagle Merchant Partners made a strategic investment in global education company Guidewell Education. The recent investment enabled Guidewell to acquire Reach Cambridge, a summer camp located in the UK, expanding its international portfolio. Eagle Merchant’s investment in Guidewell marks the second transaction made out of its recently closed Fund II.
Tsunami Express Expands With 53-Site Take 5 Car Wash Acquisition
Tsunami Express Car Wash, a Midwest-based car wash operator backed by an affiliate of Point72 Private Investments, finalized the acquisition of 53 Take 5 Car Wash locations from Whistle Express Car Wash. The transaction, which expands Tsunami's operations to 74 locations across Arkansas, Illinois, Indiana, Kansas, Ohio, Michigan, Minnesota, Missouri and Wisconsin, was supported by legal counsel from Mintz, Levin, Cohn, Ferris, Glovsky and Popeo and financial guidance from Ardent Advisory Group. Stephens served as the exclusive financial advisor to Whistle Express.
Indian HR Startup TraqCheck Secures New Funding
TraqCheck, an India-based AI-powered HR startup specializing in background verification, raised an undisclosed bridge round at a $17M valuation. The funding, led by angel investors Everstone Capital Chairman Alok Oberoi and Bay Capital founder Siddharth Mehta, will be used to expand its services in India and Europe, develop new AI tools and accelerate growth.
Belgian Startup Alkmist Raises $2.1M for Expansion
Network Venture Partners led a €1.8M ($2.1M) round for Ghent-based audit tech startup Alkmist. Hospitality platform Lighthouse executives Ivo Minjauw, Peter De Moor and Eva Metsu participated in the funding round, which would allow Alkmist to expand its platform beyond auditing and into broader domains such as accounting and finance.
Spar Group Sells Swiss Unit to Focus on Home Market
Spar Group, South Africa's second-largest retailer, sold its Swiss division to Tannenwald Holding AG for $59M. The deal allows Spar to significantly reduce its debt and focus on its core business in South Africa, where it faces increasing competition and is working to expand its online presence.
Larsen MacColl Partners Acquires Mac & Bob’s to Spur Growth
Wayne, PA-based private equity firm Larsen MacColl Partners (LMP) acquired Salem, VA-based restaurant Mac & Bob's to drive growth and operational improvements. LMP, which partnered with restaurant operator Dave Magrogan on the deal, was advised by Dallas-based Generational Group. The Generational Group team included David Fergusson, Anthony Blair, Nick Arnheim and Emil Nirkis.
Bansk Takes Majority Stake in Skincare Brand BYOMA
New York-based private investment firm Bansk Group agreed to acquire a majority stake in Glasgow, Scotland-based skincare brand BYOMA from private equity firm Yellow Wood Partners. Financial terms of the transaction were not disclosed. The deal's legal and financial advisors include Raymond James and Fried, Frank, Harris, Shriver & Jacobson, Osborne Clarke and Liberty for BYOMA, while Jefferies and Kirkland & Ellis advised Bansk Group.
Flipspaces Secures $50M for Expansion, Acquisitions
Flipspaces, an Indian tech-driven interior design company, raised $50M in an expanded Series C funding round. The investment, led by UAE-based CE-Invests, Singaporean firm Panthera Growth Partners and Japanese firm SMBC Asia Rising Fund, will be used to expand operations in India, the US and the UAE, enhance its AI technology and pursue acquisitions.
OneAssist Seeks to Raise $12.3M From Stride, Other Investors
Peak XV-backed Indian post-sales service firm OneAssist is raising $12.3M in a mix of debt and equity from Stride Ventures, its first debt round in four years since securing $33M from RSCo. The board approved $12M via non-convertible debentures carrying a 14.2% annual coupon. Post-allotment, OneAssist is expected to be valued at about $225M. To date, the firm has raised over $75M from investors including Peak XV, Lightspeed and RSCo.
Trufrost & Butler Receives $7M Growth Capital from Carpediem
Commercial refrigeration and foodservice equipment provider Trufrost & Butler raised $7M from Carpediem Capital to scale domestic manufacturing, strengthen service infrastructure and expand internationally. The firm has served India's hotel, restaurant and catering (HoReCa) sector since 2018 and plans to accelerate growth across tier II/III markets.
California-based Commerce Platform Receives $6.2M Investment
OXZ Capital led a $6.2M funding round for Glendale, CA-based AI-powered commerce platform LocalExpress. The capital infusion is set to enable the platform to advance its AI capabilities beyond internal operations. LocalExpress is also aiming to enhance its go-to-market strategies and brand awareness through the recent investment.
IndiGrid Technology Raises $4M to Expand Production
IndiGrid Technology, an electronics systems design and manufacturing startup based in India, secured $4M in a strategic funding round from its existing investor, Cactus Partners. The new capital will be used to expand the company's production capacity, enhance automation and grow its market presence in both India and globally.
Amazon Seeks LatAm Expansion With Rappi Investment
Amazon made a strategic investment in Rappi, a Colombian delivery company backed by SoftBank, Sequoia Capital, and T. Rowe Price. The acquisition allows Amazon to compete against regional heavyweights such as MercadoLibre. Amazon’s initial investment of $25M in convertible note reportedly entitles it to buy up to a 12% stake in Rappi via warrants if certain milestones are met.
Saudi Arabian Gourmet Producer Bateel Explores IPO
Bateel International, a Saudi Arabian gourmet food producer and restaurant chain, is considering an IPO in Riyadh, potentially giving an opportunity to private equity firm L Catterton to sell its 20% stake. The company, known for its luxury dates and cafés, is working with Morgan Stanley on a potential listing. The move would add to the growing number of share sales in the kingdom as it works to diversify its economy. L Catterton previously considered selling its stake in Bateel.
Advanced Industrial Devices Snaps Up Economy Control Systems
Advanced Industrial Devices (AID), a Black Bay Energy Capital portfolio company, acquired Economy Control Systems (ECS), a Jacksonville, FL-based company specializing in custom control panels for water and industrial applications. The strategic acquisition strengthens AID's presence on the East Coast and expands its expertise in the water infrastructure and industrial dewatering markets.
Argosy Exits New Jersey-based Industrial Maintenance Firm
Private investment firm Ariel Alternatives acquired Groome Industrial Service Group, a provider of specialty maintenance services for the power generation and industrial sectors based in Denville, NJ, from Argosy Private Equity. The acquisition, which included a minority co-investment from JPMorgan Chase, will allow Groome to expand its services amid rising energy demand from data centers and other industries.
Hull Street Energy Expands into Hydropower with Michigan Dam Acquisition
Bethesda, MD-based investment firm Hull Street Energy (HSE) agreed to acquire Consumers Energy's hydropower fleet of 13 dams in Michigan with a combined installed capacity of 132 MW. A new, wholly owned subsidiary of HSE, Confluence Hydro, has been formed to own and manage the assets, and will enter into a 30-year contract with Consumers Energy to provide power from the facilities. The transaction, which is expected to close in 12 to 18 months, was advised by legal counsel McGuireWoods, Rock Creek Energy Group, Varnum and Potomac Law Group for HSE.
Nextracker Enters Solar Panel Frame Market with $53M Deal
Nextracker, a solar technology provider, acquired Origami Solar, a roll-formed steel frame technology provider supported by Barclays, for approximately $53M. The acquisition allows Nextracker to enter the solar panel frame market with Origami's innovative roll-formed steel frames, which are a strong, low-carbon alternative to traditional aluminum frames.
Carlyle PortCo Expands in Pennsylvania With Solar Projects Purchase
Aspen Power, a portfolio company of The Carlyle Group, acquired two community solar projects in Northampton, PA, with a combined capacity of 6.85 MW, the first of an 18-MW portfolio from Syncarpha Capital. The projects are expected to generate enough clean energy to power over 800 homes and contribute to Pennsylvania's clean energy goals.
Torus Raises $200M to Deploy Distributed Energy Plants
Torus, a full-stack energy platform, secured a $200M investment from Magnetar to accelerate the deployment of its modular power plants. The hybrid systems, which combine flywheels and batteries, are designed to create a distributed "grid operating system" that provides reliable and secure power for utilities, data centers and commercial customers. The funding will also support the expansion of its manufacturing facility to meet growing demand.
Nuclearn Secures $10.5M to Advance AI for Nuclear Operations
Nuclearn, an AI platform built for the nuclear industry, raised $10.5M in Series A funding led by Blue Bear Capital with participation from SJF Ventures, AZ-VC and Nucleation Capital. The investment will accelerate the development of the company’s AI solutions, which are designed to automate complex tasks for nuclear power plants. With the nuclear industry facing unprecedented growth and a retiring workforce, Nuclearn aims to help plants operate more safely and efficiently by preserving and scaling critical domain expertise.
Mass Ventures, Other Investors Lead Florrent’s Seed 2 Funding Round
Florrent, an energy technology company based in Northampton, MA, secured $9.5M in a Seed-2 funding round led by MassVentures. The investment, with participation from Raven Indigenous Capital Partners, MassMutual Catalyst Fund, Boston Impact Initiative, Sky Foundation, Elbezius, Maroon Venture Partners Fund and various angel investors, will be used to scale up production of its Contoured Carbon supercapacitors, which provide a more economical and sustainable solution for improving grid stability.
Oklahoma-based Green Hydrogen Manufacturer Receives $1.8M Investment
Cortado Ventures, along with 46 VC, Techstars, and Wavefunction VC, invested $1.8M in Tulsa, OK-based renewable energy equipment manufacturer Tobe Energy. The firm focuses on green hydrogen and building dedicated infrastructure designed for rapid assembly and field-ready delivery.
HL Energy Ventures Leads Seed Funding for MCatalysis
MCatalysis, a deep-tech company specializing in sustainable fuels, closed a seed funding round led by HL Energy Ventures. The investment will be used to advance the company's microwave catalysis technology, which it licensed exclusively from the University of Oxford. The technology aims to produce low-cost, clean synthetic fuels and chemicals by upcycling waste carbon resources like plastic and agricultural waste.
Investors Launch $165M Carbon Farming Platform in Australia
The CEFC and global investment firm La Caisse launched Meldora, a AUD 250M ($165M) agricultural platform in Australia focused on generating high-quality carbon credits. The platform, which already acquired a 15,000-hectare farm, will combine sustainable agriculture with large-scale environmental planting, with Rio Tinto as a foundational buyer of the carbon credits.
Windjammer Capital Acquires PDU Cables, EPCO
Windjammer Capital acquired PDU Cables and Engineered Products Company (EPCO), two providers of specialized power solutions for data centers and the electrical industry. The acquisition was advised by Citizens JMP Securities and Kirkland & Ellis for Windjammer, and Baird and Brownstein Hyatt Farber Schreck for PDU and EPCO.
Arsenal Capital-Backed Polycorp Buys Burke Industries
Polycorp, a manufacturer of engineered elastomer solutions and a portfolio company of Arsenal Capital Partners, acquired Burke Industries from Mannington Mills. The acquisition strengthens Polycorp’s presence in key industrial markets like aerospace and defense. Macquarie Capital and Duane Morris advised Mannington Mills, while Benesch, Friedlander, Coplan & Aronoff provided legal counsel to Polycorp.
Georgia-Pacific Inks Deal to Acquire Anchor Packaging
Georgia-Pacific agreed to acquire Anchor Packaging, a manufacturer of rigid food containers and cling film and a portfolio company of TJC. The acquisition will expand Georgia-Pacific's consumer products platform, particularly its Dixie business. RBC Capital Markets and Goldman Sachs advised Anchor Packaging, while Nomura Securities International advised Georgia-Pacific.
Groundworks Acquires Leveled Concrete to Expand Services
Groundworks, a foundation and water management solutions company backed by KKR, acquired Leveled Concrete in Houston, TX. The acquisition allows Groundworks to expand its concrete repair services and integrate Leveled Concrete's specialized poly concrete repair techniques into its operations across North America. The partnership adds nearly 100 employees to Groundworks' team in the Houston area.
Macquarie PortCo Enhances Wind Turbine Analytics With ELEVEN-I Purchase
ONYX Insight, a Macquarie Capital-backed provider of predictive analytics for the wind industry, acquired ELEVEN-I, a UK-based specialist in wind turbine blade monitoring. The acquisition allows ONYX Insight to integrate blade condition monitoring with its existing whole-turbine platform, giving wind operators a single solution to manage risk, avoid catastrophic failures, and optimize maintenance across their fleets.
SePRO Acquires Resolve Hydro to Boost Digital Capabilities
SePRO Corporation, a company specializing in water and land restoration supported by Stanley Capital and Goldman Sachs Alternatives, acquired Resolve Hydro, which uses satellite-based technology to diagnose harmful algal blooms and aquatic invasive weeds. The acquisition is part of SePRO's strategy to integrate advanced digital technologies to improve the precision and efficiency of its water health management solutions.
GenNx360 Capital-Backed Shenandoah Buys Nu-Pipe
GenNx360 Capital Partners portfolio company Shenandoah acquired Nu-Pipe, a specialist in trenchless pipe rehabilitation. The acquisition, which marks Shenandoah's second since September 2024, adds expertise in spin casting and cured-in-place-pipe technologies and expands its presence in the Southeast US. Nu-Pipe’s founder and CEO, Ashby Johnson, will join Shenandoah as President of Solution Technologies. Winston & Strawn served as legal counsel to Shenandoah and GenNx360.
RAFTR Roofing Snaps Up Apex General Contracting
RAFTR Roofing + Exteriors (RAFTRx), a provider of residential and commercial roofing solutions backed by Saw Mill Capital, acquired Apex General Contracting. Based in Illinois, Apex strengthens RAFTRx's national platform with expertise in insurance restoration and commercial roofing. The acquisition adds Illinois and Wisconsin to RAFTRx's footprint, bringing its total to eight brands across 15 states.
LEHR Expands Emergency Vehicle Upfitting Platform with 2 Deals
Broadwing Capital portfolio company LEHR acquired L&W Emergency Outfitters and Alaska Safety, expanding its national platform for upfitting emergency vehicles. The acquisitions add locations in the Midwest and new offerings in personal protective equipment, bringing LEHR's total to 27 locations and 300 technicians nationwide.
Biotech Silk Maker AMSilk Raises €52M in Equity, Debt
AMSilk, a Germany-based company specializing in silk-based biomaterials, secured €52M ($61M) in financing, consisting of €30M ($35M) in equity and €22M ($26M) in convertible bonds. The funding, led by ATHOS (AT Newtec) with participation from MIG Capital and Novo Holdings, will support the company's industrial scale-up to meet global demand.
Israeli Chip Analytics Startup proteanTecs Lands $51M Series D
Israeli deep data analytics company proteanTecs secured a $51M Series D funding round led by IAG Capital Partners, with participation from new investors Samsung Catalyst Fund, Arm and Siemens, and existing investors Addition and Intel Capital. The funding will be used to expand the company's global presence and accelerate product development for its electronics health and performance monitoring solutions.
KKR-Led Consortium Clinches South Korea’s Biggest Logistics Transaction
A consortium led by KKR and its Seoul, South Korea-based real estate investment arm, Kreate Asset Management, was selected as the preferred bidder for the Brookfield Cheongna Logistics Center. The deal, estimated to be worth KRW 1T ($720M), is expected to be the largest logistics transaction in South Korea and signals a rebound in the domestic logistics industry. The Brookfield Cheongna Logistics Center is located in Wonchangdong, Incheon, near Seoul, and is leased by Coupang and Emart24, with Brookfield having acquired it for KRW 659B ($474.6M) in 2023.
Property Finder Lands $525M From Permira, Blackstone
Permira and Blackstone jointly invested $525M for a minority stake in Dubai, UAE-based property classifieds website Property Finder. The transaction marks Permira’s inaugural investment in the Middle East, while General Atlantic, an existing investor since 2018, sold a portion of its holding.
Sonnenblick-Eichner Arranges $126.1M Refinancing for Pacifica Hotels
Los Angeles-based real estate investment banking firm Sonnenblick-Eichner arranged $126.1M in first mortgage debt to refinance a portfolio of seven Southern California hotels for Pacifica Hotels. The portfolio, totaling 601 rooms, includes a collection of oceanfront and coastal properties in San Diego, Pismo Beach, Venice and Manhattan Beach. The financing was provided through three- and five-year fixed-rate non-recourse loans from a Wall Street investment bank and an insurance company.
Northwind Group Provides $98M Loan for Miami Condo Redevelopment
Real estate private equity firm Northwind Group originated a $98M senior secured loan for the acquisition of a condominium building in Miami. The loan will fund the redevelopment of the property into a luxury residential tower led by Terra and JDS Development Group. A team at Walker & Dunlop arranged the deal, with legal counsel provided by Polsinelli for Northwind and Gangemi Law Group for the sponsor.
SEVN Lends $34.5M to Refinance 2875 Broadway Mixed-Use Property
Newton, MA-based REIT Seven Hills Realty Trust (SEVN) provided a $34.5M floating-rate first mortgage loan to refinance a mixed-use property at 2875 Broadway, NY, with a two-year initial term and three one-year extension options. The transaction was sponsored by TPG Angelo Gordon and Premier Equities, and introduced to SEVN's manager, Tremont Realty Capital, by Meridian Capital Group.
Stadium Centre Snapped Up in $19.7M Joint Buy by Baco, Bowis
San Francisco-based Baco Realty Corporation and Santa Barbara, CA-based real estate firm Bowis Investment Realty Corporation jointly acquired Stadium Centre, a Class A office building in Anaheim, CA, for $19.7M. The tenancy-in-common was advised by Newmark's Kevin Shannon, Paul Jones, Ken White and Brandon White.
Foxfield Sells Life Sciences Building for $11.5M
Boston-based real estate firm Foxfield completed its sale of 1 Executive Drive, a life sciences building in Chelmsford, MA, to Rhino Capital Advisors for $11.5M. The property was 87% leased at the time of sale, with anchor tenants Spectro Scientific and Qorvo. Newmark represented Foxfield in the transaction.
Aperture Capital Partners Acquires Redbud Cove & Zilker Place in Austin
Kansas City, MO-based specialist investment banking and strategy advisory firm Aperture Capital Partners acquired two residential rental properties with a total of 38 units in the Austin, TX, area from seller Rastegar Property Co. The transaction, brokered by Northmarq, included Redbud Cove, a 15-unit build-to-rent complex, and Zilker Place, a 23-unit apartment complex. Will Collier, Jordan Vaughn, and Hayden Schnieders of Northmarq represented the seller.
Woodside, Heitman Snap Up Austin’s Twelve Oaks Medical Office Complex
Cleveland-based healthcare real estate firm Woodside Health and global investment management firm Heitman acquired the Twelve Oaks Professional Center in Austin, TX. The medical office complex consists of five buildings on a five-acre site. The seller was KPG Commercial, but the sale price was not disclosed.
Arizona-based Commerce Center Acquired by Sword Industrial
Sword Industrial Partners, a joint venture between MAG Capital Partners and Scott Word, acquired the Mountain Vista Commerce Center in Phoenix, AZ from an undisclosed Dallas-based private fund. The three-building industrial complex was fully leased at the time of sale. Cushman & Wakefield represented the buyer in the transaction.
Colliers Acquires Multifamily Investment Firm GREA Dallas
Colliers acquired GREA Dallas, a multifamily investment sales firm, strengthening its presence in the Texas market. The deal allows the combined firm to offer expanded services to private and institutional investors across the country.
Rick Perry-backed REIT Files for IPO
Fermi Inc., a real estate investment trust co-founded by former Texas Gov. Rick Perry, reportedly filed for an IPO to fund a campus for energy-intensive computing in Amarillo, TX. The company's "Project Matador" aims to attract data centers and hyperscalers, with a goal of providing up to 11 GW of power by 2038 from a mix of natural gas, solar and nuclear sources. UBS Group, Cantor Fitzgerald and Mizuho Financial Group are leading the offering.
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