The Scherzer Deal Report: March 3-7, 2025
Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.
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Fundraising for PE & VC Funds
400 Capital Management
$1.39M
fourth private credit fund
8VC
$998M
Sixth flagship VC fund
Foundation Capital
$600M
11th flagship VC fund
Garnett Station Partners
$1.2B
Fifth fund
ICG
$11B+
Fifth GP-led secondaries fund
Northleaf Capital Partners
$1B+
Third private credit fund
One Bow River
$500M
Debut fund
Private Equity Deals
Peak Rock Capital
BrightStar Care
Undisclosed amount
Gurnee, IL-based provider of home care and supplemental staffing services
Rubicon Technology Partners
CollegeNET
Undisclosed amount
Portland, OR-based provider of higher ed software
New Water Capital
Dutch Gold Honey
Undisclosed amount
Lancaster, PA-based honey producer
Charlesbank Capital Partners
Emcore
Undisclosed amount
Budd Lake, NJ-based provider of inertial navigation solutions for aerospace and defense
Copley Equity Partners
Herzig Engineering
Undisclosed amount
Kansas City, MO-based firm focused on safety and compliance in electrified environments
American Securities
Integrated Global Services
Undisclosed amount
Richmond, VA-based provider of efficiency and reliability solutions to the industrial and energy sectors
Blackstone
ITE Management
Undisclosed amount
New York, NY-based alt asset manager focused on transportation infrastructure
Stephens Group
Kalkomey Enterprises
Undisclosed amount
Richardson, TX-based provider of online recreational safety education
Big 7 Ventures
Modern Concrete
Undisclosed amount
Elko, NV-based provider of remote concrete-pouring solutions
Clearlake Capital
ModMed
Undisclosed amount
Boca Raton, FL-based provider of medical practice SaaS
Francisco Partners
Quorum Software
Undisclosed amount
Houston, TX-based provider of energy ERP software
Crestview Partners
Smyth Cos
Undisclosed amount
St. Paul, MN-based provider of pressure sensitive labels and shrink sleeves
Sycamore Partners
Walgreens Boots Alliance
$23.7B
One of America’s largest retailers and pharmacy chains
The Scherzer Deal Report: February 24-28, 2025
Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.
Sign up: Get private equity and venture capital deals delivered to your inbox every week!
Fundraising for PE & VC Funds
Camber Partners
$210M
Second fund
Blackstone
$5.6B
Fourth energy transition fund
Private Equity Deals
Rotunda Capital Partners
AirPro Diagnostics
Undisclosed amount
Jacksonville, FL-based provider of driver assistance system diagnostics for the auto repair market
Nordic Capital
Anaqua
Undisclosed amount
Boston, MA-based provider of IP management tech solutions
J.F. Lehman & Co.
Atomic Transport
Undisclosed amount
Chattanooga, TN-based provider bulk-waste transport and transfer station management services
Carlyle and SK Capital Partners
Bluebird Bio
Undisclosed amount
Somerville, MA-based gene therapy company
Apollo Global Management
Bridge Investment Group
Undisclosed amount
Salt Lake City, UT-based private equity and alternative investment firms
Apax Partners
CohnReznick
Undisclosed amount
New York, NY-based global accounting firm
Seven Point Equity Partners
Frazier Aviation
Undisclosed amount
San Fernando, CA-based provider of sustainment solutions for the military aircraft aftermarket
EXA Capital
PrecisionCare
Undisclosed amount
New York, NY-based provider of electronic health records software
Argonaut Private Equity
Pryer Aerospace
Undisclosed amount
Tulsa, OK-based maker of complex aerospace components
Pearl Energy Investments
Slant Energy III
Undisclosed amount
Lafayette, LA-based upstream oil and gas E&P focused on the Permian Basin in West Texas and New Mexico
LongRange Capital
US Synthetic
Undisclosed amount
Orem, UT-based provider of polycrystalline diamond technologies
Venture Capital Deals
JPMorgan Equity Partners
Albert Invent
$20M
Oakland, CA-based AI chemistry startup
TCG
Audiochuck
$40
MIndianapolis, IN-based true crime and mystery media company founded by podcaster Ashley Flowers
Innovius Capital, Dell Technologies Capital, and Sentinel Glob
Auditoria.AI
$38M
San Jose, CA-based agentic AI provider for CFOs
Electric Capital, MassMutual, Highland Capital, MIT Investment Management Co., Haun Ventures, ParaFi Capital, Khosla Ventures, General Catalyst, Blockchain Coinvestors, and Nikesh Arora
Bitwise
$70M
Schaumburg, IL-based crypto-focused asset manager
Accel and Lightspeed
Bridgetown Research
$19M
Seattle, WA-based AI due diligence AI startup
A16z, K Ventures, and YC
Camber
$30M
Huntsville, AL-based medical claims automation startup
VoLo Earth Ventures, NEA, Dangerous Ventures, Tunitas Ventures, Woven Earth, Understorey, Groundswell, Ulu Ventures, MaC Venture Capital, Rise of the Rest, 81 Collection, Alumni Ventures, and Soma Capital
Cambium
$18.5M
Baltimore, MD-based startup focused on converting waste wood into usable lumber
M12, Mantis VC, In-Q-Tel, Eniac Ventures, 645 Ventures, FPV Ventures, Precursor Ventures, and Rosecliff Ventures
Edera
$15M
Seattle, WA-based developer of workload isolation technology
Lux Capital, The Column Group, Foresite Capital, Soros Capital, and General Catalyst
Eikon Therapeutics
$351M
Hayward, CA-based live-cell microscopy startup
Sanofi
Enveda
$20M
Boulder, CO-based drug discovery startup that focuses on medicinal plants
Wellington Management, D1 Capital Partners, Neuberger Berman, and Stripes
Just Salad
$200M
New York, NY-based restaurant chain
Valor Equity Partners and Collaborative Fund
Loyal
$22M
San Francisco, CA-based developer of longevity drugs for dogs
NEA, a16z, General Catalyst, Workday Ventures, Greyhound Capital, Truebridge Capital Partners, Activant Capital, SineWave Ventures, and Megalith Ventures
Metronome
$50M
San Francisco, CA-based provider of usage-based billing for software companies
Iconiq Growth and CapitalG
NinjaOne
$500M
Austin, TX-based IT platform for endpoint visibility
Haun Ventures, Paper Ventures, Selini Capital, and GSR Ventures
Raise
$63M
Chicago, IL-based crypto platform for gift cards
Blackstone Infrastructure
Safe Harbor Marinas
$5.65B
Dallas, TX-based marina and superyacht servicing company
NGP Capital, Westly Group, Intel Capital, BMW i Ventures, Samsung Catalyst Fund, and Next47
Skylo
$30M
Mountain View, CA-based direct-to-device satellite service
The Scherzer Deal Report: February 17-21, 2025
Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.
Sign up: Get private equity and venture capital deals delivered to your inbox every week!
Fundraising for PE & VC Funds
Afore Capital
$185M
Fourth fund
Bonfire Ventures
$245M
Fourth fund
Cherryrock
$172M
Debut fund
Greenfield Partners
$400M
Third fund
GTCR
$3.6B
Second strategic growth fund
Madison River Capital
$370M
Debut fund
Neuberger Berman
$1.6B
Third specialty finance fund and related asset-backed financing funds
Wellington Management
$194M
Wellington CLO Partners Fund I
Private Equity Deals
Align Capital Partners
AKS EngineeringUndisclosed amount
Tualatin, OR-based consulting firm for civil engineering, surveying, natural resources, and permitting
Vista Equity Partners and Deepwatch
Dassana
Undisclosed amount
San Mateo, CA-based cybersecurity business
Searchlight Capital Partners and Hudson Structured Capital Management
Gracie Point Holdings
Undisclosed amount
New York, NY-based provider of life insurance premium finance
Grovecourt Capital Partners
IMRIS Imaging
Undisclosed amount
Chaska, MN-based movable MRI business
Tritium Partners
Loxo
$115M
Austin, TX-based recruiting software company
PSG
Uscreen
$150M
Washington DC-based video monetization platform
One Equity Partners
Wheeler Fleet Solutions
Undisclosed amount
Somerset, PA-based vehicle parts and services business
Venture Capital Deals
Elad Gil and IVP, Bessemer Venture Partners, and California Health Care Foundation
Abridge
$250M
San Francisco, CA-based generative AI startup for clinical notetaking and billing
Eclipse, Maverick Capital, Fundomo, and EPIQ Capital Group
AheadComputing
$21.5M
Portland, OR-based general-purpose computing and microprocessor business
Lightrock, Insight Partners, Eclipse Ventures, Qumra Capital, Schneider Electric Ventures, and Qualcomm Ventures
Augury
$75M
New York, NY-based machine insights company for manufacturers
RA Capital Management led with participation from Janus Henderson Investors, Redmile Group, Invus and ADAR1 Capital Management
Bambusa Therapeutics
$90M
Boston, MA-based biotech focused on dermatological conditions
IVP, Spark, Greylock, Conviction, South Park Commons, 01 Advisors, and Lachy Groom|
Baseten
$75M
San Francisco, CA-based startup running AI models on its cloud infrastructure
Ribbit Capital, GV, Variant, and Cyberstarts
Blockaid
$50M
New York, NY-based crypto security platform
Avataar Ventures, Inspired Capital, Fitch Group, and BellTower Partners
CredCore
$16M
New York, NY-based business for analyzing private debt transactions
415 Capital, S3 Ventures, Panakès Partners, and M&L Healthcare
Endovascular Engineering
$42M
Menlo Park, CA-based clot removal company for venous thromboembolism
Lux Capital, Lightspeed, Menlo Ventures, Inspired Capital, and Bison Ventures
Frontera Health
$32M
Denver, CO-based developer of autism therapy streamlining tools
Qualcomm Ventures, Norwest Venture Partners, Entrée Capital, Honeystone Ventures, Tiferes Ventures, and Inkberry Ventures
Guidde
$15M
Belmont, CA-based video documentation business
Sapphire Ventures, NVC, Amplify Ventures, Iconiq Growth, Bain Capital Ventures, and Y Combinator
Hightouch
$80M
San Francisco, CA-based platform for customer service and sales teams to sync data
Plural and Hummingbird
Karman+
$20M
Denver, CO-based asteroid mining startup
Andra Capital, SGW, Andrej Karpathy, ARK Invest, Fincadia Advisors, G Squared, and In-Q-Tel
Lambda
$480M
San Jose, CA-based GPU cloud company
Swisscom Ventures, East Bridge, EDOM, Grazia, Hokuyo Inc. and TSVC
Lumotive
$45M
Redmond, WA-based optical semiconductor products maker
Felicis, General Catalyst, DST Global, Benchmark, and Menlo Ventures
Mercor
$100M
San Francisco, CA-based hiring software company
Base10 Partners and Volition Capital
Relish
$25M
Cleveland, OH-based procurement software maker
Taranis
Resynergi
$18M
Rohnert Park, CA-based plastic recycling company
Quadrille Capital, Insight Partners, Quiet Capital, and DN Capital
Sanas
$65M
Palo Alto, CA-based company that uses AI to change a person’s accent
Elad Gil and General Catalyst
Saronic
$600M
Austin, TX-based drone-boat builder
Canapi Ventures
SmartSuite
$38M
Newport Beach, CA-based project management and collaboration platform
Just Climate, Temasek’s GenZero, and Eagle Materials
Terra CO2
$82M
Golden, CO-based low-carbon building materials business
General Catalyst, Saudi Arabia’s Prosperity7 Ventures, Salesforce Ventures, Nvidia Corp., Kleiner Perkins, Emergence Capital, Lux Capital, and Coatue Management
Together AI
$305M
San Francisco, CA-based company that gives access to artificial intelligence computing
Riot Ventures, AlleyCorp, Initialized Capital, Day One Ventures, and Steel Atlas
Valar Atomics
$19M
El Segundo, CA-based nuclear energy startup
General Catalyst and Eclipse Ventures
Verkada
$200M
San Mateo, CA-based video security camera company
The Scherzer Deal Report: February 10-14, 2025
Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.
Sign up: Get private equity and venture capital deals delivered to your inbox every week!
Fundraising for PE & VC Funds
IMB Partners
$125.5M
Debut fund
Northrim Horizon
$235M
Third PE fund
Oaktree Capital Management
$16B
12th flagship fund
PSG
$8B
Sixth flagship fund ($6B) and a new continuation fund ($2B)
Thomson Reuters
$150M
Second VC fund
Ulu Ventures
$208M
Fourth fund
Private Equity Deals
Tiger Infrastructure Partners
Bolder Industries
Undisclosed amount
Boulder, CO-based circular-economy infrastructure platform for the rubber, plastic and petrochemical industries
Platinum Equity
Global the Source
Undisclosed amount
Universal City, TX-based master distributor of HVAC/R components
Purchase Capital
Jetset Pilates
Undisclosed amount
New York, NY-based reformer Pilates chain
McNally Capital
Jewett Automation
Undisclosed amount
Richmond, VA-based manufacturer of industrial filtration equipment and automation solutions
Fourshore Partners
Palm Coast Sales
Undisclosed amount
Jupiter, FL-based wholesale distributor of outdoor kitchen appliances
Nautic Partners
Proud Moments ABA
Undisclosed amount
Brooklyn, NY-based provider of applied behavioral analysis (ABA) therapy to children with autism
Multiples
QBurst
Undisclosed amount
Chantilly, VA-based product development and consulting company
Rotunda Capital Partners
RMH Systems
Undisclosed amount
Waukee, IA-based provider of material handling, packaging, and automation solutions
RF Investment Partners
S&K Building Services
Undisclosed amount
Indianapolis, IN-based provider of window washing and related services to multi-story commercial properties
Gemspring
Sitemetric
Undisclosed amount
Houston, TX-based provider of construction jobsite security, safety, and workforce management solutions
PSG
Uscreen
Undisclosed amount
Bethesda, MD-based video monetization platform for creators
Warburg Pincus
Vermont Information Processing
$1B
Colchester, VT -based provider of software for beverage distributors
The Riverside Co.
Wall Street Prep
Undisclosed amount
Newton, MA-based provider of financial training solutions and certifications
Venture Capital Deals
Accurant International, Carrier Global, Climate Investment, Breakthrough Energy Ventures, Next47, and Wind Ventures
75F
$45M
Minneapolis, MN-based company commercial HVAC automation company
NEA, Foresite Capital, RA Capital Management, Bain Capital Life Sciences, Redmile Group, Samsara BioCapital, Sanofi Ventures, Pontifax, Mass General Brigham Ventures, New Leaf Ventures, abrdn, BlackRock, Eurofarma Ventures, and Soleus Capital
Abcuro
$200M
Newton, MA-based developer of anti-KLRG1 treatments for autoimmune diseases and cancer
S2G Investments
ANA
$50M
Henderson, NV-based maker of hybrid mobile generators
Amplify Partners and Spark Capital
Antithesis
$30M
Vienna, VA-based autonomous software testing startup
B Capital, Capital Factory, and Google
Apptronik
$350M
Austin, TX-based developer of humanoid robots
PeakSpan Capital, YC, Trestle Partners, and Singularity Capital
Boostly
$22M
Lehi, UT-based provider of SMS marketing software for restaurants
Oak HC/FT
Candid Health
$52.5M
San Francisco, CA-based revenue cycle management platform for medical billing
Bond and Workday
Comulate
$20M
San Francisco, CA-based revenue management platform for insurance brokers
Menlo Ventures, Left Lane Capital, Foundation Capital, and Afore Capital
ConverzAI
$16M
Redmond, WA-based provider of recruiting software
Tiger Global, Maverick Silicon, Capital TEN, SIP Global Partners, Zero Infinity Partners, CTBC VC, Vanderbilt University, Morgan Creek Digital, RTX Ventures, Anzu Partners, Scout Ventures, AlleyCorp, ACVC, and S5VEn
Charge AI
$100M
Santa Clara, CA-based developer of analog in-memory-computing AI chips
The Steele Foundation
Epicore Biosystems
$26M
Cambridge, MA-based wearables startup
General Catalyst, Floodgate, Sierra Ventures, Hakluyt Capital, Defy, Everywhere Ventures, B3 Capital, Backbone, and Firsthand
Eudia
$30M
Palo Alto, CA-based AI platform for enterprise legal teams
8VC, Autotech Ventures, Munich Re Ventures, and Weatherford Capital
High-Definition Vehicle Insurance
$40M
Chicago, IL-based commercial auto insurance startup
NVP and Tiger Global
ICON
$56M
Austin, TX-based company that builds homes using 3D printing
Beringea
InvestNext
$15M
Detroit, MI-based real estate investment management platform
Lightspeed Venture Partners, Altimeter Capital, Alpine Space Ventures, and First Round Capital
K2 Space
$110M
Torrance, CA-based satellite platform
CRV, HubSpot Ventures, Recall Capital, and Afore
Koala
$15M
San Francisco, CA-based CRM startup
Pulse Fund, Social Capital, and Seven Seven Six
Mast Reforestation
$25M
Seattle, WA-based reforestation startup
Acrew Capital, Morgan Stanley, Amex Ventures, TIAA Ventures, Allstate, Intel Capital, Mango Capital, and True Ventures
Moderne
$30M
Miami, FL-based automated code refactoring and analysis company
Goldman Sachs Alternatives, Novo Holdings, Longwood Fund, DCVC Bio, and Arkin Bio Capital
Newleos Therapeutics
$93.5M
Boston, MA-based developer of anti-anxiety drugs
Five Elms Capital
Pathify
$25M
Denver, CO-based digital engagement hub for higher ed
Battery Ventures, Index Ventures, and Connect Ventures
Plain
$15M
San Francisco, CA-based B2B customer support startup
Forerunner Ventures, Left Lane Capital, and Felicis
Prenuvo
$120M
Redwood City, CA-based provider of whole-body MRI screening
Google and SoftBank
QuEra Computing
$170M
Boston, MA-based quantum computing startup
Activant Capital, a16z, Nyca Partners, GV, Geodesic Capital, Cross Creek Capital, Moody’s Analytics, Experian Ventures, and NAventures
Sardine
$70M
Miami, FL-based fraud prevention startup
Brightmind Partners, Costanoa Ventures, M12, and Cisco Investments
SGNL
$30M
Palo Alto, CA-based identity management startup
Vertex Growth Singapore, Trident Partners, Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest
SpotDraft
$54M
New York, NY-based contract management platform for in-house legal teams
Threshold Ventures, Craft Ventures, Intel Capital, and YC
Suger
$15M
San Francisco, CA-based platform for helping software companies transact on cloud marketplaces
The Fair Credit Reporting Act and Commercial Transactions
Does the Fair Credit Reporting Act (FCRA) apply to commercial transactions?
Although the FCRA is generally limited to consumer-purpose transactions (e.g., those primarily for personal, family, or household purposes), there is no straightforward answer regarding commercial transactions. This is because the FCRA defines a “consumer” as just an “individual.” The FCRA does not require the consumer/individual to obtain the loan specifically for a consumer purpose. Whether and how the FCRA applies depends on the facts and circumstances regarding the commercial transaction.
Commercial Loans, Personal Liability, and the Permissible Purpose Requirement
When an individual applies for a loan primarily for personal, family, or household purposes, the lender has a permissible purpose under the FCRA to obtain the individual’s consumer report.
However, a commercial transaction does not give rise to a permissible purpose except for a report on an individual – such as a sole proprietor or principal of a company – who will be personally liable for the debt. In a Federal Trade Commission (FTC) staff opinion letter dated in 2001, the FTC stated that “it is reasonable to view a business transaction in which an individual has accepted personal liability for the business debt as involving the consumer, thus providing a permissible purpose for the lender to obtain a consumer report under Section 604(a)(3)(A).”
A follow-up question is whether the commercial loan application itself is enough of a permissible purpose when the individual is only a guarantor and not otherwise related to the transaction or debtor. Another 2001 FTC opinion letter concluded that if an individual has any personal liability on a business loan, including just a guarantee, there would be a permissible purpose by means of the application for credit.
These opinion letters have been reaffirmed in subsequent FTC publications.
As a caveat, however, it is important to remember that these opinion letters are merely informal guidance and are not binding on the FTC, the courts, or other governmental regulators. That is why we think the best practice is to get written authorization from the individual (another form of permissible purpose under the FCRA) before preparing the report.
Reporting Adverse Information
When the FCRA applies to a commercial transaction, the restrictions for reporting adverse information should be followed. The restrictions generally prohibit reporting adverse information that pre-dates the report by seven years. Bankruptcies that pre-date the report by 10 years cannot be reported. Criminal convictions can be reported regardless of the date.
The FCRA also provides an important exemption to these reporting restrictions. If a credit transaction involves, or may reasonably be expected to involve, a principal amount of $150,000 or more, the restrictions on reporting adverse information do not apply.
Adverse Action Notice
When the FCRA applies to a commercial transaction, does the adverse action notice requirement apply? The general rule in the FCRA is that if the lender obtains a consumer report and takes adverse action based, in whole or in part, on any information in the report, the lender must give the consumer an adverse action notice. Therefore, in the commercial context, the lender should give the consumer an adverse action notice if the loan application is denied.
What about guarantors? Although the FCRA is silent on whether guarantors are included for purposes of an adverse action notice, the FTC clarified the issue in a 2000 advisory letter. If the consumer is only a guarantor (i.e., secondarily liable on the loan), then an adverse action notice would not be required to be provided to the guarantor. This is true even if the application is denied based on information in the guarantor’s consumer report.