
September 23rd, 2025
Good afternoon, Dakota.
Big Bets and Bold Moves: CPP and KKR teamed up for a $10B slice of Sempra Infrastructure Partners, just as Sempra greenlit its $7B Port Arthur LNG expansion with backing from Blackstone, KKR, Apollo, and Goldman Sachs.
Meanwhile, Canal+ went global, snapping up South Africa’s MultiChoice for $2B, and Oakmont Capital merged with BilkeyKatz to create a $9B advisory powerhouse. On the deal front, Lanxess, Axcel, and Direct Travel all made strategic moves worth watching, and ICICI Prudential AMC is rumored to be prepping an $11B IPO.
Let’s get into it…
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⚡ Energy
The Dakota Monthly Roundup delivers key insights on trends shaping institutional capital allocation, using exclusive data to inform limited partners, general partners, and service providers on fundraising, capital commitments, and strategic moves in the private markets.
TECH & TELECOM
M&A
Axcel Eyes €700M Emagine Sale: Danish PE firm Axcel is considering an exit from IT and business consultancy Emagine, which it acquired in 2021. Early-stage deliberations could launch the sale as soon as next year.
Netigate Acquires Mopinion: GRO Capital’s portfolio company Netigate strengthens its SaaS offerings by acquiring digital feedback platform Mopinion, integrating real-time customer and employee insights into a unified AI-driven solution.
Cyberbit Buys RangeForce: Charlesbank-backed Cyberbit acquires cloud-based cyber training platform RangeForce, merging cyber attack simulation with scalable upskilling for a comprehensive operational readiness solution.
SIM IP Acquires Gurulogic Patent Portfolio: Sauvegarder Investment Management expands its IP holdings with 200+ patents in video coding, data compression, and streaming from Finland’s Gurulogic Microsystems.
Axon to Acquire Prepared: Public safety tech company Axon will integrate AI-powered emergency communications platform Prepared into its law enforcement ecosystem; deal expected to close in Q4.
Clearspan Completes AveriStar Acquisition: Abry Partners-backed Clearspan adds cloud communications and engineering services provider AveriStar to its portfolio.
Venture & Growth
NVIDIA + ElevenLabs: Nvidia invests in the UK-based AI-audio unicorn, valuing it at $6.6B. CEO Mati Staniszewski: “We’re prioritizing long-term strategic partners who can provide deep technical knowledge in addition to capital.”
Obot AI: Raises $35M to scale secure platforms for the Model Context Protocol.
AmplifAI: Closes $33.7M Series B to boost AI-powered enterprise contact center performance.
Rocket: Secures $15M seed to turn natural language into production-ready apps, opening a new HQ in Palo Alto.
Sunhat: Raises €9.2M Series A to expand AI compliance platform for ESG and non-financial reporting.
Testkube: $8M Series A to enhance AI-powered Kubernetes testing tools.
SylloTips: €4.2M seed to develop human-in-the-loop AI learning from enterprise employees.
RapidFire AI: Launches with $4M pre-seed to speed up LLM fine-tuning via open-source tools.
Lifeguard: Raises $1.3M seed to protect families from online scams with AI-powered digital safety.
Other
Lifeguard Raises $1.3M to Boost AI-Powered Family Cybersecurity
AI-driven digital safety startup Lifeguard secured $1.3M in seed funding led by ScOp Venture Capital. The platform uses autonomous AI agents to monitor and block online scams, phishing attempts, and malicious websites. Funds will be used to expand the team, scale technology, and accelerate the product roadmap.
SPORTS, MEDIA & ENTERTAINMENT
M&A
Canal+ Takes Over MultiChoice for $2B
Canal+ acquired South Africa’s MultiChoice, creating a combined global media platform with 40M+ subscribers in nearly 70 countries. Canal+ CEO Maxime Saada becomes board chair; MultiChoice CEO Calvo Mawela will lead Canal+’s African operations.Tampa Bay Rays Sold for $1.7B
MLB owners approved the sale of the Rays to a group led by Patrick Zalupski. The deal hinges on securing a new Tampa Bay ballpark and is expected to close this week.Minute Media Buys AI Video Platform VideoVerse
The acquisition brings AI-powered video tools into Minute Media’s portfolio, combining automated content creation with its existing distribution network.Minnesota Lynx Leaders Invest in Aurora FC
Lynx Head Coach Cheryl Reeve and President Carley Knox invested in Minnesota Aurora FC to help fund a future National Women’s Soccer League franchise.LA Beat Partners Acquires Pro Padel League Team
New owners bought the LA Beat franchise and invested in the league, appointing David Eisen as CEO and planning a full team rebrand for 2026.Roller Expands in Europe with BookNow Acquisition
Roller acquired UK-based BookNow to boost CRM and booking tools for attractions, strengthening its European operations.Hearst Wins DallasNews Deal for $88M
Hearst outmaneuvered a higher bid to acquire DallasNews’ parent company, consolidating control of major Texas newspapers, with the deal expected to close September 24.
Venture & Growth
Duel Raises $16M to Turn Customers Into Brand Advocates
Series A funding co-led by Molten Ventures and Bright Pixel Capital will help Duel scale its brand advocacy platform, used by Lush and Victoria’s Secret, across the US and enhance its AI-driven capabilities.Youth Sports Safety Platform Ankored Nets $4M
Ankored raised seed funding led by Rally Ventures to centralize certifications and abuse prevention training for coaches, volunteers, and administrators, aiming to improve compliance and athlete safety.
Other
RefAssured Secures $3.3M Seed Round
Staffing-focused reference-checking platform RefAssured raised $3.3M from Dogwood Ventures and strategic investors to accelerate hiring and expand tools for fraud mitigation and post-hire performance tracking.
HEALTHCARE
M&A
Glooko Acquires Monarch Medical to Boost Diabetes Tech
Menlo Park digital health provider Glooko bought Monarch Medical, developer of EndoTool Glucose Management System, following its $100M Series F round led by Georgian. The deal expands Glooko’s inpatient insulin dosing capabilities.PAX Health Expands in NJ with Mental Health Practice Acquisition
Behavioral healthcare company PAX Health, backed by HCAP Partners and Hamilton Lane, acquired Neuropsychology and Counseling Associates, adding outpatient neuropsychological and cognitive services in New Jersey.Proteor Sees Eurazeo & Crédit Mutuel Invest as Ardian Exits
French orthopedic company Proteor welcomed Eurazeo and Crédit Mutuel while Ardian exited. Existing investors Bpifrance and BNP Paribas Développement reinvested.RevSpring to Acquire Kyruus for Streamlined Care Access
Frazier-backed RevSpring will integrate Kyruus Health’s provider search and data solutions with its patient engagement and payment platform, simplifying healthcare navigation.LifeCare Expands Hospice Services With St. Gabriel’s Acquisition
Zenyth Partners’ LifeCare Home Health acquired Texas-based St. Gabriel’s Hospice & Palliative Care, adding over 200 employees and a 300-patient census; founder Chris Cain remains.HCAP Invests in RealDx to Support Diagnostic Expansion
HCAP Partners backed Salt Creek Capital’s acquisition of Real Diagnostics, aiming to expand its clinical lab services across 17 states under incoming CEO Cary Breese.
Venture & Growth
Capital Rx Rebrands as Judi Health, Secures $400M
New York-based enterprise health tech firm Capital Rx rebranded as Judi Health and raised $400M, including a $252M Series F led by Wellington Management and General Catalyst. The funding will scale its PBM operations and Enterprise Health Platform (EHP).Sweden’s AP6 Plans 10% Asker Stake Sale
Swedish pension fund AP6 is offering roughly 38M shares (~$360M) of Asker Healthcare Group AB, following a 27% stock rally. Citigroup, DNB Carnegie, and Nordea are arranging the sale.Until Labs Raises $58M to Advance Organ Cryopreservation
Founders Fund led a $58M Series A for San Francisco-based Until Labs, supporting the development of reversible cryopreservation technology for organs.Ben Lamm Launches Astromech With $30M for AI-Biotech Research
Astromech, co-founded with Harvard’s George Church, closed $30M to develop AI technologies for biotechnology and life sciences applications.Manas AI Nets $26M Seed Extension for Drug Discovery
New York-based Manas AI raised $26M to accelerate development of its neuro-symbolic, science-based models for faster, cheaper drug discovery.Caregility Secures $25.1M to Boost Telehealth Platform
NJ-based telehealth company Caregility raised additional funds to advance AI-driven clinical workflow solutions, bringing total funding to $92M.VedaBio Raises $25M, Partners With Siemens on CRISPR Diagnostics
San Diego biotech firm VedaBio secured $25M and a strategic agreement with Siemens Healthineers to scale CRISPR-based molecular diagnostics.Neurocentrx Closes Seed Extension, Eyes Series A
Scotland-based Neurocentrx Pharma raised funding, including $5M from the Wellcome Trust, to advance ketamine-based treatments for TR-BPD and TR-MDD.DaltonTx Raises £4M for AI Drug Discovery Platform
UK-based DaltonTx completed a £4M seed round to develop its AI-driven platform accelerating pharmaceutical and biotech research.Prosper AI Nets $5M Seed for Healthcare Voice AI
New York startup Prosper AI raised $5M to expand its platform building specialized AI agents for healthcare workflows.Rapid Nexus Raises $3.8M for Nerve-Regenerating Medical Device
California-based Rapid Nexus Nanotech secured funding to advance a device aimed at regenerating nerves and reversing chronic wounds.Küleon Receives $2M NIH Grant for Alcohol Addiction Drug
Seattle preclinical-stage biotech Küleon obtained NIH funding to develop KB-128, a potential non-hallucinogenic treatment for alcohol-use disorder.Zealthix Secures $1.1M for SaaS Healthcare Expansion
India-based SaaS healthcare platform Zealthix raised $1.1M to scale cloud-based middleware for insurers.Kinea Bio Lands $1.1M for Gene Therapy Studies
Seattle-based Kinea Bio received $1.1M from the Jain Foundation for preclinical development of its dual-AAV therapy for dysferlinopathy.
Other News
Sonara Health Raises $1M to Expand Hybrid Opioid Care
Dallas healthtech Sonara secured $1M from Boomerang Ventures and partners to grow hybrid care services and technology-enabled medication units.
FINANCIALS
M&A
Oakmont Capital Merges With BilkeyKatz – The PA-based RIA and investment consulting firm will combine to create a $9B firm under the Oakmont name.
Ardonagh Expands in France – Ardonagh Europe acquires Groupe Leader Insurance, with GLI’s branding and leadership retained.
Wellesley Asset Management Acquires Halbert Wealth – The NH-based RIA adds $148M AUM from its new Austin, TX advisory.
Artorius Adds $128M UK Practice – The UK wealth manager acquires a Raymond James advisory team.
Pivotal Growth Buys Believe Money – Pollen Street JV completes its 20th acquisition in the UK second charge mortgage market.
King Risk Expands Southeast – Florida brokerage acquires LH Griffith & Company in South Carolina.
Bregal Milestone Invests in SkySparc – Swedish fintech secures majority growth investment to expand AI-powered treasury software globally.
Venture & Growth
Addi Secures $50M Credit Facility Upsize – Colombia-based commerce and fintech platform Addi expands its existing facility with Victory Park Capital to fuel growth, following $150M in annualized revenue and a fourth consecutive profitable quarter.
PredictAP Raises $5M for AI Invoice Automation – Real estate-focused AI accounts payable platform boosts funding to accelerate go-to-market expansion and enhance its proprietary invoice automation technology.
Pillar Closes €3.2M Pre-Seed – Milan-based fintech aims to digitize construction finance with backing from Emblem, Pareto, Plug and Play, and multiple angel investors.
Veridox Raises £1M to Fight Insurance Fraud – AI-driven platform targeting fraudulent documents and image manipulation in insurance claims will expand its team and prepare for a wider market launch.
Other
ICICI Prudential Asset Management Eyes $1.1B IPO – India’s second-largest asset manager plans to sell a 10% stake held by Prudential Plc, potentially valuing the firm at $11B. ICICI Bank will not sell shares. The company has started investor roadshows and is targeting a late-October launch, pending regulatory approval.
PROFESSIONAL SERVICES
M&A
ResiXperts Expands in Northern California – Portland-backed ResiXperts acquired San Carlos-based plumbing provider Handy Plumbing Man, continuing its strategy of supporting founder-led residential services businesses across the Western US.
Ranger Fire Strengthens Irish Presence – Hyperion-backed Ranger Fire & Security acquired Cork-based B-Safe Group, a fire safety and training specialist. This marks Ranger’s third acquisition in Ireland, with B-Safe’s management team remaining in place.
Accel-KKR Takes Majority Stake in Arbiter – K–12 athletic and event management platform Arbiter, serving 3.7M+ families, sees majority investment from Accel-KKR, while Serent Capital retains a minority stake. Current leadership will continue.
Lumelight Acquires BMI Audit Services – Water Street-backed benefits compliance firm Lumelight integrated BMI’s dependent eligibility and claims audit services, broadening its platform to help employers reduce risk and improve plan integrity.
Pye-Barker Expands with Fortress Security – Leonard Green-backed Pye-Barker Fire & Safety completed the acquisition of Fortress Security, extending its Texas footprint to over 20 locations.
SFS Adds Lakeview Security – Blackford Capital-backed Security Fire Systems acquired Lakeview Security, Fire & Communications in North Little Rock, AR, with the full Lakeview team remaining.
Employee Navigator Boosts AI Capabilities – JMI Equity- and Spectrum Equity-backed Employee Navigator acquired AI-powered plan building technology from Velocity Benefits, automating benefit plan creation from insurance documents.
Venture & Growth
Filevine Nets $400M to Scale Legal Tech – Salt Lake City-based legal software company Filevine raised $400M in an all-equity round led by Insight Partners, Accel, and Halo Fund. The capital will expand AI capabilities, enhance products, and accelerate go-to-market efforts.
AmplifAI Raises $33.7M for AI Contact Centers – Dallas-based AmplifAI secured Series B funding led by CVS Health Ventures to unify human and AI agent performance and boost its contact center platform.
Forgent AI Lands €4.3M Pre-Seed for Government Contracting – German AI startup Forgent AI, which automates public sector bidding, secured €4.3M ($5.1M) in pre-seed funding led by Cherry Ventures. Funds will expand the team and advance AI technology.
Workfully Raises $4.7M to Reinvent Recruiting – Barcelona-based Workfully raised an oversubscribed seed round to give independent recruiters tools to monetize their networks, backed by Shilling VC, Indico, Pitchdrive, and Secways.
CONSUMER & RETAIL
M&A
Direct Travel + ATPI = $6B Travel Giant – Direct Travel acquired ATPI, forming one of the world’s largest travel management companies with $6B in annual travel volume. The combined firm will expand Direct Travel’s Avenir Travel Edition platform globally.
Backcast Supports Seneca’s Busmax Deal – Backcast Partners provided debt and equity backing for Seneca Partners’ acquisition of Busmax, a Southeast US vehicle rental business, marking their second collaboration.
Dubin Clark Teams With Party Reflections – Dubin Clark & Company partnered with Charlotte-based event services provider Party Reflections to fuel growth and market expansion.
Venture & Growth
Revyve Raises $28.3M for Egg-Free Yeast Proteins – Dutch food-tech company Revyve closed a €24M Series B to scale sustainable, clean-label yeast proteins as an alternative to eggs in baked goods, sauces, and other foods. Investors include ABN AMRO Sustainable Impact Fund, Invest-NL, and Lallemand Bio-Ingredients.
Genstore Nets $10M Seed to Expand AI E-Commerce Platform – LA-based Genstore raised $10M to accelerate product development and help local businesses build and manage profitable online stores.
Paulig’s PINC Backs Scindo with $5.4M – UK startup Scindo, developing bio-based ingredients with AI, secured £4M ($5.4M) in funding co-led by Kadmos and Clay Capital, joined by Paulig’s venture arm PINC.
Grest Raises $1.9M to Expand Re-Commerce Stores – Indian consumer electronics re-commerce firm Grest raised $1.9M led by Equentis to grow its retail footprint, upgrade refurbishment labs, and strengthen e-commerce and B2B channels.
Finally Foods Secures $1.2M to Produce Dairy Proteins in Potatoes – Molecular farming startup Finally Foods closed $1.2M with CBC Group, following successful field trials of protein-producing potatoes, to scale operations and commercial production.
Vertical Harvest Gains Investment from Raiven Capital – Westbrook, ME-based vertical farming company Vertical Harvest received undisclosed funding from Dubai’s Raiven Capital to expand its low-energy, low-water “Vertical Farming 2.0” model globally.
Other
Pattern Group Raises $300M in IPO – E-commerce and brand acceleration firm Pattern Group raised $300M via the sale of 21.4M shares, split evenly between new and existing stockholders. The shares began trading on Nasdaq on September 19. Goldman Sachs and J.P. Morgan led the offering.
INFRASTRUCTURE
M&A
Actis Takes 90% of Singapore’s 800 Super – Actis’ Long Life Infrastructure Fund (ALLIF 2) acquired a 90% stake in environmental management firm 800 Super Holdings from Keppel-linked sellers, marking the fund’s sixth portfolio investment and targeting assets with long-term, government-backed contracts.
Netmore Expands European IoT Utility Network – Sweden-based Netmore Group, backed by Polar Structure, acquired Spain’s Arson Metering, adding 500K+ managed water and gas meters and a 350K-unit backlog, strengthening its footprint across Spain, Italy, France, and Greece.
E Source Acquires CF Power for Grid Modernization – Align Capital portfolio company E Source bought engineering firm CF Power, enhancing capabilities for utility and developer support in grid modernization and interconnection projects.
Venture & Growth
CPP & KKR Buy 45% of Sempra Infra – $10B deal; Port Arthur LNG Phase 2 gets $7B backing from Blackstone, KKR, Apollo, and Goldman, Sempra retains 50.1%.
Futurail Raises €7.5M – Funding for self-driving train tech, targeting depots first; led by Asterion Ventures and Leap435.
Other
Kingspan Eyes IPO for Advnsys – Data center materials unit could list in Amsterdam Q1 2026; 2024 EBITDA €197M on €1.48B revenue, Kingspan to retain majority stake.
ENERGY
Summary
TPA Backs E.J. Ward – Investment supports family succession and expansion into EV charging, telematics, and future acquisitions; leadership team remains in place.
OIC Invests $105M in Nova Compression – Equity and asset-based loan facility to fund fleet growth and acquisitions across six US states.
INDUSTRIALS & MATERIALS
M&A
Hitachi Acquires synvert via GlobalLogic – German AI/data consulting firm bought to boost Hitachi’s HMAX suite; deal expected by March 2026.
DelCam Buys Gaston Electronics – Expands fire and life safety platform and electronics manufacturing capabilities.
AMP Robotics Acquires RDS Virginia – Adds recycling facility with AI-powered processing; strengthens AMP’s municipal solid waste operations.
Clecim to Join Fouré Lagadec – French steel supplier acquisition marks Mutares exit; aims to grow business internationally.
Venture & Growth
Lanxess Sells Envalior JV to Advent – German specialty chemicals firm exits its 40.94% stake for €1.2B ($1.42B); deal expected by March 2026.
Morse Micro Raises $59M – Wi-Fi HaLow chipmaker expands globally and scales IoT 2.0 production.
Chakr Innovation Secures $23M – Indian cleantech startup to expand manufacturing, international growth, and energy storage R&D.
TELO Trucks Raises $20M – Electric mini-truck maker moves toward production readiness for TELO MT1.
Track3D Nets $10M – AI-powered construction reality intelligence platform to scale teams and launch new features.
Distil Raises $7.7M – Indian specialty chemicals startup expands product portfolio, partnerships, and R&D.
Other
ALEC Engineering & Contracting IPO – Dubai-based construction firm offers 20% stake in $381M IPO, valuing the company at $1.91B; all shares reportedly in high demand. Listing set for October 15 on the Dubai Financial Market.
REAL ESTATE
Summary
Yesway IPO Plans – Convenience store chain backed by Brookwood Financial Partners targets ~$300M IPO, reviving 2021 plans. Operates 440+ stores across 9 states; Morgan Stanley, JPMorgan, Goldman Sachs advising.
Kilroy Realty Buys Maple Plaza, Beverly Hills – $205M acquisition from Tishman Speyer; property originally purchased in 2005 for $101M.
Terreno Acquires Doral Warehouses – $131M industrial deal in Doral, FL from Blackstone affiliate.
Tanger Acquires Kansas City Retail Property – $130M purchase; plans to rebrand as Tanger Kansas City at Legends.
Fortress Buys Alpharetta Office – $93.2M sale-leaseback from UPS.
MetLife Provides $89.25M Loan for AZ Industrial Portfolio – Mack Innovation Park Deer Valley Site C, 584K sq ft, 85% leased.
Legacy Residential Buys Coconut Creek Multifamily – $77M for 416-unit complex, renamed Legacy at Coconut Creek.
Gathern Raises $72M, Eyes 2028 IPO – Saudi vacation rental company expanding into flights, car rentals, international markets.
809 Madison Avenue Residential Portion Sells for $49M – Sold to partnership including Harry Macklowe; repositioning planned.
Park Metro Apartments, Bellevue Sold – $33M multifamily sale to The Sobrato Organization.
CBRE IM Acquires Amsterdam Last-Mile Distribution Center – Two buildings, 38,000 sqm, leased to Medux.
Fernau LeBlanc Buys Owings Mills Commerce Center, MD – $18M industrial portfolio, 95% leased.
Knightvest Acquires Arlo Buffalo Heights, Houston – 318-unit multifamily community, renamed Whitmore.