Good morning! Skin in the game is something investors have always wanted from fund managers, maybe even more so these days.

NorthSands Capital is backing a $510 million continuation fund that will enable Peterson Partners to own Kelso Industries for longer, WSJ Pro's Maria Armental reports. Peterson is reinvesting in the company through its main fund.

Meanwhile, Permira has raised nearly $11 billion for its latest flagship fund, with commitments from the buyout firm's current and former employees representing more than 10% of that total, Private Equity News' Sebastian McCarthy writes.

Also, Blackstone's head of real estate Nadeem Meghji is leaving the firm, the latest in a string of departures from the asset manager's real-estate group, the Journal reports.

We have those stories and much more news below. Please, read on...

Today's Top Stories

Midmarket firm NorthSands Capital is anchoring a $510 million investment to extend Peterson Partners' ownership of Kelso Industries-a bet that demand for parts and services to keep critical infrastructure running in data centers, healthcare facilities and manufacturing plants will remain a mainstay of the U.S. economy, WSJ Pro's Maria Armental reports. New York-based NorthSands, founded by Blackstone veteran dealmaker Bruce McEvoy, invested more than $450 million in the Kelso continuation vehicle, while Peterson in Salt Lake City reinvested through its latest flagship fund, according to the firms. The deal also marks an exit for Paceline Equity Partners, which first backed the company in 2023.

Permira in London has raised EUR9.4 billion, or about $10.93 billion, so far for its latest flagship private-equity fund, which has held a first close, Sebastian McCarthy reports for WSJ Pro, citing people familiar with the matter. The firm aims to raise at least EUR17 billion for Permira IX. Current and former employees have contributed roughly EUR1 billion to the vehicle as part of the firm's general-partner commitment, the people said. Placement agents said GP commitments are now often reaching 10% or higher, up significantly from two years ago, when the industry standard was generally 2%, according to a 2024 Investec survey.

Blackstone's global head of real estate is leaving the firm, according to people familiar with the matter, the latest in a recent wave of departures from one of the world's largest and most successful commercial-property investors, The Wall Street Journal reports. Nadeem Meghji is stepping down from his position, Blackstone confirmed, less than a year after taking sole control of Blackstone's real-estate business. Previously, Meghji was co-head of global real estate with Kathleen McCarthy, who left in 2025 after 15 years at Blackstone.

Big Number

The worldwide value of private-equity transactions in August, down 68% from July, according to data provider S&P Global Market Intelligence

Deals

The Scaleup Europe Fund, managed by EQT AB, and PSG Equity co-led a EUR3 billion growth investment in technology startup Mistral AI, along with Samsung Electronics and joined by existing backers including Eurazeo. The $3.49 billion round valued the company at more than EUR21 billion and gives it additional firepower to invest in model development and grow its customer base, Mauro Orru reports for the Journal. Advent International and BlackRock also participated. An investment round last year valued the Paris-based business at about EUR11.7 billion.

HOF Capital has completed a EUR1 billion, or roughly $1.16 billion, acquisition of Porsche's stake in Bugatti Rimac and Rimac Group, according to an emailed announcement. The firm raised the capital in equity from new and existing limited partners. As part of the transaction, HOF acquired a 23.5% stake in Rimac Group, making the firm the largest shareholder in the company. Before the deal, HOF Capital owned less than 1% of Rimac Group, which holds the 55% controlling interest in Bugatti Rimac.

Ares Management, Three Hills Capital Partners and existing shareholder Toscafund Asset Management have agreed to take private London-listed Spire Healthcare in a deal that values the U.K. hospital operator as a whole at about GBP1.03 billion, Adrià Calatayud reports for Dow Jones Newswires. The hospital operator's directors accepted a deal at 250 pence per share in cash, representing a roughly 5% premium to Friday's close, saying it implies an enterprise value multiple of about 10.2 times last year's adjusted pretax earnings. The group said Spire's public-market valuation doesn't reflect the company's property and asset base, and that taking it private would unlock long-term value. Toscafund has been an investor in Spire since 2021.

DigitalBridge Group in Boca Raton, Fla., joined by L&G and TD Asset Management, is acquiring wireless communications sites in the Netherlands from Ziggo Group. The assets will be combined with DigitalBridge's Belgium Tower Partners to form a group of more than 6,600 sites serving VodafoneZiggo and Telenet customers, along with users of other services.

Software investor Main Capital Partners has acquired a majority interest in workforce-management applications provider Orgvue, marking the Dutch firm's first U.K. investment. The London-based company has close to 200 global enterprise customers and around 250 professional employees.

London-based Soho Square Capital has made a growth investment in Scottish luxury leather goods brand Strathberry. The transaction marks Soho Square's first deal out of Soho Square Partnership Capital Fund II, which held a first close in 2026.

The European infrastructure team of London-listed ICG is acquiring cemetery and crematorium operator Westerleigh Group from the Ontario Teachers' Pension Plan and Universities Superannuation Scheme, which have owned the business since 2016. Westerleigh operates 42 crematoria and cemeteries across the U.K. ICG Infra strategy, part of the firm formerly known as Intermediate Capital Group, closed on EUR3.15 billion, or $3.66 billion, for its second fund last year.

Software-focused Main Capital Partners in The Hague, Netherlands, has purchased a majority stake in VWE Automotive, whose software is used by car dealers, leasing operations and fleet managers, among others, according to an emailed news release. The Dutch company has been held in Amsterdam-based NewPort Capital's portfolio since 2022, according to that firm's website.

Spark Capital and Point72 Ventures are leading a growth investment round in reusable rocket developer Stoke Space Technologies that is expected to reach at least $1 billion once the transaction is complete. Other participants include Glade Brook Capital, US Innovation Technology and Washington Harbour Partners. The Kent, Wash.-based company aims to launch its first Nova Pathfinder rocket next year.

Existing backer Lion Point Capital led an $835 million debt and equity growth investment in solar panel maker Suniva. As part of the deal, Goldman Sachs Alternatives and I Squared Capital provided senior secured credit facilities, while JBA Asset Management provided a second-lien credit facility. Other equity investors in the transaction include Electron Capital Partners, Orion Infrastructure Capital (OIC), and Rubric Capital Management. Suniva plans to use the capital partly to fund construction of its second solar cell manufacturing facility in the U.S.

Growth equity firm ABS Capital Partners in Washington is leading an investment round backing workforce planning and investment advice software supplier BrightPlan. The investment round is expected to close in about three months.

Consumer-focused L Catterton led a group that has purchased a majority stake in sports training and events company Hyrox from Infront Sports & Media. Jeffrey Katzenburg's investment firm WndrCo joined L Catterton in the deal. Infront first backed Hyrox in December 2019.

Bain Capital's venture strategy led a $150 million growth investment in artificial-intelligence technology company Forus in a deal that values the healthcare-focused business at $3 billion. The latest investment brings the total capital raised by the company so far to more than $300 million. Other existing backers that supported that latest transaction include Thrive Capital, General Catalyst, Accel, Redpoint, BoxGroup, Pear VC, Avra, Human Capital, Neo, Vast Ventures and SV Angel.

Thoma Bravo is backing workforce-management software and services provider Tanda with a growth investment. The Australian company's systems are used for payroll processing, scheduling and other functions involving shift and hourly workers.

StepStone Group led investors in a single-asset continuation fund raised by Gainline Capital Partners in Stamford, Conn., to back gym equipment supplier Core Health & Fitness. Other backers of the fund included existing investors. The vehicle gave Gainline limited partners an option to cash out while also raising fresh capital to invest in the Vancouver, Wash.-based company, whose brands include StairMaster and Nautilus. Gainline has held the company since 2020, according to data provider PitchBook.

Add-On Deals

Exits

Warburg Pincus and Berkshire Partners are selling engineered castings maker Consolidated Precision Products to strategic buyer GE Aerospace for $11.75 billion to help it meet surging demand for its aircraft engines, the Journal reports. Warburg Pincus in New York acquired the Cleveland-based company in 2011. Boston-based Berkshire joined as an investor in a 2019 recapitalization transaction. The deal values the business at about 26 times projected 2027 adjusted pretax earnings.

Platinum Equity is selling maritime interior outfitting company De Wave Group to Italian investment firm Renaissance Partners. The Genoa, Italy-based company outfits cruise ships and large yachts. Beverly Hills, Calif.-based Platinum acquired De Wave in October 2019.