YWR: PEVC Q2 Deal Tracker
It’s always a bit a painful to do this, but let’s go over the top PE and Venture Capital deals in Q2 2025.
Disclosure: the deals are sorted by $ amount. This tends to skew to VC activity which is better about providing deal values.
We will highlight some of the top deals, but the full database for Q2 2025 is at the bottom of the post.
Top 20 Deals
I have to give the Middle East credit. I’m beginning to wonder if the future industry of the Gulf will be asset management.
Take this $15bn TWG deal.
Mubadala is investing $10bn into TWG’s portfolio, which is fine. TWG owns lots of sports teams as well as Guggenheim Asset Management. But then as part of the deal TWG invests $2.5bn into ‘Mubadala Capital’, Mubadala’s new asset management business. Basically, a BlackStone of Abu Dhabi.
Under this strategic investment alliance and as part of TWG’s $15 billion equity raise, Mubadala Capital will anchor and lead a $10 billion syndicated investment in TWG Global. Proceeds from the TWG raise will be used by TWG to capitalize on its attractive set of proprietary investment opportunities. TWG will commit $2.5 billion to Mubadala Capital products and acquire a strategic minority stake in the asset manager, with an aim to increase commitments from itself and its partners and clients of up to another $20 billion of investment capital over time, reinforcing the long-term, strategic alignment between both firms. Businesswire
And I might also have to eat my words about the future gains in venture capital.
Anduril raised $2.5bn in June at a $30bn valuation. Less than a year ago (August 2024) Anduril raised $1.5bn at a $14bn valuation. Crikey, that’s +100% in 10 months.
The next two deals, Ardonagh and Acrisure are unexpected, because they are insurance brokers.
Global insurance broker Ardonagh completes $2.5 billion equity investment led by Stone Point Capital (Stone Point…we’ll come back to them).
The Ardonagh Group (“Ardonagh” or “the Group”), one of the world’s largest independent insurance distribution platforms and a top 20 global broker, today announces the completion of a $2.5 billion equity investment led by funds managed by Stone Point Capital LLC (“Stone Point”), the US-based private equity firm.
The investment, which valued the Group at $14 billion, saw strong demand from co-investors connected to Stone Point, as well as to Madison Dearborn Partners (“MDP”) and HPS Investment Partners (“HPS”). Press release
Then Acrisure.
Acrisure Secures $2.1 Billion Funding Round Led by Bain Capital
Grand Rapids, MI. – May 20, 2025 – Acrisure today announced it has entered into a definitive agreement for the issuance of new convertible senior preferred stock in a $2.1 billion capital raise led by Bain Capital. Funds from the round will be used to refinance a portion of its existing non-convertible preferred stock, pursue strategic accretive M&A and accelerate its development as a tech-enabled financial services platform, advancing its strategy to become the preeminent fintech solutions provider for millions of small- and medium-sized businesses domestically and abroad. Press release
There’s actually a third insurance broker on the top 20 list. Hub International.
HUB Secures Significant Minority Investment and Reaches New Milestone with $29 Billion Valuation Demonstrating Confidence in the Company’s Sustainable Top Tier Organic Growth
Chicago, May 12, 2025 – Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, announced today that it has entered into a definitive agreement for a minority common equity investment of approximately $1.6 billion, valuing HUB at a $29 billion total enterprise valuation. The investment is being led by funds and accounts advised by T. Rowe Price Investment Management, Inc., Alpha Wave Global, and Temasek, with participation from other new and existing investors.
The recurring nature of these investments reflects continued investor confidence in HUB’s scale, profitability, organic revenue growth, and maintained focus on middle and upper middle market clients. HUB’s consistent organic growth is supported by industry-leading net new business performance, ongoing focus on cross-selling, seamless M&A integration, new distribution channels and digital solutions, and talent acquisition. Press release
Three major investments in insurance brokers in 3 months?
Is that a coincidence? Possibly, but I think it’s something else.
Can I say what I think this is?
Insurance rates are going up which is a tailwind. But reading between the lines, I think PE firms are investing into insurance as backdoor AI plays. It’s what we were talking about with United HealthGroup (Who am I?). If AI can understand risks better and improve an underwriting ratio by 2-3% it could be a 20% uplift to operating profits. So if you missed out on OpenAI at $300bn, buy an insurance broker instead.
Acrisure is the most open about this:
“Our evolution from an insurance brokerage into an AI- and technology-powered global financial services provider has opened the door to massive opportunity. I see limitless potential for how far Acrisure can go, and we’re extremely grateful for the financial support and validation from our investors.”
So basically reimagine an insurance broker as an ‘AI platform’.
OK. For the rest of us there are US health insurance stocks on the lows.
Enough with insurance. Back to your normal AI FOMO programming.
6 AI scientists leave OpenAI and walk into a bar.
What are they worth?
$12 billion.
$2 bn raise for Thinking Machines.
The Largest seed round valuation in history!
THINKING MACHINES LAB, an artificial intelligence company founded by top researchers who fled OpenAI, has raised a record $2 billion seed round that values the fledgling firm at $12 billion.
The funding round was led by Andreessen Horowitz and included Nvidia, Accel, Cisco, and AMD—among others. The mammoth investment reflects the ultracompetitive race to build advanced AI systems, as well as the premium placed on top AI talent. It is the largest seed funding round in history.
Giving AI scientists $2bn to figure out a product is great, but those opportunities are hard to come by.
For the rest of the normalPE funds there are data centres. Data Centers are the new wind farm.
“Guys… I have an idea. Let’s create a company which builds data centers.”
Stonepeak Launches Montera Infrastructure
Experienced Executive Team Backed by $1.5 Billion Equity Commitment from Stonepeak
NEW YORK – April 23, 2025 Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the launch of Montera Infrastructure (“Montera” or the “Company”), a new, North American hyperscale-focused data center company, with a $1.5 billion equity commitment.
Montera will develop and operate turnkey, build-to-suit data centers to support the rapid growth of cloud computing and AI inferencing workloads for hyperscale customers across North America. The Company will focus on land parcels with a clear path to near-term power in Tier I and Tier II metro areas and plans to construct and operate 100+ megawatt (MW) facilities.
Guys.. I have an idea. Let’s start a company which builds datacenters.
Five Point Infrastructure Announces the Formation of PowerBridge With a $1 Billion Equity Commitment, to Develop and Build Gigawatt-Scale Powered Data Center Campuses in North America
Guys… I have another idea. It’s better than datacenters.
Let’s make a European version of Anduril.
London, Munich, Paris, 17 June 2025 – Helsing, the leading European defence technology company, today announced its €600 million Series D funding round. The round was led by Prima Materia, alongside existing investors Lightspeed Ventures, Accel, Plural, General Catalyst and SAAB and new investors BDT & MSD Partners.
“As Europe rapidly strengthens its defence capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness,” said Daniel Ek, Founder, Prima Materia, and Chairman, Helsing. “Helsing is uniquely positioned with its AI leadership to deliver these critical capabilities in all-domain defence innovation. By doubling down on our investment, Prima Materia reaffirms its commitment to empowering Europe’s technological sovereignty—an ambition Helsing perfectly embodies.”
Top Deals under $100 million.
Halter is kind of interesting and also a bit different. It’s a radio collar to control cattle and acts as an electronic fence.
Halter, a New Zealand tech company revolutionising farming with its virtual fencing and animal management system, has raised $165M in a Series D fundraising round, valuing Halter at $1.65billion (USD $1 billion).
Halter is the leading operating system to run a dairy or beef farm. The Halter system includes a solar-powered smart collar for each cow, towers for connectivity, and an app that lets farmers manage their cattle and pasture from their phone. Cattle are guided by the collar’s sound and vibration cues. Farmers can virtually fence, move, and monitor their cattle 24/7. Press release
Most Active Funds Q2 2025
This most active funds calculation has complications. We add up every investment round a fund is involved in and sum the deal values. The catch is we are summing of total deal values, and we don’t know the size of the fund’s participation. But it’s the best we can do.
You see Mubadala with the $10bn check to TWG.
Then AH Capital participated in Thinking Machines (6 AI Scientists in a Bar), Anysphere (Cursor) and Abridge.
Founders Fund participated in Anduril and Neuralink.
If you want to see data on each fund and the deals they participated in just sort the Investment Rounds tab in the data by ‘Investor Name’.
Top Cities for Private Equity and Venture Capital
Everyone always says London is dead. But it screens pretty well for PE and VC firms. #2 in the world.
Top PE funds in London.
If you want to go through more data on the deals, the top PE funds, and which rounds they participated in, the full database is below.