The Deals & PE Desk 10 stories this week · 80 total

A 48-hour run of wind, storage, and connectivity deals shows AI infrastructure capital rotating beyond data centers into the grid that feeds them.

The tranched, asset-backed structure for IREN turns AI compute into repeatable private credit and sets up the wealth channel's next product test.

Zero-sold funds from Ares, Atreides, and Alpha sat in the same batch as a $612 million BridgeInvest close and a $74.7 million J.P. Morgan deal.

KKR's $2.2 billion data-center buy and a wave of power and compute deals mark AI infrastructure as core real assets.

A $571 billion combination built on a private-credit distribution bet, with 35% EPS accretion and a $280 million synergy target as the proof of price.

Amundi's 27 percent stake turns the $7 billion deal into a private-credit distribution bet, with the $280 million synergy target as the proof of price.

The combined $571 billion manager is paying for a CLO distribution engine; the $280 million synergy target will prove the price.

The fund giant gains an RIA platform, an AI tax tool, and a seat in a custody fight it never won on cost alone.

Elad Gil's Cosmic funds filed $3.76 billion in offerings the same day shelf LLCs filed as little as $81,000, and the traditional mid-sized fund stayed away.

A sale of the troubled vehicle's remaining portfolio would show where private credit books actually clear.

JPMorgan and Goldman Sachs are reportedly structuring $3 billion for Nscale while the deal log fills with power-generation transactions.

The round bets RIAs will pay for the workflow layer that custodians still control.

Two Luxembourg SCSp vehicles disclosed $506 million in US sales on the same day US shelf LLCs and niche feeders filed smaller pieces through the same form.

A $1 million round from advisor-side insiders points to the next AI battleground: the client meeting.

A $1 million SAFE from advisor-side insiders says more about distribution than technology.

Five sub-$3 million vehicles filed under one series LLC — institutional feeders are following the same template.

The $19 billion fixed-income acquisition is structured to keep F/m's product team in place—the real asset T. Rowe is paying for.

Data-center operators and the DOE are putting capital behind power before compute.

F/m's single-security Treasury ETFs and SMA platform join T. Rowe Price's $1.87 trillion lineup, more than doubling its fixed income ETF assets.

A $1.3 trillion recordkeeper gives two private equity firms control of the contribution machinery that could carry private assets into defined-contribution plans.

Stone Point and Genstar will split ownership of the $1.3 trillion workplace-savings firm, with new money earmarked for technology and AI.

Aggregation moved the overhead share; the new playbook is software aimed at the line itself.

Edward Jones's Quicken stake, Siebert's FusionIQ pact, and Arbo's CPA acquisition show the platform fight has moved to the tools around the advisor.

The advisor-marketing startup's small seed round goes after the industry's oldest weakness: being found before the first meeting.

A $14 billion middle-market manager takes the largest mezzanine position in a $16 billion AI data-center project financing.

The broker-dealer is adding capital and a decade-long roadmap across wealth, institutional and digital-asset lines.

The Atlanta firm adds human tax and CFO expertise atop its IRS-transcript engine.

The Carlyle-backed firm enters Atlanta and deepens California, moving from accumulating assets to owning specific markets.

The partnership tests whether a retail following built on market data can win the advisor trust most ETF launches never get.

The brokerage's minority stake puts a consumer finance app inside the advisor-client conversation, betting that organization is where planning begins.

CVC DIF's value-add fund is buying AI-ready capacity in Germany's densest data center market, handing CUBE Infrastructure an exit a day after its own fund posted fresh sales.

Schwab's Forge close and Orion's Goldman custody integration extend the same logic. The likely cost to RIAs is fewer independent entry points.

Merit and Hightower pulled nearly $5 billion from LPL's future book while the week's other deals moved no disclosed assets.

Robinhood is cutting the time to launch closed-end private-market funds as it pushes further into venture capital for retail customers.

Recruiting roundup shows rivals picking off Commonwealth teams as Hightower expands.

Cash-and-equity deal would push Goldman's ETF assets to about $130 billion.