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The Wire

Private equity deal news and insights from the New York newsroom

Jul 9, 2025

 

Everything dealmakers need to know about AI agents, plus legal tech deals from BayPine, Harbor, Arcapita

Good morning, Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom.

 

This edition of the Wire will focus heavily on the technology sector. Let’s start with generative AI. To learn more about where PE firms are at in using GenAI for dealmaking and deal sourcing, PE Hub spoke recently with Keith Campbell, global lead of mergers and acquisitions for West Monroe.

 

Then, we’ll stay in the tech sector. Increasing AI adoption is one of the reasons for deal activity in legal tech according to a sector brief of the first half of 2025 from Harris Williams.

 

Finally, we’ll finish up with a recent deal announcement. GTCR will make a significant investment in Clear Capital. Clear Capital is a real estate analytics, data solutions, and valuation technology business.

 

AI agents

Private equity firms continue to invest in developing new innovations to improve dealmaking and deal sourcing processes.

 

To learn more about how far along private equity firms are in deploying generative AI, PE Hub spoke recently with Keith Campbell, global lead of mergers and acquisitions for West Monroe, a Chicago-based business and technology consulting firm that advises private equity firms.

 

Subscribe to the premium version of the Wire to learn more about what progress PE firms have made in GenAI and where the next evolution in PE is happening.

 

Enhancing legal tools

Increasing adoption of AI, evolving legal billing processes and increased value of data are a few of the reasons for rising M&A interest in the legal tech sector according to Harris Williams’ Legal Tech sector brief of the first half of 2025.

 

PE Hub has seen several deals in the subsector recently. In June, BayPine took a majority stake in Harbor Global, a Chicago-based legal tech firm. In May, Lateral Investment Management-backed Morae acquired Gimmal, a Houston-based governance software business. Morae is a legal tech firm. Also in May, Arcapita acquired a majority stake in Trustpoint.One, an Atlanta-based legal tech firm.

 

Gain access to the report and insights from Harris Williams on why the legal tech sector has seen deal activity by subscribing to the premium version of the Wire.

 

Leveraging expertise

In a deal announcement from yesterday, GTCR will make a significant investment in Clear Capital. Based in Reno, Nevada, Clear Capital is a real estate analytics, data solutions, and valuation technology business.

 

Upgrade to the premium version of the Wire to read more about the deal.

 

That’s it for me. If you have any questions, thoughts, or want to chat about deals in the tech, consumer or sports sectors, please email me at rafael.c@pei.group.

 

Tomorrow, Nina Lindholm will be with you for the Europe edition of the Wire and Michael Schoeck will bring you the US edition.

 

Cheers,

Rafael

 

Read the full Wire commentary on PE Hub ...

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Today's must reads
> What's next for private equity? AI agents, says West Monroe's Keith Campbell More...
> Mid-market picking up ‘dramatically’ in Europe More...
> Altus’s Thomas Groh: ‘We remain confident in the long-term attractiveness of the US manufacturing sector’ More...
> PE seizes Europe’s digital infra frontier as sovereignty and AI fuel buzz More...
> Why PE firms like Advent, Platinum, Graham are betting on flavor-filled sauces, condiments More...

Also of note (may require subscriptions)

European mid-market dealmaking is on the rise following a post-Liberation Day lull, with demand buoyed by interest from large-cap private equity firms, sources told PE Hub. But with opportunities at the bigger end of the market starting to resurface, those extra players might not be around for too long.

 

Levine Leichtman Capital Partners closed its seventh flagship fund with capital commitments of more than $3.6 billion, representing an almost 50 percent increase from the vehicle’s predecessor, Buyouts has learned.

 

How La Caisse plans to reach C$400bn climate action target: The Canadian pension is broadening its decarbonisation work and increasing its investments in climate adaptation, head of sustainability Bertrand Millot told New Private Markets.

 

Natural capital’s investment case continues to convince: A trio of billion-dollar-plus fund closes propelled H1 totals to $7.9bn – matching 2024’s high and showing investor demand for climate-aligned strategies. (Agri Investor)

 

Onex Partners, a repeat user of the secondaries market for continuation vehicles, is contemplating a sizable multi-asset CV, Secondaries Investor has learned. The continuation vehicle involves four assets and is worth around $2 billion, according to three sources familiar with the matter.

 

The One Big Beautiful Bill Act has passed and the headlines paint a dire picture. But is it fatal for renewables, or merely bad news? (Infrastructure Investor)

 

In the latest episode of Private Equity International's Spotlight podcast, David Gross, co-managing partner at Bain Capital, discusses what tools effective investors need during times of uncertainty.

 

Circular economy-focused private equity firm Circulate Capital drew on an array of investors for its first fund for Latin America and the Caribbean, but it considered existing corporate backers essential, according to founder and CEO Rob Kaplan. (New Private Markets)

 

From finance-themed memoirs and novels of hubris and corruption, to a continuation vehicle thesis and a books for techies and artificial intelligence enthusiasts, these are the books to dive into this summer, according to some of the industry’s biggest LPs. (Private Equity International)

Deals

> Osceola Capital-backed Valor acquires home services firm Kirkin Exteriors More...
> AUA Private Equity sells protein snacks maker Western Smokehouse Partners to Monogram More...
> Ontario Teachers’-backed Westland Insurance buys Forefront Insurance More...
> Semcap acquires 'large' minority stake in Canada’s Fresh Prep More...
> Verlinvest, Vendis Capital invests in KaraFun More...
> Braemont Capital-backed Loenbro snaps up electrical services provider Weifeld Group More...
People
> Partners Group opens Miami office More...
> WCAS taps Brian Kane as senior advisor for healthcare group More...
> Education Growth Partners promotes Stefan Szanto to partner More...
 
 

They said it

“AI agents can independently gather information, analyze it, learn from experience and execute tasks. Unlike traditional automation solutions (eg, rules engines, robotics process automation), a human is not required to dictate or guide every move. When agents get deployed, that’s when I think we’ll start to see more of the work that can replace humans.”

— Keith Campbell, global lead of mergers and acquisitions for West Monroe, on what generative AI will look like for PE firms in the future

Today's letter was prepared by Rafael Canton

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