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The Scherzer Deal Report: January 12-16, 2026

Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.

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Fundraising for PE & VC Funds

Bansk Group
$1.45B
Second consumer-focused PE fund

Coller Capital
$17B
Ninth flagship PE secondaries fund

New Mountain Capital
$1.2B
Second non-control PE fund

Onex Partners
$1.6B
Continuation fund

SEMCAP Food & Nutrition
$125M
Debut fund

Superorganism
$26M
Debut fund

Private Equity Deals

Bain Capital Double Impact
American College of Education
Undisclosed amount
Indianapolis, IN-based online private college

One Rock Capital Partners
American Furniture Rentals
Undisclosed amount
Pennsauken, NJ-based furniture rental business

Lime Rock Partners
Athena Energy Partners
Undisclosed amount
Houston, TX-based oil and gas firm focused on assets in South Texas

WindRose Health Investors
Avalon Healthcare Solutions
Undisclosed amount
Tampa, FL-based lab benefit management platform

WindRose Health Investors
Avalon Healthcare Solutions
Undisclosed amountT
ampa, FL-based provider of diagnostic intelligence for payors

Sole Source Capital
Brite
Undisclosed amount
Victor, NY-based cybersecurity and managed services provider

Pamlico Capital Calc
Focus
Undisclosed amount
Philadelphia, PA-based provider of policy administration and illustration solutions to insurers

315 Capital
Coating Place
Undisclosed amount
Verona, WI-based CDMO

Butterfly Equity
ePac
Undisclosed amount
Austin, TX-based provider of digitally printed flexible packaging

Wind Point Partners
Hiller
Undisclosed amount
Mobile, AL-based provider of fire and life safety services

Sheridan Capital Partners
ICANotes
Undisclosed amount
Annapolis, MD-based provider of practice management and EHR software

Warburg Pincusmy
Kaarma
Undisclosed amount
Long Beach, CA-based provider of service lane solutions for auto dealers

Leonard Green
NEFCO
Undisclosed amount
Hartford, CT-based distributor of specialty construction products

Platinum Equity
Norton Packaging
Undisclosed amount
Hayward, CA-based provider of plastic pails and packaging solutions

Accel-KKR
Nutrislice
Undisclosed amount
Denver, CO-based provider of digital dining solutions for non-commercial foodservice

Lead Capital Partners
PedsOne
Undisclosed amount
Winooski, VT-based provider of RCM solutions to pediatric practices

Water Street Healthcare Partners
Pillr Health
Undisclosed amount
Boca Raton, FL-based provider of pharmacy operations software for health-care delivery organizations

Investindustrial
Proveris
Undisclosed amount
Hudson, MA-based provider of spray and aerosol testing instrumentation, software and laboratory solutions for pharma

Neuberger Berman
Ryan
Undisclosed amount
Dallas, TX-based tax advisory and software provider

TruArc Partners
Schill Grounds Management
Undisclosed amount
Cleveland, OH-based commercial landscaper

Turn/River
Starlims
Undisclosed amount
Hollywood, FL-based lab informatics company

Five Arrows and Vista Equity Partners
StarRez
Undisclosed amount
Greenwood Village, CO-based student housing software firm

MPearlRock
The Good Crisp Company
Undisclosed amount
Boulder, CO-based snack company

Platinum Equity
Tongrun International
Undisclosed amount
Bonham, TX-based sheet-metal contract manufacturer

Tailwind Capital
Valor Fleet
Undisclosed amount
Leesburg, VA-based provider of towing and related roadside services

J.F. Lehman
Wellman Dynamics
Undisclosed amount
Creston, IA-based provider of magnesium and aluminum sand castings for aerospace and defense applications

Venture Capital Deals

Lightspeed
Orca Bio
$250M
Menlo Park, CA-based developer of cancer cell therapies

Johnson Controls and Legrand
Accelsius
$65M
Austin, TX-based provider of direct-to-chip liquid cooling solutions

Drive Capital, Citadel Securities, Opera Tech Ventures, MUFG Innovation Partners, Flat Capital, DRW Venture Capital, Kraken, Altered Capital, X&KSK, Bank Muscat, and Endeavor Catalyst
Alpaca
$150M
San Mateo, CA-based stock-trading API

Dragoneer, Bessemer Venture Partners, GIC, Index Ventures, Khosla Ventures, Lightspeed, T. Rowe Price, and WCM Investment Management
ClickHouse
$400M
Palo Alto, CA-based database startup

Bessemer Venture Partners. TLV Partners, and Vintage Investment Partners
Converge Bio
$25M
Wilmington, DE-based biotech AI platform

YC, Kindred Ventures, Contrary, Oliver Jung, SV Angel, and Phosphor Capital
Corgi
$108M
San Francisco, CA-based provider of commercial insurance to startups

Alkeon, In-Q-Tel, Madrona, Tiger, Wing, YC, BlackRock, Alumni Ventures, Princeville Capital, Twilio, ServiceNow Ventures, SAP, Citi Ventures, University of Michigan, and Columbia University
Deepgram
$1.3B
San Francisco, CA-based speech-to-text platform

Bain Capital, Ansa Capital, Sapphire Ventures, Valor Equity Partners, AVP, Uncorrelated Ventures, and David Petraeus
Defense Unicorns
$136M
Colorado Springs, CO-based provider of airgap software delivery for national security mission systems

Accel, Alt Capital, BoxGroup, Liquid 2 Ventures, Mantis VC, and SV Angel
Depthfirst
$40M
San Francisco, CA-based AI security startup

Stripes, Peter Thiel, Positive Sum, and Ribbit Capital
Etched
$500M
Cupertino, CA-based AI chipmaker

Next Coast Ventures and Ridge Ventures
Flip
$20M
New York, NY-based customer service automation startup

Mucker Capital, BCI, Northzone, and YC
GovDash
$30M
New York, NY-based provider of government contracting software

Accel, GFT Ventures, and Menlo Ventures
Higgsfield
$80M
San Francisco, CA-based AI video generation startup

HLM Investment Partners, Escalate Capital Partners, and RVM Enterprises
HPS/PayMedix
$16M
Milwaukee, WI-based health care financing company

Hartree Partners, Subutai Capital Partners, Space 4 Earth, Truffle Capital, Luxembourg Future Fund, OTB Ventures, Blue Bear Capital, Statkraft Ventures, Cultivation Capital, and Santa Barbara Venture Partners
Hydrosat
$60M
Washington, DC-based thermal imagery startup

B Capital, United Airlines Ventures, Northrop Grumman, 3M Ventures, and RTX Ventures
JetZero
$175M
Long Beach, CA-based developer of blended-wing aircraft

Bison Ventures, Eli Lilly, Jefferson Life Sciences, Mubadala Capital, and Manta Ray
Juvena Therapeutics
$33.5M
Redwood City, CA-based developer of a muscle-regenerating biologic

Ribbit Capital, Evantic, Sequoia Capital, Conviction, and Pear VC
Listen Labs
$69M
San Francisco, CA-based autonomous user interview tool

T. Rowe Price, Adage Capital Partners, Fidelity, Arch Venture Partners, OrbiMed, Fairmount, Point72, Farallon Capital Management, Boxer Capital, TCGX, Invus, Logos Capital, Moore Strategic Ventures, Blue Owl Healthcare Opportunities, Woodline Partners, and Venrock
Mirador Therapeutics
$250M
San Diego, CA-based developer of precision medicines for inflammatory and fibrotic diseases

Battery Ventures, Sapphire Ventures, Salesforce Ventures, General Catalyst, and Insight Partners
Onebrief
$200M
Honolulu, HI-based defense software company

Beenext Capital Management, Uncork Capital, Pear VC, Volta, Gentree, Wanxiang America, Pivotal, and Silicon Catalyst Ventures
Quadric
$30M
Burlingame, CA-based developer of AI edge chips

SoftBank, NVentures, Macquarie Capital, Bezos Expeditions, Disruptive, 1789 Capital. Lightspeed, Felicis, Coatue, Sequoia Capital, Samsung, LG, Schneider, CommonSpirit, Salesforce Ventures, TF Capital, Andra Capital, Palo Alto Growth Capital, KIC, Alpha Square, Mirae Asset, and Destiny
SkildAI
$1.4B
Pittsburgh, PA-based developer of robot brains

Lightsmith Group, Sageview Capital, World Innovation Lab, AVP, and Supply Chain Ventures
Tive
$20M
Boston, MA-based provider of supply chain and logistics visibility tech

Merlin Ventures, Evolution Equity Partners, Notable Capital, Bessemer Venture Partners, Insight Ventures Partners, and Greenfield Partners
Torq
$140M
Portland, OR-based no-code automation platform for security teams

Mitsubishi Electric
Tulip
$120M
Boston, MA-based provider of factory automation software

Pfizer Ventures, Apricot Capital, Bayland Capital, HongShan Capital Group, Northern Light Venture Capital, and First Principle Venture
Vibrant Therapeutics
$61M
Cambridge, MA-based developer of masked T-cell engagers for solid tumors

Cedars-Sinai Health System, Intermountain Health, University of Utah Hospital System, Temple University/Fox Chase Cancer Center, Tampa General Hospital, Khosla Ventures, and Bold Brain Capital
Vista AI
$29.5M
Palo Alto, CA-based provider of MRI scanning software

L2 Point Management, Pure Storage, and Fidelity
Wasabi
$70M
Boston, MA-based cloud storage company

Sequoia Capital, Khosla Ventures, 8VC, and Crystal Venture Partners
WithCoverage
$42M
New York, NY-based startup that replaces insurance brokers with a flat-fee risk management model

January 21st, 2026|Scherzer Deal Report|

Can Employers Charge Job Applicants for Their Background Check?

When candidates apply for a job, they expect a thorough screening process: interviews, reference checks, and often a formal background check. But can an employer require a job applicant to pay for their own background check?

The answer is more nuanced than a simple yes or no. It depends on state law, federal wage-and-hour rules, and how the background check is conducted.

Federal Law: No Direct Prohibition, but Important Limits

At the federal level, there is no law that explicitly prohibits an employer from requiring applicants to pay for a background check. The Fair Credit Reporting Act (FCRA) regulates how background checks must be conducted but it does not regulate who must pay for the screening.

However, the federal Fair Labor Standards Act (FLSA) does impose limitations once a person becomes an employee. Employers cannot deduct background check costs if doing so would reduce the individual’s pay below the minimum wage for that workweek. While this usually applies to employees, not applicants, it still influences how some states treat pre‑employment expenses.

State Laws: The Deciding Factor

State legislation determines whether an employer can charge job seekers for the cost of a background check. And many states say no. These include: California, Louisiana, Minnesota and Vermont.

In states without specific prohibitions, employers may legally require applicants to pay for background checks as long as the practice does not violate any other wage, consumer protection, or hiring transparency rules.

Should Employers Charge Applicants?

Even in states where charging applicants is legal, many employers avoid it for several reasons:

Competitive Disadvantage

Requiring applicants to pay, especially lower‑wage candidates, may shrink an employer’s talent pool.

Perception and Candidate Experience

Applicants may view the request as unfair or predatory, damaging employer reputation.

Administrative Burden

Collecting fees, issuing reimbursements, and maintaining compliance increases operational complexity.

Equity Concerns

Cost‑shifting disproportionately impacts economically vulnerable job seekers.

For these reasons, most employers see background check costs as part of doing business.

Disclaimer: This communication is for general informational purposes only and does not constitute legal advice. The summary provided in this alert does not, and cannot, cover in detail what employers need to know about the amendments to the Philadelphia Fair Chance Law or how to incorporate its requirements into their hiring process. No recipient should act or refrain from acting based on any information provided here without advice from a qualified attorney licensed in the applicable jurisdiction.

January 15th, 2026|Compliance Corner, Employment Decisions|

The Scherzer Deal Report: January 5-9, 2026

Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

BV Investment Partners
$2.47B
Twelfth fund

Andreessen Horowitz
$15B
New group of funds

Bruin Capital
$1B
New fund

Catalio
$325M
Second credit fund

Creation Investments
$46M
Second impact credit fund

Eir Partners Capital
$1B
Third fund

Guidepost Growth Equity
$521M
Fourth fund

KKR
$2.5B
Second Asia-focused private credit fund

Lindsay Goldberg
$4.5B
Sixth midmarket PE fund

Lux Capital
$1.5B
Ninth fund

Monroe Capital
$6.1B
Fifth private credit fund focused

Warburg Pincus
$3B
Third financial services fund

Private Equity Deals

LongRange Capital
24 Hour Fitness
Undisclosed amount
San Ramon, CA-based gym franchise

Blackstone
Alliance Technical Group
Undisclosed amount
Decatur, AL-based provider of environmental testing and compliance services

Align Capital Partners
Armko
Undisclosed amount
Flower Mound, TX-based provider of building envelope, roofing and waterproofing consulting

The Riverside Co.
Certified Collision Group
Undisclosed amount
San Jose, CA-based membership network for independent collision repair shops

Radial Equity Partners
Cortina
Undisclosed amount
Franklin Park, IL-based manufacturer of traffic and work zone safety products

Greenbriar Equity
Groupe Shipping
Undisclosed amount
Parkville, MO-based provider of transportation, logistics, and supply chain tech

Fusion Capital Partners
Excel Engineering
Undisclosed amount
Diagonal, IA-based provider of testing services for engine, powertrain, battery systems and fuels

L Catterton
Good Culture
Undisclosed amount
Irvine, CA-based cultured dairy brand

Coalesce Capital
Marshall & Stevens
Undisclosed amount
Los Angeles, CA-based valuation advisory, litigation support, and transaction advisory firm

Windjammer Capital
MFG Chemical
Undisclosed amount
Chattanooga, TN-based maker of chemicals for the water treatment and industrial coatings markets

Brightwood Capital Advisors
Museum of Illusions
Undisclosed amount
Bloomington, MN-based museum chain

PPC
NaturPak
Undisclosed amount
Janesville, WI-based maker of bone broths, soups, sauces, and wet pet food

Grant Avenue Capital
PatientCare EMS Solutions
Undisclosed amount
Tyler, TX-based provider of ground-based healthcare transportation services

TA Associates
PureSpectrum
Undisclosed amount
Westlake Village, CA-based market research tech company

ATL Partners
Rampmaster
Undisclosed amount
Coatesville, PA-based maker of aircraft refueling solutions for commercial and general aviation markets

Gryphon Investors
Safety Management Group
Undisclosed amount
Indianapolis, IN-based provider of outsourced safety services

Haveli Investments
Sirion
Undisclosed amount
Lehi, UT-based provider of contract lifecycle management solutions

Gemspring Capital Management
TRG
Undisclosed amount
Cleveland, OH-based provider of tech lifecycle management solutions focused on enterprise mobility

TPG
Trustwell
Undisclosed amount
Beaverton, OR-based provider of food industry regulatory and traceability SaaS

White Cap
VoidForm Products
Undisclosed amount
Fort Worth, TX-based maker of concrete foundation protection products

DigitalBridge and Credstview Partners
WideOpenWest
Undisclosed amount
Englewood, CO-based broadband provider

Venture Capital Deals

Catapult Ventures, Washington Harbour Partners, Kompas VC, YC, Maiora Capital, Animal Capital, Aera VC, Cultivation Capital, and Clearance Ventures
Array Labs
$20M
Palo Alto, CA-based maker of small satellites for Earth observation

Frazier Life Sciences, OrbiMed, SR One, Goldman Sachs Alternatives, Longitude Capital, and Enavate Sciences
AirNexis Therapeutics
$200M
Palo Alto, CA-based developer of a COPD drug

Menlo Ventures
Aurora Therapeutics
$16M
Northfield, MN-based personalized genetic medicines startup

YC, Box Group, and Collaborative Fund
Autonomous Technologies Group
$15M
Brooklyn, NY-based AI research lab

Radian Capital
Biller Genie
$22M
Orlando, FL-based accounts receivable automation platform for SMBs

Ten Eleven Ventures and Dorilton Ventures
Blackbird.AI
$28M
New York, NY-based tracks online narratives about businesses

8VC, MVP Ventures, Lockheed Martin Ventures, GSBackers, Veteran Ventures Capital, J17 Ventures, Vanderbilt University, Alumni Ventures, Gaingels, Inevitable Ventures, JACS Capital, and Jackson Mose
Cambium
$100M
El Segundo, CA-based maker of advanced materials for defense and aerospace

W. R. Berkley, Point72 Ventures, and ORIX
Champ Titles
$55M
Cleveland, OH-based provider of digital solutions to motor vehicle agencies

Sanofi Ventures, Janus Henderson, Deep Track Capital, EcoR1 Capital, Logos Capital, Balyasny Asset Management, Woodline Partners, Atlas Venture, BVF Partners, Lightspeed, RA Capital Management, Frazier Life Sciences, Viking Global, RV Invest, Velosity Capital, Biovision Ventures, and Checkpoint Capital
Diagonal Therapeutics
$125M
Watertown, MA-based developer of clustering antibodies for treating rare genetic diseases

GV, JJDC, Novartis Venture Fund, Samsara BioCapital, and Polaris Partners
EpiBiologics
$107M
San Mateo, CA-based developer of protein degraders for cancer and immune diseases

Maverick Silicon
GS Microelectronics
$35M
San Jose, CA-based semiconductor services startup

Blue Owl Capital and Structural Capital
Interos
$20M
Arlington, VA-based provider of supply chain risk intelligence

Felicis, UC Investments, a16z, The House Fund, LDVP, Kleiner Perkins, Lightspeed Venture Partners, and Laude Ventures
LMArena
$150MS
an Francisco, CA-based AI evaluation platform

Avigdor Willenz, Fidelity, Atreides Management, Exor Ventures, Key1 Capital, and Venture Tech Alliance
Lyte
$107M
Mountain View, CA-based developer of “visual brains” for robots

Amplitude Ventures, ICG, Longwood Fund, Asahi Kasei Ventures, Alexandria Real Estate Trust, Novartis, Pfizer, Ono, Bristol Myers Squibb, and Eli Lilly
Mediar Therapeutics
$76M
Boston, MA-based fibrosis biotech

RA Capital Management, Fidelity, Janus Henderson, Frazier Life Sciences, Soleus Capital, venBio Partners, Cormorant, Nextech Invest, Arch Venture Partners, Milky Way Investments, GV, T. Rowe Price, Marshall Wace, General Catalyst, Invus, Farallon Capital Management, Foresite Capital, Rock Springs Capital, HBM Healthcare, Samsara BioCapital, Catalio Capital Management, Sixty Degree Capital, and Alderline Group
Parabilis Medicines
$305M
Cambridge, MA-based oncology biotech

Stripes, a16z, Plus Capital, Atomico, BoxGroup, and SV Angel
Pomelo Care
$92M
New York, NY-based virtual maternal and infant care company

A16z, Footwork, CRV, Bloomberg Beta, Flex Capital, and Shaper Capital

Protege

$30M

New York, NY-based AI data platform

TaiAx Life Science Fund, Daiwa Securities, Mitsui Sumitomo Insurance, Sumitomo Mitsui Banking, ABIES Capital, and Nexus CVC
Rakuten Medical

$70M
San Diego, CA-based photoimmunotherapy biotech

Surveyor Capital, HRTG Partners, RWN Management, Doug Leone Family Fund, Breyer Capital, and GordonMD Global Investments
Soley Therapeutics
$200M
South San Francisco, CA-based oncology biotech

NewRoad Capital Partners, Madrona, DNX Ventures, and Streamlined Ventures
Spangle
$15M
Seattle, WA-based e-commerce personalization startup

Andera Partners, Omega Funds, Sherpa Healthcare Partners, HSG, Supernova Invest, Northern Light Venture Capital, and Hero UK
Spiro Medical
$67M
Largo, FL-based developer of a pulmonary neuromodulation system for treating asthma

Friends & Family Capital, General Catalyst, Founders Fund, and Red Cell Partners
Valinor Enterprises
$54M
Baltimore, MD-based operational holding company for defense and government tech

Arch Venture Partners, Northpond Ventures, and M Ventures
Vizgen
$48M
Cambridge, MA-based spatial biology and multiomics biotech

January 14th, 2026|Scherzer Deal Report|

New Year, New Rules: Recap of What’s Coming in 2026 in Employment Screening

2026 marks a series of newly enacted laws taking effect across the country. Employers must adapt quickly to ensure compliance and maintain fair hiring practices. Below are the most significant changes taking effect this year.

District of Columbia: Second Chance Law (Effective January 1, 2026)

Automatic sealing of decriminalized offenses (such as pre-2015 marijuana convictions) and various older convictions.
Petition avenues for sealing additional convictions.
Employers are not permitted to access or act on any records sealed under this new law.

Philadelphia: Criminal Record Screening Amendment (Effective January 6, 2026)

Look-back periods cut; only felonies within the past 7 years and misdemeanors within the last 4 years are eligible for consideration, while minor offenses (summaries/infractions) are entirely excluded.
Requires “pre-adverse action notices” over a ten-day candidate response period, and robust documentation, even extending the 90-day protection against adverse action following protected activity.

New York State: Credit-Check Ban (Effective April 18, 2026)

Employers, including staffing firms, cannot request or use any “consumer credit history” for hiring, promotion, compensation, or other employment decisions, unless a statutory exemption applies.
This statewide ban aligns with New York City’s Stop Credit Discrimination in Employment Act (SCDEA), extending similar protections across the entire state.
The expansive definition of “credit history” covers credit reports, scores, credit accounts, and payment histories and, similar to the SCDEA, it likely prohibits searches of public records for bankruptcies, judgments, and tax liens unless an exemption applies.

Washington State: Fair Chance Enhancements (Effective July 1, 2026)

Employers with 15+ employees must wait until “after extending a conditional job offer” to inquire about criminal history; this rule extends to all employers by January 1, 2027.
Arrests, juvenile convictions, and non-conviction adult records are off-limits in hiring decisions. Only relevant adult convictions may be considered and only with a documented legitimate business justification, accompanied by a written notice and at least two business days for a candidate’s response.

Virginia: Clean Slate Law (Effective July 1, 2026)

Numerous misdemeanors and low-level felonies will be “automatically sealed” disappearing from standard background checks.
Employers and screening vendors are expressly barred from reporting or considering such sealed convictions in hiring decisions

San Francisco: Updated Fair Chance Poster

The City and County of San Francisco issued a revised version of its Fair Chance Ordinance (FCO) notice poster, replacing the prior version released in 2023. The updates include changes to official contact information and a Vietnamese-language translation, in addition to English, Spanish, Chinese, and Tagalog. The updated poster can be found here.

January 13th, 2026|Compliance Corner, Employment Decisions|

The Scherzer Deal Report: December 15-31, 2025

Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

Deerpath Capital Management
$3.5B
Seventh private credit fund

Dragoneer
$4.3B
Seventh venture capital fund

Encore Consumer Capital
$150M
Single-asset continuation fund

JPMorgan Asset Management
$1.44B
Twelfth fund

Lightspeed Venture Partners
$9B+
New funds

S3 Ventures
$250M
Eighth fun

Private Equity Deals

McNally Capital
Airforce Turbine Service
Undisclosed amount
Tynan, TX-based aviation MRO focused on PT6A turboprop engines

Vitruvian Partners
Aquabyte
Undisclosed amount
San Francisco, CA-based aquaculture company

Snapdragon Capital Partners
Better Being
Undisclosed amount
Salt Lake City, UT-based maker of dietary supplements

Permira, Warburg Pincus, Francisco Partners, and Temasek
Clearwater Analytics
$8.4B
Boise, ID-based investment and accounting software maker

Broadwing Capital
CloudScale365
Undisclosed amount
Newark, DE-based provider of IT managed services for SMB

TPG
Conservice
Undisclosed amount
River Heights, UT-based utility management platform for the property management industry

SharpVue Capital, NewSpring Capital, BPEA Private Equity, North Haven Capital, and Bluwave Capital
Curalta Foot & Ankle
Undisclosed amount
Rochelle Park, NJ-based food and ankle company

Vista Equity Partners

DentiraUndisclosed amount
San Francisco, CA-based procurement and spend management platform for dental practices and multi-site healthcare operators

Charlesbank Capital Partners
Hbox
Undisclosed amount
Southfield, MI-based virtual care platform for specialty practices

Invictus Growth Partners
Informed IQ
Undisclosed amount
San Francisco, CA-based loan verification and fraud prevention company

Bertram Capital
Left Lane Auto
Undisclosed amount
Champaign, IL-based tire retail and automotive-service platform

Revelar Capital
Letterman’s Energy
Undisclosed amount
Overland Park, KS-based propane distributor

Godspeed Capital
NextPoint Group
Undisclosed amount
Herndon, VA-based provider of technology for the intelligence and defense communities

RFE Investment Partners and Mansfield Investment Partners
NuView
Undisclosed amount
Portsmouth, NH-based managed IT and cybersecurity platform

TA Associates
PairSoft
Undisclosed amount
Miami, FL-based provider of procure-to-pay automation and payment solutions

HCAP Partners
Puzzle Healthcare
Undisclosed amount
Detroit, MI-based post-acute care coordination platform

StoneTree Investment Partners
Reel Power International
Undisclosed amount
Oklahoma City, OK-based provider of engineered winding, spooling, and material-handling equipment

Bain Capital and Mubadala
Service Logic
Undisclosed amount
Charlotte, NC-based provider of commercial HVAC services

Levine Leichtman Capital Partners
USA Industries
Undisclosed amount
Houston, TX-based provider of manufacturer of industrial flow control and testing products

Jordan Partners
Vanguard Claims Administration
Undisclosed amount
Woodbury, NJ-based third-party administration and independent adjusting platform for property and casualty insurance

Copley Equity Partners
Vital Delivery Solutions
Undisclosed amount
Williston, VT-based provider of health care logistics and courier services

Rock Hill Capital and True West Capital Partners
Weathermatic
Undisclosed amount
Garland, TX-based provider of smart irrigation tech

I Squared Capital
Zenith Energy Terminal
Undisclosed amount
Portland, OR-based terminal for renewable diesel and sustainable aviation fuels

Venture Capital Deals

Bain Capital Ventures, NVentures, OpenAI Startup Fund, a16z, Abstract Ventures, Capital One Ventures, and Citi Ventures
Adaptive Security
$81M
New York, NY-based cybersecurity startup focused on deepfake and phishing attacks

SR One, Pivotal Life Sciences, Abingworth, Osage University Partners, the Gates Foundation, and BEVC
Addition Therapeutics
$100M
San Francisco, CA-based genomic medicine company

Luma Group, CTI Life Sciences Fund, Foresite Capital, SymBiosis, TSC Alliance Endowment Fund, Wilson Sonsini, Apollo Health Ventures, Hevolution, Sofinnova Investments, and venBio
Aeovian Pharmaceuticals
$55M
Berkeley, CA-based biotech focused on cellular metabolic quality control

QCA Investment Group, Angel Physicians Fund, and Serial Stage Venture Partners
Alphyn Biologics
$25M
Annapolis, MD-based dermatology biotech

Nextech Invest, The Column Group, Lux Capital, and Regeneron Ventures
Atavistik Bio
$120M
Cambridge, MA-based blood cancer biotech

Oak HC/FT, General Catalyst, Thrive Capital, OpenAI, Dimension, Menlo Ventures, Lachy Groom, Yosemite, Neo, SV Angel, Emerson Collective, and Glade Brook
Chai Discovery
$130M
San Francisco, CA-based developer of AI-designed molecules

CVS Health Ventures, Echo Health Ventures, Sands Capital Management, and 450 Ventures
Codoxo
$35M
Duluth, GA-based health payment integrity startup

Triatomic Capital, Spark Capital, Pillar VC, Susa Ventures, Striker Venture Partners, Hawktail VC, and Olive VC
Edison Scientific
$70M
San Francisco, CA-based developer of “AI scientists” for research

O’Neil Strategic Capital, NSFO, Tanas Capital, and Z21 Ventures
HEN Technologies
$20M
Hayward, CA-based fire suppression tech startup

Sands Capital, Braidwell, Redmile, Perceptive, and Alger
Impulse Dynamics
$158M
Marlton, NJ-based medical devices startup focused on heart failure

Avenir, Linse Capital, Hearst Ventures, Lightbank, Matter Venture Partners, and Sozo Ventures
Kargo
$42M
San Francisco, CA-based warehouse inventory tech startup

Astera Institute, JAM Fund, Gigafund, The Haskell Company, AE Ventures, Ultranative, Galaxy Interactive, and Woori Technology Co.
Last Energy
$100M
Austin, TX-based developer of micro-nuclear reactors

Johnson & Johnson, Samsara BioCapital, Sheatree Capital, and Wing Venture Capital
Link Cell Therapies
$60M
South San Francisco, CA-based oncology cell therapy startup

Springcoast Partners, Upfront Ventures, and JVP
Nanit
$50M
New York, NY-based baby monitor developer

Spectrum Moonshot Fund
Neurable
$35M
Boston-based developer of brain-computer interface AI

Valor Equity Partners, Lightspeed, and General Catalyst
Nirvana Insurance
$100M
San Francisco, CA-based trucking industry insurtech

Valar Ventures, Upper90, Huntington National Bank, Camping World, and Holler-Classic Family
Octane
$100M
New York, NY-based recreational vehicle financing platform

Ares Management
Steward Partners
$475M
New York, NY-based wealth advisor

Hildred, Montreux Growth Partners, Toba Capital, Transformation Capital, and HLM Venture Partners
Tebra
$250M
Corona Del Mar, CA-based EHR platform

A16z, Bessemer Venture Partners, Long Journey Ventures, BoxGroup, and Trust Ventures
Truemed
$34M
Austin, TX-based HSA/FSA marketplace for preventive health products

Interlagos, General Catalyst, Generational Partners, Cantos, Space VC, and Also Capital
Vital Lyfe
$24M
Hawthorne, CA-based developer of portable water desalination

January 7th, 2026|Scherzer Deal Report|

New NYS Law Restricts Use of Credit History in Employment Decisions

What is this about:

New York State recently enacted S.3072/A.1316, a law that broadly prohibits employers, staffing agencies, labor unions, and their agents from requesting or using “consumer credit history” in employment decisions, covering hiring, firing, promotions, compensation, and other terms of employment unless a narrow statutory exemption applies.

Effective date:

Signed by Governor Hochul on December 19, 2025, the law takes effect on April 18, 2026.

What this means:

Employers cannot use credit history for hiring, firing, promotions, or compensation decisions unless an exemption applies, e.g., legal requirement, public trust roles, access to sensitive systems, or authority to bind contracts over $10,000. Except for these exemptions, any such use is classified as an “unlawful discriminatory practice” under General Business Law § 380-b.

The definition of “consumer credit history” in the new state law mirrors the definition in the New York City Stop Credit Discrimination in Employment Act (SCDEA), and means an individual’s credit worthiness, credit standing, credit capacity or payment history, as indicated by:

a consumer credit report;
credit score; or
information an employer obtains directly from the individual regarding (i) details about credit accounts, including the individual’s number of credit accounts, late or missed payments, charged-off debts, items in collections, credit limit or prior credit report inquiries, or (ii) bankruptcies, judgments or liens.

As in the SCDEA, a “consumer credit report shall include any written or other communication of any information by a consumer reporting agency that bears on a credit capacity or credit history.”

Unlike the SCDEA, the NYS law does not require a written notice to the candidate specifying the exemption under which credit information is obtained. However, employers should maintain internal documentation to justify the exemption.

Why this matters:

This development aligns New York State with similar protections in NYC (since 2015), and places it among eleven states limiting credit checks in employment. Credit histories are frequently inaccurate and disproportionately affect economically vulnerable and minority applicants—this law helps reduce those biases.

January 6th, 2026|Compliance Corner, Employment Decisions|

QC 1000 and Beyond: Elevating Risk Management Through Background Screening

The PCAOB’s QC 1000 standard, effective December 15, 2026, is redefining audit firm quality control. While QC 1000 does not mandate annual background checks on existing clients, leading firms understand that compliance alone is insufficient. In today’s environment of rapid change–management turnover, regulatory scrutiny, global sanctions–risk resilience demands proactive measures.

QC 1000 at a Glance

QC 1000 requires firms to:

Establish quality objectives and identify quality risks.
Implement responses across eight integrated components:
Risk Assessment, Governance & Leadership, Ethics & Independence, Acceptance & Continuance, Engagement Performance, Resources, Information & Communication, Monitoring & Remediation.
Conduct annual internal evaluations and report results via Form QC to the PCAOB.

This structure creates a natural alignment for event-driven and periodic background screening as part of a firm’s quality management system.

Why Due Diligence Is a Strategic Imperative

Emerging Risk Detection: Leadership changes and adverse media can surface overnight.
Regulatory Alignment: Screening supports independence, AML, and anti-corruption compliance.
Reputation Protection: One high-risk client can jeopardize your brand and credibility.
Global Complexity: Cross-border engagements demand proactive monitoring for sanctions and fraud indicators.

Integrating Screening into QC 1000 Components

Risk Assessment: Include client integrity risks in your risk register; define triggers such as executive changes or enforcement actions.
Governance & Leadership: Assign accountable roles and embed screening KPIs into leadership dashboards.
Ethics & Independence: Use screening to identify conflicts or misconduct that could impair independence.
Acceptance & Continuance: Require screening before engagement acceptance and upon triggering events.
Monitoring & Remediation: Track screening outcomes, escalate issues, and feed lessons learned back into your QC system.

The Bottom Line

QC 1000 is more than a compliance requirement–it’s an opportunity to elevate your firm’s risk management strategy. Contact us today to start building a due diligence process customized to your needs.

January 5th, 2026|Compliance Corner, Employment Decisions, Risk Management|

The FCRA Big Three Lawsuit Triggers

Hiring the right talent is critical but one overlooked detail in your background screening process can cost your company millions. Employers often assume background checks are routine, yet the legal landscape tells a different story. The majority of lawsuits tied to employment screening aren’t about discrimination or bad hires—they’re about technical compliance mistakes under the Fair Credit Reporting Act (FCRA). These errors are easy to make and expensive to fix.

Research shows that approximately 73% of FCRA-related lawsuits against employers stem from these three common mistakes:

Non-compliant disclosure forms
Missing or delayed pre-adverse action notices
Inadequate authorization forms

The consequences can be significant: statutory damages of $100–$1,000 per violation, plus attorney fees, with settlements often reaching mid-six to seven figures.

Emerging Risk: Disparate Impact Discrimination

Background check policies and particularly those applying strict pass/fail criteria based on criminal history can unintentionally violate Title VII if they disproportionately impact protected groups. The EEOC has successfully challenged such blanket policies in litigation.

EEOC guidance emphasizes individualized assessments, considering:

The nature of the offense
Time elapsed since the offense
Relevance to the job

Relying on generalized exclusions without job-specific review creates legal risk. Additionally, many state and local laws impose specific requirements for individualized assessments.

Best Practices to Reduce Lawsuit Risk

To minimize exposure from background screening:

Use standalone, plain-language disclosure forms before any check.
Obtain written authorization in a separate form, not embedded in applications.
Follow the adverse action protocol: provide a pre-adverse notice with a copy of the report and summary of rights, and wait at least five business days before issuing the final notice.
Allow candidates to dispute findings.
Implement individualized assessments, especially for criminal record policies.
Regularly audit processes and train HR staff on evolving regulations.

December 23rd, 2025|Compliance Corner, FCRA|

The Scherzer Deal Report: December 8-12, 2025

Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.

Sign up: Get private equity and venture capital deals delivered to your inbox every week!

Fundraising for PE & VC Funds

Factorial Capital
$25M
Second fund

Holly Ventures
$33M
Debut fund

Swish Ventures
$100M
Opportunity fund

TPG Credit
$6.2B
Third fund

Private Equity Deals

Arcline
Altronic
Undisclosed amount
Girard, OH-based maker of ignition and engine-control products

Shore Rock Partners
AMAG Technology
Undisclosed amount
Hawthorne, CA-based provider of access control and other security solutions

Eagle Merchant Partners
Atlantic Pipe Services
Undisclosed amount
Sanford, FL-based provider of services for stormwater and wastewater infrastructure in Florida

Oaktree Capital Management and Lane42 Investment Partners
Avocet Partners
Undisclosed amount
New York, NY-based insurance-focused investment and operating platform

LNC Partners
Bennie
Undisclosed amount
New York, NY-based employee benefits firm

General Atlantic and CPP Investments
Boats Group
Undisclosed amount
Miami, FL-based online marketplace for recreational boats

Tailwater Capital
Central Midstream Partners
Undisclosed amount
Houston, TX-based energy infrastructure company

Longshore Capital Partners
Enavate
Undisclosed amount
Tampa, FL-based provider of Microsoft implementation and managed services

The Chernin Group
Entangled Publishing
Undisclosed amount
Shrewsbury, PA-based romance publisher

Wind Point Partners
Enviromatic Systems
Undisclosed amount
Grand Prairie, TX-based provider of building management systems

Advent International and Corvex Private Equity
Heidrick & Struggles
Undisclosed amount
Chicago, IL-based executive search firm

Aiga Capital Partners
Highland Electric Fleets
Undisclosed amount
Beverly, MA-based developer of commercial electric buses and trucks

Oak Hill Capital
Hunter Communications
Undisclosed amount
Central Point, OR-based fiber-optic internet provider in Oregon and Northern California

Leonard Green & Partners
Jones Lake Management
Undisclosed amount
Cincinnati, OH-based provider of provider of pond and lake management services

Blackstone
MacLean Power Systems
Undisclosed amount
Ft. Mill, SC-based utility parts maker

Insight Partners
Marketing Evolution
Undisclosed amount
New York, NY-based provider of marketing analytics

Transition Equity Partners
Nexus Data Centers
Undisclosed amount
The Woodlands, TX-based developer of gigascale data centers

SEVA Growth
Pronto
Undisclosed amount
Lehi, UT-based communications platform for front-line employers and higher education institutions

StoneTree Investment Partners
Reel Power
Undisclosed amount
Oklahoma City, OK-based heavy equipment manufacturer

WindRose Health Investors
Stellus Rx
Undisclosed amount
Plano, TX-based pharmacy care management platform

Berkshire Partners
United Flow Technologies
Undisclosed amount
Foothill Ranch, CA-based provider of solutions for the municipal and industrial water and wastewater treatment markets

Bessemer Investors
Xanitos
Undisclosed amount
Newtown Square, PA-based provider of health-care cleaning and support services to hospitals and ambulatory care settings

Venture Capital Deals

Centana Growth Partners, Next Frontier Capital, Rally Ventures, and Impression Ventures
401Go
$33M
Sandy, UT-based retirement program setup platform for financial advisors

Viking Global Investors, Bison Ventures, General Atlantic, BHP Ventures, and Pivotal Capital Partners
Allonnia
$20M
Boston, MA-based mining biotech startup

Upfront Ventures, BlueYard Capital, and First In Ventures
AnySignal
$24M
El Segundo, CA-based developer of RF platforms for aerospace and defense

Janus Henderson Investors, Brahma Capital, BioTrack Capital, Cormorant Asset Management, OrbiMed, Plaisance Capital Management, and Vivo Capital
BlossomHill Therapeutics
$84M
San Diego, CA-based cancer biotech

Amazon, Koch Disruptive Technologies, Piedmont Capital, Rusheen Capital Partners, and Allen & Co.
Blue Current
$81M
Hayward, CA-based developer of silicon solid-state batteries

8VC, Pear VC, Primary Venture Partners, Tishman Speyer, RXR, Caffeinated Capital, and Merrick Ventures
Bobyard
$35M
San Francisco, CA-based estimates platform for contractors

Darsana Capital Partners, Altimeter Capital, ARK Invest, Bessemer Venture Partners, Robinhood Ventures, and YC
Boom Supersonic
$300M
Centennial, CO-based supersonic jetmaker that’s also using its turbines to power AI data centers

Westbound Equity Partners, Geraldine R. Dodge Foundation, and Blue Meridian Partners
Esusu
$50M
NYC-based credit building startup

Deerfield Management, Khosla Ventures, Sofinnova Partners, Cornucopian Capital, Eli Lilly, Illinois Ventures, and MIT
Excelsior Sciences
$70M
New York, NY-based AI chemistry startup

Sequoia Capital, Kleiner Perkins, NVentures, Alkeon Capital, a16z, Kindred Ventures, Meritech, Bessemer Venture Partners, Notable Capital, Shopify Ventures, and Salesforce Ventures
Fal
$140
MSan Francisco, CA-based generative media platform

B Capital and Google
Fervo Energy
$462M
Houston, TX-based geothermal energy developer

Goldman Sachs, IVP, Menlo Ventures, and Unusual Ventures
Harness
$240M
San Francisco, CA-based software delivery platform

Giant Ventures, California Infrastructure Bank, Carnrite Ventures, Chaac Ventures, Comcast Ventures, and Lerer Hippeau
Haven Energy
$15M
Austin, TX-based solar and home battery tech company

Gallatin Point Capital
Hometap
$50M
Boston, MA-based provider of home equity investment products

Human Capital, Lux Capital, Neo, NFDG, Catalio Capital Management, Menlo Ventures, 776, and Fusion Fund
Medra
$52M
San Francisco, CA-based platform for physical AI scientists

Long Ridge Equity Partners
OnCorps AI
$55M
Boston, MA-based agentic AI platform for fund operations

M12, Microsoft’s Venture Fund, Y Combinator, Adverb Ventures, and 8VC
Outset
$30M
San Francisco, CA-based customer research and surveying platform

Frist Cressey Ventures, a16z, and Morgan Health
Paradigm Health
$20M
New York, NY-based benefits platform for cell and gene therapies

Valspring Capital and Rethink Impact
Parallel
$20M
New York, NY-based teletherapy and special ed provider for K-12 schools

Scale Venture Partners, Foundation Capital, Flybridge, and PayPal Ventures
Prime Security
$20M
New York, NY-based agentic security platform for software development

5AM Ventures, OrbiMed, and Monograph Capital
ProLynx
$70M
San Francisco, CA-based developer of long-acting obesity treatments

Samsara BioCapital, Lightstone Ventures, and Roivant
PsiThera
$47.5M
Watertown, Mass.-based developer of oral medicines for immunology and inflammation

Galvanize, Energy Impact Partners, Gradient Ventures, Lowercarbon Capital, Incite Ventures, and Alumni Ventures
Quilt
$20M
Redwood City, CA-based home heat pump maker

General Catalyst, Solari Capital, JSL Health Capital, Founder Collective, BoxGroup, Scrub Capital, and Diede van Lamoen
Radial
$50M
New York, NY-based mental health care startup

Snowflake Ventures and AT&T Ventures
RelationalAI
$22.5M
Berkeley, CA-based business decision intelligence platform

Five Elms Capital, Threshold Ventures, 8VC, and Bienville Capital
Ritten
$35M
Philadelphia-based developer of EHR and clinic management software for behavioral health providers

10D, Propel Ventures, Mensch Capital, Moneta Venture Capital, Magnolia Capital, Cerca Fund, and Blue Moon
Safebooks
$15M
San Francisco, CA-based financial data governance startup

Eli Lilly, Sino Biopharm, Invus, and Qiming Venture Partners
SanegeneBio
$110M
Woburn, MA-based obesity and autoimmune biotech

KKR, Sixth Street Growth, TenEleven, and Carrick Capital Partners
Saviynt
$700M
El Segundo, CA-based identity security company

Sequoia Capital, Meritech, First Round, General Catalyst, and Evantic
Serval
$75M
San Francisco, CA-based IT service management platform

Mainsail Partners
Steelhead Technologies
$84M
Provider of ERP software for metal finishers and fabricators

a16z, Lightspeed, Sequoia Capital, Lux Capital, DCVC, Databricks, Future Ventures, and Jeff Bezos
Unconventional AI
$475M
San Francisco, CA-based developer of next-gen digital computers

BVVC, Hanwha, Geodesic Capital, Airbus Ventures, Dauntless Ventures, Trousdale Ventures, Veteran Ventures Capital, DYNE Ventures, Propeller Ventures, Decisive Point Ventures, SAIC Ventures, Centre Street Partners, Cubit Capital, and Lockheed Martin Ventures
Vatn Systems
$60M
Portsmouth, RI-based developer of autonomous underwater vehicles for naval warfare

December 17th, 2025|Scherzer Deal Report|

The Illusion of Instant Criminal Checks: Why a True National Criminal Database Still Doesn’t Exist

If you’ve ever been pitched a “national criminal database,” you’ve probably imagined a single, authoritative system that instantly returns every criminal record across the United States. That database doesn’t exist for non‑law‑enforcement users and relying on anything marketed that way can lead to missed records, inaccurate matches, and regulatory headaches.

What actually exists at the national level?

The FBI operates several national systems—NCIC, III, NGI, N‑DEx, and NICS—to support criminal justice operations. These are law‑enforcement systems, with access tightly constrained by federal law and regulation (including 28 C.F.R. § 20.33). Employers generally cannot query NCIC/III directly unless a statute authorizes fingerprint‑based checks for specific roles (e.g., child care, elder care, or other regulated positions) and the check is routed through the state repository per the Compact Council rules.

Even within law enforcement, these systems are indexes and exchanges that depend on state and local repositories to submit arrests and dispositions; coverage and timeliness vary. The DOJ/BJS surveys and FBI guidance repeatedly emphasize gaps and the critical need to report final court dispositions to keep records accurate.

So what are “national criminal databases” sold by private vendors?

Commercial “national” or multi‑jurisdictional files aggregate data from many sources (state repositories where available, departments of corrections, sex offender registries, selected county uploads, watchlists, etc.). They can be useful as a pointer or discovery tool, but they are not comprehensive and often not current enough to stand alone. Coverage varies by jurisdiction and update cadence; name‑match noise creates false positives/negatives, especially with common names.

Industry resources and compliance guidance are consistent on this point: use multi‑jurisdictional databases to broaden the net, then verify at the originating court or repository before reporting or taking action.

Why “database‑only” screening creates risk

Incomplete coverage: Not all courts or states report; updates lag. Recent charges or local misdemeanors may be absent.
Identity ambiguity: Limited identifiers can mis‑match results; aliases and data entry errors compound the problem.
Stale or missing dispositions: Arrests without case outcomes mislead; expungements or dismissals may remain in bulk feeds.
Fair Credit Reporting Act (FCRA) compliance exposure: The FCRA requires “reasonable procedures to assure maximum possible accuracy” and complete, up‑to‑date public record reporting. Database “hits” must be confirmed at the source, and consumers must be notified appropriately when adverse public records are reported for employment decisions.

Regulators have sharpened expectations. In 2024, the Consumer Financial Protection Bureau (CFPB) reiterated that consumer reporting agencies (CRAs) must prevent reporting of duplicate or expunged/sealed items and include disposition information where available. CRAs also must disclose the source(s), both original and any intermediaries, when consumers request their files.

Why this still matters

Despite modernization, data gaps persist—especially in disposition reporting and identity matching. The newest BJS/SEARCH survey shows continued dependence on state repositories and varying automation/completeness across states, reinforcing why source verification and robust procedures remain critical.

Meanwhile, regulators (CFPB/FTC) are raising the bar on “maximum possible accuracy.” Organizations that rely on “instant database” products without verification risk adverse action mistakes, consumer disputes, and enforcement exposure.

December 12th, 2025|Compliance Corner, FCRA|

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