Private equity firms are facing early tests to the theory that Donald Trump’s return to the White House is a net win for America’s dealmakers.

Bain Capital and Reverence Capital Partners have agreed a deal to take Envestnet Inc., a provider of wealth-management software, private.

BlackRock Inc. will acquire private capital database provider Preqin for £2.55 billion ($3.2 billion) in cash, as the world’s largest money manager accelerates its push to become a major player in alternative assets.

Reddit Inc. shares soared 48% above their initial public offering price, as investors embraced the social media company’s vision of profiting from the growth of artificial intelligence.