Good morning! We hope you had a warm and restful 4th of July weekend.

Isaac Taylor welcomes you back with the news that BlackRock has acquired real-estate investor ElmTree Funds, the latest in a string of private capital additions for the asset manager including credit shop HPS Investment Partners and Global Infrastructure Partners.

JPMorgan Chase is reorganizing its private bank to suit the wants and needs of the world's richest people, Alexander Saeedy reports for The Wall Street Journal. Such wealthy individuals are now firmly in the sights of private fund managers.

Finally, our WSJ Pro Bankruptcy colleague Jodi Xu Klein writes about Hilco Global's plans to sell 70% of its equity interest to Japanese investor Orix.

Now, on to the news...

BlackRock has agreed to acquire ElmTree Funds, a real estate-focused firm that specializes in so-called net-lease agreements, which require a tenant to pay not only rent for a property but also expenses associated with that property, such as maintenance costs. The firm will become part of BlackRock’s Private Financing Solutions Group, an internal group that also houses recently acquired HPS Investment Partners.

JPMorgan Chase is reorganizing its private bank to better serve the world’s richest people, who want to safeguard their wealth by spreading it around the globe, Alexander Saeedy reports for the Journal. With a minimum required balance of $10 million, JPMorgan’s white-glove bank for the superrich is one of the preferred places for the world’s elite to store their wealth. These customers are demanding that JPMorgan invest more of their money abroad, not just in the country where they spend the bulk of their time.

Hilco Global, a financial-services firm, plans to sell 70% of its equity interest to Japanese investment firm Orix as it pivots to focus on asset management and advisory business, WSJ Pro Bankruptcy reports, citing people with knowledge of the matter. Orix’s U.S. business has agreed to the deal that values Hilco at roughly $1 billion, the people said. The firm’s management team will own the other 30%, the people said.

Apollo Global Management-backed insurer and retirement services provider Athora Holding has agreed to acquire U.K. peer Pension Insurance Corp. from investors that include Reinet Investments and CVC Capital Partners, for about £5.7 billion, or roughly $7.77 billion, Andrea Figueras reports for the Journal. The London-based business holds pensions totaling about £50.9 billion for around 400,000 people and will increase Athora's assets under management and administration by about 77%, bringing its total to around the equivalent of $159.1 billion. Athora's backers include the Abu Dhabi Investment Authority, which also holds a roughly 18% stake in PIC. Reinet has a 49.5% interest in PIC, while other investors in the company include BlackRock-acquired HPS Investment Partners, with a stake of about 10%.

Infrastructure-focused private-equity firm I Squared Capital has emerged as a leading contender to acquire KKR & Co.’s Singapore-based Goodpack supply chain and logistics company, valued at up to $1.5 billion, P.R. Venkat reports, citing people familiar with the process. Other bidders include rivals such as Brookfield Asset Management and Apollo Global Management, the people said. Brookfield declined to comment. I Squared and Apollo didn’t respond to requests for comment. A potential deal could be finalized by the end of November. KKR took Goodpack private in 2014 for over $1 billion.

Technology-focused Thoma Bravo is acquiring restaurant software developer Olo in a take-private deal valued at about $2 billion, Connor Hart reports for Dow Jones Newswires. Thoma Bravo agreed to pay $10.25 a share in cash, representing a 15% premium to Wednesday's close at $8.91 in New York. Based in New York, Olo works with more than 750 restaurant brands worldwide.

European buyout firm EQT AB is acquiring a majority stake in chemicals and research substances distributor Europa Biosite from Adelis Equity Partners in Sweden. The Stockholm-based company supplies research-use-only reagents, diagnostic kits and other materials to support more than 60,000 academic and corporate researchers. Adelis has backed the business since 2021, according to the firm's website.

Abry Partners in Boston is backing broker Oracle Insurance Risk Management Services with a growth investment. Based in Concord, Ontario, the company distributes personal and commercial insurance from nearly 40 locations and has about 300 employees serving over 60,000 customers.

European growth investor Verdane is backing mobile security company Guardsquare, which Battery Ventures has backed for several years.  More than 900 organizations worldwide work with the company's applications and developers to ensure their mobile apps are protected from hackers.

Midmarket firm HKW is buying Electric Equipment Engineering, an electrical power products manufacturer serving the power, telecommunications and broadband industries. Barings and Siguler Guff are providing financing for the deal.

Trinity Capital is providing $100 million in financing to AST SpaceMobile, which is developing a space-based cellular broadband network for smartphones. The company drew $25 million from the financing at closing.

Linden Capital Partners and GIC are backing healthcare and life-sciences brand marketer and advertising agency Klick Group, providing an exit for GTCR. GTCR had backed the company over the past five years.

Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.

The Canada Pension Plan Investment Board and Bridgepoint Group have sold motorcycle racing sponsor Dorna Sports to strategic buyer Liberty Media in a transaction that was originally valued at €4.2 billion, or $4.96 billion, when announced in April 2024. CPP Investments first backed the Madrid-based company in 2013 and Bridgepoint has been an investor in the company since 2006.

Iberis Capital-backed digital telecommunications company Connected has been acquired by European satellite maker Open Cosmos. Connected specializes in developing space-based internet-of-things networks. Portugal-based Iberis has backed the company since its beginnings through the firm's venture arm.

Great Hill Partners-backed website publisher G/O Media has sold gaming news site Kotaku to strategic buyer Keleops Group in Switzerland. Great Hill in Boston acquired G/O Media in 2019, according to the firm's website.

Permira aims to raise €17 billion, or about $20 billion, for its latest flagship buyout fund, Sebastian McCarthy reports for sister publication Private Equity News in London, citing people familiar with the matter. If the London firm succeeds in reaching its target for Permira IX, it would be among the largest European private-equity funds ever raised, trailing only CVC Capital Partners' €26.5 billion flagship vehicle that closed in 2023. Permira raised €16.7 billion for a predecessor fund that closed in early 2023.

European financing firm Kartesia has raised about €1.3 billion, or roughly $1.53 billion for its Kartesia Credit Opportunities IV fund, with around half of the capital committed by new Kartesia private-credit fund investors. Abuot half the fund's capital has already been deployed by the firm, which focuses on backing small to mid-sized European companies.

Brookfield Asset Management's private-equity vehicle Brookfield Business Partners is selling stakes in three of its holdings to a new evergreen fund managed by its corporate parent and targeting wealthy individual investors. BPP is selling the stakes for a total of about $690 million, representing an 8.6% discount to the net asset value of the three underlying companies. The terms of the deal were reviewed for fairness by independent directors of New York-listed BPP along with a financial adviser and lawyers for the firm. Brookfield Asset Management didn't name the new private-equity fund being seeded with the assets.

Saothair Capital Partners in Wayne, Pa., has closed on $300 million for its second fund, Saothair Fund II. The new vehicle is more than twice the size of the firm's $125 million debut fund, which closed in late 2023.

Adarsh Sarma, a former Warburg Pincus dealmaker who left the private-equity firm last year, has poached former Hg and Advent International dealmakers as he builds up his new private-equity firm, sister publication Private Equity News reports. Sarma has recruited Andrea Gonzalez-Negron, who most recently worked at Advent International as an associate with a focus on technology, as well as Sean Smith from software-focused investor Hg, according to people familiar with the situation.

Mark Walter, the chief executive of Guggenheim Partners, catapulted into the driver's seat of the Los Angeles Lakers last month and became one of the most influential people in sports, the Journal reports. The shy billionaire from Cedar Rapids, Iowa, also leads ownership groups that hold Major League Baseball's Los Angeles Dodgers, Britain's Chelsea Football Club and the Cadillac Formula One auto racing team.

American Infrastructure Partners in Foster City, Calif., has agreed to purchase the assets of Charter School Capital out of bankruptcy for a minimum of nearly $80.7 million, including $15.5 million in cash and the assumption of certain debts such as mortgages, serving as a "stalking horse" bidder for the provider of finance to educational institutions, court filings show. Portland, Ore.-based Charter School Capital has worked with more than 1,000 schools since its founding in 2006. The company entered chapter 11 reorganization on June 9.

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