Good day! Today’s news kicks off with a report from our WSJ Pro Bankruptcy colleagues about a struggling business backed by Platinum Equity, known as Incora. The aircraft parts distributor risks running out of cash to service its debt.

On a brighter note, recently formed Prysm Capital has wrapped up its debut fund with $305 million, our Maria Armental reports. Prysm closed the vehicle following a tough period for raising money for a newer firm.

Finally, our Luis Garcia writes that policies directed at climate change are creating investment opportunities in developing markets, and the risks in many are lower than may be expected.

We have these and many more stories condensed and linked for you below, so please dive in...

Prysm Capital, a growth investment firm launched by former private-equity professionals from BlackRock Inc., has raised $305 million for its debut fund, Maria Armental reports for WSJ Pro Private Equity. The new fund closes in what has been a particularly challenging environment for debut funds with many institutional investors funnelling commitments to firms that they have worked with for years.

Government efforts to reduce carbon emissions are creating opportunities for clean-energy investors in developing countries, and the risks are lower than many investors might think, Luis Garcia writes for WSJ Pro Private Equity, citing panelists at a private-capital conference in New York.

Platinum Equity-owned aerospace parts supplier Incora, whose legal name is Wesco Aircraft Hardware Corp., risks running out of cash later this year as it struggles to drum up enough money to service its debts while facing mounting creditor litigation, Alexander Saeedy and Soma Biswas report for WSJ Pro Bankruptcy. The Fort Worth, Texas-based distributor of airplane components had about $140 million of liquidity late last year, according to people familiar with the company’s finances. Incora expects about $100 million in interest payments to come due in May, the people said, while its debt trades at deeply distressed levels. Platinum formed Incora by combining portfolio companies Wesco Aircraft Holdings and Pattonair in 2020. Representatives for Incora and Platinum Equity didn’t immediately respond to requests seeking comment.

Clearlake Capital Group shot back at the directors of cloud-software company Blackbaud Inc., which the buyout firm has offered to acquire for $71 per share in cash, saying its proposal values the business at about $4 billion and it is open to further discussion, according to a regulatory filing. Clearlake also said it can cover the deal with capital it has in hand, adding it has also lined up bank financing for the transaction. Blackbaud directors rejected the firm’s initial March 24 overture, saying it was “highly opportunistic and significantly undervalues Blackbaud.” The bid represents a nearly 23% premium to last Friday’s closing price of $57.83 a share.

Värde Partners in Minneapolis is part of a group that has agreed to provide $200 million to telecommunications infrastructure company Globalstar Inc. through the purchase of 13% senior notes that mature in 2029, according to a news release. The deal is expected to close by Friday. Other participants weren’t named. Globalstar plans to use most of the money to refinance about $148 million in existing debt.

Global infrastructure firm Antin Infrastructure Partners and sustainable recycling technology company Scandinavian Enviro Systems AB are forming a joint venture focused on tire recycling, according to a press release. The new venture will use Enviro’s technology and has a multi-year supply agreement with tire manufacturer Michelin regarding recycled materials from the first plants the venture builds. Enviro has no initial ownership of the venture but will have an option to acquire up to a 30% ownership stake, the release stated.

Software focused JMI Equity has backed a $90 million growth investment in Coursedog, a provider of educational software that helps institutions of higher education with tasks that include curriculum planning, course scheduling, event management, and catalog management, according to a press release.

Orangewood Partners in New York said it is backing audit and accounting adviser DLA LLC with a strategic growth investment. The Fairfield, N.J.-based business has more than 125 employees and provides accounting, auditing, valuation and litigation support services to hundreds of clients, according to a news release.

Lower midmarket firm Graycliff Partners said it has invested in Republic Electric Company, which distributes heating, ventilation and air conditioning (HVAC) and electrical equipment used in residential, commercial and industrial applications. Davenport, Iowa-based Republic serves more than 1,000 customers out of five locations in Iowa and Illinois, according to a news release.

Sverica Capital Management has invested in Hirebotics, a Nashville, Tenn.-based company that manufactures robotic technology and equipment used for welding applications, according to a press release.

Regimen Equity Partners said it has backed its ninth platform investment with the acquisition of Thomas Skinner & Son Ltd, a British Columbia, Canada-based distributor of industrial metalworking equipment.

Rockefeller Asset Management’s technology startup strategy led a $22 million investment in text messaging communications and compliance technology provider LeapXpert Inc., joined by Uncorrelated Ventures and the $170 million Partnership Fund for New York City. Founded in 2017, the New York-based company supplies technology used to manage mobile messaging apps to help banks and other financial institutions comply with regulatory requirements as well as internal security and data integrity, according to a news release and the company’s website.

Growth investor Hi Inov - Dentressangle and Crédit Mutuel Innovation led a €20 million investment in e-commerce company Glopal SAS, joined by existing backers Seventure and Axeleo Capital as well as retailing executive Pierre Denis and a family office, according to a news release. The Paris-based company sets up online storefronts for retailers seeking cross-border sales, according to an emailed news release.

The Ontario Teachers’ Pension Plan Board said it is buying a majority stake in potato and onion grower Mitolo Family Farms, investing through its AustOn arm in Australia. The family-owned agricultural business is a national market leader in supplying the root crops to supermarkets and wholesalers, according to a news release.

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

LongueVue Capital has sold portfolio company TileBar to fellow private-equity firm AEA Investors, according to a press release. LongueVue initially invested in the direct-to-consumer tile and flooring brand in 2019 and since then the company has more than quadrupled its revenues, the release stated.

Harvest Partners in New York said it is selling warehouse and freight yard traffic management outsourcing business Lazer Logistics Inc. to global private capital firm EQT AB, which is investing through its EQT Infrastructure VI strategy, Dominic Chopping reports for Dow Jones Newswires. Alpharetta, Ga.-based Lazer provides technology-enabled equipment and support services to hundreds of clients for use in moving and storing products with improved speed and efficiency, according to a news release. Harvest first backed the company with a growth investment in 2019.

Multi-strategy fund manager EQT AB said it has raised around €260 million, or about $282 million, for its first LSP Dementia Fund, more than double its initial €100 million target, Dominic Chopping reports for Dow Jones Newswires. The fund under the EQT Life Sciences strategy is being invested in companies developing breakthrough drug therapies and medical technologies across the spectrum of neurodegenerative diseases, according to a news release. Investors include the Alzheimer’s Association, the European Investment Fund, and several global pharmaceutical companies and insurance companies.

Chicago-based Shore Capital Partners has raised at least $114 million so far for Shore Capital Real Estate Partners Fund I LP, according to a regulatory filing. The filing didn't specify a fund target.

Advisory firm Hakluyt & Co. in London said it has held a second closing for its first growth-investment fund, Hakluyt Capital, through which it plans to make co-investments alongside venture capital funds in growth-stage companies. The firm said the strategy is led by Nick Bidmead, a managing partner, but didn’t say how much money had been raised so far. Hakluyt said it advises many of the largest corporations and more than a dozen of the biggest private-equity firms in the world and expects those relations will benefit the companies it backs through the new fund.

Riverwood Capital announced the promotion of three new partners at the firm. The new partners are Joe De Pinho, who joined the firm in 2015, Alex Porto, who joined in 2013 and Ramesh Venugopal, who joined in 2017, according to a press release.

The Federal Deposit Insurance Corp. has hired Newmark Group Inc. to sell about $60 billion of Signature Bank loans, Peter Grant and Konrad Putzier report for The Wall Street Journal, citing people familiar with the matter. The process is expected to intensify pressure on falling commercial real-estate.

The Securities and Exchange Commission settled charges with Spicer Jeffries LLP, a Denver-based auditing firm, over improper practices in auditing two private funds. The SEC alleged Spicer Jeffries failed to follow proper accounting procedure in connection with auditing the valuation of assets in the two funds, though the regulator didn’t identify the funds involved or specify what type of private funds they were. The firm agreed to be censured and to implement policies to improve its audit processes.

Apollo Global Management Inc. and Apeiron Management SpA said their special-situation investment joint venture Apollo Delos has been expanded with the addition of €150 million in fresh capital, equivalent to about $162.7 million. The firms set up the venture in February 2018 to also invest in corporate debt in Italy. So far, Apollo has deployed more than €470 million through the venture, according to a news release.

Arctaris Impact Investors in Boston said it has set up a $10 million credit line with a community development unit of Cleveland-based banking company KeyBank, benefiting investments from the firm’s Arctaris Impact Fund LP. The capital will provide bridge financing and is expected to help accelerate the growth of the fund, according to a news release.

Investment manager Breckinridge Capital Advisors in Boston said it is branching into dividend equities, drawing on its fixed-income expertise. The firm, which managed assets of about $42 billion at the end of December, said Josh Perez, a portfolio manager and director, corporate research, would direct the new strategy.

Regulators in India have decided to modify ownership rules for mutual fund managers to let private-equity firms back the companies, Reuters reports. The Securities and Exchange Board of India set minimums for years of experience and invested capital for a firm or its manager when applying to back a mutual fund operator. Current rules only permit financial institutions and corporations to own stakes in fund companies.

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Maria Armental; Ted Bunker; Chris Cumming; Luis Garcia; Rod James; Laura Kreutzer; Chitra Vemuri.

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