TGIF! We have some infrastructure and a lot of secondaries to see you into the weekend.

WSJ Pro's Luis Garcia writes about Northwind Midstream Partners netting a handsome return in the sale of sour-gas services provider Five Point Infrastructure.

Bureau Chief Laura Kreutzer turns reporter with a scoop about a more than $1 billion continuation fund deal centered on Xylem Kendall, a vegetation management business owned by Sterling Investment Partners.

I chip in with a piece on Carlyle AlpInvest collecting more than $20 billion for investment in the private-equity secondary market, where liquidity constraints are driving record deal volumes.

Now onto the news ...

Five Point Infrastructure more than tripled its money from investing in Northwind Midstream Partners with its recent $2.38 billion sale of the sour gas-services provider, WSJ Pro's Luis Garcia reports, citing an investor letter. The sale to Marathon Petroleum-backed pipeline operator MPLX closed last week and was expected to generate a gross return of about 3.3 times the capital invested and deliver as much as $1.2 billion in proceeds to Five Point fund investors net of fees and other adjustments, the firm said in the mid-August letter. Five Point formed Northwind in 2022, investing $420 million in the business in addition to debt, said David Capobianco, Five Point’s chief executive and managing partner. He declined to discuss the exit’s return.

Secondary firms StepStone Group and HarbourVest Partners are backing a more than $1 billion continuation fund deal for Xylem Kendall, a vegetation management company backed by midmarket firm Sterling Investment Partners, WSJ Pro’s Laura Kreutzer writes, citing people familiar with the deal.  Greenwich, Conn.-based Sterling initially invested in the company out of its Sterling Investment Partners IV buyout fund, which closed in 2023 with $934 million in commitments.

Carlyle AlpInvest has raised more than $20 billion for its eighth secondary investing program, nearly double what it collected for a predecessor program that closed in 2020, WSJ Pro's Rod James writes. Secondary deal activity has boomed over the past year, as the market for selling and listing companies, traditional drivers of private-equity returns, has been slow to recover from the hike in interest rates in 2022. The value of secondhand trades for private-markets assets rose 45% to a record $162 billion last year from 2023 and is set to break another record this year.

Consumer-focused private-equity investor Durational Capital Management is investing in a light-beer maker backed by the football stars Travis and Jason Kelce, in a transaction that values the company at around $200 million, the Journal’s Laura Cooper and Ben Dummett report, citing people familiar with the matter. The investment marks Garage Beer’s first institutional investment and bucks recent concerns about the beer’s popularity.

Goldman Sachs Group is investing up to $1 billion for what it expects to eventually amount to a 3.5% stake in asset manager T. Rowe Price as part of a partnership aimed at offering new products focused on public and privately held assets, Rebecca Ungarino reports for sister publication Financial News. Goldman is using its own balance sheet to fund the investment, which it is making through a series of stock purchases on the open market.

Bain Capital in Boston is weighing a bid for Coca-Cola's Costa Coffee chain, Sebastian McCarthy reports for sister publication Private Equity News, in London, citing people familiar with the situation. The buyout firm, which has invested in Gail's bakery chain, is one of several eyeing the U.K. coffee shop operator. Coke bought Costa from Whitbread for nearly £4 billion, or $5.38 billion, in 2018. Investment bank Lazard is advising Coke on the sale.

Permira is backing maritime safety and inspections provider RightShip with a minority investment, joining existing backers agriculture giant Cargill and mining companies Rio Tinto and BHP. The three founding investors all retain their equal interests in the business.

Parthenon Capital is investing in Embark, a management and financial consulting firm based in Dallas. Paul Allen, the company’s founder, is retaining a significant ownership stake in Embark and remaining chairman of its board.

Antin Infrastructure Partners in Paris is negotiating to back transit-based travel company Matawan with a majority investment through its NextGen Infrastructure Fund I. The Lyon, France-based company provides a system that links ticketing and scheduling information through a single application currently used by millions of travelers across six countries in Europe and North America. The deal is expected to close by year-end.

Real assets investment firm Vision Ridge Partners has acquired electric utility company FortisTCI and rebranded the company as Pelican Energy TCI. Pelican Energy provides electric power to customers in the Turks and Caicos Islands.

Lower midmarket firm Rainier Partners has acquired Kleen-Tech Services, a Denver-based provider of janitorial services. Kleen-Tech operates in more than 30 states under nine brands.

Buyout firm KKR & Co. is buying seven residential buildings in the U.K. from Curlew Student Trust II for about  £230 million, or $268.2 million. Each property is located in a separate city with a strong university presence and combined the buildings have a capacity of 2,179 beds.

Charlesbank Capital Partners’ technology opportunities investment strategy has backed a growth investment in cybersecurity company Q6 Cyber, which focuses on fraud prevention and deterring financial crime.

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

Ardian in Paris is discussing the sale of small kitchen appliances brand Magimix to strategic acquirer Lavafields Group. Ardian acquired a majority stake in the brand with Robot-Coupe from Hameur Group in December and aims to work with Hameur on Robot-Coupe's development following the carveout.

Frontier Growth is selling healthcare financing company AccessOne Parent Holdings to strategic buyer Phreesia for $160 million in cash. AccessOne currently manages about $450 million in account receivables and is expected to generate about $35 million in annual revenue for Phreesia as well as roughly $11 million in adjusted pretax earnings. Charlotte, N.C.-based Frontier first backed the business in 2016, according to the firm's website.

Thompson Street Capital Partners is selling fast-casual restaurant chain Freddy’s Frozen Custard & Steakburgers to fellow private-equity firm Rhône. St. Louis-based Thompson Street initially acquired Freddy’s back in 2021.

Riverside Co.-backed specialty pharmaceuticals group A.forall is selling its retail and hospital operations to strategic acquirer Abacus Medicine. Riverside first backed Belgium-based A.forall in 2017.

Denham Sustainable Infrastructure-backed Ceiba Energy has sold a 2.4 gigawatt power plant in Brazil to strategic buyer Eneva, according to an emailed news release. The Jandaia project is fueled by liquefied natural gas. Boston-based Denham Capital initially backed Ceiba in 2020 with a $250 million commitment, announced in January 2020.

Lincolnshire Management-backed True Temper Sports is selling its hockey group to W. Graeme Roustan and his Roustan Capital family office. New York-based Lincolnshire has been building up its hockey equipment business since at least 2014. The deal also includes baseball and lacrosse assets as well as manufacturing sites in Canada and Sweden. Graeme Roustan, who is the publisher of Hockey News, previously acquired Bauer Hockey from footwear and apparel company Nike in 2008, later taking the company public.

Credit investment firm Falcon Investments has amassed at least $345 million so far for Falcon Private Credit Opportunities VII and related parallel funds, according to a regulatory filing. The fund has a $1 billion goal, according to the filing.

Specialist investor Atlas Venture has collected $400 million for its Atlas Venture Opportunity Fund III, giving it the means to make later-stage growth investments in emerging biotechnology companies. The new fund follows the Boston firm's closure of its 14th startup fund with $450 million in December.

Multi-family office Pennington Partners & Co. has added two professionals to its ranks, both of whom join from Bank of New York Mellon, or BNY, according to an emailed statement. Keith Kellum joins Pennington as a partner and portfolio manager after leading the virtual family office unit at BNY Wealth. Marilyn Santiago joins the firm as partner and head of relationship management after serving as head of client relationship management at BNY, the email stated.

Bow River Capital in Denver has added Erick Podwill as a director with its evergreen private-equity team. He joins from Canterbury Consulting.

Alternative asset manager Rithm Capital has agreed to acquire peer firm Crestline Management in a transaction that will bring the combined organization's assets to about $98 billion, including $53 billion in assets under management and $45 billion on its balance sheet. New York Stock Exchange-listed Rithm didn't disclose what it will pay for Fort Worth, Texas-based Crestline, which manages about $17 billion and focuses on private credit and insurance as well as financing and restructuring older private-equity funds. Shares of Rithm, which already owns Genesis Capital and Sculptor Capital Management, were little changed in Thursday trading following news of the deal.

The California Senate on Thursday approved a bill that would subject more private-equity healthcare acquisitions to the state’s merger-review process. The bill passed by a vote of 26 to 10, according to a legislative aide, and now returns to the state Assembly, which passed a version of the bill in May, to approve amendments made by the Senate. The lower chamber has until Sept. 12 to vote and send it to the desk of Governor Gavin Newsom. Newsom, a Democrat, last year vetoed a similar bill that would have expanded the state’s authority over private-equity medical takeovers.

European buyout firm CVC Capital Partners remains confident about the remainder of this year as it sees momentum across fundraising, deployment and realizations, Elena Vardon reports for the Journal. CVC reported a 25% jump in management fee earnings to €397 million, or about $463 million, for this year's first half. The Amsterdam-listed firm's fee-paying assets under management rose about 10% to roughly €140 billion at the end of June from a year earlier. CVC raised €6.3 billion in fresh capital during the first half.

Bank of America is rolling out a private markets programme for its super-rich clients as demand for the asset class continues to surge, Kristen McGachey writes for sister publication Financial News in London. Merrill Wealth Management and Bank of America Private Bank said they would provide investors who have a net worth of $50 million or more with exclusive access to private markets deals. The Alts Expanded Access Programme will be available to qualified investors starting this fall.

Shore Capital Partners has formed a technology advisory group that includes portfolio companies CXponent and Trace Advisors as well as Ascenda and White Oak Solutions. Chicago-based Shore invested in CXponent and Trace in June, according to research provider PitchBook Data. CXponent founder and chief executive Joe Rice leads the group.

Midmarket-focused Cantilever Group in New York has acquired a minority interest in private investment firm Tecum Capital. The Pittsburgh firm provides equity and debt financing to companies backed by Small Business Investment Company funds. Cantilever typically backs asset managers with $500 million to $5 billion in AUM.

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

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