Good morning. Today we have a double helping of fund news.

New secondaries firm Painswick Capital Management raised $1.5 billion for its first fund, our Laura Kreutzer reports. And I report that consumer-focused Prelude Growth Partners raised $600 million for its third vehicle.

Now onto the news...

Recently formed Painswick Capital Management raised $1.5 billion for its debut secondary fund, WSJ Pro's Laura Kreutzer reports. Painswick Capital Fund I surpassed the firm’s $750 million target and marks New York-based Painswick’s first fund since its founding last year by John Garcia in partnership with midmarket-focused AEA Investors, another private-equity firm in the city.

Prelude Growth Partners, a firm started in 2017 to back fast-growing consumer brands, raised $600 million for Prelude Growth Partners III, hitting the fund’s hard cap, WSJ Pro's Chris Cumming reports. The sum exceeds the $250 million the firm raised for a 2021 predecessor. Prelude is led by former L Catterton partner Neda Daneshzadeh and former Johnson & Johnson executive Alicia Sontag.

BlackRock and Generali Group funds, joined by insurers Allianz, Hannover Re and T&D Holdings, acquired German life insurer Viridium Group from Cinven under a deal announced in March. PG3, a family office of three Partners Group founders, plans to replace Hannover Re in the buyout group by the end of next month. Viridium manages about €68 billion, or roughly $78.7 billion, for some 3.2 million contract holders.

Growth investor JMI Equity led a $355 million minority investment in public safety agency software developer First Due, joined by TCV and Serent Capital, according to an emailed news release. Legally named Locality Media, the Garden City, N.Y.-based company's applications are used in more than 3,000 federal, state and local police, fire and emergency medical units in the U.S. and Canada.

The credit arm of Eldridge Industries-owned Eldridge has renewed and increased a lease facility operated by renewable fuels producer Calumet, based in Indianapolis. The deal backing a terminal in Shreveport, La., revises the underlying asset value and provides $80 million of net proceeds to Calumet.

Merchant bank and investment firm BDT & MSD Partners is acquiring a majority stake in fire protection and personnel safety systems SFP Holding, which operates as Summit Cos. The Mendota Heights, Minn.-based company has been backed by BlackRock's private capital strategy, which invested in 2021.

Francisco Partners is acquiring payments software provider Elite from TPG and strategic holder Thomson Reuters, according to an emailed news release. TPG backed the company, which specializes in payments technology for the legal sector and serves about 2,000 law firms, in 2023.

Morgan Stanley is investing as much as $50 million in retirement savings plan adviser and administrator Human Interest, backing the San Francisco company through its tactical value strategy. Morgan Stanley joins earlier investors including BlackRock, Marshall Wace and Baillie Gifford.

Apollo Global Management led a $38 million growth investment in asset-management software and services provider GeoWealth and formed a strategic partnership with the business to expand its wealth-adviser market. Apollo joined an investment round that includes BlackRock, J.P. Morgan Asset Management and Kayne Anderson Capital Advisors.

Healthcare-focused Archimed is buying clinical decision-support software maker Arkstone Medical Solutions. The Boca Raton, Fla.-based company uses generative artificial intelligence  to provide treatment recommendations for infectious diseases.

Audax Group and Parthenon Capital invested in Elevate Patient Financial Solutions, which makes revenue-cycle-management technology for healthcare companies. The Spring, Texas, company was backed by Frazier Healthcare Partners, which invested in 2019.

Singapore's GIC has agreed to buy a 25% stake in a new broadband services network in Spain being set up by Zegona Communications-backed Vodafone Spain and MasOrange, utilizing existing assets, in a transaction expected to generate about €1.4 billion, or roughly $1.62 billion, in proceeds to Vodafone Spain. The infrastructure investment firm's agreement activates an earlier pact between Vodafone Spain and MasOrange, signed in January. The fiber-optic network is expected to pass some 12 million premises across Spain. With GIC's investment, MasOrange will hold a 58% interest in the joint venture while Vodafone Spain will have 17%.

Bain Capital in Boston and property-focused 11North Partners in New York have acquired nine open-air shopping centers in Florida and one in South Carolina for about $395 million. Most of the properties host Publix supermarkets and are located in Florida's Fort Lauderdale, Orlando, Tampa and Palm Beach markets while the 10th is in Charleston, S.C. Bain Capital is investing through its real-estate strategy. The firm formed a joint venture with 11North, founded by former RPT Realty chief executive Brian Harper, last year to buy open-air shopping centers

Software investor LLR Partners in Philadelphia is joining Serent Capital as a backer of insurance payments application provider ePayPolicy, according to an emailed news release. Serent first backed the business in 2019. LLR's capital injection will be used to finance product development by Austin, Texas-based ePayPolicy, which works with around 8,000 insurance companies.

London-listed ICG, formerly known as Intermediate Capital Group, is investing in Regional & City Airports, which operates airports in England and has been backed by Rigby Group, a privately owned U.K. corporation. Separately, ICG is also backing corporate affairs adviser Excellera Advisory Group, succeeding Xenon as Excellera's financial partner. The deal is set to close in the next several months.

Farallon Capital Management has provided a $50 million second lien credit facility to GoPro, a producer of action cameras. The company closed the debt financing as part of an initiative to bolster its balance sheet.

Brightstar Capital Partners bought digital healthcare company Analyte Health, with its founder, Fiyyaz Pirani, remaining chief executive and holding a significant ownership stake.

Mutares in Munich has acquired logistics services company inTime Group from Super Group. The Isernhagen, Germany-based company has around 450 employees and generated revenue of about €115 million, or $133.1 million, last year.

An investment group led by private-equity firm BGH Capital had its takeover bid for recreational vehicle company Tourism Holdings rejected, David Winning reports for Dow Jones Newswires. The offer was worth about 508.5 million New Zealand dollars, or roughly $300.9 million, but the Auckland-based company said it was worth over 30% more. The BGH group included the family interests of Luke and Karl Trouchet.

Midmarket infrastructure investor Tallvine Partners has acquired data-center services provider TRG Datacenters. The company operates a data center in Houston that acts as a backup system for more than 150 clients and plans to add capacity with an extension of the current facility.

Midmarket growth investor HKW Management in Carmel, Ind., has recapitalized branded medical products manufacturer AliMed alongside the Cherubini family. The Dedham, Mass.-based company supplies more than 15,000 hospitals, clinics and long-term-care facilities

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

Blackstone has agreed to sell its remaining equity stake in home-equity lender Finance of America Cos. after the Plano, Texas-based company paid off its working capital debt facility. The purchase price wasn't disclosed by the New York-listed company, which said in March that Blackstone controlled nearly 3.2 million shares, or about 30% of its stock. The shares closed Monday up about 5.4% at $21.96, putting the value of Blackstone's reported stake at about $70 million. The New York firm took the company public in October 2020, when it held about 70% of the equity.

ATL Partners has sold a majority interest in live events and luxury goods logistics company Global Critical Logistics, or GCL, to Providence Equity Partners. ATL remains a minority investor in the business. The New York company manages more than 10,000 projects annually in the automotive, sports, fine art and music businesses.

Sun European Partners is selling marine products supplier Wescom Signal & Rescue to direct investment firm Albion River. Sun first backed the U.K.-based business in 2020, buying its interest from private-equity firm Jordan Co. Wescom became an independent company through a 2017 corporate carve-out from Drew Marine.

Warburg Pincus-backed securities exchange owner and operator Miami International Holdings in Princeton, N.J., plans an initial public offering of at least 15 million shares priced from $19 to $21 each, according to a regulatory filing. The operator of the Bermuda Stock Exchange and nearly a dozen other markets received loans totaling $140 million from the New York private-equity firm and provided the investor with warrants to purchase millions of shares in the company by August 2032. The warrants, with strike prices of $7.15 and $8.55 a share,​​ would give Warburg a roughly 5.6% stake in the business if exercised today.

Aterian Investment Partners and joint venture Craft Work Capital have sold commercial and industrial services provider Rogers Building Solutions to midmarket-focused GHK Capital Partners. The Douglasville, Ga.-based company develops, installs and maintains heating, air conditioning and plumbing components across the U.S. Southeast. Craft Work, a joint venture between Ateriand and a family office, had backed the business for the past five years or so.

Infrastructure-focused Amberjack Capital Partners in Houston has sold pipeline inspections company Entegra to strategic buyer NDT Global. Indianapolis-based Entegra provides in-line inspection services including leak detection to pipeline operators. Amberjack backed the company for the past decade.

Space company Firefly, whose investors include AE Industrial Partners, raised the expected price range for its initial public offering of shares to $41 to $43 each from $35 to $39. Bloomberg News estimated the higher range would give the Cedar Park, Texas, rocket developer a market value of around $6 billion. AE Industrial holds a roughly 47% stake in the company, according to the amended IPO registration.

OrbiMed Advisors has raised $1.86 billion for its largest royalty and credit fund to provide businesses with financing alternatives as equity capital becomes more costly, WSJ Pro's Brian Gormley writes. New York-based OrbiMed beat its $1.75 billion goal for OrbiMed Royalty and Credit Opportunities Fund V. The fund, which closed on Friday, follows the $1.71 billion OrbiMed raised for its fourth royalties and credit fund in 2022.

Carlyle Group has raised $9 billion for its 10th and largest U.S. opportunistic real-estate fund. The fund follows Carlyle Realty Partners IX, which collected $8 billion in 2021. The Washington-based firm's new fund continues to focus on sectors like residential, self-storage and industrial. CRP X isn't expected to invest in the office, hotel or retail sectors.

Multistrategy investment firm Post Road Group in Stamford, Conn., has collected more than $1 billion across two funds, closing Post Road Digital Infrastructure Fund II with $500 million and its Special Opportunity Fund III with $525 million. The firm has made five investments from the latter vehicle, deploying about 45% of the fund's capital. The firm with assets of about $3.1 billion intends to make growth investments in the data-center sector with the other fund, its first for the strategy.

Investcorp added several professionals to its strategic capital group, including Amir Rezvani as head of Middle East coverage, Jon Hays as head of wealth coverage and Lindsay Shagrin as a vice president, as well as Svein Floden as an operating partner. Rezvani was previously with Investindustrial, Hays was with Hunter Point Capital, Shagrin with Blackstone and Floden with Insight Investment.

Pandion Asset Management added Horatio Sparkes as a senior director of business development and investor relations, joining from CapSource Productions.

Midmarket buyout firm HGGC in Palo Alto, Calif., has promoted both Anna Ike Pope and William Dean to principal from vice president, according to an emailed news release.

Genstar Capital named Donal McMahon head of AI and data science. He most recently led the AI and data group for Indeed.

Sovereign-wealth fund Bahrain Mumtalakat has acquired an unspecified interest in Manama-based asset manager BlueFive Capital, joining other Gulf Cooperation Council nations and investors in backing the firm. Started last year, BlueFive manages about $2.6 billion.

Selective defaults by companies with private-credit obligations surged last year to five times the number of conventional defaults, driven by flexible deal covenants and payment-in-kind conversions, S&P Global Market Intelligence reports. The affiliate of debt-ratings provider S&P Global Ratings said the breakdowns can obscure early warning signals of pending defaults as well as systemic risk. Systemic risk is also rising because of increasing concentration of private-credit capital, with 36% of global dry powder controlled by just 20 of the largest funds.

A raft of Europe’s largest private-equity firms are fundraising for new flagship vehicles this year, setting the scene for a fiercely competitive contest for capital, Sebastian McCarthy reports for sister publication Private Equity News in London. Many buyout shops across the continent are heading back into the market roughly three years after wrapping up their previous funds, when the Covid-era boom in capital-raising was just coming to an end.

Ownership Works, a nonprofit organization that promotes a form of equity sharing by businesses, has fostered programs that have so far delivered $1 billion into the hands of company workers, according to a Linked In post by founder Pete Stavros, who is also global co-head of private equity at KKR & Co. Shared ownership programs under way now are expected to deliver another $8 billion. The New York-based nonprofit recently surpassed 100 members, as PE firm GTCR in Chicago joined along with several other new backers.

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