Good morning. President Trump’s Liberation Day announcement sparked liquidity concerns from the ivory towers of private-markets executives all the way down to my college friends. While my friends aren’t sweating over billion-dollar funds, they are suddenly concerned about spending the extra money to buy a movie theater ticket. The scale may be different, but the uncertainty is universal.

My colleagues Rod James and Laura Kreutzer, in their story today, take a look at how market turmoil stands to slow the near-term momentum of general partner-led secondary deals even as it creates the kind of liquidity pressure that makes those deals attractive to sellers.

Also, the Journal’s Lauren Thomas has news of broadcaster SportsNet New York exploring potential deals including an outright sale.

Now onto the news...

The market disarray caused by President Trump’s tariff moves will likely intensify private-equity investors’ longstanding need for cash, which so-called continuation-fund deals can provide. But buyers and advisers say they don’t expect a flood of such deals just yet. As Rod James and Laura Kreutzer report for WSJ Pro, the momentum that helped drive general partner-led secondary deals to a record level last year is being tempered by the disconnect between the valuations private-equity firms have assigned their assets and the prices that secondary buyers are willing to pay for them.

SportsNet New York, the broadcast home of the New York Mets, is exploring potential deals including an outright sale, the Journal’s Lauren Thomas writes, citing people familiar with the matter. SNY has hired bankers at Moelis to conduct a process to find new financial backers, the people said. The process is expected to generate interest from a range of potential investors including other regional sports networks and private-equity firms, they said.  The Mets’ billionaire owner, hedge funder Steve Cohen, would also likely be interested.

Apollo Global Management has agreed to acquire the European colocation business of Stack Infrastructure from fellow private markets investor Blue Owl Capital's digital infrastructure advisers unit. The business consists of seven data-center assets across five European markets: Stockholm, Oslo, Copenhagen, Milan and Geneva. Earlier this year, Blue Owl acquired digital infrastructure investor IPI Partners, a joint venture investor that owned Stack.

Midmarket-focused NOVA Infrastructure has acquired a majority stake in data center operator and services provider DartPoints, providing the company with significant growth capital, according to an emailed news release. Seller Astra Capital Management is retaining a minority interest while both firms are being joined by financing and equity partner Orion Infrastructure Capital. The two newcomers are committing more than $250 million to the Dallas-based business.

Midmarket-focused HGGC in Palo Alto, Calif., has invested in executive compensation adviser Equity Methods in a deal that provided private-equity firm Montage Partners with an exit of its investment in the business. Based in Scottsdale, Ariz., the company guides corporations on designing, valuing and reporting their executive compensation programs.

Buyout firm KKR & Co. in New York and the Canada Pension Plan Investment Board have taken control of the classifieds business of German media company Axel Springer under a deal sketched out in September that leaves the news operations that include Politico, Business Insider, Bild and Die Welt. While Springer retained a minority stake, KKR and CPP Investments are exiting their investments in the news business while taking over joint ventures that list jobs and properties for sale in Europe, known as Stepstone Group and Aviv, respectively.

Alternative-investment firm Stonepeak has agreed to acquire a roughly 46% stake in Repsol’s 777-megawatt portfolio across New Mexico and Texas for $340 million. The transaction values the solar and battery energy storage assets at $735 million. Repsol previously raised $60 million in tax equity proceeds for the assets, bringing the total value to $795 million.

Consumer-focused firm Apex Capital has bought a majority stake in Juanita’s Foods, a U.S. producer of Mexican food products. The De La Torre family will retain a stake in the company and remain involved in its operations. Apex Capital is affiliated with food and beverage conglomerate Grupo Mariposa.

Fortress Investment Group and Edge Focus, a credit investment manager, are providing $500 million to Prosper Funding, a peer-to-peer lending services provider, through a forward flow purchase agreement. The deal is expected to give the company greater lending power through its Prosper Marketplace.

Specialist investment firm Hy24 in Paris led a €47 million, or $53.7 million, growth investment in renewable hydrogen producer Hy2gen, joined by other existing backers including Technip Energies. The fresh capital is expected to help the German company prepare its projects for final investment decisions and construction.

Investment firm KSL Capital Partners in Denver has acquired the 266-key JW Marriott Venice Resort & Spa in Venice, Italy, from Aareal Bank Group. The firm invested through its European capital strategy.

Software investor Banneker Partners is backing supply chain applications developer Arkieva with a strategic growth investment, according to investment bank Brown Gibbons Lang & Co., which advised Arkieva on the deal. The Wilmington, Del.-based business provides software used for supply chain planning and management.

Investment firm Otium Management in Paris led a $46 million growth investment in French microprocessor company Vsora, joined by others including Omnes Capital, Adélie Capital and a French family office. The company designs ultra-high-performance artificial intelligence inference chips.

Lower midmarket investor Sky Peak Capital has acquired engineering, design and production company TriStar Plastics. The founder-led business in Shrewsbury, Mass., supplies defense, aerospace and medical-device manufacturers from locations that include North Carolina, Illinois and California.

Washington Harbour Partners and StepStone Group joined growth investment leaders Point72 Ventures and 8VC in a $200 million round to back spacecraft manufacturer Apex Technology. The Los Angeles-based company makes “satellite buses” to put spacecraft into orbit.

Jump Capital led a $41 million growth investment in digital payments company Navro, joined by Bain Capital’s ventures strategy and venture firms, according to a post on the London company’s LinkedIn page.

Ascent Funds Management and RockCreek Group led a $40 million growth investment in industrial materials developer Forge Nano, joined by others including Orion Infrastructure Capital and existing backers. The Colorado business is focused on developing lithium-ion batteries and semiconductors.

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

Buyout firm CVC Capital Partners is selling its interest in identity governance software company Omada to existing investor GRO Capital and Kirk Kapital, joined by others including the asset management arm of JPMorgan Chase & Co. The transaction gives the GRO and Kirk-led group a majority stake in the Copenhagen-based business. GRO is reinvesting through its ​​GRO Fund III and its GRO Fund II is exiting while CVC is selling stakes from its growth strategy.

Apollo Global Management is selling shares in Aspen Insurance Holdings through the company's initial public offering on the New York Stock Exchange. The IPO of 11 million shares is expected to price from $29 to $31 each. Apollo initially acquired Aspen in 2019 in a deal that valued the insurer at around $2.6 billion.

Investcorp has sold its stake in electrical services company RESA Power to Kohlberg & Co. The Bahrain-headquartered investment manager didn't disclose the value of the deal, but said the provider of power systems and services had quadrupled its revenue since Investcorp first backed the company in 2021. The exit is the first from the firm’s inaugural North American buyout fund, which closed in 2023 with $1.2 billion of investor commitments.

San Francisco-based firm Salt Creek Capital said in an emailed announcement that it has sold Safe in Sound Hearing, a franchisee of hearing aids company Miracle Ear, to Amplifon Group, owner of Miracle-Ear, the franchisor. Salt Creek initially backed Safe in Sound Hearing in 2017 and the company now operates 24 retail locations across Arizona.

Edison Partners announced the exit of its stake in publicly traded MoneyLion as part of the company’s acquisition by Gen Digital. Edison initially backed MoneyLion in 2016 and was the fintech company’s first institutional investor.

Evolution Equity Partners-backed cybersecurity company Protect AI is being acquired by Palo Alto Networks in Santa Clara, Calif. The Seattle-based software developer also raised growth capital from StepStone Group in a $60 million round last year and has also been backed by firms including Acrew Capital and Knollwood Capital.

Multi-strategy investor KKR & Co. and mutual-fund giant Capital Group in Los Angeles are offering two credit-focused interval funds, Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+, as fruits of a collaboration that began about a year ago. The firms plan equity-focused funds as well, part of their efforts to broaden private-markets access to individual investors, financial advisers and institutions.

Former Brookfield Asset Management chairman and current Canadian Prime Minister Mark Carney led his Liberal Party to victory in national elections Monday, but appears to be falling short of a majority in Parliament. Carney’s election came after he positioned himself as the best answer to counter U.S. President Trump and “American betrayal,” the Journal reports.

New York-based private-equity firm Soundcore Capital Partners has appointed Cheri Michaels as chief executive officer of TreeServe. Earlier this year, the firm formed TreeServe through its investment into both Princeton Tree Care and Clauser Tree Care.

Red Arts Capital is promoting Dozie Ibekwe to vice president at the Chicago-based firm, which targets investments in supply chain and logistics companies.

Capital Dynamics in New York promoted Susan Giacin to senior managing director and global head of sales, leading the firm’s fundraising efforts. She is also joining the firm’s executive committee. Giacin joined Capital Dynamics in 2017.

Blackstone has set up Proxity to develop and operate warehouses and other logistics-services providers in Europe, starting with around 500 properties held in real estate funds managed by the New York firm. Proxity is based in Frankfurt and led by Guido Piñol as chief executive and Jonas Kriebel as chief financial officer. Both are from Office First, a German real estate investor and manager.

Private markets firm TA Associates in Boston is taking a minority stake in Kline Hill Partners, a secondary firm focused on investments in smaller transactions. Greenwich, Conn.-based Kline Hill managed roughly $9.11 billion at the end of last year, a regulatory filing shows.

Rising U.S. auto-loan delinquencies reached their highest level since the financial crisis that ended in 2009, climbing to 8.1% of all debt secured by vehicles in the final quarter of last year, according to Morningstar’s credit ratings arm. After touching 10.5% in 2009, the delinquency rate stabilized around 7% from the end of 2011 through 2019, but began rising in 2022. Morningstar said the recent gains reflect a combination of higher interest rates, rising vehicle prices and higher costs of living for consumers.

Antin Infrastructure Partners in Paris ended this year’s first quarter with assets of about €33.3 billion, or roughly $38 billion, up 5.8% from a year earlier, aided by €1 billion raised for its Flagship Fund V during the preceding 12 months. That fund closed in December with €10.2 billion. Over the year through March, the firm completed exits from its second flagship vehicle to produce a final 2.6 gross return multiple.

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

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