Happy Friday! As you read this, I will be enjoying a (hopefully) relaxing day off as I slide into the Memorial Day weekend. As the private-equity industry heads into the weekend, a few firms have clocked up capital for new funds, including Apollo Global Management, which has raised $1.75 billion for a new corporate credit fund, as WSJ Pro Private Equity's Chris Cumming reports. Searchlight Capital Partners and Spectrum Equity also have raised hefty amounts for their latest funds. 

Meanwhile, Luis Garcia reports that Chuck Yates is stepping down from his managing partner role at Kayne Anderson Capital Advisors.

And Indian telecoms company Jio Platforms has yet another private-equity backer.  

Read on for more details and have a safe and relaxing holiday weekend!

Note to readers: We won't publish a newsletter Monday in observance of the Memorial Day holiday.

Chuck Yates has left Kayne Anderson Capital Advisors after spending almost two decades at the private-equity firm, WSJ Pro Private Equity's Luis Garcia writes, citing people familiar with the matter. Mr. Yates was a managing partner of the firm and co-head of its energy-focused private-equity funds. He joined from Stephens Inc., an investment bank where he was a senior vice president.

Apollo Global Management Inc. has raised its latest credit fund as the firm shifts its investment strategy to capitalize on distress caused by the coronavirus pandemic, Chris Cumming writes for WSJ Pro Private Equity. The vehicle, Apollo Accord Fund III B LP, closed on $1.75 billion and was fully raised in about eight weeks, the New York firm said Thursday. About 50% of the capital was committed by limited partners that were new to Apollo’s Accord series, said Stephanie Drescher, senior partner and global head of client and product solutions. The Accord funds focus primarily on dislocated corporate credit.

KKR & Co. has agreed to invest 113.67 billion rupees ($1.5 billion) in Jio Platforms Ltd., joining the list that includes Facebook and other big U.S. firms that want a slice of the Indian telecommunications and technology giant. KKR’s investment will give the private-equity firm a 2.32% stake in Jio Platforms, which has an equity value of 4.91 trillion rupees, Jio’s parent company Reliance Industries said Friday. With this investment, Jio Platforms has raised 785.62 billion rupees from leading technology investors, also including Facebook, Silver Lake, Vista Equity Partners and General Atlantic, over the last month.

Toulouse Football Club said it has entered into exclusive negotiations with RedBird Capital Partners to sell an 85% stake in the French soccer club. RedBird, which was founded by former Goldman Sachs Partner Gerry Cardinale, typically targets $25 million to $150 million of invested capital per platform, according to its website.

Bain Capital has invested in sports video-analysis systems provider Agile Sports Technologies Inc., which does business as Hudl. The Lincoln, Neb.-based company makes software used in assessing performance through videos and also provides technology used by team and talent scouts, according to a news release. About 160,000 teams involved in 35 sports use the technology, which includes online tools, smart cameras and analytics. Bain Capital is backing the company through its growth-oriented Tech Opportunities strategy.

Health-care-focused Amulet Capital Partners and Shady Grove Fertility have formed a support services organization for practices of doctors who provide fertility care across the nation. The platform, US Fertility, has acquired the clinical and practice management software assets of IntegraMed Fertility as part of its formation. The deal marks the first investment out of Amulet Capital Fund II LP, which had rounded up at least $210 million as of early May, according to a regulatory filing.

Morgan Stanley Expansion Capital and PeakSpan Capital led a $42 million investment in Ecwid Inc., a provider of ecommerce software and services to small businesses. The funds will provide exits to early investors such as Runa Capital and iTech Capital as well as the Encinitas, Calif.-based company’s expansion amid rising demand driven in part by the coronavirus pandemic.

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

BlackRock Inc.’s Real Assets arm and Lightsource bp have agreed to sell interests in a 156-megawatt solar-power portfolio to Greencoat Capital, through its Greencoat Solar II LP fund. Giant asset manager BlackRock acquired a 90% stake in the portfolio through its Global Renewable Power II Fund, while Lightsource retained a 10% interest. The assets, still operated by Lightsource, can produce enough electricity to power about 45,000 average homes.

Brookside Equity Partners-backed SelectQuote Inc.’s shares rocketed higher Thursday after the Overland, Kan., insurance website operator raised roughly $570 million through an initial public offering of stock on Wednesday. The shares climbed nearly 36%, Kimberly Chin reports for The Wall Street Journal, giving the provider of insurance cost comparisons a market value of about $4.4 billion. Brookside funds were expected to sell roughly 4 million shares, bringing the firm’s stake to about 17.2%. Brookside first invested in SelectQuote in 2014.

Clayton Dubilier & Rice has sold its interest in post-acute care analytics provider naviHealth Inc. to UnitedHealth Group Inc.’s OptumHealth Inc. subsidiary, according to local and industry press reports about the Brentwood, Tenn.-based software and benefits analytics company. CDR acquired a 55% stake in the company from Cardinal Health Inc. in 2018. NaviHealth works with insurers and medical-care providers to help people in recovery from relapsing.

Searchlight Capital Partners has raised more than $3 billion so far for its third flagship fund, about a year after recording its first commitment to the fund, a regulatory filing shows. The New York firm has collected almost $3.03 billion for its Searchlight Capital III LP fund. That’s about 58% more than the firm brought in for its second flagship vehicle, which closed to new investors in December 2015 with about $1.9 billion in commitments, The Wall Street Journal reported.

Spectrum Equity has closed its ninth flagship fund with about $1.5 billion. The amount rached the firm’s hard cap for Spectrum Equity IX LP, according to a news release. Spectrum also closed its second Discretionary Overage Program at $150 million, enabling the firm to pursue larger transactions or follow-on investments opportunistically. Spectrum makes growth-equity investments of $25 million to more than $150 million, including the acquisition of minority stakes and controlling interests.

Real estate operator Realterm said it has raised $370 million for Realterm Logistics Fund III to invest in high flow-through logistics facilities such as cross-dock truck terminals, air cargo and last-mile delivery services.

Rubicon Partners has raised about $37 million so far from U.S. investment sources for its Rubicon Partners V SCSp fund, a Securities and Exchange Commission filing shows. The London-based firm said it received its first commitment to the fund May 5 and that Capstone Advisors helped market the fund.

Lovell Minnick Partners, a midmarket firm focused on financial services deals, is bolstering its advisory council with four new members, Preeti Singh writes for WSJ Pro Private Equity. The new additions bring the total number of the firm's advisory council members to 11 people. 

Slate Asset Management, a Canadian alternative asset manager with $6 billion in assets, said it has promoted Katie Fasken to managing director of investor relations. Ms. Fasken, who joined Slate in 2016, will be responsible for leading the firm's capital raising and investor relations efforts, according to a press release.

Siris founder Frank Baker and his wife, Laura Day Baker, are giving $1 million for a scholarship fund to benefit Spelman College students. Initially, the fund will pay off spring tuition balances for almost 50 members of the school’s 2020 graduating class, the college said in a news release. The class numbers about 480 students. In the future, the fund will be used to support high-achieving students to enable them to graduate. Siris, a private-equity firm where Mr. Baker is managing partner, focuses on investing in technology and telecommunications businesses. Spelman is a historically black women’s college founded in 1881 and located in Atlanta.

Business development companies may face more write-downs amid the severe economic contraction stemming from fallout from the coronavirus pandemic and additional market volatility throughout 2020, Fitch Ratings said Thursday, adding that negative rating actions may follow. “Spread widening yielded unrealized portfolio losses for BDCs, pushing leverage higher, pressuring debt covenants and increasing risk to dividends,” the company said in a report on the sector. But it added that liquidity remains sufficient and that drawdowns from revolving credit lines have begun to decline from peaks reached in March.

Apollo Global Management Inc. affiliate Apollo Investment Corp. posted a 14.1% drop in its net asset value during its fiscal fourth quarter, which ended March 31, citing the effects of the coronavirus pandemic on the global economy. Net asset value per share dropped to $15.70 from $18.27 at the end of December, the business development company said Thursday. The lender also said its net leverage ratio rose to 1.71 on March 31 from 1.43 on Dec. 31, based on a measure of debt to assets. Howard Widra, the company’s chief executive, said noncore and legacy assets accounted for half of portfolio losses during the just-ended quarter while making up just 10% of the values of the holdings.

The coronavirus pandemic is widening the divide between retailers that are drawing shoppers and those that are losing business, accelerating a split that had been playing out before the health crisis forced some chains to temporarily close stores, Suzanne Kapner writes for The Wall Street Journal. Department stores and apparel retailers are feeling the most pain. Their stores were closed from mid-March through April, and while some buying shifted online, it wasn't enough to offset the lost sales in physical locations. Hundreds of stores are being closed permanently.

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