Good day and happy feasting tomorrow, for those who celebrate Thanksgiving. The day holds many special meanings and we wish everyone the best of times on the festive occasion. 

Today, I have a look at Bain Capital’s new Asia fund, which the firm closed with more than $7 billion. Other firms have struggled to hit their targets recently but Bain Capital surged way past its $5 billion goal on this one.

Also, the Journal’s Benoît Morenne reports Pharos Capital co-founder Kneeland Youngblood has taken oil company ConocoPhillips to court over an ancestral claim to oil-rich property in Texas. 

Additionally, WSJ Pro Bankruptcy’s Alexander Saeedy reports on a dispute over how Invictus ran a $100 million distressed-debt fund, with investors Corbin Capital and Gatewood Capital pushing the firm out of the driver’s seat.

And on the deals front, our Journal colleague Ben Dummett reports Blackstone has added the pursuit of U.K. software developer Civica to its European agenda, which also includes a $13.2 billion take-private deal with Permira for online classifieds provider Adevinta.

We leave you with quite a lot to absorb over the coming days, in other words. Enjoy!

Note: WSJ Pro Private Equity will not publish a newsletter on Thursday, Nov. 23 in observance of the Thanksgiving holiday, or on Friday, Nov. 24. We will resume publication Monday, Nov. 27.

That said, please read on...

Bain Capital has amassed $7.1 billion for its latest buyout fund focused on deals in Asia, running against the tide as private-equity fundraising slowed worldwide. The Boston firm said it collected 40% more than the $5 billion target for the vehicle, Bain Capital Asia Fund V, including a $750 million commitment from the firm. Bain Capital’s successful drive comes against a backdrop of firms struggling to meet fundraising objectives, with Carlyle Group for one closing its latest buyout pool in August at around $14.8 billion, missing a $22 billion goal, according to reports. Data provider Preqin has said 155 private-equity funds wrapped up during this year’s third quarter worldwide, or 38% fewer than in last year’s third quarter.

Kneeland Youngblood, co-founder of private-equity firm Pharos Capital Group, and his family are suing oil and gas company ConocoPhillips, accusing it of depriving them of the riches from oil-soaked land in South Texas bought by his ancestors, who were freed slaves, The Wall Street Journal’s Benoît Morenne reports. They are seeking more than $900 million.

Distressed debt-focused Invictus Global Management lost control of its flagship fund after top investors Corbin Capital Partners and Gatewood Capital Partners ousted it as the vehicle’s manager over business tactics that the investors considered too aggressive, including conduct during a chapter 11 bankruptcy that resulted in court sanctions, WSJ Pro’s Alexander Saeedy reports in the Journal, citing people familiar with the matter. Austin, Texas-based Invictus’s $100 million flagship fund invests in struggling or bankrupt companies. Corbin and Gatewood voted to remove Invictus as fund manager in September, and cited the company’s failing investment strategy and “operational conduct not befitting a fiduciary.”

Blackstone is in advanced talks to buy Civica in a deal valuing the U.K.-based software developer at close to $2.5 billion including debt, The Wall Street Journal’s Ben Dummett reported, citing people familiar with the matter. The tie-up, if completed, could be announced as soon as Wednesday. It would mark Blackstone’s latest bet in the U.K. following its recent purchases of two hotels—one in Birmingham and another outside of Edinburgh—and a project to build affordable housing across the U.K. The firm also formally launched its take-private bid for online classified advertisement provider Adevinta alongside Permira through an offer of about 141 billion Norwegian kroner, equivalent to about $13.2 billion.

Investment bank Morgan Stanley’s investment management arm said it has an exclusivity agreement with Altice France to acquire a stake in the telecommunications company’s data center business, investing through its Morgan Stanley Infrastructure Partners strategy. Altice said the deal would transfer a 70% stake in the newly formed UltraEdge operation, with 257 data center locations, to Morgan Stanley at an enterprise value of €764 million, equivalent to $835.8 million, representing roughly 29 times its adjusted pretax earnings of €26 million expected for this year.

Skky Partners, a consumer brands-focused private-equity firm co-founded by reality TV celebrity Kim Kardashian, said it has agreed to take a minority stake in condiment and sauce brand Truff as the firm’s first investment, Sebastian McCarthy reports for sister publication Private Equity News in London. The company offers truffle-infused products that include hot sauce, pasta sauce, mayonnaise, oil and salt. Truff’s founders Nick Ajluni and Nick Guillen will continue to lead the company and remain significant investors.

Astorg said it is backing automotive leasing and finance software supplier Sofico, acquiring a 51% stake and investing alongside fellow private-equity firm Apheon and company founders. The Belgian company has more than 45 customers, including automotive leasing businesses and is expected to generate revenue of more than €80 million this year, equivalent to about $87.5 million.

BlackFin Capital Partners, Ixo Private Equity and La Maison Partners joined in backing French software maker Indy with a €40 million growth investment, equivalent to $43.6 million, according to the company’s LinkedIn page. Lyon, France-based Indy provides applications used by self-employed people to manage their documents and taxes.

Pelican Energy Partners in Houston said it has acquired industrial contaminant systems maker Springs ATG and renamed it Advanced Technology Group. The Westminster, Colo.-based company’s products include gloveboxes used in the nuclear-power industry, according to a news release.

Investment manager Lunate and Bank of New York Mellon said they are backing wealth-management technology startup Alpheya, which has received commitments totaling $300 million. The transaction gives BNY Mellon a minority interest in the Abu Dhabi-based company, which is focusing on developing products for clients in the Middle East and North Africa.

Fvlcrum Funds and View Park Capital have completed their acquisition of marketing and communications agency Burrell Communications Group.

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

Global Natural Resource Investments and Resource Capital Funds have agreed to sell their stake in Cuprous Capital, owner of the sprawling Khoemacau copper mine in Botswana, to a buyer controlled by China Minmetals, a government-backed mining company, for almost $1.88 billion, P.R. Venkat reports in the Journal. MMG’s acquisition comes amid a wave of deal-making in the global mining sector, contrasting with a lull in overall global M&A activity. The flurry of deals is driven by companies vying for control of materials that are in demand amid increasing decarbonization efforts, such as the shift toward green energy and electric vehicles.

Levine Leichtman Capital Partners said it has sold Therapeutic Research Center to Colibri Group, a portfolio company of fellow private-equity firm Gridiron Capital. Levine Leichtman initially backed Therapeutic Research Center, which offers continuing education for healthcare professionals, in 2017 out of Levine Leichtman Capital Partners V. Golub Capital said it provided financing to Colibri.

Mill Point Capital in New York said it is selling architectural specialty products company International Designs Group to strategic buyer Home Depot. The Decatur, Ga.-based company’s products include residential kitchen and bath flooring, appliances and tiles. Mill Point formed the company last year and expanded it through rollups.

Morgan Staney said its investment management arm in New York has closed on $50 million for its Morgan Stanley Next Level Fund to back early-stage technology and technology-enabled companies with diverse founding management teams. Investors in the fund include companies such as Hearst, Microsoft and Walmart, according to a news release.

Angeles Investment Advisors has raised more than $167.9 million so far for Angeles Private Credit Fund 3, according to a regulatory filing. The Santa Monica, Calif.-based multi-asset management firm closed a predecessor vehicle, Angeles Private Credit Fund 2, with $215.5 million earlier this year, a securities filing and research provider PitchBook Data show.

Clayton Dubilier & Rice in New York said it has named John Stegeman as an operating advisor to the firm, working alongside its industrials team on new investments and helping portfolio companies. Stegeman was most recently chief executive of specialty construction supplies distributor White Cap, according to a news release.

Intermediate Capital Group said that Stelios Elia has joined the firm as a managing director on its European corporate strategy team to focus on telecommunications, media and technology deals. Elia previously served as a managing director on the European private-equity team at BC Partners.

Exponent Private Equity said it is opening a Dublin office and tapped Jacqueline Flynn to lead it as operations director. She joins the firm from BlackRock, where she was chief operating officer for the New York firm’s Irish operations, according to an emailed news release.

Buyout firm 3 Rivers Capital in Pittsburgh said it has hired Katie Krizmanich and named her as finance manager. She joined the firm after a decade with accounting firm Grossman Yank & Ford, according to a news release.

Tiger Global Management’s top venture investor, Partner Scott Shleifer, who oversaw huge investments in startups and other private companies, is stepping back from the New York firm starting next year, Peter Rudegeair and Eliot Brown report for the Journal. Shleifer will become a senior adviser so he can spend more time with family in Florida, according to an investor letter from Tiger Founder Chase Coleman that was reviewed by Journal. Shleifer joined Tiger in 2002 and helped build out its private-equity business, first by buying stakes in Chinese internet companies and then by becoming one of Silicon Valley's most prolific venture investors. But he also invested billions of dollars just before valuations crashed and losses have grown.

MiddleGround Capital in Lexington, Ky. said it has closed its MiddleGround Carbon CV continuation fund with commitments of about $440 million to invest in metal products distributor Banner Industries and combine it with industrial metals company A.M. Castle & Co. The firm acquired Banner from High Street Capital in December 2019 through its Fund I and purchased Castle earlier this year, according to a news release. Banner’s revenue reached around $350 million and adjusted pre-tax earnings have climbed to about $55 million while Castle’s revenue is roughly $500 million and earnings are about $50 million, according to a firm spokesman.

News that Warren Buffett may push deeper into Japanese shares helped spur the Nikkei 225 index to reach a multi-decade high Monday, Jacky Wong writes for the Journal’s Heard on the Street. Foreign inflows lured by better earnings and corporate governance reform have also been a key driver. But Berkshire Hathaway, the investment conglomerate headed by Buffett, raised the equivalent of $827 million from bonds denominated in Japanese yen on Friday, spurring expectations that he could put more money into the country.

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