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Redemption requests continue to mount in the world of private credit BDCs. This morning, WSJ Pro's Isaac Taylor reports that Cliffwater’s corporate lending interval fund redemption requests hit nearly 14%. The firm plans to cover about half of those requests.

At an industry event on Wednesday, KKR's CFO Robert Lewin downplayed his firm's exposure to BDC volatility and instead emphasized the opportunity the firm sees to capitalize on the dislocation, noting the firm has roughly $120 billion in “dry powder” available to invest.

Meanwhile, the Journal reports that CVC Capital Partners trimmed its guidance for near-term performance-related earnings, sending the firm's shares down. CVC is basically predicting that carried interest for its Flagship Fund VIII will be "backloaded," or concentrated later rather than sooner in the fund's life.

We have these stories and more. But before you dig in, we need to correct the record. Our Big Number feature in Tuesday's newsletter incorrectly referred to DC Advisory as DC Capital Advisory. We apologize for the error.

Investors in Cliffwater’s corporate lending interval fund sought to redeem nearly 14% of shares outstanding this quarter, up from 5.3% in the previous period, Isaac Taylor reports. Cliffwater plans to cover about half of the requests, in keeping with the closed-end fund’s normal practice, the asset manager told shareholders Wednesday in a letter seen by WSJ Pro. The manager of the Cliffwater Corporate Lending Fund, which has $32.5 billion in assets, makes repurchase offers on a quarterly basis. The firm set a repurchase limit of 5% of its shares outstanding, and has exceeded that amount only twice before: last year’s fourth quarter and during the Covid-19 pandemic.

European buyout firm CVC Capital Partners trimmed its guidance  for near-term performance-related earnings, spurring a drop in its shares despite record results last year, Elena Vardon reports for the Journal. The private-equity giant expects performance-related earnings—mainly driven by carried interest—of €600 million to €700 million, or $696.6 million to $812.7 million, significantly below analysts' views. Last year included a 67% increase in realizations to €21.9 billion and a 39% jump in performance-related earnings to €254 million. The firm also authorized a €350 million buyback program. CVC is effectively guiding for carried interest from its flagship Fund VIII, to be "backloaded" or concentrated later rather than sooner in the fund's life.

Brookfield Asset Management is backing a bid by Irth Capital Management to take private pizza-chain Papa John's International, Lauren Thomas and Heather Haddon report for the Journal, citing people familiar with the matter. Irth offered $47 a share for the business, the people said, which would value the chain at around $1.5 billion. Irth teamed with Apollo Global Management last year in an unsuccessful bid for Papa John's, the people said. Set up in 2024, Irth is backed by a member of the Qatari royal family.

Iconiq Capital led a $500 million growth investment in online clothing retailer Quince, valuing the company at about $10.1 billion. Other investors participating in the latest round include Wellington Management, DST Global and MarcyPen Capital Partners, among others. The company surpassed $1 billion in revenue last year.

Accel and venture investor Andreessen Horowitz led a $500 million growth investment in Mind Robotics, valuing the startup at $2 billion, Kate Clark reports for the Journal, citing a person familiar with the matter. The Palo Alto, Calif., company is building artificial intelligence-powered robots that can do physical work in factory operations. Founded by RJ Scaringe, the chief executive of electric car and truck maker Rivian Automotive, Mind's machines are being developed to work in the manufacturer's auto plants.

Blackstone’s Energy Transition Partners strategy has agreed to buy a majority stake in Advanced Cooling Technologies, a designer and manufacturer of engineered thermal management and energy efficiency products and systems. The company’s products include liquid cooling systems, heat pipes, phase change materials, cold plates, environmental control units and other thermal and structural systems.

The World Bank's International Finance Corp. unit and global investment firm RMB Capitalworks have led a $40 million investment in Mozark, which uses AI-driven technology to test and measure digital experiences across devices, networks and geographies without encroaching on user privacy. Early-stage venture firm and existing Mozark backer Kalaari Capital also supported the latest deal.

Special situations specialist KPS Capital Partners is acquiring a majority stake in infrastructure equipment and services provider Jennmar, with existing backer FalconPoint Partners and the company's chief executive retaining significant minority interests.

Midmarket investor HKW Management in Indianapolis has purchased firefighting apparatus supplier Watershield Industries. The Salina, Kan.-based company makes specialized vehicles as well as other equipment used to contain and extinguish fires in buildings and wildlands.

Northcote Equity is backing software supplier AmplifyME with a growth investment, Lars Mucklejohn reports for sister publication Financial News in London. The company supplies simulation applications used to recruit and train aspiring finance professionals.

Bain Capital has closed its previously announced acquisition of aviation services provider APP Jet Center, which serves corporate and private aviation clients at airports in cities that include Stuart and Ft. Pierce, Fla., San Francisco and Washington.

Chimney Rock Equity Partners in Austin, Texas, has acquired leak detection systems maker Gas Clip Technologies, according to an emailed news release. The Dallas company makes portable devices used in industrial settings, aboard ships and in infrastructure installations.

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

European buyout firm EQT AB, the Abu Dhabi Investment Authority and Auba Investment have sold their remaining stakes in Zurich-listed skincare company Galderma through a buyback of about 1.6 million shares at a value of about 232 million Swiss francs, or roughly $298 million. Galderma went public about two years ago at 53 francs a share. Wednesday's deal priced the shares involved at CHF143.75 each. 

Carlyle is selling Colombian oil and gas exploration and production company SierraCol Energy to Prime Infrastructure Capital. After backing the company in 2020, Carlyle oversaw the company's nearly $1 billion in capital investments. The firm had sought about $1.5 billion for the company when it began shopping it to prospective buyers last year, Reuters reported.

German private equity firm Deutsche Beteiligungs has sold its stake in fire extinguishing systems company Kraft & Bauer to Syngroh, the investment firm set up by the Grohe family. The company's systems mainly protect industrial tooling machines such as grinders and milling devices at high risk of catching fire. Deutsche Beteiligungs backed the business through its seventh flagship fund.

Orix Capital Partners, the private-equity arm of Orix Corp., is selling infrastructure-focused Peak Utility Services Group to infrastructure investment firm Greenbelt Capital Management.  Sound Point Capital Management is supporting debt financing for the deal. Orix acquired the Broomfield, Colo.-based outsourced utilities services provider in 2018.

Blue Torch Capital has raised at least $933 million so far for Blue Torch Credit Opportunities Fund IV, according to a regulatory filing. The amount indicated in the filing does not include capital raised for Blue Torch Offshore Credit Opportunities Fund IV, which had amassed at least $404 million as of Jan. 11, according to a separate regulatory filing issued at the time. Blue Torch, which emphasizes direct lending to middle market companies, is seeking $3 billion for the combined funds, according to both filings. New York-based Blue Torch closed its previous Credit Opportunities fund in 2024 with $2.3 billion.

Investment manager Rgreen Invest closed Infragreen V with more than €900 million, or $1.04 billion. The Paris firm backs energy infrastructure in Europe, particularly renewable power generation, energy storage and electrification, with the vehicle.

Consumer brands focused Coefficient Capital raised its second early-growth investment fund, closing it with $290 million, Yuliya Chernova reports for WSJ Pro. The New York firm invests $5 million to $15 million from the pool for minority stakes in private companies.

The wealth management division of 1832 Asset Management, Dynamic, has set up its Dynamic Diversified Private Assets Fund, an evergreen vehicle that offers Canadian accredited investors access to a portfolio of private equity, private credit and private real assets.

The Vistria Group has appointed David Schuppan and Phil Alphonse as co-presidents of Vistria’s Flagship Funds and Nick Potter as head of strategic initiatives.

Blue Wolf Capital Partners is adding Paul Claro as an operating partner. He was most recently president and chief executive of Douglas Machines.

Midmarket firm HGGC has added two new names to its partner ranks, promoting Matt Roesch and Phil Sampognaro. The firm also named Greg Caltabiano as head of its value enhancement team, formerly called the operational resources group. And it hired Kelly Heape Parsons as a finance operating partner, Jigar Patel as an IT operating partner and Solmaz Shahalizadeh as an AI operating partner.

Asset manager Janus Henderson directors unanimously rejected an unsolicited takeover bid from Victory Capital, reaffirming support for a previously disclosed take-private deal by Nelson Peltz’s Trian Fund Management and venture firm General Catalyst, Connor Hart reports for the Journal. Victory Capital offered cash and stock worth $57.04 a share last month, which Janus directors determined was inferior to the Trian proposal of $49 a share.

HarbourVest Partners has released its benchmark performance figures for private-equity funds, showing U.S. buyout funds trailing a global gauge with a 9.1% return compared with 10.5%, or 12.5% when U.S. funds are excluded.

Banking giant JPMorgan Chase & Co. is limiting credit extended to non-bank lenders after devaluing some of their software-related assets, the Financial Times and Bloomberg News report, citing people familiar with the matter. The assets served as collateral for debt provided by the New York bank. The moves were described as pre-emptive and didn't involve margin calls, the FT said.

Hamilton Lane doesn't see a bubble developing in the private-credit market, saying in a report issued Wednesday that forces reshaping the sector have grown amid a bull market that is showing limited signs of stress. Private credit is also expected to be more resilient across economic and business cycles, holding up better than broadly syndicated or bank loans, the firm said.

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