It’s Friday and the redemption requests in private-credit interval funds continue to mount with our own Isaac Taylor reporting on first-quarter redemption requests by shareholders of Carlyle Tactical Private Credit Fund.

As redemption requests rise across the accredited investor-focused private-credit world, many industry players I’ve spoken to have likened the whole redemption wave to a good ole fashioned “bank run,” driven more by fear and uncertainty than actual widespread serious deterioration within the fund portfolios. It does raise the question of how much of the baby is getting thrown out with the bathwater.

However, if the redemption wave continues for an extended period of time, even with funds hewing to 5% quarterly redemptions, it may not matter how the underlying portfolios are performing. Curious to hear your thoughts. How much of this situation do you think may be baby and how much bathwater? Send your thoughts to laura.kreutzer@wsj.com and you may see them in next week's newsletter.

Now onto the news….

Carlyle’s private-credit interval fund, Carlyle Tactical Private Credit Fund, is the latest such fund to get hit with redemption requests with shareholders seeking to redeem 15.7% of the fund’s shares in the first quarter, Isaac Taylor reports, citing a shareholder letter. Like its peers, the CTAC fund will stick to a 5% shareholder redemption limit. A representative for Carlyle said the CTAC fund also was exposed to redemption requests from investors looking for liquidity after being unable to fully redeem shares from other private-credit funds.

Royal Bank of Canada plans to launch a growth fund that will invest up to almost $725 million in Canadian companies, tapping into the country’s efforts to develop defense, energy and other key sectors as part of a pivot away from dependence on the massive U.S. market, Robb Stewart writes for The Wall Street Journal.

Blackstone Credit and Insurance and aviation services company Dubai Aerospace Enterprise agreed to form a new venture called Equator that will invest in aircraft on lease to commercial airlines. The venture will look to invest around $1.6 billion annually with plans to source assets from both third parties and Dubai Aerospace’s aircraft investor services group.

Oak Hill Advisors and Palistar Capital are backing a $425 million credit facility for LiveOak Fiber, a provider of fiber-to-home internet connectivity based in Brunswick, Ga. LiveOak is backed by infrastructure firm InfraRed Capital Partners, which pledged $150 million to the company back in 2022.

Blackstone has acquired a minority stake in Rowan Digital Infrastructure, a developer of sustainable hyperscale data centers backed by energy infrastructure firm Quinbrook.

Alternative-investment manager Ares Management has agreed to buy real-estate investment trust Whitestone in an all-cash transaction valued at about $1.7 billion, Dow Jones Newswires’ Colin Kellaher reports. The companies on Thursday said Ares will pay $19 a share for Whitestone, a 12% premium to Wednesday’s closing price of $16.94 for the Houston company.

Charlesbank Capital Partners has formed a continuation vehicle with backing from Carlyle AlpInvest to extend its hold of and provide capital to support Bridgepointe Technologies, a technology advisory and enablement services platform that Charlesbank initially backed in 2021.

Ara Partners is investing up to $500 million in Sedron Technologies, which offers systems that help upcycle waste into reusable water and fertilizer products.

Dallas-based firm Havencrest Capital Management has invested in Offor Health, a Columbus, Ohio-based provider of office-based anesthesia services for pediatric dental procedures.

Council Capital, a healthcare-focused firm based in Nashville, is buying MedicalServicQuotes.com, a Castle Rock, Colo.-based company that offers technology and services that help payers and employers procure and manage workflow for workers' compensation and auto-no-fault insurers.

Altos Ventures led a $30 million investment in AfterQuery in a transaction that values the applied data research lab at around $300 million. Other investors in the deal include the Raine Group, Y Combinator and BoxGroup.

Transportation-focused private-equity firm TRP Capital Partners is backing Velocity, a Pensacola, Fla.-based company that re-engineers classic cars with modern chassis, powertrain and technology systems.

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

EQT AB’s infrastructure arm has agreed to sell a 30% stake in Nordic Ferry Infrastructure to a group of European investors that include Rederiaktiebolaget Gotland AB, Interogo Infrastructure and Lægernes Pension. EQT will retain a majority stake in the company, which operates a diversified platform of 59 routes with 101 vessels across Denmark, Norway and Sweden.

Percheron Capital, a private-equity firm focused on investments in essential services businesses, has amassed $3.1 billion for Percheron Capital Fund III, wrapping up the fund at its upper limit. The new fund is roughly double the $1.55 billion that Percheron raised for its predecessor back in early 2024.

Bain Capital has raised $1.5 billion for its latest collateralized loan obligation equity investment fund focused on supporting equity investments in other Bain CLOs and warehouse credit facilities. The final tally for Bain Capital Credit CLO Management III exceeded the $650 million that the firm raised for Bain Capital Credit CLO Management II.

Mercer, a unit of publicly traded Marsh & McLennan Cos., has raised over $3.8 billion for Mercer Private Investment Partners VIII to invest across private equity, private debt, infrastructure and real estate.

U.K.-based Livingbridge has been sounding out its investors about raising another flagship fund through a renewed strategy that narrows its target sectors to technology and healthcare deals, Sebastian McCarthy reports for sister publication Private Equity News.

GCM Grosvenor has added Lyndsey Merrill as a managing director on the firm’s business development team to expand its presence in the Middle East and North Africa. Merrill most recently served as managing director and head of global business development at investment firm Engine No. 1. Earlier in her career, she also held senior roles at the White House, including as special assistant to the President and senior director for energy and investment.

TPG has named Admiral William H. McRaven as an independent director to the private-markets firm's board starting May 1. In addition to being a retired U.S. Navy four-star admiral, McRaven serves as a senior adviser at Lazard and as a professor of national security at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin.

Andrew Gillick has joined Stonepeak as director of research at the infrastructure and real-assets investment firm, according to his LinkedIn profile. Gillick previously spent more than a decade at energy market research and technology firm Enervus.

Transom Capital Group has appointed Luke Dauch as a business development principal at the midmarket firm. Dauch previously spent more than a decade in the diversified industrials group at J.P. Morgan.

Canadian pension manager Caisse de dépôt et placement du Québec, or La Caisse, is joining forces with publicly traded Prologis to form a joint venture focused on acquiring, developing and operating high-quality logistics properties. La Caisse will own 70% of the venture with Prologis owning the remaining 30%. The two investors will seed the Prologis Logistics Investment Venture Europe with about €1 billion, or $1.17 billion, of assets. They include about  844,000 square metres of Class A logistics space across France, Germany, the Netherlands, Sweden and the U.K.

A group of secondary investors that include Neuberger Berman, GIC, Apollo Global Management’s Apollo S3 strategy and StepStone Group are backing a $1.6 billion continuation fund to recapitalize three portfolio companies backed by Onex Partners and transfer them into the new vehicle. The companies include Fidelity Building Services Group (“Fidelity”), PowerSchool and Sedgwick, which Onex backed out of its Onex Partners V, Onex Partners IV and Onex Partners III funds, respectively.

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