Good morning! Are we ready yet? As states start to remove restrictions on nonessential businesses, it remains to be seen whether such moves will lead to local jumps in Covid-19 cases. As well as the misery that would entail, there’s also the question of how much economic strain a society can bear before the consequences of lockdowns become worse than the pandemic those orders are designed to stop. Are people ready to say, "Virus be damned, let’s get back to work"? No answers here. 

The drive to keep portfolio companies in business is contributing to a spate of requests by buyout firms for changes in investor agreements. Preeti Singh has the details in the latest installment of our Coming to Terms series on the impact of the pandemic. Laura Kreutzer has details on a Bain Capital impact investment as it backs an online special-ed services and technology provider as the demand from schools skyrockets amid the coronavirus outbreak. And we take a look at the recent investments by Silver Lake, Vista Equity Partners and General Atlantic—not to menton Facebook—in an Indian telecoms giant. 

For these stories and more news, please read on...

Coming to Terms: Buyouts firms focused on shoring up portfolio companies struggling with the coronavirus pandemic have stepped up requests to hold on to more of investors’ realized gains, WSJ Pro Private Equity's Preeti Singh reports. Such amendment requests made to the limited partners of their funds seek to change the recycling portion of investment contracts, which govern the percentage of capital a firm can retain from a realized investment. The volume of requests seeking to alter these terms has increased significantly in recent weeks, people familiar with the matter said.

Bain Capital’s Double Impact team has led a $27 million financing round in PresenceLearning Inc., a tele-therapy and educational services provider, at a time when demand for those services is rapidly increasing. Formed in 2009, New York-based PresenceLearning works with public schools to help meet the requirements of special-needs students. The company’s offerings include speech and occupational therapy, behavioral health services and psychological and education assessments.

Mukesh Ambani’s plan to bring India's shoppers online attracted investment from a trio of big-name private-equity firms as well as Facebook, Newley Purnell reports for the Journal. The social-media giant said in April it would invest $5.7 billion for a stake in Mumbai-based Jio Platforms Ltd. That was followed by smaller deals with Silver Lake, Vista Equity Partners and General Atlantic. The deals are a bet that Jio Platforms and Mr. Ambani, the billionaire chairman of its parent company, Reliance Industries Ltd., are positioned to bring legions of Indian consumers fully online and into e-commerce.

Blackstone Group Inc.’s deal to acquire Dutch bank NIBC Holding NV may go forward as planned after the bank said it would pay a scheduled dividend of 53 euro cents per share before the transaction closes. Last month, Blackstone had said that by delaying the dividend, NIBC had effectively eliminated a key financing piece and that the action could kill the deal, as the firm is already a major investor in the company. Bank backed J.C. Flowers has also temporarily waived its right to collect the dividend, according to an NIBC news release. Blackstone has offered to take the bank private through a roughly €1.36 billion ($1.47 billion) transaction.

Charlesbank Capital Partners has acquired a majority stake in the Cyberbit Ltd. subsidiary of Elbit Systems Ltd., investing $70 million in the business. The Boston-based firm paid $48 million for its equity stake in Ra’anana, Israel-based Cyberbit and invested $22 million in the maker of commercial training systems for cybersecurity teams.

Private-equity firm Towerbrook Capital Partners has taken a majority stake in car rental and mobility company CarTrawler for more than €100 million ($109.4 million), Selin Bucak writes for sister publication Private Equity News. The business, previously backed by BC Partners, was forced into an emergency financial restructuring due to the coronavirus pandemic.

Providence Strategic Growth has backed e-commerce technology company Assembly to help the company build and acquire e-commerce software and services providers. Assembly will use part of the money to help fund its recent acquisition of Helium 10, a software provider focused on Amazon merchants.

Greenspring Associates led a $30 million investment in Aqua Security, a Tel Aviv-based cybersecurity company, with participation from existing investors Insight Partners, Lightspeed Venture Partners and TLV Partners. The investment brings the total of outside investment in the company to more than $130 million, according to a news release.

Ardian is leading a group of investors in exclusive talks with Telecom Italia SpA to acquire a significant minority interest in an entity that will hold the Italian telecommunications company’s roughly one-third stake in Inwit, which owns wireless communications towers, Reuters reported, citing Telecom Italia statements.

Telegraph Hill Partners has led a $16 million growth equity investment in Nivagen Pharmaceuticals Inc. The firm, which focuses in part on growth investing in established companies, was joined by existing investors in the company, which intends to use the cash to finance drug development.

KKR & Co.’s Altitude Aircraft Leasing platform and aerospace financing specialist Altavair LP have agreed to a sale and leaseback transaction to provide Delta Air Lines with six Airbus A321-200 airliners. KKR set up the lease-finance facility in 2018 to acquire aircraft to be serviced by Altavair.

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

American Securities-backed Emerald Performance Materials LLC has sold its CVC Thermoset Specialties chemical manufacturing unit to Huntsman Corp. for $300 million. The all-cash deal is subject to customary closing adjustments, Huntsman said Tuesday. The business generates about $115 million in annual revenue and operates plants in Akron, Ohio and Maple Shade, N.J. American Securities initially invested in Emerald in 2014 and the company sold off another division in 2016, according to the firm’s website.

Cowen Healthcare Investments said it has wrapped up fundraising for Cowen Healthcare Investments III LP with $493 million, above the fund’s $400 million target. The firm targets investments in mature health-care companies across biopharmaceuticals, diagnostics and digital health, according to a press release.

Goldman Sachs Group Inc. has collected about $2.75 billion for its second fund targeting secondary investments in the real estate sector. The Wall Street bank’s Goldman Sachs Asset Management arm said the amount far outstripped its $1.25 billion target for the Vintage Real  Estate Partners II fund, and is roughly triple the size of the strategy’s debut fund, which closed to new investors in 2016 with $900 million in commitments. Five investments from the new fund had been made by the end of March, Goldman Sachs said Tuesday.

Dyal Capital Partners aims to collect $2 billion initially for a new fund designed to let qualified investors acquire minority stakes in professional basketball teams, Luisa Beltran reports for sister publication Barron’s. The National Basketball Association reportedly began discussions last year about working with an alternative asset manager to provide a way for team owners to take cash out of their investments. Detroit Pistons owner Tom Gores, the founder of Platinum Equity Partners, included the firm in the deal when he bought the team and related assets in 2011, but it wasn’t clear at the time whether the firm would take a piece of the team or just other assets, such as the suburban Detroit arena where they played home games.

Suzanne Yoon, Kinzie Capital Partners co-founder and managing partner, has been named chairwoman of the National Philanthropic Trust's board of trustees. The trust is the largest national, independent donor-advised fund sponsor and has raised $16.9 billion since its founding in 1996. The group has made more than 311,000 grants totaling roughly $7.7 billion to organizations across the world, according to a news release. Ms. Yoon, who co-founded her Chicago-based private-equity firm in 2017, has been a trustee of the charitable organization since 2014.

Palatine Private Equity has hired Tristan Craddock as a partner with its impact investing team, sister publication Private Equity News reported. He joins from London-based private equity group Rutland Partners.

French private equity firm Eurazeo’s economic revenue fell 4.5% in the first three months of the year to €1.32 billion ($1.44 billion), dragged down by the performance of its travel and leisure portfolio companies, Private Equity News reported, citing the firm’s first quarter results.

KKR & Co.-backed Casual Dining Group Ltd., the owner of Café Rouge, Las Iguanas and Bella Italia, said it is preparing to call in administrators as the restaurant industry reels from the coronavirus pandemic, according to sister publication Private Equity News in London. CDG, which has approximately 250 restaurants and employs about 6,000 people, has appointed advisory firm AlixPartners to work on a restructuring. KKR and Pemberton Capital Advisors acquired the U.K. business from  Apollo Global Management Inc. in 2018.

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