Good morning and welcome to the WSJ Pro Private Equity newsletter this Tuesday.

Rod James has a scoop this morning on the fast-developing private-credit secondaries market: Coller Capital has raised $6.8 billion for its latest vehicle, well above the 2022 predecessor.

Next, The Wall Street Journal reports that Saudi Arabia's government fund is investing in a site for a Manhattan skyscraper, the latest sign that sovereign-wealth funds are taking interest in the New York real-estate market.

Now onto the news...

London-based Coller Capital has rounded up $6.8 billion to invest in secondhand stakes of private-credit assets, as more liquidity constrained investors turn to the secondary market to generate cash for their portfolios, WSJ Pro’s Rod James reports. The secondary firm’s latest fundraising haul, which includes capital raised across a dedicated commingled fund as well as related co-investment vehicles and separate account mandates, far surpassed the size of a predecessor that closed in 2022.

Saudi Arabia’s government fund is taking a two-thirds stake in a site for a planned Manhattan skyscraper, the latest sign that foreign investors are flocking back to New York’s rapidly recovering real-estate market, the Journal reports. The kingdom’s Public Investment Fund is teaming with Related Cos., which has said it is planning to build a 1,200-foot tower on the site. The New York developer and the Saudis own this site, which is one block from Central Park and was purchased last year for more than $600 million.

Blackstone’s real-estate investment business agreed to acquire Sunseeker Resort Charlotte Harbor from publicly traded Allegiant Travel for $200 million. Sunseeker is located on Florida’s Gulf Coast and spans 22 waterfront acres with 750 rooms.

TPG acquired the hospitality business of travel-technology company Sabre through a carveout valued at around $1.1 billion, a deal announced in April. 

Transatlantic private-equity firm Rhône has entered exclusive discussions to acquire majority stakes in medical device companies Invacare Holdings and Direct Healthcare Group. Paris-based Archimed, which owns Direct Healthcare Group, will retain a minority stake. Both Invacare and Direct Healthcare offer products that support patient mobility, pressure care and rehabilitation.

Nautic Partners closed its acquisition of Ideal Tridon Group from fellow private-equity investor TruArc Partners. Smyrna, Tenn.-based Ideal Tridon manufactures engineered components used to support the movement of fluids, air and electricity in critical applications.

Searchlight Capital Partners is backing Swiss life insurance distributor Wefox Holding by refinancing an existing credit facility with a €75 million commitment, equivalent to about $87.8 million. In addition, existing investors increased their equity commitments by €76 million.

Caisse de dépôt et placement du Québec and Fondaction in Quebec are providing financing totaling 250 million Canadian dollars, or about $183.8 million, to Toronto-listed renewable energy company Boralex, with La Caisse, as CDPQ prefers to be known, committing C$200 million and Fondaction supplying C$50 million, both over eight-year terms.

KKR and Stonepeak haven't won over any Assura shareholders with their roughly £1.7 billion, or roughly $2.3 billion, offer to take the healthcare property owner private with a competing offer still on the table, Anthony O. Goriainoff reports for the Journal. Assura has been at the center of a takeover battle between KKR and Primary Health Properties, which like Assura is a listed real-estate investment trust that specializes in U.K. healthcare facilities. PHP is offering £1.79 billion, but the U.K. markets watchdog said it was considering whether PHP's acquisition of Assura would lessen competition in the healthcare-property sector. Investors have until Aug. 12 to accept the KKR offer.

Multistrategy private investment firm Development Partners International in London and co-investors are investing $190 million for a minority stake in Egyptian hospital operator provider Alameda Healthcare. The company's hospitals have more than 1,000 beds 

Oaktree Capital Management and Ambac Financial Group are extending the deadline to close a stock purchase agreement tied to Oaktree's $420 million acquisition of Ambac's financial-guarantee businesses Ambac Assurance and Ambac UK. Oaktree has been working with Wisconsin regulators to obtain final approval for the deal. The deadline has been extended to year end.

ASH Investment Partners in Atlanta is backing digital infrastructure services provider TekStream Solutions. The Atlanta-based company works with more than 200 commercial and government clients, delivering data security and other services.

Cleanhill Partners in New York, joined by AV Securities and others, is providing $75 million in financing to Nasdaq-listed FTC Solar, a provider of tracking systems, software and engineering services to renewable energy producers. The investors are providing a $37.5 million term loan, including $14.3 million that closed July 2, and an additional $37.5 million to be made available later if needed.

Japan Activation Capital in Tokyo is backing automation-technology company Omron and lifting-equipment provider Tadano Group with growth investments. Formed in 2023, fund manager JAC invests in publicly traded companies and partners with managers of those businesses to help them expand and enhance their value.

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

MiddleGround Capital agreed to sell garage-door-parts manufacturer Arrow Tru-Line to Chamberlain Group, a portfolio company of Blackstone. MiddleGround initially acquired Arrow Tru-Line in late 2021 and said that the sale represents the third full exit out of its debut fund, MiddleGround Capital I, which closed in 2019 with $460 million.

H.I.G. Capital's growth-investment unit is selling a majority interest in jewelry brand GLD Shop to MarcyPen Capital Partners and Brand Velocity Group. Miami-based H.I.G. Growth Partners is retaining a minority stake in the business, which it has backed since 2021.

Midmarket investment firm Heartwood Partners in Norwalk, Conn., has sold container company M&Q Packaging, completing its exit from Schuylkill Haven, Pa.-based M&Q Holdings. Heartwood had backed the business through its second flagship fund. The firm sold M&Q's Neenah, Wis.-based printing and labeling services company Outlook Group in November.

Princeton Equity Group sold International Franchise Professionals Group to Levine Leichtman Capital Partners-managed CNL Strategic Capital. 

One Rock Capital Partners in New York has closed its One Rock Capital Partners IV flagship fund as well as its first lower midmarket vehicle, One Rock Emerald Fund, raising $3.97 billion across both pools and related entities. One Rock had aimed to raise $3.25 billion for the flagship fund, according to a public document from the Nebraska Investment Council, which invested $56 million in the vehicle. Investors in the funds included the New York State Common Retirement Fund, which pledged $125 million to the flagship pool and $75 million to a related co-investment vehicle, as well as $50 million to the Emerald fund, according to the WSJ Pro Private Equity LP Commitments database. Also, the database shows that the California Public Employees' Retirement System committed $125 million to the flagship fund and $25 million to the Emerald pool.

Zenyth Partners, a healthcare-focused firm founded by former Warburg Pincus Partner Rob Feuer, has raised $375 million for Zenyth Partners II and a related co-investment sidecar fund. The firm itself committed about 10% of the fund’s capital. Zenyth targets investments of $40 million to $60 million per platform in healthcare companies with zero to $10 million of earnings before interest, taxes, depreciation and amortization, according to the firm’s website.

GoldenTree Asset Management has set up an interval credit fund designed for individual investors. The closed-end GoldenTree Opportunistic Credit Fund is expected to provide investors with monthly income distributions, quarterly redemption opportunities and daily net-asset value pricing, among other features. The New York firm aims to invest from the fund in public and private debt, including junk bonds, structured credit and distressed assets.

Apollo Global Management added Brian Chu as a partner and head of its portfolio performance solutions unit. He was most recently in a similar role with Centerbridge Partners and earlier worked for Bain Capital.

Stonepeak appointed Cindy Marrs as a senior adviser to its dedicated wealth solutions unit. Marrs most recently served as partner and global head of wealth management at Wellington Management.

King Street Capital Management in New York has hired Philip Brown as a managing director with its U.S. research team, focusing on opportunistic and distressed-debt investments as well as special situations. He was most recently with P. Schoenfeld Asset Management.

Education Growth Partners in Stamford, Conn., promoted Jay Leventhal and Stefan Szanto to partner.

Midmarket firm Olympus Partners announced several promotions, including Matt Bujor and Connor Wood, both of whom were elevated to principal, and Courtney Dunne and Marty Durkin to vice presidents. 

Tikehau Capital in Paris has raised more than €1 billion, or around $1.17 billion, for its first private-equity continuation fund for portfolio company Egis, with investors including Apollo Global Management, Neuberger Berman and the Abu Dhabi Investment Authority. Tikehau's second fund dedicated to a decarbonization strategy also participated. The firm first invested in the engineering and construction services provider in January 2022 through its debut decarbonization fund.

A sampling of 101 insurers with around $4.5 trillion in general account assets by Clearwater Analytics showed an increase in the proportion invested in private equity or equity alternatives to 39% from 29% in 2022 and 23% in 2020. The survey showed that about 21% of the $4.5 trillion was invested in private markets overall, up from 15% in 2022 and 9% in 2020.

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