Good day and welcome to the Private Equity Pro newsletter. Technology stocks, the darlings of the pandemic, cooled off last week on news of a possible vaccine. It will be fascinating to see whether private equity eventually follows a similar path—whether investors cool slightly on tech funds in the post-pandemic world, assuming we eventually get there. Demand has gradually heated from scalding to scorching in recent years, and it pretty much bubbled over during the pandemic. Will investors take a second look at sectors currently out of favor once the economy is no longer dominated by remote and online work? And how will some recent high-priced private-equity tech investments fare if the sector cools?

This morning Ted Bunker has news of tech investor Coatue Management LLC’s recent fundraising progress, while Colin Kellaher reports on a planned initial public offering by GTCR-backed Maravai LifeSciences Holdings Inc.  

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Multi-strategy investment firm Coatue Management has collected more than $2.33 billion so far for a private-equity fund it began raising last year, Ted Bunker writes for WSJ Pro Private Equity. However, the firm may have raised much more than that as four filings associated with Coatue Growth Fund IV, if added together, would total $3.5 billion. A spokesman for Coatue declined to comment on the fund or elaborate whether any amounts in the filings overlapped. 

Private-equity backed Maravai LifeSciences Holdings Inc. on Friday said it plans to sell 50 million shares at between $24 and $27 apiece in its initial public offering. At the $25.50 midpoint of that range, the San Diego life-sciences company said it expects net proceeds of about $1.18 billion, or roughly $1.37 billion if the underwriters exercise an option to buy an additional 7.5 million shares, Colin Kellaher writes for Dow Jones Newswires. Private-equity firm GTCR LLC, which currently owns Maravai, will still hold 78% of the company’s voting power, assuming exercise of the overallotment option, according to a filing with the U.S. Securities and Exchange

Walmart is selling down its stake in Japanese supermarket chain Seiyu GK to private-equity firm KKR & Co. and internet company Rakuten Inc., Peter Landers and Kosaku Narioka report for The Wall Street Journal.  KKR will acquire a 65% stake in the chain while Rakuten will buy 20%. Walmart will continue to hold a 15% stake in the company.

DoorDash, backed by the SoftBank Group’s Vision Fund and Sequoia Capital, registered for an initial public offering of shares, without setting a specific amount of stock it plans to issue or a price range. The filing by the money-losing food delivery company based in San Francisco also doesn’t say whether the Vision Fund or Sequoia plan to sell any of their shares in the IPO. Vision Fund holds nearly 63 million shares, or about 25% of the pre-IPO stock, and Sequoia holds about 51.8 million, or roughly 20%. DoorDash said it had a $131 million operating loss for the first nine months of this year, even as sales more than tripled to almost $1.92 billion.

A Cerberus Capital Management-led group has clinched a deal to take bicycle and consumer products maker Dorel Industries Inc. private for 14.50 Canadian dollars ($11.03) per share, Colin Kellaher reports for Dow Jones Newswires. The Westmount, Quebec, maker of juvenile products said the Cerberus group will acquire all shares except those held by Dorel executives Martin Schwartz, Alan Schwartz, Jeffrey Schwartz and Jeff Segel, and members of their immediate families. Dorel said it agreed to the deal following an independent and thorough evaluation process by a special committee of its board. The company earlier this month reached an agreement in principle on the deal, and Wednesday Dorel said it had extended exclusive negotiations with the group to Nov. 17.

BC Partners has agreed to acquire puzzle book publisher Keesing Media Group from Belgian investment firm Ergon Capital and media company Mediahuis for more than €300 million ($355 million),  Elisângela Mendonça reports for sister publication Private Equity News in London, citing a person familiar with the situation. The Amsterdam-based publisher with about €156 million in revenue last year aims to expand into more digital content and new geographies. Keesing produces more than 100 million puzzle books a year and offers online brain games as well. Ergon Capital initially backed the business in 2017.

Bain Capital has agreed to acquire a majority interest in building materials company US LBM Holdings LLC. The Buffalo Grove, Ill.-based company distributes specialty materials used in the construction industry from more than 250 locations across the U.S.

Multi-strategy alternative investment firm LDA Capital has agreed to an equity commitment of IDR 365,000,000,000 ($25.8 million) over the next four years in publicly listed Chinese-style restaurant chain PT Jaya Bersama Indo Tbk in Indonesia. The firm, which has so far invested IDR 15 billion through the deal, received a call option to acquire 133 million shares in JBI for IDR 505 per share.

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

Germany’s Fidura Private Equity Fonds has sold its stake in microbioreactor maker M2p-labs GmbH to Danaher Corp.’s Beckman Coulter Inc., based in Indianapolis. The U.S. life sciences company makes precision instruments like centrifuges as well as laboratory equipment and solutions. Microbioreactors made by Baesweiler, Germany-based Mp2-labs are used in drug research and development. Grünwald, Germany-based Fidura said the exit netted “high double-digit” returns.

GTCR has wrapped up fundraising for its thirteenth flagship vehicle with $7.5 billion in commitments, or about 43% more than it collected for its predecessor. The Chicago private-equity firm said it had targeted $6.75 billion for its GTCR Fund XIII when it began marketing the pool in June. The firm closed its 12th buyout fund with about $5.25 billion in October 201

Arrow Global Group has rounded up €1.7 billion ($2 billion)  for Arrow Credit Opportunities SCSp across multiple related investment vehicles, including a fund and co-investment program, according to a press release issued by placement agent Eaton Partners, which marketed the fund. Arrow Global plans to invest the fund in European credit deals, including non performing loans.

MPE Partners has raised $350.1 million for its third buyout fund, a regulatory filing shows. The amount raised for MPE Partners III LP and parallel vehicles is about 40% more than the $250 million that the Cleveland-based firm collected for its second flagship fund about four years ago. The firm raised its latest vehicle from at least 31 investors in about two months, the filing indicates, with the first sale recorded on Sept. 9. Morgenthaler Private Equity targets investments in manufacturing as well as commercial and industrial services, with enterprise values of $25 million to $150 million and more than $5 million of adjusted pre-tax earnings, according to the firm’s website.

A private-equity-backed coffee house chain in the U.K., Caffe Nero Group Holdings Ltd., has entered a Company Voluntary Arrangement to restructure its operations and renegotiate credit and other obligations, Mark Latham reports for sister publication Private Equity News in London. Caffe Nero, which operates roughly 700 shops in the U.K. and 200 in overseas locations, is backed by Merifin Capital in Brussels and London’s Novator Partners, helped finance a management-led buyout in 2006, according to Icelandic Financial News. The chain has been hit by the coronavirus pandemic and is trying to minimize store closings and job losses among its roughly 6,000 employees.

The Small Business Administration won a temporary stay of a federal judge’s ruling that required the agency to release detailed information on Paycheck Protection Program borrowers, including names and specific loan amounts, Amara Omeokwe reports for The Wall Street Journal. The temporary stay means the agency won’t have to release the information on PPP borrowers by Nov. 19, as originally ordered by U.S. District Judge James Boasberg in Washington.

Federal officials have granted TikTok and its Chinese parent ByteDance Ltd. a 15-day extension of a deadline for completing a divestiture deal, in another delay of the Trump administration’s efforts to turn the social-media app into an American company, John D. McKinnon reports for The Wall Street Journal. The deadline extension to Nov. 27 was granted by the Committee on Foreign Investment in the U.S., a U.S. panel that monitors cross-border mergers and acquisitions, according to a court filing by TikTok on Friday. TikTok declined to comment.

Illinois Municipal Employees Retirement Fund disclosed $85 million in commitments to several funds managed across two different firms, the state pension manager said on Friday. Illinois Municipal Employees, which managed $45.2 billion as of September, pledged up to a total of $60 million to three funds managed by health-care focused Versant Ventures. The pension also committed up to $25 million to a fund managed by venture firm Lightspeed Venture Partners.

Private equity firms Ardian and Antin Infrastructure Partners are still interested in Suez SA but haven't made any firm offers for a stake in the French waste and water management company, Olivier Pinaud reports for Dow Jones Newswires. The announcement came after French newspaper Le Figaro reported that Ardian offered €18.5 ($21.84) a share for a 29.9% stake in the company in September, before effectively pulling out on Oct. 5 to allow time for discussions. Veolia Environnement SA bought a 29.9% stake in Suez from Engie SA and aims to acquire the company, a move which Suez opposes.

Onex Corp.’s private-equity investments had gross returns of 14% in the third quarter, and 11% for the year through Sept. 30. The gains erased a 4% gross loss in the category for the first half of the year, despite a 16% return in the second quarter, as reported by the Toronto-based company in August.

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