Good day! It’s no secret that private-markets firms and asset managers have been heavily courting wealthy investors in recent years. But how much progress they’re making in drawing capital to vehicles tailored to this investor group is sometimes harder to ascertain, particularly if a firm is private.

However, in this morning’s newsletter, our own Isaac Taylor reports that one firm, JPMorgan Chase, has reached a significant milestone with one of its private-markets evergreen funds. Meanwhile, our WSJ Pro Bankruptcy colleague Alicia McElhaney reports that Apollo Global Management has tapped investment bank Moelis as it negotiates a possible debt restructuring with troubled semiconductor supplier Wolfspeed.

Read on for more details on these stories and so many more…

JPMorgan Chase’s asset-management arm has reached a sizable milestone for a private-markets fund the bank set up in 2023 to attract capital from wealthy individual investors and their financial advisers, WSJ Pro’s Isaac Taylor reports. JPMorgan Private Markets Fund has amassed $1 billion and focuses primarily on secondary deals and co-investments. The fund had already made 75 investments as of the end of March.

Apollo Global Management has engaged investment bank Moelis as the asset manager negotiates a possible debt restructuring with troubled semiconductor supplier Wolfspeed, Alicia McElhaney writes for WSJ Pro Bankruptcy, citing people familiar with the matter. Apollo ranks near the top of Wolfspeed’s roughly $6.5 billion debt stack, leading a group that holds $1.5 billion in senior secured loans and has the right to approve any new secured financing, securities filings show. Wolfspeed said last week that it is considering restructuring its debt either out of court or through a bankruptcy filing.

Blackstone is providing $570 million in financing to biopharmaceutical company Axsome Therapeutics, investing through its life sciences and credit strategies. The financing includes a $500 million term loan and $70 million in revolving credit. Blackstone also bought Axsome shares worth $15 million. The Nasdaq-listed company based in New York focuses on treatments for central nervous system conditions.

Vitruvian Partners in London and WestCap Management led a $230 million growth investment in investment data services provider Addepar, joined by others including Valor Equity Partners. Addepar’s services are used by wealth advisers and other investment professionals to manage portfolios.

Real-estate investor Frasers Property plans a bid to take-private Singapore-listed Frasers Hospitality Trust, P.R. Venkat reports for The Wall Street Journal. The real-estate investment trust has a market capitalization of 1.27 billion Singapore dollars, equivalent to $972.4 million, and its portfolio was valued at S$2 billion as of September. Holdings include the InterContinental Singapore, Fraser Suites Sydney, Novotel Melbourne on Collins, Fraser Suites Queens Gate London and Park International London. Frasers Property already owns about 24% of the REIT’s shares.

Energy investor ArcLight Capital Partners in Boston has purchased an additional 25% stake in Natural Gas Pipeline Co. of America, bringing the firm’s ownership to nearly 63% of the company’s equity. Strategic backer Kinder Morgan owns the remaining equity. The company operates roughly 9,100 miles of pipelines as well as storage facilities across nine states, including liquefied natural gas facilities in Texas and Louisiana.

Private-equity firm GTCR in Chicago has agreed to acquire U.K. insurance broker JMG Group, joined by European midmarket investment firm Synova. Based in Leeds, England, JMG focuses on serving smaller companies and high-net-worth individuals, generating a gross written premium of more than £350 million annually, or about $461.1 million.

Goodwater Capital led a $146 million growth investment in artificial intelligence-driven financial technology company Stash. The company offers subscription-based advisory services to consumers focused on saving and investing.

Brand-focused European growth investor Borletti Group has acquired a minority interest in denim fashion producer True Religion, which Acon Investments acquired in January, according to multiple media reports.

Potamus Equity in Raleigh, N.C., is backing software company Vive with a “strategic investment.” The Flint, Mich.-based company, legally named Vendor Information Verification Experts, designs its applications to help property managers vet services providers.

The alternatives arm of Goldman Sachs and Smith Point Capital led a $120 million investment round in insurance technology company Bestow, while TriplePoint Capital chipped in a $50 million credit facility as part of the transaction. The fresh capital is expected to fuel the company’s expansion in the life and annuities market segment.

Jeito Capital in Paris and Forbion Capital Partners in the Netherlands took the lead in a €132 million, or $146.4 million, growth investment in clinical-stage therapeutics developer Azafaros. Other participants included Pictet Group and Schroders Capital. Forbion invested through its growth strategy.

Macquarie Group’s investment arm joined Nasdaq Ventures and other investors in backing financial technology company Fincom with a growth investment. The company is developing systems used to prevent money laundering, including sanction compliance screening and entity resolution.

European private-equity firm IK Partners is acquiring Lohoff Pension Services from the company’s founding family, investing through its IK Small Cap III fund. Lohoff provides occupational pension administration services.

The Export and Investment Fund of Denmark joined backers including Lux Capital and Washington Harbor Partners in a $60 million growth investment in autonomous vessel developer Saildrone. The Alameda, Calif.-based company’s unmanned boats are mainly powered by wind and solar energy and are equipped with sensors operating both above and below the waterline.

Singapore investment firm GIC has acquired a minority stake in family-owned alternative asset-servicing business Citco Group. The founding Smeets family remains the majority owner.

BlackRock and Neuberger Berman joined other investors in a $50 million investment in logistics company Cart.com that values the Houston business at about $1.6 billion. BlackRock and Neuberger provided financing for the transaction.

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

Apollo Global Management is acquiring a majority stake in utility maintenance provider PowerGrid Services from the Sterling Group, which will remain as a minority investor along with company management. Sterling first backed the company in 2021.

General Atlantic’s Actis Group closed on $1.7 billion of commitments to its second Actis Long Life Infrastructure Fund, or about 31% more than it collected for a predecessor vehicle that closed in 2019. The firm focuses on investing from the fund in growth markets in regions including Asia, Latin America, central and eastern Europe, and the Middle East and Africa. The firm has deployed almost half the capital raised for the new fund.

Disruptive technology investor DFJ Growth has collected around $1.2 billion for its fifth fund, DFJ Growth V, closing the vehicle with far more than its initial target of $800 million. The firm is expected to write checks of $20 million to $80 million per deal, according to a report presented to the Oklahoma State Regents for Higher Education, which pledged $10 million to the fund last year, the WSJ Pro Private Equity LP Commitments database shows. The Los Angeles Fire and Police Pensions also backed the fund with up to $30 million.

Kayne Anderson has closed on $2.25 billion for its Kayne Private Energy Income Fund III, surpassing a $1.5 billion target. The Houston firm aims to invest in large-scale oil and natural gas assets that generate stable cash flows. Investors in the fund include the Teacher Retirement System of Texas, according to the WSJ Pro Private Equity LP Commitments database.

Boston-based growth investment firm Denali Growth Partners has raised $400 million in limited-partner commitments for Denali Growth Partners Fund II, putting the fund not only ahead of its $350 million target but also nearly doubling the more than $200 million that the firm raised for its debut fund in 2021. Denali was founded by Managing Partner Jesse Lane, who previously worked at Boston-based Summit Partners.

Specialist investor AE Industrial Partners has closed on $418 million for its second leasing vehicle used by airlines, corporations and government agencies, AE Industrial Partners Aerospace Leasing Fund II. The Boca Raton, Fla., firm now has $6.4 billion of assets under management.

Pegasus Capital Advisors has hired sustainable finance executive Jean Rogers as a senior operating adviser with the Stamford, Conn.-based firm. She was previously a senior managing director with New York-based Blackstone.

Fortress Investment Group has hired Giovanni Luna as a managing director, head of origination, Europe, and named Niccolò Biancheri as head of corporate credit, Europe. Both are based in London. Luna was most recently with King Street Capital Management while Biancheri has worked for Fortress for more than eight years.

Midmarket-focused credit firm Backcast Partners announced three new hires, including Bijal Shah who joined the firm as managing director of business development. Shah previously held roles at firms that include Alignment Credit, WP Global Partners, KCAP Financial and MetLife.

Carried interest tax treatment won’t change if a Republican tax plan passes intact, Richard Rubin reports for the Journal. The plan also keeps the top marginal personal income tax rate at 37%, despite President Trump’s recent suggestion that it should be higher. Trump also said he wanted changes to tax rules on carry. Taxes on endowments of big universities such as Harvard, currently in Trump’s crosshairs over a number of issues, would soar to 21% of net investment income from the current 1.4% rate.

Citigroup is selling a unit that houses some 180 private-credit, private-equity, infrastructure and other alternative-asset funds to the big privately held financial-tech company iCapital, Rebecca Ungarino reports for sister publication Barron’s. The deal comes as banks seek to bulk up expanded menus of pricey alternative investments for rich clients as those markets heat up, and as 12-year-old iCapital, legally named Institutional Capital Network and led by a former Goldman Sachs partner, increasingly becomes core to that ecosystem.

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