Welcome back. Summer vacations are in full swing, and I just returned from a family cruise to the Bahamas. I never gamble, but I decided to try my hand at roulette and craps. I was quickly reminded of what I already knew: The house always wins.

My colleague Luis Garcia has news of leadership changes at Quinbrook Infrastructure Partners. The firm is looking to expand its critical-minerals supply chain strategy, which includes factories powered by renewable energy.

Also in today’s news, Bain Capital's acquisition of Virgin Australia out of bankruptcy in 2020 led to a new lease on life for the carrier, which relisted last week, Stuart Condie reports for the Journal.

Now onto the news ...

Quinbrook Infrastructure Partners is making leadership changes to facilitate its expansion as it focuses on a critical-minerals supply-chain strategy that includes building factories powered by renewable energy, WSJ Pro's Luis Garcia reports. Last month, the Houston-based clean-energy infrastructure specialist with roots in Australia named Managing Director Brian Restall as the firm’s chief executive, a newly created role. He will move into the job by year-end. Restall currently is Quinbrook’s regional leader for Australia. The firm's refocused strategy involves securing the land, permits, raw-material inputs, renewable-power sources and grid connections necessary to support an energy-intensive factory, while tailoring the facilities to the needs of specific manufacturers.

Back in 2020, Bain Capital agreed to acquire Virgin Australia out of bankruptcy protection for 3.5 billion Australian dollars, equivalent to $2.3 billion, betting on air travel’s importance in a country where a third of the population lives across three cities separated by at least 500 miles, Stuart Condie reports for the Journal. Last week, the slimmed-down airline relisted its shares at an implied enterprise value of A$3.62 billion. Bain Capital succeeded in relaunching the airline in an industry that has been reshaped by the pandemic.

BlackRock has closed its roughly $12 billion acquisition of credit-focused HPS Investment Partners, which managed assets of around $150 billion near the end of last year. New York-based BlackRock, with around $11.55 trillion in assets, said HPS will be part of its newly created Private Financing Solutions group with $190 billion in client assets.

Trinity Hunt Partners is taking a majority stake in Blackhawk Supply, a distributor of heating, ventilation and air conditioning (HVAC) parts, with a focus on maintenance, repair and operations products. The firm has appointed Troy Vellinga as chief executive of the new HVAC distribution platform and Jason Lewis as chief development officer. Vellinga previously served as CEO of American Equipment Supply, while Lewis was vice president of corporate development at TurnPoint Services.

Aquiline has acquired the family-office services unit of asset manager and servicer SEI Investments, closing a deal announced in February at a price of $120 million. The transaction gives New York-based Aquiline, with assets of about $12 billion, an accounting, investment management and reporting operation supporting assets of $733 billion. Aquiline has named the business Archway.

Midmarket-focused H.I.G. Capital has acquired mobile services provider 4Refuel from Toronto-listed Finning International. The Miami-based buyer agreed to pay as much as 400 million Canadian dollars, or about $293.9 million, for the business, which delivers fuel, oil and services for on-site equipment operated by more than 3,000 customers across various industries

Multi-strategy asset manager KKR & Co. is backing a 325-unit residential development in the Stockholm market planned by Swedish developer Reliwe. KKR is working on residential property deals with local partner Cavendo and investing through its European real estate strategy.

General Atlantic has closed its previously announced purchase of a minority stake in Blackstone-backed AI-powered performance marketing company Liftoff. Blackstone formed the current company in 2021 through the merger of its existing portfolio companies Liftoff and Vungle.

Infrastructure-focused DigitalBridge Group and Canadian pension manager Caisse de dépôt et placement du Québec have acquired hyperscale data-center developer and operator Yondr Group from Cathexis Holdings. In October, DigitalBridge said it was acquiring the Dutch company through one of its investment funds. La Caisse, as the pension investor prefers to be known, has joined the deal, investing alongside DigitalBridge, and has assumed joint control of the business with the Boca Raton, Fla.-based infrastructure investor.

Midmarket firm Harvest Partners has acquired early childhood education provider Learning Experience from Golden Gate Capital. Golden Gate, which acquired the Deerfield Beach, Fla.-based company in 2018, retained a minority stake.

Apollo Global Management has closed its $6.3 billion acquisition of Everi Holdings and International Game Technology’s gaming and digital business to create a privately held gaming, digital and financial technology platform. Based in Las Vegas, the combined business will operate under the IGT name, although it will retain the Everi brand in certain markets and product lines.

General Atlantic in New York led a $190 million growth investment in Mexican digital financial services provider Klar, joined by strategic investors and existing backers such as Mouro Capital and Quona Capital, according to an emailed news release. The transaction included $20 million in debt and valued the credit-card issuer at more than $800 million.

Josh Harris's 26North Partners investment firm has agreed to buy up to $175 million in Residential Property Assessed Clean Energy assets originated through Renew Financial Group, which provides financing for sustainable home improvement projects. The New York firm is investing through its Investment Grade Alpha strategy. Harris, a co-founder of Apollo Global Management, set up 26North in 2022 and it now manages around $28 billion.

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

An insurance-technology company backed by Altamont Capital Partners and Todd Boehly's Eldridge, Accelerant Holdings, has registered for an initial public offering without specifying how many shares it plans to sell or at what expected price. Eldridge led a more than $190 million growth investment in the Cayman Islands business, joined by Altamont, in a January 2022 transaction that valued the company at $2 billion.

New Mountain Capital has closed its sale of cleaning and sanitation products manufacturer Zep to fellow private-equity investor Truelink Capital Management. New Mountain initially backed Zep in 2015, according to the firm’s website.

Northlane Capital Partners is selling Difference Card to fellow private-markets firm Stone Peak Capital. The company offers technology and services that help employers reduce employee healthcare insurance costs without lowering benefit levels or raising out-of-pocket expenses. Northlane initially backed the company in 2021.

Life sciences-focused Novo Holdings has exited its investment in plant-based medical nutrition company Kate Farms, which has been acquired by Danone. Novo led a $75 million growth investment round in the company back in 2022.

Intermediate Capital Group in London has partially realized its investment in fall protection systems provider Kee Safety with a transaction that added Inflexion and 65 Equity Partners as backers of the business at an implied enterprise value of about £1.3 billion, or roughly $1.79 billion. The deal left ICG as a minority investor and lender to the English company. ICG first backed the business in 2021.

Private-equity firm PAG Asia Capital, asset manager Shanghai Shouda Investment Centre and China-based electronics company Ninestar have sold the Lexmark printer business to strategic buyer Xerox in a deal valued at about $1.5 billion. Operations of the laser-printer maker generated operating income of over $2.24 billion and adjusted pre-tax earnings of $283 million last year, according to Ninestar's 2024 annual report. Lexmark was spun out of computer maker International Business Machines in 1991 and is based in Lexington, Ky.

Insight Partners has sold software connecting science, data and decision-making services provider Dotmatics to strategic buyer Siemens at an enterprise value of $5.1 billion. Insight first backed the Boston-based company, which serves life-sciences researchers, in November 2017, according to the firm's website.

Chicago-based lower midmarket firm Shore Capital Partners has closed its latest food and beverage-focused fund, Shore Capital Food & Beverage Partners Fund III, with more than $450 million in commitments. The firm also said it has promoted Tom Smithburg, Jeff Smart and Jeff Smith to partner on the food and beverage investment team. The new fund targets businesses with $5 million to $100 million in annual revenue across sub-sectors that include food and beverage manufacturing, packaging, distribution and related services.

Catalio Capital Management has raised more than $400 million for its latest healthcare venture fund Catalio Nexus Fund IV and related co-investment vehicles. The latest tally exceeds the $381 million that the multi-strategy life sciences investor raised for its third Nexus fund back in 2022.

Arroyo Energy Investment Partners has raised Arroyo Investors Fund IV and related parallel vehicles with more than $1 billion in commitments. The fund, which backs investments in existing energy infrastructure investment companies, as well as late-stage development projects, has already invested in four companies. They include: Seaside LNG, a North American liquefaction and liquified natural gas bunkering platform; Mesa Solutions, a North American distributed power services business, and Cielo Digital Infrastructure, a portfolio of infrastructure projects with access to grid power for data-center development in the U.S.

Behrman Capital co-founder Grant Behrman plans to step down as managing partner of the firm at the end of this year and Simon Lonergan has been named to step in to lead the firm as its sole managing partner. Behrman will remain with the New York firm as a senior partner. Lonergan joined the firm in 2005 and was named a managing partner in 2019.

The Vistria Group has added Sherry Wang as a partner to the firm’s real estate investment team. Wang previously served as managing director and co-head of the urban investment group at Goldman Sachs.

Bain Capital and publicly-traded Warner Music Group have formed a joint venture to acquire up to $1.2 billion of music catalogs across both recorded music and music publishing. Each firm will contribute an equal equity commitment to the venture and both will source investments for it. Warner Music, however, will oversee all aspects of marketing, distribution, and administration of the acquired catalogs.

Multi-strategy asset manager KKR & Co. has established Ascend Asia Financial Services Group in Singapore and is financing the group's purchase of Finexis Advisory through KKR funds. Ascend, led by Tomas Urbanec, a former Prudential Singapore chief executive, was set up to provide services and resources to member financial advisers.

Rising demand for leveraged loans and high-yield bonds has lifted the performance of such private-credit assets since April lows, WSJ Pro's Luis Garcia reports for Dow Jones Newswires, citing Matt Savino, Carlyle Group's global head of capital markets. Demand drivers include increased issuance of collateralized loan obligations and retail inflows. Savino lists potential market hazards such as trade uncertainty, earnings surprises and fresh geopolitical tensions heading into the third quarter.

Alternatives specialist Aksia and multi-strategy asset manager Calamos Investments have reworked Calamos Aksia Private Equity & Alternatives Fund, which invests mainly through secondary markets and co-investment opportunities, as a vehicle for individual investors. The interval fund offers semi-annual liquidity options and charges fees of up to 1.75%. The firms have also set up Aksia Calamos Private Markets to manage their private-credit and private-equity evergreen funds.

General Atlantic in New York is joining with insurer MetLife to co-sponsor newly formed Chariot Reinsurance in Bermuda, led by veteran MetLife professional Cynthia Smith as chief executive. MetLife has obtained reinsurance from Chariot Re for about $10 billion in liabilities such as structured settlements and annuities tied to previous pension-risk transfers. General Atlantic, which manages assets of around $108 billion, and MetLife's investment management group serve as Chariot Re's external asset managers.

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