Good day! Today we have news from our Pro Bankruptcy colleague Alexander Gladstone that a Platinum Equity-backed company, Elevate Textiles, has struck a restructuring deal with lenders that will reduce the private-equity firm's stake to 2%.

Also, our Journal colleague Amrith Ramkumar reports on a big bet by JPMorgan Chase on carbon-capture technology, agreeing to buy $200 million of related credits to reduce the giant bank's carbon footprint.

Finally, PacWest's shares got a boost after the lender said it would sell $2.6 billion in loans, our Journal colleague Chelsey Dulaney reports. More sales are planned.

We have these and many more stories summarized and linked for you below, so please read on...

Elevate Textiles, the fabric maker owned by Platinum Equity, reached an out-of-court restructuring deal in which its lenders will take control, Alexander Gladstone reports for WSJ Pro Bankruptcy. The restructuring deal reduces the company’s debt load to $384 million from $778 million. It also leaves Platinum with a 2% stake in the restructured company and creditors taking the rest, a person familiar with the matter said. Platinum Equity acquired the predecessor of Elevate in 2016. The company, which makes fabrics for automotive, apparel, interior furnishings and industrial applications, has struggled with the cost of servicing its debt.

The biggest U.S. bank is making one of the biggest bets ever to remove carbon from the atmosphere as a way to fight climate change, Amrith Ramkumar writes for The Wall Street Journal. JPMorgan Chase has agreed to invest more than $200 million to purchase credits from several companies in the nascent industry, company officials said. The money and JPMorgan’s endorsement are a boost to businesses that have removed only small amounts of carbon so far.

PacWest Bancorp shares rose about 9% after the beleaguered regional lender said it would sell a $2.6 billion property-loan portfolio to Kennedy-Wilson Holdings, Chelsey Dulaney writes for The Wall Street Journal. The portfolio includes 74 construction loans. It will sell another $363 million in real-estate loans once the bank gets the required consents, according to a regulatory filing. The multi-part deal is expected to close in the second and third quarter.

Hudson's Bay said it will expand its discount store chain Zellers brand across cities in Canada and that it has raised 240 million Canadian dollars, or about $177.7 million, to invest in the operations, Adriano Marchese reports for Dow Jones Newswires. The storied Canadian retailer, which is owned by U.S. private investment firm NRDC Equity Partners, said Tuesday that it plans to increase the number of Zellers stores in the country.

Goldman Sachs Group’s asset management arm is backing Japanese ride-hailing application maker Go with a ¥10 billion growth investment, equivalent to about $721.6 million, as part of a ¥14 billion series D round that included ¥4 billion from local lenders MUFG Bank and Sumitomo Mitsui Trust Bank, according to a release from the Tokyo company. The app provided by Go has been downloaded 14 million times and can be used to hail taxis in 43 prefectures around the country, according to the release.

CVC Capital Partners said it has purchased a majority interest in Danish shipping services company SGL International from AEA Investors and its co-investors, who all remain minority shareholders. Also known as Scan Global Logistics, SGL generates more than $3 billion in revenue and operates form over 150 locations worldwide, according to an earlier news release. The U.K. buyout firm, which announced the deal in February, is backing the business through its CVC Capital Partners Fund VIII. AEA Investors first acquired SGL through its small business fund in August 2016, according to the firm’s website

Sovereign wealth investor Qatar Investment Authority has led a more than $250 million investment in enterprise software company Builder.ai, bringing the total amount that the company has raised to date to more than $450 million, according to a news release. Other investors that participated in the latest round include Iconiq Capital, Jungle Ventures and Insight Partners, according to the release.

Spark Capital led a $450 million investment in artificial intelligence company Anthropic and General Partner Yasmin Razavi has joined the company’s board of directors, according to Anthropic’s website. Other investors that participated in the transaction include Google, Salesforce Ventures, Sound Ventures and Zoom Ventures, the website stated.

Blue Earth Capital in Switzerland said it is backing digital banking company Tyme Group, which caters to low-income consumers and small  businesses in South Africa and the Philippines, through an impact investment. With participation from Africa-focused investment fund Norrsken22 and existing investors in the business, the fresh capital totals about $77.8 million, according to a statement from Tyme Bank. Apis Partners first backed the company through a $110 million growth investment that was later joined by Tencent and CDC Group through a $70 million combined commitment in December 2021. Other backers include African Rainbow Capital.

Ridgemont Equity Partners-backed Hatch Renewables is partnering with technology-enabled power company Equilibrium Energy to aid its efforts to manage utility-scale storage battery installations by pursuing tolling arrangements with commercial property developers, according to a news release. Formed last year with Ridgemont, Hatch targets clean energy investments that can generate attractive private-equity returns, according to the release.

Asset manager Isalt in Paris said it has made its first investment from its Strategic Transitions Fund, which is focused on smaller French industrial companies, backing medical technology company Tissium in a €50 million, or around $54.1 million, commitment, joined by Merieux Developpement and existing investors Cathay Health and Sofinnova Partners, among others. The company founded by two Boston-area professors is developing tissue repair products made from biomorphic programmable polymers, according to a news release.

Lower midmarket-focused LO3 Capital has provided debt and equity to KeyServ Co., a landscaping services company backed by midmarket private investment firm Kidd & Co., according to a press release. KeyServ plans to use the capital to support acquisitions of two other landscapers.

Sienna Private Credit said it has closed on a €21 million loan, equivalent to $22.7 million, to electronics trader Riba Mundo Tecnologia in Valencia, Spain, which will use the cash to finance operations.

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

Buyout firm KKR plans to sell more than 17.4 million shares of US Foods Holding which it converted from 371,044 preferred shares that the fund manager acquired in April 2020, Will Feuer reports for Dow Jones Newswires, citing company filings. When KKR bought $500 million worth of US Foods convertible preferred stock the parties to the deal said the shares could be converted to common stock at a price of $21.50 each. The company also said Tuesday that it would purchase $150 million of the common shares from KKR through the secondary offering. KKR plans to sell its shares for $39.90 each, indicating a value of more than $695 million for the stake, and once the transaction is completed later this week, KKR will no longer own any US Foods shares, according to one of the filings.

Several investors in publicly traded Swiss biopharmaceuticals company VectivBio Holding stand to exit the company through its acquisition by Ironwood Pharmaceuticals for $17 a share in cash, which values the business at about $1 billion net of cash and debt held by VectivBio. The private-equity investors include Orbimed, with an 11.2% interest; CHI Advisors, 8.8%; Forbion Capital Partners, 8.2%; Versant Capital, 7.8%; Eventide Asset Management, 5.4%; and Novo Holdings, 5.3%, all as recently as December, according to an April 19 regulatory filing by the company. Ironwood said Versant, Orbimed and Forbion were among those that have agreed to the transaction for the Basel-based company. The price Ironwood said it would pay represents a 43% premium to its close on Friday before the deal was announced, Colin Kellaher reports for Dow Jones Newswires.

Lower midmarket specialist HCI Equity Partners in Washington said it has sold a controlling interest in Curtis Metal Finishing Group to strategic buyer Primat Group in Milan, Italy. HCI first backed the Sterling Heights, Mich.-based company in 2015, according to its website. The firm said it retained a stake in the business.

Chicago-based GTCR has closed its latest main buyout fund with $11.5 billion, sailing past an initial $9.25 billion target. GTCR itself contributed $500 million to GTCR Fund XIV LP with the remaining $11 billion coming from limited partners, according to a press release. The new fund is GTCR’s first flagship offering to close since the firm sold a minority stake in itself to Blackstone’s Strategic Partners investment unit. The fund is also around 46% larger than its predecessor GTCR Fund XIII, which closed in 2020 with $7.9 billion.

Hamilton Lane has raised some $370 million for its second impact investment fund, bringing the total assets the firm has raised for impact and sustainable investment strategies since 2021 to more than $850 million, according to a press release. Hamilton Lane Impact Fund II closed at more than three-times the size of its predecessor, the press release stated. The fund targets direct investments in themes that include clean energy transition, sustainable processes, health and wellness or community development. So far it has backed nine deals, according to the release.

New Jersey’s Division of Investment, which manages state pension funds that totaled $87.5 billion last June, said it has hired Maryland’s Dana Johns as head of private equity. She was previously on the private-equity team with the Maryland State Retirement and Pension System and also holds a number of industry leadership roles, including chair of the Private Equity Women Investor Network. Last month, New Jersey’s investment unit hired Brad Johnson as head of private credit. He was previously an alternative investments specialist with First Republic Bank.

Private-equity firm Permira in London said it has added medical device industry executive David Floyd as a senior adviser on its global healthcare team. He is currently chairman of orthopedic implant company Corin Group, which Permira backed in 2018, according to a news release.

Turnspire Capital Partners in New York said it has hired Fang Fang Fu as chief financial officer. She previously worked at Iconiq Capital. The firm also said it added Riley McCabe and Ahdiv Nathan as vice presidents and Peter Derby as an associate.

Pritzker Private Capital in Chicago said it has added Manny Perez de la Mesa to its advisory board. He is a former chief executive of Pool Corp., a distributor of swimming pools, supplies and accessories in Covington, La., and remains the company’s vice chairman, according to an emailed news release.

Investment and consulting firm Cambridge Associates said it appointed Samantha Davidson as president and head of global investing at the firm. Davidson, who starts in July and joins from Mercer where she served as a senior partner and U.S. investments leader, replaces Noel O’Neill, according to a press release. O’Neill is taking on a newly created executive role as the firm’s first head of investment implementation.

Investment bank Robert W. Baird & Co. in Milwaukee said it has hired Chad Bounds as a director in its global general partnership solutions group. He joins from HarbourVest Partners in Boston, where he was a vice-president in the firm’s secondaries group focused on sponsor-led private-equity deals and invested nearly $4 billion across 10 secondary transactions, according to a press release. He reports to Jeremy Duksin and Alex Mejia, Baird's co-heads of GP solutions.

Placement agent and financial advisory firm Eaton Partners announced two hires on the West Coast to lead private funds sales and originations efforts in the western U.S., according to a press release. The firm tapped Grant Saul and Louis Kleist as directors. Saul, who will be based in San Francisco, previously served as an executive director on the private funds advisory team at New York investment bank Moelis & Co. Meanwhile, Kleist, who will be based in Spokane, Wash., most recently worked for Hamilton Lane as a principal of business development for the western region.

Blackstone could soon launch an effort to develop data centers in India to serve the rapidly rising demand for cloud-based storage and processing systems, Reuters reported, citing the chief executive of the New York firm’s Lumina CloudInfra operation in the South Asia country. Lumina’s Anil Reddy told the news agency that Blackstone was in talks with Amazon.com and Microsoft about building new data centers to help them meet their market needs in India. He said Lumina expects about two-thirds of its business to come from the two U.S. giants, as well as rivals Google and Oracle. He added that Blackstone plans to construct centers in five Indian cities by 2030.

Traders worried about a potential U.S. default are swapping their go-to safe haven for the bonds of America’s top-rated companies, The Wall Street Journal’s Matt Grossman writes. Just days or weeks before the government faces a possible funding shortfall, investors are shunning U.S. Treasury bills that will mature over the next several months while paying a premium to buy debt issued by Microsoft and Johnson & Johnson, two of the highest-rated U.S. companies.

Unlimited Funds, an investment firm co-founded last year by former Bridgewater Associates executive Bob Elliott, has raised fresh capital to expand its offering of exchange-traded funds that are designed to mirror the strategies of hedge funds and private-equity portfolios, Christine Idzelis reports for sister publication MarketWatch. The firm began selling an ETF in October that uses machine learning to track hedge-fund returns and plans to offer other ETFs that give individual investors exposure to alternative investment strategies.

The Cayman Islands Monetary Authority has engaged lawyers to assess its legal options after deposits at Silicon Valley Bank’s branch in the territory were seized by the Federal Deposit Insurance Corp., a government official told affected depositors, Frances Yoon reports for The Wall Street Journal. André Ebanks, the Cayman Islands’ minister of financial services and commerce, met in person last week with some of SVB’s depositors in Hong Kong. He told them the financial regulator has retained lawyers and is looking for ways to help them, according to meeting attendees. Chinese and other Asian investment firms that banked with SVB’s branch in the Cayman Islands were left out in the cold following the U.S. bank’s collapse in March, The Wall Street Journal previously reported.

Send us your tips, suggestions and feedback. Write to:

Maria Armental; Ted Bunker; Chris Cumming; Luis Garcia; Rod James; Laura Kreutzer; Chitra Vemuri.

Follow us on Twitter:@wsjpe, @LHVGarcia, @LauraKreutzer