Good morning. Music is big business and asset managers are taking notice. My colleague, Rod James, has news of Bridgepoint Group joining the ranks of asset managers looking to buy music royalties. However, instead of targeting musical artists themselves, the firm is focusing on the professionals who help produce the music.

And Luis Garcia reports on the divide emerging among publicly traded private-markets firms as they strive to expand.

Now onto the news...

Bridgepoint Group is joining the growing ranks of private-markets firms expanding into the market for music royalties, but instead of buying those royalties from the recording artists, the firm is targeting rights owned by studio professionals who helped produce those artists’ music, WSJ Pro’s Rod James reports. Bridgepoint’s credit opportunities strategy is taking a minority stake in Rezonate Music Rights and providing up to $150 million to acquire music rights from production professionals such as mix engineers and vocal producers who work with artists to fine-tune songs.

Salesforce struck a roughly $8 billion deal for data-management software firm Informatica, which counts private-equity firm Permira and Canadian pension investor Canada Pension Plan Investment Board among its shareholders. As Lauren Thomas writes for The Wall Street Journal, Salesforce beat out other strategy and private-equity bidders for the company, including Thoma Bravo.

WSJ Pro Private Equity is embarking on its latest Survey of Secondary Market Buyers, which we use as the basis for compiling our annual special report on the latest trends shaping the secondary market. Secondary buyers can complete the survey by June 20, 2025 through the following link.

A divide has opened between some of the largest, publicly traded private-markets firms as they strive to expand, with most following an “asset-light” strategy as opposed to the balance sheet-heavy approach taken by Apollo Global Management and KKR & Co. Read more in Garcia’s Take.

Credit investor MidOcean Partners backed Emergency Care Partners, a Pensacola, Fla.-based provider of emergency-medicine services to hospitals. The preferred-equity investment is expected to help Emergency Care fund planned acquisitions and pay dividends to veteran physicians who own stakes in the company.

Monroe Capital is backing a senior credit facility and equity co-investment to support Fusion Capital Partners’ acquisition of Relevant Industrial. Houston-based Relevant Industrial distributes flow control parts and equipment used across industries that include renewable energy, alternative fuels, semiconductors, chemical processing, food processing and upstream oil and gas.

Littlejohn & Co. has acquired transportation, rail and utilities services provider RailPros from fellow private-equity firm Court Square Capital Partners. Court Square initially acquired the company, which offers services such as safety management, engineering consulting and real-estate permitting, back in 2020.

Lexeo Therapeutics has announced an $80 million equity financing to further advance development of transformative genetic medicines for cardiovascular diseases. Frazier Life Sciences and Janus Henderson Investors led the investment round.

Strive Asset Management and Asset Entities have created a $750 million private investment fund. An additional $750 million will be available upon the exercise of warrants, which could increase total potential proceeds to $1.5 billion. Upon closing of the transactions, the proceeds are expected to support the company's first wave of Bitcoin acquisitions.

U.K. private-equity firm Limerston Capital has acquired CyberCrowd, a cybersecurity services specialist. This transaction will aid the asset manager in creating a new platform business alongside assets from an earlier cybersecurity acquisition. The new group will offer several services such as digital forensics and incident response solutions.

Lupine Crest Capital, a family office investor launched by Genstar Capital executive J.P. Conte, is joining Brazilian investment firm eB Capital to back a roughly 640 million Brazilian reais, or around $115 million, investment in waste-to-energy company Orizon Valorização de Resíduos. Orizon captures and transfers waste into raw materials and renewable energy through 17 ecoparks across Brazil.

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

Industry-focused ATL Partners said it has sold Geost, a unit of its portfolio company LightRidge Solutions, to publicly traded space systems services provider Rocket Lab USA. ATL acquired the space technology services company in 2021. ATL is also combining the two remaining subsidiaries of LightRidge to form Trident Solutions, which provides mission critical electrical components, processing solutions, and airborne payloads for aerospace and defense applications.

Private-equity firm RCP Advisors has held the final close of its latest primary fund-of-funds with $314 million in capital commitments. The fund, RCP Fund XIX LP, has a limited-partner base of new and existing investors, including family offices, public pension plans and endowments.

Alternative-asset manager Bow River Capital has hired Mark Hantho as an executive chairman. Hantho will join the firm’s executive committee, which develops and executes the firm's strategy. He will play an integral role in the firm's business development and fundraising activities.

Ashton Thomas Private Wealth, an Arax Investment Partners firm, has hired Lance Millar and Stewart Preziose to work in its San Francisco office. Together, they will form the Speritas Private Wealth Team, with Millar as a partner and Preziose as a wealth adviser. Prior to Ashton, Millar and Preziose worked at SVB Private, a division of First Citizens Bank, where they provided wealth-management, banking and financial planning services.

Private-investment firm LO3 Capital has added TJ O'Donnell to its partner ranks. O'Donnell will contribute to the management of the firm’s future investment activities.

Blackstone’s Strategic Partners strategy has agreed to buy $5 billion of private-equity fund stakes from the New York City pension systems. The portfolio sold included 75 private-equity managers, over 125 distinct funds and 450 individual commitments. The sale allows the pension systems manager to focus on a core group of asset managers. Evercore served as adviser on the transaction.

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

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