Welcome back. 

This morning's newsletter kicks off with a scoop from WSJ Pro’s Laura Kreutzer, who reports that Flexpoint Ford has raised $1.1 billion so far for two funds that look to capitalize on dislocation and structural inefficiencies across financial services.

Luis Garcia and Elias Schisgall write about Apollo's plans to provide daily prices for its credit business by the end of September, a move that CEO Marc Rowan framed as a solution to concerns about the health of the market and the industry’s lack of transparency.

“Trust and reputation now more than ever necessitates greater transparency on fund pricing,” Rowan said. 

And finally, the Journal’s Joe Wallace and Margot Patrick zero in on the opaque private-lending deals that left HSBC with a $400 million hole, a type of loan known in the industry as “back leverage.”

We have these and more. Read on …

Flexpoint Ford has rounded up $1.1 billion so far for two new funds to capitalize on dislocation and structural inefficiencies across financial services, WSJ Pro’s Laura Kreutzer reports, citing a letter the firm sent to investors. The total amount raised so far for Flexpoint Ford Asset Opportunity Fund III and Insurance Opportunity Fund I, a parallel fund for sector-specific co-investments, has already surpassed the $825 million the firm raised for a predecessor asset opportunity fund in 2021. The letter didn't specify a fundraising target for either of the two new vehicles. 

Apollo Global Management is betting that offering daily valuations for its private-credit holdings will help the firm win more investors, as its assets surpassed $1 trillion in the just-ended quarter, Luis Garcia and Elias Schisgall write for WSJ Pro. The New York-based credit-fund sponsor plans to provide daily valuations for its investment-grade loans, which comprise the bulk of its assets, by the end of June and extend the practice to its direct-lending portfolio by September, according to Chief Executive Marc Rowan.

HSBC was not originally among the institutions suspected to have taken hits from the bankruptcy of U.K. mortgage lender Market Financial Solutions. But as the Journal's Joe Wallace and Margot Patrick report, through a complex loan via a chain of special-purpose vehicles, the British bank has turned out to be among the most exposed to the defunct broker’s business. A day earlier, HSBC said that it expected to lose $400 million relating to an alleged fraud in private markets in the U.K., giving few other details other than that the bank came to be exposed via a private-equity company. 

Billionaire Bill Ackman took his hedge-fund management firm public after enticing investors with the hefty fee-linked margins the business generates—something large, publicly traded alternative asset managers such as Blackstone and KKR & Co. are more typically known for. But Pershing’s focus on a concentrated portfolio managed by few professionals—as opposed to the strategy diversification sought by its larger peers—means investors might view its profitability not quite the same way. Read more in The Take.

Carlyle Group is providing financing for joint venture partner Diversified Energy's acquisition of 100 oil and natural gas properties and related assets in Oklahoma's Anadarko Basin from Camino Natural Resources for about $1.18 billion, Carlyle is investing through its asset-backed finance group.

Brookfield Asset Management in New York has acquired New York-listed Peakstone Realty Trust for $21 a share in a deal that valued the company at about $1.2 billion. Peakstone holds more than 70 industrial assets, including logistics properties and outdoor storage sites.

San Francisco-based growth investor Knox Lane has agreed to acquire publicly traded healthcare workforce technology company Cross Country Healthcare in a deal valued at around $437 million.

Snowpoint Ventures and Franklin Templeton co-led a $300 million equity investment in global satellite and space technology company Astranis, part of a roughly $450 million debt-and-equity transaction that brings the company's total capital raised to date to $1.2 billion. Other backers of the equity transaction include Andreessen Horowitz, BlackRock, Baillie Gifford and Fidelity Management and Research Co. Trinity Capital is providing a delayed-draw credit facility that adds up to $155 million.

Venrock led a $220 million growth investment in CellCentric, a clinical-stage biotechnology company focused on the treatment of multiple myeloma. Other backers of the deal include new investors Fidelity Management and Research, Sofinnova Partners and HBM Healthcare Investments.

Abu Dhabi's Mubadala is backing renewable energy technology company Power Factors with a minority growth investment, joining existing investor Vista Equity Partners. The Waltham, Mass.-based company makes software and hardware used by over 600 customers to monitor and manage operations with more than 310 gigawatts of generating capacity.

Technology investor TCV led a $160 million growth investment in Corgi Insurance Services, joined by Leblon Capital and many others, Stephen Nakrosis reports for Dow Jones Newswires. The deal valued the San Francisco-based business at about $1.3 billion.

Ares Management is backing European rehabilitation therapy and intensive care services provider Linimed Gruppe as a new financing partner. The firm joins existing lenders BlackRock and Berenberg in backing the company as well as European healthcare-focused firm GHO Capital. GHO acquired a majority stake in Linimed in 2018 and since then the company has expanded services to more than 1,500 patients in 2025, from 300 in 2018.

Canadian investment firm Alfar Capital is backing re-roofing contractor Couverture Montréal Nord to consolidate and grow the re-roofing industry in eastern Canada. Coverture Montréal employs more than 70 people and offers roofing services that include inspection, repairs, maintenance, installation and roof replacement.

Montage Partners in Scottsdale, Ariz., is backing lighting company Lighten Up. Company founder and president Nathan Megaw will retain a stake in the Los Angeles company and continue to lead the business, which provides lighting design, equipment and technical production services for high-profile live events.

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

Clayton, Dubilier & Rice-backed industrial valve and pump maker Indicor is selling its testing and measurement businesses to strategic buyer Ametek for $5 billion, Freddy Sebastian reports for Dow Jones Newswires. The businesses generate about $1.1 billion in annual sales and have profitability levels consistent with Ametek. Indicor, whose pumps, valves, sensors and measurement equipment are used in automotive and agricultural applications, was formed in 2022 and later sold to Clayton, Dubilier & Rice.

European buyout firm Mutares has sold motorbike and scooter maker Peugeot Motorcycles to company managers. Mutares acquired a majority stake in the producer of motorized two- and three-wheeled vehicles in 2023.

Lower midmarket firm 5th Century Partners has raised $276 million for 5th Century Partners Fund II. The fund’s final tally is significantly larger than the $144 million that the firm raised for its debut offering in 2022. Monument Group placed the new fund. Chicago-based 5th Century, which invests in healthcare and business services companies, has already made four so-called platform investments from the new fund, representing around 42% of committed capital. The portfolio companies include hospice and palliative care provider Capstone Hospice, children’s therapy center My Favorite Therapists, and asphalt paving company Southern Paving & Milling.

Technology-focused L Squared Capital Partners has added Philip Gunn as an operating executive to help the firm pursue buy-and-build deals in the aerospace, space and defense sector. Gunn, an Air Force veteran, was most recently with aerospace and defense electronics company Raptor Scientific.

Credit-focused Raven Capital appointed Ben Bonsall as a senior managing director and head of research for its credit strategy. He joins the firm from Ares Management.

Motive Partners is adding Umesh Subramanian as a partner and member of its growth and buyout investment committee, starting July 1. He is joining from Ken Griffin's Citadel, a hedge fund manager where he was chief technology officer and is currently a senior adviser.

AnaCap has promoted Alberto Sainaghi to partner. He joined the founder-focused services and technology investor in 2015.

Chicago-based Kinzie Capital Partners has added Jonathan Patrick as vice president of finance at the firm and has promoted Ryan Myers to senior analyst.

Healthcare investor Patient Square Capital has added Timothy Walbert as a senior adviser. He is currently managing partner of biotechnology and pharmaceutical executive advisory firm HRZN Partners and an senior adviser with biopharmaceuticals company Amgen.

Vesey Street Capital Partners, a lower midmarket firm focused on healthcare services deals, has added Lance Berberian and Joe Sowell to its strategic advisory board. Berberian most recently served as executive vice president and chief information and technology officer at Labcorp. Sowell most recently served as senior vice president and chief development officer at HCA Healthcare until his retirement last year.

Growth investor Tayeh Capital Group has appointed Scott Harrison as an operating partner. Harrison most recently served as chief executive officer at electrical power systems company RESA Power, where he was also a member of the board of directors. Dave Tayeh and Jay Alix formed TCG in 2025 with backing from GCM Grosvenor.

Multi-family office Lakeland Capital in Charleston, S.C., has hired Cameron Dorsey as director of investor relations, a new position. She joins from strategy consulting firm Ankura.

Oregon physicians have prevailed in their efforts to use a new bill aimed at private equity to prevent an out-of-state medical group from taking over services at a hospital in Eugene, WSJ Pro’s Chris Cumming writes. For several months, state lawmakers and regulators have attempted to use a bill passed last year to prevent Atlanta-based staffing company ApolloMD from taking over emergency services at PeaceHealth Sacred Heart Medical Center at RiverBend. The doctors being replaced, Eugene Emergency Physicians, sued in March to prevent ApolloMD from taking the contract, alleging the group was trying to circumvent the law. On Tuesday, the hospital operator said it would maintain Eugene Emergency Physicians and U.S. District Court Judge Mustafa Kasubhai ruled that ApolloMD would not have a role in patient care at the hospital.

Stanley Capital's fund investors  are tightening their grip on a London-based private-equity firm in the wake of senior departures and a deal that turned sour, Sebastian McCarthy reports for sister publication Private Equity News. The firm has ceded some decision-making powers to its limited partners who have strengthened their oversight of fund governance, and limited partner agreement amendments in October cite "certain developments” as leading to the changes. The changes stem from Stanley losing control of Qinecsa, a U.K. drug safety company, to a private credit firm in 2024, according to people familiar with the matter.

Restructuring veterans Ari Lefkovits, Alice Chong and Jay Lost have formed Apotheo Capital, a financial advisory and private capital investment firm. Apotheo has launched with backing from an unnamed family office and will focus on what it describes as “complex situations,” where company value is obscured by balance sheet, industry or structural complexity. The firm’s advisory work will span mergers and acquisitions, debt and equity financings, restructurings, liability management and capital solutions.

Antin Infrastructure Partners in Paris ended the first quarter with assets of about €33.8 billion, up about 1.7% from a year earlier, and said it began raising commitments for its Antin Infrastructure Partners Mid-Cap II fund during the just-ended period. The firm closed Mid Cap I with about €2.2 billion in 2021 and has deployed about 80% of the fund so far. Antin said it expects to activate the second mid-cap fund before the end of June.

Insurer MetLife posted a 10% increase in net investment income to $5.4 billion for this year's first quarter, driven by stronger private-equity returns as well as asset growth, Reuters reported.

A leading global watchdog has raised more red flags over the private-credit market, from how a potential blow-up in software stocks might hurt the sector to how ratings agencies are failing to capture potential risks, Justin Cash reports for sister publication Financial News in London. The report from the Basel, Switzerland-based Financial Stability Board said lender reliance on sectors like software increases the “risk that a firm‑ or sector‑specific shock turns into broader market stress.”

JPMorgan Chase offered $1 million to settle sexual assault and harassment claims brought by a former investment banker weeks before he filed a lawsuit filled with lurid allegations that have captivated Wall Street, the Journal’s Alexander Saeedy reports, citing people familiar with the matter. Chirayu Rana’s lawsuit in New York state court, which was refiled on Monday after being taken down for a week, alleged that a female colleague sexually assaulted him and that co-workers inside the nation’s biggest bank subjected him to racial discrimination. A JPMorgan spokesman said the bank tried to reach an agreement “to avoid the time and expense of litigation and to support an employee who was being threatened with the very reputational harm now unfolding,” adding that the bank continues to believe the allegations have no merit.

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

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