Good morning. The latest data from the Federal Reserve suggests the U.S. economy remains mired in a recession sparked by government attempts to rein in the coronavirus pandemic. While analysts say deal activity gathered steam as lockdowns and other restrictions eased toward the end of the summer, the resurging rate of infection suggests we’re in for more months of economic pain.

But as our Luis Garcia reports this morning, the ill wind that racks so many parts of life these days has led to a surge in music streaming, which in turn has meant good things for Round Hill Music Royalty Partners. And our colleague Yuliya Chernova reports for WSJ Pro Venture Capital that Union Square Ventures is raising a new climate-technology fund despite the continuing pandemic. These stories and more await, so please read on...

Round Hill Music Royalty Partners collected about $291 million for a new fund dedicated to investing in music rights, as the private-equity firm seeks to capitalize on rising demand for music-streaming services, Luis Garcia writes for WSJ Pro Private Equity. The New York firm closed its third and largest fund to date, Round Hill Music Royalty Fund III LP, slightly below a $300 million target initially set for the vehicle, according to Josh Gruss, Round Hill’s chief executive. The new fund exceeded the $263 million the firm raised for its predecessor fund, which closed in late 2017.

Union Square Ventures is raising its first climate technology-focused venture-capital fund, Yuliya Chernova reports for WSJ Pro Venture Capital, citing people familiar with the situation. The move is an indication that climate tech is gaining new support in the venture industry after largely falling out of favor about a decade ago. The firm is likely to target roughly $100 million to $200 million for the new fund, one of the people said. The firm’s current team is expected to manage the fund, the person added.

Onex Corp. is backing specialty insurance company Convex Group Ltd., participating in a $1 billion capital-raising round for the Bermuda-based insurer and reinsurer through its Onex Partners V private-equity fund. Onex co-investors and members of the company’s management also participated. Onex also provided the carrier with some of its initial capital when the company commenced operations last year.

Grosvenor Capital Management’s deal to go public through a blank-check company has closed and the stock of the newly renamed GCM Grosvenor Inc. is expected to debut on the Nasdaq stock market on Thursday, the company said Tuesday. A special purpose acquisition company sponsored by bond trading firm Cantor Fitzgerald, CF Finance Acquisition Corp., provided the firm with a route to the public markets. The SPAC’s invested trust fund, coupled with a $195 million private investment in public equity deal and a $30 million investment from Cantor will help GCM Grosvenor reduce its debt and finance future expansion, in addition to purchasing equity from pre-IPO investors. The deal valued Chicago-based GCM at about $2 billion.

Audax Group’s private-equity arm has acquired a stake in Jitterbit Inc., joining KKR & Co. and Samsung Ventures in backing the maker of enterprise integration services. The Alameda, Calif.-based company has about 3,000 customers for its systems, which help companies connect diverse applications used by customers, suppliers and employees.

A private equity-backed Russian e-commerce company, Ozon Holdings PLC, expects to offer 30 million American depositary shares in an initial public offering priced from $22.50 to $27.50 a share. The company, backed by Baring Vostok Private Equity and Index Ventures, among other investors, said it has 11.4 million active buyers and over 18,000 active sellers on its platform.

Hillhouse Capital led a $43 million investment round in data analytics company Zilliz, which is based in Shanghai. The company develops software to analyze unstructured data. Other participants in the Series B financing round included TrustBridge Capital and Pavillion Capital.

New State Capital Partners has invested in executive search firm Klein Hersh International, whose senior executives retained a substantial ownership interest in the Horsham, Pa. firm. Klein Hersh focuses on serving the life sciences and health-care industries.

Growth investor Sverica Capital Management is backing cybersecurity company DeFY Security. The Canonsburg, Pa.-based company customizes security technology to protect data and digital systems for clients and also offer incident-response training and other services.

Investcorp has acquired Viz Branz Holdings Pte Ltd. from Ben Chng, the owner and chief executive. The Singapore-based company manufactures and distributes instant cereals and beverages across China and Southeast Asia, generating 170 million Singapore dollars (roughly $126.4 million) in sales during the 12 months ended on June 30. The Manama, Bahrain-based private-equity firm invested through its Asia Food Growth Platform.

Institutional funds manager Alberta Investment Management Corp. agreed to combine portfolio company sPower with the clean energy business of electricity producer AES Corp. in the U.S. AIMCo., as the fund manager is known, formed sPower in partnership with AES in 2017. The company develops solar energy projects in the U.S. Future projects by the combined enterprise will be 75% owned by AES and 25% by AIMCo.

Growth-equity investor FTV Capital led a $68 million financing round for financial technology company Paddle.com Market Ltd. The U.K. company makes software that helps software-as-a-service businesses market their wares and collect payments for their services. FTV was joined by Kindred Capital, Notion Capital and 83North in the Series C investment, which the company plans to use for expansion in the U.S. and other international markets.

Clearlake Capital Group has purchased insurance software provider Advisen Ltd. in New York and combined it with its recently acquired portfolio company Zywave Inc., a Milwaukee-based maker of cloud-based distribution software for insurance brokers. The deal is also being backed by former Zywave owner Aurora Capital Partners.

Arsenal Capital Partners has acquired Best Value Healthcare LLC, investing alongside the company’s founders. The Lakeland. Fla.-based company provides primary health-care services to people insured through Medicare Advantage plans in central and southern Florida.

CenterOak Partners is financing newly established auto body repair company CollisionRight Inc., based in Columbus, Ohio. The company operates a chain of 20 shops across Ohio, Kentucky and Michigan and is led by Rich Harrison, a co-founder of TruRoad, a former CenterOak portfolio company.

Growth-equity investor Baird Capital led an $11.5 million investment in Upfront Healthcare Services, a Chicago-based business that works with health-care providers to help ensure that their patients complete prescribed therapies and take recommended actions. Other participants in the Series B round included existing investors LRVHealth, Echo Health Ventures, Nashville Capital Network and Hyde Park Venture Partners.

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

Genstar Capital is selling an 80% stake in proxy adviser Institutional Shareholder Services Inc. to securities exchange operator Deutsche Börse AG in a deal that values the company at more than $2.27 billion. Genstar and ISS management will retain a roughly 20% stake in the business. Genstar initially backed ISS, which advises about 4,000 institutional investors on public company shareholder issues, about three years ago.

Trivest Partners has sold residential heating and air conditioning company TurnPoint Services LLC to the Ontario Municipal Employees Retirement System’s Omers Private Equity arm. Trivest initially backed the Louisville, Ky.-based company in 2016, investing through its fifth flagship fund.

Lower midmarket specialist Sentinel Capital Partners has sold hunting and shooting accessories maker Good Sportsman Marketing LLC, which does business as GSM Outdoors. The Irving, Texas-based company supplies outdoors and hunting enthusiasts with items such as deer stands, shooting targets and holsters. Sentinel acquired the company in mid-2018.

Barry S. Sternlicht’s second blank-check company, Jaws Spitfire Acquisition Corp., filed for an initial public offering with the Securities and Exchange Commission on Tuesday, seeking to raise $250 million, Stephen Nakrosis reports for Dow Jones Neswires. The company said Mr. Sternlicht, its chairman, founded Starwood Capital in 1991 and is currently chairman and chief executive of Starwood Property Trust. The company also said its sponsor, Spitfire Sponsor LLC, is an affiliate of Jaws Estates Capital, the family office of Mr. Sternlicht. Mr. Sternlicht’s earlier special purpose acquisition company, Jaws Acquisition Corp., aims to merge and take public Cano Health LLC in a $4.4 billion deal, The Wall Street Journal reported last week.

A special purpose acquisition company formed by Nicholas Singer, the founder of Purchase Capital, raised $100 million in a downsized initial public offering of shares on Tuesday. The firm initially intended to raise $250 million in its IPO to acquire a privately owned company and bring it public, regulatory filings show. OTR Acquisition Corp. is focused on businesses with enterprise values of approximately $750 million to $2.5 billion and could combine with an affiliate of Mr. Singer’s firm or others connected with the SPAC.

Ares Management Corp. is seeking $4 billion for its newest direct lending fund, Ares Private Credit Solutions II LP, according to a regulatory filing. The offering amount for the new fund and a related offshore vehicle excludes $60 million from Ares itself, the filing indicates. Ares raised $3.4 billion for its previous junior debt direct lending fund in 2017.

Loyal Valley Capital, a private-equity firm focused on midmarket companies in China, is seeking $700 million for Loyal Valley Capital Advantage Fund III LP, according to a regulatory filing. The offering amount for the new fund is higher than the $465 million the firm raised for its second fund in 2019.

Glouston Capital Partners, a Boston-based secondary and fund-of-funds manager focused on the small end of the private-equity market, has rounded up least $274 million so far for Glouston Private Equity Opportunities VI LP, a regulatory filing indicates.

Cornell Capital has promoted Emily Pollack to partner from managing director. A lawyer, she joined the New York firm in 2017 and has led the firm’s insurance-sector investments.

Permira has hired Bruno Strigini as a senior adviser to the U.K. firm’s health-care sector activities. He is currently chairman of machine-learning company Owkin Inc., which provides systems to pharmaceutical companies for drug development. A former senior executive at several major drug companies, he is also a partner at OneHealth Partners, an advisory firm focused on capital raising in the health-care sector.

Riverside Co. has promoted Drew Flanigan to partner overseeing the firm’s Dallas office. He will also lead investments in the software and business-services sectors. Mr. Flanigan joined the firm in 2010.

Lower midmarket-focused growth investor Shamrock Capital Advisors has acquired the master recordings for the first six albums made by pop star Taylor Swift, thrusting the Los Angeles media investment firm into the middle of a tussle between the singer-songwriter and her former record label as the value of music soars in the streaming era, Anne Steele reports for The Wall Street Journal. The deal, which closed in the last two weeks, is valued at more than $300 million.

Staple Street Capital-backed Dominion Voting Systems Corp., which has come under fire from President Trump and other critics, provided the systems used to record about 40% of the Nov. 3 presidential vote, including ballots cast in Georgia, Alex Corse reports for The Wall Street Journal. The Denver-based company’s machines were a linchpin in the balloting, which federal and state officials have praised as being free from tampering.

About 300 companies that received as much as $500 million in pandemic-related government loans have sought bankruptcy protection, Shane Shifflett reports for The Wall Street Journal, citing an analysis of government data and court filings. Many of the companies, which employ a total of about 23,400 workers, say the funds from the Paycheck Protection Program weren’t enough to keep them going as the coronavirus and lack of additional stimulus payments weighed on their businesses.

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Ted Bunker; Laura Cooper; Chris Cumming; Luis Garcia; Laura Kreutzer; Preeti Singh; Chitra Vemuri.

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