Good morning! I freely admit to having left my fashion sense somewhere back in the 1980s or earlier, so pardon me if I choke over a report that Permira has acquired a majority stake in an Italian company whose sneakers sell for $500 and more from Carlyle Group. The company’s revenue more than doubled in less than three years under Carlyle's ownership. All I can say is, go figure. I'll stick with canvas no-names.

As for other news, today we have a story from our own Luis Garcia on KKR’s new global impact fund, which as he notes is swinging to a small-is-beautiful strategy. Meanwhile, WSJ Pro’s Soma Biswas reports that Morgan Stanley Investment Management and other former owners of the Tops Markets grocery chain face a $375 million lawsuit from creditors. And Preeti Singh has news on the latest fundraising by Bridgepoint, which is targeting £1 billion for its fourth development fund. All that and much more below, so please jump in...

KKR looks to small deals to amplify effects of new impact fund. The firm is known for its multibillion-dollar buyout deals, but when it comes to improving the lives of people and the environment, it believes smaller checks can have a bigger impact, WSJ Pro's Luis Garcia reports. In announcing that it had closed the KKR Global Impact Fund SCSp, its first investment pool focused on environmental and social change, with $1.3 billion of capital commitments, the New York firm said Wednesday that it would be investing in lower middle-market businesses across the Americas, Europe and Asia. The total raised topped a $1 billion target set for the fund.

Tops Markets trustee blames Morgan Stanley for grocer’s bankruptcy. Former owners of Tops Markets LLC including Morgan Stanley Investment Management face a $375 million lawsuit from a creditors’ trustee who claims they took hundreds of millions of dollars in illegal dividends that drove the grocery chain into bankruptcy in 2018, WSJ Pro’s Soma Biswas reports. The Williamsville, N.Y.-based chain took on so much debt to finance four separate dividends between 2009 and 2013 that it couldn't fund its obligations under two underfunded union pension plans, according to the lawsuit filed Wednesday in the U.S. Bankruptcy Court in White Plains, N.Y.

Bridgepoint aims to raise £1 billion for fourth development fund. The London firm is targeting £1 billion ($1.29 billion) for its fourth Development Capital fund, WSJ Pro's Preeti Singh reports, citing documents from a Louisiana pension fund. If the fundraising reaches its goal, Bridgepoint Development Capital IV would be 65% larger than its predecessor, the strategy’s third fund, which raised £605 million in 2016.

Permira has acquired a majority stake in Italian fashion brand Golden Goose SpA from Carlyle Group. Founded in Venice in 2000, Golden Goose is best known for sneakers that retailers sell for $500 and more. Carlyle acquired its interest in the business, which includes 100 retail stores, in March 2017 through its Carlyle Europe Partners IV and Carlyle Asia Growth Partners V funds. The company’s revenue more than doubled during Carlyle’s ownership and is estimated to rise to more than €260 million ($283 million) last year from €100 million.

Investcorp, the alternative investment firm based in Bahrain, has recapitalized Midwest seafood and gourmet food products distributor Fortune International LLC. The Bensenville, Ill.-based company was founded in 2001 by Sean O’Scannlain, who remains as chief executive and has retained a significant stake.

AnaCap Financial Partners has agreed to acquire fee-based investment portfolio services provider Wealthtime Ltd. The U.K.-based company’s products are used by pensions and individual investors to help organize, administer and allocate assets. Wealthtime has more than €2 billion in assets under advisement, AnaCap said in a news release.

Gain/Line Capital Partners has invested in Core Health & Fitness LLC, a Vancouver, Wash.-based provider of exercise equipment and support systems for health clubs and gyms. The growth investment aims to help the company expand beyond the operations it already has on the West Coast, in Brazil, Europe and China.

Incline Equity Partners has acquired health-care supplies producer and distributor ASP Global LLC. The investment in the Atlanta-based company was made through the Pittsburgh firm’s Incline Elevate Fund LP, which focuses on lower middle-market companies.

Siris Capital Group has acquired TPx Communications, a provider of communications and information technology services to government, nonprofit and business customers. Joseph A. Cozzolino, Siris executive partner, stepped in as interim chief executive of TPx following the close of the deal, as Richard Jalkut retired as CEO. Mr. Cozzolino is also executive chairman of the company.

Apax Partners has agreed to buy Cadence Education from Morgan Stanley Capital Partners, Colin Kellaher reported for Dow Jones Newswires. The Scottsdale, Ariz.-based company operates roughly 225 private preschools under more than 40 brands. Morgan Stanley acquired Cadence from Audax Private Equity in 2016.

MML Capital Partners has invested in specialty recruiting firm  Spencer Ogden Ltd. The London-based recruiter, which focuses on the energy sector, including renewable power sources, oil and gas, and utilities, said the growth investment follows a year in which revenue climbed 14% to £121 million ($157 million) and operating profit jumped 45%.

Insight Partners has invested in digital monitoring systems maker Lakeside Software Inc., based in Bloomfield Hills, Mich. The company’s products provide data systems operators with a way to observe and analyze system performance for end users, according to the company.

I Squared Capital has acquired a 22.4% stake in Oleoducto Central SA, Colombia’s largest crude oil transportation system known as Ocensa, from Advent International, the two firms said. I Squared made the investment through its ISQ Global Infrastructure Fund II. Completed in 1998, the Ocensa pipeline has a capacity of 680 thousand barrels per day and transports about 75% of Colombia’s oil production, the firm said. Advent initially invested in the line in 2013, according to its website.

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

Kinderhook Industries said it has agreed to sell SCA Performance Holdings Inc., a specialty manufacturer of light trucks and sport-utility vehicles, to Fox Factory Holding Corp. for $328 million, exclusive of vehicle inventory. Fox also agreed to an additional $13 million of performance-based incentives for certain company management. Kinderhook acquired the company in 2018.

Advent International-backed Brazilian retailer Lojas Quero-Quero SA has registered to make an initial public offering of its shares on the Brazilian stock exchange, Reuters reported, citing a regulatory filing. Advent initially invested in the home-improvement store operator in 2008, according to the firm’s website.

Grey Mountain Partners has sold Kronos Foods Corp., a prepared foods provider that the midmarket firm has backed since 2016, to fellow private-equity investor Entrepreneurial Equity Partners.

EagleTree Capital has wrapped up fundraising for its latest flagship buyout fund after exceeding its $1.1 billion target for the vehicle. The New York-based firm said it collected almost $1.12 billion for its EagleTree Partners V LP, with firm employees constituting the fund’s biggest investor. The fund’s strategy involves investing in media and business services, consumer, and water and specialty industrial sectors.

SoftBank Group's profit collapsed in the last three months of 2019 as the Japanese technology giant—under pressure from a major activist investor—floated the possibility of paring back its ambitions for a planned sequel to the $100 billion Vision Fund, Phred Dvorak writes for The Wall Street Journal. The fund suffered when Uber Technologies Inc. stock declined during the quarter, as Uber is a major holding.

Whitehelm Capital has held a first close on Whitehelm Capital Infrastructure Debt Partners I after hitting its target of €500 million ($544.8 million) of commitments. The firm also said it has agreed to make two investments from the fund involving a utility and a  broadcast infrastructure business. The Canberra, Australia-based firm said its strategy has returned more than 9% since its 2001 inception.

Three more men tied to Baring Vostok have been released from jail and placed on home confinement by a Moscow court, Reuters reported, citing the RIA news agency. The three, including two Baring Vostok executives, were among five who face embezzlement claims and were jailed last year. Two of the five, U.S. investor Michael Calvey and French national Philippe Delpal, were released to home confinement last year. All five deny wrongdoing and say the charges against them are being used to pressure them in a business dispute over control of mid-sized bank Vostochny.

Kayne Anderson Capital Advisors’ Kayne Partners growth-equity arm has promoted Leon Chen to managing partner and Andrew DeYoung to vice president of business development and operations. Mr. Chen is responsible for identifying and analyzing investment opportunities, monitoring portfolio companies, and deal execution, the Los Angeles-based firm said. Mr. DeYoung is focused on managing fundraising and business development.

Greenbriar Equity Group has promoted Michael Weiss and Niall McComiskey to managing partner. Mr. Weiss joined the Rye, N.Y.-based firm in 2004 and has focused on sourcing deals in the rail, logistics, and industrial and business services sectors. Mr. McComiskey joined the firm in 2006 and has led investing in the distribution sector.

China’s coronavirus outbreak will likely dampen U.S. economic growth in the first quarter, Harriet Torry and Anthoney DeBarros reported for The Wall Street Journal, citing a survey of economists. The monthly survey found 83% of economists expected the coronavirus outbreak to have a small impact on U.S. gross domestic product growth from January to March, or less than 0.5 percentage point.

Separately, Reuters reported that the epidemic that started in China is putting a crimp in deals across the Asia-Pacific region as efforts to limit the spread of the disease have put key meetings and roadshows on hold. Several auctions of assets are facing delays or reassessments and preparations for potential Chinese initial public offerings are also slowing, bankers told the news service, including the sale of Shanghai packaging business HCP led by Baring Private Equity Asia.

Private investment firm Watermill Group has set up its WMX program designed to back women-led businesses through an evergreen funding model. The new program targets control investments in businesses with gender-diverse leadership that are entering a growth phase and have annual revenue of  $20 million to $200 million.

Blackstone Group’s charitable foundation has pledged $1 million to support the efforts of the One Foundation in providing health care and counseling services for Chinese communities hit by the coronavirus outbreak that began in Wuhan. Started by actor Jet Li in 2007, the One Foundation responded quickly to the virus, providing medical supplies and counseling, Blackstone said in a news release.

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