Good morning and welcome to the WSJ Pro Private Equity newsletter this Tuesday morning.

We have a doubleheader of news from Luis Garcia today. He reports that Endurance Investment Partners, which is backed by an investment firm tied to Texas' Rice family, is seeking $350 million for a new fund to buy mature energy companies.

Luis also breaks the news that Edison Partners led a growth investment in CleanDesign, a Toronto company that makes battery systems for oil producers.

And Alicia McElhaney of Pro Bankruptcy reports that Saba Capital Management has launched a new strategy to give retail BDC investors liquidity, despite a less than overwhelming response to its offer to buy stakes from Blue Owl BDC investors. 

Now on to the news...

Newly formed Endurance Investment Partners is seeking $350 million to back mature energy companies that may be sitting in aging private-equity funds, having scored two transactions it can show to prospective investors in its debut fund, WSJ Pro’s Luis Garcia writes. Endurance is backed by Rice Investment Group, which manages the wealth of the Rice family in Texas, including brothers Toby and Daniel Rice, respectively chief executive and director of EQT Corp., the largest U.S. natural-gas producer. Joined by a third brother, Derek Rice, they took control of EQT about seven years ago through a proxy battle after the New York-listed company bought peer Rice Energy, which they founded in 2007.

Edison Partners led a $20 million growth investment in CleanDesign, a Canadian provider of battery systems used by miners and oil-and-gas producers, Luis Garcia reports for WSJ Pro. Toronto-based CleanDesign makes trailer-size units containing equipment used to control power supplies at mining and oil-and-gas drilling sites, which help to reduce fuel usage.

Boaz Weinstein's Saba Capital Management has a new fund strategy that aims to capitalize on retail investors' desire for liquidity in private-credit business-development companies or interval funds, reports Alicia McElhaney for WSJ Pro Bankruptcy. Despite limited interest in its tender offer from Blue Owl's BDC investors, Saba managed to complete nearly $10 million in tender offers from a Starwood REIT.

Existing investor EQT AB and new backers including the Ontario Teachers' Pension Plan and Schroders Capital led the acquisition of around €880 million in shares of European ecommerce company Vinted in a secondary sale, Aimee Look reports for Dow Jones Newswires. BlackRock, Lombard Odier and Pinegrove Opportunity Partners also participated in the deal. Lithuania-based Vinted, which provides an online marketplace for used clothes, electronics and other goods, sold items valued at about €10.8 billion last year, up 47%. Previous investors have included TPG. The company was last valued around $6 billion in late 2024.

Apollo Global Management is backing dental technology company vVardis Holding with an unspecified growth investment that values the business at over $1 billion. The founders are retaining a substantial majority interest. The Swiss company offers a method of repairing early-stage tooth decay without drilling the affected area and that has been adopted by nearly one in five U.S. dental practices, according to vVardis.

European private-equity firm Astorg has agreed to buy the microbiology business unit of publicly traded Thermo Fisher Scientific for about $1.075 billion, Colin Kellaher and Laura Kreutzer write for WSJ Pro. Thermo Fisher on Monday said the microbiology business, which provides antimicrobial susceptibility testing and culture media solutions for clinical, pharmaceutical and food-safety testing, generated $645 million in revenue last year.

Stonepeak and Bernhard Capital Partners have agreed to acquire electric utility operator Cleco Group from a group of investors that includes Macquarie Asset Management, British Columbia Investment Management Corporation and Manulife Investment Management. Stonepeak will own a majority stake in the company once the deal closes.

Story3 Capital Partners and certain other lenders have closed a $475 million senior secured term loan facility for online dating and connection app Bumble, which operates apps that include Bumble, Badoo and BFF, according to an emailed news release. The company plans to use the capital to refinance its existing term loan. The deal represents the fifth investment out of Story3 Consumer Opportunities Fund II.

Triton Partners is backing a management-led buyout of Stockholm-listed Cint Group for 5.60 Swedish kronor a share, representing a 33% premium to Friday's closing price, and giving the business an equity value of about 1.99 billion kronor, or roughly $215.7 million. Triton is investing from its sixth flagship fund. The bidding group, including Bolero Holdings, already controls about 34% of the shares of the market- and brand-research-enabling company. In February, Cint reported a 9.5% decline in annual sales to about €150.4 million last year, equivalent to $176.3 million, with adjusted pre-tax profit of €29 million.

Apollo Global Management is acquiring the automotive interiors business of auto parts supplier Forvia at an enterprise value of about €1.82 billion, or roughly $2.1 billion, including debt, Dominic Chopping reports for Dow Jones Newswires. Paris-listed Forvia indicated that the business had revenue of around €864 million last year, with 59 production sites and eight research centers across 19 countries and more than 31,000 employees worldwide. The unit supplies car makers with instrument clusters, center consoles and door panels.

Infrastructure investor IFM Investors is offering to acquire Sydney-listed Atlas Arteria, which owns stakes in toll roads including the Dulles Greenway outside Washington and the Chicago Skyway, in a deal that values the company's equity at up to $5.29 billion, David Winning reports for Dow Jones Newswires. IFM is offering 4.75 Australian dollars in cash per security, equivalent to $3.40, to acquire all the stock that it doesn't already own, and could increase the price to A$5.10 each. IFM already owns about 35% of the company. The offer price represents a 9.7% premium to Friday's close in Sydney.

Goldman Sachs's alternatives arm is leading a $60 million investment in Kashable, a financial technology company that offers employer-supported credit and financial wellness programs. Existing backers Revolution Ventures and EJF Ventures are providing $10 million of the $60 million deal with the sustainable investing strategy of Goldman Sachs Alternatives committing up to the remaining $50 million.

Platinum Equity’s credit opportunities strategy and Ares Management’s commercial finance strategy are providing financing for Kingswood Capital Management’s acquisition of Daramic, a Charlotte, N.C.-based company that supplies polyethylene and phenolic resin-based battery separators to the lead battery industry.

Pelican Energy Partners in Houston has acquired remediation and nuclear decontamination specialist Environmental Alternatives. The South Windsor, Conn.-based company works with energy-industry clients and government agencies, providing site assessment and remediation, hazardous waste management, nuclear decontamination and decommissioning support.

Fusion Capital Partners has acquired water-management company Aqualis from DFW Capital Partners. The Morrisville, N.C.-based company works with over 1,750 commercial, industrial and municipal customers, providing engineering and compliance services for critical infrastructure. DFW had backed the business since at least 2018.

Infrastructure investor I Squared Capital has acquired U.S. renewable energy developer Oriden from Mitsubishi Power Americas. The Pittsburgh-based company, founded in 2019, squares away projects from inception to shovel-ready status. I Squared plans to invest over $300 million to expand into power production.

Serent Capital in San Francisco is investing in jewelry retail applications provider the Edge, based in Shelton, Conn. The company's software is used to manage jewelry stores, including sales, inventories, repairs and customer records.

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

Biopharmaceuticals company Ajax Therapeutics, whose backers include Goldman Sachs and RA Capital Management, is being sold to Eli Lilly for up to $2.3 billion, including earnouts. New York-based Ajax develops inhibitors used for patients with myeloproliferative neoplasms, a group of rare, chronic blood cancers. Other investors in the company include Vivo Capital and Point72, among others. Ajax raised a $95 million growth investment in 2024.

Clinical-stage biopharmaceutical company Avalyn Pharma, whose backers include SR One Capital Partners, Novo Holdings and F-Prime Capital Partners, is expected to offer at least 11.8 million shares this week, priced from $16 to $18 each, according to regulatory filings and market watcher Renaissance Capital. Novo has about 13% of the company's shares, while SR One has about 11% and F-Prime about 9.1%, the filing shows. Other major investors in the Boston-based developer of therapies for respiratory ailments include Norwest Venture Partners at 8.4% and Wellington Management with about 5.1% of the company's equity, the filing shows.

Paine Schwartz Partners plans to sell more than 200,700 shares of organic juice maker Suja Life through the Oceanside, Calif.-based company's initial public offering of nearly 8.9 million shares, a regulatory filing shows. New York-based Paine Schwartz acquired the maker of cold-pressed juices and related beverages from the asset-management arm of Goldman Sachs in 2021. Suja expects to price its shares at $21 to $24 each to raise as much as $208.5 million, the filing shows.

Silversmith Capital Partners-backed Talon.One is being acquired by strategic buyer Adyen for €750 million, or roughly $879.1 million. Silversmith joined Meritech Capital Partners in a $135 million growth investment in Talon.One last year, along with venture investor CRV. The Berlin-based company provides loyalty and incentives systems used by more than 300 merchants worldwide, including Nordstrom and H&M.

Sofinnova Partners-backed clinical-stage biotechnology company Hemab Therapeutics Holdings plans to sell nearly 11.8 million shares priced from $16 to $18 each in an initial public offering that market watcher Renaissance Capital expects to occur this week. Major shareholders in the Cambridge, Mass.-based developer of treatments for blood disorders also include RA Capital Management with a roughly 18% interest, Novo Holdings with about 15% and Deep Track Capital with an 8% stake, a regulatory filing shows. Sofinnova holds around 8.7% of the company.

Carlyle Group is selling identity security services provider iC Consult Group to London-listed Bridgepoint Group. The Munich-based cybersecurity company has been backed by the Washington firm since January 2021 and has more than doubled its revenue and profit since then.

European firm All Seas Capital is exiting its investment in Synergym, a Spanish gym chain that is being acquired by VivaGym, another operator of gyms in Spain and Portugal, which is backed by Providence Equity Partners. All Seas initially invested in Synergym in 2024.

Rox Capital Partners has sold municipal water infrastructure company Scruggs Cos. to Sterling Group. Rox first invested in the Houston-based business in 2021. Sterling invested through its Foundation Fund.

Secondaries-focused Kline Hill Partners and venture investor Cendana Capital have closed on $400 million for Kline Hill Cendana Partners Fund II to acquire stakes in older venture-capital funds as well as interests in mature companies backed by VCs, according to an emailed news release. The fund surpassed the firms' initial $300 million target and closed at its upper limit.

Emerald Lake Capital Management, a lower midmarket firm that made the leap from independent sponsor to commingled fund manager, has raised $825 million in a final closing for Emerald Lake Capital Partners, wrapping up above both the fund’s $500 million target and its initial $750 million upper limit. Emerald Lake itself and other affiliated investors committed $25 million to the fund with the remaining $800 million coming from outside investors. Emerald Lake was founded in 2018 by Managing Partner Daniel Lukas, who has spent a decade at Ares Management before he launched the Santa Monica, Calif.-based firm. Emerald Lake has backed 10 deals since the firm’s inception, including two out of the new fund.

Vesey Street Capital Partners, a lower midmarket firm focused on healthcare deals, has added Kurt Hilzinger as vice chairman of the firm’s strategic advisory board. Hilzinger has served as chairman of Humana since 2014. He was also formerly a partner at Court Square Capital Partners.

Maple Park Capital in Dallas has added Robert Zell as chief financial officer, according to an emailed statement. He was previously with Alta Fox Capital Management.

Obra Capital in New York has hired Ashish Sinha as managing director, asset-based finance. He joins from Encina Capital.

Canada is setting up its first sovereign-wealth fund as part of the government’s drive to build trade corridors and develop resource projects to ease the economic squeeze posed by U.S. President Donald Trump’s trade policy, The Wall Street Journal reports, citing Prime Minister Mark Carney. Carney said the fund would be invested in large, privately led energy, infrastructure, mining and agricultural projects alongside other backers. He added individual Canadians could also participate, should they deploy their savings in the new fund. To be called the Canada Strong Fund, it would start with an endowment of 25 billion Canadian dollars, or about $18.3 billion.

Hunter Point Capital is forming a partnership with Japan’s Sumitomo Mitsui Trust Bank, or SMTB, to offer Japanese investors exposure to stakes in alternative asset managers. The partnership will also allow SMTB to explore the development of a Japan-focused GP stakes strategy.

Modella Capital-backed retailer Claire's Accessories U.K. has closed all 156 stores it operated in Britain and Ireland, months after placing the operation in administration, the U.K. equivalent of bankruptcy, according to the British Broadcasting Corp. and multiple local news reports. Modella acquired the stores that cater to teens out of administration last year. The current administrator will keep open 350 concessions in other stores, the BBC said.

Specialist investor Chord Music Partners has priced a $500 million asset-backed security secured by over 3,750 music publishing and recording assets valued at approximately $830 million. The series 2026-1 senior notes are expected to be issued at a 5.56% yield. Units of Apollo Global Management provided structuring and book-running services for the ABS.

Domain Capital Group has closed on a new separately managed account through its new sports credit strategy and focused on receivables tied to European soccer player transfers and media rights. The Atlanta firm recently closed on over $768 million for its Domain Entertainment Fund II.

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

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