Good morning. Laura Kreutzer leads off today with a report on financial-service investor Lightyear Capital's latest fundraising.

Next, Isaac Taylor reports that KKR has joined the list of managers limiting withdrawals from a private-credit interval fund.

And Dow Jones Newswires’ Elena Vardon reports that European insurers may be largely insulated from the private-credit meltdown.

Now onto the news ...

Lightyear Capital has raised a $2.5 billion fund to invest in companies that benefit from the changing ways businesses and organizations intersect with money and finance, Laura Kreutzer writes for WSJ Pro. The New York firm closed Lightyear Fund VI after securing approval earlier this year from investors in the vehicle to surpass an initial $2.35 billion upper limit for the fund, according to Managing Partner Mark Vassallo.  The fund also surpassed the $1.6 billion in fund commitments Lightyear raised for a predecessor fund.

Asset manager KKR & Co. joined others in limiting withdrawals from a private-credit interval fund to 5% of the net assets held by the KKR Asset-Based Finance Fund, Isaac Taylor reports for WSJ Pro. KKR said it would distribute about 69% of the amount requested by each investor in the fund during its second quarter, which totaled about $38.4 million, or 7.2% of the vehicle's $532.5 million in net assets. The firm said sticking with the 5% cap "reflects disciplined liquidity management" and an earlier change to reduce the redemption cap from 10% that was approved by shareholders.

European insurers are largely insulated from the jitters in the private-credit market that are prompting scrutiny in the U.S., a top executive at Italian insurer Assicurazioni Generali said. As U.S. regulators and investors grow alarmed over the insurance industry’s exposure to private credit, Europe’s financial services sector is merely grappling with imported anxieties. As Dow Jones Newswires’ Elena Vardon writes, Generali’s Deputy Chief Executive Giulio Terzariol said European insurers should be shielded from the private-credit storm given the continent’s structural risk aversion and strict capital buffers.

Eurazeo in Paris is acquiring a majority interest in conveyor system maintenance services provider Netco Group from fellow Parisian buyout shop Ardian and company management. Netco founders are reinvesting alongside Eurazeo. Netco serves processing industries across France, Spain and the Benelux region as well as other parts of Europe.

Leonard Green Partners is close to a deal to acquire construction consultant and project management services company Cumming Group from fellow private-investment firm New Mountain Capital for some $3 billion, the Financial Times reported. New Mountain initially backed Cumming in 2021 out of its main private-equity strategy, according to the firm’s website.

Midmarket firm STG in Menlo Park, Calif., is buying Carrier Logistics, a provider of transportation management software focused on less-than-truckload, or LTL, carriers. 

Sunrise Capital Partners, a Florida-based private-equity firm focused on investments in mobile-home parks and parking facilities, has acquired the Nautica Parking Garage in Boston.

Harrison Street Asset Management in Chicago has acquired a 160-unit senior housing development in Sherwood, Ore., investing alongside Springs Living, according to an emailed news release. The property near Portland provides independent living, assisted living and memory care services.

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

OpenGate Capital-backed Sargent and Greenleaf has sold Delaney Hardware to publicly-traded Hillman Solutions Group, marking the final step in the lower midmarket’s multi-stage realization of its investment in Sargent and Greenleaf. OpenGate initially acquired Sargent and Greenleaf from Stanley Black & Decker back in 2019 and expanded the company through add-on acquisitions of Delaney Hardware and Premier Steel Doors. The firm previously sold Premier Steel Doors and another unit of the company in 2024 and 2025, respectively.

Software investor Thoma Bravo is selling a majority interest in construction applications developer HCSS to strategic buyer Nemetschek Group in Germany, while retaining a 28% stake. Combined with assumed debt, Nemetschek expects to see a €450 million, or roughly $529.2 million, addition to its net debt from the all-stock deal. Thoma Bravo first backed the Sugar Land, Texas-based company about four years ago. The business generated revenue of about $215 million last year and has more than 550 professional employees working with more than 4,000 companies on infrastructure and heavy civil construction projects.

Bain Capital-backed obesity treatments developer Kailera Therapeutics aims to sell over 33.3 million shares in an initial public offering priced from $14 to $16 each, a regulatory filing shows. Market watcher Renaissance Capital said the IPO is expected this week. The Boston firm holds about 46% of the Waltham, Mass.-based company's equity, the filing shows. Other backers include the Canada Pension Plan Investment Board with a roughly 5.9% equity stake. Bain Capital led a $600 million growth investment in the biotech business last year.

Yesway, a convenience-store operator backed by Beverly, Mass.-based private investment firm Brookwood Financial Partners, plans to sell nearly 14 million shares at between $20 and $23 apiece in its initial public offering, Dow Jones Newswires’ Colin Kellaher writes. Brookwood Financial helped form Yesway back in 2015, and the company has grown to over 400 stores in 2025, according to a regulatory filing.

Adams Street Partners has amassed some $7.5 billion for its third private-credit fund, including leverage. Investors that have disclosed commitments to the fund include Texas Municipal Retirement System and Kentucky Retirement Systems. The Adams Street credit team focuses on providing senior debt financing to sponsor-backed midmarket companies. 

Blackstone has established a real-estate investment trust to acquire data centers, targeting newly built, income-generating and stabilized assets that power artificial-intelligence engines and cloud computing in a market it estimates to be worth roughly $1 trillion, according to a securities filing. The firm has organized Blackstone Digital Infrastructure Trust as a publicly reporting REIT similar to Blackstone Real Estate Income Trust and is preparing an initial public offering of shares. The New York firm has been among the largest U.S. investors in data centers and digital infrastructure, pumping around $200 billion into the sector since 2018, including over $130 billion in data center assets, the filing indicates.

Josh Harris's 26North Partners, the private-equity firm founded by the Apollo Global Management co-founder, has closed its debut midmarket fund with $5.9 billion, surpassing a $4 billion target. The firm has already backed seven investments to date out of the fund across traditional buyouts, carve-outs and structured equity investments. The portfolio includes electrical systems contractor ArchKey Solutions, sports investment firm Bruin Capital, kitchen-appliances manufacturer Composition Brands and outsourced broadcast and production services provider NEP Group.

Dominus Capital has raised $640 million for Dominus Capital Partners IV, closing the lower midmarket fund above its $500 million target. North American investors represented 52% of the fund, which was marketed by placement agent Asante Capital Group.

GoldenTree Asset Management has amassed $3 billion of commitments for series 1 of its Tactical Opportunities Fund, an evergreen fund that invests across asset classes that include private credit, structured credit and distressed investments.

Asset manager GCM Grosvenor in Chicago has added Michael Albrecht as a managing director in the firm’s infrastructure investment team to co-head direct infrastructure investments. Albrecht most recently served as a managing partner of Ridgewood Infrastructure, where he led investments across infrastructure sectors that included utilities, water, energy transition and renewable power.

Maple Park Capital Partners has added Grant Mueller as a vice president on the lower midmarket firm’s investment team, according to an emailed announcement. Mueller previously worked at Franchise Equity Partners and before that Princeton Equity Group.

Tender requests from investors in perpetually non-traded business development companies tracked by Fitch Ratings averaged 12.3% in this year's first quarter, and negative net capital flows jumped 48% from the last quarter of 2025, the credit evaluator reported. Most BDCs stuck with a 5% redemption cap, but some, including Oaktree Strategic Credit Fund, redeemed more. Oaktree bought back 6.8% of its net asset value, while corporate parent Brookfield bought an additional 1.7% from an investor on top of that, Fitch said.

Fund managers facing higher capital costs are focusing even more on making operational improvements in companies they hold, an S&P Global Market Intelligence survey shows. Of the 60% of fund general partners who agreed on the importance of operational performance, 72% ranked it as the top "value creation lever," the survey showed.

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