Good day, Pro readers! As you read this I will be off celebrating my daughter’s 16th birthday and trying my best to avoid waxing nostalgic about how quickly she seemed to reach this milestone.

In the private-equity world, the march of energy-focused firms that are shifting their focus away from traditional oil and gas toward renewable and low-carbon investments continues with a new fund from Azimuth Capital Management that is seeking $1 billion, our own Preeti Singh and Luis Garcia report. Meanwhile, our colleagues at The Wall Street Journal have news about Henry Kravis and George Roberts stepping down as co-chief executive officers of KKR & Co., as well as guilty verdicts handed down in the Varsity Blues college-admission scandal.

Finally, I profile Relevance Ventures, a venture firm run by two brothers who are part Native American that is looking to expand its investment focus to include startups run by Native American entrepreneurs.

Read on for more on these and other stories...

Energy-focused Azimuth Capital Management is seeking $1 billion for a new fund to back businesses such as renewable-fuel makers, battery recyclers and power-storage providers, Preeti Singh and Luis Garcia report for WSJ Pro Private Equity, citing people familiar with the matter. The Calgary, Alberta-based firm is seeking slightly less money for Azimuth V Evolution Fund than the $1.15 billion, including co-investments, that it collected for a predecessor fund, which wrapped up in 2014, according to the people.

Henry Kravis and George Roberts are stepping down as co-CEOs of KKR & Co., as the founders of the seminal private-equity firm become the latest to pass the torch to handpicked successors, Miriam Gottfried reports for The Wall Street Journal. Joe Bae and Scott Nuttall, who have served as the firm’s co-presidents since July 2017, will become co-CEOs, effective immediately, KKR said Monday.

Private-markets investor John B. Wilson and former casino executive Gamal Abdelaziz were found guilty of all charges brought against them by federal authorities in the nationwide Varsity Blues case. A jury found that each conspired with a corrupt California college counselor to get his child admitted to the University of Southern California as a phony athletic recruit, Jennifer Levitz and Melissa Korn report for The Wall Street Journal. A jury came back with the verdicts after about 10 hours of deliberation at the U.S. District Court in Boston. The criminal charges include conspiracy to commit fraud and conspiracy to commit bribery involving a school that receives federal funds.

Relevance Ventures, a growth investment firm launched by two brothers who are part Native American, is on the hunt for startups that seek to improve people’s mental, physical or even financial wellbeing. As Laura Kreutzer writes for WSJ Pro Private Equity, the firm, which has strong roots in the Southeast, is looking to back startups launched by Native American entrepreneurs.

Iconiq Growth, Wellington Management and Lightspeed Venture Partners led a $300 million investment in professional-coaching company BetterUp Inc. in a Series E round that valued the business at about $4.7 billion, according to a news release. Existing investors including Mubadala Investment Co. also participated. The San Francisco-based company provides mentoring and counseling services online to individuals and groups.

Investment firm 3i Group PLC is backing zero-emissions transportation leasing company NEoT Green Mobility with a roughly €30 million investment. The U.K. firm is investing through its 3i European Operational Projects Fund, backing the company alongside Mirova SA in France and existing shareholders. The French company supplies electric buses and vans as well as related components to transit systems and fleet operators.

KKR & Co. and Clayton Dubilier & Rice have closed their roughly $5.3 billion take-private of data analytics software company Cloudera Inc. in Santa Clara, Calif. In June, the private-equity firms bid $16 a share for the company, which offers cloud-based enterprise programs.

German real-estate lender Aareal Bank AG confirmed that it is in “open-ended talks” with an investment group led by Centerbridge Partners and TowerBrook Capital Partners that includes Advent International about a proposed deal at €29 per share, or about $33.57 per share, according to a regulatory filing. The price implies an equity value of about €1.74 billion, or $2.01 billion, and represents a roughly 35% premium to a weighted average over the previous three months. The Wiesbaden-based bank said its board of directors had asked the management board to hold such discussions as a way to explore strategic options for the company. Aareal shares slipped 3% Friday to close at €28.30 each in Frankfurt.

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

A blank-check company tied to Riverstone Investment Group plans to raise $275 million in an initial public offering of shares to finance the combination with a business that will advance decarbonization of the global economy, Stephen Nakrosis reports for Dow Jones Newswires. Decarbonization Plus Acquisition Corp. V plans to use Riverstone’s investment infrastructure to help it identify companies in the “energy and agriculture, industrials, transportation and commercial and residential sectors," a regulatory filing shows.

MVM Partners Ltd.-backed medical-device company Paragon 28 Inc. plans an initial public offering of shares priced at $15 to $17 each, Stephen Nakrosis reports for Dow Jones Newswires. U.K.-based MVM owns about 21% of the company’s equity through its fifth fund, MVM V LP, a regulatory filing shows. The firm listed a $300 million target for the fund in an October 2018 filing with the Securities and Exchange Commission. Swiss growth-equity investment firm Bird B. AG owns about 23% of the Englewood, Colo.-based company.

Sonendo Inc., a dental-technology company backed by investors that include General Atlantic, OrbiMed and Meritech Capital, plans an initial public offering of shares, Josh Beckerman reports for Dow Jones Newswires. The Laguna Hills, Calif.-based company, makes products that treat tooth decay by cleaning and disinfecting microscopic spaces within teeth without the need to remove tooth structure. EW Healthcare Partners led an $85 million investment in the company last year.

A robotics company backed by Thomas H. Lee Partners LP, SoftBank Group Corp. and EQT AB set a price range on its initial public offering of shares in Oslo that implies a market value of 90 billion to 103 billion Norwegian kroner, equivalent to $10.5 billion to $12 billion, Dominic Chopping reports for Dow Jones Newswires. AutoStore Holdings Ltd. is a Norwegian robotic and software technology company that operates in the warehouse-automation industry and has 20,000 robots installed in more than 35 countries. Trading in the shares is expected to begin around Oct. 20 on the Oslo Stock Exchange.

Shares of Tortilla Mexican Grill PLC, which is backed by Quilvest Capital Partners, rose in the early hours of its debut on the London Stock Exchange's junior AIM, placing at 181 pence a share, giving it an initial market capitalization of about £70 million, or roughly $95.3 million, a regulatory filing shows. Luxembourg-based Quilvest held about 46% of the restaurant chain’s equity before the IPO, according to an earlier filing. Tortilla has 62 shops worldwide, including 10 in the Mideast and the rest in the U.K.

In the 1980s, Robert B. Haas got rich way faster than he expected. With his private-equity partner, Thomas Hicks, he combined soft-drink brands Dr Pepper and 7UP into one company, then sold it in 1988, taking huge profits before the market for leveraged buyouts overheated. The private-equity investor, who later became an accomplished photographer, died on Sept. 28 at age 74, as James R. Hagerty writes in Mr. Haas's obituary for The Wall Street Journal.

The Financial Industry Regulatory Authority Inc., known as Finra, is examining firms’ offerings of special purpose acquisition companies, as well as related services, according to a notice posted on the industry self-regulatory organization’s website. Finra, which licenses and oversees U.S. securities broker-dealers, is looking into policies and procedures related to SPACs after government and elected officials in Washington have raised questions about how blank-check companies are set up, their costs and who benefits from them.

Nearly 140 countries agreed Friday to the most sweeping overhaul of global tax rules in a century, a move that aims to curtail tax avoidance by multinational corporations and raise additional tax revenue of as much as $150 billion annually, Paul Hannon and Richard Rubin report for The Wall Street Journal. But the accord, which is a decade in the making, now must be implemented by the signatories, a path that is likely to be far from smooth, including in a closely divided U.S. Congress.

The amount of leveraged loans issued in the U.S. this year that have been “covenant-lite,” or missing some common lender protections, has soared, according to an analysis by S&P Global Market Intelligence. Citing data from its LCD unit, S&P said the proportion of covenant-lite loans in the institutional loan market stood at 91% as of Oct. 4, a record level. By comparison, S&P said covenant-lite loan issuance accounted for around 65% of the total in 2013, up from just 1% in 2000. S&P said a $2.6 billion term loan to finance Thoma Bravo’s Stamps.com Inc. acquisition was covenant-lite and said competition among lenders with vast amounts of liquid assets is driving the trend.

More than two-thirds of the companies in the S&P 500 index have cited supply-chain disruptions and costs as drags on third-quarter or future results, according to research by FactSet. The research and data supplier examined transcripts of 21 earnings calls of the companies that had reported and held calls by Oct. 7 and in 15 calls found mentions of those factors as negative influences on earnings.

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

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