Good day! Our lineup for you today includes a look at how KPS Capital Partners fared with its formation of an industrial group starting in 2011. Following the company's last exit deal, WSJ Pro Private Equity’s Laura Kreutzer learned that the project tripled the firm’s investment. Most likely a lot of investors would like to produce similar results.

On another front, WSJ Pro’s Chris Cumming details KKR & Co.’s latest fundraising success, packing away about $6.4 billion for its fifth flagship European buyouts fund. Finally, Ms. Kreutzer also reports that Enhanced Healthcare has made its first investment out of a new $300 million fund that it closed less than two months ago, joining with Bourne Partners to acquire Pharmaceutical Associates Inc.

Beyond that, we’ve collected a slew of other news from deals and earnings to freshly raised funds, so please take a few minutes to catch up with what’s been going on...

KPS Capital Partners has closed the books on an industrial equipment manufacturer it created in 2011 and that ultimately tripled the firm’s initial investment. The New York-based firm has sold equipment maker Crenlo Cab Products LLC and its affiliated units Emcor and Siac do Brasil to Angeles Equity Partners. The deal is the third and final exit from an industrial equipment manufacturing company that KPS formed in 2011 and named International Equipment Solutions LLC. The three exits combined returned around three times what KPS invested in IES, according to a person familiar with the company.

KKR & Co. has raised €5.8 billion ($6.4 billion) for its fifth European buyout fund, the private-equity firm said Tuesday. The sum collected for KKR European Fund V includes $400 million in commitments from the firm’s employees and its balance sheet, KKR said. Large U.S. pensions that committed to the fund include the California Public Employees’ Retirement System, the State of Michigan Investment Board and the Washington State Investment Board, according to public documents.

Midmarket health-care firm Enhanced Healthcare Partners has backed the first company out of a new $300 million fund that it closed less than two months ago. The New York-based firm has partnered with fellow midmarket investor Bourne Partners Strategic Capital to acquire Pharmaceutical Associates Inc., a company that manufactures and markets generic liquid pharmaceuticals for a range of health-care customers. They include hospitals, independent pharmacies, retail chains, long-term care facilities and government agencies, according to a news release.

Apax Partners has acquired legal services provider Lexitas from Trinity Hunt Partners and other investors, including company management. The Apax investment will help Lexitas grow through geographic and salesforce expansion, technology differentiation, and strategic mergers and acquisitions, they said. Houston-based Lexitas has a network of offices across the U.S.

Mainsail Partners has made a growth investment in SourceScrub, a software as a service platform focused on deal origination that San Francisco-based Mainsail got to know as a user of the company’s services. Founded in 2015, SourceScrub’s platform helps investment professionals source, qualify and track companies using a database of private business information, according to a news release.

OpenGate Capital has acquired a majority stake in CoreMedia AG from Deutsche Telekom Capital Partners and a consortium of private investors. CoreMedia helps companies manage their e-commerce platforms. OpenGate’s investment, the sixth in its recently closed $585 million second institutional fund, will help CoreMedia increase its use of artificial intelligence and expand internationally. CoreMedia, based in Germany, has more than 160 employees, with operations in the U.S., U.K. and Singapore.

Corporate adviser Fidentiis Capital in Madrid has been acquired by Los Angeles investment bank Houlihan Lokey as it expands its European footprint. Fidentis provides advice on mergers and acquisitions, financing and capital raising to corporate clients in the midcap range in Spain, the firms said. Houlihan also named Fidentis co-founders Carlos Paramés and Juan Luis Muñoz as managing directors, reporting to Matteo Manfredi, head of corporate finance in Europe.

Lovell Minnick Partners has invested in family office advisory firm Pathstone, which has more than $15 billion in assets under advisement. The deal will keep the firm’s current management team in place while providing an exit for previous backer Fiduciary Network. The investment will also enable Pathstone to add 16 employees as shareholders of the firm, bringing to 48 the number of co-owners out of 110 employees at Englewood, N.J.-based Pathstone.

Canadian private-equity firm Novacap has acquired a majority stake in Foliot Furniture, a Quebec-based company that makes furniture for hotels and university housing. Novacap will work alongside the current management team and the Fonds de solidarité FTQ, a development capital investment fund that deploys the savings of Quebecers, which has been Foliot’s partner since 2010.

Spindletop Capital Management and Tricity Pain Associates P.A. have acquired Advanced Consultants in Pain Care and the practice of Dr. Darius Zagunis in San Antonio. Spindletop first partnered with Tricity in 2018 to build an integrated platform in pain management services. The organization has 27 providers across 17 clinics, including three ambulatory surgical centers in Texas.

H.I.G. BioHealth Partners, the health-care investment affiliate of H.I.G. Capital, co-led an investment round that provided $18 million to device maker Clarify Medical, a medical-device company that develops products and services to treat chronic skin conditions, such as psoriasis and vitiligo.

Lumerity Capital has backed a growth investment in Effectual, a Hoboken, N.J.-based cloud-first managed services and consulting company. Lumerity targets midmarket investments in data infrastructure businesses, including cloud and managed services, application management, cybersecurity and compliance services and data center real estate, according to the firm’s website.

BV Investment Partners has acquired EDCO Health Information Solutions Inc. St. Louis-based EDCO provides automated unstructured data indexing solutions for health-care providers. It employs more than 300 people. BV is partnering with the current executive team of EDCO.

Fengate Asset Management said it has closed the acquisition of a  72.6 megawatt wind project in Hancock County, Maine, from renewable energy investor Longroad Energy Partners. The acquisition results from a co-development and financing partnership between Fengate and Longroad Energy that was announced in December 2018, according to a news release.

McLean, Va.-based Bluestone Investment Partners LLC has completed an investment in Intrepid Solutions and Services Inc. Intrepid provides enterprise information technology, data analysis and operational training services to customers in the U.S. intelligence community.

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

Hamilton Lane has held a second closing for its fifth secondary fund that brings the vehicle’s total commitments so far to around $1.1 billion, the firm revealed during its earnings call on Tuesday. Earlier this year, Hamilton Lane had collected $700 million in an initial closing of Hamilton Lane Secondary Fund V LP. But a second closing of nearly $400 million put the new fund closer to the $1.9 billion that the Bala Cynwyd, Pa.-based firm raised for its fourth secondary fund in 2017. That fund was the firm’s largest secondary vehicle raised to date.

HarbourVest Partners said it has raised 300 million Canadian dollars ($228 million) for HarbourVest Canada Growth Fund II, a fund of funds formed under an initiative launched by the Canadian government to promote investment in Canada’s venture-capital and growth-equity industry. HarbourVest plans to invest the new vehicle in Canada-focused venture-capital and growth-equity funds as well as in direct co-investments in Canadian companies. So far HarbourVest has backed six funds out of the new offering and two co-investments, according to a news release.

NovaQuest Capital Management has closed on $275 million, its hard cap, for NovaQuest Private Equity Fund I LP. The fund will invest in technology-enabled health-care companies and pharmaceutical services providers. NovaQuest has already made several deals from the fund, including investments in Azurity Pharmaceuticals and Clinical Ink. The firm manages more than $2.5 billion. Eaton Partners acted as the firm’s exclusive placement agent for the new fund.

General Atlantic is promoting three executives to the newly created role of co-president, the latest in a recent spate of firms to lay the groundwork for leadership succession, Miriam Gottfried reports for The Wall Street Journal. Anton Levy, Gabriel Caillaux and Martín Escobari will become co-presidents effective Jan. 1, 2020, the firm said. General Atlantic Chief Executive Bill Ford will remain in that role and continue as chairman of the firm’s management committee, on which all three of the new co-presidents already sit.

3i announced a handful of new hires to its private-equity team, including two in New York, one in Paris and another in London. The firm has added Drew Olian and Jake Shuster to its New York office. Mr. Olian joins as a director from Carlyle Group, where he was a vice president, while Mr. Shuster joins as a senior associate after working at an agricultural startup funded by Google. In Paris 3i added Jonas Marciano as an analyst, and in London the firm hired Lauren Causon as legal counsel.

Bow River Capital, a Denver-based alternative investment firm, said it has hired Jeremy Held and Mike Trihy to run a registered asset management business focused on private markets. Mr. Held joins the firm from ALPS Advisors, where most recently he was head of that firm’s asset management business. Mr. Trihy was previously a portfolio manager for Partners Group, where he was responsible for managing separate account mandates and registered funds in the Americas region.

As the bull market enters its 11th year, state and local pension plans are piling on risk, as they try to make up shortfalls, according to the Journal. Public plans had a median 47.3% of their assets in U.S. equities at the end of the third quarter, according to database Wilshire Trust Universe Comparison Service. That is more than they have had since 2007 and up from 44.1% a year earlier.

Hamilton Lane Inc.’s earnings fell 9% in its fiscal second quarter, which ended Sept. 30, as incentive fees dropped 38% in the period to $9 million from $15 million a year earlier. The Bala Cynwyd, Pa.-based firm said adjusted net income fell to about $26.6 million, or 50 cents a share, from roughly $29.2 million, or 55 cents a share, in the year-earlier period. Hamilton Lane shares fell as much as 7.3% in New York trading after the firm posted its results. Assets under management rose 13% to $66 billion compared with a year earlier, while management and advisory fee revenue climbed 11% to $59 million and fee-related earnings advanced 14% to $49 million. Hamilton Lane said total revenue rose 15% to about $64.3 million. Net income climbed 14% to 56 cents a share, the firm added.

Global private-equity firm EQT AB said fund exits plunged in the third quarter, with just €800 million ($885.6 million) in realizations, mainly from its real assets segment. During the first half, exits by EQT funds totaled about €4.8 billion by comparison. The firm also said that preparations for raising commitments for EQT IX are “intensifying” with formal fundraising expected to begin early next year. It said that EQT VIII was between 65% and 70% invested, and noted that fundraising for successor vehicles normally begins when the predecessor fund is 80% to 90% deployed. The firm said its assets under management were little changed at €40.5 billion at the end of September, compared with €40.1 billion at the end of June.

Carlyle Group LP co-founder and Co-Executive Chairman David Rubenstein said if he were starting a new private-equity firm today, he’d most likely locate it in Singapore, not Washington, where Carlyle is based, according to Japan’s Nikkei news service. Mr. Rubenstein said Asia is outstripping the U.S. and Europe in terms of growth rates, according to Nikkei. “If I were starting all over again, I'd probably be based in Singapore, because, you know, the greatest growth in the world is going to be in Asia," he said at the Greenwich (Conn.) Economic Forum on Tuesday, Nikkei reported.

Bruin Sports Capital, an investment firm and global holding company founded in 2015 by George Pyne, said it has formed a partnership with private-equity firms CVC Capital Partners and Jordan Co. The two firms will pledge an initial $600 million to the partnership, which will focus on investments in sports and entertainment companies, according to a news release.

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