Good day! A company backed by Apollo Global Management Inc. and tied to the former Blackwater security provider, Constellis Group Inc., has called in a specialist to help it restructure its debt, WSJ Pro’s Alexander Gladstone reports, citing people familiar with the matter. Constellis is facing a cash crunch as demand for its government security services declines.

Word that a deal discussion may lead nowhere dented the shares of Infrastructure and Energy Alternatives Inc., which has been backed by Ares Management Corp. and Oaktree Capital Management, Dow Jones Newswires’ Josh Beckerman reports. An after-hours drop of about 23% in the stock Wednesday may signal a rough opening Thursday. Also, $300 million late-stage investment round has given contract-worker gig marketplace operator RigUp Inc. a $1.9 billion valuiation, WSJ Pro's Yuliya Chervova reports.

In other news, Bessemer Venture Partners is officially getting into the growth-equity market in a big way, the SEC has set up an asset-management advisory committee as it contemplates changing the rules on who can invest in what, and the Journal’s Ben Dummett and Anna Isaac take a closer look at the latest collapsed bid for the London Stock Exchange.

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Apollo-backed defense contractor Constellis Group Inc. has engaged PJT Partners Inc. to engineer a restructuring plan for the company’s debt-laden balance sheet, according to people familiar with the matter, WSJ Pro’s Alexander Gladstone reports. The Apollo Global Management Inc.-owned company, which has roots in the Blackwater private-security provider that Erik Prince founded in 1997, is facing a cash crunch as demand declines for government security assignments in Iraq, Afghanistan and other global hotspots. To bring in fresh capital, Constellis recently completed a sale and lease-back of its flagship training facility in Moyock, N.C., for $40 million. But even after the deal the company’s liquidity remained tight, amounting to just $33 million of cash and $18 million of available credit facility as of June 30.

Ares- and Oaktree-backed Infrastructure and Energy Alternatives Inc. shares fell more than 23% in after-hours trading Wednesday after the construction company said a potential merger it discussed in August might not take place. The company is in talks for an alternative transaction that would include an additional investment by Ares Management Corp. Oaktree Capital Management formed the company in 2011 as part of the firm's acquisition of White Construction Inc., a provider of engineering, procurement and construction services for projects in industries such as renewable power and infrastructure. IEA went public through a blank-check company transaction that closed in March 2018.

RigUp Inc., which operates a marketplace for contract workers in the energy sector, surged to a $1.9 billion valuation with a new infusion of capital, WSJ Pro's Yuliya Chernova reports, citing a person familiar with the situation. Andreessen Horowitz led the $300 million Series D financing in the Austin, Texas-based startup, using its recently formed late-stage fund.

WSJ Pro Private Equity will host an event on Oct. 29 in New York on developing women leaders in the private-equity industry. Join the conversation with Blackstone Group’s Joan Solatar, Vista Equity Partners’ René Yang Stewart and others! Register for this free event here.

Bessemer Venture Partners has formally stepped into the growth equity arena, unveiling a $525 million fund specifically tailored to late-stage startups. Bessemer’s growth team will target investments of as much as $250 million in companies they see as able to become sustainable $10 billion businesses. But the firm said it has been making growth investments since its inception, most recently in more than a half-dozen companies, including ACV Auctions Inc., a provider of online wholesale auctions for car dealers, and Toast Inc., which produces wireless point-of-sale systems and management software for restaurants.

The complexity of Hong Kong Exchanges & Clearing Ltd.’s failed $37 billion proposal to acquire the London Stock Exchange—a deal that would have derailed the LSE’s acquisition of Blackstone Group Inc.’s sale of Refinitiv to the London financial institution—shows how increasingly difficult it can be to clinch such transactions. The LSE’s dismissal of the offer cleared the way for its $14.5 billion Refinitiv deal, which it struck with the intention of becoming a fully fledged financial data provider. China’s attempts to more tightly integrate Hong Kong into the mainland political and economic structure and concerns about foreign access to sensitive assets have also raised new barriers as well.

The Securities and Exchange Commission has formed an Asset Management Advisory Committee to provide advice on such trends and developments as the effects of globalization, changes in technology and in service providers. On Wednesday, the agency named Edward Bernard, a retired vice chairman of T. Rowe Price Group Inc., as the panel’s chairman. Ross Stevens, founder and chief executive of Stone Ridge Asset Management, and John Suydam, Apollo Global Management Inc.’s chief legal officer, are notable representatives of the private asset investment sector. Other members include senior executives of mutual-fund companies, wealth advisory firms and pensions, including Paul Greff, the Ohio Public Employees Retirement System’s chief investment officer, and Rich Hall, the University of Texas/Texas A&M Investment Management Co.’s deputy chief investment officer.

Golub Capital’s business development company made $130.4 million in new midmarket investments during the third quarter. The vast majority were in the form of one-stop loans and $120.7 million were funded at closing. In mid-September, Golub Capital BDC Inc. acquired Golub Capital Investment Corp. and obtained $2.3 billion of investments made by the operation. At the end of the quarter, the business development company had about $4.3 billion in investments, based on their market value, the firm said.

For the past generation, Democratic presidential candidates have mostly talked of redistributing the rewards of American capitalism while leaving its basic structure intact. Elizabeth Warren promises to break that mold. The Massachusetts senator, who has moved to the front ranks of the field, talks of remaking capitalism from the ground up. As president, she would drastically cut back the size and influence of big business, push private companies from parts of the economy altogether, and shift power to government and to labor. Businesses are meeting the rising prospect of a Warren presidency with a combination of concern, skepticism and, for a few, a sense of opportunity.

Publicly traded JPEL Private Equity Ltd. plans to return about $65 million to investors in its dollar-denominated investments. The U.K. firm primarily invests in the global private-equity markets and said it will have distributed almost $300 million since mandatory redemptions began at the end of October 2016. The figure represents about 62% of net asset value at that time. The $65 million to be returned to investors under the current redemption represents about 20% of the net asset value of the dollar-denominated equity share class. Investors will receive $1.70 a share in the redemption.

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Highlander Partners has sold Popular Ink LLC to PPC Flexible Packaging LLC. Highlander initially invested in the McKinney, Texas-based packaging printer in 2015. Buyer PPC is based in Buffalo Grove, Ill., and operates in similar markets as a provider of specialized printed packaging.

Levine Leichtman Capital Partners has sold Nobles Worldwide Inc. to a Ducommun Inc. affiliate. The St. Croix Falls, Wis., company makes military ammunition handling systems for aircraft, ships and ground vehicles operated by the U.S. and its allies. Docommun makes electronics and structural systems for aircraft, space programs and military uses.

Chicago private-equity firm GTCR has promoted Michael S. Hollander to managing director and Stephen P. Master and KJ McConnell to principals. After joining GTCR in 2008, Mr. Hollander became a principal in 2014. Joining GTCR in 2008, Mr. Master became a vice president in 2012. Mr. McConnell joined GTCR as a vice president in 2014.

Orix Capital Partners has hired Craig Kahler as a managing director overseeing the New York-based investment team and developing client relationships. He will also be a member of the firm’s investment committee and reports to Chris Suan, president and senior managing director. Before joining, he most recently led the private-equity team of Safanad. He previously worked for BlueMountain Capital Management and H.I.G. Capital.

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