Happy Friday! We have a full slate for you today starting with Brookfield’s decision to separate its asset management business at an estimated value of $80 billion, as I write below. Interesting to note that in discussing the firm’s first quarter results, Chief Executive Bruce Flatt made a point of remarking on the plunging values of technology companies. Sounds like he’s ready to shop. 

In other news, our Chris Cumming and Preeti Singh report that Angeles Equity expects to close its second fund with nearly $600 million by summer’s end, citing people familiar with the matter. It’s also interesting to note that Mr. Flatt said Brookfield hasn’t seen the challenges other big firms have recently noted when it comes to fundraising--he’s expecting 2022 to be a record year for the firm.

Finally, Preeti also offers a discussion with Carlyle’s Ruulke Bagijn, who heads the firm’s business that helps guide investors as they manage their portfolios, about the recent market volatility and what it may mean for the group.

We have these and many more stories summarized for you below, so please scroll on down ...

Publicly traded Brookfield Asset Management Inc. plans to set up its asset management business as a separate enterprise and distribute a 25% interest worth an estimated $20 billion to shareholders later this year, Bruce Flatt, chief executive, said in a letter to investors, as Ted Bunker reports for WSJ Pro Private Equity. The step will create a separately listed, pure-play investment firm with an estimated market value of about $80 billion, the letter said. The distribution by Toronto-based Brookfield will be valued at about $12 a share and will be tax-free for U.S. and Canadian investors. Brookfield plans to retain a 75% interest in the asset management business at first, treating it as a $60 billion investment.

Angeles Equity Partners is more than two-thirds of the way toward the fundraising target for its latest fund, giving the private-equity firm a fresh batch of capital to invest in lower midmarket companies, Chris Cumming and Preeti Singh report for WSJ Pro Private Equity. The vehicle, Angeles Equity Partners II LP, has held a first close of $350 million, according to two people familiar with the matter. The fund is expected to close at just under $600 million by the end of the summer, above the $500 million target, one of the people said.

Managers of investment firm Carlyle Group Inc.’s Global Investment Solutions segment, which deploys around $6 billion annually on behalf of investors, expect recent market volatility to spur an increase in secondary deal flow, Preeti Singh reports for WSJ Pro Private Equity. Ruulke Bagijn, the head of Carlyle’s $65 billion Global Investment Solutions segment, recently spoke with Preeti on the opportunities and challenges volatile markets are creating for private-equity investments. Ms. Bagijn’s business focuses on helping investors manage capital through secondary and co-investment funds as well as separately managed accounts.

Singapore sovereign wealth investor GIC led a $175 million investment in blockchain data company Chainalysis Inc. in a deal valuing the business at $8.6 billion, according to a news release. Existing backers Accel, Blackstone Inc. and Dragoneer Investment Group also participated in the New York company’s Series F investment round.

The Canada Pension Plan Investment Board is committing £135 million, or $165.4 million, to a partnership formed with Federated Hermes Inc. to back the development of the Silverstone Park site in England for engineering and technology companies, according to a news release. Federated Hermes began developing the business park about eight years ago on behalf of the the BT Pension Scheme. CPP Investments will hold a 50% stake in the project.

Lightrock in London and Silver Lake led a $110 million growth investment in Latin American financial technology company Dock, joined by existing investors Riverwood Capital, Viking Global Investors and Sunley House Capital, according to a news release. The deal values the business formerly known as Conductor Technologia em Meios de Pagamento at more than $1.5 billion. Sao Paulo-based Dock provides online and mobile payments and banking technology across Latin America, according to its website. Silver Lake invested through its credit-focused Waterman strategy.

Motive Partners and Franklin Resources joined existing backers of financial technology investment company Tifin Group in a $109 million Series D investment, according to a news release. The New York company is also backed by Hamilton Lane Inc.  and JPMorgan Chase & Co.’s asset management arm. The deal values the business at $842 million.

Fred Alger Management and Squarepoint Capital have backed medical device maker Impulse Dynamics Ltd., participating in a $101 million investment in the company alongside existing backers that include Kennedy Lewis Investment Management, according to a news release. The Marlton, N.J.-based company focuses on developing devices and therapies to treat heart failure.

KKR & Co. is adding to its sprawling self-storage assets by acquiring five more properties totaling approximately 4,100 units for an aggregate purchase price of approximately $98 million paid to four sellers, according to a news release. The properties are located in Phoenix, Dallas, San Antonio and Palm City, Fla. The firm invested from its KKR Real Estate Partners Americas III fund.

The growth investment arm of Kayne Anderson Capital Advisors and CIBC Innovation Banking are providing $80 million to cloud-based data management company Panzura LLC, according to a news release. Users of Panzura’s software include the Walt Disney Co. and BBC America as well as major league sports teams and government agencies.

Riverside Co. is backing online mentoring company PeopleGrove Inc. with a growth investment, according to a news release. The San Francisco-based company connects students with recent graduates and school alumni to foster professional network growth and coaching.

Growth investor PSG Equity in Boston has invested in e-commerce website optimization software maker Yottaa Inc., according to a news release. Richard Hearn, a PSG senior advisor, is joining the Waltham, Mass.-based company’s board of directors.

Sustainable energy infrastructure investment firm Green Rock Energy Partners said it has acquired a stake in Bio Town Biogas LLC, a renewable power company that focuses on converting waste to energy.

Consumer products-focused Bansk Group has agreed to buy a majority interest in haircare brands amika and Eva NYC, according to a news release. Both brands are rooted in New York.

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

H.I.G. Capital in Miami has agreed to sell specialty chemicals company Valtris Specialty Chemicals to an affiliate of funds managed by fellow private-equity firm SK Capital Partners. H.I.G. initially acquired Valtris back in 2014 in a corporate carve-out transaction from Ferro Corp., according to a press release.

Peak Rock Capital has agreed to sell frozen pizza crust manufacturer TNT Crust to General Mills Inc., Colin Kellaher reports for Dow Jones Newswires. Peak Rock initially acquired the Minneapolis-based company back in 2018 from Tyson Foods Inc.

Specialist firm NovaQuest Private Equity has closed on $500 million for its NovaQuest Private Equity Fund II LP, surpassing an initial $425 million target for the vehicle, according to a news release from the fund’s adviser, QHP Capital LP. Raleigh, N.C.-based NovaQuest mainly invests in human biopharmaceuticals and animal health products, according to a regulatory filing in March, and now manages about $1.2 billion of assets. Investors in the new fund include the State of Wisconsin Investment Board, which committed $50 million last year, according to the WSJ Pro Private Equity LP Commitments database. The board ended last year with $165.69 billion in total assets. Eaton Partners placed the fund, according to a press release.

StepStone Group Inc. in New York has closed on more than $600 million of commitments for its first credit opportunities fund to invest in distressed liquid and illiquid credit assets, according to a news release. The firm ended last year with $127 billion in assets under management, according to its first-quarter results.

Ergon Capital Partners, a midmarket firm focused on investments in France, Germany, Italy, Spain and the Benelux region, has closed Ergon Capital Partners V at an upwardly revised hardcap of €800 million, the equivalent of $841.2 million, according to a press release. The firm has already committed 20% of the fund’s capital to three investments, the release stated.

Sterling Investment Partners, a midmarket firm based in Wilton, Conn., has rounded up at least $566.5 million so far for its Sterling Investment Partners IV LP, according to a regulatory filing. Stifel, Nicolaus & Co. is placing the fund, the filing indicates.

Troob Capital Management has closed on $209 million for its TCM Tactical Opportunities Fund II LP to provide either equity or debt financing of up to $20 million to companies, according to a news release. The White Plains, N.Y.-based firm raised its first tactical opportunities fund in 2019.

Carlyle Group Inc. is bringing on Avik Dey as co-head with Bob Maguire of Carlyle International Energy Partners, a strategy within its infrastructure operations that focuses on energy investments outside of North America. Mr. Maguire is moving to the role while Marcel van Poecke becomes vice chairman of the strategy, stepping up from head of the international energy group. Meanwhile, Macky Tall is expanding his duties to include leadership of the firm’s newly integrated infrastructure and energy investment groups. Mr. Dey is expected to take up his role this summer and joins from NOVA Chemicals, according to a news release.

Institutional investor services provider Colmore, part of industry data researcher Preqin Ltd., has hired Christine Campney as relationship management director and named her to the firm’s executive committee, according to a news release. She joins from the Canada Pension Plan Investment Board and succeeds  Richard Lyons in the role as he plans to retire at the end of next month.

SoftBank Group Corp., one of the world’s most aggressive high-tech investors, lost more money in its last fiscal year than it ever has—$13.2 billion—and will cut back its pace of new investments, Megumi Fujikawa and Eliot Brown report for The Wall Street Journal. “The world is in a chaotic situation,” said Chief Executive Masayoshi Son, citing Covid-19 and Russia’s invasion of Ukraine. “In this chaotic world, the approach we at SoftBank should take is defense.” The company’s fiscal year ended March 31. SoftBank lost $26.2 billion in the first three months of this year.

Private equity remains king of the alternative investment universe, but venture capital is gaining fast, according to researcher Preqin Ltd. in London. Venture firms amassed $497 billion in dry powder, or uncommitted capital, as of Wednesday, after firms globally exceeded $2 trillion in assets under management late last year, Preqin said. By contrast, the VC industry had around $270 billion in AUM at the end of 2008. Private equity firms had $6.03 trillion in AUM at the end of September, Preqin noted. While VC is a third the size of PE, the compound annual growth rate of VC funds is nearly twice that of PE, at 20.1% compared with 11.5%, respectively, since 2012.

For more than five years, endowments, pension funds and other so-called institutional investors shunned the oil-and-gas industry because of big losses and concerns about climate change. But some investors are starting to warm to energy again, allowing some oil- and gas-focused investment firms to gain traction with new funds, The Wall Street Journal’s Gregory Zuckerman reports.

Investment firm 3i Group PLC in London reported a significant rise in pretax profit for fiscal 2022, and said the start of FY2023 has been marked by strong momentum across the company, Sabela Ojea writes for Dow Jones Newswires. The midmarket equity- and infrastructure-focused firm said its private-equity investments provided a gross return of £4.17 billion for the year ended March 31, up 47% from a year earlier. The firm posted a pretax profit of £4.02 billion, or roughly $4.92 billion, compared with £1.85 billion a year earlier. Net profit rose to £4.01 billion from £1.73 billion.

Amprius Technologies Inc. has reached a deal with a special-purpose acquisition company that values the maker of silicon-anode batteries at about $1.3 billion and would take it public, company officials said. As Amrith Ramkumar writes for the Journal, Fremont, Calif.-based Amprius is combining with the transportation-focused blank-check company Kensington Capital Acquisition Corp. IV. As part of the deal, Amprius plans to raise $200 million in equity from investors.

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

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