Good day! We might've known that noting a slowdown in industry activity would trigger a surge of deals, exits hiring and more. And it seems to have done just that. 

So today I report on KKR's latest bonanza-producing exit, with the pending sale of Minnesota Rubber and Plastics putting more than 1,450 company workers in line for as much as two years' pay to reward their equity participation. 

Meanwhile, our Luis Garcia discusses a Calpine investment with Matt Garfunkle of Pantheon Ventures, as well as the London firm's outlook on infrastructure sectors favored by the investment firm.

Finally WSJ Pro Venture Capital's Marc Vartabedian writes about VMG Catalyst's new $400 million fund to back startups.

We have these stories and many more condensed and linked for you below, so please read on...

KKR & Co.’s sale of Minnesota Rubber and Plastics in a transaction valued at about $950 million is expected to generate payouts averaging more than 100% of annual pay for the contract manufacturer’s more than 1,450 workers, Ted Bunker writes for WSJ Pro Private Equity. The deal to sell the business, legally named Quadion LLC, to strategic buyer Trelleborg AB in Sweden is the latest sale by KKR in which production line workers will share in the New York buyout firm’s equity gains. The payouts stem from an employee ownership program giving workers a stake in their employer’s success.

Pantheon Ventures recently backed a $1.6 billion continuation fund that gave private-equity firm Energy Capital Partners, or ECP, more time to invest in Calpine Corp., one of the largest power companies in the U.S. Calpine’s plan to use cash flow generated by its many natural gas-fired plants to expand its portfolio of renewable-energy projects attracted the London firm, Matt Garfunkle, a Pantheon partner who focuses on secondary and infrastructure deals, told WJ Pro Private Equity’ Luis Garcia. Mr. Garfunkle recently discussed Pantheon’s investment in the continuation fund with WSJ Pro as well as the infrastructure sectors that the private-market investment firm favors.

Venture-capital firm VMG Catalyst said it has raised a $400 million fund to target startups developing supply-chain technology for retail and consumer brand businesses, which have grappled with logistical snarls and now scorching inflation, Marc Vartabedian reports for WJ Pro Venture Capital. Consumer and retail businesses that optimize supply-chain processes will be better able to combat price increases, giving them a make-or-break advantage against competitors, VMG founding partner Brooke Kiley said.

Since 2015, WSJ Pro has published its annual "Women to Watch" list to highlight the accomplishments of outstanding women in the field. We're accepting nominations for senior deal professionals, rising star deal professionals, as well as limited partner or fundraising professionals through Aug. 8. For more information and to submit your nominations, simply click on this link.

New Mountain Capital-backed Signify Health Inc. is working with bankers to explore strategic alternatives including a sale, Laura Cooper and Cara Lombardo report for The Wall Street Journal, citing people familiar with the matter. The move comes roughly 18 months after the healthcare-services company’s initial public offering of stock. The company, with a market value of more than $4 billion, supplies technology that helps health plans and providers with in-home care. New York-based New Mountain initially backed the business in 2017 and remains an investor.

Sustainable infrastructure investor Greenbacker Capital Management in Portland, Maine is backing distributed generation developer Renew Energy Partners LLC with a growth investment, according to a news release. The firm is investing in the Boston company through its Greenbacker Development Opportunities Fund I LP. The firm said it had about  $1.97 billion in assets under management at the end of last year, in a regulatory filing.

Kirkbi, an investment company of the Kirk Kritiansen family, which founded Lego Group, has led a $100 million investment in Kerecis, a company that uses fish skin and fatty acids in cellular therapy and tissue regeneration. The investment, which also includes support from Emerson Collective and two Icelandic pension funds, values the company at $620 million, according to a press release.

China firms Gaorong Capital and Yunfeng Capital led a $200 million growth investment in biotechnology company Sironax, joined by several existing backers including Temasek Holdings and a half-dozen or so new investors, including the Abu Dhabi Investment Authority, according to a new release. The Beijing-based company is developing therapies targeting ​​age-related degenerative diseases.

New York-based SK Capital Partners has completed its acquisition of Valtris Specialty Chemicals from fellow private-equity firm H.I.G. Capital, according to a press release. Independence, Ohio-based Valtris produces additives used across applications that include plastics, coatings, adhesives and sealants, pharmaceuticals, flavors and fragrances, and personal care products, according to a press release.

Sagard Healthcare Partners in Montreal has committed as much as $40 million to a credit facility for publicly traded Valeo Pharma Inc., including $30 million up front and another $10 million available for future transactions until the end of next year, according to a news release. The lending facility for the Kirkland, Quebec company has a five-year term.

Healthcare focused Linden Capital Partners said it has completed its acquisition of revenue cycle management software provider Aspirion from fellow private equity firm Aquiline Capital Partners.  Varsity Healthcare Partners, another healthcare focused private-equity firm, is joining the investor group as a minority shareholder through its portfolio company Ventra Health, according to a press release.

Voya Investment Management, the asset management arm of Voya Financial, has agreed to acquire Czech Asset Management LP, a private credit firm focused on the U.S. midmarket, according to a press release.

Hull Street Energy has made a strategic investment in Flatiron Energy, a utility-scale energy storage infrastructure company, according to a press release.

U.K.-based growth investment firm Puma Private Equity has invested £3.2 million, the equivalent of $3.9 million, in Muso TNG Ltd., a London-based data company targeting digital piracy and unlicensed media consumption, according to an emailed press release.

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Cinven Ltd. has agreed to sell industrial safety equipment and services specialist Tractel to Alimak Group AB in a roughly €500 million deal, the equivalent of $513.1 million, according to a news release. Cinven initially acquired the Luxembourg-based company back in 2015 out of its Fifth Cinven Fund, a €5 billion pool closed in 2013.

DigitalBridge Investment Management, a unit of DigitalBridge Group Inc., has agreed to sell billboard operator Wildstone to fellow private investment firm Antin Infrastructure Partners, according to a press release. DigitalBridge initially acquired the company, which owns more than 3,000 billboards, back in January 2020, the release stated.

Columbia Capital is seeking a combined total of $1 billion for two new funds, regulatory filings indicate. The Alexandria, Va.-based venture firm aims to raise $650 million for its latest flagship strategy Columbia Capital Equity Partners VIII LP and related parallel funds, according to one filing. It is also seeking $350 million for Columbia Capital Opportunities Fund I-A LP and a related parallel fund, a regulatory filing indicates.

U.K.-based growth investment firm Synova said it closed its fifth fund at the fund’s £875 million hard cap, or the equivalent of $1.07 billion. The final tally for Synova Fund V LP exceeded the £365 million that the firm raised for its fourth fund back in 2019 and includes a £250 million dedicated pool earmarked for investments in smaller growth companies across the U.K., Ireland and continental Europe.

JPMorgan Chase & Co’s alternative investment arm has added Andrew Carter as head of private credit secondaries and Tim Henn as lead portfolio manager for secondaries with its private equity group, according to a news release. Mr. Carter joins from Tikehau Capital and Mr. Henn comes aboard from Portfolio Advisors. Both are based in New York. The alternatives group is part of J.P. Morgan Asset Management, which has about $218 billion in assets under management.

Venture debt firm Runway Growth Capital has hired Brad Pritchard as managing director of technology, according to a press release. Mr. Pritchard previously served as a managing director at BlackRock where he led venture lending efforts, according to a press release.

Trivest Partners LP promoted Brian Connell, Amir Mirheydar and Todd Jerles to partner. In addition, Trace Smith has been promoted to senior associate and Andrea Hinestroza to associate.

Law firm Ropes & Gray LLP has hired David M. Hutchins as a partner in its private-equity practice. Mr. Hutchins was previously general counsel for North American private investments at Bain Capital, according to a press release.

SoftBank Group Corp. is poised to pack on more losses after Chief Executive Masayoshi Son and his team plowed $38 billion from the firm’s latest giant venture fund into more than 180 companies last year, according to securities filings. Mr. Son bought at the top—again. Now, amid a punishing tech rout, SoftBank is expected to report billions of dollars of additional losses in its two giant startup funds early this month, following $27 billion of losses from the funds reported for the fiscal year ended March 31.

Asset manager Hamilton Lane Inc. said assets under management rose 18% to $108.03 billion at the end of June from $91.67 billion a year earlier, while asset under advisement increased 9% to $724.16 billion from $665.02 billion. The Conshohocken, Pa.-based firm said fee-related earnings rose about 10% to $36.8 million while total revenue surged 72% to $135.5 million and net income climbed 19% to $33.5 million, or 91 cents a share for the three-month period ended in June, the first quarter of its fiscal 2023.

Two big Japanese energy investors said Tuesday that the value of their stakes in a Russian natural-gas project has fallen by more than half after a decree by President Vladimir Putin threatened to strip them of their rights, Chieko Tsuneoka writes for The Wall Street Journal. Mitsui & Co. owns 12.5% of the Sakhalin-2 project in Russia’s Far East, while Mitsubishi Corp. owns 10%. Mitsui said it wrote down its stake by ¥136.6 billion, equivalent to just over $1 billion, and valued the investment at the equivalent of $689 million as of June 30.

Marcho Partners a tech-focused hedge fund founded by a onetime deputy of tech investor Chamath Palihapitiya, had over $1 billion in assets under management at its peak, but was down nearly 84% through June 30, according to a summary Marcho sent to its investors. As the Journal’s Eliot Brown reports, the performance represents one of the worst-known performances for a hedge fund so far in 2022.

Healthcare real estate investment firm ​​Stage Equity Partners has agreed to buy the assets of GetSwift Inc., a supplier of delivery and workforce management software that sought bankruptcy court protection Tuesday, WSJ Pro Bankruptcy's Soma Biswas reports for Dow Jones Newswires. The company has obtained a $1 million loan from Galactic Ventures, which has agreed to finance Stage Equity's deal to buy GSI's assets, according to a court filing by Joel Macdonald, co-founder of GetSwift.

Biffa PLC said Tuesday that the U.K. Takeover Panel has extended the deadline for private equity firm Energy Capital Partners, LLC to make a formal offer or walk away so that talks between the two companies can continue, Dow Jones Newswires’ Ian Walker writes. The new deadline has been set at Aug. 30, from Aug. 2.

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

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