Firms and Funds

Propel Bio Partners, a Los Angeles and Seattle-based life science investment firm, has launched.

Alterra Property Group has closed its second industrial outside storage fund at $524 million, beating its $400 million target.

Magnolia Capital and Principal Real Estate Investors have formed a new joint venture to invest in single-family rental housing.

Yellow Wood Partners has formed Beacon Wellness Brands, a new sexual wellness brand, as a result of acquiring several brands from Clio, led by its anchor brand PlusOne.

Canadian energy private equity firm Waterous Energy Fund has closed its fourth capital raise, bringing in about C$345 million.

CREC Real Estate, a private equity real estate firm, has closed its second real estate fund at $80 million.

Gen II Fund Services has acquired Update Capital, a Vancouver-based provider of investment management technology solutions for the real estate asset class.

KKR has closed its fourth global infrastructure fund at $17 billion.

Ardian has launched its real estate debt unit that will manage funds and mandates related to finance pan-European real estate projects.

The office, which will broaden the reach of Northleaf's mid-market infrastructure investing in North America, will be led by managing director Olivier Laganière.