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With GP expenses diminished by the pandemic, are management fees becoming harder to justify? Plus: Brookfield is seeking up to $15 billion and KKR is building an EMEA wealth team. Here's today's brief, for our valued subscribers only.

Instar, founded in 2014 by Greg Smith, ex-head of Brookfield Financial’s global infrastructure advisory group, last year closed a second flagship fund at $1.2bn.

Secondary buyers like to see a GP using capital from a new fund to reinvest in an older portfolio company as an example of the manager’s belief in the business.

Amulet Capital Partners has closed its second healthcare fund at $650 million, beating its $500 million target.

Traub Capital has wrapped its debut private equity fund.

Finback Investment Partners has closed its inaugural private equity fund at a hard cap of $350 million, beating its $250 million target.

Minority shareholders everywhere can breathe a sigh of relief following the results of Affinity's arbitration with Kyobo Life Insurance. Plus: how GPs can tweak LP communications for the modern age and CD&R has placated pension trustees of UK supermarket giant Morrisons. Here's today's brief, for our valued subscribers only.

Executives from firms including Blackstone, BC Partners and Battery Ventures participated in PEI's IR forum last week.

The firm promoted two other partners, Mario Moreno and Owen Davis, around its third fund, which closed on $550m in 2018.

Tidemark, which is marketing a $350m inaugural fund, makes growth equity investments in lower-mid-market technology companies in North America.