HEADLINES
Brookfield Renewable Partners Shares Fall on $650 Million Equity Raise
Shares of Brookfield Renewable Partners were lower after the company said that it will raise $650 million to fund recent acquisitions and for future investment opportunities.
Shares lost 5.6% to settle at C$41.18.
The Canadian renewable power and sustainable solutions assets company said that it has launched an equity offering of limited partnership units for $450 million, which will be on a bought-deal basis by a syndicate of underwriters.
The units are offered at a price of $29.90 apiece.
Calian Reaches Agreement With Shareholder Plantro to Overhaul Board, Sell Assets
Calian Group has agreed to refresh its board of directors and form a new committee to divest noncore businesses as the company faces mounting pressure from a large shareholder, Plantro, to double down on the defense sector.
Shares jumped 9.2%, settling at C$53.10.
The move is part of a formal cooperation agreement with Plantro which has been pushing Calian to better position itself to capitalize on what it sees as a major opportunity.
Calian is a mission-critical solutions company focused on defense, space, healthcare and other strategic critical infrastructure sectors.
ZenaTech Posts Strong Revenue Growth
ZenaTech reported strong revenue growth thanks to strength in its drone and software segments.
Shares declined 1.5% to end at $3.86.
The U.S.-listed, Vancouver, British Columbia-based company said that revenue for the third quarter rose to C$4.4 million, up from C$327,878 a year earlier.
ZenaTech is a technology company that specializes in autonomous drones, artificial intelligence-driven enterprise software, and quantum computing applications.
Profound Medical Regains Distribution Rights for Tulsa-Pro Medical Device System
Profound Medical shares rose after the company said it has regained distribution rights for its medical device system used to destroy prostate cancer tissue previous licensed out.
Shares gained 8.1%, settling at C$9.05.
The commercial-stage medical device company it again has received exclusive distribution rights for Tulsa-Pro in Canada from Knight Therapeutics.
Kits Eyecare Shares Rise On Record Sales Week in November
Kits Eyecare's shares climbed after the eyecare provider kicked off November with what it said were a week of record-breaking sales.
Shares added 9.2% to end at C$13.66.
Kits' sales hit 4.48 million Canadian dollars, the equivalent of about $3.2 million, for the week of Nov. 1 to Nov. 8. That marked a 27% increase year-over-year, including about 10,000 glasses units ordered, the Canadian company said.
Brookfield-Owned Clarios to Accelerate Plans to Grow Battery Recycling, Minerals Processing Capacity
Brookfield-controlled automotive battery manufacturer Clarios International will accelerate efforts to grow battery recycling and critical mineral processing capacity to meet rising demand and secure supply chains.
The push comes as the U.S. government is looking to promote national security, build energy independence and bolster U.S. manufacturing.
Clarios said Tuesday it will fast-track the restart of currently idled infrastructure at its Florence, S.C., facility in order to quickly expand battery-recycling capacity and add mineral processing capability. The existing site offers one of the fastest routes to scale and secure domestic capacity, the company said.
IGM Financial Raises Share Buyback Plan by 1 Million Shares
IGM Financial bumped up the size of its share buyback program to cover roughly 2.5% of its outstanding stock.
The Canadian wealth and asset manager said an amendment to its normal course issuer bid was accepted by the Toronto Stock Exchange, allowing it to repurchase 6 million of its shares from earlier plans to buy up to 5 million shares. Already, the company has bought about 4.2 million shares.
The buyback program will run until no later than Dec. 22. Purchases will continue to be made in open market transactions through the facilities of the Toronto exchange or alternative Canadian trading systems, IGM said.
TALKING POINT
Private Credit Gives Large Firms' Quarterly Fundraising a Boost
By Luis Garcia
Credit investment strategies have become a fundraising engine for large listed private-markets managers better known for their buyouts, helping some notch robust quarterly capital inflows even as many of their smaller peers struggle to raise new funds.
Blackstone, Carlyle Group and KKR & Co. all reported that credit strategies-including direct lending, asset-based financing, infrastructure debt and collateralized loan obligations-represented a larger share of their total fundraising during the third quarter compared with the same period of last year.
For example, such strategies accounted for roughly 63% of the $42.6 billion KKR brought in for investment funds during the just-ended quarter, compared with a 46% share of total fundraising a year earlier. The New York firm amassed $55.4 billion for credit funds this year through September, nearly matching the $56.3 billion raised for credit in all of last year, Craig Larson, KKR's partner and head of investor relations, said during a call with analysts last week.
"Suffice to say, 2025 is on track to be a record capital raising year for our credit business," Larson said.
Credit's share of fundraising held up even at firms that raised substantial amounts of capital for other strategies. Take TPG, which collected $12.3 billion for private-equity funds during the third quarter. Credit strategies amassed $4.8 billion in the third quarter, accounting for about 27% of the Fort Worth, Texas-based firm's total fundraising in the period, compared with $2.9 billion, or 28% of money raised in the year-earlier period.
"This was an outstanding fundraising quarter. We raised a near record $18 billion of capital," TPG Chief Executive Jon Winkelried said during a third-quarter call. "This was driven by a successful first close in our flagship private-equity funds and strong credit fundraising, where we continue to experience a step-function increase in capital formation."
Infrastructure-focused Brookfield Asset Management was another firm that reported substantial inflows for credit strategies, raising about $16 billion or slightly more than half of the nearly $30 billion quarterly fundraising record the firm set in the most recent quarter.
An increased recognition of private credit's importance for financing businesses as banks retreated from lending has driven demand for credit strategies, according to the leaders of large private-market firms.
"We continue to see a comprehensive shift in how assets are being financed globally," Marc Lipschultz, co-chief executive of Blue Owl Capital said during a recent earnings call. "Concurrently, investor focus has continued to shift toward credit and digital infrastructure, which are taking greater market share away from legacy categories."
Large asset managers' strong inflows contrast with declining fundraising in the overall private-equity industry. Buyout and growth funds raised a total of $309.8 billion this year through September, putting fundraising on pace for a second consecutive annual decline, according to analytics provider PitchBook Data.
Big, publicly traded firms benefit from investors' ongoing efforts to reduce the number of fund managers they back by consolidating their capital with large, diversified firms. Increased investor interest in private credit might be amplifying this trend, as big firms have the necessary resources to deploy large volumes of capital in the fragmented private- debt market. That's making it difficult for a number of smaller, single-strategy private-equity firms to attract investors.
"Institutional clients continue to face liquidity constraints and are consolidating their relationships among fewer [fund managers]," Winkelried said.
It remains to be seen how strong investors' appetite for private credit will remain after recent bankruptcies raised concerns about the health of the market. During the past weeks, the leaders of large asset managers unanimously dismissed those events as isolated and not representative of systemic weakness across the broader private-credit industry. But some pointed to signs of saturation in certain types of credit deals.
"Certain pockets of private credit, such as middle market, direct lending and sponsor-backed leverage, have become more commoditized as large amounts of capital is raised for a small pool of attractive deals, " said Bruce Flatt, CEO of Brookfield Asset Management.
Firm leaders also mentioned the broader credit industry's historically narrow spreads, or the difference between the returns of loans and those of less risky assets, as both a potential hurdle and a reason why they expect investors to stick to private credit.
"Despite tighter spread dynamics industrywide...we believe our direct-lending strategy continues to offer [a] meaningful spread premium and an attractive risk return versus other asset classes," Lipschultz said.
Write to Luis Garcia at [luis.garcia@wsj.com]
Expected Major Events for Wednesday
06:00/JPN: Oct Preliminary Machine Tool Orders
07:00/GER: Oct CPI
07:00/GER: Oct WPI
09:00/ITA: Sep Industrial Production
12:00/US: 11/07 MBA Weekly Mortgage Applications Survey
13:30/CAN: Sep Building permits
15:00/US: Oct Online Help Wanted Index
16:59/GER: Sep Balance of Payments
21:30/US: API Weekly Statistical Bulletin
23:50/JPN: Oct Corporate Goods Price Index
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Expected Earnings for Wednesday
Advanced Flower Capital Inc (AFCG) is expected to report $0.17 for 3Q.
Aimia Inc (AIM.T) is expected to report for 3Q.
Applied Therapeutics Inc $(APLT)$ is expected to report $-0.14 for 3Q.
(MORE TO FOLLOW) Dow Jones Newswires
November 11, 2025 16:28 ET (21:28 GMT)
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