A team including former General Motors Co executive Bob Lutz and China’s largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the “green” car company’s estimated worth almost a year and a half ago, writes Reuters. In the spring of 2012, Fisker competed a fundraising round that valued the company at $2.2 billion.

Fitch Ratings has upgraded the credit ratings of DDR Corp. The rating outlook has been revised to stable from positive. The upgrade of the IDR to ‘BBB-’ reflects that pro forma for the $1.46 billion acquisition of a portfolio of power centers from DDR’s joint venture with Blackstone Real Estate Partners VII, recurring cash flow will remain in excess of fixed-charges at a level consistent with an investment-grade rating.

TowerBrook Capital Partners L.P. said on Wednesday that it has made a majority investment in Kaporal, a French-based wholesaler and retailer of men and women’s fashion. No financial terms were disclosed. The transaction is expected to close in July 2013.

Solamere Capital, the private equity fund-of-funds and co-investment firm co-founded by Mitt Romney’s eldest son, Taggart Romney, has begun raising its second vehicle, Solamere Capital Fund II LP, according to a government filing…

Zyme Solutions said on Monday that it has received new financing. No financial terms were disclosed. Zyme, a provider of cloud-based solutions that is based in Redwood Shores, Calif., is a portfolio company of Susquehanna Growth Equity.

Greenbriar Equity Group has received a $89.5 million loan from GE Antares, a unit of GE Capital Markets, to acquire EDAC Technologies Corp. GE Capital Markets acted as joint lead arranger of this transaction. EDAC, which is based in Cheshire, CT., is a provider of aerospace components.

Three well-known portfolio managers are to leave leave Denver asset management firm Janus Capital Group Inc, writes Reuters. The company said Ron Sachs, head of its Janus Twenty Fund and the Janus Forty Fund, would depart at the end of May. Also leaving, Janus said, are Chad Meade and Brian Schaub, co-managers of Janus Triton Fund and the Janus Venture Fund.

Investment firm Ares Management is to acquire AREA Property Partners, gaining the New York-based real estate investor’s US$6 billion in assets, the Wall Street Journal reported, citing people briefed on the matter, writes Reuters. Terms of the transaction were not disclosed but Ares, a Los Angeles-based investment firm with about $60 billion under management, will also buy out a minority stake in AREA held by the National Australia Bank.

Apollo Global Management‘s cornerstone investors and two of its founders are selling a slice of their shares, writes Reuters. Cornerstone investors Abu Dhabi Investment Authority and California Public Employees’ Retirement System, which invested a combined $1.2 billion in Apollo in 2007, have each registered to sell stakes currently worth up to $203.4 million, writes Reuters.

NewSpring Capital said it closed its third growth equity fund, NewSpring Growth Capital III, with total commitments of $250 million. The fund exceeded its target of $200 million and is larger than the firm’s $136 million first fund, NewSpring Growth Capital, and $163 million second fund, NewSpring Growth Capital II. The firm has combined assets under management of over $950 million.