By Thomas Dunford

Mike Lucas for Dow Jones

Top stories in this morning’s LBO Wire:

Leonard Green & Partners is buying a 59% stake in U.S. Renal Care, LBO Wire’s Mohammed Aly Sergie reports, with existing investors Salix Ventures and Select Capital exiting the company and SV Life Sciences and Cressey & Co. remaining shareholders. Terms of the deal for the operator of dialysis centers weren’t disclosed, but we assume Leonard Green didn’t have to give the proverbial kidney for it.

Elsewhere in the world of health-care investment, midmarket firm Water Street Healthcare Partners is in talks with existing investors to raise a third fund targeting $650 million, with a $750 million cap, Laura Kreutzer reports for LBO Wire. Water Street’s most recent deal was to acquire Breg, the sports medicine business of Orthofix Industries. So break a leg on the financing trail, Water Street. At least you should be able to mend it. Read the full story here (subscription required).

Also, another firm with a health-care focus, Consonance Capital Partners, is aiming to raise $350 million to $450 million for its debut fund…Barclays bankers expect the U.S. high-yield bond market to hold up pretty well through the rest of the year…and Barclays bankers also expect the public equity market to provide decent exits for PE firms, while a panel organized by The Deal magazine say corporate buyers will continue to be selective about strategic buyouts.

(LBO Wire is a daily newsletter with comprehensive analysis of all the investments, deals, fundraisings and personnel moves involving private equity firms. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)

Elsewhere on the Web:

U.K. turnaround investor Endless is the latest PE firm to add an in-house lawyer, hiring Simon Hardcastle as general counsel, Paul Hodkinson reports for LBO Wire’s U.K. sister publication Private Equity News.

The first-ever PwC MoneyTree India report finds that PE firms in India invested $1.8 billion in 91 deals in the first quarter of 2012, according to The Times of India.

Carlyle Group is in talks to refinance 1.9 billion Australian dollars in loans for Aussie equipment hire company Coates Hire, Reuters reports, citing two unnamed sources.

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