Today's Private Equity Pulse
Blackstone launches its biggest Asia private‑equity fund at $13.1 billion
Blackstone announced the closing of a $13.1 billion fund, its largest ever dedicated to Asian private‑equity investments. The fund aims to back buyouts and growth‑capital deals across the region, underscoring Blackstone’s expanding focus on Asia’s mid‑market opportunities.
Also developing:
By the numbers: Toms Capital acquires significant stake in McCormick
Biggest Conglomerate Mergers in History (+ 2026 List)
The article lists the ten largest historic conglomerate mergers, totaling over $211 B, highlighted by Berkshire Hathaway’s $37 B purchase of Precision Castparts in 2015. It also ranks the biggest conglomerates by Q1 2026 market capitalization, with Microsoft at $3.10 T and Alphabet at $2.03 T. The piece explains why conglomerate deals often underperform, citing the “conglomerate discount” and integration hurdles. It underscores Berkshire Hathaway’s dominance, accounting for four of the ten biggest historic deals.
15 Biggest M&A Failures of All Time (Updated 2026)
A new analysis ranks the 15 biggest M&A failures, which together wiped out more than $400 billion in shareholder value. The list is led by the $65 billion AOL‑Time Warner merger and includes high‑profile deals such as Daimler‑Chrysler, Sprint‑Nextel, HP‑Compaq and the...
EXEC: WS WeSports Group AB Expands Stakes in SkiCom Sweden AB and Bikelease AB
WS WeSports Group AB has increased its ownership in two specialist subsidiaries, raising its stake in SkiCom Sweden AB from 51% to 80% and acquiring 100% of Bikelease AB, which it previously held at 60%. The transactions were executed at...
NewRez Parent Rithm Capital Preps Note Offering
Rithm Capital, the parent of mortgage‑servicing firm NewRez, announced a $500 million 144A senior note offering aimed at qualified institutional buyers. The unsecured notes received a speculative‑grade B‑minus rating from S&P, one notch below the company’s issuer rating, reflecting concerns over...
“Enduring Power of Great Music” On Display as Sony Gobbles up the Former Hipgnosis Business in $4 Billion Deal
Sony Music Publishing has completed a deal to acquire the entire music‑rights portfolio of Recognition Music Group, the Blackstone‑owned successor to Hipgnosis. The transaction covers more than 45,000 songs by artists such as Beyoncé, Lady Gaga and Mariah Carey and is estimated...
Beltone VC and Citadel Exit Bosta with 75% IRR
Beltone Venture Capital and UAE‑based Citadel International exited their joint investment in Egyptian logistics startup Bosta, generating a 75% internal rate of return. The deal marks Beltone's fifth exit since its 2023 launch and the second through the Beltone‑Citadel fund....
Fuse Launches Fuse Venture Partners III, for Undisclosed Target Size
Fuse Venture Partners announced the launch of its third venture fund, Fuse Venture Partners III, without disclosing the target capital amount. The new vehicle follows two prior funds that attracted notable limited partners such as the Argyros Family Foundation and...
Cantaloupe-365 Deal Targets Fast-Growing Unattended Retail Market
The acquisition of Cantaloupe by 365 Retail Markets is now complete, merging Cantaloupe’s payment‑processing and connected‑vending expertise with 365’s self‑checkout and POS platforms. The combined firm will expand into sports venues, transit hubs, manufacturing campuses and senior‑living communities, targeting the...
Capital Calls Get an AI Overhaul
Allvue, a fund‑administration software provider, and professional services firm RSM have unveiled a new agentic AI operating model designed to overhaul capital‑call processes. The AI platform automates routine fund workflows, reduces manual data entry, and delivers more transparent communications to...
Roc Partners Launches Precision Poultry Roll‑up to Challenge KKR’s ProTen
Roc Partners announced the creation of Precision Poultry, a roll‑up platform that will acquire U.S. broiler growers to build a national competitor to KKR’s ProTen. The launch follows Roc’s exit from ProTen a year earlier and signals fresh consolidation activity...
GameStop’s Unusual and Complex Bid for eBay – The Special Situations Report Episode 66
Episode 66 of the Special Situations Report podcast dives into four headline‑making deals. The most eye‑catching is GameStop’s unexpected all‑cash bid to acquire eBay, a move that could reshape two struggling retailers. The show also examines an Italian conglomerate’s purchase...
“Twiggy” Pulling Out of Rare Earths? The Real Story Is Much Bigger.
Wyloo Metals, the private vehicle of mining magnate Andrew Forrest, has not abandoned the Yangibana rare‑earths project but has shifted from financing partner to 60% owner and operator. The firm recently sold its Neo Performance Materials shares for roughly C$165.5 million...
The Business Owner’s Succession Timeline: Planning Your Exit, Step by Step
Sequoia Financial Group outlines a multi‑year succession roadmap that starts 5–10 years before an owner’s exit and culminates in a coordinated post‑sale transition. The framework blends business valuation, tax structuring, leadership development, and estate planning to preserve value and legacy....
Cognesense Buys Pyroban, Pyropress, Ex-Tech, Petrel and Ex Solutions
Cognesense announced the acquisition of five UK‑based firms—Pyroban, Pyropress, Ex‑tech, Petrel and Ex Solutions—adding ATEX and IECEx‑certified explosion‑protection capabilities to its portfolio. The purchases integrate with existing divisions such as Varec and L&J Technologies, preserving all customer contacts, products and...
Brookfield to See ‘Largest Fundraising Year Ever’ in 2026, Says CEO Teskey
Brookfield Asset Management expects 2026 to be its largest fundraising year, according to CEO Craig Teskey. Year‑to‑date, the firm has secured $6 billion for its seventh flagship private‑equity fund, roughly half of the $12.5 billion target. The rapid capital accumulation reflects strong...
MFIC Defaults Surge; Apollo Seeks Private Buyer
MFIC defaults jumped from 3.9% to 5.3% in one quarter. Stock at 0.85x NAV. Mostly stopped new lending. Using cash from repayments to buy back stock and pay down debt. Now Apollo is trying to sell it. This is what BDCs do...
DBJ Asset Management Actively Pursuing New GP Partnerships
DBJ Asset Management announced it will broaden its buyout exposure in 2026 by seeking new general‑partner (GP) relationships. The firm aims to allocate additional capital to mid‑market private‑equity deals, particularly in North America. DBJ plans to co‑invest alongside GPs, targeting...
Technology Is Helping PE Investors Tap Into Sports Fandoms, Says Dynasty Equity’s Don Cornwell; Why Dealmakers Should Never Skip an...
Dynasty Equity CEO Don Cornwell says technology is reshaping private‑equity investment in the sports ecosystem. Advanced data analytics, digital ticketing and fan‑engagement platforms let investors monetize fandoms more precisely than ever. Cornwell highlights that Dynasty’s portfolio—from franchise ownership to league‑adjacent...
Apollo Is Buying Two Trade Show Companies and Merging Them in a $1.5 Billion Deal
Apollo Global Management announced a $1.5 billion acquisition of trade‑show operators Emerald Holding and Questex, merging them into a single B2B events platform. Emerald shareholders will receive $5.03 per share, a 42.1% premium, while the price for Questex remains undisclosed. The...
Mayfair Equity Partners to Sell OVO Retail Energy Business to EON
Mayfair Equity Partners has agreed to sell its OVO retail energy business to German utility E.ON. The transaction includes OVO's operating company, its approximately 1.5 million UK residential customers, and the OVO brand name. While the financial terms were not disclosed,...
H&K Services B.V. Acquired by Svanehoj
Svanehoj, the Danish marine pump specialist, acquired Dutch firm H&K Services B.V. on May 1, 2026, expanding its marine service and aftersales footprint in the Benelux region. H&K will operate under the Svanehoj EPS brand from its Stellendam workshop, located near the...
Blackstone to Acquire Skroutz in $74 Million Deal
Blackstone’s private‑equity funds have signed a definitive agreement to buy a majority stake in Greece’s leading online marketplace Skroutz for an enterprise value of €635 million (about $747 million). Skroutz, founded in 2005, hosts over 26 million products from roughly 9,000 merchants and...
Caesars to Operate Westgate SuperBook, Consolidating Vegas Sports‑Betting
Caesars Entertainment announced it will assume operational control of the Westgate SuperBook sportsbook, pending regulatory approval and slated for completion before the upcoming football season. The move folds one of Las Vegas’s most storied independent books into Caesars’ growing sportsbook...
Kansas Veterans Hit by Oracle‑Cerner EHR Rollout, $33 B VA Cost Overruns
Oracle’s management of the Department of Veterans Affairs’ $10 billion electronic health record contract, inherited from its 2022 $28.4 billion acquisition of Cerner, has led to cost estimates exceeding $33 billion and service disruptions for Kansas veterans. The fallout includes more than 500...
Stabilus SE Sells Fabreeka and Tech Products to VMC Group for $92 M, Keeps FY26 Outlook
Stabilus SE announced the sale of its Fabreeka and Tech Products subsidiaries to VMC Group for about $92 million, with closing expected in Q3 of fiscal 2026. Proceeds will be used to reduce debt and strengthen the balance sheet, and the...
Sony Strikes Almost $4bn Deal to Buy Blackstone’s Portfolio of Music Rights
Sony Music Publishing agreed to acquire Blackstone’s music‑rights portfolio for close to $4 billion, marking one of the largest deals in the entertainment‑rights market. The transaction includes a catalog of roughly 100,000 songs that generate around $300 million in annual royalties. The...
Providence Equity-Backed 365 Retail Markets Acquires Retail Tech Firm Cantaloupe
Providence Equity‑backed 365 Retail Markets announced the acquisition of Cantaloupe, a retail‑technology provider headquartered in Troy, Michigan. The deal adds Cantaloupe’s software suite to 365’s existing portfolio of point‑of‑sale and inventory solutions. While financial terms were not disclosed, the move...
Apollo Funds to Acquire Emerald and Questex, Combine Companies
Apollo’s private‑equity funds have agreed to acquire Emerald Holding in an all‑cash deal valuing the company at roughly $1.5 billion, with shareholders receiving $5.03 per share, a 42.1% premium. The transaction also brings Questex into the fold, though its purchase price...
Private Equity Lashes Out at New Research on Carried Interest
The Treasury’s new analysis estimates that reclassifying carried interest as ordinary income could add about $200 billion in annual tax revenue. Private‑equity and venture‑capital firms have launched a coordinated backlash, arguing the change would undermine incentives for long‑term investment. Lawmakers on...
Mundane Businesses Can Become Multi‑billion Roll‑up Successes
Did you know that Chicago accountant Larry Gies bought his first company by maxing out 10 credit cards and borrowing $50,000 from a high school friend? He eventually built Madison Industries into a platform generating more than $5B in revenue by...
Blue Owl Trims Software Sector Exposure
Alternative asset manager Blue Owl Capital is cutting its software exposure in its flagship private credit vehicle, dropping the share of software assets from 19% to 16% in the first quarter. The reduction reflects natural loan repayments and a deliberate...
Acquisition Breaks the Revenue Ceiling and Expands Growth
the single unit ceiling is real: – revenue plateaus at a point – growth requires more personal effort – margins face consistent pressure – exit options remain limited acquisition is one way to address the ceiling structurally
Side Letter: Stress Test
The latest Side Letter briefing notes that the mid‑market private‑equity sector remains broadly resilient, though isolated stress points persist. Carlyle highlighted its robust liquidity position, emphasizing ample cash buffers and credit lines. KKR attributed a recent 15‑times return on an...
Build Early Rapport with Sector‑Savvy Lenders
the lender relationship: – understand criteria early – clarify sector appetite – establish rapport before needing – present with preparation lenders who know your sector are valuable partners
Investor Intentions: DBJ Asset Management Actively Pursues New GP Partnerships
DBJ Asset Management (DBJAM) announced it will expand its private‑equity exposure in 2026, actively courting new general‑partner (GP) relationships. The initiative is part of a broader push to diversify the firm’s portfolio and capture higher‑return opportunities in private markets. DBJAM...
Sango Capital Closes $120m Secondary Transaction
Sango Capital closed a secondary transaction acquiring over $120 million net asset value across four African funds from an institutional investor rebalancing its global portfolio. The deal was financed with Sango’s own capital and additional commitments from commercial investors, including first‑time...
Why Hailey Bieber Refused to Sell Rhode for Less than $1 Billion
Hailey Bieber sold her skin‑care label Rhode to e.l.f. Beauty for $1 billion in May 2025, a price she set as a non‑negotiable goal. The deal, concluded just three years after Rhode’s launch, keeps Bieber on board as founder, Chief Creative Officer,...
Diversify via Acquisition to Spread Business Risks
the consequence of staying at one business: – one income stream – one bad year from real trouble – one buyer at exit – modest multiple – their terms acquisition distributes every one of those risks
Constellation Software Embraces Large Partial Equity Investments
Constellation Software on taking partial equity stakes instead of outright acquistions: "So I think if we had the opportunity to invest a large amount of capital in a great business, over the long term, we are absolutely willing to do...
JinkoSolar Sells 75% Majority Stake in US Manufacturing Business
JinkoSolar has sold a 75.1% stake in its U.S. manufacturing arm, Jinko Solar (US) Industries, to private‑equity firm FH Capital while retaining a 24.9% minority interest. The Jacksonville, Florida plant currently produces 2 GW of solar modules and is slated for...
Lowball PE Bid Rejected, Expect 20%+ Upside
Highly asymmetric. One month timeline. Two PE firms lob a lowball bid. Management rejects immediately. Deal was dead on arrival, hard to believe they weren't prepared for round two. 20%+ bump likely. Only 6-10% downside. Full pitch on SSI 👇 https://t.co/QmQFVu9WoU
Legora Buys Graceview, Adding AI‑Powered Regulatory Monitoring
Legora has acquired Australian regulatory‑tech startup Graceview, integrating its real‑time monitoring engine into Legora’s collaborative legal platform. The deal, announced alongside a $50 million Series D extension that lifted Legora’s valuation to $5.6 billion, aims to give law firms and corporate legal departments...
High-Profile Virginia Winery to Be Acquired by Start-Up
Veritas Legacy Partners LLC, a newly formed investment vehicle led by health‑tech architect Kurt Wassenaar and real‑estate investor Eric Trebour, will acquire Veritas Vineyards & Winery in Nelson County, Virginia, with closing expected in early summer 2026. The winery’s British...
Amex Global Business Travel: The World’s First AI Take Private with Long Lake CEO Alexander Taubman
Long Lake CEO Alexander Taubman discusses the company’s groundbreaking AI‑driven take‑private of Amex Global Business Travel for $6.3 billion, positioning it as possibly the world’s first AI‑powered roll‑up. He explains how Long Lake’s Nexus platform, a shared AI infrastructure, automates workflows,...
M&G Spies Opportunities at Borders of Europe’s Defence Push
M&G’s private‑markets chief Emmanuel Deblanc says private equity can help Europe meet its defence ambitions by funding energy‑resilience projects, accelerating tech development and repurposing existing factories for defence production. He argues that capital‑rich investors are uniquely positioned to bridge gaps...
InsideArbitrage Event Driven Monitor – May 11, 2026
The May 11 InsideArbitrage roundup highlights several high‑profile merger arbitrage moves, including Two Harbors raising its cash offer to $12 per share for CrossCountry Mortgage and SkyWater shareholders approving a merger with quantum‑computing firm IonQ. Deal completions this week feature General...
Ooh Media Auction Lifts the Unmade Index
Ooh Media announced a second takeover offer from private‑infrastructure investor I Squared Capital, valuing the company at roughly $508 million USD. The bid lifted Ooh Media’s share price 7.14% to $1.35, pushing its market capitalisation to about $470 million USD, the first...
Coller Emerges as Sole Lead on Verdane’s €600m-Plus Multi-Asset CV
Coller Capital has been appointed the sole lead investor for Verdane’s multi‑asset continuation vehicle, which targets more than €600 million (approximately $650 million) of assets. The transaction is co‑underwritten by StepStone, adding further capital support. Included in the portfolio is the Arrive...
AI M&A Surges as Software Captures Nearly Three-Quarters of North American Deals
Artificial intelligence‑related mergers and acquisitions in North America surged to a record 1,634 deals between 2021 and 2025, with 2025 alone seeing 589 transactions—a 57% year‑over‑year jump. AI’s share of total M&A climbed from roughly 2% in 2021‑2022 to over...
Lachy Groom’s Investment Vehicle Leads $20M Investment in Indian Home Services Startup Pronto
Australian entrepreneur Lachy Groom’s family office led a $20 million extension of Pronto’s Series B round, bringing total financing to $45 million and doubling the Bengaluru‑based home‑services platform’s valuation to $200 million. The new capital will fund geographic expansion and the rollout of additional...