Know What's Happening in Private Equity
Know What's Happening in Private Equity
Sunway bids $2.7B cash‑and‑share offer for IJM
Sunway Group lodged an RM11 billion (~US$2.7 billion) cash‑and‑share proposal to acquire builder IJM, valuing each IJM share at RM3.15 (~US$0.68). The offer comprises 10% cash and the remainder in newly issued Sunway shares, but the Employees Provident Fund and Permodalan Nasional Berhad—holding about 33% of IJM—have rejected the bid.
Paris‑based venture capital firm Elaia has closed its third DeepTech Seed fund (DTS3) at €134 million, twice the size of its prior funds. The fund, backed by a mix of long‑standing and new investors such as PSL Université, INRIA, Bpifrance and BNP Paribas, will invest €1 million to €13 million in pre‑seed and seed‑stage B2B DeepTech startups across Europe. Since its initial €60 million close in March, DTS3 has already allocated capital to 11 portfolio companies in computing, life sciences and industrial innovation. Elaia aims to deploy the capital through 2026 across three pillars: future computing, industry, and life sciences.
Alex Behring and Daniel Schwartz detailed 3G Capital’s unconventional private‑equity playbook on the *Invest Like the Best* podcast. The firm concentrates on a single, large‑scale acquisition per fund, with partners committing personal capital and never having lost money on a...
Boaz Weinstein is targeting the current turmoil in private credit by extending discounted bids to investors seeking to exit distressed funds. JPMorgan’s recent decision to curb lending to software‑focused credit firms, citing AI‑related risk, has amplified market stress and forced...
The Dow Jones Industrial Average slipped roughly 300 points as oil prices surged toward $90 a barrel amid heightened Iran‑Israel tensions. The International Energy Agency announced a record release of 400 million barrels to cushion supply disruptions, further fueling market volatility....
The Pulse of Private Equity (3 Sept 2026) highlights a pronounced shift in BSL‑funded leveraged buyouts as sponsors confront tighter debt capacity. A decade‑long chart shows debt‑to‑EBITDA ratios falling while equity contributions climb, compressing overall EV/EBITDA multiples. Sponsors are increasingly allocating equity...
Traveled to a Serial Acquirers conference in Stockholm, Sweden. The wifi at the hotel is slow, so it takes a little longer to upload the podcast episode with Eric Wiklendt of Speyside Equity, where he shares how they’ve acquired over 35...
US leveraged finance issuance exceeded $160 bn in February 2026, but slipped 11 % from January. Bank loans rebounded to $50 bn after a slower month, while high‑yield bond issuance held steady at $30 bn. Institutional loans, the bulk of the market, fell sharply...
Lindsay Goldberg announced plans to develop a dedicated corporate‑venture (CV) investment strategy, marking its entry into the private‑equity secondaries market. The move aligns the firm with a wave of PE houses diversifying into secondary transactions to capture liquidity‑driven opportunities. By...
The Bloomberg US Leveraged Loan Index (LOAN) recorded a -0.86% return in February, marking the first consecutive monthly decline since April 2025. Secondary‑market prices slipped to 94.89 on February 27, a 204‑basis‑point drop from the year‑end level of 96.93. The...
Milwaukee‑based Landmark Credit Union announced it will acquire American National Bank‑Fox Cities, adding $419 million in assets and two branches to its $7 billion portfolio. The transaction, the fifth credit‑union‑bank deal this year and the third full‑bank purchase, is slated to close...
Chimney Rock, a private‑equity firm focused on industrial services, announced the acquisition of Gas Clip Technologies, a provider of portable gas detection solutions. The deal adds a safety‑technology platform that serves industrial, marine, utility, refining, chemical processing, and water‑wastewater markets....
Edmond de Rothschild Corporate Finance has teamed up with placement agent Jasmin Capital to launch a joint initiative targeting co‑control transactions. The partnership will concentrate on General Partners who wish to sell a portion of their fund stakes through M&A...
US billionaire David Storch’s consortium has been named the preferred bidder for Sheffield Wednesday, outbidding former Newcastle owner Mike Ashley and other suitors. The club has been in administration since October and faces a further 15‑point deduction if a £15 million...
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Aspen Insurance announced that Chief Investment Officer Aileen Mathieson is leaving the firm. The Bermuda‑based specialty insurer, which manages a $6.9 billion investment portfolio, was recently acquired by Japan’s Sompo Holdings. Mathieson's departure comes as the new ownership begins integrating Aspen...
Brookfield Asset Management is exploring a $1.2‑$1.3 billion acquisition of World Freight Company and has begun informal talks with lenders about financing. World Freight, founded in 2004, runs air‑cargo sales and service agencies in about 80 countries, managing over three million...
Middle‑market M&A deals often unravel after the term sheet when due diligence uncovers gaps in EBITDA assumptions, contract assignability, and operational compliance. The article outlines five recurring post‑LOI breakdowns, including fragile financing and seller unpreparedness, that can derail transactions despite...
To walk away with $10 million after a sale, founders must target a pre‑tax valuation of roughly $15 million to cover capital gains, state taxes and transaction fees. The podcast episode outlines how companies can break through the revenue ceiling by decentralizing...
CVC announced a record €21.9 billion in realised exits for 2025, marking a dramatic surge in its portfolio activity. The firm’s FY 2025 earnings report shows exit value jumping 77 % from the previous year, while the broader private‑equity market generated €19.5 billion in...
Hamilton Lane’s 2026 Market Overview finds evergreen private‑equity funds outperformed traditional closed‑end funds over both one‑ and three‑year horizons. The edge stems from continuous capital inflows, flexible redemption terms, and longer investment horizons. Evergreen structures are gaining traction as investors...
At NEXUS 2026, Jeremy Weisberg of A&M Capital highlighted that its second‑aries strategy targets mid‑market and smaller transactions. The firm argues these deals deliver a more attractive risk‑adjusted return profile than larger, more complex secondary purchases. Weisberg stressed that exit...
Case Study: Managing a Business with a Remote Owner: The Hidden Challenges Today, I want to discuss a common scenario in business ownership: when an owner spends most of their time away from the business and relies on a manager to...
Ontario Teachers’ Pension Plan’s Teachers Venture Growth (TVG) unit delivered a 30.2% return in 2025, far outpacing its 18.5% benchmark. The fair value of TVG’s net investments jumped to C$15.3 bn, up from C$10.4 bn a year earlier, as stakes in SpaceX,...
Finding a buyer for a small law firm is far more challenging than the industry narrative suggests. The market is immature, with most retiring boomers selling internally or to local competitors, while few listings appear on public platforms. Private‑equity interest...
A partial U.S. government shutdown that began in mid‑February has left the Treasury and most CFIUS offices funded, but the Department of Homeland Security’s involvement remains halted. CFIUS statutory deadlines are tolled, meaning approvals can be delayed, especially for transactions...
Merger arbitrage activity intensified this week as Paramount’s $24 billion bid for Warner Bros. met criticism from Senator Warren over a pending national‑security review, while Udemy filed a definitive proxy and Eventbrite’s sale to Bending Spoons closed after 98 days. Activist investors...
In this episode, Shannon Wilburn recounts building Just Between Friends—from a living‑room startup to a national franchise with over 30 locations and $60 million in system‑wide sales—and the emotional, strategic journey of selling it to the brand’s largest franchisee. She emphasizes...
RGREEN announced the close of a €900 million fifth European energy transition fund, targeting renewable infrastructure across the continent. The manager has already deployed roughly 70 % of the capital into projects ranging from wind farms to green hydrogen facilities. RGREEN expects...
The industries that never have bad years: – People always get sick (clinics) – People always die (funeral homes) – Trash always needs collecting (waste) – Buildings always need cooling (HVAC) – Bugs always come back (pest control) – Old people always need care (senior homes) These...
The 5 seller types: The Exhausted Owner – Burnt out, just wants out – Lead with simplicity and speed The Legacy Protector – Cares about staff and reputation – Lead with your transition plan The Price Maxxer – Focused purely on number – Lead with structure that gets them...
Partners Group Holding AG released its Analyst/Investor Day slide deck, providing a comprehensive view of the firm’s strategic direction. The presentation highlights a focus on sustainable private‑equity opportunities and a targeted 12% annual AUM growth. Geographic expansion, particularly in Asia,...
Things that do not matter in an acquisition: – Your personal credit score – Your savings account balance – Your age – Your industry background – Whether you've done it before – What your friends think – Whether you feel ready Things that do matter: – The target's cash...
After a flurry of IPOs that raised $11.7 billion this year, a new crop of blank-check firms are joining a long queue: all the other vehicles waiting for the chance to take a company public https://t.co/LpBCk25L1r
The latest Acquirer’s Multiple® Large‑Cap screen highlights a cluster of capital‑intensive cyclicals, discounted financials and mature global franchises that are trading at historically low acquisition multiples despite robust operating income, free cash flow and active shareholder returns. Valuations remain anchored...
Nice to see small cap Papa John's $PZZA catch a bid. Small and micro private equity is getting much more active. Discl. Long. https://t.co/jxtCUCCgCr
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Sequoia Capital partner Ravi Gupta and former Meta Chief Revenue Officer John Hegeman are launching Ithaca Holdings, targeting at least $1 billion in capital. The new holding company will pursue acquisitions of public or private firms, aiming to embed emerging technologies...
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JFL Equity Investors announced a target of $2.75 billion for its seventh aerospace and defense private‑equity fund, significantly higher than the $2.23 billion raised for its predecessor and well above the original $1.6 billion goal. The larger fund reflects robust limited‑partner demand and...
Private equity has become the dominant force in wealth‑management M&A, with firms now offering minority stakes to RIAs as small as $750 million in assets. The shift from majority‑only deals to flexible capital structures means owners must articulate how primary capital...
Cliffwater’s chief investment officer warns that the common practice of NAV squeezing in private‑equity secondaries creates a hidden form of time arbitrage. He argues evergreen funds buying into secondary vehicles at similar stages are forced into unfavorable pricing. The CIO...
The holding company that almost no one talks about, yet it might be one of the most efficient compounding engines. RÖKO owns 29 niche, traditional businesses, runs at 21% margins, generates 14.5% returns on capital, and keeps acquiring new companies every...
Winners Alliance wrote in a court filing today it plans to continue investing in Grand Slam Track when(if?) the track meet company emerges from Chapter 11. WA has invested already around $20 million in equity and debt
Big‑law partners are increasingly signaling openness to growth through mergers, a shift highlighted by recent high‑profile talks such as Ashurst‑Perkins Coie, Hogan Lovells‑Cadwalader, and Taylor Wessing‑Winston & Strawn. Data from ALM shows a surge in lateral moves whenever merger rumors surface, amplifying market volatility. Firms...
This is actually good news for health-tech. TALK’s takeout multiple of ~3.0x revenues actually represents a fairly healthy premium to the recent digital health average (recall ACCD was taken out at ~1x). https://t.co/4FyXzAiny4
Partners Group CEO David Layton said concerns that artificial‑intelligence‑driven credit risk are exaggerated, calling the current AI and credit‑market anxiety ‘wildly overdone.’ He highlighted that the firm has deliberately kept leverage on its private‑credit evergreen funds lower than many competitors....
Canada Pension Plan Investment Board (CPP Investments) has launched Project Ember, a secondary market sale of a private‑equity portfolio valued at over $3 billion. The transaction includes a tranche of equal‑strip positions tied to prominent buyout funds, signaling a sizable liquidity...
“Many people, even when their company achieves success, will continue to leave their profits and initial capital in the company... Once things are rolling, you need to get your money back out of the company.” – 21 Stupid Things (2016)...
Carlyle is launching a structured financing vehicle, dubbed “Project Potomac,” to seed its upcoming Carlyle Partners IX fund. The vehicle will bundle senior debt, preferred shares and common equity, allowing investors in older funds to swap stakes for cash and equity exposure....
A new Accordion survey of 200 CFOs and 200 private‑equity sponsors reveals a sharp misalignment on IPO timing and responsibility. While 85% of CFOs say boards or sponsors control the exit, 65% of sponsors expect finance chiefs to own IPO...
