Today's Private Equity Pulse
Blackstone closes $13.1B Asia fund, its biggest ever
Blackstone announced the closing of its third Asia private‑equity vehicle, Blackstone Capital Partners Asia III, at $13.1 billion, surpassing its $10 billion target and more than doubling the capital of its predecessor. The fund is the firm’s largest Asia‑focused raise and Blackstone has deployed over $7 billion across 12 deals in the region in the past two years.
Also developing:
By the numbers: Metatron Private Equity acquires Green Circuits Inc.
Accounting Enters Its Private Equity ‘Flip’ Era
Private equity (PE) entered public accounting five years ago and now controls roughly 24 of the top 100 U.S. CPA firms, including 10 of the top 30. The first wave of PE ownership drove rapid consolidation and growth, and a second wave of "flips"—selling firms from one PE sponsor to another—is already underway, with Citrin Cooperman and Schellman as early examples. PE firms are now targeting middle‑weight firms with $75‑$400 million in revenue, but inflated purchase multiples (up to 15x EBITDA) raise questions about future profitability. Industry leaders warn that repeated ownership changes could strain firm culture and client trust.
Orange County to Institute Hybrid Asset Allocation Strategy
The Orange County Employees' Retirement System (OCERS) will shift to a hybrid asset‑allocation model that blends strategic long‑term targets with tactical short‑term adjustments. The plan will apply a “total portfolio approach,” treating all asset classes as a single, integrated portfolio...
CVC Pumps €210M Into Tea Amid Falling Demand
CVC injecting EUR210M into its tea business to avoid debt restructuring Bought from Unilever for EUR4.5B in 2021 Tea consumption declining as young people switch to coffee Can't restructure consumer preferences
Protective Life Buys Obsidian Insurance From Genstar, Launches Specialty P&C Unit
Protective Life announced an agreement to acquire Obsidian Insurance Holdings from Genstar Capital, adding a specialty property‑casualty platform that writes over $1 billion in annual gross written premium. The deal, pending regulatory clearance, marks Protective's first foray into the specialty P&C...
China Blocks Meta’s $2 B Purchase of Manus AI, Citing Foreign Investment Rules
China’s National Development and Reform Commission has halted Meta’s $2 billion takeover of Manus AI, a Chinese‑founded agentic AI firm now based in Singapore. The move signals Beijing’s growing wariness of foreign ownership of strategic AI technology and puts pressure on...
Weekly AI Q&A Captures Seller’s Brain in 90 Days
Incredible business buying tip: > During transition, sit the seller down with 50 AI-generated questions. > Input every answer. > The next week, bring 50 more. > Input those too. > Repeat weekly. After 90 days, you’ll have a deep archive of institutional knowledge, about as...
Gencom's Karim Alibhai Looks West After $1B East Coast Buying Spree
Gencom, a hospitality‑focused investment firm, has spent more than $1 billion acquiring five luxury hotels in New York and Miami over the past two years. Founder Karim Alibhai says the company is now eyeing distressed assets on the West Coast, especially in...
Curtis’ Access To Capitol: A Seven-Signal Eastern N.C. Deal
Curtis Media Group announced the acquisition of seven broadcast properties—four FM stations, one AM station and two FM translators—in the Wilmington‑New Bern‑Jacksonville market of Eastern North Carolina. The deal, brokered exclusively by Kalil & Co., values the assets at $1.75 million,...
LexisNexis Owner RELX Announces Plans to Acquire Legal Tech Company Doctrine
RELX, the parent of LexisNexis, announced plans to acquire Doctrine, a fast‑growing legal‑tech platform. The deal, still subject to regulatory approval, would integrate Doctrine’s AI‑driven research tools into RELX’s European legal‑intelligence suite. By adding Doctrine’s cloud‑based workflow and analytics, RELX...
Despite Potential Pitfalls, an LSO Can Give Your Firm Needed Liquidity
Law firms are increasingly adopting Legal Services Organizations (LSOs) to tap private‑equity capital while retaining attorney ownership. An LSO pairs the firm with an affiliated services entity that provides technology, marketing, finance and other back‑office functions under a fair‑market‑value agreement....
Hightower Sees Future With More 'Flagship' Firms
Hightower is accelerating its "Hightower 3.0" plan by fully acquiring The Bahnsen Group, turning it into the first flagship in a new franchise model. The move follows the rapid growth of its Signature Wealth channel, which now manages roughly $29 billion in...
Cognizant to Acquire Astreya for $600 Million, Bolstering AI Infrastructure
Cognizant Technology Solutions announced a $600 million deal to acquire Astreya, an IT services firm specializing in AI infrastructure and data‑center operations. The acquisition is intended to expand Cognizant’s AI builder stack and accelerate its platform‑led AI services for enterprise clients,...
Two Harbors Agrees to $11.30‑Per‑Share All‑Cash Merger with CrossCountry Mortgage
Two Harbors Investment Corp. (TWO) signed an amended all‑cash merger agreement with CrossCountry Mortgage, raising the offer to $11.30 per share. The deal, not contingent on financing, follows a competing bid from United Wholesale Mortgage and is slated to close...
York Space Systems to Acquire All.Space for $355 Million, Expanding Into Satcom Terminals
York Space Systems announced a $355 million deal to buy All.Space, a maker of multi‑orbit satellite communications terminals. The transaction, part cash and stock, will make All.Space a wholly‑owned subsidiary and broaden York’s reach from spacecraft to user equipment and network...
Investindustrial Secures €1.5 B ($1.75 B) for New Lower‑Mid‑Market Fund
Investindustrial announced it has closed a €1.5 billion ($1.75 billion) lower‑mid‑market private‑equity fund, surpassing its €1.25 billion goal in just four months. The vehicle, larger than its 2023 predecessor, will target growth‑stage businesses in southern Europe, signaling strong LP confidence in the region’s...
Targeting the Underserved Turned NetZero Into a Nasdaq Star
Back in 1999, I met Mark Goldston through Jennifer Fonstad. We became friends instantly. Mark saw something most people missed: America Online was only going after the high-end user. The low-end of internet access was completely ignored. He called it "Joe Sixpack." I called...
Patience and Networks Beat Brokers in Deal Hunting
Found myself reading the quarterly investor letter of Hayden Capital, a small hedge fund run by Fred Liu. "Avid investors. Lifelong learners." as they describe their team of professionals. In the Q4 2025 letter, he said: ' picking winners (and importantly,...
Facilities Management, and Morocco’s Growing Service Sector
Private‑equity firms are active across a spectrum of sectors, from infrastructure to consumer goods. Brightline, backed by Fortress, is exploring rescue options for its $5.5 billion debt‑laden rail project, while CVC is injecting €210 million (about $225 million) into Lipton to broaden its...
Fortress-Backed Brightline Explores Rescue Options as $5.5bn Debt Load Pressures Rail Project
Florida’s privately financed high‑speed rail operator Brightline, backed by Fortress Investment Group, is weighing restructuring and refinancing options to avert a potential Chapter 11 filing. The company is re‑engaging third‑party investors and has hired advisers to negotiate with a creditor base...
Investor Intentions: GEPS to Consider New Buyout Funds
The Government Employees Pension Service (GEPS), South Korea’s largest public pension fund, announced plans to allocate between $150 million and $200 million to private‑equity buyout funds in 2026. The earmarked capital will be deployed across multiple buyout vehicles, signaling a strategic tilt...
CVC Injects €210m Into Lipton
CVC Capital Partners is injecting roughly $229 million into Lipton to shore up liquidity after the tea brand’s $4.9 billion buyout from Unilever. The maker of PG Tips remains burdened with about $3.5 billion of debt, a term loan that now trades at 71¢...
Bloomberg: Leveraged Lending Insights – 4/27/2026
U.S. leveraged loan issuance slipped to $25.06 b in April, a 15% decline from March’s $29.6 b. The slowdown marks the lowest monthly issuance since April 2025, when $7.9 b were priced after the “Liberation Day” tariffs. The trend reflects a broader pullback in...
Side Letter: Lazard’s CL Coup
Lazard has teamed up with Campbell Lutyens to launch a joint capital‑raising advisory platform, targeting mid‑market private‑equity sponsors seeking limited‑partner commitments. The partnership leverages Lazard’s global advisory reach and Campbell Lutyens’ fundraising expertise to capture a larger share of the...
Due Diligence Findings: Your Biggest Deal‑Repricing Leverage
if your business does $1M–$100M: the due diligence findings that reprice every deal: – owner add-backs: price drops – one-off revenue removed: EBITDA adjusts – key person risk found: earn-out structured – undisclosed liabilities: walk away every finding is a negotiating tool
Business Services Attractiveness, Grade-B Portco Exits Are Top of Mind at DealMax; Macquarie-Led Group Exits Cleco to Stonepeak and Bernhard...
DealMax 2026’s weekly companies‑for‑sale update highlighted a surge in interest for business‑services firms and a noticeable uptick in grade‑B portfolio company exits. The centerpiece was Macquarie’s sale of Louisiana electric utility Cleco to Stonepeak and Bernhard Capital for roughly $4.5 billion....
JSW One Buys Pidilite Ventures-Backed Proptech Startup BuildNext
JSW One Platforms, the B2B ecommerce arm of the JSW Group, announced the acquisition of proptech startup BuildNext through a share‑swap with Pidilite Ventures. The transaction, valued at a mutually agreed price, also brings an additional ₹22 Cr (≈$2.6 M) investment from...
CC Capital and OneIM Acquire Insignia Financial for $2.5B, Expanding Australian Wealth Management
CC Capital and OneIM have closed a cash deal worth about $2.5 billion to buy 100% of Insignia Financial, Australia’s leading diversified wealth‑management group. The transaction gives the buyers control of a platform with A$342 billion (≈$225 billion) in funds under management and...
Unlock Off‑Market Deals: No Competition, No Fees
the off market advantage: – zero competing buyers – no broker fees – motivated seller directly – vendor finance available the best deals in your sector never get listed
Apollo-Backed Tenneco Prepares IPO that Could Value Auto Supplier at Around $14bn
Apollo‑backed Tenneco is preparing an IPO that could value the auto parts maker at about $14 billion. Apollo bought Tenneco in 2022 for $1.6 billion in equity, with enterprise value over $7 billion, and is now exploring exit options after a four‑year hold....
Private-Equity Firm KKR Said to Be Eyeing Disposal of Flora Food Group
Private‑equity giant KKR is reportedly exploring a sale of its Flora Food Group spreads assets, with bankers valuing the deal at up to $10 bn. KKR acquired the plant‑based brand portfolio from Unilever in 2018 for roughly $7.9 bn and the business...
Paramount Is Trying To Blame Netflix For All The Negative Merger Press
Paramount Global and Warner Bros. Discovery are pursuing a $111 billion merger that has sparked a backlash from more than 4,000 Hollywood insiders. The insiders signed a letter warning that the deal would deepen debt, trigger layoffs, and hurt consumers and...
GTCR Teams up with Brian Cross to Launch Avelis Holdings
GTCR, a leading private‑equity firm, has joined forces with serial entrepreneur Brian Cross to launch a new investment vehicle called Avelis Holdings. The partnership will be led by Crotty, who has been appointed chief executive officer of the nascent firm....
A Single-Point Dealership Sells to a Larger Auto Group to Remain Competitive
Matthews Automotive Group announced the acquisition of Sylvester Chevrolet in Peckville, Pennsylvania, adding a second Chevrolet franchise to its portfolio. The deal reflects growing pressure on single‑point dealerships, which often lack the scale to compete in today’s complex automotive retail...
Apax in the Running to Acquire CloserStill Media From Providence in £1.2bn-plus Auction Process
Apax Partners has emerged as the frontrunner in an auction to buy UK exhibitions group CloserStill Media, a deal that could value the business at more than £1.2bn (approximately $1.5bn). Providence Equity Partners originally acquired a majority stake in 2018...
People, Not Paperwork, Drive Post‑Acquisition Success
You can spend months or years trying to buy a business, but once day one arrives, all of that effort disappears. Talked to 100+ investors? Many more company owners? Spend 6 figures on closing processes… all this does not matter. What matters now is...
Deal Roundup: Lazard to Buy Campbell Lutyens for up to $660m, KKR Said to Prep $10bn Flora Food Group Sale
Lazard announced a definitive agreement to acquire placement agent and secondaries advisor Campbell Lutyens for up to $660 million. The deal, pending regulatory clearance, will integrate Campbell Lutyens' fundraising expertise into Lazard's investment banking platform. In parallel, private‑equity giant KKR is...
Private Equity's Vertical Integration Threatens Financial Advice Consumers
Consolidation in the financial advice industry is gathering pace around the world. Private equity increasingly owns the advice, the platform and the investment product. Same group. Every layer. Margin captured at every stage. It's called vertical integration. But who's it designed to serve?...
Vireo’s Fluent Buy Crowns It #4 Global Cannabis Leader
With the purchase of Fluent, $VREOF is the #4 largest cannabis company in the world by revenue and has clear sights on being the largest. One of the most fascinating stories in cannabis is how Vireo keeps rolling up distressed...
Investor Intentions: GEPS Looks to Expand Its Private Debt Exposure
South Korea's Government Employees Pension Service (GEPS) plans to allocate between $200 million and $300 million to private debt funds in 2026. The move expands the pension fund’s exposure to alternative credit assets, complementing its traditional equities and fixed‑income holdings. GEPS seeks...
Investindustrial Raises €1.5bn Fund in Four Months
Investindustrial closes fourth lower mid-market fund at €1.5bn hard cap in under four months Read more here: https://t.co/OdrXVbdiey https://t.co/PN7biwPjHQ
KKR Invests in MLS NEXT Pro to Boost US Soccer Infrastructure
KKR backs MLS NEXT Pro with strategic investment to build US soccer's commercial infrastructure Get the full scoop here: https://t.co/nSpfoq2ytO https://t.co/QOKxxdQaSu
Investors Fly Blind Into Private Funds
A recent Adams Street survey indicates that individual investors plan to increase allocations to private equity and credit funds, even though many lack a clear understanding of these complex structures. The data suggests a growing appetite for private‑market exposure among...
Pearl Abyss Sells CCP Back at $305M Loss
Crimson Desert studio Pearl Abysss (publicly traded in Korea) is finally selling Eve Online studio CCP (based in Iceland) back to its management. Selling price: US$120M. Buying price in 2018: US$425M. There were rumors about such a deal swirling last year already.
Apollo Targets $14B Tenneco IPO After Earnings Double
Apollo plots Tenneco IPO at $14bn valuation as automotive turnaround delivers near-doubled earnings Read more here: https://t.co/kc5SAhwSBN https://t.co/r3P9SGahZm
BMG-Concord Merger Creates $7B ‘Fourth Major’ to Challenge Universal
BMG and Concord announced a $7 billion merger that will launch a new independent label, dubbed the “fourth major,” to take on Universal, Sony and Warner. The combined entity will retain the BMG name, generate $2.2 billion in 2026 revenue, and bring...
CVC's Private Wealth Channel Jumps 40%, €21.5bn Realised
CVC's private wealth channel surges 40% as realisations hit €21.5bn over the last twelve months Read the full story: https://t.co/4XHta2Hv2r https://t.co/EnC26JnRBi
Apax Leads £1.2bn CloserStill Media Sale
Apax emerges as frontrunner in Providence Equity's £1.2bn+ sale of CloserStill Media Read more here: https://t.co/Dn9J0db53Y https://t.co/Z54vRopGOz
KKR Buys Into MLS Next Pro as League Plots Overhaul
Private equity firm KKR is investing up to $200 million in MLS Next Pro through a new joint venture, Hometown Soccer Holdings, that will take over commercial operations for the league’s 30‑team development tier. While MLS clubs retain player payroll and sporting...
Notes From the Australian Pension Road Trip
Australian superannuation funds, wielding roughly $3.2 trillion in assets, dispatched a delegation to the UK and France to deepen exposure to European private‑market opportunities. The trip follows a similar U.S. visit and reflects a broader strategy to allocate capital beyond domestic...
AvalonBay and Equity Residential Enter Exploratory Talks for Potential Megamerger
AvalonBay Communities and Equity Residential have begun confidential discussions about a possible merger, a move that could produce one of the biggest apartment‑REIT deals in U.S. history. The talks come as both firms report strong cash flow, low turnover and...