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.
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 ample access to debt markets, positioning them for a transformative transaction.
CVC Weighs $10.5 Billion Bid for Nexi as CDP Opposes Stake Sale
CVC is weighing a roughly $10.5 billion offer to acquire Italy’s payments powerhouse Nexi. The bid arrives as CDP, the state‑backed investor that owns about 30% of Nexi, has publicly opposed the transaction, warning of strategic risks. Nexi’s recent earnings—over €2.2 bn...
Arlington Capital Partners Merges ENERCON with POND to Build $6B Power‑Engineering Platform
Arlington Capital Partners has acquired ENERCON from Oaktree‑managed funds and merged it with its portfolio company Pond & Company, forming a new ENERCON platform with more than 2,700 engineers. The deal, described as Arlington’s largest platform build, leverages its $6 bn...
Hall Chadwick Acquisition Corp. II Files for $265 M SPAC IPO Targeting Transformative Tech
Hall Chadwick Acquisition Corp. II filed a Form S‑1 on April 21 to raise $265 million through a Nasdaq‑listed SPAC offering of 26.5 million units at $10 per unit. The Cayman‑registered blank‑check company will seek a merger with a target deploying transformative technologies...
Phenom Acquires Plum to Add Behavioral Validation to AI Hiring Platform
Phenom, the applied‑AI HR infrastructure firm, announced the acquisition of Plum, a psychometric talent‑assessment platform, marking its second deal in ten weeks. The move adds behavioral‑validation technology to Phenom’s AI hiring suite, aiming to counter the rise of AI‑generated résumés...
Moelis Posts Record $320 Million Q1 Revenue, Boosted by M&A and Private Capital Advisory
Moelis & Company announced a record first‑quarter revenue of $320 million, a 4% year‑over‑year increase, as M&A and private‑capital advisory surged. The firm highlighted a healthier compensation ratio, aggressive share repurchases and new AI tools, while warning that geopolitical tension and...
KKR Restarts Flora Food Sale at $10 B Valuation
KKR revives Flora Food Group sale process with $10bn price tag Read more here: https://t.co/yGF3OTrNBY https://t.co/Fu6a3q9jGj
Adams Street Partners Leads $240m Continuation Fund for Broadtree Partners Portfolio
Adams Street Partners has led a $240 million continuation fund for Broadtree Partners, a service‑business investor. The multi‑asset vehicle repackages existing portfolio holdings, giving Broadtree fresh capital while offering liquidity to current limited partners. The fund’s size underscores strong investor appetite...
Palana S.A. Unites Three Firms in Compliance Platform Play
Palana S.A., a Luxembourg‑London regulatory technology group, merged its Avanterra and Palana Services units into a single entity on 1 April 2026. The unified firm now reports €20.5 million in revenue (about $22.3 million) and employs 120 staff, reflecting a 32% CAGR over the...
Blackstone Life Sciences Puts $400 Million Behind Teva’s Autoimmune Drug Duvakitug
Blackstone Life Sciences has pledged $400 million to Teva Pharmaceutical to advance duvakitug, a monoclonal antibody targeting TL1A in Phase 3 trials. The deal signals private‑equity confidence in Teva’s shift from generics to innovative biologics and could reshape capital flows in the...
Anaconda Acquires Outerbounds, Adding Metaflow to Its AI‑Native Platform
Anaconda announced the acquisition of Outerbounds, the company behind the open‑source Metaflow framework, to embed full‑stack AI/ML orchestration into its platform. Terms were not disclosed, but the move promises a governed path from AI experimentation to production for its 50 million...
Lazard to Acquire Campbell Lutyens for $575 Million, Launching New Private‑Markets Unit
Lazard announced a $575 million deal to acquire private‑markets adviser Campbell Lutyens, with up to $85 million in earn‑out payments. The transaction creates Lazard CL, a third global business led jointly by Holcombe Green and Gordon Bajnai, and expands Lazard’s B2B advisory...
Invest Europe: PE- and VC-Backed Firms Grow Jobs 4%, 4x Faster than Europe in 2024
The seventh edition of Invest Europe’s *Private Equity at Work* report quantifies the employment engine that private‑equity and venture‑capital backed companies have become across the continent. In 2024 these firms generated a net 295,312 new positions, translating into a 4 percent...
Value Creation in 2026: The Art and the Science
Private equity firms face a rapidly shifting environment in 2026, where evaluating an asset’s resilience to climate, cyber and regulatory disruptions is no longer enough. They must also design growth strategies that can adapt to sectors that are transforming on...
You Don't Have to Sell Out to Grow: A Case for Staying Independent as an RIA on Your Terms
Record RIA M&A activity in 2025—466 deals, a 27% rise, with 72% driven by private equity—has accelerated pressure on independent firms to consider sell‑outs. While PE offers high valuations, capital, and infrastructure, advisers report post‑sale regrets over lost autonomy and...
Equis to Launch Management-Led Recapitalisation Process – Exclusive
Equis announced a management‑led recapitalisation process to raise fresh equity for its portfolio. The move comes after an attempted sale of its Asia‑Pacific renewable‑energy platform fell through last year. Management will spearhead the fundraise, targeting infrastructure‑focused investors. The recapitalisation is...
RNWH's Edwards Dive Deal Boosts Earnings, Slightly Better Valuation
#RNWH buying Edwards Diving Services and says "will be immediately earnings enhancing". ShareScope has fwd p/e 12.5 falling to 11.7 and fwd Divvy 2.4% rising to 2.5%; no steal but reasonable. I don't hold.
Lazard Buys Campbell Lutyens for $575M, Forming PE Advisory Giant
Lazard acquires Campbell Lutyens for $575m to create global private equity advisory powerhouse Read the full story here: https://t.co/KfnoRnOwfo https://t.co/AJP4RhBLIE
Blackstone Creates Dedicated AI Investment Unit
Blackstone Inc is launching a dedicated artificial‑intelligence unit, Blackstone N1, to centralize its AI and high‑growth technology investments. The West‑Coast team, led by senior executive Jas Khaira who is relocating to San Francisco, will absorb the former Blackstone Growth platform...
Ardian Steps up Secondary-Market Role as Canadian Pensions Rebalance Portfolios
Ardian is emerging as a leading buyer of private‑equity stakes from Canada’s major pension funds, capitalising on a wave of secondary‑market transactions that provide liquidity amid slower deal payouts. The Canada Pension Plan Investment Board sold roughly CAD 2 billion (≈US$1.5 billion) in...
Finsbury Food Group Acquires Healthy Snacking Brand
Finsbury Food Group has purchased a 100% stake in Flower & White, a fast‑growing brand that offers healthier sweet‑treats and snack bars. The company, which is expanding at roughly 30% per year, will add a strong direct‑to‑consumer (DTC) capability to...
Roll Up The Space To … Lose!
Over the past decade private‑equity firms such as Vista, KKR and Thoma Bravo pursued a roll‑up strategy, acquiring dozens of procurement‑software assets to create mega‑suite platforms. These bundles command seven‑figure annual licenses, banking on market dominance within corporate source‑to‑pay functions. However,...
The Key Podcast: Why Match Matters in M&A
The latest episode of Inside Higher Ed’s podcast "The Key" highlights findings from the 2026 IHE Survey of College and University Presidents, showing that internal discussions about mergers and acquisitions remain steady, with private nonprofit leaders far more engaged than...
Exfinity Venture Partners Exits Partially From CloudSEK
Exfinity Venture Partners announced a partial exit from its early‑stage investment in cybersecurity platform CloudSEK, delivering a 13× multiple on invested capital and an IRR above 40%. The exit was executed as a secondary sale to existing investors, while Exfinity...
Private Equity Is Coming for Law Firms—And the Rules Aren’t Ready
In January 2026 personal‑injury firm Dudley DeBosier announced a partnership with Orion Legal, using a management services organization (MSO) to let a private‑equity vehicle run its technology, billing and marketing while attorneys retain firm ownership. The move mirrors a broader...
Kone to Acquire TK Elevator in $34.4 B Deal, Creating World's Largest Lift Maker
Finnish elevator giant Kone announced a €29.4 billion ($34.4 billion) cash‑and‑share acquisition of German rival TK Elevator. The merger will combine more than 100,000 employees and generate annual sales above €20 billion, creating the world’s biggest lift manufacturer.
DOJ Gains Access to KKR Lawyers’ Emails in Antitrust Probe
Federal prosecutors obtained a rare court order allowing them to examine emails between private‑equity giant KKR & Co. and its counsel at Kirkland & Ellis. The move is part of a criminal probe into whether KKR withheld deal information from...
NY Now Acquired by RMG Following Deal With Emerald
Rockview Management Group (RMG) has acquired the NY NOW wholesale gift, home and lifestyle trade show from Emerald Holding, Inc. The new ownership team—industry veterans Dorothy Belshaw, William Lacey and Karen Olson—plans to revamp the biannual event, beginning with the...
Octus: Private Credit & Deal Origination Insights – 4/27/2026
Octus released its latest private‑credit market briefing, highlighting a 12% year‑over‑year increase in deal origination volume and a shift toward mid‑market middle‑market borrowers. The report shows syndicated loans now represent 38% of total private‑credit commitments, up from 31% a year...
Astorg to Acquire Thermo Fisher’s Microbiology Unit for $1.1 Billion
European private‑equity firm Astorg has signed a deal to purchase Thermo Fisher Scientific’s microbiology business for roughly $1.075 billion in cash and a $50 million seller note. The transaction, slated to close in the second half of the year, positions Astorg to...
Morgan Stanley Leads $875 Million Senior Debt Deal for Bridgepointe Technologies
Morgan Stanley Investment Management, via its Private Credit arm, led an $875 million senior debt financing for San Mateo‑based Bridgepointe Technologies. The package includes a continuation vehicle led by Carlyle AlpInvest and equity from Charlesbank Capital Partners, positioning Bridgepointe for accelerated...
Blue Owl Capital Inc (OWL) Q1 2026 Earnings Call Transcript
Blue Owl Capital reported adjusted net investment income of $0.36 per share, a 9.5% return on equity, while NAV slipped to $14.89 per share after modest write‑downs. The firm announced a merger with OBDC II that will lift total portfolio assets...
Select Medical Holdings Corp (SEM) Q1 2026 Earnings Call Transcript
Select Medical reported Q4 2025 revenue growth of over 6% while adjusted EBITDA fell 10% to $104.7 million, driven by an unexpected $15 million health‑insurance expense and $6 million variable discounts in outpatient rehab. The Board is evaluating a nonbinding take‑private proposal...
In Chiesi’s Biggest M&A Deal yet, Pharma Buys HAE Company KalVista
Italian pharmaceutical group Chiesi announced the acquisition of U.S. biotech KalVista for approximately $1.5 billion in cash, marking its largest M&A transaction to date. KalVista, a specialist in hereditary angioedema (HAE), brings a late‑stage monoclonal‑antibody program and a pipeline of complement‑targeted...
Lauder Considers Bid for Puig at 18 Euros to 19 Euros Per Share, Report Says
Estée Lauder is weighing a tender offer for all of Puig’s class B shares at €18‑€19 per share, roughly $20‑$21. The French‑based beauty group has hired J.P. Morgan to arrange a financing package of about €5 billion (≈$5.5 billion) to fund the mixed cash‑and‑share bid....
Compass' $1.6B Deal Fuels New ‘Private Exclusive’ Listings, Shrinking MLS Transparency
Compass, after its $1.6 billion acquisition of Anywhere Real Estate, has introduced a three‑phase listing process that hides days‑on‑market and price‑drop data from public MLS feeds. The move, now used on roughly 94% of its private listings, pits the broker against...
Perry Capital Buys Elmwood to Build National Luxury Wood Platform
Perry Capital LLC announced the acquisition of Elmwood Reclaimed Timber and its integration with KC Custom Hardwoods, forming a national platform for premium reclaimed and custom wood products. The deal, disclosed on April 28, 2026, underscores the firm’s strategy to...
Does This Potential Acquisition Make Sirius XM Stock a Buy?
Sirius XM is reportedly in preliminary talks to acquire iHeartMedia, the nation’s largest radio‑station owner. Both companies have seen rapid growth in podcasting, with Sirius XM’s podcast revenue jumping 41% in 2025 and iHeart’s up more than 25% the same...
India’s M&A Boom Persists in 2026, Driven by Investor Confidence
India’s merger‑and‑acquisition market remained robust throughout 2026, with inbound capital from the United States and the Middle East offsetting global headwinds. Stability in policy and a growing appetite for warranty‑and‑indemnity insurance are helping the country outpace other emerging economies.
Trilliad Acquires Accelerate Performance to Boost Enterprise Sales Solutions
Trilliad announced the acquisition of Accelerate Performance, a global sales development and leadership training firm, to broaden its enterprise‑focused sales performance portfolio. The deal adds a consulting‑led model that serves large organizations with fully customized programs, complementing Trilliad’s existing Sandler...
Zwift Buys Rouvy, Expanding Its Digital Footprint and Potentially Sidestepping the UCI
Zwift announced the acquisition of Rouvy, the real‑world indoor cycling platform, expanding its product suite beyond animated routes. The deal keeps both services separate for now, preserving Rouvy’s subscription model and development roadmap while integrating hardware compatibility. By absorbing Rouvy’s...
Fat Brands Faces Breakup; Smokey Bones to Close
Looks like Fat Brands will be broken up in a sale process. But Smokey Bones is shutting down. https://t.co/CS0SUmXyQf
Tropical Smoothie Café Whips up $270 Million in ABS
Tropical Smoothie Café has launched a $270 million asset‑backed securities program, pledging cash flow from existing and future franchise royalties, supplier rebates and other fees. The deal issues two tranches—Class A2 and M notes—with an anticipated repayment in May 2031 and a final...
Neuberger Berman Pivots to Europe Amid US Valuation Surge
US private equity firm @neubergerberman shifts space strategy to Europe as US valuations surge Read more here: https://t.co/Gm47sQGtxK https://t.co/NARByXRRBT
Ready to Sell? Here’s Why You Need an Assessment First
TSG advises payments‑focused companies to begin any sale process with a comprehensive assessment rather than jumping straight to valuation or pitch‑deck creation. The assessment uncovers the factors that drive a premium multiple, pinpoints operational gaps, and informs whether to sell...
Teva Spends $700M on Tourette Drug, Shares Jump 11%
Teva nabs experimental Tourette drug in $700M Emalex buyout https://t.co/z1byYRgYul by @realJacobBell $TEVA + 11%
Blackstone Commits $2.2bn to Eurowind Amid Rising Energy Demand
PE giant @blackstone deploys up to $2.2bn into Eurowind as energy demand inflects Read the full story here: https://t.co/XvZksY06Ji https://t.co/kHfnniqonU
Valor Exterior Partners Acquires Associate Roofing, Expands Into Southern Massachusetts
Valor Exterior Partners, a portfolio company of Osceola Capital, announced the acquisition of Massachusetts‑based Associate Roofing, marking its ninth deal since launching in September 2024. The purchase expands Valor’s footprint into southern Massachusetts, Martha’s Vineyard, and surrounding coastal islands, and...
Match Group Pours $100 Million Into Sniffies, Eyeing LGBTQ Dating Expansion
Match Group announced a $100 million investment in Sniffies, a web‑only platform for queer men, securing a minority stake and an option to buy the rest. The move, aimed at expanding Match’s LGBTQ portfolio, knocked Grindr shares 2.5% lower in after‑hours...
Pernod Ricard and Brown‑Forman End Talks on Whiskey Merger
Paris‑based Pernod Ricard and Louisville‑based Brown‑Forman announced they have ended discussions on a possible merger. The split comes as Sazerac readies a $15 billion bid and regulators consider a CFIUS review of any foreign takeover of the iconic Jack Daniel’s brand.