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.
Lightspeed Offloads Upserve at a Discount as Transformation Plan Continues
Lightspeed Commerce announced the sale of its U.S. hospitality platform Upserve to Skyview Equity for up to $81 million in cash, far below the $430 million it paid in 2020. The deal includes $44 million upfront and a $37 million earn‑out tied to performance. By divesting Upserve, Lightspeed sharpens its focus on two core growth engines—North American retail and European hospitality—under its ongoing transformation plan. The company expects the transaction to improve revenue and gross‑profit growth while providing flexibility for buybacks and product investment.
Crane Co. Beats Q1 Forecast, Raises Full-Year EPS Guidance to $6.85
Crane Co. reported adjusted earnings of $1.65 per share for Q1 2026, a 15% rise, and revenue up 24.9% to $696.4 million. The industrial conglomerate lifted its full‑year EPS guidance to $6.65‑$6.85, citing robust core sales and acquisition contributions.
Collective Acquisition Corp. II Prices $10‑Per‑Unit IPO, Sets Sights on SaaS Deals
Collective Acquisition Corp. II priced its initial public offering at $10 per unit for 22 million units, launching on Nasdaq under CAIIU. The blank‑check company says it will pursue a business combination focused on SaaS, AI, defense technology and other sectors...
Private Equity Overtakes Merger as UK Law Firms’ Preferred Route to Growth, New Research Reveals
Private equity has become the leading growth strategy for UK law firms, with 75% preferring it over the traditional merger or partnership route, which now appeals to only 52% of firms. The shift reflects a broader transformation in the sector,...
Japanese Firms to Frame 6% of US Homes After Sumitomo Forestry’s $4.5B Deal
Sumitomo Forestry has secured approval for its $4.5 billion all‑cash acquisition of California builder Tri Pointe Homes, the largest U.S. homebuilder purchase by a Japanese forest‑based firm. The deal expands Sumitomo’s footprint into California and Nevada, raising Japanese ownership of U.S. single‑family...
A U.S. Chemicals Special Situation: Reading Between the Lines of a Sudden CEO Exit
A U.S. chemicals firm with a $500 million‑$1 billion market cap saw its CEO resign abruptly, sparking a sharp share decline. The company is reportedly in an advanced sale process, having already received a price range offer amid a strategic review. Recent...
Broker Loans: Step‑by‑Step Payment Flow Explained
“How a broker loan works: 1. Buyer creates a loan agreement... 2. Broker gives a credit memo... 3. The buyer submits the credit memo to the seller... 4. The seller pays the broker with the credit memo... 5. The buyer...
Capital Stack-to-EBITDA Ratio: The Overlooked Buying Metric
Total capital stack to EBITDA ratio is one of the most overlooked ratios in the business buying world.
Infinite Epigenetics Acquires Tally Health in ‘Largest Epigenetic Testing Deal to Date’
Infinite Epigenetics announced the acquisition of Tally Health, creating the largest private‑sector DNA methylation database. The deal merges Infinite's TruDiagnostic biological‑age platform with Tally's at‑home epigenetic test and supplement program, forming a vertically integrated measurement‑to‑intervention stack. Executives say the combined...
Private Equity Investment Fuels Major Overhaul of Grant Thornton’s Associate Scheme
Grant Thornton has unveiled a brand‑new associate programme for its 2027 graduate cohort, funded by a private‑equity investment from Cinven. The overhaul introduces six pillars—reward, experience, exposure, quality, diversity and accelerated partnership—to attract and develop talent. Simultaneously, the firm aims...
Broadtree Partners Closes $240 Million Multi‑Asset Continuation Fund
Broadtree Partners announced the closing of a $240 million multi‑asset continuation fund, aimed at providing liquidity and follow‑on equity to four high‑performing portfolio companies. The fund, led by Adams Street Partners, reflects a growing trend of lower‑middle‑market firms using continuation vehicles...
Welltower Reports $33 Billion Investment Activity and Raises 2025 FFO Guidance
Senior‑housing REIT Welltower announced year‑to‑date investment activity exceeding $33 billion, highlighted a $7.2 billion outpatient portfolio sale, and raised its full‑year 2025 normalized FFO guidance to $5.24‑$5.30 per share, underscoring strong operating momentum and a record‑low leverage ratio.
Teva to Acquire Emalex Biosciences for ~$900M
Teva Pharmaceutical Industries has signed a definitive agreement to acquire Emalex Biosciences for an estimated $900 million, comprising $700 million upfront and up to $200 million in commercial milestones. The purchase brings Emalex’s lead asset, ecopipam—a selective dopamine D1 receptor antagonist—into Teva’s neuroscience...
Spin-Outs Enjoy an Edge in GP Financing
Corpay’s latest report highlights that private‑equity spin‑outs—teams breaking away from established firms—enjoy a financing advantage over truly emerging managers. While both groups seek general‑partner (GP) capital, spin‑outs attract larger loan commitments and more favorable terms. Emerging managers, lacking the brand...
Chiesi Group Acquires KalVista Pharmaceuticals for $1.9 Billion
Chiesi Group announced a $1.9 billion cash acquisition of KalVista Pharmaceuticals, offering $27 per share—a 40.3% premium. The deal gives Chiesi control of sebetralstat, an oral protease inhibitor for hereditary angioedema that posted $49 million U.S. sales in 2025. Closing is targeted...
Podcast: General Fusion’s Greg Twinney & Spring Valley III’s Chris Sorrells (SVAC)
General Fusion and Spring Valley Acquisition Corp. III have sealed a $724 million merger, announced in January. The deal will take General Fusion, a private fusion‑energy developer, public via the SPAC route. Twinney outlined plans to scale from its pilot plant to...
US Investment Giant Swoops for Stake in European Wind Developer
Blackstone’s infrastructure fund is committing up to $2.3 bn for a 24.7% stake in Danish renewables developer Eurowind Energy. The investment gives the U.S. giant a foothold in a company active in on‑shore wind, solar, battery storage and biogas across 16...
IT News: Amadeus to Acquire IDEMIA Public Security
Amadeus announced its intention to acquire IDEMIA Public Security for €1.2 billion (approximately $1.3 billion). IDEMIA, a French biometrics and identity services leader, offers an end‑to‑end platform and a global blue‑chip client base across public and private sectors. The acquisition builds on...
Skyview Acquires Lightspeed Commerce’s Upserve US Hospitality Product Line
Skyview announced the acquisition of Lightspeed Commerce’s Upserve hospitality product line, bringing roughly 3,200 U.S. restaurant locations into its portfolio. The deal transfers Upserve’s point‑of‑sale, analytics, and back‑office solutions to Skyview, expanding its SaaS offerings for mid‑size operators. Financial terms...
Meta's $2B Deal Flops Due to Arrogant Due Diligence
But what makes Meta and Manus' thwarted deal truly amazing is the lack of due diligence: "Meta conducted only a few weeks of due diligence to complete the acquisition in December, while neither Meta nor Manus sought Chinese regulatory approval for...
CC Capital and OneIM Acquire Insignia Financial for $2.5 B, Delist From ASX
CC Capital and OneIM have completed the purchase of Insignia Financial Ltd for A$4.80 per share, valuing the deal at about A$3.9 billion (US$2.5 billion). The transaction, approved by regulators, will see Insignia delisted from the Australian Securities Exchange and marks a...
Paramount Seeks FCC Waiver to Allow $24 Bn Foreign Investment in Warner Bros. Discovery Merger
Paramount Skydance has filed a petition with the Federal Communications Commission to exceed the 25% foreign‑ownership ceiling so it can incorporate $24 bn from Saudi, Abu Dhabi and Qatari sovereign‑wealth funds into its $81 bn takeover of Warner Bros. Discovery. The move,...
The Loadstar Leader: China Merchants Tipped to Join the Hutch Port Sale Talks – Why?
China Merchants, a centrally administered state‑owned enterprise, is being added to negotiations over the sale of Hutchison Port Holdings (HPH). Beijing previously forced Cosco’s participation, and the new partner may help finance and structure the deal, potentially easing regulator concerns....
Quantum Tech Investor QDNL Rebrands to Ground State Ventures, Nears Final Close for New Fund
Venture capital firm QDNL Participations has rebranded to Ground State Ventures as it moves toward the final close of its inaugural quantum-focused fund. The firm has secured $88 million in commitments, positioning the fund to invest in early‑stage quantum technologies. The...
UGI to Sell Electric Division to Argo Infrastructure Partners for $470m
UGI Utilities is selling its Pennsylvania Electric Division to Argo Infrastructure Partners for roughly $470 million, a deal that includes working‑capital adjustments and is slated to close in Q1 2027 pending regulatory sign‑off. The division operates about 2,700 miles of transmission and distribution...
T-Mobile Expands Fiber Broadband with $2.7 Bn Joint Ventures to Reach over 1 Mn New Homes
T‑Mobile announced two 50:50 fiber joint ventures worth roughly $2.7 billion, partnering with Oak Hill Capital and Wren House to acquire GoNetspeed, Greenlight Networks, and i3 Broadband. The Oak Hill deal will add a platform covering over 1.3 million homes in the...
Why Hockey Sticks Break
The article warns that high‑growth businesses can break the search‑fund model. Rapid revenue expansion forces new CEOs to make large, irreversible decisions before they understand the business, while premium entry multiples inflate equity needs and required EBITDA growth rates. Debt...
Only Acquisitions Break the Asset Ceiling, Not Coaching
$1M–$100M owners: the realisation that stings: the $100K coach was excellent the ads were managed well the organic strategy was sound and the ceiling is still there because no strategy removes a single asset ceiling only acquisition does
GTCR Eyes Mega-Firm Territory with Launch of Next Flagship Fundraise
GTCR announced the launch of its fifteenth flagship private‑equity vehicle, Fund XV, positioning the firm to compete with the industry’s mega‑fund managers. Sources say the fund is expected to raise capital rapidly, with a tight allocation window that limits participation...
Vendor Finance Adds a Second Asset for Free
if your business does $1M–$100M: every dollar you spent on ads every dollar on sales coaches every dollar on growth consultants was invested in optimising one asset vendor finance buys you a second asset for nothing
‘The Bridge Between Intuition and ROI’: The M&A Race to Own Advertising’s Last Unmeasured Lever
The advertising sector is witnessing an M&A wave focused on creative intelligence – the data and AI layer that pre‑tests and predicts creative performance. Recent deals include Havas acquiring Ctrl Digital, Publicis Groupe paying roughly $100 million for AdgeAI, and Brave...
Vendor‑Finance Acquisitions Break Growth Plateaus for $1‑100M Businesses
if your business does $1M–$100M: the growth strategies that plateaued: – sales coaching: hit the ceiling – paid advertising: diminishing returns – organic content: slow compounding – hiring more people: more complexity the growth strategy that doesn't plateau: acquiring businesses using vendor finance
Nexans to Buy Republic Wire for €680 Million, Expanding European Cable Footprint
Nexans has agreed to acquire Republic Wire, Inc. for an enterprise value of €680 million (about $735 million) with a possible €43 million ($46 million) earn‑out tied to 2027 performance. The deal broadens Nexans’ product portfolio and deepens its presence in the North American...
AES’s $46 Billion Take‑Private Deal Sets Record in Power Sector
AES, the U.S.‑based global power provider, was taken private in a $46.1 billion consolidated transaction led by BlackRock’s Global Infrastructure Partners and EQT. The deal, the biggest ever for power infrastructure, gives AES new capital to expand renewable and grid‑modernization projects...
Covenant Trends – 4/27/2026
Covenant Trends released its weekly data showing that 27% of first‑lien loans now have affected lender voting protection, the highest proportion recorded since the second quarter of 2023. The metric, which tracks how often lenders’ rights to vote on borrower‑initiated...
Smithfield Foods Posts Record $1.3 B Adjusted Operating Profit, Announces Nathan’s Acquisition
Smithfield Foods, the largest U.S. pork producer, reported a 30% rise in adjusted operating profit to $1.3 billion for fiscal 2025 and announced a quarterly dividend of $0.3125 per share. The company also confirmed a definitive agreement to acquire Nathan’s Famous...
Sanofi Appoints Belén Garijo as CEO, Vows to Curb $18.4 Bn Dupixent Reliance
Sanofi announced Belén Garijo will assume the chief‑executive role on April 29, inheriting a business where Dupixent generates $18.4 bn in annual revenue. Garijo’s mandate includes leveraging a $30 bn M&A war chest to broaden the pipeline before Dupixent’s 2031 patent expiry.
The Pulse of Private Equity – 4/27/2026
US private‑equity buyout valuations have remained steady through early 2026, with trailing‑twelve‑month EV/EBITDA multiples hovering near the 2024 recovery peak. A slight dip observed in 2025 has largely corrected, leaving the current multiple range between the five‑year average of 10.8‑times...
Leveraged Loan Insight & Analysis – 4/27/2026
US syndicated asset‑based loan (ABL) issuance surged to $29.9 bn in the first quarter of 2026, a 31% year‑over‑year increase. The jump marks the strongest Q1 on record when the 2023 LIBOR‑to‑SOFR transition spike is excluded. Refinancings accounted for the bulk...
Stop Paying for Growth—Acquire Businesses With Zero Capital
you've spent money trying to grow your $1M–$100M business: the money went into: – strategies that required more of you – ads that stopped working when you stopped paying – coaches who taught you to sell harder Start acquiring instead, you can do it with...
CVC Invests €210m to Revive Struggling Lipton Teas
Cash injection: @CVC_Capital injects €210m into struggling @Lipton Teas as turnaround effort deepens Read more here: https://t.co/ONRnQRUtsW https://t.co/agGwROMLZt
Brookfield Corp Leverages $135B Insurance Float to Boost Private‑Equity Platform
Brookfield Corporation is using its $135 billion insurance‑asset base and fresh MOUs in India to expand its private‑equity and infrastructure platform. The move adds long‑duration capital to a business that already generates $3 billion in fee‑related earnings, positioning the hybrid asset‑manager for...
Chiesi Acquires KalVista for $1.9B Rare Disease Drug
Chiesi to buy KalVista in $1.9B deal for rare disease drug https://t.co/VR9hDYGLGJ by Kristin Jensen $KALV $PHVS $NTLA $BCRX $IONS
Fluent Software Group Expands Into Australian Benefits Market
Valsoft’s Fluent Software Group Enters the Australian Workforce Benefits Vertical with the Acquisition of Eziway https://t.co/FlaQc1WZ2C https://t.co/jHJvWlndz3
CD&R Nears $5B Partial Exit; Ametek in Talks
CD&R nears $5bn partial exit from Indicor as Ametek enters exclusive talks Read more here: https://t.co/u3MYhL4ND7 https://t.co/Lc5ij5Rs25
Ares Management Secures 32.4% Stake in Rover Pipeline
Energy deal in sight: @ares_management acquires 32.4% stake in Rover natural gas pipeline from @blackstone Read more here: https://t.co/fhhzgS33Eh https://t.co/KVi45YmPMJ
Embrace Bad Deals: Speed and Risk Drive Roll‑Up Success
"If every deal is right in roll up, we're either not taking enough risk or not moving fast enough. It's okay to have a bad deal — that's the beauty of the model." - Alex Sloane (EP.499) With thanks to @AlphaSenseInc,...
Advent Sells Idemia Public Security to Amadeus for €1.2bn
Advent International exits Idemia Public Security in €1.2bn all-cash sale to Amadeus Read more here: https://t.co/ile1tDlmZu https://t.co/oXkztqSF1v
Ardian Launches Tenth Secondaries Fund as $30bn Predecessor Nears Deployment
Ardian plots return to market with tenth secondaries fund as $30bn predecessor nears full deployment Read more here: https://t.co/v0eRDdVQ8z https://t.co/pS6m2ThIwE
Advent, Cinven Exit TKE After €29.4bn KONE Merger
Advent and Cinven exit TKE in €29.4bn merger with KONE, retaining stake in combined group Read the full story here: https://t.co/ViE5W0NCQM https://t.co/srFewfpxj6