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.
Carlyle Co‑Founder Bill Conway Launches Kitebrook Infra to Tap Norway’s Hydropower for Data Centers
Carlyle Group co‑founder Bill Conway has partnered with developer Byrne Murphy to launch Kitebrook Infra, a venture that will acquire land and renewable power assets in Norway and sell them to data‑center operators. The move targets the surge in AI‑driven computing demand and positions the partnership at the forefront of green‑energy data‑center development.
Vanguard Pivots to Private Markets, Launching $2,500 Interval Fund with 40% Private Allocation
Vanguard announced a new interval fund that will allocate as much as 40% of its capital to private equity, private credit, real estate and infrastructure, with a $2,500 minimum investment. The firm’s February outlook projects high‑single‑digit annual returns from top‑quartile...
Silver Rock Raises $4bn to Salvage Private Equity
Born from Milken's office, Silver Rock raises $4bn to pick through private equity's wreckage Read more here: https://t.co/wf17BDoQ7F https://t.co/feS4VaEDfp
Shell to Acquire ARC Resources for $16.4 B, Expanding Montney Shale Footprint
Shell plc announced a $16.4 billion deal to acquire Canadian shale producer ARC Resources Ltd., adding 370,000 barrels of oil equivalent per day and roughly 2 billion barrels of proved‑plus‑probable reserves. The transaction, structured as cash and share consideration, is slated to...
RBS Acquires AI Guest‑Engagement Platform Zeko to Expand Hotel Tech Suite
RBS announced the acquisition of Zeko, an AI‑driven guest‑engagement platform, to embed real‑time concierge, upselling and WhatsApp automation across its hospitality software. The deal, whose financial terms were not disclosed, aims to lift ancillary revenue and reduce staff workload for...
RNDC to Exit Oregon and Washington
Republic National Distributing Company (RNDC) signed a non‑binding letter of intent to sell its wine and spirits distribution rights in Oregon and Washington to Columbia Distributing, with a complementary arrangement in Alaska. The deal adds roughly 24,000 retail customers and...
CV Performance to Diverge as Asset Quality Widens – StepStone
StepStone’s private‑markets team warns that cash‑value (CV) performance in the GP‑led secondary market will diverge as the pool of assets widens in quality. Philippe Ferneini expects a more mixed‑quality pipeline, with high‑quality assets delivering strong returns while lower‑quality deals lag....
InsideArbitrage Event Driven Monitor – April 28, 2026
The InsideArbitrage April 28 roundup highlights a flurry of high‑profile M&A activity, including The Real Brokerage’s $880 million acquisition of RE/MAX at a 72.7% premium and Ligand Pharmaceuticals’ $739 million purchase of XOMA with a litigation‑linked contingent value right. Regulatory clearance was secured...
US Investor Said to Pay 70% Premium for Benfica Minority Stake
U.S. private‑equity firm Entrepreneur Equity Partners agreed to buy a 16.38% minority stake in Portuguese football club SL Benfica for €10‑11 per share (about $11‑$12), a roughly 70% premium to the prior‑day close of €6.46 ($7.05). The transaction values the...
Temasek, CPPIB, ChrysCapital to Cash Out in NSE IPO
Temasek, CPPIB, and ChrysCapital among investors set to exit via India's NSE IPO Read more here: https://t.co/VFVPxY6weC https://t.co/kpQRpHDi5f
Silver Rock Capital Raises $4bn Credit Fund
Silver Rock Capital Partners has closed a new credit fund exceeding $4 billion, its largest to date. The firm, founded by alumni of Michael Milken’s family office, targets companies under financial strain and limited refinancing options. Managed by former Goldman Sachs...
YFM Equity Partners Invests £7.6m in Agency Swanky
YFM Equity Partners has committed roughly $9.7 million (£7.6 million) to Swanky, a Shopify Platinum agency based in Exeter. The capital will be used to expand talent, enhance service capabilities, and fund selective merger‑and‑acquisition deals. As part of the deal, former Havas...
LPs Gain Leverage as Private Equity Slowdown Reshapes Fund Economics
Limited partners are gaining leverage over private‑equity managers as distribution rates slump to roughly 6% of assets under management, far below the decade‑average 14%. General partners are now committing about double their historic 1‑2% stake, while buyout management fees have...
EQT Real Estate Secures Record $3.5bn European Logistics Fund
Fundraising alert: @eqt Real Estate closes record European logistics fund at $3.5bn hard-cap Read the full story here: https://t.co/r3mrXSHDAM https://t.co/Y3pqTMbiu2
Era of Buying Advice Firms Simply for Scale Is over, Says NextWealth
NextWealth’s latest Consolidation of Advice report declares that buying advisory firms solely for scale is a thing of the past. The study highlights data quality and cultural alignment as the new gatekeepers of successful deals, superseding sheer transaction volume. It...
Melo Launches Platform for Firms Looking to Buy and Sell
Melo, a UK M&A broker, is launching Project Exit, an independent marketplace for buying and selling financial‑planning firms. The platform lets sellers input details once, receive a free indicative valuation, and manage buyer interest centrally, aiming for greater transparency. Melo...
Peak XV Fully Exits Mobikwik in ₹130 Crore Block Deal
Venture capital firm Peak XV Partners has fully exited One MobiKwik Systems by selling 61 lakh shares—about 7.7% of the company—for roughly ₹130 crore (≈ $16 million). The block deal priced shares at ₹214 each (≈ $2.60), delivering a three‑times return on Peak XV’s original investment. Buyers include...
Study: Private Target Deal Terms
SRS Acquiom’s 2026 M&A Deal Terms Study examined more than 2,300 private‑target acquisitions worth $569 billion that closed between 2020 and 2025. Jumbo deals—transactions of $750 million or more—now represent roughly 10% of the market, while average equity return multiples climbed to...
Fantastic Furniture Set to Be Sold, Greenlit Brands to Exit Australia
Greenlit Brands, the rebranded Steinhoff International, is preparing to exit the Australian market by selling its Fantastic Furniture chain to Sydney‑based private‑equity firm Allegro Funds. The deal covers Fantastic's 86‑store nationwide footprint and is in the final negotiation stage, following...
Philippines SWF Eyes More GP Partnerships
Maharlika Investment Corporation, the Philippines’ sovereign wealth fund, is actively looking for new general‑partner (GP) relationships that demonstrate deep understanding of the local market. Chief Investment Officer Kheed Ng emphasized that managers must grasp how the Philippines operates, from regulatory...
Workday Shifts to AI‑Agent Platform, Leveraging $3 B in Acquisitions
Workday announced a strategic transformation from a traditional system‑of‑record to an AI‑agent platform, underpinned by almost $3 billion in acquisitions of HiredScore, Evisort, Paradox and Sana. The move follows co‑founder Aneel Bhusri’s return as CEO and a new executive lineup aimed...
D.A. Davidson Advises Literati Sale to Trustbridge Partners in $40 Million EdTech Deal
D.A. Davidson & Co. served as exclusive financial advisor to Texas‑based EdTech firm Literati in its sale to global growth equity firm Trustbridge Partners. The transaction backs a company that generated nearly $40 million in revenue and reaches 2.5 million students, underscoring...
Triton Partners' $215M Cash Bid for Cint Sends Shares 32% Higher
Triton Partners, together with Cint’s top shareholders, launched a cash takeover bid for the Swedish market‑research platform Cint, offering SEK 5.60 per share—a 33% premium that values the company at just under SEK 2 bn (~$215 m). The announcement sent Cint’s Nasdaq Stockholm shares...
Platinum Equity and Ares Finance Back Kingswood’s Acquisition of Battery Separator Maker Daramic
Platinum Credit Opportunities Funds and Ares Commercial Finance announced they are providing debt financing for Kingswood Capital Management's acquisition of Daramic, a leading battery separator producer. The deal underscores the growing appetite for leveraged‑finance structures in the fast‑expanding battery market,...
Ardian to Launch New Secondaries Fund After $30 Billion 2025 Raise
Ardian is preparing to raise its next secondary‑market fund after securing a record $30 billion of commitments in 2025. The firm has begun informal talks with investors and expects to make a formal pitch later this year or early 2027, underscoring...
An Open Letter to Universal Music Group and Pershing Square
Universal Music Group (UMG) operates two distinct businesses: a high‑margin back‑catalog that delivers roughly two‑thirds of revenue and up to 90% of profit, and a low‑margin frontline new‑release operation that yields only 10‑20% returns. The back‑catalog’s royalty costs are modest...
UnitedHealth Completes Sale of UK Business to TPG
TPG has completed the acquisition of Optum UK, UnitedHealth Group’s subsidiary that owns EMIS Group, the software platform powering most NHS electronic patient records. The transaction, closed on March 13, was valued between £1.2 billion and £1.4 billion (approximately $1.5‑$1.8 billion). UnitedHealth reported $400 million...
Crossroads: Beyond Value – Factors Impacting Decision To Sell
The Shelby Report column explores the multifaceted decision to sell a business, emphasizing that financial health, personal well‑being, legacy goals, and timing all play critical roles. It argues that building durable value and diversifying assets boost buyer interest, while health...
Letterboxd, the Social Platform for Film Buffs, Reportedly Looking for New Owner
Letterboxd, the film‑focused social platform with about 26 million users, is reportedly up for sale as its majority owner Tiny seeks a buyer. Tiny, which acquired Letterboxd in 2023 for over $50 million and holds roughly 60% of the company, is courting...
Artsy and Artnet Merge in $71 M Deal Backed by Beowolff Capital
Artsy and Artnet have merged under the private‑equity firm Beowolff Capital in a €65 million ($71 million) transaction at a 97% premium. CEO Jeffrey Yin will run the combined entity while Beowolff founder Andrew Wolff becomes chairman, prompting questions about market power,...
Bridgepoint‑Backed Fera Completes 3Keel Acquisition, Building End‑to‑End Life‑Science Platform
Fera Science Ltd, majority‑owned by private‑equity firm Bridgepoint, has completed its acquisition of UK sustainability consultancy 3Keel. The deal merges Fera's laboratory and field services with 3Keel's advisory expertise, creating an end‑to‑end platform for life‑science organisations. Financial terms were not...
Germany Seeks White‑Knight Investors to Block UniCredit’s Commerzbank Bid
Berlin has informally approached European lenders to explore a strategic investor for Commerzbank, aiming to counter UniCredit’s takeover approach. The discussions are still at a highly preliminary stage, reflecting the government’s resolve to keep a flagship German bank under domestic...
Stonepeak and Bernhard Capital Near $6 Billion Deal to Acquire Louisiana Utility Cleco
Stonepeak and Bernhard Capital Partners have agreed to buy Cleco Group LLC for roughly $6 bn, bringing the utility’s 1,200‑employee, 298,000‑customer operation under new private‑equity ownership. The transaction underscores the role of investment banks in structuring large‑scale utility deals and signals...
Being an Industry ‘Outsider’ Gave Real an Edge, CEO Says
Real Brokerage announced its acquisition of RE/MAX, propelling the firm to over 33,000 agents and cementing its rank as the fifth‑largest U.S. brokerage by sales volume. CEO Tamir Poleg emphasized an agent‑first philosophy, claiming the company can grow in any market...
IHeartMedia and SiriusXM Enter Early Merger Talks, Targeting $4B+ Audio Empire
iHeartMedia and SiriusXM are in preliminary merger discussions, with music‑industry veteran Irving Azoff and private‑equity firm Apollo Global Management advising both sides. The deal would unite the nation’s largest terrestrial radio network and its biggest satellite service, creating a platform...
Paramount Asks FCC to Sign Off on Middle East Investment in Warner Bros. Megadeal
Paramount has filed a petition with the FCC to clear a $24 billion equity infusion from three Middle‑East sovereign wealth funds that will help finance its $111 billion acquisition of Warner Bros. Discovery. The foreign investors will own roughly 38.5% of non‑voting equity,...
Industry Experts, Not Finance, Drive PE Rollup Success
Lessons from 137 acquisitions Robert Irving of Buffalo Growth Partners shares what he learned from building a fire protection business from zero to $20 million in revenue, selling it to private equity, rolling equity, and then helping execute a 137-company rollup. @aggieirving...
Maine Health Care Transactions: New State Approvals Involving Some Private Equity, Hedge Funds, and MSOs
On April 13, 2026 Governor Janet Mills signed Act H.P. 1480/L.D. 2201, granting Maine’s Department of Health and Human Services authority to review health‑care transactions involving private‑equity firms, hedge funds, and related management‑services organizations (MSOs). The law creates a 180‑day pre‑closing notice requirement, annual reporting,...
Integris Expands MSP Reach With First Focus Deal
Integris announced its intent to acquire First Focus, a managed‑services provider serving small and midsize businesses in Australia, New Zealand and the Philippines. The deal, pending regulatory clearance, would add roughly 400 employees and over 800 customers to Integris’ portfolio. First...
Master Consolidation: Build Board, Source Off‑Market, Close Quickly
are you a $1M–$100M business owner? the cold blooded consolidator in your market: – built a board before sourcing – sourced off market before listing – structured vendor finance before offering – closed before you knew they were looking
Think Beyond: Ask Everyone, Not Just the Obvious
.@willguisbond asked @SecDuffy who he had asked if they wanted to buy @SpiritAirlines: "The better question is who haven't I asked?"
Stable Allocations, Shifting Strategies
According to the latest ILPA survey, limited partners remain heavily invested in private equity, keeping roughly 90 % of their allocations in the asset class. However, they are actively reshaping their manager rosters, cutting the number of external fund managers by...
Middle Eastern Funds to Own 38.5% of Paramount‑WBD
Paramount-Warner Bros. Discovery Will Be 38.5% Owned by Middle Eastern Funds Following Close: Filing https://t.co/mg2Z2deDyN via @variety
Private Equity, Big Tech Layoffs, AI Data Center Backlash Highlighted
🆓 Monday links: private equity beliefs and behaviors, Big Tech layoffs, and the growing AI data center backlash. https://t.co/iSs0GtqYNR image: https://t.co/aDDJ3Lbd8y https://t.co/VLKSi4UHZ9
Tim Cook Steps Down and a Massive Buyback at Adobe – The Special Situations Report Episode 64
Apple announced that longtime CEO Tim Cook will step down, with a new executive slated to take the helm, marking a rare C‑suite shift for the tech giant. In parallel, Adobe disclosed a $25 billion share‑repurchase program, the largest ever for...
THE GOLD MINING PRODUCER CASH MACHINE & THE COMING M&A TSUNAMI: Newmont's $3.1B Free Cash Flow, the Starved Pipeline, &...
Newmont Corp. posted a record $3.1 billion free cash flow in Q1 2026, alongside $5.2 billion adjusted EBITDA and a $3.2 billion net cash position. The miner’s all‑in sustaining cost fell to $1,709 per ounce, enabling a $6 billion share‑buyback authorization and a $0.26 dividend....
New Mountain Capital Creates $5.5 Bn Water‑services Platform by Merging Azuria and Inframark
New Mountain Capital has closed the merger of its portfolio companies Azuria Water Solutions and Inframark, creating a water‑services platform valued at $5.5 billion. The deal is anchored by a $2.4 billion single‑asset continuation vehicle and positions the combined entity as a...
CareTrust REIT Closes $628 Million Nursing‑Facility Deal, Expands Senior‑Housing Portfolio
CareTrust REIT announced the closing of roughly $628 million in investments, including a $380 million purchase of 15 California skilled‑nursing facilities and a £42 million (≈$53 million) acquisition of four UK care homes. The bundle also features two senior‑housing loans and a $20 million Wyoming...
Hormel, LSI Whole Bird Business Transaction Completed
Hormel Foods Corp. completed the sale of its whole bird business to LSI Foods for roughly $1.2 billion in cash. The deal transfers Hormel's turkey, chicken and related processing assets across the United States to LSI, creating one of the nation’s...
Eli Lilly Acquires Ajax to Strengthen JAK Pipeline
Lilly to buy startup Ajax in bid for a better JAK drug https://t.co/RMQQZ4mRFG $INCY $BMY $LLY $TAK #biotech #startups