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.
Senstar Posts 2% Revenue Rise but Q4 Loss as LiDAR Acquisition Drives Costs
Senstar Technologies Corp. announced full‑year 2025 revenue of $36.4 million, up 2% year‑over‑year, while posting a $33,000 net loss in Q4. The CFO‑led efficiency push was offset by higher operating costs tied to the Blickfeld LiDAR acquisition and delayed U.S. government contracts.
$22M Exit, Broken Deal & Buyback | Jaclyn Johnson, Founder, Create & Cultivate & Co-Founder, Cherub
Jacqueline Johnson, founder of Create & Cultivate and co‑founder of the angel‑investing platform Cherub, recounts her 20‑year entrepreneurial journey—from early marketing agency work and a pandemic‑era $22 million private‑equity exit to buying back her company in 2024. She highlights the personal...
PE Interviews Demand Impossible LBO Modeling From Rookies
we need to broadcast PE associate interviews this way… like imagine David Sambur screaming at a first-year GS analyst demanding an LBO model with multiple cash sweeps, IPO and M&A exit toggles, etc.
CAR‑T Turnaround: Kelonia’s LLY Deal Signals New Pharma Play
A VERY SPIRITED interview w/ Venrock VC Bryan Roberts re: Kelonia Therapeutics and its $LLY deal on this week's Readout LOUD podcast. A CAR-T biotech’s dramatic turnaround, and drugmakers’ tactics to drive more scripts https://t.co/600DsE1cBm via @statnews
Thursday April 23, 2026 — Field Note
Stereotaxis announced a deal to acquire robotic PCI developer Robocath for up to $45 million, including a $20 million cash upfront payment and up to $25 million in milestone‑based earn‑outs tied to regulatory and commercial progress. The acquisition brings Robocath’s R‑One+ platform—currently CE‑marked...
AI M&A Hits $155B, Nearly Half Involving Small and Mid‑Size Startups
AI‑focused mergers and acquisitions totaled $155 billion last year, and nearly half of that value involved small and mid‑size startups. San Francisco‑based boutique Axom Partners emerged as a key conduit for big‑tech buyers, underscoring a shift in private‑equity sourcing strategies toward high‑growth,...
ServiceNow Seals $7.75 B Armis Deal, Bolstering Cyber‑exposure Portfolio
ServiceNow closed a $7.75 billion cash acquisition of cyber‑exposure platform Armis, adding real‑time asset visibility to its workflow engine. The deal, the largest cyber‑security M&A this quarter, aims to triple ServiceNow's addressable market for security and risk products.
Tesla to Spend $2 B on AI‑Hardware Acquisition and Leverage Intel 14A for Terafab Chips
Tesla disclosed a $2 billion stock‑and‑equity deal to acquire an undisclosed AI‑hardware firm and confirmed it will build its next‑gen Terafab chips on Intel’s 14A node. The moves underscore Musk’s aggressive shift toward in‑house silicon to power autonomous vehicles, robotics and...
Abu Dhabi Deepens Strategic Financial Ties with Italy, Boosting Cross‑Border Investment Banking
A high‑level Abu Dhabi delegation led by Ahmed Jasim Al Zaabi met Italian financial leaders in Milan, cementing a strategic partnership that targets cross‑border capital deployment and advisory work. The talks build on a 2025 UAE‑Italy pact and signal new deal...
The Ultimate Guide to Investment Banking Deal Management Software
Investment banking deal management software offers a cloud‑based platform that consolidates deal data, task assignment, and reporting throughout the M&A lifecycle. It supports the four phases—initiation, planning, execution, and closure—by providing tools such as heat‑tracking, smart search, and workflow automation....
Juniper Square Automates DDQs
Juniper Square announced the acquisition of Sightglass, a data‑analytics firm, to embed AI capabilities into its due‑diligence questionnaire (DDQ) platform. The combined solution links investor data, compliance workflows and machine‑learning models, allowing fundraisers to generate DDQs in minutes instead of...
US Private M&A Report - Trends And Insights Shaping The First Quarter Of 2026
The first‑quarter 2026 US private M&A report shows a modest rebound in deal activity compared with the latter half of 2025, but the recovery is uneven. While some transactions launch with strong momentum, many falter due to persistent valuation gaps...
Top 3 SPAC Targets – Solar Power
After a lull, the SPAC market is refocusing on solar power. The article spotlights three private solar developers—Cypress Creek Renewables, Avantus, and ACES Africa—as top SPAC candidates. Cypress Creek runs about 3 GW of operating assets with a 15 GW pipeline; Avantus...
Scandic Hotels Group Moves Closer to Dalata Deal as Leadership Overhaul Begins
Scandic Hotels Group, which has been managing Dalata’s portfolio since November, announced that Dalata’s CEO Dermot Crowley and his deputy will step down later this year as part of a post‑acquisition restructuring. Dalata was bought for €1.4 billion (approximately $1.5 billion) by...
KKR Makes $1.5 Billion Equity Investment in Vertical Bridge
Private equity giant KKR has committed a $1.5 billion equity infusion to Vertical Bridge REIT, cementing a fully funded, long‑term capital structure for the tower owner. The deal follows Vertical Bridge’s $1.9 billion cell‑tower ABS securitization, the largest in the sector, and...
Comment | Artnet-Artsy Merger: 'A Bloomberg for Art?'
Artnet and Artsy have been merged under private‑equity firm Beowolff Capital, with Artsy CEO Jeffrey Yin now running both businesses. The consolidation has already triggered staff cuts, including the closure of Artnet’s Berlin office and layoffs at Artnet News, raising...
Staying Independent: Why Your Best Clients Hope You Turn Down Private Equity
The article argues that independent CPA firms should resist private‑equity (PE) offers because their structural advantages align with client expectations. PE ownership often introduces growth mandates and cultural shifts that can erode the personalized service clients value. For many firms,...
Diversification at the Fore of Fundraising
Four newly launched secondary fund strategies made the top‑10 list of Q1 2026 fundraises, with three concentrating on single‑asset corporate‑valued (CV) investments. The strong performance reflects limited partners’ heightened appetite for diversification across niche asset classes. These debut funds collectively...
Blackstone Nearly Halfway to Target for 10th Secondaries Flagship
Blackstone’s secondaries platform surpassed the $100 billion assets‑under‑management mark in the first quarter of 2026, as announced by President and COO Jonathan Gray on the firm’s earnings call. The milestone puts the flagship tenth secondary fund roughly halfway to its $200 billion...
Musk Could Acquire PayPal for $45B, Merge Into X
At $45 billion valuation - Elon Musk should just buy PayPal and integrate it into X (finally).
Middle Market Deal Terms at a Glance – April 2026
The Lead Left released SPP Capital Partners’ April 2026 middle‑market deal terms snapshot, comparing leverage ratios and pricing spreads for micro‑cap, small‑cap and mid‑cap companies against April 2025. The table highlights modest shifts—leverage levels remain broadly stable while pricing spreads...
EP 22: Ryan Eisenman on AI Meets Private Markets - Optimizing the Investor Experience and Decision-Making
In this episode, Ryan Eisenman, co‑founder and CEO of Arch, explains how private‑market investors still juggle dozens of disparate portals and paper‑heavy processes, a problem public‑market platforms have already solved. Arch’s fintech solution consolidates private equity, credit, hedge fund and...
Polygon Sold for $20M, Triggers Mass Layoffs
It's been almost a year since Polygon was sold to Valent and hit with mass layoffs as part of the deal. Adweek now reports the sale price was $20 million. https://t.co/GuKFgrZsAx
Honeywell to Sell Warehouse Automation Business Intelligrated and Transnorm as Portfolio Overhaul Continues
Honeywell announced the sale of its Warehouse and Workflow Solutions business, which includes the Intelligrated and Transnorm brands, to private‑equity firm American Industrial Partners in an all‑cash deal. The WWS unit generated about $935 million in revenue in 2025 and will...
Kurma Partners Closes €215 Million Biofund IV to Back European BioTech Ventures From Paris
Kurma Partners announced the final close of Biofund IV at €215 million (about $232 million), a 35% increase over its €160 million (≈$173 million) predecessor. The fund, backed by pharmaceutical giant CSL, the European Investment Fund and Bpifrance, aims to make roughly twenty investments in...
Inventurus Knowledge Solutions Acquires TruBridge for $557.27 Million
Inventurus Knowledge Solutions announced an all‑cash acquisition of TruBridge for $557.27 million, pricing each share at $26.25—a 14.83% premium to the prior close. The transaction, slated to close in Q3 2026, will be funded mainly through new debt arranged by Citibank, JPMorgan...
VW Shortlists EQT, CVC, and Bain in Everllence Sale Process
Volkswagen has shortlisted private‑equity firms EQT, CVC and Bain as bidders for its Everllence unit, underscoring strong strategic interest in the automotive supplier market. Meanwhile, NorthWall Capital announced AUM exceeding €3bn (≈$3.3bn), and KSL Capital is set to reacquire Invited...
Majority of CVs See Both Tiered Carry and Dual Return Metrics – Morgan Lewis
Morgan Lewis reports that more than half of private‑equity continuation vehicles (CVs) now employ tiered carried‑interest waterfalls that trigger based on both internal rate of return (IRR) and multiple on invested capital (MOIC) thresholds. The dual‑metric structure aligns general partners’...
Goldman Sachs Backs BLP Digital with $50m Investment
Goldman Sachs Alternatives has injected $50 million into Zurich‑based BLP Digital, a startup that uses agentic AI to automate enterprise resource planning (ERP) finance workflows. The funding will accelerate BLP’s push to replace manual accounts‑payable processes with a unified AI execution...
Mountain Laurel Designs Is For Sale
Mountain Laurel Designs, the Virginia‑based ultralight gear specialist founded by Ron Bell in 2002, is now for sale as Bell prepares to retire. The owner is open to a full acquisition, majority or minority equity stakes, or a management‑to‑ownership deal...
SpaceX Mulls $60 B Offer for AI‑Coding Startup Cursor, Threatening Its $2 B Fundraise
SpaceX is reportedly preparing a $60 billion bid to acquire Cursor, the AI‑coding platform, potentially pre‑empting the startup’s slated $2 billion fundraising round. The proposal underscores the scale of AI‑focused M&A and raises questions about valuation, founder control, and the broader private‑equity...
Fixated Acquires Studio71 to Launch Global End‑to‑End Creator Platform
Fixated announced the acquisition of Studio71's North American creator business, creating a combined network of over 1,000 creators and billions of monthly video views. The deal gives Fixated a full‑stack infrastructure—from talent representation to direct‑to‑fan monetization—positioning it as the only...
Thoma Bravo to Hand Over Medallia to Creditors, Erasing $5.1 Billion Equity Stake
Thoma Bravo is nearing a deal to transfer Medallia to its creditors, eliminating $5.1 billion in equity for the firm and its co‑investors. The move caps a $6.4 billion 2021 leveraged buyout that has been crippled by stagnant growth, heavy debt and...
TMX Group to Acquire Cboe Australia and Canada in $300 Million Deal
TMX Group Limited agreed to purchase Cboe Australia and Cboe Canada from Cboe Global Markets for $300 million USD, a move that expands TMX’s global footprint and promises cost reductions for Canadian market participants. The deal, pending regulatory clearance, is set...
Goldman Sachs Alternatives Invests $50 Million in AI Finance Firm BLP Digital
Goldman Sachs' Alternatives arm has taken a $50 million stake in Swiss AI fintech BLP Digital, signaling a surge in institutional backing for AI-powered finance tools. The deal, made through a purchase of existing shares, arrives as demand for AI in...
New Primary Care Firm Mangrove Health Launches with Investment by Mako
Mangrove Health, a new primary‑care operator, was launched by seasoned healthcare leaders Elena Castañeda and Dr. Emily Maxson. The startup secured an investment from venture firm Mako, signaling confidence in its model. Mangrove aims to deliver integrated, technology‑enabled primary‑care services...
Strategic Risks Keep Tesla and SpaceX Separate for Now
From a strategic standpoint, what’s the argument for not just merging Tesla and spacex now and getting it over with?
Blake Croegaert on the Ag Tech M&A Reset and 2026 Outlook
The precision‑ag M&A boom has sharply corrected as farm economics weaken and OEMs such as Deere, AGCO and CNH report 20‑30% revenue declines. Buyers now insist on profitability or sizable revenue, pushing valuations from high revenue multiples to lower earnings...
AIP to Acquire Honeywell’s Warehouse and Workflow Solutions Business in Carve-Out
American Industrial Partners (AIP) announced the acquisition of Honeywell's warehouse and workflow solutions business in a carve‑out transaction. The deal separates the logistics‑technology unit from Honeywell's broader industrial portfolio, allowing each company to focus on core strengths. While the purchase...
FTV Capital Invests in Fintech Firm Valitana
FTV Capital has announced a strategic investment in Valitana, a fintech platform that leverages artificial intelligence to streamline credit processes. The capital injection will fund accelerated product development, an expanded AI roadmap, and entry into structured‑credit segments such as commercial‑mortgage‑backed...
Self‑Dealing Mergers: Sabotage A to Boost B
If you controlled Company A and planned to merge it with Company B, which you also controlled, wouldn't you d9 all you could to diminish the value of Company A, by piling on enormous capex that ultimately benefits Company B,...
KKR to Invest $1.5bn in Communications Infrastructure Owner/Operator Vertical Bridge
Private equity giant KKR is investing $1.5 billion in Vertical Bridge, a U.S.-based owner and operator of communications infrastructure. The capital injection will support Vertical Bridge’s rollout of fiber, small cell and other telecom assets. Existing shareholders DigitalBridge and La Caisse...
Starling No Plans to Enter “Massively Overserved” US Retail Banking Market
Starling Bank’s CFO Declan Ferguson says the UK challenger will not launch its retail banking arm in the United States, calling the market "massively overserved." Instead, Starling will pursue a modest acquisition to secure a national banking licence and focus...
Anglo American Draws Three Bidders for Coal Sale
Anglo American is restarting the sale of its Queensland steelmaking coal assets after a $3.8 billion deal with Peabody Energy fell apart due to a mine fire. At least three parties—Stanmore Resources, Mitsubishi Corp. and Indonesia’s BUMA Internasional—are now in the...
Pantheon, Ardian Launch Private Wealth Products Dedicated to Infra
Pantheon has secured regulatory approval for its evergreen Global Infrastructure Secondaries Fund, a vehicle that will continuously raise capital to invest in infrastructure assets on the secondary market. Ardian simultaneously launched an evergreen feeder fund aimed at Australian wholesale investors,...
Japan Blocks MBK Partners' Planned Takeover of Makino Milling Over National Security Concerns
Tokyo's government has formally asked Seoul‑based MBK Partners to cancel its proposed acquisition of machine‑tool maker Makino Milling, invoking Japan's foreign investment screening law. Officials say the deal threatens the leakage of dual‑use technology critical to Japan's defense industry, and...
Athletes Join L Catterton to Accelerate Consumer Brands
News: Investment firm L Catterton and Patricof Co form partnership to pursue investment in consumer brands where athletes can drive growth. CHAMP - Champion Athlete Managing Partner - will be co owners of portfolio companies. Participating athletes ⤵️ Story to...
Legora Acquires Qura to Bolster AI Legal Research Platform
Legora, the Swedish AI‑legal software startup, announced the acquisition of Stockholm‑based Qura, a legal‑search engine, to strengthen its research capabilities. The deal, whose financial terms were not disclosed, follows Legora’s recent $100 million annual recurring revenue milestone and its push to...
McLaren CEO Zak Brown Warns Mercedes' Alpine Stake Could Jeopardize F1 Fairness
McLaren CEO Zak Brown publicly challenged Mercedes' plan to buy a 24% share in Alpine, arguing that co‑ownership creates an unfair advantage. He cited past on‑track incidents and staff moves, and warned the sport could lose credibility if two teams...
Deal Roundup: HIG Capital Agrees Celerion Sale to THL Partners, GTCR Closes Fiduciary Acquisition
HIG Capital has agreed to sell its clinical pharmacology and bioanalytical services firm Celerion to THL Partners. The transaction marks HIG’s exit from a niche health‑tech platform as it refocuses its portfolio. In a separate deal, GTCR completed its acquisition...