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.
How the New Equity Tender Offer Exemptive Order Will Shape M&A
The SEC staff issued a new exemptive order that permits equity tender offers to close in a minimum ten‑business‑day period, shaving weeks off the traditional timeline. Law‑firm memos highlight that a sign‑to‑close window can now be as short as three to four weeks, especially for all‑cash, fixed‑price deals. The change reshapes M&A planning, making two‑step mergers more appealing while tightening go‑shop and shareholder‑communication windows. However, eligibility is limited to plain‑vanilla offers, and retail‑heavy transactions may still face solicitation hurdles.
Oura’s Strategic Acquisition of Galen AI and the Future of Personal Medical Sovereignty
On April 17, 2026 Oura Health announced the acquisition of Galen AI, a Stanford‑born startup that unifies fragmented medical records via FHIR. The deal expands Oura’s smart ring from a fitness tracker to a connected health companion that can cross‑reference...
How Monarch Collective Made WNBA History in Cleveland
Monarch Collective, the first dedicated women’s‑sports investment platform, closed a $250 million fund and announced a minority stake in the Cleveland WNBA expansion franchise, becoming the league’s inaugural private‑equity shareholder. The fund already owns stakes in three NWSL clubs and a...
Pantheon Expands Private Wealth Offering Again with Evergreen Infra Secondaries Fund
Pantheon has secured regulatory approval for its evergreen Global Infrastructure Secondaries Fund, the firm’s newest vehicle aimed at private‑wealth clients. The fund will let high‑net‑worth investors gain exposure to secondary transactions in the infrastructure sector on a continuous basis, rather...
Calabria Unifies Domestic Distribution Under House of Fine Wine Banner
Calabria Family Wine Group has consolidated its domestic trading and distribution under the House of Fine Wine banner, following its February acquisition of House of Fine Wine and The Wine Company. The unified platform merges portfolios and teams from Calabria,...
The Asset Class by Hettie O’Brien Review – the Hidden Hand of Private Equity
Hettie O’Brien’s book *The Asset Class* exposes how private‑equity firms have seized essential public‑service assets—from water utilities to care homes—by buying undervalued assets with leveraged capital. The author traces the sector’s growth to deregulation under Reagan and Thatcher and highlights...
Exclusive: Gauri Khan Family Trust to Re-Invests in Sleepy Owl
Sleepy Owl, the Indian D2C coffee brand, announced a fresh Series C2 funding round of Rs 12 crore (approximately $1.5 million). The round was led by Optiscape Network Holdings with a Rs 5 crore ($0.6 million) investment, and included contributions from Pramod Bhasin, the Gauri Khan...
John Distilleries Open to Further Stake Sale to Sazerac, Founder Says
John Distilleries, the Bengaluru‑based maker of Original Choice whisky and Paul John single‑malt, is willing to sell its founder’s remaining stake to U.S. spirits group Sazerac. Sazerac already controls about 60% of the privately held company after a series of...
Greenleaf Capital Launches Centered Partners
Greenleaf Capital Partners has launched Centered Partners, a St. Louis‑based advisory offering M&A, capital markets, insurance brokerage, and commercial real‑estate services to middle‑market firms. The new firm targets sectors such as HVAC, residential services, manufacturing, construction, and financial services, drawing...
Thoma Bravo Set to Lose $5.1B on Medallia Handoff
Private equity firm Thoma Bravo is nearing an agreement to hand over software firm Medallia to its lenders. The move will wipe out $5.1 billion in equity for Thoma Bravo and its co-investors, who bought the customer service software company...
Leveraged Loan Insight & Analysis – 4/20/2026
Direct lenders in the United States raised less than $77 bn in the first quarter of 2026 to fund sponsor‑backed transactions. That represents a 30% drop from the fourth quarter of 2025, marking the steepest quarterly decline since 2022. The contraction...
Behrman Capital Acquires Metallizing Service Company, Expanding Aerospace Coatings Portfolio
Behrman Capital announced the acquisition of Metallizing Service Company Holdings' assets, a veteran provider of thermal spray coatings for aerospace and defense. While the deal price was not disclosed, the transaction adds a highly engineered surface‑treatment business to Behrman's seventh...
Castlelake Acquires Majority Stakes in Eastview, Lendmarq
Castlelake, the $36 bn alternative‑credit manager, announced a majority‑stake purchase of residential‑lending platforms Eastview and Lendmarq. The deal adds more than $2 bn of funded loan volume to Castlelake’s in‑house origination pipeline and signals a push toward consolidation in the U.S. mortgage‑finance...
JPMorgan Structures $5.9 Billion Financing for Estée Lauder's Planned Puig Acquisition
JPMorgan is arranging a $5.9 billion financing package to support Estée Lauder Companies' potential acquisition of Spanish fragrance and fashion house Puig Brands. The deal, expected to be a mix of cash and stock, would create a combined entity poised to...
Vero Fiber Completes Acquisition of TEC
Vero Fiber announced the closing of its acquisition of Telephone Electronics Corporation (TEC), extending its fiber‑to‑the‑home network into Mississippi, Alabama and Tennessee. The deal brings roughly 444,000 households—both active and prospective—under Vero’s service umbrella while allowing TEC to keep its...
Private Market Hype Debunked: Boring Insulation Acquisition
All the stuff about how the only good returns are happening in private markets is straight up disinfo from grifters. Here is a chart of the insulation co that $QXO is buying. Literally just insulation. So many charts out there...
SoundHound AI to Acquire LivePerson for $43M, Creating $250M Enterprise AI Platform
SoundHound AI announced a $43 million cash acquisition of LivePerson, lifting the combined enterprise value to $250 million. The deal merges SoundHound’s voice‑AI engine with LivePerson’s digital messaging platform, targeting a $350‑$400 million revenue run‑rate by 2027.
Registrar Corp Acquires Dell Tech to Bolster Canadian Regulatory Consulting
Registrar Corp announced the acquisition of Dell Tech, a niche consultancy specializing in Canadian chemical regulatory compliance. The deal adds more than 30 regulatory experts to Registrar’s 300‑plus staff, strengthening its global advisory platform for food, cosmetics, medical devices and...
KeyCorp to Acquire Clearwater UK, Expanding Middle‑Market Advisory in Europe
KeyCorp announced a definitive agreement to acquire Clearwater Corporate Finance LLP, the UK‑based middle‑market investment‑banking advisory firm. The deal, expected to close in the second half of 2026, gives the Cleveland‑headquartered bank a foothold in Western Europe and broadens its...
HarbourVest Closes 13th Flagship Fund with $2.4 Bn Commitments
HarbourVest Partners announced the final close of its 13th U.S. flagship primary fund, securing roughly $2.4 bn in commitments from institutional and private‑wealth investors worldwide. The fund, which blends primary buyout and venture allocations with secondary and co‑investment layers, underscores continued...
Hillhouse‑Backed Ascentium Acquires Dezan Shira to Ride $174 Billion China Outbound Surge
Ascentium, the Hillhouse‑backed business‑services platform, announced the acquisition of Dezan Shira & Associates, adding offices in Guangzhou and Tianjin and doubling its Vietnam footprint. The deal positions Ascentium to capture China’s $174 billion outbound investment surge and the growing demand from...
Knowles Corp (KN) Q1 2026 Earnings Call Transcript
Helix Energy Solutions Group posted Q1 2026 revenue of $288 million, a $13 million net loss and $32 million adjusted EBITDA, while announcing an all‑stock merger with Hornbeck Offshore Services. The deal will create a combined offshore services platform under the Hornbeck name,...
Robinhood Ventures Fund I Invested $75M in OpenAI, Adding It to a Portfolio that Includes Stripe, Revolut, Databricks, and ElevenLabs
Robinhood Ventures Fund I, a closed‑end fund that began trading on the NYSE in March 2026 under ticker RVI, announced a $75 million investment in OpenAI, marking one of its largest stakes. The fund’s portfolio already includes high‑growth private companies such...
Limits on Private Equity in CT Hospitals Passes State Senate
The Connecticut Senate approved Senate Bill 196, which bars private‑equity firms from acquiring or increasing control of hospitals after October 1, 2026 and requires annual certifications that no private‑equity influence exists. The bill also prohibits sale‑leaseback transactions on hospital campuses starting the...
Laurence Tosi’s WestCap Targets $1.5bn for Fund III, Holds First Close
Laurence Tosi’s WestCap Strategic Operator Fund III announced a record first close in Q4 2025, securing initial commitments that put the fund on track to hit its $1.5 billion target. The close was driven by a blend of new investors and existing...
Two Stocks, One Buyout Idea
The author revisits a long‑standing speculation that two unnamed companies could be the target of a mutual buyout. Recent corporate developments have made the scenario appear more credible, prompting the writer to double‑down on the thesis. The post notes a...
Canada’s Gold Sector Fires up Amidst M&A and Frontier Potential
Canada’s gold sector is experiencing a wave of mergers and acquisitions as global miners chase production growth. In March, Coeur Mining completed a $7 bn purchase of New Gold, while Fresnillo spent $560 m on Probe Gold and Gold Fields is scouting...
Bessemer-Backed Tencarva Acquires WWaterTech, Expanding Municipal Reach in Texas and Oklahoma
Tencarva Machinery Company, a Bessemer Investors portfolio firm, announced the acquisition of WWaterTech Services, a Texas‑based representative for water and wastewater equipment. The deal, whose financial terms were not disclosed, adds roughly 60 OEM relationships and deepens Tencarva's municipal market...
TMX Group to Buy Cboe Australia and Canada in $300 Million Deal
TMX Group announced a definitive agreement to acquire Cboe Australia and Cboe Canada from Cboe Global Markets for $300 million USD (≈$409 million CAD). The transaction will broaden TMX’s international reach, add equities and data platforms, and is slated to close in...
Wasabi Lands $250 Million Bain Capital Credit Line for Cloud Storage Growth
Wasabi Technologies closed a $250 million credit facility led by Bain Capital to fund infrastructure upgrades, international expansion and new AI‑focused storage products. The financing follows a $70 million equity round and the recent acquisition of Lyve Cloud, positioning Wasabi to challenge...
Gold Candle Completes Acquisition of Fokus Mining
Gold Candle Ltd. completed its statutory plan of arrangement to acquire all outstanding shares of Fokus Mining Corp. for $0.26 CAD per share (≈$0.19 USD), valuing Fokus at roughly $63 million CAD (≈$47 million USD). Simultaneously, Gold Candle closed a $65 million CAD (≈$48 million USD)...
GGEPIL Raises ₹90 Crore From JM Financial PE and Investors for Green Waste Solutions
Green Gene Enviro Protection and Infrastructure (GGEPIL) announced a ₹90 crore (~$11 million) capital raise from JM Financial Private Equity, the SRF family office and other investors. The funding will expand GGEPIL's hazardous waste collection, treatment and energy‑recovery operations across sectors such...
Concerns Grow Around Conflicts, Particularly in CVs: ILPA
A recent ILPA sentiment survey reveals that limited partners are zeroing in on three contract clauses to curb conflicts of interest: key‑person provisions, the mechanics of carried interest distribution, and the fiduciary‑duty standard of care. These terms are seen as...
At Vox Media, the Roll-Up Era Rewinds
Vox Media, the decade‑long editorial roll‑up, is preparing to dismantle its portfolio through sales, spin‑offs and divestitures. The company now generates roughly $400‑$500 million in revenue, down from about $600 million a year earlier, as traffic to its lifestyle brands has slumped...
Vertical SaaS Is Buying Into the Market It Used to Sell Into
Vertical SaaS platforms are increasingly using their subscription cash flow to acquire adjacent companies within the same industry, a trend now evident across healthcare, manufacturing, warehouse management and EdTech. Recent transaction data shows the shift accelerating, with firms crossing a...
8 Quiet Breakdowns That Emerge in the First 90 Days After an Acquisition (and How to Protect Against Them)
The article outlines eight subtle breakdowns that commonly surface in the first 90 days after an acquisition, ranging from slowed decision‑making to talent anxiety and customer friction. It argues that these quiet failures, not the financial models, erode value before...
Compass Takes Majority Stake in Peerage USA Holdings
Compass International Holdings has secured a controlling 51% stake in Peerage USA Holdings, the investment vehicle behind several Sotheby’s International Realty franchises. The transaction is structured as a debt‑restructuring deal, with a 30‑month payment schedule to retire Peerage’s obligations to...
Strategic IP Considerations for the Medtech Market Rebound After Record Investment and M&A in 2025
Record venture investment of $10.4 billion and a median M&A deal value of $570 million signal a strong medtech rebound in 2025. The surge has pushed median upfront payments to $529 million, prompting acquirers to intensify IP due diligence. Recent rulings—Amgen’s enablement standard,...
Deutsche Telekom, T‑Mobile Discuss Merger to Form World's Largest Telecom‑Media Holding
Deutsche Telekom and its U.S. arm T‑Mobile US are in preliminary talks to create a new holding company that would combine their assets. Valued at roughly $384 billion together, the merger would become the largest public telecom‑media deal ever and could...
HSBC Narrows Down Shortlist for Sale of Singaporean Life Unit
HSBC has narrowed the bidders for its Singapore life insurance arm to Allianz, Daiichi Life and Sumitomo Life, with a potential valuation of up to $2 billion. The shortlisted firms are working with advisers to submit binding offers. The move follows...
Tencent and Alibaba in Talks to Invest in DeepSeek - Report
Chinese tech giants Tencent and Alibaba are reportedly in talks to invest in AI startup DeepSeek at a valuation exceeding $20 billion. DeepSeek had earlier sought at least $300 million at a $10 billion valuation, and its models already run on Nvidia hardware...
Baird Capital Holds Fund III at $450m Hard Cap Despite Additional LP Demand
Baird Capital’s third global private‑equity fund reached its $450 million hard‑cap and closed its final fundraising round. Despite receiving additional interest from limited partners, the firm stuck to the pre‑set ceiling. The decision underscores Baird’s commitment to a disciplined fund size....
Clearstead Names M&A Chief as Cleveland RIA Builds Out Deal-Making Infrastructure
Clearstead Advisors appointed Shaun McCracken, formerly of Acrisure, as executive managing director of mergers and acquisitions. The hire follows the firm’s recent purchase of Seattle‑based Clarius Group, which added roughly $5.1 billion in assets and brought 36 advisors into the fold. Clearstead...
Acquiring Is Easy; Operating Demands Naïve Optimism
Here’s one thing I’ve learned after 160+ podcast conversations with people buying, operating, and scaling lower middle market businesses: It requires a lot of optimism and naivety. Describing these people... yes, they're all extremely capable, great at executing the skills needed to...
SoundHound AI Acquires LivePerson, Expands Enterprise AI Footprint
.@SoundHound AI buys LivePerson for $43 million, builds enterprise customer base https://t.co/7fswl32rnF SoundHound AI, which focuses on conversational AI, said it has acquired LivePerson in a deal valued at $43 million, a slight premium to LivePerson's $40 million market cap.
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DealRoom Launches M&A Benchmark Tool to Help Deal Teams Compare Their Operations Against 150+ Industry Peers
DealRoom introduced an M&A Benchmark Tool that lets buy‑side teams compare their operations against data from more than 150 peer dealmakers. The interactive survey takes under two minutes and asks six questions covering team size, deal volume, typical deal size,...
Rogers Eyes $18B Sports Stake Sale in Canada
I've said for a long time not to sleep on what's being built in Canada 👇 Rogers Planning Sports Team Stake Sale at $18 Billion Valuation: https://t.co/4BqwV7G9n7 via @sportico @kbadenhausen
NX Group Acquires Metro Supply Chain for $1.3B
Congrats to Metro Supply Chain on their sale to NX GROUP. NX paid close to $1.3B (USD) to gain an extensive warehouse-based supply chain network focused on Canada and the US. Expect to see more cross border M&A in 2026! https://t.co/UzwMktsJzb
Private‑Equity Hospital Takeovers Cut Staff, Raise ER Deaths 13%
"When private equity firms acquire hospitals, they cut clinical staff to boost profits — and emergency room death rates rise 13%." — from INCORRUPTIBLE by Eric Ries, out May 26 https://t.co/QemqcsZZbq
Seize Generational Chance to Own American Spirit Branding
generational opportunity to acquire american spirit IP and create the greatest airline branding of all time https://t.co/izCJIJiPz5