Today's Private Equity Pulse
Blackstone closes record $13.1B Asia private‑equity fund
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.
Duvel Moortgat Acquires American Craft Beer Pioneer
Duvel Moortgat, via its U.S. arm Firestone Walker, is buying Stone Brewing from Japan’s Sapporo, adding the iconic craft label to its portfolio. The deal follows Duvel’s recent purchase of the Trumer pilsner brand, expanding its presence in the American market. Stone’s flagship beers, including Stone IPA and Hazy IPA, will be brewed at Duvel’s two existing U.S. breweries. CEO Michel Moortgat sees the acquisition as a bargain opportunity as the U.S. share of Duvel’s revenue fell from 36% to 30%.
Construction M&A Activity Continues in 2026
Construction M&A surged at the end of 2025 and has accelerated into 2026, as both traditional builders and construction‑technology firms pursue acquisitions to broaden digital capabilities. Procore bought AI firm Datagrid, Autodesk added data‑visibility startup Rhumbix, and Trimble snapped up...
Repay Attracts $1B Takeover Offer
Repay Holdings received an unsolicited $1 billion takeover proposal from Forager Capital Management, offering $4.80 in cash per share—a 75% premium to the 30‑day volume‑weighted average price. Forager, which already owns a 13% stake, disclosed the offer in an SEC filing...
Forward’s Matt Leeds Targets Powerful Brands in Consumer; Reviewing José E. Feliciano’s Investment Strategy as He Reportedly Nears Deal for...
Forward’s private equity leader Matt Leeds outlined a strategy to target high‑visibility consumer and retail brands, emphasizing deals that combine strong digital footprints with scalable revenue. He highlighted the sector’s resilience and the opportunity to consolidate fragmented brands under a...
Hillhouse Targets $8bn Asia-Focused Fundraising
Hillhouse Investment Management is launching an $8 billion fundraising drive, targeting a $7 billion Asia buyout fund and a $1‑1.5 billion growth vehicle, while committing $1‑2 billion of its own capital. The campaign, aimed at Middle‑East sovereign wealth funds, endowments and family offices, seeks...
MainSquare Introduces Structured ‘Layer 2’ Execution Model to Boost Private‑Equity Portfolio Returns
MainSquare, a value‑creation operating partner, unveiled a new layered execution discipline designed to tighten post‑deal governance and drive EBITDA growth. Founder Mario Damasceno argues the model plugs the “messy middle” where strategic intent often stalls, a shift that could reshape...
Orange, Bouygues and Iliad Launch $24 Bn Bid for SFR, Reshaping France’s Telecom Market
Orange, Bouygues Telecom and Iliad have submitted a joint €20.35 bn ($24 bn) offer for SFR, which serves about 26 million mobile customers. The deal would reduce France’s mobile operators from four to three and trigger a regulatory review of pricing and investment...
USA Rare Earth Seals $2.8 B Deal for Brazil’s Serra Verde Rare‑Earth Mine
USA Rare Earth Inc. announced a cash‑and‑stock transaction valued at about $2.8 billion to acquire Brazil’s Serra Verde Group, owner of the Pela Ema rare‑earth mine and processing plant. The deal adds 6,400 metric tons of annual rare‑earth oxide capacity and is expected...
SkySparc Expands Treasury Suite with Covarius and Uniun Acquisitions
SkySparc announced the acquisition of Covarius Group Limited and Uniun Technology Limited, merging implementation expertise and real‑time integration tools into its OmniFi platform. The deal, terms undisclosed, deepens SkySparc’s European presence and creates a single‑partner offering for cash‑flow optimization and...
Laird Superfood Buys US Peer Terrasoul
Laird Superfood used fresh private‑equity capital to acquire Texas‑based Terrasoul Superfoods, expanding its portfolio of nuts, seeds, and baking ingredients. The deal, funded by Nexus Capital Management, lifted the firm’s ownership to roughly 71.7% after an additional $60 million equity infusion,...
Coller to Expand Under EQT’s Ownership; Plots 2026 Launch for Next Fundraising Cycle
Coller Capital, now owned by private‑equity giant EQT, announced a strategic expansion into real‑asset secondary investments and the launch of an insurance‑linked securities platform. The firm will also pursue a new credit raise to fund these initiatives. Coller’s next flagship...
AI Investor Glasswing Adds 14 Experts to Its Tech Advisory Councils
Glasswing Capital, a venture firm focused on artificial‑intelligence startups, announced the addition of 14 senior executives and domain experts to its technology advisory councils. The new members bring deep experience from leading AI research labs, cloud providers, and enterprise software...
Quick and Timely Idea: Positioned for a Sale
The firm announced a strategic alternatives review after previously turning down a private‑equity buyout offer. The language of the release suggests the sale process is already well‑advanced, with analysts estimating an over‑80% chance of a transaction within the next three...
Ex-Nuveen APAC Chief Builds New Investment Firm, Eyes GPs
Simon England‑Brammer, former Nuveen APAC chief, has launched a new investment firm aimed at allocating capital to private credit and private equity strategies. The venture, operating under a low‑profile approach, is already establishing a track record and attracting a growing...
Netflix in Talks to Acquire Radford Studio Center for $330‑$400 M
Netflix is negotiating with Goldman Sachs to buy the Radford Studio Center in Studio City for $330‑$400 million, far below the $1.85 billion price paid in 2021. The deal would give the streamer a flagship L.A. soundstage complex as it expands its...
ArcelorMittal Gains Full Control of Italian Steel JV After Debt‑Equity Swap
ArcelorMittal will assume 100% ownership of the CLN Distribuzione Italia joint venture by converting the partner's debt into equity. The move ends a decade‑long partnership with CLN‑Coils Lamiere Nastri SpA and positions the steelmaker to streamline its automotive supply chain....
Saba Capital Launches $210 Million Bid to Seize Edinburgh Worldwide, a Major SpaceX Shareholder
Activist hedge fund Saba Capital has put forward a £165 million (about $210 million) offer to take control of Edinburgh Worldwide Investment Trust, which holds a £165 million stake in SpaceX. The bid pits Saba’s board‑room coup against a coalition of small investors...
Standard Life’s Aegon UK Acquisition Is ‘Good News for Bigger GPs’
Standard Life has agreed to acquire Aegon UK, creating a life‑and‑pensions powerhouse with roughly £480 billion of assets under management (about $610 billion). The transaction underscores a broader wave of consolidation among both limited partners and asset managers. By merging two of...
Warburg Pincus Ready to Write €200m Cheques for European Defence Companies
Warburg Pincus, the New York‑based private equity firm, has unveiled a dedicated strategy to invest up to €200 million (approximately $218 million) in European defence, security and strategic‑resilience companies. The initiative follows heightened geopolitical risk and a wave of defence budget increases...
EMCOR Posts Record $4.5 B Q4 Revenue, Fuels Growth in Data‑center and Solar Construction
EMCOR Group posted a record $4.5 billion quarterly revenue, up 19.7% year‑over‑year, and announced over $1 billion in acquisitions, including Miller Electric. The results underscore accelerating demand for data‑center, solar and fire‑life safety projects across the United States.
Mercantile Bank Posts $22.7M Q1 Profit, Deposits Jump 15.8% After Eastern Michigan Deal
Mercantile Bank Corp. posted first‑quarter net income of $22.7 million, or $1.32 per diluted share, up from $19.5 million a year earlier. Revenue climbed 18.1% to $67.6 million, deposits rose 15.8% to $5.42 billion, and loan balances increased to $4.83 billion, driven largely by the...
SpaceX to Acquire AI Coding Startup Cursor in $60 B Deal
SpaceX disclosed a deal to acquire AI coding startup Cursor for $60 billion, or to pay $10 billion for its services if the acquisition does not close. The transaction ties the space‑flight giant’s massive compute power to a fast‑growing AI‑assisted development platform,...
SK Considers ‘Various Strategic Options’ to Raise Financing for BESS Developer Key Capture Energy
South Korean conglomerate SK Group, via its SK Innovation E&S arm, is exploring strategic options to raise roughly US$350 million for battery‑storage developer Key Capture Energy. The capital raise, reportedly overseen by Nomura Greentech, remains unconfirmed. KCE, which operates 623 MW of...
OpenAI to Commit up to $1.5bn to PE-Linked Venture
OpenAI is in talks to pour up to $1.5 bn into a new joint venture, DeployCo, backed by leading private‑equity firms. The venture, valued at roughly $10 bn, will see OpenAI contribute an initial $500 m with an option for an additional $1 bn,...
EQT Launches AI Infrastructure Strategy
EQT announced a dedicated AI Infrastructure strategy to fund the physical backbone needed for exploding artificial‑intelligence workloads. The firm estimates roughly $4 trillion in global capex will be required over the next five years to expand data centres, power systems and...
CVC and GTCR Make Joint Take-Private Bid for Teleflex
Private equity firms CVC Capital Partners and GTCR have submitted a joint proposal to acquire medical‑device maker Teleflex and take it private. The offer, valued at roughly Teleflex’s $5.5 billion market capitalization, comes as the company finalizes a $2.03 billion divestiture of...
Azalea Weighs Launch of Evergreen Private Equity Vehicle
Azalea, the private‑equity platform backed by Temasek, is preparing to launch an evergreen‑style fund as early as this year, subject to market conditions. Unlike traditional closed‑end funds, the evergreen structure will allow investors to subscribe and redeem continuously. The product...
PE-Backed Kpler Launches Minority Stake Sale at $5bn Valuation
Kpler, the Brussels‑based commodities intelligence platform backed by Insight Partners and Five Arrows, has launched a sale of a significant minority stake that could value the company at roughly $5 billion. Evercore is advising the process, though the exact percentage on...
Aussie Wealth Manager Warns PE Evergreens Have Overpromised on Liquidity
Gavin Ezekowitz, CIO of BFA Global Investors, warned that private‑equity evergreen funds in Australia have overstated their ability to provide liquidity to investors. He highlighted that many unlisted funds lack clear redemption mechanisms, leaving investors vulnerable during market stress. The...
OpenAI's $1.5B DeployCo Bet Signals AI‑PE Shift
OpenAI plans up to $1.5B into DeployCo JV (initial $500M equity; $10B valuation). Macro: AI capital shifts into PE. Key factor: equity leverages deal flow. Trading insight: overweight AI infrastructure/PE-linked names. — Viktor Kopylov, PhD, CFA. More insights: t.me/si14Kopylov
1686 Partners Invests $200M in Next‑gen Lifestyle Brands
1686 Partners bets $200m on the brands defining how the next generation lives. Get the full story here: https://t.co/LhPE8ze86l https://t.co/dUjof7YJIF
India to Attract Major Share of EQT's $15.6-billion Asia Fund: EQT India Head
Private equity firm EQT says India will continue to capture the largest slice of its newly raised $15.6 billion Asia fund, roughly a third of total capital. The firm’s co‑investment model multiplies available equity by 1.6 times, expanding the deal‑making pool. Recent...
TekStream Acquires ImagineX Cybersecurity Business in $0 Deal to Consolidate Digital Resilience
TekStream announced the acquisition of ImagineX's cybersecurity business, adding Cyber Strategy, vCISO, GRC, CTEM and IAM capabilities to its portfolio. The deal, disclosed on April 21, 2026, aims to deliver single‑owner accountability for cyber risk and reflects accelerating consolidation in...
Electra Vehicles Merges with Iron Horse SPAC to Form First Public AI Battery Intelligence Firm
Electra Vehicles, Inc. and Iron Horse Acquisition II Corp. have signed a definitive business combination agreement valued at more than $250 million. The merger will create Electra AI, Inc., the world’s first publicly traded pure‑play AI battery intelligence company, with a...
QBotica Acquires Automatiga to Boost Global Agentic AI Automation Platform
qBotica announced the acquisition of automation specialist Automatiga, creating a single platform that combines agentic AI, hybrid decisioning and RPA. Financial terms were not disclosed, but the deal expands qBotica’s global delivery footprint and deepens its AI‑first strategy for enterprise...
Banco Santander Files to Acquire Webster Financial for $75.6 per Share
Banco Santander filed a Form F‑4/A registration statement on April 20, 2026 to acquire all outstanding shares of Webster Financial Corp at $75.6 per share. The deal will be executed through a reincorporation merger in Virginia followed by a share purchase, pending shareholder...
Feud Between AI Power Startup Fermi and Its Fired CEO and Top Shareholder Heats up over Proposed Sale
AI‑power startup Fermi, once valued at nearly $20 billion, now trades below $3.2 billion after missing anchor tenants for its massive Project Matador data‑center campus in the Texas Panhandle. Founder and top shareholder Toby Neugebauer, who controls roughly 40% of the stock,...
The Pulse of Private Equity – 4/20/2026
Private‑equity take‑private transactions surged in the first quarter of 2026, with total deal value climbing to $64.3 billion. That represents a 13.0 % increase quarter‑over‑quarter and a 53.3 % jump year‑over‑year. Despite the value surge, the number of deals slipped to 13 from...
Bloomberg: Leveraged Lending Insights – 4/20/2026
Retail investors are flowing back into leveraged loan funds after two months of net redemptions. The Invesco Senior Loan ETF (BKLN) posted a $265 million net inflow through April 21, reversing the $125 million outflow recorded in March. This follows a sharp February...
Topgolf Rival Chain Files for Chapter 11 Bankruptcy
Topgolf’s parent Callaway sold a 60% stake in the brand for $660 million, valuing Topgolf at $1.1 billion—down roughly 45% from its 2020 $2 billion equity value. Meanwhile, Craft Putt LLC, a two‑location mini‑golf and taproom chain, filed Chapter 11 bankruptcy in Kansas, listing...
Catchment Capital to Acquire Isolatek International From SK Capital Partners
Catchment Capital announced it will acquire Isolatek International, a leading passive fireproofing manufacturer, from SK Capital Partners. The deal, slated to close in the second quarter of 2026, expands Catchment’s industrial portfolio and positions Isolatek for accelerated growth in data‑center...
KingSett and Choice Acquire First Capital, Splitting Nearly $10 Bn of Retail Assets
KingSett and Choice have agreed to buy First Capital’s portfolio of well‑located retail properties, dividing assets worth almost $10 bn. The transaction, described as a rare chance in a tightly held asset class, underscores strong investor appetite for prime retail locations....
ServiceNow Seals $7.75 Bn Deal for Cyber‑exposure Leader Armis
ServiceNow has closed a $7.75 bn cash acquisition of Armis, a cyber‑exposure management firm. The deal adds real‑time, agent‑less monitoring of billions of connected devices to ServiceNow’s workflow platform, reinforcing its push into security after the earlier Veza purchase.
F2 Strategy Acquires Meradia to Boost Investment Ops Consulting
F2 Strategy announced the acquisition of Meradia, a specialist in investment operations and technology advisory, expanding its wealth‑management consulting platform. The deal, the firm’s sixth and largest since a 2023 private‑equity infusion, follows an 80% YoY growth spurt in 2025...
UniCredit’s €35 Bn Bid for Commerzbank Hits Roadblock, Raising EU Antitrust and Integration Concerns
UniCredit’s €35 bn (US$41 bn) low‑ball offer for Commerzbank collapsed after a two‑hour meeting between CEOs Andrea Orcael and Bettina Orlopp ended in a sharp exchange. The breakdown intensifies a hostile takeover battle that could reshape Europe’s banking landscape while inviting heightened...
Teledyne Technologies Inc (TDY) Q1 2026 Earnings Call Transcript
Teledyne Technologies reported record fourth‑quarter sales, with revenue up 7.3% year‑over‑year and a full‑year forecast of about $6.37 billion, matching consensus. Non‑GAAP earnings rose 14.1% in the quarter, and free cash flow hit a historic $339.2 million, lowering net leverage to 1.4 times....
Sook Defends Nexstar-Tegna, Slams DirecTV
Nexstar Media Group is pressing ahead with its $6.2 billion acquisition of Tegna despite a federal injunction filed by DirecTV and eight Democratic‑leaning states. CEO Perry Sook dismissed the lawsuit, arguing that Nexstar competes more with tech giants like Google, Amazon...
GCI Buying Quintillion
GCI announced it will acquire Alaskan fiber infrastructure firm Quintillion in a deal valued at $310 million. The transaction merges Quintillion’s 1,800+ miles of subsea and terrestrial fiber, plus roughly 1,500 miles of planned expansion, with GCI’s statewide network. GCI will...
Hitachi to Sell Home Appliance Business to Electronics Retailer Nojima
Hitachi Ltd announced it will spin off its home‑appliance division and sell an 80.1% stake to electronics retailer Nojima Corp for about 110 billion yen ($693 million). Hitachi Global Life Solutions will retain the remaining 19.9% and keep the Hitachi brand, while...
Nevada PERS Hands Control of Clearlake Assets to Adviser over Conflict of Interest
Nevada's Public Employees' Retirement System (PERS) will give its external investment adviser full discretion over its holdings in Clearlake Capital Partners, including the authority to sell the assets on the secondary market. The shift follows internal concerns about a conflict...