Today's Private Equity Pulse
Blackstone launches its biggest Asia private‑equity fund at $13.1 billion
Blackstone announced the closing of a $13.1 billion fund, its largest ever dedicated to Asian private‑equity investments. The fund aims to back buyouts and growth‑capital deals across the region, underscoring Blackstone’s expanding focus on Asia’s mid‑market opportunities.
Also developing:
By the numbers: Toms Capital acquires significant stake in McCormick
Universal Music Group Plans to Review Pershing Square Takeover Bid
Bill Ackman's Pershing Square has submitted a non‑binding, $60 billion offer to acquire Universal Music Group, nearly double its recent market price. The proposal, which would need two‑thirds shareholder approval, promises to keep CEO Lucian Grainge in place while leveraging AI to enhance the catalog’s value. UMG’s board said it will review the bid under its fiduciary duties, weighing impacts on shareholders, artists, and employees. The move comes as hedge funds intensify music‑catalog acquisitions across the industry.
ByteDance Valuation Tops $600B After Equity Sale Push
ByteDance valuation exceeds US$600 billion after proposed equity sale: sources The seller originally had the valuation at US$550 billion, but raised the amount after multiple parties expressed interest. https://t.co/pL87pI2YJV via @scmpnews
Danone Snaps up Huel: How a Blend of Commercial Value and Sustainability Fed $1bn Deal
In March 2024 Danone announced a $1.15 billion acquisition of Huel, the UK‑based plant‑based complete‑nutrition brand. The deal bolsters Danone’s push into the fast‑growing “complete nutrition” segment and adds Huel’s subscription‑driven revenue stream to its portfolio. Danone highlighted Huel’s strong sustainability...
Rezolve AI to Make Hostile Bid for Commerce.com as Talks Fail
Rezolve AI Plc has moved to a hostile takeover of Commerce.com Inc. after direct negotiations with the target’s board broke down. The AI‑driven firm is offering shareholders one Rezolve share for every two Commerce.com shares, a less generous ratio than...
Democratisation and Secondaries: Where Liquid and Illiquid Converge
Private equity exits and dealmaking are lagging broader M&A activity, putting unprecedented strain on the secondary market's plumbing and engineering. At the same time, democratisation is expanding private‑market assets under management, attracting a wider investor base and amplifying demand for...
Bodycare Set for High Street Return with 25 Stores to Open by End of Year
Bodycare, the former 147‑store health‑and‑beauty chain, was bought out of administration in October 2025 by an investment group led by former Body Shop CEO Charles Denton. The new owners have signed six leases for flagship locations and plan to open...
Indriya's $330 M Stake in Aditya Birla Housing Finance Boosts Private Credit Confidence
Indriya Ltd bought a 14.286% equity stake in Aditya Birla Housing Finance Ltd (ABHFL) through a preferential private‑placement issue, injecting ₹2,750 crore ($330 million) and valuing the lender at about $2.3 billion. The deal, cleared by India’s Competition Commission, signals strong appetite for private‑credit...
José Almeida Named CEO of Hologic After $18 B Blackstone‑TPG Buyout
Blackstone and TPG have installed José “Joe” Almeida, former Baxter International CEO, as chief executive of Hologic after completing an $18 billion buyout. The leadership change follows the private‑equity deal that valued Hologic at up to $79 per share and assumed...
The Private Assets Held in Public Companies
Dimensional Fund Advisors estimates that the 20 largest U.S. public companies collectively own between $96 billion and $157 billion in private‑equity and venture‑capital assets as of the end of 2024. ExxonMobil tops the list with up to $41.4 billion, while Alphabet and Amazon...
Jeito Capital Raises Record US$1.2bn to Bankroll European Biopharma’s Next Generation
Jeito Capital closed its second biopharma fund, Jeito II, at a record $1.2 bn (about €1 bn), making it the largest raise for an independent European biotech‑focused PE firm. The fund will back 15‑20 clinical‑stage companies, allocating roughly $162 m per position across obesity,...
Exited Founder Podcast | Andrew Kirpalani: From Bar Napkin to Acquisition — Exiting WorkHound
In this episode, co‑founder and CTO Andrew Kirpalani recounts how a $20K accelerator deal sparked the creation of WorkHound, a mobile‑first employee engagement platform for truck drivers. He explains how his varied startup engineering background informed the product’s design and...
Nova Infrastructure Scores Big Fund Size Jump with $1.45bn Fund II Final Close
Mid-market infrastructure specialist Nova Infrastructure announced a $1.45 billion final close for its second fund, surpassing its original target by more than 30%. The fundraising milestone marks a substantial jump from its inaugural fund, which closed near $1.1 billion. The new capital...
Blackstone and Tinicum Agree £1.4bn Deal to Buy Senior
Blackstone and Tinicum have agreed to acquire Senior, a London‑listed aerospace and defence component maker, in a deal valued at roughly £1.4 billion (about $1.8 billion). The transaction combines Blackstone’s deep capital resources with Tinicum’s sector expertise to take control of Senior’s...
The Rugby Analogy
Bex Smith's investment vehicle Crux Football is acquiring women's soccer clubs, beginning with Montpellier in France and Rosengård in Sweden, as part of a broader multi‑club ownership strategy. The approach seeks to pool resources, branding, and scouting to accelerate commercial...
United Infrastructure Exits Housing with MBO of Homes Arm
United Infrastructure has divested its housing business through a management buy‑out led by Andrew McDonough, the former managing director of its multi‑family arm. The transaction leaves all existing projects, staff and the legal entity unchanged, while retiring the United Living...
A Pro-Worker Experiment in Private Equity
In this episode, Planet Money explores a novel private‑equity experiment led by Pete Stavros at KKR, who tried to give workers ownership stakes in the companies they run, starting with Capital Safety’s Red Wing plant. The story follows Cindy Cordes,...
Despite High Oil Prices and Volatile Stocks, Companies See Openings for Deals
Companies are forging ahead with massive mergers despite soaring oil prices and volatile equity markets. In the first quarter of 2026, firms announced $464 billion in M&A activity, highlighted by McCormick's $45 billion bid for Unilever's food unit and Sysco's $29 billion acquisition...
Blackstone and TPG Finalize Hologic Acquisition:
Blackstone and TPG have completed the acquisition of Hologic at $79 per share, including contingent value rights, marking one of the largest med‑tech buyouts of the year. The deal signals a resurgence of mega‑cap private‑equity activity after a period of...
Integration: Post-Closing Cyber Risks
A new FTI Consulting report reveals that cyber‑attacks frequently strike companies after M&A closings, with more than two‑thirds of affected deals reporting negative consequences. Nearly half of those incidents led to reduced deal value, and 20% caused delays or pauses....
Nuvini to Acquire 51% of Beyondsoft’s U.S. Unit for $80.7 M, Forming $148M Global Platform
Nuvini Group Limited agreed to buy a 51% controlling interest in Beyondsoft Corporation’s U.S. subsidiary for about $80.7 million. The transaction is projected to lift pro‑forma revenue to $148 million and create cross‑selling opportunities across SaaS, ERP and workflow‑automation markets.
Microsoft Eyes Backing OpenAI IPO as Valuation Hits $852 Billion
Microsoft is being positioned as a potential backer for OpenAI’s anticipated IPO in late 2026 or early 2027. The move follows OpenAI’s $122 billion funding round that lifted its valuation to $852 billion, underscoring Satya Nadella’s strategic wager on generative AI.
Music Giant Universal Gets $64bn Takeover Offer
Universal Music Group has received a $64.3 bn (≈$64 bn) takeover proposal from Bill Ackman's Pershing Square, which would likely shift the company’s primary listing to the United States. The offer follows a period of underperformance in global stock indexes and ongoing...
Blackstone‑Tinicum Consortium Offers $1.6 Billion Cash Deal for Senior Plc
Senior plc agreed to a £1.275 billion cash offer from a Blackstone‑Tinicum consortium, translating to roughly $1.6 billion. The deal promises a 300‑pence per‑share payout and aims to take the engineering firm private, prompting scrutiny of the strategic rationale and potential impact...
Universal Should Say No to Bill Ackman
Pershing Square, led by activist investor Bill Ackman, has tabled a $64 billion offer to acquire Universal Music Group, the world’s largest recorded‑music company. The proposal, announced in early April 2026, would merge two of the industry’s biggest catalog owners and...
PE Funding Forces Anthropic’s Enterprise Rollout, Not Market Demand
The headline says Anthropic is going enterprise. That is not the real story. They put in $200 million. Blackstone and two other PE giants put in up to a billion more. To sell Anthropic’s own product for them. Private equity has something...
Bill Ackman’s Pershing Square Bids to Buy Universal Music Group
Bill Ackman’s Pershing Square Capital Management has submitted a $64 billion offer to acquire Universal Music Group, representing a 78% premium over the current market price. The proposal would relocate UMG’s listing from Amsterdam to New York and reincorporate the company...
Truckstop.com Acquires Heavy Haul Rating Specialist Wize Load
Truckstop.com has acquired heavy‑haul rating specialist Wize Load and rebranded the service as Truckstop Heavy Haul Rates. The new platform consolidates lane data, permit rules and equipment requirements, giving brokers a faster way to price open‑deck, heavy‑haul and over‑dimensional shipments. By...
Universal Music Stock Rises After Pershing Square's $64 Billion Takeover Proposal
Pershing Square has lodged a €55.8 billion cash‑and‑stock offer for Universal Music Group, pricing shares at €30.4 each – a 78% premium to the recent close. The proposal combines €9.4 billion in cash with 0.77 new shares per existing share and calls...
Lyft Posts Record Q2 Earnings, Completes $1 Bn FREENOW Deal and Launches European AV Rollout
Lyft announced record Q2 results, posting $993 million in free cash flow and a 26% jump in adjusted EBITDA. The ride‑hailing firm also closed its €1 billion (≈$1.09 billion) acquisition of FREENOW and unveiled plans to deploy hundreds of autonomous vehicles in Europe...
Saudi EGDC Boosts Capcom Stake to 6.04%, Marking Deeper Sovereign‑Wealth Play in Gaming
Saudi Arabia’s Electronic Gaming Development Company (EGDC) lifted its ownership in Japanese game maker Capcom from 5.03% to 6.04%, now holding 32.18 million shares. The move signals a broader sovereign‑wealth strategy that includes high‑profile deals such as the pending $55 billion acquisition...
E.&J. Gallo Winery Pays $775 Million for Four Roses Bourbon, Ending 83‑Year Foreign Ownership
E.&J. Gallo Winery finalized a $775 million purchase of Four Roses bourbon from Japan’s Kirin Holdings, returning the iconic brand to U.S. family ownership after 83 years. The deal, the highest price ever paid for a Kentucky bourbon distillery, expands Gallo’s premium‑spirits footprint...
Neurocrine Grows in Endocrinology, Rare Disease with $2.9B Soleno Buyout
Neurocrine Biosciences announced a $2.9 billion cash acquisition of Soleno Therapeutics, adding the FDA‑approved Vykat XR for Prader‑Willi syndrome to its portfolio. The deal also brings together Neurocrine’s existing marketed drugs Ingrezza and Crenessity, which together generated roughly $2.8 billion in 2025 sales....
Oaktree-Backed GA Group Scoops up G2 Capital Advisors
GA Group, a provider of advisory, valuation, field exam, liquidation and real estate services, announced the acquisition of G2 Capital Advisors. The deal is backed by private‑equity firm Oaktree Capital, underscoring its confidence in GA Group’s growth strategy. By integrating...
From Land Grab to Structured Scale: Kirkland & Ellis Explains How Capital, Power, and Deal Complexity Are Defining the AI...
Kirkland & Ellis partners Melissa Kalka and Kimberly McGrath explain that the AI data‑center boom has moved beyond the initial land‑grab into a phase where power certainty and execution risk dominate dealmaking. Capital remains abundant, but investors now pull money earlier,...
Gulf Backers Invest $24 Billion in Paramount’s Deal for Warner Bros.
Paramount Skydance secured roughly $24 billion from Gulf sovereign‑wealth funds to finance its $110 billion acquisition of Warner Bros. Discovery. Saudi Arabia’s Public Investment Fund will provide about $12 billion, while Abu Dhabi and Qatar each pledge $6 billion. The deal also relies on $45.7 billion...
Bill Ackman Strikes a Chord with Universal Bid
Bill Ackman’s Pershing Square has unveiled a multi‑billion‑dollar bid for Universal, offering a premium that exceeds the current market valuation. The proposal targets Universal’s music‑streaming, publishing and recorded‑music divisions, which Ackman argues are undervalued. The bid, if accepted, would represent...
Barings BDC Joins Peers in Gating Redemptions After 11.3% Is Requested
Barings Business Development Company (BDC) announced it will gate investor redemptions after receiving redemption requests totaling 11.3% of net asset value. The move aligns with recent actions by peer BDCs seeking to preserve portfolio integrity amid heightened withdrawal pressure. Barings...
Bill Ackman Wants to Buy Universal Music and Put “Psychopath” Epstein Associate Michael Ovitz in Charge
Bill Ackman’s Pershing Square SPARC Holdings has lodged a takeover bid for Universal Music, valuing the label at €55 billion (≈$60 billion) – a 78% premium to the pre‑offer price. The offer of €30.40 per share (≈$33) includes only €5.05 ($5.5) in...
BPOC Sells Medical Device Firm Midwest Products & Engineering
BPOC has finalized the sale of its medical‑device subsidiary, Midwest Products & Engineering, to private‑equity firm Graham Partners. The transaction transfers ownership of Midwest's manufacturing capabilities and client base to the new buyer. BPOC will use proceeds to refocus on...
Keurig Dr Pepper Acquires JDE Peet’s
Keurig Dr Pepper (KDP) announced it has acquired 96.22% of JDE Peet’s shares, creating a combined coffee powerhouse. The deal will be followed by a detailed integration focused on operational excellence, synergy capture, and leadership alignment. KDP plans to separate into...
Blackstone and TPG Complete Take-Private Buyout of Women’s Health Firm Hologic
Blackstone and TPG have completed the take‑private acquisition of Hologic, a leading women's health diagnostics company. The transaction values Hologic in the multi‑billion‑dollar range, reflecting strong demand for health‑tech assets. A subsidiary of the Abu Dhabi Investment Authority and an...
Gilead to Acquire Tubulis for Up to $5B, Expanding Cancer ADC Capabilities
U.S. drugmaker Gilead Sciences announced a definitive agreement to acquire German ADC specialist Tubulis for up to $5 billion, including $3.15 billion upfront cash and up to $1.85 billion in milestones. The acquisition brings Tubulis’ next‑generation antibody‑drug conjugate platform, highlighted by the TUB‑040...
Liberty Mutual Investments Backs Square Nine Capital
Liberty Mutual Investments (LMI), the $124 billion investment arm of Liberty Mutual Group, announced a long‑term strategic partnership with Square Nine Capital, a private firm specializing in senior secured loans and structured capital for U.S. middle‑market companies. The alliance will allow...
Terns Rebuffed a Higher Bid Before Selling to Merck
Terns Pharmaceuticals accepted Merck & Co.'s $53‑per‑share, $6.7 billion buyout, a price roughly 15% below an earlier $61 offer from an unnamed Party C. Party C’s proposal included a contingent $9‑per‑share payout tied to FDA approval of TERN‑701, but it withdrew after updated...
Ackman Proposes Michael Ovitz as UMG Chairman
Part of Bill Ackman's proposal to buy Universal Music Group for $64 billion is to name a new chairman of the board, Michael Ovitz:
Use EBIT/3 over Prime+5% to Spot Undervalued LBO Targets
Valuation trick that has served me well over the years: Start with net cash companies. EBIT / 3 / (Prime +5%) > EV You can LBO the whole business with debt at prime + 5% that is covered 3x. Good for identifying undervalued takeout...
New SPAC: RRE Ventures Acquisition Corp. (RREVU) Files for $250M IPO
RRE Ventures Acquisition Corp., ticker RREVU, has filed its S‑1 to raise up to $250 million through a special purpose acquisition company (SPAC) IPO. The filing positions the vehicle to list on the NYSE later this year, targeting technology and artificial‑intelligence...
YC Alum Pranav Poised for Defining Tech‑Enabled PE Play
I think Pranav is one YC alum I have been tracking for a long time who is about to make the defining tech enabled PE play of our generation
EoS Fitness Valued at $1.5B Amid Rapid Growth
May 2025 - "TSG Consumer Partners has struck a deal for EoS Fitness. The deal values EoS at ~$1.5 billion, including debt... EoS recently surpassed 1.5 million members, 500,000 of which joined in just the last two years." https://t.co/IytMCiRpjr
Trump Admin Stalls $5.9B Citgo Takeover over Risk
EXCLUSIVE: A $5.9 billion deal for control of #Venezuela’s Citgo by a group affiliated with hedge fund Elliott has gotten bogged down amid Trump administration concerns over the price and political risk. @jendlouhyhc @NicolleYapur @GaripPatricia https://t.co/hnSAqgLCpt