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.
Apollo Global Management to Acquire Japan's Nippon Sheet Glass for $3.7 Bn
Apollo Global Management’s funds have signed a deal to buy Japanese glass maker Nippon Sheet Glass Company for roughly $3.7 bn. The transaction, slated to close by March 2027, will inject equity and strategic support to accelerate growth and technology investment.
IFM Investors to Increase Exposure to Growth Sectors
IFM Investors announced plans to increase its exposure to high‑growth infrastructure sectors by adding value‑add assets to its portfolio. Vivien Cheung, the firm’s vice‑president of infrastructure, said the strategy will complement IFM’s existing core holdings and aim to capture upside...
Summit and Aimpoint Technology Merge to Expand End-to-End Salesforce Services
Summit, a multi‑cloud Salesforce consulting partner, has merged with Aimpoint Technology, a specialist in public‑sector advisory and implementation, to form a unified company under the Summit brand. The deal combines Summit’s scalable delivery and AI‑driven analytics practice with Aimpoint’s deep...
Running a Business Is Hard, Buying Easy—People Misunderstand
operators: you know how to run a business that's the hard part buying one with no money down is the easy part most people have it backwards
Ascender and Maven Letters Prompt Bain to Extend Offer
MCJ (6670 JP) - the Letters from Ascender Capital and Maven Capital appear to have had something of an effect. Bain extended the TOB today. They would not extend if they had reached the minimum. I wrote about this on...
Prism’s Motel 6 Bet: Ritesh Agarwal’s IPO Setup and the Budget Hotel Comeback
Prism, the rebranded OYO, has acquired Motel 6 to spearhead a technology‑driven overhaul of budget hotels. The company is concentrating on economy and extended‑stay segments in both India and the United States, launching the Studio 6 brand for U.S. properties. CEO Ritesh Agarwal is...
Sessa Capital Spends $175 Million for Controlling Stake in Sotera Health
Sessa Capital purchased 10.63 million Sotera Health shares for an estimated $175.8 million, giving the firm a controlling interest in the sterilization and testing provider. The deal lifts Sessa’s Sotera position to roughly $206 million, reflecting both the purchase and recent stock gains.
Walker & Dunlop Secures $350 Million Debt Facility for Centerbridge‑Reframe Self‑Storage Platform
Walker & Dunlop arranged a $350 million aggregation debt facility with JPMorgan Chase to fund a new self‑storage REIT backed by Centerbridge Partners and Reframe Holdings. The financing will support the joint venture’s plan to acquire over $500 million of Class A and...
Regional Bank Mergers Surge in 2026, 25 Deals Worth $15.11 Billion Announced
A wave of regional bank consolidations accelerated in early 2026, with 25 announced deals valued at $15.11 billion. The flurry of transactions is reshaping the competitive landscape and putting pressure on larger banks to defend market share.
‘Solid Exit Activity’ Still Insufficient to Clear APAC’s Overhang – Bain & Co
Bain & Co’s Asia‑Pacific Private Equity Report 2026 shows that companies held beyond five years increased 18% in 2025, indicating a growing portfolio overhang. Despite a modest uptick in exit activity across the region, the pace of disposals remains insufficient...
Master the Big Picture, Accelerate Your Rise
After college I joined a $500MM+ AUM real estate private equity firm. Within just 2 years, I became a junior partner I won't deny luck played a part, but I'd like to think there was some skill involved as well Most important...
Dunes Point Aims High with Fourth Fund
Dunes Point Capital, a mid‑market private‑equity firm, is launching its fourth flagship fund with a target raise of $1.3 billion, a substantial increase from the $800 million raised for Fund III. The larger capital base reflects the firm’s ambition to scale its investment...
Heritage Global: A Distressed Asset Platform Trading at 5x EV/EBIT and Near Liquidation Value
Heritage Global Inc. (NASDAQ:HGBL) operates a multi‑segment distressed‑asset platform that trades at less than 70% of book value and roughly 5.5 × EV/EBIT, placing it near liquidation pricing. The San Diego‑based firm has posted profits every year since 2018 and exhibits counter‑cyclical...
The M&A Risk of Confusing Market Velocity with Marketing Capability
Rob Robinson warns that technology M&A teams often mistake rapid market momentum for durable marketing capability. When a product arrives at the right moment, its novelty can generate brand‑like awareness without a solid marketing org, inflating acquisition premiums. As the...
Komerz Acquires Pathformance to Build the Commercial Growth Operating System for Global Brands
Komerz Ltd., a global commercial growth firm, announced the acquisition of Pathformance, a marketing measurement and attribution specialist, in a deal that values Komerz at $330 million post‑transaction. The merger combines Komerz’s end‑to‑end commerce platform with Pathformance’s unified measurement capabilities, creating...
The Entrepreneur’s Strategic Guide to Buying a Business
Acquiring an existing company can accelerate growth far faster than building from scratch, offering instant market entry, proven teams, and valuable IP. Success hinges on a clear strategic purpose—whether speed, synergies, or capability gaps drive the deal. Entrepreneurs must decide...
University of California Shops $3bn LP Portfolio in Major Sale
The University of California system is offering roughly $3 billion of limited‑partner stakes in private‑equity funds for sale on the secondary market. This move represents the latest effort by the public‑university consortium to unlock liquidity from its sprawling endowment portfolio. Proceeds...
Blackstone Considers Foraying Into Sports with Its First-Ever Investment in IPL Teams Like RCB, Rajasthan Royals
Blackstone Inc. is weighing a $200‑$300 million investment in an Indian Premier League franchise, targeting either Royal Challengers Bengaluru or Rajasthan Royals. The two teams are valued between $1.3 billion and $2 billion, with full payment expected up front. The move reflects a...
Vibe-Coding Startup Lovable Is on the Hunt for Acquisitions
Lovable, the AI‑powered app‑building platform once valued at $6.6 billion, announced it is actively seeking acquisitions to bring in founder‑type teams. CEO Anton Osika posted on X that the company wants “more great teams and startups to join Lovable,” aiming to boost...
Apollo, Bain Among Bidders for Continental Industrial Unit
Apollo Global Management and Bain Capital have entered the auction for Continental AG’s ContiTech industrial unit, joining a crowded field of private‑equity suitors. Advent and CVC Capital Partners are collaborating on a joint bid, while Platinum Equity, KPS Capital Partners...
Structuring for Uncertainty - Legal Trends in Middle-Market M&A - Pt. 1
In this episode, Steve and Bruce Fretton discuss how heightened uncertainty—driven by tariffs, shifting interest rates, and tighter credit markets—has complicated middle‑market M&A. They note that private equity’s $2 trillion of undeployed capital is pushing deals forward, but valuation gaps and...
Structuring for Uncertainty - Legal Trends in Middle-Market M&A - Pt. 2
In this episode, Bruce Fenton and host Steve discuss how to structure middle‑market M&A deals amid heightened uncertainty, focusing on valuation gaps, earn‑outs, seller rollovers, and purchase‑price notes as tools to bridge price mismatches. They highlight the importance of rigorous...
CrossCountry, UWM Vie for Two Harbors in Bidding War
Two Harbors said CrossCountry’s unsolicited $10.70‑per‑share cash offer is superior, but a higher $10.75 cash bid from an unnamed party is also on the table. The REIT would receive a $25.4 million fee if the pending $1.3 billion all‑stock merger with United...
PEI Group Acquires SIPA to Boost Private‑Market Analytics
PEI Group announced the acquisition of Scientific Infra & Private Assets (SIPA), the leading provider of private‑equity and infrastructure benchmarks. The deal adds indices that serve more than $1 trillion of assets under management, expanding PEI’s data platform for institutional investors.
RCB Auction Heats Up Without Manchester United’s Glazer
The sale of Royal Challengers Bengaluru (RCB) has entered its final stage, with two main bidders: Swedish private‑equity firm EQT and a consortium of Manipal Hospitals’ Ranjan Pai, KKR and Temasek. The Glazer family and other high‑profile suitors have withdrawn, ending...
Mercer Acquisition Brings ‘Missing Link’ to AltamarCAM
Mercer has completed the acquisition of AltamarCAM, a specialist in private‑equity secondaries, to fill a strategic gap in its investment‑advisory platform. The deal was discussed by Mercer’s Michael Dempsey in a Q&A with AltamarCAM founder Jose Luis Molina, emphasizing the...
Bark Won’t Go Private, for Now
Bark announced it will not pursue two recent take‑private offers, opting to remain a public company. The board’s special committee concluded that the existing standalone strategy best maximizes long‑term shareholder value. The first proposal from Great Dane Ventures was withdrawn...
AI Blurs VC and PE Lines in Construction Deals
AI: Where VC converges with PE! Historically, outstanding venture capitalists invested in high-growth software. Top-quality private equity firms acquired companies. And the two strategies were distinct. Those two paths may be converging. @generalcatalyst just invested $13.8M to back KP Reddy to launch @ZeroRFI_...
OpenAI Boosts Private‑Equity Offer in Enterprise War with Anthropic
Exclusive: OpenAI sweetens private equity pitch amid enterprise turf war with Anthropic, sources say https://t.co/ZcUhtQFcMj
Side Letter: ‘Cardinal Sin’
The piece labels evergreen side‑letter structures a “cardinal sin” when they are mis‑sold or mis‑structured, warning that such arrangements can trap investors in perpetual commitments. It details a recent governance clash at one of Australia’s largest limited partners, prompting a...
Lead Edge Capital Scores Biggest Capital Raise yet with Oversubscribed $3.5bn Fund VII
Lead Edge Capital announced the close of its seventh private‑equity fund with $3.5 billion of commitments, making it the firm’s largest raise to date and an oversubscribed transaction. The new Fund VII will focus on investments in software, internet platforms and...
OpenAI's 17.5% Guaranteed Return Claim Seems Dubious
I have trouble believing that OpenAI is offering PE firms a "guaranteed minimum return of 17.5%" on preferred shares. This is the rate offered by highly distressed firms or those in contentious bankruptcies - not a firm operating as a going...
The Lesser-Known Part of PE Where Sponsors Seek 3x-Plus Returns
Headway Capital Partners’ research shows independent private‑equity sponsors are targeting three‑times‑plus returns, outpacing traditional fund benchmarks. The shift stems from heightened deal selectivity and a strategic focus on lower‑multiple acquisitions. Sponsors believe tighter sourcing and disciplined pricing can deliver superior...
Eurobites: Poste Italiane Proffers €10.8B Bid for Telecom Italia
Poste Italiane has submitted a €10.8 billion offer to acquire Telecom Italia, Italy’s largest fixed‑line operator. The postal group already controls 27.3% of TIM after buying shares from former major shareholder Vivendi. TIM’s fixed‑line network has already been sold to a...
Japan Secondaries Shop to Close Debut Fund Near Hard-Cap
Japan’s emerging secondaries boutique RGCM announced the imminent close of its debut vehicle, RGCM Fund I, with commitments approaching the fund’s hard‑cap. The fund will target both direct secondary transactions and primary financing rounds, offering investors diversified exposure to private‑market...
Mike Barker: How a 90-Day Pause Added $12 Million to the Sale
Mike Barker, CEO of House of Cheatham, paused the sale process for 90 days to shore up the company’s financial and operational profile before accepting a private‑equity offer. During the pause he produced a quality‑of‑earnings report, commissioned an environmental study,...
Confirmed: Primary Wave Music to Acquire Kobalt From Francisco Partners
Primary Wave Music has agreed to acquire Kobalt, a leading independent publishing and technology platform, in a deal valued at over $1.5 billion. Brookfield will co‑invest, reinforcing a partnership that began with a $2 billion funding arrangement in 2022. Kobalt will stay...
AEA Elevate Invests in Tech Company Trinamix
AEA Elevate has announced an investment in Trinamix, a technology firm that provides solutions to enterprise and mid‑market organizations. The funding is intended to bolster Trinamix’s product development and expand its market reach. While the exact amount was not disclosed,...
Somerset Indus Capital Partners Raises $288M in Fund III
Somerset Indus Capital Partners announced the closing of its third fund with $288 million in commitments, surpassing the $250 million target. The fund, backed by development finance institutions, global investors and family offices across Europe, the U.S. and Southeast Asia, will target...
West Kitikmeot Secures ATCO Backing
West Kitikmeot Resources Corp. secured a C$10 million (US$7.4 million) investment from Calgary‑based ATCO Ltd., granting the infrastructure firm a 40 % equity stake. The funding will support the staged development of the Grays Bay Road and Port Project, an all‑season 230‑km road...
Gryphon-Backed Rootstock Picks up ERP Software Provider Ascent Solutions
Rootstock, the cloud ERP specialist backed by Gryphon Investors, announced the acquisition of Ascent Solutions, a provider of Salesforce‑based ERP and operational applications. The deal adds Ascent’s suite of cloud solutions to Rootstock’s portfolio, strengthening its position on the Salesforce...
Olympus Partners to Sell EyeSouth’s Retina Business for $1.1b
Private equity firm Olympus Partners announced the sale of EyeSouth’s retina business for $1.1 billion. EyeSouth, a U.S.-based management services organization for eye‑care providers, will transfer its retina platform to an undisclosed buyer. The transaction underscores strong valuation multiples in specialty...
EA Touts $700 Million Buyout Cost Savings to Coax Debt Investors
Electronic Arts is courting investors for a $15 billion debt package that will fund its acquisition by a consortium of private‑equity firms. The financing proposal emphasizes roughly $700 million in annual cost‑saving synergies that the new owners expect to recognize as earnings....
Spreadsheets for M&A: When Excel Breaks & What to Use Instead
Excel remains the default tool for corporate development teams to track M&A pipelines because it requires no onboarding and offers immediate flexibility. However, as deal volume and team size grow, spreadsheets suffer from version‑control chaos, fragmented deal context, and collaboration...
Maha to Acquire Stake in Venezuela's PetroUrdaneta
Swedish investment firm Maha Capital AB announced it will acquire an indirect 24% stake in Venezuela’s PetroUrdaneta, a joint venture operating Maracaibo basin fields. The acquisition follows the U.S. Treasury’s issuance of General License 52, which relaxes sanctions on certain...
Premerger Notification Office Accepting Old HSR Form Again
A Fifth Circuit panel denied the FTC’s request for a stay, activating a district court ruling that vacates the 2024 HSR filing form. As a result, the FTC’s Premerger Notification Office will again accept the pre‑February 10 2025 HSR form, though filers...
Persistent Appoints Hari S. Abhyankar as Executive Vice President and Global Head of Private Equity and Professional Services
Persistent Systems announced the appointment of Hari S. Abhyankar as Executive Vice President and Global Head of Private Equity and Professional Services. Abhyankar will steer the firm’s AI‑led transformation strategy for private‑equity investors and their portfolio companies, from diligence through...
Igneo: ‘I Don’t Want to Be on the Phone to Clients Explaining Why Our Valuations Dropped’
Niall Mills, global head of Igneo Infrastructure Partners, discussed on the Infrastructure Investor Podcast the firm’s recent exit from its inaugural Euro‑denominated fund. He explained why Igneo now performs quarterly valuations instead of annual updates, citing client expectations and market...
Dealflow.es #505: Bluetile Gaming Studio Acquired for $100M+. Freepik's Journey.
Indian gaming leader Nazara Technologies announced the acquisition of a 50% stake in Barcelona‑based Bluetile Bestplay for roughly $100 million. Bluetile, founded in 2019, boasts over 350 million lifetime installs and generates more than $150 million in annual revenue from its social casino...