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.
Wasserman Sale Begins as Private Equity Lines Up
Bankers have opened the bidding window for Wasserman, the Los Angeles‑based sports and entertainment powerhouse now operating under the name The Team. Moelis & Co. is steering the process, while a roster of potential acquirers – including private‑equity firms Permira, EQT and TA Associates, as well as Goldman Sachs – have signaled interest. Industry sources peg the transaction at roughly $2 billion, although some analysts float a $3‑4 billion ceiling as founder Casey Wasserman aims to extract a $1 billion cash payout for his equity. Providence Equity Partners, which currently owns about 60 % of the business, is expected to be the primary seller.
Huge M&A Deals: Netflix’s Acquisition of AI Film-Tech Company InterPositive
In early March 2026 Netflix announced a landmark acquisition of InterPositive, an AI‑driven filmmaking startup founded by Ben Affleck, for up to $600 million, largely cash with earn‑out provisions. The deal gives Netflix immediate access to tools that can correct lighting,...
Survey: GPs Grapple with Fund Finance Frictions
A new survey by Private Funds CFO reveals that general partners (GPs) are encountering significant frictions in fund finance. Sponsors express frustration over heavy information requirements and the cumbersome process of comparing lending term sheets. The study indicates that redundant...
Investor Intention: Sumitomo Mitsui Finance and Leasing Company to Grow Infrastructure Portfolio
Sumitomo Mitsui Finance and Leasing Company (SMFL) announced plans to expand its infrastructure portfolio, concentrating on transport‑related assets and movable transportation funds. The strategy signals a shift toward higher‑growth, capital‑intensive projects such as rail, road, and logistics platforms. SMFL aims...
Secondaries’ Most Methodical Sellers: The Buyers Themselves
Over the past 15 months, a cohort of secondary‑market participants has actively placed limited‑partner (LP) stakes for sale. Unlike typical LP sellers, these players adopt a highly disciplined, methodical approach that mirrors the rigor of their own buying processes. Their...
Co-Investing Is Having Its Trafalgar Moment
Co‑investing is experiencing a resurgence, described as its "Trafalgar moment," as limited partners (LPs) increasingly allocate capital alongside general partners (GPs) rather than pursuing pure direct deals. While high‑profile investors have publicly pivoted away from direct investing, the underlying willingness...
Sir James Dyson Buys 50% of Bath Rugby
Sir James Dyson has purchased a 50 % stake in Bath Rugby, the reigning Premiership champions, and pledged multi‑million‑pound funding to clear debt and build a new stadium. The deal pairs Dyson with current owner Bruce Craig, who will remain chairman,...
Env Zero and CloudQuery Complete Merger to Create a Unified Cloud Intelligence Platform
env zero, a leading IaC governance platform, has merged with CloudQuery, a cloud asset management specialist, forming a unified cloud intelligence solution under the env zero brand. The combined offering merges continuous cloud asset discovery with automated infrastructure provisioning, promising end‑to‑end lifecycle...
Rollover Equity: A Business Owner’s Guide to Negotiating Terms and Maximizing Exit Outcomes
Rollover equity lets sellers reinvest part of their sale proceeds into the acquiring entity, giving them a minority stake and a potential "second bite of the apple" when the business is later sold. Private equity firms use it to reduce...
🎥 Brookfield Asset Management's David Nowak - "Earn Your Seat" Private Equity
In this episode, Brookfield Asset Management’s President of Private Equity, David Nowak, discusses how the firm’s owner‑operator culture and “earn your seat” ethos shape its private‑equity strategy. He explains Brookfield’s deep alignment with LPs—investing its own capital alongside theirs—and its...
Sumitomo Life Looks to Allocate $1.9bn to Private Credit
Sumitomo Life announced a plan to allocate roughly $1.9 billion to private credit investments over the next few years. The insurer will concentrate on mid‑market, senior‑secured loan opportunities, leveraging domestic partnerships to source deals. This move follows a broader shift among...
Deal Roundup: Bain Capital Buys Into Egeria’s Duravent, Ronin Completes GP Secondary Investment in AeriTek
Bain Capital’s special situations team has taken a strategic growth stake in Duravent Group, the Egeria‑backed provider of venting and air‑quality solutions. The investment is described as “significant,” indicating a sizable capital infusion. In a separate transaction, Ronin Capital completed...
Network‑Driven M&A Fuels Rapid Growth for Young Operator
Just finished a conversation with a true operator. "Being boots on the ground. Getting punched in the face."- type of guy. (As he described himself...= He scaled his firm organically from zero to $20M in sales. Then sold it to a strategic,...
BNP Paribas AM Alts Seals $722m Infra Secondaries Fund Close, Is Already Planning Successor Raise
BNP Paribas Asset Management Alternatives closed a $722 million infrastructure secondaries fund, marking its second fund close in a single month. The vehicle targets secondary market transactions in the growing infrastructure sector. The rapid close underscores strong investor appetite for diversified,...
Adenia Partners Fund Reaches $180m Hard Cap
Adenia Partners announced the first close of its Adenia Entrepreneurial Fund I at a hard cap of $180 million, surpassing the original $150 million target in under a year. The fund targets control investments in small and lower mid‑cap African companies, the...
AI Discount Pushes FactSet, Morningstar, Gartner Into PE Spotlight
Thoma Bravo and Hellman & Friedman are actively modelling a takeover of FactSet after AI‑related worries knocked the stock 39% in six months. The same AI‑induced discount has made Morningstar and Gartner attractive targets, but private‑equity firms are wrestling with...
InsideArbitrage Event Driven Monitor – March 19, 2026
The March 19 InsideArbitrage Event Driven Monitor highlighted several high‑profile merger‑arbitrage moves, including SunOpta’s April 16 shareholder meeting following an Ontario court order and Saltchuk’s cash tender offer for Great Lakes Dredge’s 5.25% senior notes due 2029. The Department of...
Technology Moves Down the List of Favoured CV Sectors – Houlihan Lokey
Investment bank Houlihan Lokey reports that technology has slipped down the list of preferred sectors for corporate venture secondary transactions. Managing Director Michael Pilson told Secondaries Investor that investors are increasingly gravitating toward sectors such as healthcare, consumer, and industrials....
Middle Market Deal Terms at a Glance – March 2026
The Lead Left published SPP Capital Partners’ March 2026 Middle Market Deal Terms snapshot, comparing deal components, leverage and pricing for micro, small and mid‑cap companies against March 2025. The data show modest tightening of leverage ratios and a compression of EBITDA...
Covenant Trends – 3/16/2026
Covenant Trends released its March 16 2026 data set highlighting the average EBITDA adjustment cap applied to synergies and cost‑saving initiatives in loan agreements. The chart shows the cap hovering around the low‑teens percentage range and climbing steadily year‑over‑year. The release includes...
The Pulse of Private Equity – 3/16/2026
U.S. private‑equity firms recorded a solid rebound in 2025, delivering the second straight year of exit growth. Exit value climbed to roughly $150 billion, positioning the year just behind the 2021 peak. Deal count surpassed 1,200 transactions, erasing the multi‑year slump...
Leveraged Loan Insight & Analysis – 3/16/2026
U.S. primary market leveraged loan yields rose to 8.09% in March, the highest level since April 2025. The increase reflects broader pricing pressure on first‑lien institutional term loan Bs with a three‑year repayment horizon. Single‑B rated credits led the yield...
Bloomberg: Leveraged Lending Insights – 3/16/2026
US leveraged loan issuance has stalled after a sharp February slowdown, with weekly launches falling from the $30 b levels seen in January to just $12.1 b through the week ending March 18. The dip reflects heightened market volatility that continues to deter...
DExit Proposals: The IR Side of the Equation
The article highlights investor‑relations (IR) factors that boards must weigh when considering a Delaware exit (DExit) and reincorporation elsewhere. It stresses candidly assessing current shareholder relationships, starting the evaluation early, and avoiding surprises through proactive engagement. Companies should conduct a...
Rollover Equity: Considerations for a Seller
John Jenkins highlights key considerations for sellers contemplating equity rollovers in M&A transactions. The blog stresses that call options embedded in buyer agreements can allow the acquirer to repurchase the seller’s rolled‑over stake, often at below‑market prices and over extended...
Worthington Steel's $1.3B Deal Makes No.2 US Metal Center
Worthington Steel to buy Kloeckner for $1.3bn, creating the No. 2 North American metal service center. https://www.metalnomist.com/2026/03/worthington-steel-to-buy-kloeckner-for.html
Bezos Plans $100B Fund to Automate Manufacturing with AI
"Jeff Bezos is in early talks to raise $100 billion for a new fund that would buy up manufacturing companies and seek to use AI technology to accelerate their path to automation." https://t.co/UmA1I3g0xp
Tech M&A in February 2026: Deal Volume, Valuations & Mega Deal Trends Explained
The February 2026 Tech M&A episode breaks down 394 tech transactions, highlighting five mega‑deals—including a $9.9 billion deal and a $9.2 billion acquisition of InPost by FedEx—while showing that startups still account for 45% of deals and cross‑border activity hits 35%. It...
Bearish Pressure Threatens Previously Bullish Deal Market
The best news may be in the rearview... Bears encroach on bullish dealmaking market https://t.co/Gc2v7KSjbQ
Predictive Analytics Flagged BVNKFinance Before Mastercard Deal
Crunchbase called it. Three months ago, we flagged @BVNKFinance as a likely acquisition target, & @Mastercard just announced plans to acquire it for up to $1.8B. That’s the power of predictions — you can spot opportunities early & move before competitors....
5 Costly Tech M&A Myths That Kill Founder Value (And How to Avoid Them)
In this brief episode, the host debunks five persistent myths that erode founder value in tech M&A: the belief that companies are bought rather than sold, the ineffectiveness of soft overtures, the flawed serial approach to buyer outreach, outdated bid...
Buying a Business Beats Startup Hype for Profit
I’m growing a little tired of all the hype and nonsense around the word #startup... Entrepreneurship has reached a point of mass popularity... [In reality,] buying a business is the easiest way to own a profitable one." –Smarter than...
How to Properly Size Investment Positions
The article explains how investors can boost risk‑adjusted returns by properly sizing positions rather than merely finding ideas. It introduces a simple upside‑to‑downside framework, illustrates it with PayPal and Perimeter Solutions, and ties the ratio to a practical allocation rule...
Fund Analysis: Glade Brook Capital Partners
Glade Brook Capital Partners announced the closing of its Gondola Fund at over $1 billion in March 2026, marking the firm’s largest publicly disclosed vehicle to date. A concurrent Form D filing for Strategic Growth V LP on February 5, 2026 showed zero commitments, so...
Q1 Fundraising Could Fall Flat
Early analysis shows Q1 2026 fundraising markedly slower than in prior years, with capital commitments dropping double‑digit percentages versus the same period last year. The downturn follows higher interest rates, lingering supply‑chain issues, and heightened geopolitical risk, tightening liquidity for...
New SPAC: AmperCap Acquisition Company (APMCU) Files for $125M IPO
AmperCap Acquisition Company (ticker APMCU) filed its S‑1 to launch a $125 million special purpose acquisition company IPO. The filing, submitted on March 18, 2026, positions AmperCap among the latest wave of SPACs seeking to capitalize on renewed investor appetite. The...
Southfield-Backed Franchise FastLane Acquires Consulting Firm Franchise Creator
Franchise FastLane, a franchise development organization backed by private‑equity firm Southfield, announced the acquisition of consulting firm Franchise Creator. The deal adds brand‑strategy and operational consulting to FastLane’s existing franchise‑development services. Financial terms were not disclosed, but the move expands...
Future White Sox Owner Nears Deal For 47-Acre Potential Stadium Site
Justin Ishbia's private‑equity firm is nearing a deal to acquire a 47‑acre former Amtrak rail yard in Chicago’s South Loop, reviving prospects for a new White Sox stadium as the current Rate Field lease expires in 2029. The site, adjacent...
Why Buyers Are Searching for Your Professional Service Business
In this episode Jacob Oros interviews Eric Brenner, a seasoned financial advisor who has completed 11‑12 acquisitions of wealth management, tax, and accounting firms. Brenner explains how the market has shifted from a handful of buyers to intense competition, driven...
Credit Secondaries: What’s in It for Buyers?
The article examines why investors are flocking to credit‑secondaries, highlighting the asset class’s ability to purchase high‑quality debt portfolios at steep discounts. Buyers benefit from immediate cash‑flow generation, bypassing the traditional J‑curve associated with primary credit funds. Market participants also...
Top 3 SPAC Targets – Alternative Fuels
The SPAC market is reviving as oil prices stay near $100 and geopolitical tensions keep supply tight, creating a sweet spot for alternative‑fuel producers. Renewable natural gas, ethanol and renewable diesel firms can charge commodity‑level prices while offering domestic, low‑carbon...
Private Capital Advisory: “M&A Lite” Or the Highest-Growth Area in Investment Banking?
Private Capital Advisory (PCA) groups, which specialize in secondary transactions for limited partners and continuation funds for general partners, have become one of the fastest‑growing segments of investment banking. Deal volume in private‑equity secondaries has risen about 20% CAGR from...
PE-Backed Tech24 Snaps up Pacific Standard Service
Tech24, a commercial foodservice equipment repair and maintenance provider, announced the acquisition of Pacific Standard Service. The deal, backed by private equity, broadens Tech24’s geographic reach and service capabilities. Pacific Standard Service adds a substantial customer base and skilled technicians...
Google’s $32B Wiz Bet: Why Security Consolidation Means You’re Losing Negotiating Power
Google has reportedly raised its bid for cloud‑security firm Wiz to about $32 billion, eclipsing its earlier $23 billion offer and setting a record for cyber‑security acquisitions. The deal would give Google ownership of a full CNAPP stack—including infrastructure, container, API, and...
Activist That Encouraged Merger Only To Change Its Mind Denied “Extraordinary Remedy” Of A Deal Injunction
The Delaware Court of Chancery rejected HoldCo’s request for an injunction to block Comerica’s merger with Fifth Third, finding the deal‑protection provisions lawful and not coercive. HoldCo, which had initially championed the transaction, could not demonstrate a colorable claim or irreparable...
Idealist Leads C$50 Million Growth Equity Investment in Sustainable Agriculture Company Solugen
Idealist led a C$50 million growth‑equity round in Solugen, a biotech firm that creates sustainable chemicals for agriculture using engineered enzymes. The Canada Growth Fund joined as a co‑investor, providing additional capital to accelerate Solugen’s commercial rollout. The funding is earmarked...
Real Estate PE Delivers 2x Return Before Deal Begins
Why is real estate private equity so lucrative? Because you basically get a 2x return on your capital before the deal even starts Let’s take a sample deal: $10MM purchase price. The deal will be purchased with a $7.5MM loan and $2.5MM of...
IRR Overstates Private Equity Returns, Shows 20% ≈ 12%
The most important concept for allocators to understand in private equity is that IRRs are numbers used in marketing and not representative of investor retuns In the below example, a 20% "IRR" is actually equal to an 11.9% annualized return (and...
White House, Oracle, Silver Lake Dodge $10B TikTok Sale Questions
The White House, Oracle and Silver Lake won't answer questions about a $10 billion payment that was apparently required to secure the TikTok sale. It's unprecedented. And officially undisclosed. U.S. investors and biz leaders should want answers. https://t.co/Y0n8MTHFKa
RBC Flags Revolution, Xenon, Arrowhead as Top Biotech Takeover Targets
RBC: Revolution, Xenon, Arrowhead among top #biotech takeover targets https://t.co/h1toH9szrU by @realJacobBell $ARWR $XENE $RVMD $DYNE