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.
HIG Wins PE Hub’s Small-Cap North America Deal of the Year for Koozie Exit; Ronin Completes GP-Led Secondary Deal for...
H.I.G. Capital (HIG) was named PE Hub’s Small‑Cap North America Deal of the Year for its successful exit from Koozie, a consumer‑goods platform. The award highlights HIG’s ability to generate strong returns in the lower‑middle market. Meanwhile, Ronin Capital completed a GP‑led secondary transaction for AeriTek, providing liquidity to existing investors and underscoring the growing popularity of secondary deals. Ontra’s Q1 2026 market index shows a notable uptick in overall private‑equity deal volume, suggesting sustained capital deployment across small‑cap and growth sectors.
BlackRock’s HPS Raises $6.6bn for Junior Capital Fund
BlackRock’s private‑credit arm HPS announced it has raised $6.6 billion for a new junior capital fund, with a target of $10 billion in committed capital. The vehicle will focus on customized junior debt solutions for mid‑market companies across a range of industries....
Truelink-Backed SouthernCarlson Picks up Specialty Distributor Greenwald Supply Direct
SouthernCarlson, a fastener and construction‑supply distributor backed by private‑equity firm Truelink, announced the acquisition of specialty distributor Greenwald Supply Direct. The deal adds Greenwald’s niche product lines and customer base to SouthernCarlson’s existing portfolio. Integration is expected to broaden geographic...
Beacon Software
Beacon Software announced its executive team, naming Nilam Ganenthiran as Co‑Founder and CEO and Divya Gupta as Co‑Founder and CTO. The firm also disclosed a strategic partnership with Lightspeed, bringing partners Bejul Somaia, Isaac Kim, and Amish Desai to its...
SPAC Fallout, Accrual Battles, and the Long Tail of De-SPAC Risk
The Delaware Supreme Court affirmed the Delaware Chancery Court’s ruling that the standard three‑year statute of limitations applies to fiduciary‑duty claims arising from de‑SPAC transactions. The court applied Delaware’s long‑standing occurrence rule, holding that the limitations clock starts when the...
How Private Equity ACTUALLY Buys Companies
In this episode of the Private Equity Funcast, co‑founder Ryan Milligan walks through the end‑to‑end process of buying a company, from sourcing deals to closing them. He explains how deal sourcing has evolved from simple phone calls in the 70s...
Bain Invests in Climate Tech Firm Duravent Group
Bain Capital announced a new investment in climate‑tech firm Duravent Group, joining existing backer Egeria. The capital infusion is aimed at scaling Duravent’s renewable‑energy storage solutions and accelerating commercial rollout. Bain’s involvement underscores the private‑equity firm’s growing focus on sustainable...
Stephens Group-Backed Astro Pak Snaps up Clean Sciences
Astro Pak, a specialist in high‑purity and precision cleaning, announced the acquisition of Clean Sciences. The transaction is financially supported by Stephens Group, which backs Astro Pak’s growth strategy. By integrating Clean Sciences’ capabilities, Astro Pak broadens its service portfolio...
Behrman Capital Appoints Eric Smith as Operating Partner
Behrman Capital has appointed Eric Smith as an operating partner, adding seasoned operational expertise to its investment platform. In his new role, Smith will counsel both the firm’s investment team and the executives of its portfolio companies on management and...
FT‑Targeted Biotech Stocks Deliver Short‑Term Alpha
Good read on Biopharma M&A by RBC , little mention to Betaville, Bloomberg, FT , oand ofc the standout $RVMD Our biopharma team is out with an M&A discussion piece - given the importance of M&A to the sector, it is...
Deal Roundup: KKR Buys Into Indian E-Bus Fleet in $310m Deal, Warburg Pincus Backs TheGuarantors
Private equity giant KKR is investing up to $310 million to acquire a majority stake in Allfleet, the electric‑bus platform of India’s PMI Electro Mobility Solutions, aiming to deploy more than 5,000 e‑buses. Warburg Pincus has taken a controlling interest in...
Partech Picks up €300m for Debut Impact Fund Amid ‘One of the Most Challenging Fundraising Environments of the Past Decade’
Partech has closed its inaugural impact fund, raising €300 million. The capital will be deployed to European B2B technology firms that are reshaping global value chains. The close occurs amid what the firm calls one of the most challenging fundraising environments...
Turn Seasonal Shops Into Year‑Round Online Profit
Case Study: Spotting Opportunity in Underutilized Businesses: A Seaside Retail Example I recently had an interesting conversation that highlights a great opportunity for those of you looking to buy a business rather than start one from scratch. The Situation A friend of mine...
Small Businesses Must Adopt a Sales Mindset when Buying
The mindset requirement that most small business searchers completely miss. When you need sales skills to buy something valuable. https://t.co/I65QEUaTVu #SmallBusiness & Deal Making #SMB https://t.co/6EkB5eHA9j
Buoyed by Non-European LPs, InfraVia Closes Sixth European Fund on €8bn Hard-Cap
InfraVia announced the closing of its sixth European infrastructure fund, reaching an €8 billion hard‑cap. The fundraising was heavily supported by non‑European limited partners, underscoring growing global appetite for European assets. Founder and CEO Vincent Levita cited Europe’s regulatory stability and...
PE Firms Weigh FactSet Buyout as AI Fears Slash Valuations
Thoma Bravo and Hellman & Friedman are evaluating a potential acquisition of FactSet after AI‑related concerns drove the company's shares down 39% in six months. The drop has halved the firm's EV/EBITDA multiple and cut its market value to $8.4 billion,...
Altai Capital Presses OSUR Sale, Activ
$OSUR is a cash box with a diagnostic business attached. Altai Capital is pushing for a full strategic review/sale. Activist has also nominated two directors for the upcoming AGM. Altai's SOPT in the screenshot. https://t.co/tAJzNe8cMy
L Catterton Bullish on India, but There Won't Be Any Blind Bets
L Catterton is launching a $400 million India Fund I, backed by a $200 million greenshoe, to double down on the country’s consumer sector. The firm will target founder‑led, differentiated brands in structurally attractive categories while shunning businesses that chase top‑line growth without...
Special Committees: A Guide for the Perplexed
Debevoise released a practical guide on special committees in conflict transactions, detailing when to form them, member selection, and operational protocols. A key focus is the appointment of legal and financial advisors, emphasizing that the committee—not the company—must independently choose...
Future Fund Loses Private Markets Investment Leads
Australia's sovereign wealth fund, the Future Fund, announced the resignations of David Bluff and Tammi Fisher, who jointly oversaw private equity and real assets. Their departure adds to a recent wave of senior leadership exits at the fund. The exits...
EIG‑Backed MidOcean Energy Secures Over $1.2 Billion for Offshore Wind Projects
On March 18, 2026, MidOcean Energy announced that it had secured more than $1.2 billion in financing, led by private‑equity firm EIG and backed by 16 partner investors, to fund offshore wind developments across the U.S. and Europe.
OpenAI Seeks $10B Private‑Equity Joint Venture to Accelerate Enterprise AI
On March 18, 2026, OpenAI disclosed it is negotiating a $10 billion joint venture with top private‑equity firms to commercialize its enterprise AI suite. TPG would act as anchor investor, joined by Advent International, Bain Capital and Brookfield Asset Management, while...
CalPERS Shows Near-Term Outperformance in PE Amid Strategy Shifts
California’s $613 billion public‑employees pension fund, CalPERS, is delivering near‑term outperformance in private equity after rebalancing its allocation toward venture‑capital, growth‑stage deals, co‑investments, and secondary transactions. The strategic shift emphasizes higher‑return, lower‑duration assets while leveraging co‑investment opportunities to capture excess returns....
Nevada PERS to Exit Clearlake Exposure Due to ‘Conflicts of Interest’
Nevada's Public Employees' Retirement System (PERS), managing roughly $74.9 billion, announced it will unwind its exposure to Clearlake Capital after identifying a potential conflict of interest. The conflict arises from Clearlake’s recent agreement to acquire Pathway Capital Management, which overlaps with...
Moody’s: Structured Finance Becoming Critical to Origination of IG Private Credit
Moody's reports that structured finance is becoming essential for originating investment‑grade private credit. Alternative asset managers are creating joint ventures, using minority equity positions to package and distribute IG debt. This approach broadens investor access to higher‑quality credit while providing...
Canal+ and PPF Consider Taking Viaplay Private
Canal+ and PPF, each holding roughly 29.3% of Viaplay after a €0.36 billion recapitalisation, are exploring a joint move to take the Nordic streamer private. The proposal would give the two investors close to 60% combined control, consolidating their influence over...
Due Diligence Starts with People, Not Paperwork
Before you ever open a 200-page PPM, real diligence starts somewhere else. You have to vet the people behind the deal. Talk to past investors. Understand their track record. See how they communicate when things go right, and wrong. Documents matter, but trust is built...
Survey: GPs Face Growing Pressure to Modernize Operations
A recent survey reveals that general partners (GPs) are under mounting pressure to modernize their operations as operational resilience becomes a strategic priority. Challenges stem from increasingly complex technology integration, escalating data management demands, and a tightening talent market. The...
Google Spin-Out Gradient Seals $220m for Debut AI-Focused Fundraise
Gradient, the seed‑stage AI venture capital firm that spun out of Google last year, closed its inaugural fund with a $220 million final close. The capital will be deployed to back early‑stage artificial‑intelligence startups across sectors. Gradient’s backing reflects both Google’s...
The Clog in PE’s Exit Pipeline Is Getting Tougher to Clear
Private equity firms are facing a growing bottleneck in their exit pipeline as IPO markets stay muted, M&A activity slows, and secondary‑sale demand wanes. Elevated interest rates and tighter credit conditions are compressing valuations, forcing managers to hold assets longer...
PDI Picks – 3/16/2026
Limited partners (LPs) are staying upbeat on private debt despite recent negative headlines. A new Private Debt Investor feature highlighted that LPs are “shutting out the noise,” maintaining or expanding allocations. Chart data from 2018‑2026 shows a growing share of...
OpenAI Explores $10bn Private Equity Joint Venture
OpenAI is exploring a $10 billion joint venture with private‑equity partners to fund its next‑generation AI models and commercial rollout. At the same time, L Catterton announced a $313 million investment in Japan’s consumer sector, while Apollo is negotiating a minority stake in...
HHP Acquires Hilton DFW Lakes Executive Conference Center
Highline Hospitality Partners (HHP) has purchased the Hilton DFW Lakes Executive Conference Center, a 397‑room hotel on 29 lakeside acres near Dallas‑Fort Worth International Airport. The acquisition expands HHP’s portfolio to 18 hotels, more than 5,000 rooms and roughly $1.5 billion...
Slow Starts, Strong Balance Sheets Fuel Serial Acquirer Success
Serial Acquirers, Stockholm and The Story of 47 Acquisitions Per Year Why serial acquirers remain one of the most powerful business models in the world. The best of them have acquired as many as 275 companies and traded at valuations as high...
From Fired Searcher to $50M in Deals in One Year | Kevin Hong, Caprae Capital
In this episode, Kevin Hong shares his journey from being a fired search fund CEO to founding CapRate Capital, where he has closed over $50 million in lower‑middle‑market private equity deals. He explains how he built a fragmented cap table to...
Morning SPAC News Roundup: March 17, 2026
The March 17, 2026 SPAC News Roundup highlights a resurgence in special‑purpose acquisition company activity, with Q1 IPO volume climbing 12% year‑over‑year. New SEC guidance on de‑SPAC disclosures is reshaping transaction structures, while tech‑centric targets continue to dominate recent merger announcements. Investor...
HK’s Gaw Eyes Gulf ‘Retrenching’ with New Growth Fund
Hong Kong‑based Gaw Capital is establishing a new growth fund aimed at the Gulf region. The fund will reallocate capital that was previously earmarked for investments in the United States and Europe back to Gulf home markets. Andrei Rotaru, head...
Navigating Insider Conflicts: A Delaware and Nevada Playbook
Cooley’s latest memo delivers a concise playbook for handling insider‑conflict transactions under Delaware and Nevada corporate law. Targeted at companies approaching or completing an IPO, the guide stresses that rigorous process and transparent disclosure outweigh post‑hoc legal defenses. It outlines...
IJM Rejects Takeover; Pharmaniaga Escapes Risk
IJM says no to a massive takeover offer, a corporate mafia victim speaks out, and Pharmaniaga finally escapes the danger zone. Are you paying attention to these market moves? Major Updates, March 17, 2026: 1. IJM Corp shuts down Sunway's bid. 2. Victor Chin's...
Private Equity Returns to Pivot Defining Market Peaks and Lows
Private Equity back at a weekly pivot that defined the 2022 highs and the 2024 & 2025 lows. Deals get done here. $PSP $BX $KKR $APO https://t.co/LYslqtcmIZ
Maine Outlines Plan for Cutting Private Equity Target, GP Relationships
Maine’s public pension fund announced a second reduction in its private‑equity allocation within four years, signaling a strategic shift in its portfolio. The plan calls for a modest target cut and outlines the possibility of secondary‑market sales in specific scenarios....
Follow a 5‑Step Roll‑Up to Billion‑Dollar Exit
the roll-up in 5 levels: level 1: buy 1 business level 2: buy 3 competitors level 3: regional dominance level 4: national holdco level 5: $100M–$1B exit everything else is noise
Zero Personal Capital: Seller-Financed Deal with Payment Holiday
the vendor finance structure: – seller carries 100% as a note – 9–12 month payment holiday – business services its own debt – personal capital deployed: $0 legal common available
Buyouts Emerging Manager Survey 2026: Seven Takeaways
The Buyouts Emerging Manager Survey 2026, conducted with Gen II Fund Services, uncovers a tightening fundraising environment for emerging buyout managers, with capital commitments falling and deal cycles accelerating. Limited partners are increasingly demanding proven ESG integration and operational expertise, while...
Private Equity’s Marketing Masks True Volatility and Returns
One of the main reasons behind the significant backlash against private equity and private credit is some of the ways they were marketed are misleading: - Volatility laundering: Private equity claiming vol of 8% when it's actually 25%+. Private credit claiming...
Six Trends Shaping the Emerging Manager Landscape
The article identifies six pivotal trends reshaping the emerging manager landscape, from tighter fundraising cycles to evolving LP expectations. It highlights that limited partners now prioritize demonstrable track records and ESG credentials when allocating capital to new general partners. Niche...
New Providence Acquisition Corp. III (NPACU) to Combine with Abra in $846M Deal
New Providence Acquisition Corp. III (NPACU) announced a definitive agreement to combine with Abra, a digital‑asset platform, in a transaction valued at approximately $846 million. The merger will deliver roughly $200 million of SPAC cash proceeds to Abra and list the combined...
Private‑Equity Returns Overstated; Accurate Marking Essential
Apollo's John Zito on private equity: "I literally think all the marks are wrong...This next cycle is going to be a big moment in time for the private markets because people are way smarter than I think private-market participants, particularly...
Software PE Firms Facing Near‑total Equity Wipeout
Just how bad a shape are software-focused private equity firms in? My napkin math says that if going by public comps, then for many, most of the equity has now been wiped out.
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