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
Evergreens Have ‘Let Loose’ Changes that Will Upend Private Markets – Hamilton Lane
Hamilton Lane’s 2026 Market Overview finds evergreen private‑equity funds outperformed traditional closed‑end funds over both one‑ and three‑year horizons. The edge stems from continuous capital inflows, flexible redemption terms, and longer investment horizons. Evergreen structures are gaining traction as investors seek liquidity and steady returns. The firm warns that these “let‑loose” changes could reshape capital allocation in private markets.
Exit Visibility Key in Evaluating Deals: A&M Capital’s Weisberg
At NEXUS 2026, Jeremy Weisberg of A&M Capital highlighted that its second‑aries strategy targets mid‑market and smaller transactions. The firm argues these deals deliver a more attractive risk‑adjusted return profile than larger, more complex secondary purchases. Weisberg stressed that exit...
Remote Owners Face Hidden Risks in Delegated Management
Case Study: Managing a Business with a Remote Owner: The Hidden Challenges Today, I want to discuss a common scenario in business ownership: when an owner spends most of their time away from the business and relies on a manager to...
Ontario Teachers’ Venture Growth Portfolio Posts 30 Percent Gains in 2025
Ontario Teachers’ Pension Plan’s Teachers Venture Growth (TVG) unit delivered a 30.2% return in 2025, far outpacing its 18.5% benchmark. The fair value of TVG’s net investments jumped to C$15.3 bn, up from C$10.4 bn a year earlier, as stakes in SpaceX,...
Law Firm Marketplace Realities: Why Finding a Buyer Is Harder Than You Think
Finding a buyer for a small law firm is far more challenging than the industry narrative suggests. The market is immature, with most retiring boomers selling internally or to local competitors, while few listings appear on public platforms. Private‑equity interest...
The Partial Government Shutdown’s Impact on Deals
A partial U.S. government shutdown that began in mid‑February has left the Treasury and most CFIUS offices funded, but the Department of Homeland Security’s involvement remains halted. CFIUS statutory deadlines are tolled, meaning approvals can be delayed, especially for transactions...
InsideArbitrage Event Driven Monitor – March 11, 2026
Merger arbitrage activity intensified this week as Paramount’s $24 billion bid for Warner Bros. met criticism from Senator Warren over a pending national‑security review, while Udemy filed a definitive proxy and Eventbrite’s sale to Bending Spoons closed after 98 days. Activist investors...
Exited Founder Podcast | Shannon Wilburn: Selling the Franchise Empire She Built From Her Living Room
In this episode, Shannon Wilburn recounts building Just Between Friends—from a living‑room startup to a national franchise with over 30 locations and $60 million in system‑wide sales—and the emotional, strategic journey of selling it to the brand’s largest franchisee. She emphasizes...
RGREEN Raises €900m for Fifth European Energy Transition Fund
RGREEN announced the close of a €900 million fifth European energy transition fund, targeting renewable infrastructure across the continent. The manager has already deployed roughly 70 % of the capital into projects ranging from wind farms to green hydrogen facilities. RGREEN expects...
Recession‑Proof Utilities: Private Ownership of Evergreen Industries
The industries that never have bad years: – People always get sick (clinics) – People always die (funeral homes) – Trash always needs collecting (waste) – Buildings always need cooling (HVAC) – Bugs always come back (pest control) – Old people always need care (senior homes) These...
Five Seller Types, Five Tailored Selling Strategies
The 5 seller types: The Exhausted Owner – Burnt out, just wants out – Lead with simplicity and speed The Legacy Protector – Cares about staff and reputation – Lead with your transition plan The Price Maxxer – Focused purely on number – Lead with structure that gets them...
Partners Group Holding AG (PGPHF) Analyst/Investor Day - Slideshow
Partners Group Holding AG released its Analyst/Investor Day slide deck, providing a comprehensive view of the firm’s strategic direction. The presentation highlights a focus on sustainable private‑equity opportunities and a targeted 12% annual AUM growth. Geographic expansion, particularly in Asia,...
Ignore Personal Details, Prioritize Cash Flow and Deal Structure
Things that do not matter in an acquisition: – Your personal credit score – Your savings account balance – Your age – Your industry background – Whether you've done it before – What your friends think – Whether you feel ready Things that do matter: – The target's cash...
This Week’s Deep-Value Landscape: Acquirer’s Multiple Large-Cap Screen
The latest Acquirer’s Multiple® Large‑Cap screen highlights a cluster of capital‑intensive cyclicals, discounted financials and mature global franchises that are trading at historically low acquisition multiples despite robust operating income, free cash flow and active shareholder returns. Valuations remain anchored...
Meta Veteran and Sequoia Partner Aim to Raise Over $1 Billion for New Firm
Sequoia Capital partner Ravi Gupta and former Meta Chief Revenue Officer John Hegeman are launching Ithaca Holdings, targeting at least $1 billion in capital. The new holding company will pursue acquisitions of public or private firms, aiming to embed emerging technologies...
Aerospace & Defense Investor JF Lehman Targets $2.75bn for Fund VII
JFL Equity Investors announced a target of $2.75 billion for its seventh aerospace and defense private‑equity fund, significantly higher than the $2.23 billion raised for its predecessor and well above the original $1.6 billion goal. The larger fund reflects robust limited‑partner demand and...
Are You Ready for Private Equity?
Private equity has become the dominant force in wealth‑management M&A, with firms now offering minority stakes to RIAs as small as $750 million in assets. The shift from majority‑only deals to flexible capital structures means owners must articulate how primary capital...
Cliffwater CIO: Time to Reconsider NAV ‘Squeezing’ in Secondaries
Cliffwater’s chief investment officer warns that the common practice of NAV squeezing in private‑equity secondaries creates a hidden form of time arbitrage. He argues evergreen funds buying into secondary vehicles at similar stages are forced into unfavorable pricing. The CIO...
Röko: Undervalued Serial Acquirer Poised for Growth
The holding company that almost no one talks about, yet it might be one of the most efficient compounding engines. RÖKO owns 29 niche, traditional businesses, runs at 21% margins, generates 14.5% returns on capital, and keeps acquiring new companies every...
Winners Alliance Commits Additional Funding Post‑Bankruptcy
Winners Alliance wrote in a court filing today it plans to continue investing in Grand Slam Track when(if?) the track meet company emerges from Chapter 11. WA has invested already around $20 million in equity and debt
More Big Law Leaders, 'Open to Growth,' Are Willing to Consider Mergers
Big‑law partners are increasingly signaling openness to growth through mergers, a shift highlighted by recent high‑profile talks such as Ashurst‑Perkins Coie, Hogan Lovells‑Cadwalader, and Taylor Wessing‑Winston & Strawn. Data from ALM shows a surge in lateral moves whenever merger rumors surface, amplifying market volatility. Firms...
TALK Commands ~3× Revenue Multiple, Outpacing Digital Health
This is actually good news for health-tech. TALK’s takeout multiple of ~3.0x revenues actually represents a fairly healthy premium to the recent digital health average (recall ACCD was taken out at ~1x). https://t.co/4FyXzAiny4
Partners Group Chief: AI, Credit Fears Are ‘Wildly Overdone’
Partners Group CEO David Layton said concerns that artificial‑intelligence‑driven credit risk are exaggerated, calling the current AI and credit‑market anxiety ‘wildly overdone.’ He highlighted that the firm has deliberately kept leverage on its private‑credit evergreen funds lower than many competitors....
CPP Investments Comes to Market with Multi-Billion-Dollar PE Portfolio
Canada Pension Plan Investment Board (CPP Investments) has launched Project Ember, a secondary market sale of a private‑equity portfolio valued at over $3 billion. The transaction includes a tranche of equal‑strip positions tied to prominent buyout funds, signaling a sizable liquidity...
Withdraw Your Profits When Business Starts Thriving
“Many people, even when their company achieves success, will continue to leave their profits and initial capital in the company... Once things are rolling, you need to get your money back out of the company.” – 21 Stupid Things (2016)...
Carlyle Plans Structured Financing to Seed Flagship Carlyle Partners IX Fund
Carlyle is launching a structured financing vehicle, dubbed “Project Potomac,” to seed its upcoming Carlyle Partners IX fund. The vehicle will bundle senior debt, preferred shares and common equity, allowing investors in older funds to swap stakes for cash and equity exposure....
CFOs and Private Equity Sponsors Diverge on IPO Timing and Approach
A new Accordion survey of 200 CFOs and 200 private‑equity sponsors reveals a sharp misalignment on IPO timing and responsibility. While 85% of CFOs say boards or sponsors control the exit, 65% of sponsors expect finance chiefs to own IPO...
Eliot Kerlin and Broadwing: Principles over Playbooks
Eliot Kerlin, founder of Broadwing Capital, discussed the evolving lower‑middle‑market private‑equity landscape, highlighting larger fund sizes, higher purchase multiples, and greater equity contributions. He noted the rise of operational private equity, independent sponsors and family‑office capital, and the need for...
BNP Paribas AM Raises €540m for Hefty European GP Stakes Fund
BNP Paribas Asset Management’s alternatives arm closed its inaugural GP‑stakes vehicle at €540 million, surpassing early fundraising targets. The fund will acquire minority interests in European private‑equity general partners, giving investors exposure to fee‑related earnings without direct deal‑by‑deal risk. Backed by...
West Anderson Partners Acquires Graduate by Hilton Storrs
West Anderson Partners has completed the acquisition of the Graduate by Hilton Storrs, a 100‑room lifestyle hotel situated on the University of Connecticut campus. The property serves university visitors, alumni, athletic teams, and hosts campus events, positioning it as a...
Team Up: Buying a Business Becomes Simpler
Buying a business is easier when you’re not doing it alone. Learn more: https://t.co/0Zb2oIUKUO #SmallBusiness & Deal Making #SMB https://t.co/xNUHGplSQC
CVC Secures €3.7bn Financing for Global Sport Group Backed by KKR and Pimco
CVC has arranged a €3.7 billion financing package for its Global Sport Group, valuing the platform at about €7 billion. The deal combines €1.4 billion from KKR—partly via Global Atlantic—and €1.5 billion of debt from Pimco, with KKR eligible for up to €200 million of...
Morning SPAC News Roundup: March 10, 2026
The March 10, 2026 SPAC Insider roundup offers a curated snapshot of today’s special‑purpose acquisition company landscape, bundling headline stories, Intel‑related updates, and broader market movements. Access to the full content is gated behind a paid monthly subscription, underscoring the platform’s premium...
Amundi to Manage €350m Private Markets Mandate
Amundi has been awarded a €350 million private‑markets mandate, underscoring growing European appetite for alternative assets. At the same time, Asian private‑credit funds are drawing fresh capital as U.S. lenders face tighter conditions. EQT secured a 42% stake in Kelda Holdings,...
The Lessons From Formula 1 to 22 Acquisitions by a Private Equity-Backed CTO
In this episode, Peter Rossi, a former McLaren track‑side IT specialist turned private‑equity‑backed CTO, walks through his eclectic career—from Formula 1 to consulting, VC tech‑due‑diligence, building a SaaS ISO‑27001 platform, and leading a portfolio that has acquired 22 companies across four...
Currency, Tax Risks Tempering Private Equity Optimism in India, Investors Say
Private‑equity investors in India are confronting two major headwinds: a weakening rupee, which has fallen 1.9% against the dollar so far in 2026 after larger declines in the previous two years, and a capital‑gains tax of 10‑15% on exits. While...
Bain Capital Secures $12.5bn Across Asia and Japan Buyout Funds
Bain Capital closed a $12.5 bn fundraising drive for its Asia and Japan buyout vehicles, completing the effort in roughly seven months. Senior management pledged more than $1 bn of personal capital, underscoring alignment with limited partners. The raise includes a $2 bn...
Private Wealth Capital Expanding Capacity for Larger Deals: Ardian’s Mallin
At NEXUS 2026, Ardian’s senior executive Ava Mallin highlighted that private‑wealth capital is flowing into the private‑equity secondaries market, expanding the pool of funds available for larger transactions. While this influx has increased overall capacity, Mallin warned that the market...
Shell Sells Part of US Lubes Business to Monomoy for $1.3B
Shell PLC announced the sale of its Jiffy Lube International unit, including the Premium Velocity Auto franchise, to Monomoy Capital Partners for roughly $1.3 billion. The transaction covers more than 2,000 service locations across the U.S. and Canada and represents about 6.5%...
Private Equity’s Rising Use of RWI-Fueled Searchlight’s Euclid Exit
Searchlight Capital’s Euclid fund achieved a $4 billion distribution to its limited partners, defying a generally sluggish private‑equity exit environment. The performance was driven by a series of recent portfolio company sales that leveraged the firm’s revenue‑weighted investment (RWI) methodology. By...
EQT Eyes $6bn Divestment of Linux Developer SUSE
Private equity firm EQT is exploring a potential divestiture of Linux‑software maker SUSE, aiming for a valuation near $6 billion. The firm has retained advisory shop Arma Partners to gauge interest from other private‑equity investors, though the process remains preliminary and...
Ardian to Add Italian Business to Self-Storage Platform; Bridgepoint’s Fera Science Makes Mineral Play
Ardian announced the acquisition of an Italian self‑storage business, adding it to its pan‑European platform. The deal gives the platform operations in Italy, complementing existing assets in France and the UK. Meanwhile, Bridgepoint’s portfolio company Fera Science, which provides scientific...
Ardian Acquires Majority Stake in Italian Self-Storage Operator Casaforte
Private equity firm Ardian has acquired a majority stake in Casaforte, one of Italy’s leading self‑storage operators. The transaction brings Ardian’s cumulative investment in self‑storage assets across Italy and France to more than €300 million. Casaforte’s portfolio includes over 30 facilities...
Ampersand-Backed Biologos Appoints CEO
Biologos, a life‑sciences manufacturer owned by Ampersand Capital Partners, has named longtime COO Hetal Patel as its new chief executive officer. Patel assumes the role as the firm accelerates investments in manufacturing capacity, including a newly built 32,000‑square‑foot GMP‑compliant facility...
![[Closed] John Wood Group](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://substackcdn.com/image/fetch/$s_!B5NZ!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32978d04-1cd9-421d-91c4-d4ab686c7abd_577x577.png)
[Closed] John Wood Group
John Wood Group’s distressed merger arbitration has concluded with the acquisition finalized and a 30 pence per share payout slated within two weeks. The company’s shares were suspended on the FCA’s Official List and the London Stock Exchange, with a formal...
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Opinion: Asia’s Growing Influence in Healthcare Private Equity
Raj Shah, head of healthcare at Nordic Capital, argues that Asia is becoming a pivotal arena for healthcare private equity. Demographic pressures, especially aging populations and rising middle‑class incomes, are creating a surge in demand for medical services. Investors, both...
Rethinking Exit Multiples in High-Growth Company Valuations
The article presents a valuation framework that derives exit multiples from long‑run growth, ROIC, and discount‑rate assumptions rather than treating them as arbitrary market plugs. Empirical regressions on high‑growth firms show that expected one‑year revenue growth accounts for roughly 55%...
Top Private Equity News of the Week
Global Infrastructure Partners and EQT, backed by CalPERS and Qatar Investment Authority, have agreed to acquire AES Corp in an all‑cash deal valuing equity at $10.7 bn and enterprise value around $33.4 bn, offering shareholders $15 per share—a 40.3% premium. Meanwhile, Volkswagen’s...
Buy Low, Sell High: Leverage Cash‑Flow for $50M Exit
The acquisition math nobody shows you: Buy at 3–5x earnings Sell at 8–12x earnings 10 businesses × $500K profit = $5M EBITDA $5M EBITDA × 10x = $50M exit Businesses you paid nothing for Funded by the cash flow they already produced This is the game. Learn...
M&A Monday: Non-Compete and Other Must-Have Restrictive Covenants
The article stresses that robust restrictive covenants—especially non‑competes—are essential in M&A transactions to safeguard a buyer’s investment. Sellers are typically bound for five years, with clauses covering family affiliates and tailored side‑ventures. Proper drafting, often in a separate agreement, ensures...