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.
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 enforceability and prevents accidental carve‑outs, while lenders and investors routinely demand these protections. If a breach occurs, buyers should engage specialized litigators and seek swift injunctive relief to halt competition and preserve business value.
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...
Leverage Expertise, Not Assets, to Acquire Middle‑Market Firms
Speaking with a former hedge fund manager who started investing in and acquiring profitable lower middle market companies. There is a catch though.. The model often starts with advisory work, where clients are willing to pay substantial fees for judgment alone. There is...
Advent Considers $4bn Divestment of Naval Defense Business Ultra Maritime
Advent is weighing a roughly $4 billion divestiture of Ultra Maritime, the naval‑defense arm that specializes in anti‑submarine warfare technologies such as sonar, sonobuoys and torpedo countermeasures. The private‑equity firm acquired the business through its purchases of Cobham and Ultra Electronics...
Side Letter: New Mountain’s Holt Halt
A former New Mountain Capital executive attempted to acquire five of the firm’s portfolio assets, but the bid collapsed after negotiations stalled. The breakdown highlights the growing importance of baseline economics in pricing trophy‑level private‑equity assets. Investors now treat valuation...
Why Private Equity Matters (Part Nine)
Private equity firms are increasingly emphasizing strategic selection over opportunistic buying, dedicating extensive time to identify the right business, market, or operating model before committing capital. This disciplined approach reflects a long‑term view of which industries and company types offer...
The SaaSpocalypse and Salesforce’s Massive Buyback – The Special Situations Report Episode 57
Episode 57 of the Special Situations Report podcast discusses four headline stories. Salesforce announced a $50 billion stock buyback, the largest ever for the company. The show also covers a bidding war for Reservoir Media, insider sales at Warner Bros. Discovery, and Elliott...
Are CVs the Answer to GP Stakes Exit Challenges?
General partner (GP) stakes have become a sizable asset class, yet investors struggle to find timely exits because traditional secondary markets lack depth. GP‑led continuation vehicles (CVs) are emerging as a structured solution, allowing sponsors to roll assets into a...
EQT Backs Launch of UK Tax Challenger WTS to Rival Big Four
Private equity firm EQT is injecting more than €500 million into the launch of WTS UK, a new tax advisory platform designed to challenge the Big Four in Britain. Led by former EY global law head Soar, the firm has already...
Chart of the Week: Leading the Way
The chart released by TheLeadLeft shows private‑equity fundraising trends from 2016 to 2025 across North America, Europe, Asia‑Pacific and the rest of the world. In 2025 the United States emerged as a relative bright spot, posting higher fundraising totals while...
First-Year CEO Playbook: Preserve, Learn, and Improve Quickly
Lessons from 60+ search fund deals and a few guiding principles for a new CEO’s first year at an acquired company (from seasoned search fund investor Tim Ludwig): 1. Do no harm. You (or the investors) bought a good business....
FFL Partners Forms Pioneer HOA
FFL Partners announced the creation of Pioneer HOA, a newly formed holding company designed to house its current and future investments in homeowners association (HOA) property‑management firms. The move consolidates a fragmented portfolio under a single corporate umbrella, simplifying governance...
Irenic Hires Apollo’s Wang in Private Equity Push for Hedge Fund
Irenic Capital Management, a hedge fund known for activist campaigns, is expanding into private equity by hiring former Apollo Global Management principal E‑Fei Wang as managing director and head of private equity. Wang will lead efforts to execute buyouts and...
CPP Wants More ‘Established’ Data Centre Platforms After Latest $4bn Buy
The request did not include the article text, only a placeholder indicating a pay‑wall prompt. Without the actual content, no details about CPP's interest in more established data centre platforms or the referenced $4 billion acquisition can be extracted.
Blackstone Taps Citi for Potential $1bn ShyaHsin Packaging Sale
Blackstone has engaged Citi to explore a sale of ShyaHsin Packaging, targeting a valuation of at least $1 billion. The Taiwanese‑based manufacturer supplies containers and components for colour cosmetics, skincare and fragrance brands, operating factories in China and Mexico. Blackstone bought...
Sports Investing Insights From Ian Charles, Theo Epstein, Josh Harris, José E. Feliciano
At PEI Group’s NEXUS 2026, private‑equity veterans Ian Charles (Arctos), Theo Epstein (26North), Josh Harris (Clearlake) and José E. Feliciano shared their outlook on sports investing. They highlighted accelerating franchise valuations, the premium placed on media‑rights and data‑analytics assets, and...
HIG Details Pipeline for Industrial Maintenance Biz Coriant; EQT, Ambienta in Water Treatment Deals
H.I.G. Capital disclosed a pipeline of investments targeting industrial‑maintenance specialist Coriant, signaling a strategic push into high‑margin service assets. Private‑equity firms EQT and Ambienta announced separate acquisitions in the water‑treatment sector, expanding their environmental‑services portfolios. Gurpreet Manku, CEO of Level 20,...
KKR Mulls Exit From Data Centre Cooling Specialist CoolIT
KKR is weighing a multibillion‑dollar sale of CoolIT Systems, a data‑centre liquid‑cooling specialist that it bought for roughly $270 million in 2023. The potential transaction could value the company at over $3 billion, reflecting the rapid shift of CoolIT from gaming‑PC cooling...
EQT to Invest in Parent Company of Yorkshire Water
EQT, the global private‑equity firm, announced a strategic investment in the holding company that owns Yorkshire Water, one of the UK’s largest water and wastewater providers. The capital infusion is aimed at bolstering infrastructure upgrades and supporting long‑term service reliability...
Nordic Private Capital Markets Demonstrate Resilience, Report Reveals
PitchBook’s 2026 Nordic Private Capital Breakdown shows the region’s private capital market outperformed Europe in 2025, with venture capital investment rising 15.6% to €6.5 billion despite a 20% drop in deal count. Median deal size reached a record €2 million and AI‑focused...
EPF Holds Up RM11B Sunway‑IJM Takeover Amid Val
RM11B Sunway-IJM Takeover: The Great GLC Standoff The Employees Provident Fund (EPF) and major institutional shareholders are officially in a holding pattern, freezing an RM11 billion power shift as the Independent Advice Circular faces strategic delays. This regulatory bottleneck creates a...
Trump's DOJ Shakeup Leads to Ticketmaster Settlement
When the Trump administration canned DOJ antitrust chief Gail Slater, we wrote that all eyes should be on the Live Nation/Ticketmaster case -- watching to see if her ouster paved the way for a settlement. Today: Settlement.
DNB Heads to Private Status After CelcomDigi and Maxis Buy MOF Shares
Digital Nasional Berhad (DNB), Malaysia's 5G wholesale operator, is set to become a fully private company after CelcomDigi and Maxis each exercised a put option to buy the 41.67% stake held by Minister of Finance Incorporated (MOF Inc). The transaction,...
A $2.5 Billion Commitment to Children with Cancer: Servier Acquires Day One Biopharmaceuticals
French pharma group Servier announced a definitive agreement to acquire Nasdaq‑listed Day One Biopharmaceuticals for $2.5 billion, paying $21.50 per share—a 68% premium to the prior close. The cash‑only transaction will be funded from Servier’s reserves and is slated to close...
Canadian Unicorn Sale Highlights Capital Drain to U.S., Abu Dhabi
Calgary-based tech unicorn CoolIT is speculated to be for sale for more than $3 billion. All of this value creation from this Canadian business will go to the U.S. (KKR) and Abu Dhabi (Mubadala). Sadly, this is par for the course for...
Rapidly Build Credibility and Network in New Markets
Full-speed immersion into a city and industry that is ripe for your search. Step by step on how to be taken seriously and make contacts fast. https://t.co/Dx7qWaKO4P #SmallBusiness & Deal Making #SMB https://t.co/pJ9bixnjax
DiligenceSquared Closes $5M in Funding to Bring AI-Driven Commercial Due Diligence to Private Equity
DiligenceSquared announced a $5 million seed round led by Relentless with participation from Y Combinator to scale its AI‑driven commercial due‑diligence platform. The solution combines AI voice agents, automated data synthesis, and interactive, source‑traceable reporting to replace traditional consulting projects that typically...
Construction Stocks Squeezed by Takeover Rumors and Regulatory Scrutiny
Stop scrolling if you hold construction equities. Takeover rumors are actively destroying contract values right now. 1. MACC probe costs IJM a data center deal 2. MoF intercepts Sunway takeover of IJM 3. State funds clash over MRCB mega-merger Detailed Breakdown ↓↓↓ #BursaMalaysia #Equities
Malaysia Sees Major Corporate and Legal Shifts
Major Business News on March 6, 2026: 1. Court of Appeal to rule on RM1.7b pensioners payout 2. Ekovest secures 54-year highway concession 3. Datuk Seri Johari Abdul Ghani nears mandatory offer threshold 4. Datuk Tiong King Sing exits Timberwell at RM12.8 million Source: The...
BlackRock-AES Deal Highlights Gas' Edge Over Renewable Power
A BlackRock‑led consortium will take AES private in a $33.4 billion deal, valuing the power producer at roughly $70 billion. The transaction underscores private‑equity interest in regulated energy assets amid soaring electricity demand. It also highlights the competitive pressure gas and nuclear...
Pete Nordstrom on the Enduring Power of Retail’s ‘Best Mousetrap’
Nordstrom celebrated its 125th anniversary as a $16 billion retailer, having evolved from a Seattle shoe store into a full‑line department chain. In 2023 the Nordstrom family partnered with Mexico’s Liverpool to take the company private, giving it greater speed and...
Schellman Announces Strategic Partnership with Goldman Sachs Alternatives
Schellman, a leading cybersecurity compliance provider, secured a strategic investment from Goldman Sachs Alternatives, while Lightyear Capital stays on as a minority holder. The partnership aims to fund Schellman's next growth phase, expanding capabilities in AI governance, federal compliance, and digital trust....
Deal Roundup: Goldman Sachs Alts Leads $65m Sage Series C, Littlejohn & Co Invest in GDS Associates
Goldman Sachs Alternatives' growth equity arm led a $65 million Series C round for Sage, an integrated care platform serving senior living communities and skilled‑nursing facilities. The capital infusion is aimed at scaling Sage’s technology stack, expanding its geographic footprint, and accelerating...
Ex-NFL Players Terrence C. Murphy Sr, Reggie Bush Eye $150m for Debut Sports Fund
Former NFL star Terrence C. Murphy Sr., joined by Hall of Famer Reggie Bush, has launched a private‑equity vehicle to acquire controlling interests in emerging sports leagues and related ecosystem assets. The partnership aims to raise $150 million for its debut...
Gilchrist: Igneo ‘a Clean Sheet of Paper in Terms of Opportunity’
Carolyn Gilchrist, appointed six months ago as Igneo’s global head of capital formation, has outlined a new vision for the firm’s investor relations. She proposes a unified IR function that will serve as a single point of contact for investors...
PE Fundraising Suffers Weakest Year Since 2020 Amid Exit, Distributions Challenges: PitchBook
Private equity fundraising slowed for a second straight year in 2025. Total capital commitments fell to the weakest level since 2020, marking a double‑digit year‑over‑year decline. The slowdown stems from a dearth of portfolio exits, which curbed distributions and left...
Talent‑First Strategy Powers Decades of Private‑Equity Returns
I started preparing for a research episode on a top private equity firm ($3B+ in AUM), and here are some of the notes I’ve taken so far: >Talent drives returns. >Their model is driven by the search for outlier investment talent. >Most of...
Byron Allen Buys 10.7% of Starz for $25M
Byron Allen Acquires 10.7% Stake in Starz From Steve Mnuchin’s Investment Firm for $25 Million https://t.co/uuDK84OBQW via @variety
Advent Discloses Rejected $1.52bn Bid for UK Aerospace Supplier Senior
Advent Capital disclosed that its $1.52 billion offer for Senior, a UK aerospace components supplier, was turned down by the target's board. The rejection comes amid a competitive auction that includes Arcline Investment Management. Senior’s decision highlights valuation gaps between private‑equity...
Dunkin's Parent IPO Beats SpaceX and OpenAI
The year's most important IPO isn't for SpaceX or OpenAI. It would be for the parent company of Dunkin' (do I need SpaceX or OpenAI every day? nope. but my iced coffee is a nonnegotiable) https://t.co/6kXbsBReYh
PE Eyes Growth Opportunities in Active Pharmaceutical Ingredients: 5 Deals
Private equity firms are actively pursuing growth in the active pharmaceutical ingredient (API) sector, with five recent transactions highlighted by Astorg, EQT, New Mountain Capital and TA Associates. The deals involve both acquisitions and divestitures of API manufacturing assets, reflecting...
Real Deal Structures Hide in Everyday Business Stories
I Remember years ago I read an article most readers would skim past. It wasn’t about investing. It wasn’t about finance. It was a local business dispute. But buried inside was a real-world deal structure.
Whither 122(18)?
In late January, VC Zurn denied a temporary restraining order seeking to block the Fifth Third‑Comerica merger, rejecting the plaintiff’s claims under both Unocal fiduciary standards and Delaware General Corporation Law §141(a). The plaintiff contended that the merger’s “no‑shop” provisions violated...
BlackRock’s GIP to Acquire TCR
Global Infrastructure Partners (GIP), BlackRock’s infrastructure arm, has signed a definitive agreement to acquire TCR, the world’s largest independent lessor of airport ground support equipment, from 3i Infrastructure. The deal includes a co‑investment by TCR’s management team, underscoring confidence in...
The Firm that Never Forgets: Rowspace Launches with $50M to Make AI for Private Equity Actually Work
Rowspace, a San Francisco startup founded by MIT alumni Michael Manapat and Yibo Ling, announced a $50 million seed and Series A round led by Sequoia and Emergence Capital. The company’s AI platform stitches together a firm’s structured and unstructured private‑equity data—deal...
Mutares Agrees to Sell inTime to Tawin Holdings Group
Mutares, the German private‑equity firm, has agreed to sell its European time‑critical logistics subsidiary, inTime, to Tawin Holdings Group. inTime provides ultra‑fast, same‑day and next‑hour delivery services across key European hubs. The divestiture aligns with Mutares’ strategy to streamline its...
Amid Ownership Transition, Sirona’s Revenue Drops to Rs 77 Cr in FY25
Sirona, the Gurugram‑based feminine hygiene brand, saw its FY25 revenue drop 23% to Rs 77 crore after a turbulent ownership transition. The company was bought back by its founders earlier this year for roughly Rs 150‑180 crore, far below the Rs 450 crore Good Glamm paid...
Antitrust: Trump 2.0’s “Deal Friendly” Merger Review
The DOJ and FTC under the Trump‑era “Deal Friendly” approach have shifted toward expediting non‑problematic mergers, reviving early termination practices, and favoring structural remedies such as divestitures. In 2025, agencies filed 12 enforcement actions, with nine settled via consent orders,...