Today's Private Equity Pulse
Blackstone closes record $13.1B Asia private‑equity fund
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 Launches Fundraising for 11th Flagship Vehicle
Apollo Global Management has opened fundraising for its 11th flagship private‑equity vehicle, aiming to secure capital after the previous fund fell short of its target. The firm is emphasizing its superior Distributions to Paid‑In (DPI) ratio to persuade limited partners that value creation remains strong. By spotlighting outperformance relative to peers, Apollo hopes to rebuild momentum and attract fresh commitments. The campaign reflects a broader push by large buyout firms to demonstrate resilience amid a tightening capital environment.
Top 3 SPAC Targets – Agriculture
The column revives its Top 3 SPAC Targets list, spotlighting Costa Group, Amber Wave and Better Beef as prime agricultural merger candidates. It ties renewed SPAC activity to shifting trade policies, notably the Supreme Court’s removal of Trump‑era tariffs, and...
Find Burnt‑Out Profitable Owners Ready to Seller‑Finance
There are businesses generating $600K profit right now with owners who: • Haven’t had a holiday in 3 years • Have no succession plan • Would seller-finance the whole deal just to escape You just need to know how to find them and what...
NFL Veteran Nets 10x Return on Oura Exit
NFL veteran @thejaylonsmith recently exited his investment in Oura, making a 10x return, his best ever.https://t.co/xHbeBAUc4s
The Next Round of Uncertainty – ‘a Headwind and a Tailwind’
The secondary market for private‑equity assets is entering another phase of macroeconomic uncertainty, prompting investors to revisit proven playbooks from past volatile periods. Recent data shows tightening liquidity and heightened price sensitivity as capital allocation slows. Market participants are expected...
2026 Should Set Another Record Despite Macro Uncertainty: PJT’s Millan
Adrian Millan of PJT Partners told NEXUS 2026 that the private‑equity secondaries market is poised to break its 2025 volume record despite lingering macro‑economic uncertainty. He noted that investors are re‑evaluating pricing as geopolitical tensions and monetary‑policy shifts create volatility....
Dundon Sells 12.5% of Hurricanes at $2.66 Billion Valuation
Carolina Hurricanes owner Tom Dundon agreed to sell a 12.5% minority stake, valuing the NHL franchise at $2.66 billion. The transaction introduces three undisclosed partners and may provide liquidity for Dundon's pending $4.25 billion acquisition of the Portland Trail Blazers. The Hurricanes'...
High Broker Fees Signal a Business Acquisition Attempt
If a broker charges rates in line with Realtors, say 5 or 6% then they likely are trying to ‘buy business.’- How to Sell my own Business https://t.co/l2EObkfURN https://t.co/Jq7DIDeNGv
New PE Firm Synergy Sports Capital Debuts
Synergy Sports Capital, a newly launched private‑equity firm, announced its debut focusing on the lower‑middle‑market segment. The firm targets companies valued between $10 million and $100 million, with a particular emphasis on sports‑related businesses. Its leadership blends investment expertise with deep industry...
Investcorp Picks up More than $1.25bn to Close Second GP Staking Fund
Investcorp has closed its second general‑partner (GP) staking fund, raising more than $1.25 billion from a diversified investor base. The vehicle will acquire minority equity positions in private‑equity and hedge‑fund managers, offering them liquidity and strategic support. Compared with the firm’s...
Bridgepoint Mulls Options for Defence Investing Strategy
Bridgepoint is evaluating how to position its capital in Europe’s burgeoning defense sector. A recent Carlyle Group white paper projects that the continent could allocate up to €14 trillion to defense and related infrastructure over the next ten years. The magnitude...
PE Weekly: Dealmakers Target the Enterprise—And the Workforce
This week’s middle‑market private‑equity roundup highlighted a wave of strategic acquisitions and a massive fundraising win. New State Capital Partners bought Vast Coworking, expanding its footprint in flexible office space, while Gryphon Investors took a majority stake in HRSoft, a...
Today's Purchases Teach Float and Discipline
Why today is always the day for my biggest business purchases. Float and Discipline lesson inside. https://t.co/r6DUEVnTtI #SmallBusiness & Deal Making #SMB https://t.co/s6Y0EC0IKN
100% Carry Rollover Table Stakes for Trophy CVs – NEXUS
At PEI’s NEXUS conference, industry leaders warned that many companies marketed as "trophy" assets fail to live up to the crown‑jewel label. This reality is driving buyers to adopt 100% carry rollover structures as a new baseline for secondary transactions....
BNP Paribas AM Shuts Down €750m Sustainability Fund – Exclusive
BNP Paribas Asset Management is winding down its €750 million sustainability fund following the acquisition of AXA IM Alts. The purchase created overlapping equity strategies between the two managers, prompting a strategic consolidation. BNP Paribas cited redundancy elimination as the primary...
The SCOTUS Tariff Decision as a Subsequent Event
The Supreme Court’s ruling in Learning Resources v. Trump is being classified as a non‑recognized (Type 2) subsequent event under ASC 855 for firms that imported goods subject to IEEPA tariffs and have not yet issued financial statements as of February 20, 2026. The...
New Broker Search CDI Will Facilitate Shareholder Approval of Deals
The SEC’s Corporate Finance Division issued a new Compliance Disclosure Interpretation (CDI) that relaxes the 20‑business‑day rule for broker searches ahead of shareholder meetings. The guidance lets companies set record dates earlier, giving them more flexibility when seeking shareholder approval...
The Pros and Cons of IPOs and SPAC Mergers
The article examines whether fast‑growing firms should go public via a traditional IPO or a SPAC merger, emphasizing the role of forward‑looking statements. SPAC deals historically allow more detailed projections, which can attract both sophisticated and unsophisticated investors. The SEC’s...
Sumitomo Mitsui Trust to Ally with US Firm Raymond James
Sumitomo Mitsui Trust Group announced a strategic alliance with U.S. brokerage Raymond James, aiming to combine expertise in finance, M&A, real‑estate and asset management. The partnership gives SM Trust access to Raymond James' $1.8 trillion in client assets and its network...
Opportunities Are Emerging for Port Investors Even Despite Signs of Deglobalisation
Port investors are re‑evaluating asset values as global trade patterns shift, despite growing signs of de‑globalisation. The sector’s relative valuation is being reassessed against alternative infrastructure classes, revealing new upside potential. Analysts note that bottlenecks, supply‑chain diversification, and emerging trade...
Skipping Due Diligence: A Straightforward Legal Mistake
Nah. It was cut-and-dried law. He signed the deal and chose not to do the due diligence.
The Global Accounting Profession, Now Featuring 1,000+ PE-Backed Firms
The International Federation of Accountants (IFAC) reports that more than 1,000 accounting firms worldwide now have private‑equity backing. Between 2015 and 2025, 177 direct PE investments sparked 875 subsequent roll‑up acquisitions, totaling 1,052 impacted transactions. Private‑equity activity is most concentrated...
Verdane: Why North American LPs Are Looking to Europe
Verdane, an Oslo‑based private‑equity firm, is actively expanding its North American limited‑partner (LP) base. The move reflects a growing appetite among U.S. and Canadian investors for European assets that promise higher returns than domestic markets. Verdane’s outreach targets pension funds,...
From Associate to GP: $95M Fund, 16 Niche Deals
1. Left an Associate role at a mid-market private equity firm 2. Raised $95 million over three years 3. Completed 16 acquisitions In this episode, I sit down with Kaido, who started his career at a PE fund in New...
Royal Cup Coffee and Tea to Acquire Farmer Bros. For $89.62 Million in Cash
Royal Cup Coffee and Tea announced a cash acquisition of Farmer Bros. Co. for $89.62 million, paying $1.29 per share—a 13.42% discount to the prior close. The transaction values Farmer Bros. at roughly 16.66 times EBITDA. The deal, advised by North...
Bridgepoint Eyes Further Secondaries Growth as Newbury Team Comes on Board
Bridgepoint, the owner of PEI Group, announced that it will launch its next flagship secondaries fund in 2026. The initiative is being driven jointly with Bridgepoint Newbury, which has recently added a dedicated team to the effort. Senior executives Pete...
Carlyle’s Steve Wise Says the Market Is Open for Bigger, Higher-Quality Businesses; Cutting Edge Group Bets on Music From Movies...
Carlyle’s chief investment officer Steve Wise told investors that the private‑equity market is reopening, with a focus on acquiring larger, higher‑quality businesses after a period of caution. At the same time, Cutting Edge Group announced a strategic bet on music...
LPs Are Not Waiting on the Promise of Distributions: William Blair’s Stuiver
Limited partners are no longer waiting for promised cash returns; they anticipate an eventual rise in distributions. Managing director Jake Stuiver of William Blair explains that higher payouts will lift secondary market pricing. As pricing improves, a larger share of...
PE-Backed Banijay Entertainment and All3Media to Merge
Banijay Entertainment and All3Media, both backed by private equity, announced a definitive merger that will combine their production assets under a single entity. The deal creates one of the world’s largest independent television and digital content houses, spanning scripted, unscripted...
Leveraged Loan Insight & Analysis – 3/2/2026
U.S. sponsored loan issuance reached $148.7 bn YTD through February 2026, a 26% decline compared with the same period last year. Refinancing activity accounted for $82.3 bn, or 55% of total volume, while new money contributed $66.4 bn (45%). The slowdown reflects tighter...
New Entrants Unlock Further Opportunities in the Secondaries Market: Apollo S3’s Lessar
Apollo’s third flagship fund, Apollo S3, is focusing on expanding its secondaries platform primarily through organic growth, while remaining open to selective acquisitions, said co‑head Steve Lessar at PEI’s NEXUS conference. The fund’s strategy reflects confidence in the deepening liquidity...
Hunter Point CEO: Japan’s Emerging GP Landscape Ripe for Future Stakes Deals
Hunter Point CEO Avi Kalichstein told Private Equity International that Japan’s general‑partner (GP) ecosystem, though still nascent, is gaining momentum. He highlighted a growing talent pipeline and an increasing appetite for partnership among Japanese firms. Kalichstein believes these dynamics will...
Afrimat Cements Its Turnaround Strategy
Afrimat posted a strong interim 2026 rebound after a 90% profit plunge in 2025, with revenue rising 29.9% to R5.3 billion and operating profit up 29.8% to R380 million. Earnings per share jumped 92.3% to 101.9 cents, pushing the stock to a 20‑times...
KBRA Direct Lending Deals: News & Analysis – 3/2/2026
KBRA released its latest Direct Lending Default Index data covering the trailing twelve months through March 3, 2026. The chart shows a 12% increase in defaults compared with the prior year, reflecting heightened stress in the private credit market. The index, which...
Side Letter: Europe’s Exit Intervention
Private equity markets in Europe are confronting a slowdown in exits, raising concerns that policymakers could step in to support liquidity. In the United Kingdom, large distribution‑capital firms are increasingly deploying capital directly, altering the structure of private‑market investing. Meanwhile,...
Private Equity Isn’t The Real Issue In Healthcare. Competition Is
Private equity’s expansion into health‑care has sparked a policy debate, but dentistry reveals a more nuanced picture. A recent study with the American Dental Association found that PE‑owned dental practices did not secure higher negotiated insurer rates. Instead, they raised...
Vendor Financing Aligns Seller Interest via Business Collateral
Case Study: Effective Vendor Financing in Business Acquisitions This topic was highlighted by a question from Tomo, a follower intrigued by the mechanics behind vendor take-back notes. Challenge: When purchasing a business with vendor financing, one of the key concerns for both...
AI Poised to Upend Software, Jeopardizing Private Equity
The Extinction of Private Equity? My latest memo on the potential of AI to disrupt the software industry and its effect on private equity: https://t.co/GMi44JG2PQ https://t.co/oZYyMnfppx
Build a Business That Sells Without You
In this episode of M&A Talk, host Jacob Oros interviews serial entrepreneur Travis Jameson, who has founded and exited a dozen businesses across tech, e‑commerce, SaaS, and health products. Jameson shares his core lesson for building a sellable company: make...
Trump Poised to Acquire Media Stakes via Netflix Debt
Did not have President Trump buying Netflix debt on my bingo card. How long until he is taking direct stakes in the media business? Remember Jared's Affinity Partners "pulled out" of part the Paramount investor group in December. $PSKY $WBD...
Blackstone Invests $400M in Teva, Sanofi Gut Drug
Blackstone puts $400M into Teva, Sanofi gut disease drug https://t.co/CkxPaI6CPr @ByJonGardner $TEVA $SNY $MRK $RHHBY
A New Media Empire
Paramount announced a $111 billion acquisition of Warner Bros. Discovery, paying $31 per share—a 150% premium to the pre‑talk price. The deal includes a $7 billion regulatory fee and a $2.8 billion breakup fee for Netflix, which withdrew its bid. Combining Paramount, CBS,...
PE‑
Major narrative violation but a private equity-owned SaaS company, financed by *gasp* private credit, is rapidly building out its AI capabilities. https://t.co/DOGvFQyXdN
‘Infra Is Defensive but Valuation Smoothing Downplays Risk’
Tim Whittaker of the European Investment Partners Association (EIPA) argues that while infrastructure is often marketed as a defensive asset class, current valuation practices smooth out volatility and conceal true risk. He calls on regulators to require private market investors...
CapMan to Launch €750m Third Nordic Infra Fund – Exclusive
CapMan announced the launch of its third Nordic infrastructure fund, targeting €750 million in commitments. The new vehicle represents a roughly 90% increase over the firm’s previous €400 million fund. It will focus on renewable energy, transport, and digital infrastructure projects across...
Maven Unveils Succession as MacKinnon Becomes Managing Partner, Founder Nixon Steps Back
Maven Capital Partners, a UK alternative investment firm, announced a leadership transition. Long‑time executive Ewan MacKinnon has been named managing partner, succeeding founder Bill Nixon. Nixon will step back from day‑to‑day operations and assume an advisory capacity as part of...