Momentum Midstream Explores Sale That Could Fetch $5B
EnCap Flatrock Midstream is exploring a sale of its gas‑pipeline subsidiary Momentum Midstream for a price exceeding $5 billion. The private‑equity firm has engaged advisers and is gauging interest from rivals and other buy‑out funds. Momentum operates roughly 4,000 miles of pipelines serving 10 LNG terminals and 26 power plants, primarily in the Haynesville Shale region. If completed, the transaction would rank among the largest midstream deals since Brookfield’s $9 billion acquisition of Colonial Enterprises.
Loan Note: The Rise of the Zombie Funds; Record Year for Emerging Market Private Credit
The loan‑note briefing highlights a surge in so‑called “zombie” funds that continue to chase low‑yield opportunities despite deteriorating market conditions. At the same time, emerging‑market private credit achieved a record deployment year, reflecting strong investor demand for higher returns. Arctos’s...
Fairfax Times the Cycle with a Bet on a Manager Intent on Scaling Its Credit Business
Fairfax Financial is timing the market cycle by investing in Kennedy Wilson’s credit platform as the real‑estate firm prepares for privatization. Kennedy Wilson has steadily expanded its real‑estate debt capabilities while maintaining a global equity presence. The move reflects Fairfax’s...
Arcmont Almost Doubles Size of Previous Capital Solutions Fund
Arcmont’s latest capital‑solutions fund marks a significant scaling moment for the European private‑debt manager. The €1.5 billion close, announced by its Nuveen affiliate, almost doubles the €800 million raised for the inaugural vehicle, reflecting robust capital inflows into non‑bank lending. Across the...
Oaktree Considers Sale or London IPO of UK Wealth Manager Utmost
Oaktree Capital is weighing a sale or a London IPO for its UK wealth‑management platform Utmost, signaling renewed interest in public market exits for private‑equity‑owned financial services. Meanwhile, Carlyle’s US buyout platform is on track to realise nearly $12 billion in...
Bloomberg: Leveraged Lending Insights – 2/23/2026
US institutional leveraged loan issuance slowed sharply in February 2026, with only $22.85 billion priced to date and $9.54 billion expected by month‑end, far below January’s $164.1 billion. The month‑over‑month drop reflects heightened market uncertainty and tighter credit conditions. Analysts attribute the slowdown...
Anthropic Acquires Computer-Use AI Startup Vercept After Meta Poached One of Its Founders
Anthropic announced the acquisition of Vercept, a Seattle‑based AI startup known for its computer‑use agent Vy, and will retire the product by March 25. Vercept, which raised $50 million from investors including Eric Schmidt and Jeff Dean, joins Anthropic’s Claude Code team following a...
Carlyle’s US Buyout Platform Set to Realize Nearly $12bn in 13 Months
Carlyle’s U.S. buyout platform is on track to realize close to $12 billion of cash proceeds within the next 13 months. The firm attributes this pipeline to a portfolio that aligns with current market demand, saying its assets are “what buyers...
Alphabet-Owned Robotics Software Company Intrinsic Joins Google
Alphabet-owned Intrinsic, a robotics‑software specialist, is joining Google while remaining a distinct entity. The integration will link Intrinsic’s Flowstate platform and Vision AI model with Google DeepMind, Gemini AI models, and Google Cloud services. Earlier, Intrinsic expanded through acquisitions of...
LA Water and Power Increases PE Pacing in the Face of Cashflow Deficits
Los Angeles Water and Power’s pension fund announced it will accelerate private‑equity pacing even as cash‑flow deficits persist. The plan calls for expanding exposure to European buyout opportunities and secondary market deals beginning in 2026. By targeting these asset classes,...
CPP Investments Will Mull Secondaries Sales to ‘Trim Older Exposure’
Canada Pension Plan Investment Board (CPP Investments) is evaluating secondary market sales to trim its older private‑equity exposures. The fund intends to allocate roughly C$20 billion to new private‑equity commitments this year, according to global head of PE Caitlin Gubbels. By...
Younger, High-Quality Portfolios Gain Ground in LP-Led Market – NEXUS
The secondary market is increasingly dominated by LP‑led transactions that target younger, high‑quality private‑equity portfolios. Ardian’s Wilfred Small described the environment as one of “asset selection and cherry picking” rather than bulk sales. Limited partners are allocating capital to these...
The Worst of Times May Be the Best of Times for Private Credit, Says Oaktree’s Hobbs
Deputy CIO of Oaktree Capital, Hobbs, told the NEXUS 2026 conference that private‑credit spreads have stopped falling and now sit on a floor, turning a challenging market into a source of value. He explained that tighter bank lending and higher...
CD&R’s Acquisition of Sealed Air Clears Hurdles
Sealed Air shareholders voted to approve a $6.2 billion takeover by private‑equity firm Clayton, Dubilier & Rice (CD&R). The European Commission recently cleared the deal, finding no competition concerns, allowing the transaction to move toward closing pending final regulatory sign‑offs. The...
Chart of the Week: Growth Is King
A recent chart from McKinsey’s Global Private Markets Report shows that private‑equity fund performance is now driven primarily by portfolio‑company revenue growth rather than financial engineering. The data indicate that growth‑focused strategies generate the bulk of returns across vintages, eclipsing...
Why Private Equity Matters (Part Seven)
Private equity’s image as a ruthless raider is outdated; today firms focus on partnership and growth. They acquire companies through negotiated deals, often allowing sellers to retain equity, aligning incentives. While cost efficiencies remain a tool, sustainable value stems from...
‘We’re Not Selling Assets in Order to Hit the Payroll,’ CalPERS’ Marcie Frost Said at NEXUS 2026; Josh Harris Pursues...
At NEXUS 2026 CalPERS chief investment officer Marcie Frost assured members that the pension fund will not sell assets to meet payroll obligations, emphasizing a long‑term investment focus. In the same forum, 26North founder Josh Harris described a strategy of...
Practice Profile: Giving Everyone a Piece of the PE Pie
Citrin Cooperman, after private‑equity backing from New Mountain in 2021 and a Blackstone stake in 2025, rolled out a firm‑wide "P unit" program that gives every employee a share of the firm’s equity growth. The participation units vest based on...
Are PE’s Best Days Ahead of It? Here’s What CPPIB and Warburg Pincus Think
Canadian pension fund CPPIB and Warburg Pincus both signal optimism for private equity returns despite recent market turbulence. CPPIB projects improving internal rates of return as deal flow stabilizes, while Warburg Pincus highlights emerging fee‑restructuring trends that could ease limited...
Side Letter: Here Be Zombies
Zombie‑style private‑equity funds are projected to manage roughly $1 trillion in net asset value by 2030, reflecting a surge in aging, ill‑liquid portfolios. The article outlines how managers must adjust to a “new era” where exits are scarce and capital recycling...
Private Equity Still Vital to CalPERS’ Strategy Under TPA: CEO
At NEXUS 2026, CalPERS CEO Marcie Frost announced that the pension fund’s revitalized private‑equity program will operate with a degree of independence from its newly adopted total‑portfolio approach (TPA). The move signals a renewed commitment to private‑equity as a core return...
Rise of the Machines: The Data Science Unit TDR Says Gives It an Edge
TDR’s dedicated data‑science unit, launched ten years ago, now embeds machine‑learning models across the firm’s value‑creation workflow. The team builds predictive analytics to source acquisition targets, streamline due‑diligence, and monitor portfolio performance. By automating data aggregation and applying advanced algorithms,...
GP-Leds Boost Exits for Azalea’s Offerings
Temasek’s Azalea Investment Management says GP‑led secondary structures are accelerating exits for its funds. Managing Director Justin Keh predicts more general partners will adopt the technology to provide liquidity to limited partners. The trend could expand Azalea’s assets under management...
Gore Street Capital Eyes €1bn Through Energy Storage Fundraise by Year End
Gore Street Capital aims to raise €1bn for a new energy‑storage fund and a co‑investment vehicle by the end of 2026. The capital will target grid‑scale battery projects that support Europe’s renewable integration. Institutional investors are expected to form the...
Genstar Adds Supply Chain Specialist to Advisory Board
Genstar Capital has appointed a seasoned supply‑chain specialist to its advisory board, aiming to deepen operational expertise across its portfolio. The new member brings over two decades of logistics, procurement and risk‑management experience from leading industrial firms. Genstar expects the...
Debtwire Middle-Market – 2/23/2026
Sponsor‑backed merger and acquisition activity surged to $165 billion in December 2025, marking the second‑largest monthly volume in the past decade, just shy of the $168 billion peak recorded in April 2021. Data from Mergermarket shows that leveraged buyouts and other sponsor‑driven deals now...
Covenant Trends – 2/23/2026
Covenant Review released its latest quarterly snapshot of new‑issue institutional loans that include a pick‑your‑poison covenant provision. The accompanying chart tracks the share of such loans by quarter, showing a clear upward trajectory over the past two years. The data...
Octus: Private Credit & Deal Origination Insights – 2/23/2026
The 2026 outlook for Americas private credit is dominated by the mass maturity of loans originated in 2021, pushing the asset class into the mainstream. Refinancing activity surged in 2025, with a 29% jump in deals that now represent 28%...
KBRA Direct Lending Deals: News & Analysis – 2/23/2026
KBRA released its latest TTM Direct Lending Default Index on February 23, 2026, showing a year‑to‑date default rate of 2.8%, up from 2.4% in the prior quarter. The index recorded 150 cumulative defaults across the direct‑lending universe, while the weighted average spread...
The Pulse of Private Equity – 2/23/2026
Private equity activity in healthcare surged in 2025, driven primarily by the devices and supplies segment. Deal value in this sub‑sector jumped more than 270 % year‑over‑year, the strongest growth among all healthcare categories. The breakout transaction was Hologic’s $18.3 billion leveraged...
What Does Ssense’s Rescue Deal Mean for Its Future?
Ssense, the Montreal‑based luxury e‑commerce platform valued at $4 billion in 2021, filed for bankruptcy in August 2025 after US tariff hikes and operational missteps eroded its margins. In February 2026 the Atallah brothers secured court approval to purchase the company’s...
FS KKR Capital Corp (FSK) Q4 2025 Earnings Call Transcript
KKR reported record fundraising in 2025, raising $129 billion and reaching over 80% of its $300 billion target for 2024‑2026. Fee‑related earnings per share rose to $1.08, with management fees up 24% YoY, driving a 68% FRE margin. The firm announced a...
Panoro Energy ASA - Contemplated USD 49 Million Private Placement to Finance Transformational Acquisition
Panoro Energy ASA announced a private placement of up to NOK 467 million (approximately USD 49 million) to help fund the acquisition of Kosmos International Petroleum’s 40.375% non‑operated interest in Block G offshore Equatorial Guinea. The offering consists of two tranches – a fully...
2026 Should Mark Record Year for Exits and Secondaries Volume – Blackstone’s Perry
Blackstone’s global head of Strategic Partners, Perry, projected that 2026 will deliver a record year for private‑equity exits and secondary‑market volume. He explained that accelerated exit cashflows enable secondary buyers to bid higher prices, which in turn should entice more...
Eagle Energy Metals and Spring Valley Acquisition Corp. II Announce Closing of Business Combination
Eagle Energy Metals Corp. completed its business combination with Spring Valley Acquisition Corp. II, creating Eagle Nuclear Energy Corp. The new company will begin Nasdaq trading on February 25, 2026 under the ticker symbols NUCL and NUCLW. The merger pairs the largest...
NEXUS Panelists: Lack of Exits, Compressed PE Returns Complicating LP-GP Dynamics
At PEI Group’s NEXUS 2026 conference, Mike Lazorik of Texas TRS warned that the alignment between limited partners (LPs) and general partners (GPs) has become increasingly fraught. He cited a sharp decline in exit opportunities and compressed private‑equity returns as...
CalPERS Wants Its GPs to Do Better on Transparency
CalPERS, the $613.7 billion California public‑employees pension, announced it will require its private‑equity general partners to provide far greater transparency on portfolio‑company data. CEO Marcie Frost said enhanced visibility will sharpen risk management and fulfill fiduciary responsibilities. The fund plans to...
NEXUS Panelists: Lack of Exits, Compressed PE Returns Complicating LP-GP Dynamics
At the NEXUS 2026 conference, private‑equity executives highlighted that a slowdown in exits and tighter returns are straining the traditional LP‑GP relationship. Mike Lazorik of Texas TRS warned that alignment “has never been more complicated” as limited partners push for...
Bruin Hires Managing Director to Focus on Fan, Media Opportunities
Bruin Capital announced the hiring of Adam Hasiba as its first Managing Director, tasking him with expanding the firm’s sports, media and fan‑engagement platform. Hasiba leaves consumer‑focused private‑equity giant L Catterton after more than a decade, bringing deep experience scaling media‑centric...
The Evolving Nature of Direct Secondaries Valuations
Direct secondaries are emerging as a leading exit strategy for private‑equity portfolios, prompting a reassessment of how these assets are valued. Subu Parmeswaran of Valuation Research Corporation highlights that traditional static models no longer capture the nuanced risk‑adjusted returns of these...
Gemspring Sells Security 101 to Morgan Stanley
Gemspring has sold its stake in the cybersecurity startup Security 101 to Morgan Stanley. Gemspring originally invested in Security 101 in 2021, and the transaction marks its exit from the venture. The acquisition gives Morgan Stanley full ownership of the...
Bain’s MacArthur: 401(k) Opportunity Is ‘Major Inflection Point’ for Alternatives
Chair of Bain’s global private equity practice, Hugh MacArthur, says the growing ability for 401(k) participants to invest in private equity marks a major inflection point for the alternatives industry. He argues that retail access will set a new performance...
Meridiam Seals €2.2bn for Fund Extending Exposure to Long-Hold European Infra Assets
Meridiam has closed its latest infrastructure fund with €2.2 billion of commitments, extending its exposure to long‑hold European assets. The capital raise reached final close this week, adding to the firm’s growing pool of long‑term infrastructure capital. The new vehicle will...
GIC Emerges as Lead Buyer on Meridiam’s €2bn+ CV
GIC has emerged as the lead buyer for Meridiam’s continuation vehicle (CV) valued at over €2 billion. The CV aggregates a portfolio of 22 infrastructure assets currently held in Meridiam’s legacy funds. By acquiring the majority stake, GIC positions itself at...
Thoma Bravo’s Holden Spaht, Anastasia Titarchuk of New York State’s Common Retirement Fund, 26North’s Josh Harris Speak at PEI Group’s...
The PEI Group launched its NEXUS 2026 summit with a high‑profile speaker roster. Thoma Bravo’s Holden Spaht joined Anastasia Titarchuk of New York State’s Common Retirement Fund and 26North’s Josh Harris on the opening panel. The event gathers private‑equity leaders,...
Blackstone Strategic Partners Leads on EQT’s Evergreen CV for EdgeConnex
Blackstone Strategic Partners is spearheading EQT’s new evergreen continuation vehicle aimed at EdgeConnex, an Australian data‑centre operator. The fund is projected to close at roughly $2 billion, with provisions to expand as additional assets become available. By using an evergreen structure,...
Brookfield-Backed Rockpoint Gas Storage Closes C$459 Million Secondary Offering
Brookfield-backed Rockpoint Gas Storage completed a secondary offering, selling 16.4 million shares at C$28 per share. The transaction generated approximately C$459 million in gross proceeds, including shares issued under an over‑allotment option. The capital raise bolsters the company’s balance sheet and funds...
26North’s Josh Harris: Retail Capital Presents ‘Recipe for Problems’
At the PEI Group’s NEXUS 2026 conference, 26North veteran Josh Harris warned that blending unaccredited retail investors with traditional wealth capital in private‑market vehicles creates a regulatory mismatch. He argued that differing oversight levels could spark investor backlash and damage the...
ASC-Backed CampusWorks Merges with College Consulting Firm Dynamic Campus
CampusWorks, a Sarasota‑based higher‑education consulting firm backed by private equity firm ASC, announced its merger with Dynamic Campus, a complementary college consulting provider. The combined entity will pool expertise in enrollment management, student success, and operational efficiency to serve a...
Capital Constellation Forms Strategic Partnership with Gallatin Point Capital
Capital Constellation announced a strategic partnership with Gallatin Point Capital to co‑invest in lower‑middle‑market companies across North America. The alliance combines Capital Constellation’s deep sector expertise with Gallatin Point’s operational platform and capital resources. Both firms will jointly source, evaluate,...