Apollo and Blackstone Plan $36bn Private Credit Package to Fund Anthropic’s Google TPU Deal
Apollo Global Management and Blackstone are arranging a roughly $36 billion private‑credit facility to finance Anthropic's acquisition of Google tensor processing units (TPUs). The SPV will buy the chips and lease them back to Anthropic, with lease payments forming the primary repayment source. Broadcom will back the senior notes with a residual‑value guarantee, enhancing credit quality. The multi‑tranche structure mirrors a growing trend of hardware‑backed financing in the AI sector.
Investors Reluctant to Back Thoma Bravo’s $2.5bn Sophos Refinancing
Private credit investors are pulling back from a $2.5 billion refinancing of Sophos, Thoma Bravo’s cybersecurity portfolio company, marking a sharp reversal from last year’s aggressive software lending. The deal, intended to extend debt due in 2027, faces pushback despite premium...
Blackstone Commits up to $1.3bn to Apogee’s Skin Drug
Blackstone is committing up to $1.3 billion in structured financing to Apogee Therapeutics, including $800 million in equity and $500 million in debt with royalty‑linked returns. The capital will accelerate development of zumilokibart, a candidate for atopic dermatitis that hit its primary endpoint...
Space, and Earth Observation
Private equity is rapidly moving into the space and earth‑observation sector as capital inflows hit historic highs. Recent transactions include DigitalBridge’s $1.05 billion acquisition of ArcLight and Alpine‑backed Apex Service Partners targeting a $10 billion valuation in a minority‑stake sale. ...
Apollo Makes £1.5bn Approach for UK Industrials Group Bodycote
Apollo Global Management has reportedly made a £1.5 billion (~$1.9 billion) approach to acquire UK industrial services firm Bodycote, valuing the company at roughly £4.5 billion (~$5.7 billion). At the same time, South Korea is tightening oversight of overseas private‑credit exposure, while the UK...
JPMorgan Explores Risk Transfer for $4bn NAV Loan Portfolio
JPMorgan is evaluating a risk‑transfer structure for its roughly $4 billion net‑asset‑value loan portfolio, signalling banks’ appetite for securitising private‑credit exposure. At the same time, private‑equity firms are actively reshuffling assets: Warburg Pincus‑backed PDG has launched a sale of Chinese data‑centre...
PE Turns to “CV Squared” Structures as Exit Headwinds Keep Assets in Extended Holding Cycles
Private‑equity firms are increasingly using multi‑layer continuation vehicles, dubbed “CV squared,” to keep assets in extended ownership as traditional exits stall. The approach recycles assets from one continuation fund into another, effectively resetting holding periods rather than realizing sales or...
Australian Regulator Flags Rising Private Credit Risks and Tightens Oversight
Australian regulator ASIC has warned that private‑credit exposures are rising faster than borrowers’ ability to service debt, prompting tighter supervision and reporting requirements. At the same time, investors are accelerating capital deployment: Swiss pension fund Publica is earmarking roughly $1.2 billion...
OMMAX and Singulier Merge to Form European AI Consulting Platform
OMMAX and Singulier have merged to create a pan‑European AI consulting platform, combining over 400 professionals in London, Paris, Munich, Berlin, Amsterdam and Milan. The new firm will deliver end‑to‑end services—from AI strategy and due diligence to operating‑model design and...
Hg Spins Out €500m of Visma Assets as IPO Plans Stall
Private equity firm Hg has transferred roughly €500 million (about $545 million) of assets from its €19 billion Visma software platform into a new Luxembourg vehicle called Norvato. The carve‑out bundles around 30 Visma subsidiaries and was originally intended to prepare the business...
401(k)s and the Next Wave of Democratisation
US Department of Labor is drafting safe‑harbor guidance to let 401(k) plans invest in private‑market assets, aiming to reduce fiduciary litigation risk. Retail investors have already accessed private credit through BDCs, but redemption caps highlighted liquidity mismatches. The proposed framework...
KKR Explores Potential $3bn Bay Club Sale
KKR is weighing a sale of The Bay Club Company that could fetch roughly $3 billion. The private‑equity firm has tapped Moelis & Co. and Morgan Stanley to manage the early‑stage process. Since KKR bought the West Coast premium‑membership operator in...
PolyPeptide Shortlists EQT and IDG Capital as Bidding Process Advances
Swiss contract drug maker PolyPeptide Group has narrowed its sale process to two private‑equity bidders, EQT AB and IDG Capital, as the auction moves to the next phase. US‑based Altaris remains engaged but has not been shortlisted. PolyPeptide, valued at...
US DOJ Scrutinises Valuation Practices at BlackRock Private Credit Fund
Federal prosecutors in Manhattan are probing valuation practices at BlackRock's private credit fund, BlackRock TCP Capital Corp (TCPC). The inquiry follows TCPC's January off‑cycle update warning of a roughly 19% portfolio value decline, which triggered a sharp share price drop...
KKR Taps Morgan Stanley Exec to Lead Japan Capital Markets Unit
Kohlberg Kravis Roberts (KKR) has hired Masahiro Shuto, former president of Morgan Stanley Investment Management’s Japan arm, as managing director and head of its Japan capital markets unit. Shuto will oversee institutional fundraising, expand KKR’s insurance‑related operations, and serve strategic...