Blackstone and CD&R Mull Magnum Bid Amid Share Price Slump
Private equity giants Blackstone and Clayton, Dubilier & Rice are weighing a bid for Magnum Ice Cream after its shares fell to about €13 ($14) from a peak of €16.5 ($18). The company, which debuted in December with a €7.8bn ($8.5bn) valuation, remains 19.9% owned by Unilever, which plans to divest its stake over the next five years. Analysts note that tax‑free demerger rules may limit M&A activity for two years, making any takeover contingent on summer trading performance. The move reflects PE interest in turning around a business that controls roughly 21% of the global ice‑cream market.
Thoma Bravo Weighs Sale of Command Alkon Stake at up to $1.75bn Valuation
Thoma Bravo is testing the market for its 55% stake in construction‑software firm Command Alkon, hiring Evercore to run a sale that could value the company at $1.5‑$1.75 billion. Command Alkon, which posted over $230 million in revenue and roughly $92 million of...
Blackstone and KKR to Assume Control of Dental Group Affordable Care
Direct lenders Blackstone and KKR are set to take control of Affordable Care, a U.S. dental services provider, through a restructuring that slashes its debt by roughly 70%. The $1.4 billion private‑credit facility will be exchanged for a $225 million first‑lien term...
Buyout Majors Maintain Appetite for Middle East Deals Despite Regional Conflict
Global private‑equity firms such as General Atlantic and KKR say the Iran‑related conflict has not derailed their Middle East strategies. Both firms report robust fundraising and continued deal flow, with General Atlantic deploying about $3 bn since 2013 and securing a...
HSBC Halts Planned $4bn Private Credit Push
HSBC has paused its planned $4 billion deployment into private‑credit funds, a year after announcing the initiative to grow its alternative‑lending footprint. No capital has been allocated and the bank cited heightened market scrutiny and recent volatility in U.S. private credit...
Argosy Exits Aerospace MRO Specialist InTech Aerospace
Argosy Private Equity has completed its exit from InTech Aerospace, a Houston‑based FAA Part 145 repair station that focuses on aircraft interior refurbishment for commercial and military fleets. During Argosy’s ownership, alongside co‑investor Azalea Capital, the firm bolstered operational capabilities...
Apollo Takes Majority Stake in Waste Management Platform Noble Environmental
Apollo-managed funds have acquired a majority stake in Noble Environmental, a Pittsburgh‑based waste management platform operating across the Northeast, Mid‑Atlantic and Midwest. The company, founded in 2016, combines traditional collection, hauling and landfill services with a growing renewable natural gas...
Blackstone Preps for Third Core Buyout Fund
Blackstone is preparing a third vintage of its long‑duration core private equity fund, with investor discussions already underway ahead of a formal capital raise later this year. The new vehicle will likely target eight to ten portfolio companies, committing roughly...
EQT Lines up Qatari Backing Ahead of VW Marine Engines Business Binding Bid
Private equity firm EQT is forming a consortium with Qatar Investment Authority (QIA) and Porsche Automobil Holding to submit a binding offer for Volkswagen’s marine‑engine unit Everllence. The deal could value the business at more than €8 billion (about $8.7 billion), positioning...
Blue Owl Trims Software Sector Exposure
Alternative asset manager Blue Owl Capital is cutting its software exposure in its flagship private credit vehicle, dropping the share of software assets from 19% to 16% in the first quarter. The reduction reflects natural loan repayments and a deliberate...
Brookfield on Track for Record Year After Raising $21bn in Q1
Brookfield Asset Management raised roughly $21 billion in the first quarter, positioning the firm for a record‑breaking fundraising year. Year‑to‑date capital commitments have reached about $67 billion, more than half of its 2025 target, while its flagship private‑equity fund has already attracted...
PE Sponsors Tap European Junk Bond Market for Dividend Recaps
Private equity firms are increasingly tapping Europe’s high‑yield junk‑bond market to fund dividend recapitalizations as M&A and IPO exits stay muted. Recent deals include Befimmo’s €475 million ($518 million) bond issuance, Lutech and Cooper Consumer Health, backed by CVC Capital Partners. Dividend...
Goldman Sachs Private Credit BDC Reports 3.7% Q1 NAV Decline
Goldman Sachs’ listed business development company (BDC) reported a 3.7% drop in net asset value (NAV) to $12.17 per share for Q1, driven by higher unrealised losses and portfolio markdowns. Non‑accrual loans rose to 4.7% of the portfolio, up from...
Blue Owl Marks up SpaceX Holding by 36% in Q1
Blue Owl Capital raised the valuation of its SpaceX holdings by roughly 36% in Q1 2026, marking the shares at over $526 each versus $387 at the end of 2025. The firm sold about half of the stake at a...
I Squared and Blackstone Weigh Stroeer Takeover
Infrastructure investor I Squared Capital and private equity giant Blackstone are nearing a joint bid for German media group Stroeer, valuing the company at roughly €2.5 billion (about $2.7 billion). Sources say the consortium is eyeing a per‑share offer in the mid‑€40...
Blackstone and BlackRock Mark Down Private Credit Funds
Blackstone and BlackRock trimmed the net asset values of their private credit funds in Q1 as software‑related loans came under pressure from AI‑driven disruption. Blackstone Secured Lending Fund’s NAV fell 2.4% to $26.26 per share, while BlackRock TCP Capital Corp...
Blue Owl Preps Debut Credit Secondaries Fund
Blue Owl Capital is preparing to launch its first fund dedicated to buying secondhand private credit assets, targeting discounted stakes from investors seeking liquidity. The private‑credit secondaries market has nearly doubled, reaching about $20 billion in 2025 versus $11 billion in 2024....
Apis Surpasses Target with $1.23bn Fundraise for Financial Infrastructure Strategy
Apis announced a $1.23 billion fundraise, surpassing its $1 billion target and positioning the firm to expand its financial‑infrastructure platform. Apollo committed to providing daily pricing for private‑credit assets, a move aimed at boosting market transparency. Meanwhile, Blue Owl trimmed dividend payouts...
Apollo Commits to Providing Private Credit Daily Pricing
Apollo Global Management will begin publishing daily valuations for its private‑credit funds by the end of September, shifting away from the traditional quarterly pricing model. The change aligns marks with the lowest observable price when co‑invested, aiming to mirror public‑market...
Siris Exits Equiniti as Bullish Strikes $4.2bn Deal
Private equity firm Siris Capital is exiting its portfolio company Equiniti after agreeing to sell it to cryptocurrency exchange Bullish for $4.2 billion. Bullish will assume $1.85 billion of debt and fund the remaining $2.35 billion with stock, aiming to combine blockchain technology...
New Mountain BDC Benfits From Dislocation Strategy as Discounted Debt Trades Rebound
New Mountain Finance Corp, a $2.3 billion BDC, leveraged a dislocation‑driven strategy by buying a loan at roughly 65 cents on the dollar and saw its value rise about 10 points within weeks. The firm’s earlier $477 million asset sale freed capital...
Blue Owl Weighs $30bn Asia Data Centre Exit
Blue Owl Capital is weighing a sale of the Asia operations of its portfolio company, Stack Infrastructure, that could exceed $30 billion. The firm is evaluating full or partial divestments in key markets such as Japan, Australia and Malaysia, though no...
Blackstone, KKR Explore Google AI Partnerships
Blackstone and KKR are in talks with Alphabet’s Google to secure portfolio‑wide access to the tech giant’s artificial‑intelligence models. The proposed agreements would let dozens of their portfolio companies deploy Google AI tools under a single contract, mirroring moves by...
Oaktree BDC Cuts Software Valuations
Oaktree Specialty Lending Corp, a $2.8 bn business development company, wrote down the carrying value of its performing software loans by roughly 3%, pushing its net asset value down about 4% for the period. Management said the adjustment reflects broader market...
KKR Flags Softer Earnings Outlook Despite Strong Q1
KKR reported first‑quarter earnings that beat expectations, driven by a surge in management fees and $28 billion of new capital raised. Fee income rose more than 30%, and asset exits boosted earnings despite mixed fund performance. However, the firm warned that...
Sixth Street BDC Trims Dividend After Quarterly Loss
Sixth Street Capital Partners’ Business Development Company posted a $73 million net loss for the quarter, driven by higher credit write‑downs and softer interest income. In response, the board reduced the quarterly dividend from $0.20 to $0.15 per share, cutting the...
Growth Partner Eyes More PE Exits Following Synergym Deal
Growth Partner, the family office of former HomeServe founder Richard Harpin, has begun ramping up divestments after selling its stake in Spanish fitness chain Synergym. The transaction met Harpin’s internal hurdle of a 2.5‑times return on invested capital, marking one...
Anthropic Partners with Blackstone and Other Wall Street Firms in $1.5bn AI Enterprise JV
Anthropic, the creator of Claude large‑language models, secured a $1.5 billion joint‑venture fund from Blackstone, Goldman Sachs, Morgan Stanley and other Wall Street firms. The capital will back an enterprise‑AI platform that licenses Anthropic’s models to Fortune‑500 companies and other high‑margin...
KKR Lines up $10bn-Plus for AI Infrastructure Venture Led by Former AWS Chief
KKR is launching Helix Digital Infrastructure, a new AI‑focused platform backed by more than $10 billion in capital. The vehicle will develop data centers, power generation, transmission and connectivity assets, partnering with hyperscale cloud providers. Former AWS chief Adam Selipsky will...
CIL Report Identifies Sectors Ripe for Consolidation Across Six European Markets
CIL Strategy Consultants’ European Buy & Build Opportunity Index 2026 evaluates over 2,500 business segments in six markets to pinpoint sectors ripe for roll‑up activity. The report finds student accommodation, specialist cleaning, recruitment agencies and camping grounds among the most...
SK Capital Appoints New Head of Portfolio Value Creation Initiatives
SK Capital announced the appointment of a new Head of Portfolio Value Creation Initiatives to spearhead operational improvements across its European portfolio. The executive, a veteran of private‑equity operational roles, will drive cost‑efficiency programs, digital transformation, and growth initiatives. The...
SEI and Carlyle Deepen Partnership to Broaden Private Markets Access in Wealth and Retirement
SEI and The Carlyle Group have deepened their strategic partnership to broaden private‑market access for wealth and retirement investors. The enhanced collaboration will deliver scalable private‑market solutions, including model portfolios and tools tailored for financial advisers and defined‑contribution platforms. By...
Citi’s Bhatia Flags “Tourist” Risk in Private Credit
Citi’s head of spread products Mickey Bhatia warned that inexperienced investors—dubbed “tourist” risk—could be forced to sell private‑credit loans at distressed prices, amplifying market volatility. He highlighted that such behavior could strain liquidity and pricing across corporate debt markets, though...
CVC Capital Partners Reports Increase in Fee-Paying AUM
CVC Capital Partners announced its fee‑paying assets under management climbed to roughly €13 billion (about $14 billion) in the first quarter, underscoring strong fundraising momentum. Meanwhile, Thoma Bravo ruled out additional financing for Medallia, leaving creditors poised to take control, and KKR...
Thoma Bravo Rules Out Further Medallia Funding as Creditors Poised to Take Control
Thoma Bravo announced it will not provide additional equity to Medallia, the customer‑experience software firm it bought for $6.4 bn in 2021. Orlando Bravo said creditors, led by a Blackstone‑backed consortium, are likely to take control as the company struggles post‑pandemic....
Retrenchment to Re-Tranchement in Private Credit
Since the Global Financial Crisis, private credit has grown by filling the lending gap left by banks constrained by Basel III. Banks have not exited direct lending; instead they have retrenched to senior positions while private credit funds take junior tranches,...
Facilities Management, and Morocco’s Growing Service Sector
Private‑equity firms are active across a spectrum of sectors, from infrastructure to consumer goods. Brightline, backed by Fortress, is exploring rescue options for its $5.5 billion debt‑laden rail project, while CVC is injecting €210 million (about $225 million) into Lipton to broaden its...
Fortress-Backed Brightline Explores Rescue Options as $5.5bn Debt Load Pressures Rail Project
Florida’s privately financed high‑speed rail operator Brightline, backed by Fortress Investment Group, is weighing restructuring and refinancing options to avert a potential Chapter 11 filing. The company is re‑engaging third‑party investors and has hired advisers to negotiate with a creditor base...
CVC Injects €210m Into Lipton
CVC Capital Partners is injecting roughly $229 million into Lipton to shore up liquidity after the tea brand’s $4.9 billion buyout from Unilever. The maker of PG Tips remains burdened with about $3.5 billion of debt, a term loan that now trades at 71¢...
Apollo-Backed Tenneco Prepares IPO that Could Value Auto Supplier at Around $14bn
Apollo‑backed Tenneco is preparing an IPO that could value the auto parts maker at about $14 billion. Apollo bought Tenneco in 2022 for $1.6 billion in equity, with enterprise value over $7 billion, and is now exploring exit options after a four‑year hold....
Apax in the Running to Acquire CloserStill Media From Providence in £1.2bn-plus Auction Process
Apax Partners has emerged as the frontrunner in an auction to buy UK exhibitions group CloserStill Media, a deal that could value the business at more than £1.2bn (approximately $1.5bn). Providence Equity Partners originally acquired a majority stake in 2018...
Notes From the Australian Pension Road Trip
Australian superannuation funds, wielding roughly $3.2 trillion in assets, dispatched a delegation to the UK and France to deepen exposure to European private‑market opportunities. The trip follows a similar U.S. visit and reflects a broader strategy to allocate capital beyond domestic...
Value Creation in 2026: The Art and the Science
Private equity firms face a rapidly shifting environment in 2026, where evaluating an asset’s resilience to climate, cyber and regulatory disruptions is no longer enough. They must also design growth strategies that can adapt to sectors that are transforming on...
Blackstone Creates Dedicated AI Investment Unit
Blackstone Inc is launching a dedicated artificial‑intelligence unit, Blackstone N1, to centralize its AI and high‑growth technology investments. The West‑Coast team, led by senior executive Jas Khaira who is relocating to San Francisco, will absorb the former Blackstone Growth platform...
Ardian Steps up Secondary-Market Role as Canadian Pensions Rebalance Portfolios
Ardian is emerging as a leading buyer of private‑equity stakes from Canada’s major pension funds, capitalising on a wave of secondary‑market transactions that provide liquidity amid slower deal payouts. The Canada Pension Plan Investment Board sold roughly CAD 2 billion (≈US$1.5 billion) in...
Cint Shares Jump as Triton-Backed Consortium Launches Take-Private Bid
Cint’s shares surged more than 10% after a Triton‑backed consortium unveiled a take‑private offer for the market‑research platform. At the same time, private‑equity‑backed Digital Edge is weighing options, including a potential $10 billion sale, while Astorg closed a deal valued at...
Silver Rock Capital Raises $4bn Credit Fund
Silver Rock Capital Partners has closed a new credit fund exceeding $4 billion, its largest to date. The firm, founded by alumni of Michael Milken’s family office, targets companies under financial strain and limited refinancing options. Managed by former Goldman Sachs...
Fund Finance Market Surpasses $1tn as Private Credit Drives Growth, Says Moody’s
Moody’s Ratings reports that the global fund‑finance market has topped $1 trillion, propelled by a surge in private‑credit activity. NAV‑linked loans, secured by fund assets, have become the dominant financing tool, offering longer maturities and flexible terms. Hybrid structures that blend...
LPs Gain Leverage as Private Equity Slowdown Reshapes Fund Economics
Limited partners are gaining leverage over private‑equity managers as distribution rates slump to roughly 6% of assets under management, far below the decade‑average 14%. General partners are now committing about double their historic 1‑2% stake, while buyout management fees have...
Porsche to Exit Bugatti Rimac Stake in Sale to HOF-Led Consortium
Porsche announced it will divest its 45% stake in the Bugatti Rimac joint venture, selling to a consortium led by HOF Capital. The transaction, expected to close later in 2024, has no disclosed price but is positioned to free up capital...