Private Markets News Coverage

Private Equity Cash Compensation Holds Steady in 2024

Sam Hillier December 9, 2024

Private equity compensation packages held steady in 2024 across all fund sizes and seniority levels, according to the latest industry survey released by Odyssey Search Partners. For each cohort of…

Private Equity Targets Late-Stage Drug Development

Sam Hillier December 7, 2024

Some firms are pushing deeper into life sciences and drug development investments, betting on strategies that mitigate some of the typical risks associated with biotech. Blackstone Life Sciences’ (BXLS) latest…

BlackRock Acquires HPS Investment Partners for $12bn in Private Credit Push

Sam Hillier December 4, 2024

On Tuesday, BlackRock announced an agreement to acquire private credit firm HPS Investment Partners for $12 billion in an all-stock deal. HPS manages around $150 billion and is one of…

Private equity finds growth in reproductive health device market

Sam Hillier December 3, 2024

Reproductive health has been an area of interest to private equity for years now. Part of the reason is the market’s uniquely attractive characteristics relative to other specialties. High self-pay…

Kohlberg Seeks Partner for PCI Pharma’s $365m Expansion

Sam Hillier November 23, 2024

PE Hub reports that Kohlberg & Co. is preparing an equity recapitalization of contract development and manufacturing organization PCI Pharma Services and has hired Jefferies to advise on an early…

KKR Edges Ahead of Bain in Rare Japan Hostile Takeover Battle for Fuji Soft

Sam Hillier November 21, 2024

KKR and Bain Capital’s back-and-forth to acquire Fuji Soft has become abnormally competitive for a Japan M&A market that’s used to more staid dealmaking. On Friday, KKR announced an increased…

Verizon’s $20bn Frontier Deal Wins Vote Despite Private Equity Resistance

Sam Hillier November 16, 2024

Verizon Communications secured shareholder approval for its $20 billion acquisition of Frontier Communications, overpowering resistance from a handful of sponsors who had campaigned against the deal. The transaction, which values…

Carlyle Posts Strong Q3 as Election Clarity Boosts CEO Confidence

Sam Hillier November 14, 2024

Carlyle Group’s Q3 earnings call on Thursday offered an early look at investor sentiment after this week’s U.S. elections. The key takeaway, says Chief Executive Harvey Schwartz, is the benefit…

Platinum’s Cision Forms New Holding Company Amid Distress Signals

Sam Hillier November 14, 2024

Cision Ltd., the PR software provider acquired by Platinum Equity through a $2.74 billion take-private, has formed a new holding company, which could signal a near-term asset sale or collateral…

Private Equity Giants Near $8.6bn Veterinary Merger

Sam Hillier November 14, 2024

Shore Capital Partners and Silver Lake are in talks over a possible $8.6 billion combination of two Shore veterinary platforms. The proposed merger would combine Shore portfolio companies Southern Veterinary…

Private Equity’s Race for Accounting Firms Intensifies After Baker Tilly, Grant Thornton Deals

Sam Hillier November 14, 2024

In 2021, TowerBrook Capital Partners acquired accounting firm EisnerAmper’s non-audit business, the first significant buyout activity in the industry. Close followers included New Mountain Capital’s deal for Citrin Cooperman and…

New Mountain Plots $2.5bn Single-Asset Deal for Healthcare Marketing Firm

Sam Hillier November 14, 2024

New Mountain Capital is launching a single-asset continuation vehicle for portfolio company Real Chemistry, a healthcare marketing and commercialization platform it bought in 2019. The deal is expected to raise…

Private Equity Giant EQT Signals Appetite for Manager Acquisitions

Sam Hillier November 14, 2024

EQT expects a wave of private capital consolidation and is ready to jump in as a buyer. Chief Executive Christian Sinding says the firm is building an inorganic strategy focused…

Private Equity Management Fees Hit 20-Year Low as Fundraising Pressure Mounts

Sam Hillier November 14, 2024

Private equity management fees have hit a 20-year low, according to the latest private capital terms report from Preqin. Buyout funds closed this year or in the market as of…

TPG’s $1 DirecTV-Dish Merger Hits Bondholder Resistance

Sam Hillier November 14, 2024

TPG Capital’s attempt to consolidate America’s satellite television industry has hit a roadblock as negotiations with Dish Network bondholders threaten to derail what would be one of the year’s largest…

Sanofi Strikes €16bn Deal with CD&R for Consumer Health Unit

Sam Hillier November 14, 2024

Clayton, Dubilier & Rice (CD&R) has reached an agreement with Sanofi to acquire a 50 percent controlling stake in Opella, its consumer health business. The deal values Opella at around…

Private Equity Portfolio Defaults Hit 17% as Leverage Risks Mount, Moody’s Says

Sam Hillier November 14, 2024

Credit ratings agency Moody’s released a report on Thursday that finds private equity-backed companies defaulted at twice the rate—nearly 17 percent—of non-sponsor-backed speculative-grade borrowers between January 2022 to August 2023.…

Soccer Transfer Market Ruling Threatens Private Equity’s Sports Investments

Sam Hillier November 14, 2024

The European Court of Justice delivered a ruling on Friday that could dramatically reshape the soccer transfer market and private equity investment in the sport. The judgement was related to…

Healthcare Dealmakers Embrace Rollover Equity as Market Uncertainty Persists

Sam Hillier November 14, 2024

McDermott Will & Emery released the firm’s latest healthcare private equity market report this week, providing a readout on the final sector-specific deal trends from 2023. The firm’s data support…

Bain Capital Joins Fight to Block MBK’s Hostile Takeover Bid for Korea Zinc Co.

Sam Hillier October 9, 2024

Korea Zinc Co., the world's largest zinc smelter, has partnered with Bain Capital to thwart what it deems a hostile takeover attempt by South Korean investment firm MBK Partners. Last…

Certares and Knighthead Sue Morgan Stanley Over $750M Brightline Loan Dispute

Sam Hillier October 7, 2024

Morgan Stanley has moved to dismiss a $750 million lawsuit filed against it in New York State Supreme Court, denying accusations that the firm fraudulently handled a debt financing process…

OMERS Shifts Private Equity Strategy After European Exit

Sam Hillier October 2, 2024

The Ontario Municipal Employees Retirement System (OMERS) has decided to revamp its private equity strategy by halting direct investments in Europe and reintroducing fund investments. The Ontario Municipal Employees Retirement…

KKR Raises $4.6 Billion for First Middle Market Buyout Fund, Ascendant Fund SCSP

Sam Hillier October 1, 2024

On Monday, KKR announced it had raised $4.6 billion for its first dedicated middle market buyout fund, Ascendant Fund SCSP. Ascendant will target companies with enterprise values between $200 million…

Blackstone, Vista, and Abu Dhabi Investment Authority Acquire Smartsheet for $8.4 Billion

Sam Hillier September 28, 2024

Blackstone, Vista Equity Partners, and Abu Dhabi Investment Authority have agreed to acquire Smartsheet, the cloud-based work management platform, for around $8.4 billion in an all-cash transaction. The deal, which…

Blackstone Sells Motel 6 Parent Company to Oravel Stays for $525 Million

Sam Hillier September 26, 2024

Blackstone Real Estate has agreed to sell G6 Hospitality, parent company of the Motel 6 and Studio 6 brands, to Softbank-backed Oravel Stays, the Indian parent company of travel tech…

Private Credit Market Faces Increased Competition as Asset-Backed Finance Gains Traction

Sam Hillier September 23, 2024

Private credit market conditions are starting to shift as a crowded field of new entrants amplifies the typical end-of-cycle dynamics. Speaking Thursday at the Milken Institute Asia Summit, Matthieu Boulanger,…

Federal Reserve’s Half-Point Rate Cut Shakes Up Private Market Strategies

Sam Hillier September 20, 2024

The Federal Reserve cut interest rates today by an unusually large half-percentage point to around 4.9 percent. Fed officials also predicted another similarly-sized cut by the end of the year,…

Apollo Expands Into Investment-Grade Debt and Structured Credit

Sam Hillier September 18, 2024

Apollo Global Management is working to expand its credit business with a deeper push into investment-grade debt offerings for large corporates. The high-grade debt market, historically served by large commercial…

Single-Asset Continuation Funds Surge After a Slow 2023

Sam Hillier September 17, 2024

Single-asset continuation funds, which allow firms to extend their hold by moving a single portfolio company into a new vehicle backed by secondary investors, are back in the news again—both…

AI Boom Drives Data Center Investments Amid Rising Risks

Sam Hillier September 13, 2024

Investors have been quick to capitalize on an attractive data center supply-demand mismatch that's sent valuations (and potential returns) through the roof. Layering on the rapid growth of compute-heavy artificial…

Oaktree Capital Blames Silver Lake and Advent for Thrasio Bankruptcy in Scathing Investor Letter

Sam Hillier September 11, 2024

In a June letter to investors, Oaktree Capital Management emphatically blamed Silver Lake and Advent International for the poor outcome of the trio's investments in Amazon aggregator Thrasio, which filed…

American Securities Restructures After Fundraising Setbacks and Layoffs

Sam Hillier September 9, 2024

American Securities, whose earliest roots can be traced back to the late 1940s, has made the decision to narrow its investment strategy and reduce headcount in response to recent fundraising…

‘Double Dip’ Credit Structure Faces First Restructuring Test With Wheel Pros’ Possible Chapter 11

Sam Hillier September 6, 2024

The "double dip" credit structure has been in the spotlight this year after its use in a number of deals, but it still remains largely untested in a restructuring process.…

New Investment Firm Content Partners Capital Targets Entertainment IP and Private Credit

Sam Hillier September 4, 2024

Los Angeles investment firm Content Partners is launching Content Partners Capital (CPC) to provide various private capital solutions for entertainment and intellectual property assets. Since its founding in 2006, Content…

State Crackdown on Healthcare Private Equity Intensifies

Sam Hillier September 3, 2024

Healthcare private equity remains firmly in the regulatory hot seat as legislators look for ways to fight rising costs and, in some cases, worsened outcomes. High-profile failures of private equity-involved…

Vista Equity Partners Considers Sale of Finastra’s TCM Business Amid Mixed Results and Complex Refinancing

Sam Hillier August 14, 2024

Vista Equity Partners is again considering potential options for Finastra, a fintech investment that is now well into its second decade as part of the firm’s portfolio. This time, Vista…

KKR Faces Lawsuit Over Alleged $500 Million TRA Payout to Co-Founders

Sam Hillier August 12, 2024

A new lawsuit against KKR is the latest in a string of litigation concerning tax receivable agreements (TRA), a controversial financial structure that’s increasingly drawing scrutiny from shareholders and regulators.…

Kirkland & Ellis’ “Venue Shopping” Raises Concerns Over Fairness and Judicial Independence

Sam Hillier August 9, 2024

Kirkland & Ellis is a dominant market leader in large corporate bankruptcy advisory, representing debtors in around 20 percent of major public company filings from 2011 to 2020 — more…

Vista Equity Partners Transfers Pluralsight Ownership to Private Lenders: BlackRock, Goldman Sachs, Blue Owl Capital Among New Owners

Sam Hillier August 5, 2024

Vista Equity Partners is handing over control of edtech company Pluralsight to a group of private lenders. The agreement, which has yet to be finalized, will see lenders take full…

New Pitchbook Data Shows Global M&A Rebound in First Half of 2024

Sam Hillier August 2, 2024

Data released last week by Pitchbook show signs of a recovery in global M&A activity through the first half of 2024, pushing past lingering headwinds from higher interest rates, valuation…

Private Equity Ventures into the Legal Sector

Sam Hillier July 31, 2024

Last week, Dutch firm Waterland Private Equity announced an investment in Beyond Law Group, a 100-person collection of UK specialist legal practices, including Beyond Corporate, McAlister Family Law, and Home…

Limited Partners Have had Enough of Continuation Funds, Bloomberg Report Shows

Sam Hillier July 26, 2024

Bloomberg reported this week on new data that around two-thirds of continuation fund proposals now end up abandoned as investors rethink their participation in such deals. Continuation funds—in which a…

Private Equity Finds New Buyout Opportunities in Venture-Backed Startups

Sam Hillier July 24, 2024

Private equity is finding a new source of deals: venture-backed startups. The recent shift in early-stage dynamics means that once out-of-reach opportunities are now in play, and sponsors are increasingly…

This Week in Private Credit: Blue Owl Acquires Atalaya, Oak Hill and One Investment Management Launch Joint Venture, and Cinven Sits on the Sidelines

Sam Hillier July 19, 2024

Blue Owl Capital is continuing its private credit push, reaching an agreement this week to acquire Atalaya Capital Management for up to $800 million. It’s also Blue Owl's third acquisition…

Synthetic PIK: The Latest in Financial Innovation

Sam Hillier July 17, 2024

In recent months, some private credit firms have begun pitching a new arrangement marketed as a synthetic payment-in-kind (PIK) note. Traditional PIK structures, which allow borrowers to defer cash interest…

Redbox Parent Company’s Bankruptcy Reveals Financial Mismanagement and Allegations of Fraud

Sam Hillier July 15, 2024

Chicken Soup for the Soul Entertainment (CSSE), the parent company of DVD rental kiosk operator Redbox, filed for Chapter 11 bankruptcy protection last month, citing a nearly $1 billion debt…

Industry Ventures’ Hans Swildens on the State of the Secondary Market

Bob Clair July 12, 2024

As more traditional exit avenues have dried up, shareholders of venture-backed startups, limited partners, and fund managers are increasingly turning to the secondary market as a tool for interim liquidity.…

Athletic Departments (and Private Equity) Prepare for a Fast-Changing College Athletics Market

Sam Hillier July 9, 2024

Last week marked the third anniversary of the NCAA’s removal of its ban on players earning money from their name, image, or likeliness, or NIL. The new market birthed from…

California Public Employees’ Retirement System Increases Private Equity Allocation to 17%, Outlines Updated Strategy

Sam Hillier June 21, 2024

In a board meeting on Monday, California Public Employees' Retirement System (CalPERS), the $483 billion pension fund, approved a proposal to increase its target private equity allocation from 13 percent…

New Research From University of Oxford’s Saïd Business School Shows Trillion-Dollar Carried Interest in Private Equity

Sam Hillier June 20, 2024

New research from Ludovic Phalippou, a professor at the University of Oxford’s Saïd Business School, attempts to measure the scale of private equity carried interest over the past two decades.…

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