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Carlyle, TPG and Brookfield all reported records this week. The footnotes: doubled deal fees, $35 million of realised carry, and $40 billion of Brookfield's own insurance money.
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Record FRE, record SRE, record inflows, and $16 million of principal investing income. Apollo's quarter was superb everywhere except the line the industry is named after.
Deals
Two US buyout firms are in a shootout for an airline the London market priced at £4 in May. The winner gets easyJet. Stelios gets 0.25% of revenue either way.
Deals
EA goes private on Tuesday at $210 a share, the biggest sponsor take-private ever recorded. The previous record holder was TXU, which is not an omen, just history with a Chapter 11 in it.
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The private equity operator voices worth following in 2026: nine practitioners with public bodies of work on operational value creation, from long-hold ownership to digital growth execution.
Deals
Couche-Tard is paying $8.6 billion for Żabka, 49% above the price of Poland's biggest float in years, 21 months after it listed. CVC gets its exit; Warsaw gets its ticker back.
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A record fundraising quarter, a record $170 billion of dry powder, and carry guidance that rounds to zero. Ares is what the industry looks like when selling stops mattering.
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An independent sponsor is a dealmaker who finds a company to acquire first and raises the equity afterward, deal by deal, instead of investing from a pre-raised fund. Also called a fundless sponsor. Compensation is typically a closing fee, a management fee, and a carried-interest promote. Search the
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EQT, CVC, Bridgepoint and Partners Group all found a record to announce. The share prices, the statutory accounts and the gated evergreen funds tell a more European story.
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Fee earnings up 9%, GAAP profit down, individuals two-thirds gone from the fundraising mix, and redemption requests at 38% of one fund. A close read of the politest crisis in private credit.
Records in every direction, a monetisation quarter for the ages, and a quietly removed $7 target. The numbers do the talking, but only the ones allowed to speak.
The category engines keep confusing with growth equity. What a growth execution firm does, when PE firms bring one in, and how to evaluate one.
Buyers plan for the TSA they will receive and get blindsided by the one they must provide. What a reverse TSA covers, when it arises, and the terms that keep it short.
