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A Journal of Finance paper finds buyouts narrow pay gaps inside the firm, raise profitability and raise employment. The compression comes from replacing expensive managers with cheaper ones.
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Deals
GE Aerospace bought castings from CPP for fifteen years. It just paid 26 times EBITDA to stop. Warburg reportedly paid $459 million in 2011.
Sponsors staff operating capability three ways: an in-house portfolio operations group on the management fee, a bench of operating partners paid from deal economics, or external firms rented per situation.
A management incentive plan is the equity a sponsor grants management at investment. What it pays, when it pays, and why so many plans written for a four-year exit are worth nothing at year eight.
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EQT is paying $2 billion for the specialty broker Warburg seeded in 2019. The more interesting sale happened in December 2024, and the buyer was Warburg.
DPI is the private equity return metric that counts only the cash investors have actually received. The formula, a worked example, what a good DPI looks like by fund age, and how it compares with IRR, TVPI and RVPI.
CVC bought a secondaries firm managing $8 billion in 2021 and promised it would keep its name. Five years on, one fund alone is $10 billion, and the name is nowhere in the press release.
Two bids sat a penny apart for a month. Veritas found 25 more, and the shares now trade above the price that won.
A record $16 billion raised, carry guidance cut to 20-25%, and gates on the funds clients most want out of. The fee machine is fine. The exit machine is guiding for 2027.
The sharpest critique of the operating partner model is now coming from operators, on the record. What they are saying, why now, and how to tell a real model from a decorative one.
Aon is paying $17 billion for USI, and KKR is calling the exit proof that its long-term holding vehicle compounds. Nine years, ninety acquisitions and two very different return numbers tell a slightly different story.
Six kinds of firm pitch for the same digital and data problem, at prices 20x apart. The field guide: what each tier does, the symptom that sends you there, and what it costs.