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Record AUM, record fees, a 25% dividend bump, and $414 million of net realisations. The fee machine is magnificent. The exit machine is still in the shop.
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Legal sources define the TSA as a contract. Operators experience it as a countdown clock. What a TSA covers, what it costs, and why the exit is the first value-creation deadline of a carve-out hold.
Analysis
2026 healthcare PE has pivoted from roll-up consolidation to tech-enabled care, but the deal thesis and the portfolio reality have never been further apart. What the digitalisation gap is, why it exists, and who closes it.
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Deals
Blackstone, Apollo, and KKR invest $5.34bn in Williams' power projects. A 49% non-controlling stake in five behind-the-meter Power Innovation projects built to feed AI data centres. Williams keeps 51% and operational control. The plants are named Socrates, Apollo, Aquila, Socrates the Younger, and Neo, which
Toolkit
BluWave is a vetted service-provider marketplace for PE, not an expert network. When a marketplace is the right tool, how BluWave compares with Catalant, and the categories of alternatives, from expert networks to embedded growth-execution firms.
Toolkit
A private equity firm that wants operating muscle has two ways to get it: build a captive operations team, or rent operators from outside. How the two models actually differ, and which fits the fund in front of you.
Toolkit
"Marketing help" for a private equity portfolio company means four different things: embedded growth execution, PE-vertical performance agencies, fractional marketing leadership, and data or diligence specialists. Most lists conflate all four with fund marketing, the IR and fundraising side. This one does not. Every firm below works