NVPE Editorial - Not Very Private Equity (Page 2)

The Ice Cube Test

Sponsored by Crawford McMillan Every investment committee evaluating software right now is pricing a risk none of them has ever measured. Q2 made that expensive. Software deal value fell 65.7% year over year, per PitchBook's Q2 US PE Breakdown, not because buyers think every legacy software business

Deals

After thirteen years, Providence exits ATG to a buyer who never has to sell.

Providence bought ATG in 2013 promising global expansion, and sold it on Tuesday at a reported $6 billion. Thirteen years is not a hold period, it is a tenancy.

Deals

Apollo's biggest sports investment is a $2.6 billion loan to the Yankees.

The Yankees raised $2.6 billion from Apollo without selling control, four months before baseball's expected lockout. The press release calls it a partnership. The proceeds line calls it a refinancing.

Views

Every year you sit on committed capital, your IRR math gets worse.

Views

Every partner went to the same five schools and worked at the same three banks.

Views

Increasingly, the most honest question in private equity.

Views

The AI discussion in most PE board meetings follows the same script.

Views

Same disruption. Four very different panic responses.

Views

The biggest risk in private equity isn't leverage. It's believing the story you wanted to hear.

News

News (w/e 8/1/26)

Deals

Deals (w/e 8/1/26)

Blackstone, Brookfield and KKR sign a $16bn lease on Kuwait's oil pipelines. The consortium takes 49% of a joint venture leasing the usage rights to all 13 of Kuwait Oil Company's pipelines for 20.5 years, in exchange for a volume-based tariff. Kuwait keeps 51%

Views

IMAX spent its first 40 years showing museum documentaries.

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