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NVPE Editorial
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Accenture gets mocked because it looks less glamorous than McKinsey, Bain and BCG.
News
ECP raised $8.1 billion for an energy transition made of gas and nuclear.
ECP asked for $5 billion and closed on $8.1 billion. The label says energy transition; the purchases say LNG, nuclear and fuel distribution; the LPs say AI.
Independent Sponsor vs Search Fund: Same Starting Point, Different Job
An independent sponsor builds a portfolio deal by deal and governs from the board. A search fund entrepreneur buys one company and runs it as CEO. The difference is the seat.
Deals
Apollo won easyJet by 25p, after Castlelake spent ten weeks setting the price.
The board called 625p an attempt to buy the airline on the cheap. The winning number was 715p, and the firm that found it is not the one paying it.
What Is a Search Fund? A 2026 Operator's Guide
A search fund is an investment vehicle in which an entrepreneur raises capital from investors to find, acquire, and personally run one private company as CEO. The classic form of entrepreneurship through acquisition (ETA).
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A record week for records, most of them made of fees.
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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The Best Private Equity Podcasts in 2026
The best private equity podcasts in 2026, grouped by role: house views, allocators, value creation, exits and the small-cap end. Honest blurbs, no leaderboard farm.
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Apollo's quarter fired on every cylinder except selling things.
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
easyJet said it was undervalued in 2021. Two bidders now agree.
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
History's largest buyout closes tomorrow. The last record holder went bankrupt.
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 Operator Era Reading List: Private Equity Operator Voices Worth Following in 2026
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.