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NVPE Editorial
News
Blue Owl carried Loparex near par in December. It is pennies now.
From par to five cents in nine months, and the borrower has not even filed. Our read on what one small credit says about a $1.8 trillion market's marks.
Deals
Apollo's $20 billion for DePuy Synthes is roughly what J&J paid for Synthes alone.
Bloomberg says Apollo is in talks to buy J&J's orthopaedics business for close to $20 billion. In 2012 J&J paid $19.7 billion for Synthes, and DePuy was not included.
Deals
History's largest buyout closed five weeks ago. Its owner is already rearranging it.
PIF took EA private on 4 August for $55 billion, the largest leveraged buyout ever completed. Five weeks later it is weighing whether EA should be folded into the gaming platform it already owned.
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The pay gap narrows after a buyout. The expensive people leave.
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.
What Is Rollover Equity in Private Equity? Definition, Mechanics, and What It Does to a Management Team
Rollover equity is the slice of a seller's proceeds reinvested in the buyer's NewCo instead of paid in cash. How it works with a $100M example, where it sits in the preference stack, how it differs from a MIP, and what it does to a founder's behaviour during the hold.
Commercial Due Diligence vs Marketing Due Diligence: What Each One Actually Answers (2026)
Commercial diligence asks whether the market is real. Marketing diligence asks whether the demand is real, and who owns it. What each one covers, when it runs, who does it, and which one your deal needs.
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The CEO replacement rate is not a talent problem.
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The executive search industry is consolidating around a very simple fear.
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Model addiction is what happens when deal teams confuse precision with understanding.
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Korn Ferry is the last publicly traded SHREK firm standing.
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