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NVPE Editorial
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Most PE strategy decks could change logos unnoticed.
Deals
Blackstone owned First Eagle for ten years. Genstar owned it for twelve months.
Victory Capital is paying about $7 billion for First Eagle. Blackstone and Corsair spent a decade in the same asset and were reportedly asking $4 billion. Genstar bought it last August.
Deals
Steadfast spent thirty years rolling up brokers. Its buyers just unrolled it.
A 52 per cent premium, a unanimous board, and a company divided between its buyers before the ink dried. The roll-up worked. It just isn't arriving intact.
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PitchBook calls it headwinds. A dozen states call it the law.
PitchBook blames rates and utilisation. Its sharpest number is a 36% collapse in the one structure a dozen states just legislated against.
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Secondaries set another record. A quarter of deals failed or paused anyway.
The secondary market transacted $124 billion in the first half, a record on every measure Lazard tracks. Roughly 27% of transactions failed or were paused, which is also in the report.
Everyone Has an Operating Team Now: How "We Embed Operators" Stopped Meaning Anything (2026)
Three structurally different things now share one sentence: capital with a team attached, an in-house portfolio operations group, and an independent firm you hire. Here is how to tell them apart.
Deals
KKR is offering UGI less than the stock was worth in 2018
A 21% premium is easy arithmetic when the reference price spent eight years falling. The board that refused to sell a division in 2024 now weighs selling the company below its old high.
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The best executive search firms are also the worst executive search firms.
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That is now half the value creation plan.
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The executive search market has its own little cartel, and at least it has the decency to wear a suit.
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