Views
NVPE Editorial
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.
Views
If I were hiring an operating partner tomorrow, the first question would not be about experience.
Views
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).
Views
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.