Apollo hired three managing directors. Carlyle supplied one of them.
Apollo hired three managing directors, one of them from Carlyle. Advent's head of tech strategy now works at the OpenAI venture Advent helped fund.
Latest
Advent sold its last CCC shares at $7.79. GTCR will pay $7.75.
GTCR and Elliott are paying $7.75 a share for CCC. Advent sold its final stake last November at $7.79, down from a $10 SPAC-era price.
Thoma Bravo's Proofpoint pays 53 times free cash flow for Varonis
Proofpoint will pay $49.75 a share for Varonis, 52% above the June close. The multiple is 53 times free cash flow, and the first-half cash flow fell.
EQT's fee-generating assets rose €40bn in a quarter. Coller was €34bn.
Fee-generating assets rose €40bn in the quarter. Strip out the Coller acquisition and the gain is about €6bn.
Two buyout veterans have launched a national security private equity firm
Watch Point Capital has a one-page website and two founders from Madison Dearborn and Platinum Equity. Here is what we can say about the new defence-focused firm.
GP financing, explained. How managers borrow against fees and carry, and why it is so hard to find below $30m
GP financing is a loan or preferred instrument provided at the manager level, to the general partner, the management company or a sponsor affiliate, rather than to the fund. It is secured on what those entities and their owners actually hold, which means equity in the management company, the right
If I were running AI diligence on a PE portfolio right now, I would not ask "are you using AI?"
I would ask which level of the spectrum you are actually on. Because most portcos think they are a 4. They are a 2. And the gap between those two numbers is where the write-down lives. I have sat in enough board meetings where the CEO confidently describes their
If I were building a PE operating model from scratch, I wouldn't start with a value creation plan.
I'd start by killing the theatre. Most operating models are built backwards. There's an ops team that is really a reporting team. There's a "value creation" function that is one person, a recycled PowerPoint, and a heroic ability to say "cross-
“Show me the distributions” is a wonderfully efficient way to shorten an LP presentation.
Saves everyone forty slides on why the portfolio is performing magnificently despite the absence of any money. The valuations are robust. The assets are exceptional. The exit pipeline is encouraging. Lovely. The pensioners have asked whether they can spend the appendix. Private equity gets paid to be patient. Fair enough.
LP meetings have become theatre with better catering.
A lot of LP meetings are no longer really about communication. They are about stage management. The deck is polished. The messaging is tight. The bad news has been moved three clicks deeper into the appendix. The winners get a cinematic retelling. The problems get translated into phrases like timing,
PE conferences are broken. Their floor plans tell you quite a lot about the attitude behind them.
“Value creation” gets top billing on the main stage. Operating partners get a separate room, a different floor, sometimes an entirely separate event. The industry has managed to make the people responsible for delivering the investment thesis a fringe attraction. Quite an achievement. And giving operating partners their own conference
AE Industrial lost two partners in one week, both to operating seats.
AE Industrial lost two partners to company jobs. Everyone else was hiring operators. Senior moves at the 200 largest US PE firms, week to 13 October.
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.
Deals
Warburg bought a foundry for $459 million. Its customer just paid $11.75 billion.
GE Aerospace bought castings from CPP for fifteen years. It just paid 26 times EBITDA to stop. Warburg reportedly paid $459 million in 2011.
Deals
Veritas won Bodycote by 25 pence, and the market wants a recount.
Two bids sat a penny apart for a month. Veritas found 25 more, and the shares now trade above the price that won.
Deals
KKR's first core private equity bet just proved itself by ending.
Aon is paying $17 billion for USI, and KKR is calling the exit proof that its long-term holding vehicle compounds. Nine years, ninety acquisitions and two very different return numbers tell a slightly different story.
Deals
KKR explored a $10 billion exit. Apollo bought in, and KKR stayed.
Atlantic Aviation has more than doubled in value since 2021. The proof is a stake trade between two sponsors who both kept a seat.
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.
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.
Deals
In February Workday's answer was its founder. In August it might be Silver Lake.
Reuters says Silver Lake has spent months in talks over a take-private at more than $50 billion. Six months ago, Workday's answer to the same problem was paying its founder $138.8 million to fix it in public.
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.