News
KKR posts record quarterly results. Adjusted net income of $1.63 a share, up around 38% year on year, on revenue of $5.73bn against a $2.95bn estimate. Assets under management hit a record $796bn. While the mid-market seizes up, the giants are compounding, which is the whole
News
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.
Deals
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.
Deals
Couche-Tard is paying $8.6 billion for Żabka, 49% above the price of Poland's biggest float in years, 21 months after it listed. CVC gets its exit; Warsaw gets its ticker back.
News
Clipway closes the largest debut secondaries fund ever raised, at $6.4bn. The London firm, founded by former senior Ardian executives, drew commitments from 186 investors, 44% of the capital from Europe and 18% from the Middle East. Its proprietary screening system now tracks 38,500 private companies and 3,
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Federal law now bans large PE firms from buying single-family homes. The 21st Century ROAD to Housing Act became law on July 11 after President Trump let it pass unsigned. It bars "large institutional investors" owning 350 or more homes from acquiring more. It is the first
News
Thrive Holdings raising $2bn to run an AI-powered roll-up strategy. Josh Kushner's holding company, backed by SoftBank, Altimeter, D1, and OpenAI, buys consolidated service businesses and installs AI across them. First outside round after $1bn from Thrive Capital-linked investors. Founders keep equity. It is private
News
The Fed's hawkish pivot reframes the entire 2026 PE thesis. Kevin Warsh's debut FOMC meeting on June 17. Rates held at 3.50-3.75% but nine of 18 officials now project at least one hike this year. Median dot moved from 3.4% to 3.
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The American Prospect publishes "Nothing Is Safe From Private Equity Rollups." PE consolidation of fire truck manufacturers. Prices doubled since 2020. Wait times from 18 months to four and a half years. Departments keeping unsafe apparatus in service. REV Group told Wall Street it was an "Experienced
News
Advent-backed Innio raises $2.43bn in US IPO, priced at the top of its range. Gas engine manufacturer carved out of GE in 2018. 90 million shares at $27 each. The listing exists because investors cannot get enough of anything that powers data centres. Advent and ADIA are selling
News
Anthropic in talks to raise $30bn at a $900bn+ valuation. FT confirmed investors this week: Greenoaks, Sequoia, Altimeter, Dragoneer. The PE relevance is simple: every dollar committed to AI at 30x revenue is a dollar not committed to a mid-market buyout fund at 12x EBITDA. LP allocation is zero-
News
Trump arrives in Beijing with Schwarzman, Fink, Solomon, and Fraser. The first US presidential visit to China in nine years. Seventeen CEOs. Discussions covering tariffs, rare earths, AI supply chains, the Iran war, and bilateral investment frameworks. The November 2025 tariff agreement expires in November 2026. When the heads of