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Anthropic launches $1.5bn PE joint venture. Blackstone, Hellman & Friedman, and Anthropic each contributed approximately $300m. Goldman Sachs put in $150m. General Atlantic and Apollo also in. The entity will embed Anthropic engineers inside portfolio companies to redesign workflows using Claude. This is not a consulting contract. It is
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LP concerns about continuation vehicle conflicts hit the Financial Times. Institutional investors questioning whether LPAC members approving CV transactions are indirectly benefiting their own secondaries arms. CVs accounted for roughly 20% of PE exits last year. The GP sits on both sides. The carry resets. The valuation question is inherently
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Thoma Bravo signs multi-year strategic partnership with Google Cloud. Not a vendor contract. A structural partnership where a cloud hyperscaler embeds its AI stack directly into a GP's portfolio companies at scale. $300bn+ in portco value. Gemini models. Forward deployed Google engineers. Co-sell routes through Google
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NY Focus reports on Carlyle's NYC residential real estate buying spree. Walk-ups in Bushwick, Greenpoint, Crown Heights. A 13-story rental in Gowanus. Two Park Slope rowhouses. All through shell companies. Mostly non-rent-stabilised, mostly under 10 units. Tenants of earlier Carlyle buildings reported steeper rent
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OpenAI pitching PE firms on preferred equity with 17.5% guaranteed minimum returns. Reuters reported the offer, which is designed to get PE firms to increase AI adoption across their portfolio companies. The guaranteed return is significantly higher than typical preferred instruments. If you're a GP and someone
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NAV BDCs hit first-ever proration in Q1 2026. Cliffwater's fund received redemption requests for 14% of assets but could only return 7%. The board flexed the limit upward from the standard 5%, and investors still only got about $0.50 on every dollar they asked for. The
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Advent and Cinven exploring €25bn exit of TK Elevator as Kone enters advanced discussions. If this closes, it would be one of the largest PE exits in European history and a defining test of whether strategic buyers will pay full freight in this market. The hold period on TK Elevator
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Hamilton Lane: PE underperforms public markets even without the Mag 7. The 2026 Market Overview says private equity has trailed public benchmarks over one, three, and five years. The report also flags that 2025's distributions, despite being the second highest on record, still fell hundreds of billions short
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Fundraising outcomes now split sharply on DPI. Buyouts reports that the fundraising market has bifurcated along a single metric: have you returned cash to LPs or haven't you? GPs with strong distributions are raising on timeline. Everyone else is grinding. The denominator effect never really went away. It
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GIP and EQT Close In on $40 Billion AES Take-Private BlackRock’s Global Infrastructure Partners and EQT are in advanced talks to take AES Corp. private in a deal worth roughly $40 billion including debt, which would make it one of the largest infrastructure buyouts ever. The driver is
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McKinsey Declares “The Fog Has Lifted” on Private Equity McKinsey’s 2026 Global Private Markets Report says the fog has finally lifted, with buyouts up, exits rebounding, and IPOs creeping back after three flat years. That may be true, but the backlog of PE-owned companies is at record highs
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Garden City Equity Raises $255 Million Without Institutional LPs Garden City Equity raised $255 million from operators, athletes, and entertainers and skipped institutional LPs entirely. That is either genius long-duration capital with zero pacing pressure or a reminder that everyone now wants to cosplay as Berkshire Hathaway without the