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Every deal starts with a story. The founder tells you the business has another decade of growth ahead of it. The banker tells everyone there are twenty buyers circling. The management team says the ERP implementation is almost finished. The GP tells the LP this fund is different. Nobody is
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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
Deals
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%
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Today, films made for IMAX can generate more than 20% of their domestic opening weekend box office from less than 1% of the world’s cinema screens. That is a fairly decent pivot. The company was founded in 1967 and remained a specialist format for decades. Huge cameras. Expensive film.
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It would be: what authority will this person actually have? I have watched brilliant operators join PE firms with impressive titles and precisely zero ability to make anything happen. They can advise. They can recommend. They can produce slides that get filed somewhere between the quarterly reporting pack and the
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Which is fair. It does have the energy of a consulting firm built inside an airport procurement department. But look at the numbers. 22,000 generalists cut. 77,000 AI specialists hired. $3.6bn in AI bookings. $3bn committed to AI investment through 2030. That is not a press release
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.
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
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.
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).
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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.
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The best private equity podcasts in 2026, grouped by role: house views, allocators, value creation, exits and the small-cap end. Honest blurbs, no leaderboard farm.