There are certain phrases in private equity that should come with warning labels.
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ECP raised $8.1 billion for the energy transition against a $5 billion target: the transition currently consists of a fuel distributor, a nuclear services firm and Europe's largest LNG terminal
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.
A record week for records: Carlyle finally got paid for selling things, TPG's record half is made almost entirely of fees, and Brookfield raised $77 billion mostly from itself
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.
Record fees, record spread, and $16 million from actually selling anything: Apollo's quarter fired on every cylinder except the one private equity was invented for
Record FRE, record SRE, record inflows, and $16 million of principal investing income. Apollo's quarter was superb everywhere except the line the industry is named after.
easyJet told the market it was undervalued in 2021 and nobody listened: Apollo and Castlelake now have until Friday at 5pm to settle exactly how right the board was.
Two US buyout firms are in a shootout for an airline the London market priced at £4 in May. The winner gets easyJet. Stelios gets 0.25% of revenue either way.