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.
Latest
Every CEO exit is a sales lead with better stationery.
The most creative people in private equity are not operators.
Heidrick spent 22 years as the only publicly listed SHREK firm.
Every line below is said about you, in a room you are not in, by someone with the budget.
Partners Group can raise money faster than it can give it back
A record $16 billion raised, carry guidance cut to 20-25%, and gates on the funds clients most want out of. The fee machine is fine. The exit machine is guiding for 2027.
The Operating Partner Backlash Has Arrived, and It's Coming From Operators
The sharpest critique of the operating partner model is now coming from operators, on the record. What they are saying, why now, and how to tell a real model from a decorative one.
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.
Who Actually Fixes Digital and Data in a PE Portfolio Company? (2026 Field Guide)
Six kinds of firm pitch for the same digital and data problem, at prices 20x apart. The field guide: what each tier does, the symptom that sends you there, and what it costs.
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.
Marketing Agency vs Embedded Operator: What a PE Portfolio Company Actually Needs
Two different purchases that get compared as if they were the same purchase. Written to the operating partner, not the CEO.
Why the Vocabulary Gap Is Getting Expensive
Get The Brochure If you read Not Very Private Equity, the language is already familiar. But following the language and running the room on it are two different skills, and many people in exactly these seats are still working off the first one. A founder gets a letter of intent
Theses
3x Thesis: The “Revenue Recovery” Platform for Healthcare Providers
Every healthcare investor knows the story: the clinic looks profitable on paper, but when you lift the hood, there’s 10–15% of revenue sitting in limbo...unpaid claims, coding errors, rejected reimbursements. It’s not a demand problem. It’s a billing problem. The U.S. healthcare system processes
Theses
3x Thesis: The Municipal Services Modernisation Play
Most local governments still run on software that looks like it came free with Windows XP. Procurement, permits, inspections, citizen support portals......held together by outdated code, clunky interfaces, and people who've been "restarting the server" since 2004. Yet these systems handle billions in transactions and
Theses
3x Thesis: Kids Are the New Luxury
Luxury is no longer worn. It’s scheduled. The modern affluent parent isn’t showing off with a Rolex.....they’re flexing through weekend fencing tournaments, bilingual tutoring, and elite chess camps. We’re witnessing the rise of child-focused conspicuous consumption. And the numbers are massive: According to the
Theses
3x Thesis: The Trade School Flywheel
One of the most underutilised value creation strategies in PE right now. Buy the education platform. Buy the service companies. Place the grads. Repeat. Think about it: if you’re investing in HVAC, plumbing, electrical, auto repair....any business reliant on skilled labour.....then you already know the bottleneck isn’
Theses
3x Thesis: The Great American Garage Conversion Play
America’s housing crisis isn’t creeping up on us. It’s already here and the math doesn’t work. Home prices are up 40% in four years. Mortgage rates have doubled. And nearly half of renters now spend over 30% of their income on housing. Meanwhile, the country is
Theses
3x Thesis: The Divorce Industrial Complex Needs a Digital Exit
Most people still treat divorce like a one-off legal event. But it’s not. It’s an industry. A massive one. And it’s ripe for a platform play. $50B+ is spent every year in the US alone across legal fees, mediation, financial restructuring, therapy, custody planning, moving house,
Theses
3x Thesis: The pet industry is begging for a platform.
Not another subscription treat box. Not another tele-vet point solution. A true platform, vertically integrated, brand-led, and built around the modern pet parent. Vet tech. Grooming. Supplements. Home delivery. Bundled into one membership, one app, one trusted brand. 1. Pet ownership is booming, but the experience is broken.
Theses
3x Thesis: If you’re building a med spa platform today, don’t invest in real estate, invest in distribution.
The aesthetics industry loves talking about location like it’s gospel. “Affluent ZIP code.” “High visibility.” “Street-front retail.” However, the best med spa location might be someone else’s. Here’s the 3x thesis behind why hotel and gym partnerships on a rev-share model are one of the
Theses
3x Thesis: Insurance-Adjacent Services- Home warranties, inspections, and mitigation as an investment platform.
Buying a home services business? Still a smart play. You get: – Non-discretionary demand – Fragmented competition – Predictable cash flows – And plenty of exit paths (especially if you stack a few trades together) But here’s a better question PE firms should ask: What if instead of owning a service company.
Theses
3x Thesis: Digitizing the Funeral Industry
Morbid margins, minimal tech, and a $100B generational wealth transfer. The funeral industry is one of the last remaining consumer sectors untouched by modern technology. It’s awkward, analog, and full of friction. And that’s exactly what makes it interesting. Let’s start with the basics: the average cost
Theses
3x Thesis: The “Blue-Collar SaaS” Rollup
Everyone’s chasing the next vertical SaaS winner in finance, healthcare, or HR. Meanwhile, the trades are quietly becoming one of the best software rollup opportunities out there. What I call “Blue-Collar SaaS”.........job schedulers, quoting tools, dispatch systems, customer communications platforms, CRMs for trades. Plumbing, HVAC, electrical, roofing,
Theses
3x Thesis: The “Hyperlocal Lead Gen Arbitrage” play is still dramatically underpriced and underutilized.
Take Pinnacle Home Services, backed by Trivest. They’ve been rolling up HVAC, plumbing, and electrical companies across the Southeast, and doing something smart that most folks miss: They centralized marketing. Instead of letting each acquired business keep its old-school mix of direct mail, print, and the occasional Facebook