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
Views
Most PE strategy decks could change logos unnoticed.
Views
PitchBook calls it headwinds. A dozen states call it the law.
PitchBook blames rates and utilisation. Its sharpest number is a 36% collapse in the one structure a dozen states just legislated against.
Views
Secondaries set another record. A quarter of deals failed or paused anyway.
The secondary market transacted $124 billion in the first half, a record on every measure Lazard tracks. Roughly 27% of transactions failed or were paused, which is also in the report.
Views
The best executive search firms are also the worst executive search firms.
Views
That is now half the value creation plan.
Views
The executive search market has its own little cartel, and at least it has the decency to wear a suit.
Views
Somewhere around 2019, every PE firm became "operationally focused."
Views
Most PE strategy decks could change logos unnoticed.
Views
Brookfield's $12.5 billion of carry has spent years almost arriving.
Brookfield's release is headlined 15% earnings growth. Consolidated net income fell 33%. Between the two sits $12.5 billion of unrealised carry, of which the firm converted $121 million after selling $40 billion of assets.
Views
Every year you sit on committed capital, your IRR math gets worse.
Views
Every partner went to the same five schools and worked at the same three banks.
Views