Private Equity

Blackstone safely stays in its own high-speed lane

6 Feb 2025

The buyout shop raised another $4 bln from rich folks in January alone, leveraging its brand power the old-fashioned way. Rivals are getting creative with ETFs and partnerships. Unless and until they pose a threat, there’s little reason for boss Steve Schwarzman to change course.

KKR-Bain standoff tests Japan’s buyout patience

4 Feb 2025

There were bound to be missteps in the fledgling deal boom. But the slow grind between the US private equity duo for $4 bln Fuji Soft is anathema to Tokyo’s desire for efficient transactions. The incentive for the regulator to find a way to hasten M&A proceedings is growing.

Larry Fink’s legacy project is a work in progress

29 Jan 2025

The BlackRock chief’s deal savvy helped build a fund management colossus. A recent $28 bln splurge on infrastructure specialist GIP, private lender HPS, and data firm Preqin requires a hefty earnings bump to pay off. There’s much to do before the 72-year-old hands over the reins.

A TikTok deal may be good for US-China trade

22 Jan 2025

President Trump has warned of 100% tariffs on the People's Republic if Beijing doesn't approve a sale of the video app owned by Chinese firm ByteDance. How such a deal would look is unclear, but it'd be an easy way for both sides to show goodwill ahead of thornier trade talks.

RedNote TikTok influx is more curse than blessing

20 Jan 2025

More than 3 mln Americans joined the Tencent- and Alibaba-backed Chinese social media platform as its bigger rival's ban neared. The refugees are sparking cross-cultural repartee but also pushing up RedNote's costs and causing security concerns, complicating its path to an IPO.

Ping An’s tech dreams may yet exit intensive care

16 Jan 2025

The $110 bln insurer’s days of spinning off web-based ventures to help boost its value are long over. But a quirky special dividend is giving it back majority control of beaten-down but cash-rich Ping An Healthcare just as the online medical firm’s fortunes look set to improve.

Tokyo’s property boom looks built to last

27 Dec 2024

Office vacancy rates in the city are around 3%, well below London and New York, and hotel occupancy rates are high. Transaction volumes will remain robust through 2025 as private equity and sovereign funds descend on Japan. That should keep the hot market from overheating.

Buyout barons will find ways to douse fire sale

27 Dec 2024

Groups like KKR and EQT have $3 trln of assets, after years of slow sales. In 2025, pressure to offload companies will grow, putting paper valuations at risk. To soften the blow, firms will rely on innovative disposal tricks, like continuation funds and private share placements.

India’s green power producers will get a shakeout

24 Dec 2024

More than a dozen renewable energy assets are on the block as both private equity firms like Brookfield and GIC and industry owners like Siemens look for an exit. Rivals and flush public markets will welcome large players. Smaller ones will have fewer options.

Private equity bids long goodbye to IPOs

13 Dec 2024

Buyout firms called $130 bln more from fund investors than they handed back between 2022 and early 2024, piling on pressure to return capital. Public markets are an increasingly impractical way to sell large investments quickly. Creative finance commands an ever greater premium.

ESR take-private throws up Asia exit quandary

13 Dec 2024

A group led by US investors offered to privatise the Asian real estate fund manager for $7 bln. Hong Kong's dismal market and ESR's complex business merits the move, yet backers will find it hard to re-list. Asia offers slim pickings for regional groups with IPO dreams.

Walgreens invites a Rube Goldberg buyout plan

12 Dec 2024

The flailing $8 bln drugstore would be a cheap target were it not for a $36 bln morass of debt, long-term leases and opioid liabilities. Yet a ruthless buyer could lean on cutting rents, chairman Stefano Pessina’s 17% stake and sellable bits to excavate whatever is left to save.

Buyout barons’ Europe bargain hunt will intensify

11 Dec 2024

Preqin data shows that funds focusing on the region are outperforming North American ones, helped in part by a 10% valuation discount on local deals. The gap may grow as US stocks get more expensive. But for Europe it’s a sign of corporate weakness, rather than strength.

A $13 bln cash sale breaks buyout doom loop

9 Dec 2024

In a tough market for M&A and IPOs, private equity shops have been recycling assets to sate anxious investors. GTCR’s deal to offload its insurance broker to Arthur J. Gallagher provides a sign that the tide may be turning. Whether animal spirits will persist is the question.

Japan’s virtuous M&A circle starts with 7-Eleven

5 Dec 2024

The battle for control of $45 bln convenience store owner Seven & i is being cheered in Tokyo. It’s evidence of progress in the drive to improve efficiencies in the world’s third-largest economy. It could also be a sign of what’s to come if officials make the right next moves.

Bain’s Japan chip IPO is a tough sell

3 Dec 2024

The US private equity firm will list Kioxia six years after leading the memory unit's $18 bln carve-out from Toshiba. The roughly $5 bln equity valuation means poor returns for sellers. And convincing new investors to look past Kioxia's crippling debt pile will be a slog.

Buyout barons salivate over uncertain wealth prize

20 Nov 2024

Blackstone says $80 trln is up for grabs from coaxing individual investors into private-market assets. KKR puts the figure at $200 trln. The range reflects the variety of people whose nest eggs the firms are targeting, and regulatory hurdles. Shareholders aren’t counting on it.

Singapore’s banking giant DBS is coming of age

12 Nov 2024

The $90 bln Singapore lender will start returning capital to shareholders through share buybacks. Incoming CEO Tan Su Shan will retain sufficient firepower to pursue bold M&A, though changing US policy in its Asian backyard may merit a cautious turn.

Rubber meets road for divergent buyout-shop models

7 Nov 2024

Strong quarterly results and the US election lifted enthusiasm for Apollo, Blackstone, Carlyle and KKR. After pursuing different paths to gather nearly $3 trln of combined assets, however, their opportunities and risks vary. Those leveraged to insurance are under fresh pressure.

German M&A flurry is powered by lasting tailwinds

4 Nov 2024

Teutonic deal volumes are below their 2021 peak, like everywhere else. Yet a burst of activity, including the $15 bln privatisation of DB Schenker and $16 bln Covestro sale, show signs of life. Radical changes to the country’s industrial model imply an enduring rebound.