Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYM&A IntelligenceSep 23, 2:02 PM EDT
Michael Dell's family office is leading a planned $7.7 billion deal to take The Baldwin Insurance Group private, with deal completion expected in late 2024.
ReadingDell family capital treating insurance like infrastructure. The next three regional brokers will have competing bids before Thanksgiving.
WatchWatch for which other megafund family offices announce specialty insurance tickets in Q4. This opens the precedent for tech-adjacent ownership.
HENRI IVM&A IntelligenceSep 23, 2:02 PM EDT
KKR & Co. completed its $5.89 billion agreement to acquire Integer Holdings, a medical device manufacturer, helping healthcare emerge as the standout private equity sector in August despite global dealmaking decline.
ReadingPE's rotation toward boring, sticky infrastructure is complete. Devices and insurance now outrank software in capital allocation.
WatchNext two KKR healthcare announcements. They have capital velocity to deploy by year-end.
MACALLAN 1926M&A IntelligenceSep 23, 2:02 PM EDT
Swedish private equity firm EQT has acquired a majority stake in McGill and Partners, a London-based specialty insurance broker, from Warburg Pincus, marking the latest in a wave of insurance consolidation.
ReadingSpecialty broking valuations are re-anchoring higher. Operational brokers watching this deal just got a pricing signal for their own sale.
WatchThe next two EQT insurance acquisitions in Europe. They're building a platform.
LOUIS XIIIM&A IntelligenceSep 23, 2:02 PM EDT
Flexstone Partners has completed its acquisition of Glouston Capital Partners, expanding its private equity secondaries capabilities and pushing combined assets under management above $15 billion.
ReadingSecondaries market is consolidating upmarket. Smaller platforms now have 12-18 months to scale before the buyer list shrinks.
WatchWhich other single-digit-billion secondaries shops announce strategic buyers before Q1.
PAPPY 23Capital MarketsSep 23, 2:02 PM EDT
Jefferies is expanding European private credit capabilities with $4 billion in new lending capacity, even as questions linger around Point Bonita's Radiant World exposure.
ReadingTier-two credit shops are still fundraising on conviction. Mega-funds are capping. Distribution matters now.
WatchHow much of that $4B is deployed by end of Q1. Speed here signals confidence level.
JOHNNIE BLUECapital MarketsSep 23, 2:02 PM EDT
Elliott Management has acquired a significant stake in Deutsche Telekom, betting on stable cash flow and undervaluation, while simultaneously, activist investors filed positions in Dell Technologies, Privia Health, Group 1 Automotive, and four others.
ReadingActivists are hunting for undervalued yield. Tech and industrials are targets because they're trading as growth names with cash streams that pay like value.
WatchWhich of the six target companies announce operational changes first. That's the one where the board listened.
WELL POURCapital MarketsSep 23, 2:02 PM EDT
Apollo Global Management has again capped withdrawals from its private credit fund as investor sentiment weakens, with 14.7% of limited partners actively signaling their intention to exit.
ReadingPrivate credit cap 2.0 is a signal to LPs: capital structure problems are real, not temporary. Expect redemption policy changes across the category by Q1.
WatchAnnouncement of a secondary market transaction or restructuring from Apollo. They move before the narrative breaks.
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