The Biggest Energy Crisis Ever: An energy market damage report from the Iran war
Peace on the warfront provides an opening to sift through the rubble and take account of the damage done so far.
Martim Domingos9 min read
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Markets22 Jun 2026
What is happening with Asda?
Five years after TDR Capital and the Issa brothers' £6.8bn leveraged buyout, Asda has posted a £989mn loss and seen its UK grocery market share fall to a record low. The question is whether the private equity playbook is compatible with running a thin-margin grocer in one of the world's most competitive retail markets.
Private EquitySupermarketsAsdaDebt
Sonal Weerasekera8 min read
Read ArticleMarketsGlobal Healthcare19 Jun 2026
The $100 Billion Weight-Loss Question Nobody Can Answer
Novo Nordisk and Eli Lilly have proven GLP-1 drugs can deliver surgery-level weight loss - but with patients regaining much of it after stopping, the market's real value may depend on long-term adherence rather than who wins on efficacy.
GLP-1ObesityNovo NordiskEli LillyPharmaceuticals
Abdul Wasey Bhatti5 min read
Read ArticleTwo Deals, Two Eras: What Medallia and Intertek Reveal About Private Equity's Reset
Thoma Bravo's $5bn Medallia loss and EQT's £10.7bn Intertek acquisition tell the same story from opposite ends. Private equity's software bet has failed. The platform strategy is what comes next.
Private EquitySoftwareMergers and AcquisitionsEQTThoma Bravo
Alexander Eklund8 min read
Read ArticleMarkets19 Jun 2026
Why Sycamore Walked Away from the London Float
Boots looked like a deal story, but choosing a $10bn sale over a London float is really a verdict on the IPO: when a listing can't promise a price or a date, certainty wins.
Private EquityIPOsBootsLondon Stock Exchange
Abir Ghosh Biswas6 min read
Read ArticleMarkets17 Jun 2026
Fox's $22bn Roku Acquisition Marks a New Era in the Battle for Streaming
The proposed takeover highlights how ownership of digital platforms is becoming just as important as ownership of the content itself.
Fox CorporationRokuStreamingMergers and AcquisitionsConnected TV
Gaurav Bohra7 min read
Read ArticleThe Data Moat: Why Google's Monopoly Is So Hard to Break
A federal court ruled Google's search dominance is illegal. The remedies are an attempt to dismantle a monopoly built on data, defaults, and self-reinforcing scale. Whether they can work is an open question.
GoogleAntitrustMonopolyNetwork EffectsCompetition
Jay Patel9 min read
Read ArticleMicroMarketsOpinion15 Jun 2026
SpaceX’s Initial Public Offering: Sci-Fi-PO or the Future?
Active investors are clamouring for a piece of the biggest IPO to date, and passive investors don't have a choice but to take a slice. But what is everyone actually buying?
Martim Domingos7 min read
Read ArticleMarketsPrivate Equity12 Jun 2026
Apollo's Week: The Diagnosis and the Dropped Bid
Apollo's co-president warned of a private equity reckoning at SuperReturn in Berlin, then withdrew a £1.5bn bid for Bodycote two days later. The contradiction tells you everything about where the industry stands.
Private EquityApolloUnited KingdomMergers and AcquisitionsSpaceX
Alexander Eklund6 min read
Read ArticleMarketsPrivate Equity4 Jun 2026
Survival of the Pivoting: How Private Equity Is Splitting Under Pressure
As Bain and GHO rotate into Japan and healthcare, Astorg cannot raise a fund and JPMorgan quietly offloads NAV loan exposure. The private equity industry is not in a slowdown. It is in a shake-out.
Private EquityJapanHealthcareMergers and AcquisitionsArtificial Intelligence
Alexander Eklund8 min read
Read ArticleWinners and Losers: How AI Is Splitting Private Equity in Two
As AI disruption freezes software heavy buyout funds and retail capital retreats, a handful of firms are moving decisively in the opposite direction. The private equity market is splitting into winners and losers in real time.
Private EquityArtificial IntelligenceMergers and AcquisitionsSoftwareIran
Alexander Eklund8 min read
Read ArticleMarkets27 Apr 2026
Why Goldman Sachs Was the Last Fund Standing
Goldman's near miss looked like good news. It was really a warning about everything else.
Private CreditGoldman SachsLiquidityCredit Risk
Abir Ghosh Biswas5 min read
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