Private equity, private credit, venture capital and infrastructure: the deals, the funds and the firms behind them.
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In pharmaceutical M&A, the most expensive mistake is paying a premium for a future that clinical trials may never deliver - and three years on, Seagen's pipeline is testing that thesis.
5 min read
The London discount looked like the reason UK companies keep being bought. It was really the lender's underwriting policy, and that sets the ceiling regardless of where the shares trade.
Basel IV and Chinese price-dumping left frontier mineral and energy corridors unbankable for private capital. This is how sovereign balance sheets turned geopolitical chokepoints into private yield.
Three deaths have paused eight Novartis trials and frozen enrolment at Bristol Myers Squibb - turning autoimmune CAR-T from a clinical question into a valuation problem for everyone who has already bought in.
Private equity is quietly rewriting football-club ownership. Chelsea and AC Milan offer two versions of the same wager, and raise the question of whether financial discipline and success on the pitch can ever sit comfortably together.
EQT needed four bids to take Intertek private, and the sequence reveals less about price than about who now sets the value of a FTSE 100 company, and why London keeps losing profitable firms to private buyers.
Apollo has gatecrashed Castlelake's hard-won takeover of easyJet with a higher offer backed by the airline's board, setting up a bidding war over one of Europe's best-known low-cost carriers just months after a bruising first half of the year.
A £5.7bn approach for DCC is as much a bet on the Irish conglomerate's years-long transformation into an energy distributor as it is a straightforward take-private deal, and it says as much about KKR's ambitions as it does about DCC itself.
From preferred equity deals for LP stakes to carried interest loans for executives, private equity is manufacturing liquidity at every level of the food chain. The exit market remains blocked. The workarounds are getting bigger.
Pimco, the $2.3tn bond giant built on public markets, is quietly becoming one of the most powerful actors in private credit with mega-deals for Meta and Oracle, lending to Gulf states in wartime, and exploiting the liquidity crunch hitting rival funds.
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.
As AI clouds software valuations, private equity is pivoting towards healthcare – a sector whose demand is underpinned by demographics and disease burden that can be forecasted decades ahead.
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.
Investors attempted to pull more than $20bn from the largest private credit funds in Q1 2026, only to find the exits partially closed. The episode marks the sector's first real test of cycle maturity.
Buyout activity fell 36 per cent in Q1 2026 as the Gulf conflict and AI disruption to software converge to freeze dealmaking across the private equity industry.
From Blackstone's bid for Senior plc to the largest LBO in history and a regulatory clash threatening the private credit ratings ecosystem, this week laid bare the tensions running through global private capital markets.
Record unsold assets, zombie funds, and pension pain. Why the private equity industry is at a structural turning point.
Retail investors are pulling billions, insiders say defaults are already here, and banks are quietly tightening credit. The mixed signals across private credit mask a single uncomfortable truth.
Partners Group Chair Steffen Meister warns AI will create an asymmetric disaster for private credit, where lenders absorb the losses from disrupted companies while capturing none of the upside.
Investors pulled $3.7 billion from the world's largest private credit fund. BCRED has posted its first ever net outflows, signalling a turning point for the entire industry.
Blue Owl permanently restricts investors from withdrawing cash from its inaugural retail debt fund, backtracking on plans to reopen redemptions this quarter.