Sycamore to Fund $24B Walgreens Buyout with 80%+ Debt
The industry average for take-privates in Q4 2024 was 53%. Experts worry this puts Walgreens at a high risk of default and bankruptcy.
Exclusives
TikTok’s annual carbon footprint is likely bigger than Greece’s, study finds
Average user generates greenhouse gases equal to driving an extra 123 miles in gasoline-powered car a year, data shows
Data center emissions likely 662% higher than big tech claims. Can it keep up the ruse?
Emissions from in-house data centers of Google, Microsoft, Meta and Apple may be 7.62 times higher than official tally
LACERA lowers infra allocation from 5%
Once targeting a 5% infrastructure allocation, LACERA’s board of investments has voted to lower
its infra allocation to 4% – nearly its current allocation, down from September's 5.5%.
its infra allocation to 4% – nearly its current allocation, down from September's 5.5%.
DTCP closes second digital infra fund on €1.1bn – exclusive
DIV II raised €1.12 billion, with €440 million committed to a sidecar, co-investment vehicle,
bringing total funds raised to €1.56 billion.
bringing total funds raised to €1.56 billion.
Brian Chase leaves Quinbrook
Chase, a former MD at BlackRock, was brought on as global head of capital formation in 2021.
Global Infrastructure Finance targets $1bn with private EM bond fund
The open-end private fund received its first round of funding at the end of 2023. It seeks to reach $1bn over the next 18-24 months.
Old lessons, new ventures: Geoff Strong one year post-Apollo
In an exclusive interview, the industry veteran talks about leaving Apollo, setting up Northampton Capital Partners,
and why he’s not afraid to 'get creative.'
and why he’s not afraid to 'get creative.'
Quinbrook beats target to close debut UK impact fund on £620m
The fund, the first dedicated impact vehicle for the renewables manager, launched in 2020
seeking £500m from LPs.
seeking £500m from LPs.
KKR’s inaugural climate strategy is ‘industrials with an infra approach’
The firm has hired three new partners to its infrastructure platform, and registered the KKR Global Climate Fund, to kick off its unorthodox climate business.
Apollo terminates Dylan Foo as head of infra
The termination comes after Foo’s former co-head of infra, long-time staffer Geoff Strong, left the firm late last year.
Harrison Street to launch $750m energy transition fund
The fund marks the real estate investor’s second foray into infra, after its evergreen social infra vehicle.
3i reaches $500m first close on North American infra fund
The UK-based investment firm launched its first dedicated North American infrastructure fund last year, targeting $1bn.
Quinbrook hires Amazon renewables chief to lead data centre strategy
Co-founder David Scaysbrook tells us how tech veteran John Lucas will help the manager provide carbon-free energy solutions for data centres.
Other Hard News + Proprietary Content
PE-Backed Companies Were 65% of Q1 2025 Debt Defaults
According to Fitch Ratings, 15 of the 23 leveraged loan and high yield debt defaults in Q1 were by private equity-owned companies. Portcos also dominated large bankruptcies.
Why Morgan Stanley Missed the $6B Mark on its Fourth Infra Vintage
Morgan Stanley (NYSE: MS) launched the fourth vintage of its flagship infrastructure fund series, North Haven Infrastructure Partners IV, in 2022. By March 2023, the fund had raised $4 billion. It stayed in the market for another two years, stagnant. Here’s what happened.
Sycamore to Fund $24B Walgreens Buyout with 80%+ Debt
The industry average for take-privates in Q4 2024 was 53%. Experts worry this puts Walgreens at a high risk of default and bankruptcy.
PE Ownership and Bankruptcy Link Strengthens in Healthcare, Retail for 2024
Companies in these sectors with private equity backing were far more likely to go bankrupt than their non-PE-backed counterparts, according to new research.
Small Exits Outperformed Large Ones in 2024
Paradoxically, lower enterprise values at exit were associated with higher value creation multiples, according to Preqin data. How?
TikTok’s annual carbon footprint is likely bigger than Greece’s, study finds
Average user generates greenhouse gases equal to driving an extra 123 miles in gasoline-powered car a year, data shows
Operations Are at the Core of Edison Partners’ Energy AI Deal
Edison Partners’ $15M deal with energy AI tool Seismos leaned on Edison Edge, the firm’s operations platform. Such a platform is a rarity for a lower mid-market dealmaker.
Brookfield’s 10.5GW Microsoft deal places ‘certainty of delivery’ over price
The landmark deal is the first between an asset manager and a tech giant, and it has ‘potential to expand’, according to Brookfield Renewable’s US CEO, Stephen Gallagher.
LACERA lowers infra allocation from 5%
Once targeting a 5% infrastructure allocation, LACERA’s board of investments has voted to lower
its infra allocation to 4% – nearly its current allocation, down from September's 5.5%.
its infra allocation to 4% – nearly its current allocation, down from September's 5.5%.
DTCP closes second digital infra fund on €1.1bn – exclusive
DIV II raised €1.12 billion, with €440 million committed to a sidecar, co-investment vehicle,
bringing total funds raised to €1.56 billion.
bringing total funds raised to €1.56 billion.
Brian Chase leaves Quinbrook
Chase, a former MD at BlackRock, was brought on as global head of capital formation in 2021.
EnCap targets ‘more challenging’ projects with IRA tax credit-focused battery platform
The EnCap Energy Transition Fund’s newest portfolio company, Bildmore, will make equity investments in IRA tax credit-eligible energy transition assets via a holdco structure.
New GP Elda River bucks consolidation trend with spin out from Magnetar
Former co-heads of Magnetar’s energy and infrastructure business, Eric Scheyer and Adam Daley, have acquired majority ownership of the mid-market platform.
Global Infrastructure Finance targets $1bn with private EM bond fund
The open-end private fund received its first round of funding at the end of 2023. It seeks to reach $1bn over the next 18-24 months.
Kirkland & Ellis tops our second Fund Formation League
This year’s top five law firms have both familiar and new faces when compared with their 2022 predecessors.
2024 a ‘lost year’ for US green hydrogen following tax credit guidelines
The Treasury’s rules for hydrogen tax credits decide that the size of the tax credit – ranging from $0.60-$3/kg of hydrogen – a producer can claim will depend on lifecycle emissions.
Investcorp chooses M&A with acquisition of Corsair’s global infra business
The acquisition constitutes the Bahraini investment manager’s debut into infrastructure beyond
the GCC.
the GCC.
Texas infra projects to benefit from $7.5bn windfall after vote
Three statewide infrastructure funds were approved, totaling $7.5bn for energy, water and broadband projects.
Brookfield closes third debt vintage on $6bn
The vehicle is 50% over its initial $4bn target, making it one of the largest infrastructure credit vehicles in the private markets.
DigitalBridge hits $2.2bn first close on third flagship
DigitalBridge has also secured $1bn to date for its credit vehicle, which has a pipeline of over 60 loans, according to CEO Marc Ganzi.
Infra investors with PJM coal, gas exposure face ‘boosted risks’ and losses
A recent report from the Institute for Energy Economics and Financial Analysis has found that coal and gas plants in the US’s largest power market are underperforming.
Big oil, tech giants beneficiaries of DOE’s $7bn hydrogen hub grants
Private equity has largely taken a backseat to big corporates in the early stages of US hydrogen markets, and this round of grants from the Biden-Harris administration is no exception. That may change moving forward.
Quinbrook beats target to close debut UK impact fund on £620m
The fund, the first dedicated impact vehicle for the renewables manager, launched in 2020
seeking £500m from LPs.
seeking £500m from LPs.
Blackstone, BofA broaden infra project financing’s horizons with $580m tax credit sale
The ‘first-of-a-kind’ tax credit sale – fueled by the Inflation Reduction Act – is likely to be the first of many in a budding matchmaking service between big banks and renewable tax credit buyers.
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