Clearlake’s $7.7B Dun & Bradstreet Deal Among Largest B2B Data Plays
Plus: We warn that infrastructure portco valuations are at risk with the impending IRA repeal and outline portco M&A and exits from last week.
Opinion
Sixth Street’s $3.8B Giants Deal May Cost Fans
Plus: We argue why the IRS should keep the ‘DA’ in ‘EBITDA’ and outline portco M&A and exits from last week.
Burgeoning Small Cells Low Risk? Behind EQT’s $4.25B Crown Castle Deal
Plus: We doubt anti-ESG crusaders will make real inroads with private markets and outline portco M&A and exits from last week.
Can Warburg Pincus Make Its $1B VIP Play Another Triple Threat?
Plus: We’re skeptical of PE firms’ interest in accounting firms and outline portco M&A and exits from last week.
Bain’s $3.3B Tanabe Carve-Out Rewrites Rules for Japanese Pharma
Plus: We lament that LBOs may return to their debt-heavy heyday and outline portco M&A and exits from last week.
Dissecting Bain’s $3.2B Surgery Partners Bid
Plus: We wonder just how bad tariffs will be for PE and outline portco M&A and exits from last week.
Will HIG’s Old Playbook Work with $1B Kantar Media Carve-Out?
Plus: We challenge the long-term viability of healthcare roll-up strategies and outline portco M&A and exits from last week.
Was New Mountain’s $2B Access Healthcare Deal Worth the Wait?
Plus: We dissect the antitrust risk of a roll-up strategy and outline portco M&A and exits from last week.
Can Blackstone Continue Citrin Cooperman’s Explosive Growth?
Plus: We argue why NAV loans should never finance add-ons and outline portco M&A and exits from last week.
Mubadala Plans 'Long-Term Approach' for $8.7B CI Financial
Plus: We explore the link between fundraising and the rise in wealth management portcos and outline portco M&A and exits from last week.
Cinven Settles $1.6B Account with Grant Thornton UK
Plus: We wonder why on earth PE firms would buy chain restaurants and outline portco M&A and exits from last week.
KKR’s Next Chapter in EdTech: the $4.8B Instructure Take-Private
Plus: We argue why ESG needs to remain core to operations (even during a Trump presidency) and outline portco M&A and exits from last week.
Infra mega-funds face an ever-growing deployment dilemma
Large-cap infrastructure funds keep getting bigger. But looming exit risk and current struggles to deploy leave the ecosystem with an existential question: how much growth can it sustain?
It may be time for infra investors to kick their natural gas habit
Uncertain market conditions, the COP28 agreement and the US’s recent decision to halt LNG exports signal that the lifespan of some of these assets may be shorter than assumed.
Three takeaways from our America Forum
From realism around the IRA to mapping fibre’s future, investors discussed a range of topics at our recent America Forum. Here are three key takeaways.
Is equity flexible – and responsible – enough to fund the energy transition?
The financing gap for the energy transition will be a tough hurdle to overcome. Even if more capital is unlocked, the structures and incentives of private markets may prove to be too rigid to be effective.
Don’t underestimate US infra’s political risk post-IRA
The Inflation Reduction Act has proven to be revolutionary, but there are some elements of the market that can’t be legislated away.
Lithium-ion batteries are bankable, but may run out of charge
Asset degradation, supply chain difficulties, grid setbacks and rapidly developing alternative technologies make these assets riskier than they appear.
To reach its potential, infra should address its liquidity problem
The asset class needs to modernise and confront the tension between assets’ long lives and different investors’ liquidity needs.
The energy transition is pushing infra closer to PE’s risk curve
Since the asset class’s inception, infrastructure has defined itself as being low risk and a hedge against macroeconomic volatility. But as the industry has expanded, it’s also moved up the risk curve.
IRA tax credits will usher in a new wave of ESG in America
The anti-ESG movement has grabbed headlines lately – but ESG-conscious projects will be grabbing investors’ dollars, creating measurable impact along the way.
Will the US solar boom give investors a heatstroke?
With the Inflation Reduction Act creating a supportive investment environment, US renewables developers are understandably bullish on solar – nevertheless, they should build out with caution.
Is investing in the transition fuel really fuelling the energy transition?
With natural gas usage showing few signs of falling and capital flowing in, investors must ask themselves if they are enabling its growth.
