Berkshire Hathaway after Charlie Munger

Plus, Silver Lake and Michael Dell extract billions from a decade of deals and KKR reorganises its finances


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KKR takes full control of Global Atlantic as it rearranges its finances

Private equity group says it wants shareholders to better understand its growth


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The nuances (ish) of private credit vintages

Beware what year of direct loans you buy, says Pimco


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VMware’s $92bn sale showers cash on Michael Dell and Silver Lake

Investors’ decade-old deal pays off in ‘one of the huge private equity successes’


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Permira selects banks for Golden Goose IPO

Listing of luxury trainer brand in Milan could come as soon as the first half of 2024


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Norwegian SWF ❤️ private equity

If you at first don’t succeed, try, try again


http://dlvr.it/SzPvql

Private credit boom will trigger a new squeeze

Mid-sized asset managers likely to face competitive pressure as ‘debanking’ gathers pace


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Masterworks: Some Parallels to F-NFTs, Much Stronger Returns

Investing in fine art used to require an eye for talent, piles of cash, and access to stuffy galleries and auction houses – but those days are gone. Now even rookie investors can own shares of museum-caliber works, thanks to the rise of Masterworks and its tokenized, fractional investment model for blue-chip paintings. NFTs, or […]


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The growth equity phenomenon examined

Moar leverage!


http://dlvr.it/SzFSzT

The $156bn PE firm with a succession problem

Plus, Beijing gives a tentative green light on Broadcom/VMware and Carlyle’s unexpected victory in China


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Scott Shleifer to step down from private equity role at Tiger Global

Executive’s decision to leave hedge fund unit ‘based largely on geography’ after move to Florida during pandemic


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Permira and Blackstone lead €14bn bid to buy eBay-backed Adevinta

Plan to delist Norwegian online classifieds company would be second-biggest buyout this year


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McDonald’s to buy Carlyle’s stake in its China business for $1.8bn

Citic Capital to remain majority shareholder in fast-food chain’s local operation


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Private equity resorts to buying back companies after IPO flops

EQT, Cinven and General Atlantic among those involved in take-private deals for businesses floated two years ago


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Private equity’s new financial engineering brings risks

NAV loans can buy time but cannot stop the inevitable if businesses have not improved


http://dlvr.it/Sz3X1m

Ardian: the European private equity powerhouse with a succession problem

Seventy-year-old Dominique Senequier has built a $156bn firm over three decades. What happens when she leaves?


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Generali executive warns on private equity funds in insurance

Short-term funds can have misaligned interests, says finance chief, after collapse of rival insurer


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Japan embraces management buyouts as pressures mount at listed groups

Highest number of takeover proposals since 2010 fuels predictions MBOs could become biggest driver of deals


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How consumers fell out of love with The Body Shop

UK high street stalwart known for its anti-animal testing campaigns in the 1990s has lost touch with eco-shoppers


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Can the UK learn from Australia’s pension savers?

So-called super funds deliver better returns for retirees


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Convicted mining tycoon Steinmetz linked to Italy’s largest oil refinery

Rome blessed purchase of Sicily plant by a company connected to billionaire convicted of corruption in Switzerland


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Brookfield shelves sale of Center Parcs

Canadian private equity firm failed to secure bids over its £4bn price tag for the holiday resort group


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Arctos invests in Aston Martin F1 team at £1bn valuation

Sports-focused private equity group takes stake on eve of first Las Vegas Grand Prix for 40 years


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Blackstone borrows to boost lending power of $52bn credit fund

Private equity firm raises funds through collateralised loan obligation secured by its portfolio


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Wellcome Trust warns of private equity ‘shakeout’

Investment chief at £38bn foundation says ‘tourist capital’ that flowed into sector could face losses


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A brutal bonus season for Wall Street

Plus, the €1bn beauty deal that went ugly and buyout funds hunt for start-up bargains


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Natura to sell The Body Shop to private equity firm for £207mn

Aurelius buys ethical beauty retailer from Brazilian cosmetics group


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Wall Street workers told to expect another year of smaller bonuses

Payouts for some roles set to fall by 25% as higher interest rates dampen dealmaking and IPOs


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General Atlantic takes controlling stake in Joe & the Juice

Private equity firm agrees deal that values Danish sandwich chain at about $600mn


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Investors shake-up VC market by raising money to buy out start-ups

Aim is to take advantage of economic headwinds to acquire promising businesses at a discount


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Wendel seeks further private equity deals after IK partners investment

Family-backed French firm scours market for targets as it starts managing outside money for first time


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Private equity faces a reckoning

The change in circumstances is dramatic after decades of triumphalist money making


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Inflexion sells Chambers and Partners in £400mn plus deal

Sale of legal ranking specialist to US investment group Abry Partners is latest deal in sector to attract investor capital


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Fresenius sells fertility business to KKR and GED Capital

Sale of Eugin Group marks latest bid by private equity to capitalise on demand for fertility services


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Carlyle finds a new cost-cutting target — itself

Plus, European start-ups look to challenge OpenAI and Disney runs into trouble on the cricket pitch


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Carlyle looks to job cuts amid fundraising ‘disappointment’

US private equity group’s chief executive Harvey Schwartz tells analysts ‘there is a lot of work to do’


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Private debt is out of control

We are not the borrowers you are looking for


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UBS chair spars with private equity chiefs over risks of ‘shadow’ banking

Colm Kelleher’s comments countered by Apollo’s Marc Rowan who claims asset management industry adds ‘robustness’


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The next corporate debt crisis

How dangerous is higher for longer?


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Can corporate America cope with its $3tn debt pile?

Rapid increases in borrowing costs prompt concerns about more defaults and bankruptcies, but companies are finding new ways to survive


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Private equity wrestles with higher interest rates

Japan’s prime minister bets on stimulus to tackle the pain of inflation


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Beijing bans Communist party officials from private equity investing

Xi Jinping’s anti-corruption drive targets cadres indirectly taking shares in unlisted companies


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IMF raises alarm over ‘contagion’ from private capital in life insurance

Potential for ‘contagion’ to wider financial sector and real economy as private capital groups have flooded in


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Can journalists beat Blackstone and Bridgewater?

Plus, Endeavor considers leaving the public market and Apollo invests in its future leaders


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CVC postpones plans for Amsterdam listing

European private equity group’s decision comes amid heightened market uncertainty


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Apollo reworks pay for executives among ‘next generation’ of leaders

Heads of private equity, credit and insurance will give up current packages for $550mn in stock grants


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Private equity’s plan to stop Labour closing its treasured tax loophole

UK opposition party has pledged to raise taxes on buyout bosses if it wins power, a commitment set to be tested by the industry


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The private equity reckoning has begun

Plus, oil megadeals fuel hopes for a gush in fees and a busy week for telecoms dealmaking


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Private equity: higher rates start to pummel dealmakers

The firms that used the era of cheap money to become the new financial titans are wrestling with rising interest costs


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Private investment firm files to launch its first ETFs

White Wolf’s planned funds will hold private equity and commercial real estate companies


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