S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Private equity's push into the retail investor market is a global phenomenon.
The trend garnered headlines earlier this year when US regulators took steps that could unlock the US$12.4 trillion that retirement savers have stashed in 401(k) accounts. Now, attention is turning to Japan.
The momentum building behind expanding access to alternative investments in Japan is linked to rising interest rates and inflation. The end of a multidecade period of deflation is shifting Japanese savers' preference for liquid assets.
As in the US, government regulators have a key role to play. Japan recently allowed investment trusts to include unlisted shares in tax-exempt Nippon Individual Savings Account portfolios, a move that is expected to give more Japanese households access to alternatives.
Read more about private equity's inroads to Japan's retail investor market.
CHART OF THE WEEK: Funding rounds rise to 5-month high
⮞ The aggregate value of private equity- and venture capital-backed funding rounds hit US$31.90 billion globally in August, the highest monthly total since March, according to S&P Global Market Intelligence data.
⮞ A US$13 billion series F round for AI company Anthropic PBC was behind the surge, accounting for 41% of the global funding round value in August.
⮞ The global rounds of funding raised US$221.12 billion this year through August, up slightly from US$211.15 billion for the same period in 2024.
TOP DEALS
– GTCR LLC agreed to acquire European drugmaker Zentiva SA from Advent International LP in a transaction expected to close in early 2026. The deal is valued at €4.1 billion, the Financial Times of London reported, citing two people familiar with the matter.
– Permira Advisers Ltd. led a US$525 million investment in property portal Property Finder. Funds managed by Blackstone Inc.'s Blackstone Growth Advisors LLC are also investing in the Dubai, United Arab Emirates, company. As part of the deal, General Atlantic Service Co. LP sold part of its stake in Property Finder, keeping a minority share in the business.
– CVC Capital Partners PLC offered to buy an 89.65% stake in Japanese cosmetic products maker Mandom Corp. for ¥1,960 per share in cash. The offer price represents a 33% premium to the company's closing stock price on Sept. 5.
– Cinven Ltd. agreed to invest in audit and advisory firm Grant Thornton AG Wirtschaftsprüfungsgesellschaft.
TOP FUNDRAISING
– Veritas Capital Fund Management LLC raised US$14.4 billion for Veritas Capital Fund IX LP at final close. The fund invests in technology and government-aligned companies.
– OEP Capital Advisors LP, doing business as One Equity Partners, secured US$3.25 billion at the close of One Equity Partners IX LP. The firm invests in middle-market companies in the industrial, healthcare and technology industries across North America and Europe.
– Aurora Capital Partners raised more than US$2.1 billion in capital commitments for Aurora Equity Partners VII LP. The vehicle will invest in middle-market business services, industrial services and technology-enabled services companies in the US.
– Adams Street Partners LLC launched a perpetual evergreen fund that allows individual investors and financial advisers to invest in private equity. The Adams Street Private Equity Navigator Fund seeks to invest in middle-market companies through secondary, direct and coinvestment transactions alongside other private equity managers.
– Quadrille Capital SAS raised €285 million for its growth fund, €150 million for its secondary fund and €70 million for its primary fund, totaling €505 million.
MIDDLE-MARKET HIGHLIGHTS
– TorQuest Partners Inc., through TorQuest Partners Fund VI, invested an undisclosed amount in waste and recycling services company Waste Solutions Canada Inc. KPMG Corporate Finance Inc. was Waste Solutions' financial adviser, while Blake Cassels & Graydon LLP was its legal counsel. Torys LLP was legal counsel to TorQuest.
– Red Dog Equity LLC sold Superior Waste Industries LLC to GFL Environmental Inc. in an all-cash transaction. Stifel was Superior Waste's financial adviser on the deal.
– Interlock Equity LP made a strategic growth investment in staffing company Velosource LLC.
FOCUS ON: AUSTRALIAN WEALTH FUND'S PRIVATE EQUITY EXPOSURE
Australian sovereign wealth fund Future Fund's exposure to private equity grew to A$33.50 billion as of the end of the second quarter from A$32.67 billion in the same period a year earlier.
The asset class accounted for 13.3% of the total portfolio, lower than 14.5% as of June 2024.
The wealth fund's total assets reached A$252.33 billion, with an annual return of 12.2%.
Future Fund increased its level of risk in the portfolio by growing and diversifying its exposure to developed market currencies and commodities, CEO Raphael Arndt said in a portfolio update, adding that private equity, credit and alternatives also made positive contributions to the return.
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For further private equity deals, read our latest "In Play" report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
For private credit news, see our latest private credit newsletter issued twice per month.
