We deliver unrivaled insights and leading data and technology solutions

14 Nov, 2025 UK private equity dealmaking cools; private credit AUM climbs By Dylan Thomas and Karl Angelo Vidal S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week. Private equity investment in the UK is on track to decline in 2025 as global and local factors weigh on transaction activity. The value of private equity- and venture capital-backed deals targeting UK-based companies totaled $29.82 billion for the first three quarters of 2025, down 46% from $54.84 billion for the same period in 2024, according to S&P Global Market Intelligence data. The number of deals also fell 19% to 890 from 1,097 a year earlier. A buyer-seller divide on valuations linked to slower growth and an uncertain outlook on the global economy is a prime factor, but one that is hardly limited to the UK. Market observers suggested that a hike in the UK's capital gains tax rate and an increase in employers' mandatory national insurance contributions, both introduced in the government's October 2024 budget, have been a drag on the country's M&A market in 2025. There are bright spots in the UK private equity market, including a year-over-year increase in exits. While private equity-backed M&A deals are down compared with 2024, the amount of capital invested in UK businesses via venture capital funding rounds was up 12% year over year at the end of the third quarter. Read more about private equity deal activity in the UK. CHART OF THE WEEK: Private credit AUM grows at large managers ⮞ The private credit boom continues to reshape major alternative asset managers such as Blackstone Inc., which reported 18% year-over-year growth in its credit and insurance segment to $375.50 billion at the end of 2024 and increased the segment's assets under management another 15% to $432.30 billion as of the end of the third quarter, Market Intelligence data shows. ⮞ Private credit AUM grew consistently since 2022 for all of private equity's Big Four firms, with the exception of The Carlyle Group Inc., which reported $163 billion in private credit AUM in the third quarter, down 15% from $192 billion at the end of 2024. ⮞ Private credit accounts for 82% of Apollo Global Management Inc.'s total AUM, a higher share than any of its peers. TOP DEALS – Investindustrial agreed to acquire snack and beverage manufacturer TreeHouse Foods Inc. at an enterprise value of $2.9 billion. TreeHouse shareholders will receive $22.50 per share in cash plus 1 contingent value right per common share. Lazard, RBC Capital Markets and Deutsche Bank are financial advisers to Investindustrial, with Skadden Arps Slate Meagher & Flom LLP and Paul Weiss Rifkind Wharton & Garrison LLP are the legal advisers. Goldman Sachs & Co. LLC is financial adviser to TreeHouse Foods, while Jones Day is providing legal counsel. – Jersey-based wealth manager JTC PLC accepted Permira Advisers Ltd.'s offer to acquire the company for 1,340 pence per share in cash. The acquisition values JTC at about £2.3 billion. Deutsche Numis, Robert W. Baird Ltd. and Berenberg are JTC's financial advisers. Jefferies International Ltd. is Permira's financial adviser. The legal advisers on the deal include Clifford Chance LLP, Sidley Austin LLP, Linklaters LLP and White & Case LLP. – Arcline Investment Management LP agreed to buy aerospace components company Novaria Holdings LLC from KKR & Co. Inc. for $2.2 billion. Morgan Stanley & Co. LLC was financial adviser of KKR and Novaria, while Kirkland & Ellis was legal adviser. – Blackstone agreed to sell Dutch mortgage lending specialist NIBC Bank NV to ABN AMRO Bank NV for about €960 million. The transaction is expected to close in the second half of 2026. TOP FUNDRAISING – Financial services company Orix Corp. and sovereign wealth fund Qatar Investment Authority agreed to launch a $2.5 billion private equity fund that will invest in Japanese companies. OQCI Fund LP will mainly target business successions, privatizations of listed companies and carve-outs. The minimum investment size is approximately $200 million. – Monolith Management raised a total $488 million at the close of its second US dollar fund and first yuan fund, DealStreetAsia reported. The firm's second US dollar fund, Monolith Venture Fund II LP, sought to raise $289 million, according to the report, citing an SEC filing. – Glasswing Ventures closed on more than $200 million in capital commitments for Fund III. The fund invests in enterprise applications, cybersecurity, as well as AI-native productivity and automation companies. MIDDLE-MARKET HIGHLIGHTS – Transom Capital Group LLC purchased commercial and residential glass company Binswanger Enterprises LLC. Kirkland & Ellis LLP was legal adviser for Transom on the deal. Genesis Capital was financial adviser and Willkie Farr & Gallagher LLP was legal adviser for Binswanger. – Soundcore Capital Partners LP invested an undisclosed sum in propane distributor Florida Lift Gas, forming its Reliable Energy Partners growth platform, which targets residential and commercial customers in the propane distribution market. – Guideboat Capital Partners acquired a majority stake in P3 Cost Analysts Franchise LLC, a provider of cost reduction consulting services. FOCUS ON: BANKS PARTNERING IN PRIVATE CREDIT Private credit firms are not just competing with banks. They are partners with banks in joint ventures, referral models and direct lending, according to Market Intelligence's 2026 Banks & Private Markets Big Picture Outlook. The global private credit market has grown to more than $1.7 trillion, according to estimates, and has taken significant shares of commercial and industrial lending. Private credit funds targeting investments primarily in North America held $160 billion in dry powder as of September. However, banks such as JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., Fifth Third Bancorp and Webster Financial Corp., have all partnered directly with private credit funds. Traditional lenders also benefit indirectly from private credit funds, whose activity in the commercial real estate market is giving banks a clearer picture of the direction of valuations. ______________________________________________ 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 debt news, see our latest private debt newsletter issued twice per month.

In Person Breakfast Briefing London: Metals & Mining Market Review and Outlook 2026 S&P Global Office - 25 Ropemaker Street, 4th Floor, London Event starts in Days Hours Minutes X LinkedIn Facebook Email Whatsapp Register Now Register Now On this page Summary Agenda Speakers Related Content On this page Summary Agenda Speakers Related Content Summary Join S&P Global Metals & Mining Research analysts for a comprehensive review of recent commodity market performance. The session will provide current outlooks and assess the overall health of the industry based on market activity levels. The discussion will also cover the sector’s advancements in decarbonization efforts and present findings from the latest exploration budget study. What to Expect: Analysis of trends and outlooks for supply, demand, and price performance of key commodities. Examination of mine cost dynamics and decarbonization initiatives in the pursuit of lower emissions. Overview of financing activities and overall market momentum. Key insights from the 2025 Corporate Exploration Strategies study. Register Now Agenda 9:00 am – 9:30 am Arrival 9:30 am – 10:00 am Breakfast/Networking 10:00 am – 11:00 am Presentation 11:00 am - 11:30 am Q&A + discussion Speakers S&P Global Commodity Insights Lukasz Bednarski Principal Research Analyst, Lithium and Battery Metals Lukasz is a Principal Research Analyst and a member of Global Inorganics- Lithium and Battery Metals Team. He covers battery materials market with particular focus on lithium, graphite, manganese, cathodes and anodes materials. Lukasz has worked in the commodity sector spanning physical trading, training, product management, and research. Prior to joining, his interest in battery materials led to the development of an independent web portal covering the sector. In addition to his degree in Economics and Business Administration from Aalborg University, Lukasz has studied financial topics in China, Russia, Germany, and Liechtenstein. View Profile S&P Global Commodity Insights Francesca Price Senior Analyst, Critical Mineral Research, Metals & Mining Francesca Price is a Senior Analyst in the Metals and Mining Research team at S&P Global Commodity Insights, based in London. With a background in mining geology, Francesca has been covering the metals markets since 2019, initially focused on precious metals and PGMs, and more recently expanding her scope to look at all critical raw materials. Her primary focus now is the policy environment of critical minerals, assessing how political, technological, economic, environmental and legislative changes will affect these commodity markets, in the context of the energy transition. Francesca joined the Department for Business and Trade in 2023 as a Senior Policy Advisor for critical minerals, helping deliver high priority workstreams within the UK’s Critical Minerals Strategy for HM Government. Francesca holds a BSc in Geology from the University of Leeds. View Profile S&P Global Commodity Insights Manraj Lamba Mine Economics Analyst, Metals & Mining Research Manraj Lamba is a Mine Economics Analyst in the Metals and Mining Research Team at S&P Global Commodity Insights based in London. He is a part of the Mine Economics team which provides an industry leading multi-commodity cost curve product from which clients can assess and value mining assets across 15 major commodities. His prior experience includes working in the energy space both in Oil & Gas and Renewable Energy as well as soft commodity markets including the sugar, vegetable oils, and wheat markets. Manraj holds both a Meng in Chemical Engineering and MSc in Metals & Energy Finance from Imperial College London. View Profile S&P Global Commodity Insights Jason Holden Senior Principal Analyst Jason is a Senior Mining Analyst working within the Metals and Mining Team in London. His primary focus is building asset level production and discounted cash flow models of mining operations across the globe, and writing associated research articles. He is responsible for compiling and updating the platinum group metals supply estimates and has been heavily involved in the expansion of coverage of Chinese copper, gold, zinc and iron ore assets. Prior to joining the team in 2018, he worked directly in the mining industry gaining experience in exploration geology and resource development. He was part of the discovery team of the Wodgina iron ore deposit in Australia and worked on the Lumwana copper project in Zambia. He also spent a year as a Mining Analyst in investment focused role with China Non-Ferrous Metals International Mining, in Beijing. Jason holds a BSc (hons) in Applied Geology from Camborne School of Mines, and an MSc in Metals and Energy Finance from Imperial College London. He is a fellow of the Geological Society of London, and a member of the Society of Economic Geologists. View Profile S&P Global Commodity Insights Karen Norton Principal Analyst Related Content Questions? Please contact us if you need more information or have trouble accessing the webinar. globalevents@spgobal.com