AeroVironment completed the acquisition of BlueHalo from Arlington Capital Partners for $4.1bn.

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AMERICAS

Casago completes the acquisition of Vacasa for $200m.

Casago, a vacation rental property management company, completed the acquisition of Vacasa, a vacation rental management platform in North America, for $200m, according to press releases.

Vacasa was advised by PJT Partners, Latham & Watkins and Vinson & Elkins (led by Lande Spottswood). PJT Partners was advised by Sullivan & Cromwell (led by Matthew Goodman). Casago was advised by Jefferies & Company, Skadden Arps Slate Meagher & Flom (led by Christopher Barlow) and Abode Worldwide. Riverwood Capital was advised by Simpson Thacher & Bartlett (led by Naveed Anwar). Roofstock was advised by Fenwick & West (led by David Michaels, Kris S. Withrow and Steven Levine). Silver Lake was advised by Ropes & Gray, according to MergerLinks data and press releases.

Clearlake Capital completed the investment in Warburg Pincus-backed ModMed at a $5.3bn valuation.

Clearlake Capital, a private investment firm, completed the investment in Warburg Pincus-backed ModMed, a specialty-specific healthcare SaaS technology provider, at a $5.3bn valuation, according to press releases.

ModMed was advised by Goldman Sachs, Kirkland & Ellis (led by Jai Agrawal, Kim Hicks and Dustin Cooper) and Paul Weiss Rifkind Wharton & Garrison (led by Mohammed Alvi). Clearlake Capital was advised by JP Morgan (led by Nick Richitt), Morgan Stanley, Sidley Austin and Lambert & Co (led by Jennifer Hurson), according to press releases and MergerLinks data.

Kohlberg completes the acquisition of RESA Power from Investcorp.

Kohlberg, a middle market private equity firm, completed the acquisition of RESA Power, a provider of electrical testing, transformer services, engineering studies, and custom equipment solutions, from Investcorp, a global alternative investment firm, according to press releases. Financial terms were not disclosed.

Kohlberg was advised by Harris Williams & Co, Stifel, Kirkland & Ellis (led by Joshua Kogan) and Gasthalter & Co (led by Amanda Shpiner). Investcorp was advised by Guggenheim Partners, Robert W Baird (led by Rob Kaderavek) and Gibson Dunn & Crutcher (led by Sean Griffiths), according to MergerLinks data and press releases.

Truelink Capital completed the acquisition of a majority stake in Channel Factory.

Truelink Capital, a private equity firm, completed the acquisition of a majority stake in Channel Factory, an adtech company specializing in AI-driven contextual targeting and brand suitability solutions for digital advertising, according to press releases. Financial terms were not disclosed.

Channel Factory was advised by Canaccord Genuity, Global Investment Bank, Greenberg Traurig and Marquee Law Group. Truelink Capital was advised by BMO Capital Markets and O'Melveny & Myers, according to press releases.

TPG to acquire Hospitality Solutions business of Sabre for $1.1bn.

TPG, a private equity investment firm, agreed to acquire Hospitality Solutions business of Sabre, a travel technology company, for $1.1bn, according to press releases.

Sabre is advised by Evercore and Haynes Boone (led by Dan Malone). TPG is advised by William Blair & Co and Davis Polk & Wardwell (led by Oliver H. Smith and Darren M. Schweiger), according to press releases and MergerLinks data.

Argand Partners completes the acquisition of Capezio.

Argand Partners, a middle-market private equity firm, completed the acquisition of Capezio, a manufacturer of dance shoes, apparel and accessories, according to press releases. Financial terms were not disclosed.

Capezio was advised by Meriwether Group (led by David Howitt). Argand was advised by Alta Capital Partners. Debt financing was provided by Backcast Partners. Backcast was advised by McGuireWoods, according to press releases.

Clearwater Analytics completes the acquisition of Beacon from PIMCO for $560m.

Clearwater Analytics, a software-as-a-service fintech company, completed the acquisition of Beacon, a financial technology company, from PIMCO, an investment management firm, for $560m, according to press releases.

Beacon was advised by Broadhaven Capital Partners and Orrick Herrington & Sutcliffe. Clearwater Analytics was advised by Kirkland & Ellis (led by Constantine N. Skarvelis).

New Enterprise Associates led a $108m Series D round in Veza.

New Enterprise Associates, an American venture capital firm, led a $108m Series D round in Veza, an identity security company, with participation from Atlassian Ventures, Workday Ventures, Snowflake Ventures, Accel, GV, True Ventures, Norwest, Ballistic Ventures, JP Morgan and Blackstone Innovations Investments, according to press releases.

Veza was advised by Offleash, according to press releases.

Apollo to acquire colocation data center business from Blue Owl-backed STACK Infrastructure.

Apollo, an alternative investment management firm, agreed to acquire colocation data center business from Blue Owl-backed STACK Infrastructure, data center company built from the ground up to address the full stack of client critical infrastructure needs, according to press releases. Financial terms were not disclosed.

Apollo is advised by Latham & Watkins (led by John Guccione and Alexander Stefan Rieger), according to press releases and MergerLinks data.

AEA Investors completes the acquisition of a majority stake in Splash Car Wash from Palladin Consumer Retail Partners.

AEA Investors, a private investment vehicle, completed the acquisition of a majority stake in Splash Car Wash, a car wash operator, from Palladin Consumer Retail Partners, a private investment firm, according to press releases. Financial terms were not disclosed.

AEA Investors was advised by Joele Frank (led by Kate Thompson and Erik Carlson), according to press releases.

Apex Capital completes the acquisition of Juanita's Foods.

Apex Capital, a private equity firm, completed the acquisition of Juanita's Foods, a manufacturer of authentic Mexican-style canned foods, according to press releases. Financial terms were not disclosed.

Yahoo expresses interest in acquiring Chrome browser if Google is compelled to divest. (Bloomberg)

Yahoo, backed by Apollo Global Management, has indicated its readiness to bid for Google's Chrome browser should a federal court mandate its divestiture as part of antitrust remedies. Brian Provost, Yahoo's Search General Manager, testified during the ongoing trial that the browser could command a price in the tens of billions of dollars.

Other companies, including OpenAI and Perplexity, have also expressed interest in Chrome. DuckDuckGo's CEO estimated the browser's value at up to $50bn. The Department of Justice's proposal to break up Google by requiring it to sell Chrome underscores the browser's significance in maintaining Google's search dominance.

Silver Lake and P2 consider sale of Blackhawk Network for over $5bn. (Bloomberg)

Silver Lake Management and P2 Capital Partners are exploring a potential sale of Blackhawk Network, aiming for a valuation of more than $5bn.

The private equity firms are working with advisers to evaluate options for the prepaid gift card provider, including a possible initial public offering.

Blackstone explores $3bn sale of sustainability software firm Sphera. (Reuters)

Blackstone is considering the sale of Sphera, a sustainability-focused software and consulting firm, in a deal that could value the company at $3bn.

The private equity firm has engaged William Blair and Evercore to advise on the process, which remains in its early stages.

Klick Health explores minority stake sale at $2bn–$3bn valuation. (Bloomberg)

GTCR is exploring the sale of a minority stake in Klick Health, a Toronto-based digital marketing agency specializing in healthcare. The transaction could value the company between $2bn and $3bn. Advisors have been engaged to facilitate the process, though no final decisions have been made.

Klick Health is recognized for its innovative campaigns and has received numerous accolades in the healthcare marketing industry. The firm has been expanding its global footprint, including establishing a leadership team in Europe, the Middle East, and Africa.

Bain Capital in talks to lead $2bn investment in insurance broker Acrisure. (Bloomberg)

A group led by Bain Capital’s special-situations arm is in discussions to invest up to $2bn in insurance broker Acrisure. The investment is expected to be structured as preferred equity.

While terms are not yet finalized and could change, the deal would allow BDT & MSD Partners, which led a $3bn senior preferred stock investment in Acrisure in 2021, to redeem a portion of its existing investment.

Morgan Stanley Infrastructure Partners explores $2bn sale of Brazos Midstream II stake. (Reuters)

Morgan Stanley Infrastructure Partners is considering selling its majority stake in Brazos Midstream II, a pipeline and energy infrastructure company operating in the Permian Basin. The transaction could value MSIP’s stake at over $2bn, including debt.

MSIP acquired Brazos in 2018 for $1.75bn and later partnered with Williams, which holds a 15% stake and is not expected to bid for full ownership. Brazos operates natural gas, natural gas liquids, and crude oil transportation assets across five Texas counties. Jefferies is advising MSIP on the potential sale. Discussions are ongoing, and a final decision has not yet been made.

China’s CIC plans $1bn sale of US private equity fund stakes.

China Investment Corporation is preparing to sell around $1bn worth of US-based private equity fund interests on the secondary market.

The assets span multiple funds managed by eight general partners, including Blackstone and Carlyle, and were originally acquired between 2016 and 2017.

TA Associates nearing deal to acquire stake in Kline Hill Partners. (Bloomberg)

TA Associates is reportedly close to acquiring a significant stake in Kline Hill Partners, a firm specializing in secondary private equity investments. Discussions are in advanced stages, though financial terms have not been disclosed yet.

Kline Hill focuses on acquiring interests in private equity funds and portfolios on the secondary market, providing liquidity solutions to investors across different strategies and geographies. The investment would align with TA Associates' strategy to strengthen its presence in the private equity secondaries space.

Carlyle, State Street mull partnership to tap retail wealth. (Bloomberg)

State Street's asset-management arm recently held early-stage discussions with Carlyle Group about a potential partnership aimed at developing a product that blends public and private market investments for individual investors.

The talks were initiated by State Street Global Advisors in an effort to expand access to alternative assets within a retail-focused offering. Deliberations are ongoing and no formal agreement has been reached.

Restaurant software maker Olo is exploring a potential sale. (Bloomberg)

Restaurant software provider Olo is exploring a potential sale after receiving takeover interest.

The company, backed by restaurateur Danny Meyer and The Raine Group, is working with a financial adviser to assess interest from potential buyers. Deliberations are ongoing, and no final decision has been made.

TSG Consumer nears investment in cookie chain Crumbl. (Bloomberg)

Private equity firm TSG Consumer Partners is in advanced talks to invest in Crumbl, the rapidly expanding cookie and dessert chain.

The investment under discussion would involve preferred equity in exchange for a minority stake in the company. While talks are progressing, the terms have not been finalized and remain subject to change.

Third Point builds stake in Kenvue, joining activist push. (FT)

Dan Loeb's hedge fund, Third Point, has acquired a stake in Kenvue, the consumer health company behind Tylenol and Neutrogena, marking the third activist investor to target the firm. This move follows similar investments by Pershing Square and Trian Partners, indicating growing activist interest in Kenvue.

The increased attention from activist investors suggests potential strategic shifts or restructuring efforts at Kenvue. While specific plans from Third Point have not been disclosed, such investments often precede calls for operational changes or board representation.

Clearlake Capital secures extension to raise $15bn for new buyout fund. (Bloomberg)

Clearlake Capital Group has obtained an extension from investors to raise $15bn for its eighth flagship private equity fund. As of April 2025, the firm has secured approximately $13bn in commitments and now has until November to reach its target.

This extension reflects the challenging fundraising environment for private equity firms, as higher interest rates and increased competition from private credit funds have made capital raising more difficult. Despite these headwinds, Clearlake remains confident in achieving its fundraising goals within the extended timeframe.

Apollo closes debut secondaries fund at $5.4bn, surpassing target. (Press Release)

Apollo Global Management has announced the final close of its inaugural secondaries fund, Apollo S3 Equity and Hybrid Solutions Fund I, with commitments totaling $5.4bn, exceeding its initial target. This milestone brings the total capital raised across Apollo's Sponsor and Secondary Solutions platform to nearly $10bn since its launch in August 2022.

The ASEHS fund aims to provide a comprehensive suite of financing and liquidity solutions, including secondary investments, net asset value (NAV) loans, GP lending, and staking, catering to private market sponsors and investors across various asset classes. The fund's strategy leverages Apollo's expertise in private markets and its integrated global platform to address the growing demand for dynamic liquidity solutions.

Apollo Global Management is advised by Paul Weiss Rifkind Wharton & Garrison.

FPV Ventures raises $525m second fund to back early-stage startups. (Bloomberg)

FPV Ventures, founded by Wesley Chan and Pegah Ebrahimi, has raised $525m for its second venture capital fund.

Established in 2022, the firm focuses on early-stage investments and previously raised a $450m debut fund. Chan was formerly with Felicis Ventures, while Ebrahimi is a Morgan Stanley alum.

EMEA

I Squared Capital to acquire the North America school bus business of Mobico Group for $608m.

I Squared Capital, a global infrastructure investment manager, agreed to acquire the North America school bus business of Mobico Group, a UK-based public transport company, for $608m, according to press releases.

I Squared Capital is advised by Brunswick Group. Mobico is advised by Bank of America, Goldman Sachs, HSBC, Foley & Lardner, Slaughter & May and Headland Consultancy, according to press releases.

Ardian and Rockfield completed the acquisition of Minervahaven Student Housing Complex from Rinkelberg Capital.

Ardian, a global private investment house, and Rockfield Real Estate, a vertically integrated European residential real estate platform, completed the acquisition of the 596-bed Minervahaven student housing complex in Amsterdam from Rinkelberg Capital, the investment office of the founders of TomTom. Financial terms were not disclosed, according to press releases.

Ardian was advised by Savills, Linklaters, Van Doorne and PricewaterhouseCoopers. Rinkelberg Capital was advised by Van Lanschot Kempen (led by Wieger van Vlodrop, Mark van Laere and Albert Marsal) and Loyens & Loeff, according to press releases and MergerLinks data.

EnCap, Westlawn and Rice Investment Group to invest in X2 Resources.

EnCap, a US-based private equity firm, Westlawn, a private investment firm, and Rice Investment Group, a multi-strategy fund, agreed to invest in X2 Resources, a UK-based private equity firm specializing in investments in the mining and metals sectors, according to press releases. Financial terms were not disclosed.

X2 Resources is advised by Latham & Watkins. EnCap is advised by Vinson & Elkins. Westlawn is advised by Winston & Strawn, according to press releases.

TWG to acquire a minority stake in Mubadala Capital for $2.5bn.

TWG Global, a holding company investing across a wide range of industries, agreed to acquire a minority stake in Mubadala Capital, the asset management subsidiary of Mubadala Investment, for $2.5bn, according to press releases.

TWG Global is advised by Prosek Partners (led by Mickey Mandelbaum). Mubadala Capital is advised by Skadden Arps Slate Meagher & Flom (led by Patrick Lewis and Todd Freed).

Terra Firma and Angelo Gordon to acquire Lovat Parks. (Sky News)

Terra Firma, a UK-based private equity firm, and Angelo Gordon, an alternative investment firm focused on credit and real estate, agreed to acquire Lovat Parks, a leisure group operating residential and holiday park locations, according to Sky News. Financial terms were not disclosed.

Helvetia completes the acquisition of a 9.351% stake in Baloise from Cevian Capital.

Helvetia, an international insurance group, completed the acquisition of a 9.351% stake in Baloise, an insurance and banking company, from Cevian Capital, an investment firm, according to press releases. Financial terms were not disclosed.

Lunate to acquire a stake in Azura Partners.

Lunate, an alternative investment manager, agreed to acquire a stake in Azura Partners, a wealth manager, according to press releases. Financial terms were not disclosed.

CD&R and Nordic Capital explore bids for Clarivate's IP unit valued above $4bn. (Reuters)

Clayton, Dubilier & Rice and Nordic Capital are evaluating potential bids for Clarivate's intellectual property division, which the company aims to value at over $4bn. Clarivate, headquartered in London, has engaged Morgan Stanley and Moelis & Company to advise on strategic alternatives, including divestitures. The company has invited expressions of interest for its IP unit, though no final decisions have been made.

Clarivate's IP business, formerly known as CPA Global, offers software and services for managing patents, trademarks, and contracts. Nordic Capital is considering acquiring the IP unit through Anaqua, an IP software firm it purchased for $2.5bn in November. Clarivate's largest shareholder is Leonard Green & Partners, holding a 16.9% stake. Other significant shareholders include Clarkston Capital Partners (10%) and Italy’s Agnelli family (9.7%).

Bain Capital, Pimco, and KKR express interest in acquiring NewDay Group valued at up to $2.3bn. (Bloomberg)

NewDay Group, a UK-based consumer credit provider owned by Cinven and CVC Capital Partners, has attracted acquisition interest from several major investment firms, including Bain Capital, Pimco, and KKR. The potential deal could value NewDay between £1.5bn and £2bn ($1.9bn–$2.3bn).

Pimco is reportedly focusing on acquiring NewDay’s consumer loan portfolio rather than the entire company. The interest from these firms comes as NewDay considers strategic options, including a potential IPO.

Bain Capital and KPS Capital Partners consider bids for Iveco’s defence unit valued at €1.5bn. (Bloomberg)

Bain Capital and KPS Capital Partners are reportedly evaluating bids for Iveco Group's defence division, Iveco Defence Vehicles, which manufactures armoured and tactical vehicles. The Italian truckmaker is exploring a potential sale of the unit, aiming for a valuation of approximately €1.5bn ($1.6bn).

Iveco had previously considered spinning off IDV to streamline its operations but is now leaning towards a sale, attracting interest from private equity firms. Other potential bidders include Italian defence group Leonardo, Franco-German joint venture KNDS, and UK-based BAE Systems.

Private equity firms eye £400m acquisition of NCC’s Escode division. (Sky News)

Several private equity firms are showing interest in acquiring Escode, one of the main subsidiaries of London-listed cybersecurity specialist NCC Group.

Montagu Private Equity and Bridgepoint are among the firms considering bids for Escode, which focuses on software escrow and verification services.

Historically, Montagu Private Equity has worked with Rothschild & Co, Ernst & Young, Linklaters and Weil Gotshal and Manges, according to MergerLinks data.

Sullivan Street nears deal for Senior’s aerostructures business. (Bloomberg)

Sullivan Street Partners is close to acquiring the aerostructures unit of UK engineering group Senior, which supplies parts to Airbus and Boeing.

A final agreement could be reached in the coming weeks. The deal is expected to value the business at around £200m ($268m), including debt.

GlobalData gets takeover proposals from funds managed by ICG, KKR. (Reuters)

GlobalData announced that it has received preliminary takeover proposals from funds managed by private equity firms ICG and KKR, prompting its shares to rise as much as 35.9%.

The UK-based data analytics and consulting firm said it is in discussions with both parties, who must declare a firm intention to make an offer by May 28.

UK takeover panel extends Qualcomm's bid deadline for Alphawave to May 12. (Reuters)

Alphawave, a British semiconductor company, announced that the UK takeover panel has extended the deadline for Qualcomm to submit a takeover offer to May 12.

Alphawave is in discussions with the US chipmaker and agreed to extend the original April 29 deadline to allow more time for a formal bid under UK regulations.

Sanabil backs iMENA with $135m ahead of Saudi IPO plans. (Press Release)

Sanabil Investments, the venture arm of Saudi Arabia’s Public Investment Fund, has participated in a $135m fundraising round for technology firm iMENA. Other investors include New York-based FJ Labs and Saygin Yalcin.

The funding supports iMENA’s plan to restructure into a Saudi entity and relocate its headquarters to Riyadh. The company aims to list on the Saudi stock exchange within two years, positioning itself as part of the kingdom’s broader push to boost its domestic tech sector.

JAB announces retirement of Peter Harf after over 40 years. (Press Release)

JAB announced that Peter Harf, Chairman and Managing Partner aged 78, has decided to retire after more than four decades with the firm.

He will remain fully invested in JAB and will continue to serve as Chairman of the Board and Managing Director of the Alfred Landecker Foundation, a non-profit organization established by the Reimann family.

APAC

Apis Partners and Vitruvian Partners led a $150m Series D round in Thunes.

Apis Partners, an ESGI-native global private equity asset manager, and Vitruvian Partners, a European private equity firm, led a $150m Series D round in Thunes, a global payment infrastructure platform, according to press releases.

Thunes was advised by Proton Partners, according to press releases.

Benchmark led a $75m round in Manus AI.

Benchmark, a venture capital firm, led a $75m round in Manus AI, an AI platform, with participation from Tencent, ZhenFund, and HSG, according to press releases.

Woongjin to acquire a majority stake in Preed Life from VIG Partners. (DealStreetAsia)

Woongjin, a Korean conglomerate specializing in publishing and education, agreed to acquire a majority stake in Preed Life, a funeral services provider, from VIG Partners, a private equity firm, according to DealStreetAsia. Financial terms were not disclosed.

KKR-backed InCred in talks with advisers for $470m IPO in India. (Bloomberg)

InCred Financial Services, an Indian lending firm partnered with KKR, is in discussions with potential advisers for an IPO aiming to raise about INR40bn ($470m).

The Mumbai-based company is in talks with firms including IIFL Securities, Kotak Mahindra Bank and Nomura to work on the planned offering.

Ather Energy raises $158m from anchor investors ahead of IPO launch. (DealStreetAsia)

Indian electric two-wheeler maker Ather Energy opened its initial public offering for public subscription on April 28. Ahead of the share sale, the company secured INR 13,4bn ($158m) from anchor investors, demonstrating strong pre-IPO interest in a cooling Indian public market.

The anchor book attracted participation from both global and domestic investors, including the Custody Bank of Japan, Franklin Templeton, Abu Dhabi Investment Authority, Eastspring Investments, Morgan Stanley Investment Management, and Societe Generale.

Temasek’s Gabriel Lim appointed CEO of Seviora. (Press Release)

Gabriel Lim, joint head of corporate strategy at Temasek, will become the new CEO of Seviora, the Singapore state investor’s wholly owned asset management firm.

Goh Yew Lin, Chairman of Seviora, said Lim’s extensive experience in strategy development and stakeholder engagement will strengthen the firm.

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