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The Carlyle Group has dropped its long-planned investment in healthcare analytics company Cotiviti, despite having lined up $5.5 billion in debt and a $1 billion preferred stock investment for the deal, according to a report by the Financial Times.
Carlyle had reportedly sought to lower its purchase price late in the process, according to unnamed sources familiar with the matter. US private equity firm Veritas Capital – which owns Cotiviti – had hoped to sell half of the business for around $15 billion valuation.
The abandoned takeover is a set-back for the long-running private equity firm as it aims to
The first quarter of 2023 marked an unprecedented fifth consecutive quarter of pull-backs in private equity investment, according to a report by Bloomberg.
M&A deals slumped to $559 billion across 12,200 deals during Q1 this year – the third-lowest M&A deal volume in a single quarter this decade. Almost $182 billion of that amount – spanning some 4,200 deals – involved at least one PE firm. This represents a 17% decrease in the volume of private equity deals from $218.7 billion in Q4 2022, and a 59% pullback from the $439 billion invested in Q1 2022.
Meanwhile, about 2,900 of
CVC Credit is supporting KKR’s acquisition of French insurance broker-distributor April Group with the commitment of senior credit facilities.
CVC’s Private Equity business, through CVC Capital Partners Fund VII, acquired April – which is France’s second largest insurance broker-distributor with €1.5bn premiums in 2022 – in June 2019 from its founders. Having generated strong performance, CVC announced the sale of April to KKR in November 2022.
April Group designs, distributes and manages branded insurance solutions on behalf of partner insurers, and benefits from a large network of independent retail brokers that handle customer contact and acquisitions.
CVC supported April Group’s
Cybersecurity, ESG and compliance are among the key challenges facing the fund management industry, according to a wide-ranging survey by private equity and real estate capital administrator Crestbridge.
The study found that hot topics for investors during the fundraising due diligence process were cybersecurity (71.43%) and ESG (57.14%), as reported by fund managers from a cross-section of alternative asset classes who participated in the survey.
Compliance and regulatory support was also a concern for 46.15% of survey participants.
Achieving operational efficiency – such as streamlining processes, improving communication within the business and finding ways to reduce costs – was cited
Global financial technology firm Arcesium has launched Aquata, an out-of-the-box data platform, aimed at helping hedge funds, private markets investors, institutional asset managers, custodians, administrators, and prime brokers to better access and manage their investment data.
Burges Salmon has appointed Andrew Mills as a partner in its Corporate and M&A team. Mills, a private equity, infrastructure and corporate transaction specialist, joins from MJ Hudson, where he was a partner and head of its M&A team.
Mills focuses on providing advice on private equity, infrastructure and general corporate transactions, including competitive auction sales, GP-led portfolio sales and investments into GPs, co-investments, joint ventures and equity fundraising.
A fluent German speaker, Mills will also be involved in bolstering the Burges Salmon’s International offering with its Preferred Firm Network in Germany, one of the firm’s key jurisdictions in Europe.
Mills
Sidley has appointed Chad Ehrenkranz as a partner in its Healthcare practice in New York and Miami, where he will focus on private equity transactions. Ehrenkranz joins from Kirkland & Ellis LLP’s healthcare transactional practice, where he specialised in regulatory and enforcement matters on behalf of private equity sponsors and their portfolio companies.
Ehrenkranz has an established track record of representing healthcare clients in structuring and negotiating acquisitions, joint ventures and affiliations, and advising on compliance matters, investigations, employment and consulting arrangements, and other healthcare regulatory issues. He also specialises federal and state healthcare regulatory and licensure and regularly advises
TOP STORY: Energy-focused private equity buyout firm NGP Energy Capital Management is considering the potential sale of two Permian basin-focused oil producers, which could realise combined proceeds in excess of $7 billion, according to a report by Reuters.
Private-equity major KKR is closing in on a deal to acquire a significant stake in FGS Global that will value the financial communications company, which is backed by UK advertising group WPP, at about $1.4 billion, according to a report by The Financial Times.
Unnamed FT sources have revealed the the deal, which could be announced as soon as next week, is expected to see KKR acquire more than 30% of the business from senior employees at both FGS and WPP.
WPP, which currently owns about 57.4 per cent of the company, is expected to retain a majority in the business.
Nadim El Gabbani, a senior managing director and private equity dealmaker at Blackstone, has left the alternative asset management firm. El Gabbani, who was based in the firm’s London office, focused on financial services, business services and technology deals on both sides of the Atlantic.
According to his LinkedIn profile, El Gabbani’s notable deals at Blackstone include investments in BankUnited Inc, Michaels Stores, TeamHealth, Sithe Global Power and Service King.
Blackstone’s Q4 earning disclosures reveal that the firm’s private equity arm had $288.9 billion in assets under management as of 31 December, including $86.7 billion of ‘dry powder’.
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