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TOP STORY: Bain Capital, a US private investment firm with around $185bn of AUM, is to acquire wealth management software company Envestnet in a deal valued at $4.5bn, according to a report by the Wall Street Journal.

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Hahn & Co, a South Korean private equity firm founded by former Morgan Stanley banker Scott Sang-Won Hahn, has raised $3.4bn for a new buyout fund, making it the largest single-country focused vehicle in Asia this year, according to a report by Bloomberg.

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As liquidity constraints put pressure on the private equity industry, the secondaries market is expected to grow substantially over the next twelve months, with fundraising and deal flow set to expand, according to Investec’s latest Secondaries Report, Charting a Course for Further Growth.

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MetLife Investment Management, the institutional asset management business of MetLife, has formed a new $1.2bn private equity fund of funds, significantly boosting the amount of private capital the insurer manages for outside investors.

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Paramount, owner of Paramount Pictures movie and television studios, the CBS television network and CBS News, as well as a takeover target of private equity firm Apollo Global, is to merge with Skydance Media, according to a report by CBS News.

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Two major private equity firms, KKR and CVC, have submitted bids exceeding €3bn for B&B Hotels, a French budget hotel chain that was founded in Brest, Brittany in 1990, and has since expanded to 17 European countries, according to a report by the Times.

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Blackstone Group, the world’s largest buyout firm, has emerged as a major player in the acquisition of bank loans critical to the private equity industry, despite exposing itself to risks generated by its own operations in the process, according to a report by the Financial Times.

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Paramount Global is in exclusive negotiations to sell its Black Entertainment Television network to an investor group led by BET CEO Scott Mills and Chinh Chu, head of the New York-based private equity firm CC Capital, according to a report by Bloomberg.

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New York-headquartered alternative investment firm New Mountain Capital has held the final close of its seventh control-oriented fund, New Mountain Partners VII, with $15.4bn in capital commitments.

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BlackRock has agreed to acquire Preqin, a UK-based independent provider of private markets data for £2.55bn ($3.2bn) in cash, combining Preqin’s data and research tools with Aladdin’s workflow functions into a single platform.

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