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2 weeks ago | 
pitchbook.com | Madeline Shi
Investor sentiment toward US markets has taken a hit amid mounting concerns over the country’s protectionist trade measures and abrupt policy shifts. With uncertainty thickening, US LPs are looking across the Atlantic in search of greater stability and risk diversification.
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2 weeks ago | 
pitchbook.com | Madeline Shi
Private credit lenders are hoping for a return to the strategy’s “golden era” after a disappointing 2024—even as slow-moving capital and increased competition signal challenges ahead. Private credit fundraising surged since 2020, but that momentum stalled in 2024. Last year, the asset class raised $233.3 billion, falling short of the highs reached in the pandemic era, and GPs closed only 188 funds—the lowest count since 2011.
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3 weeks ago | 
pitchbook.com | Madeline Shi
Antares Capital, a private credit firm backed by one of Canada’s largest pension plans, has raised over $1.2 billion for its maiden continuation fund in an effort to provide liquidity for investors amid the dearth of PE exits. Ares Management led the funding for the vehicle, which will acquire assets and investor stakes from two comingled private credit funds comprising more than 100 first-lien, floating-rate loans originated and managed by Antares, according to a statement.
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1 month ago | 
pitchbook.com | Madeline Shi
Dealmakers report a notable uptick in the adoption of net-asset-value loans, signaling that the once-controversial tool is increasingly favored by GPs and LPs across private markets as investors face more pressing demands for liquidity. Amid a slow M&A market and a prolonged exit dry spell, views on NAV loans appear to be changing. “NAV facilities are in vogue now,” said Shana Ramirez, who heads the fund finance team at Katten Muchin Rosenman.
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1 month ago | 
pitchbook.com | Madeline Shi
A recent burst of acquisitions targeting publicly listed clothing and shoe companies signals a growing appetite for undervalued targets in the apparel industry. The flurry of activity comes as the sector contends with persistent challenges from unstable consumer demand, heightened competition and tariff uncertainty.
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1 month ago | 
pitchbook.com | Madeline Shi
Dick’s Sporting Goods agreed Thursday to acquire the struggling retail chain Foot Locker for $2.4 billion. Foot Locker’s shareholders will receive $24 per share, a roughly 66% premium on Foot Locker’s 60-day average share price, at a deal multiple of around six times fiscal 2024 adjusted EBITDA. The deal is the latest in a wave of M&A activity targeting apparel and footwear brands seeking new ownership amid volatile public markets and ongoing concerns over tariff risks.
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1 month ago | 
pitchbook.com | Madeline Shi |Janelle Bradley
The US and China inked a deal over the weekend to pause their steep reciprocal tariffs for 90 days, a move that buoyed financial markets and sent global stocks rallying on Monday. However, the private equity industry remained more reserved in response to the temporary truce. The 90-day framework stipulates that the US will drop the 145% tariff imposed in April to 30%, while China will lower its tariffs on US imports from 125% to 10%.
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1 month ago | 
pitchbook.com | Madeline Shi
KKR is actively seizing buying opportunities and increasing its exposure overseas while the US battles trade tensions and economic uncertainty. The asset manager has deployed more than $30 billion in private markets year-to-date, including over $10 billion invested in the four weeks following the announcement of new tariffs—a move attributed during Thursday’s earnings call to the company’s strategy to “play offense” despite the volatility.
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2 months ago | 
pitchbook.com | Madeline Shi
For over a century, Capezio has woven itself into the lives of generations of ballerinas—dressing dancers from their first plié to their final bows. On April 21, the 138-year-old dancewear-maker embraced its first institutional backer—Argand Partners, a middle-market private equity firm based in New York.
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2 months ago | 
pitchbook.com | Madeline Shi
Private capital executives and dealmakers say M&A is on hold due to shifting tariff policies and other market uncertainties, which are hobbling their ability to value and fund deals. Yet, in the past few weeks, I have seen no shortage of outsized transactions commanding attention. Global Payments, for instance, announced a $24.25 billion acquisition of Worldpay, where GTCR holds a majority stake.
