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📞 TPG is doubling down on international markets as questions around tariffs and clean energy continue to create headwinds in the US. During its earnings call Wednesday, CEO John Winkelried said LPs have expressed interest in finding outside opportunities. In response, TPG is looking at Asia, Europe and the growing demand for green energy in India. Full story
👥 Performance Equity Management just closed a $383 million co-investment fund, surpassing its target as LPs flock to lower-fee strategies in a tighter fundraising environment. The fund's appeal? Access to quality deals at a fraction of the typical fees, thanks to PEM's co-investment model that partners with lead GPs to fill capital gaps. Read more
Plus...
• PE buyouts are reshaping Britain's town centers
• PE is "dead" through 2025, Virginia retirement chief says | | | | | |
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| Fund returns comeback? Not so fast | | As interest rates dipped and political outcomes became clear in late 2024, private markets seemed poised for recovery, an optimism that became much less certain in 2025. In a period defined by sweeping tariff changes and public market volatility, our latest Global Fund Performance Report offers insights into what these global shifts could mean for private market fund performance.
The report covers market responses during past crises—and includes fresh commentary on why net asset value loans and continuation funds may regain traction, as exit activity has yet another setback. It also breaks down how global LPs and GPs are adapting, and why vigilance and strategic flexibility are more essential than ever. | | | | | |
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| A message from West Monroe | | |
| Insurance M&A: How PE Firms and Insurers Are Betting on the Future | | Private equity firms and traditional insurers are making divergent bets in insurance M&A. PE investors are fueling digital disruption, acquiring InsurTechs and tech-driven platforms to reshape the industry. Meanwhile, insurers are doubling down on strategic consolidation and operational scale. Both approaches come with risks—technology integration, valuation gaps, and regulatory scrutiny are make-or-break factors for deal success.
A 2024 survey of 250 insurance and private equity executives highlights these shifting dynamics. While insurers prioritize business synergies, PE firms are aggressively investing in digital capabilities. And as AI and tech transformation accelerate, due diligence on technology is becoming a top priority.
The firms that execute with precision—whether scaling or innovating—will come out ahead in the evolving insurance M&A landscape.
Read more here | | | | | | | |
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| Virginia retirement chief: PE is 'dead' through 2025 | |  | | (Bill Dic/Getty Images) | | | Some pension funds are losing hope for liquidity in their PE investments.
The chief investor at Virginia's $113.9 billion public pension fund thinks tariff uncertainty, paired with overvalued assets, will keep PE dealmaking down through 2025. "Private-equity transactions are pretty much dead for the rest of the year," he said at a conference earlier this week.
In the first three months of the year, asset managers touted optimistic deal and exit volume projections for H2 2025. But President Trump's unpredictable trade policy has infused a layer of uncertainty for already cautious sellers. | | | | | | | Agtech wrestles with market volatility, policy shifts | | VC funding for the agtech industry cooled in Q1, dropping to $1.6 billion across 137 deals—a notable decline from the previous quarter, according to our latest Emerging Tech Research. The ag biotech and precision agriculture sectors drew the most capital, thanks to the demand for innovation in automation, data-driven solutions and crop improvement.
Meanwhile, shifts in US ag policy and the financial struggles of some high-profile startups underscored the sector's evolving landscape. As the market recalibrates, established agtech companies with strong fundamentals are best positioned to attract capital and shape the sector's next phase. | | | | | | | PE buyouts are reshaping Britain's town centers | |  | | (John Keeble/Getty Images) | | | PE is returning to the UK town center, targeting distressed but well-known retail brands.
After a multi-year slump, dealmaking is rebounding in 2025 as firms like Modella and Hilco bet on value through turnaround plays. | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 666 Deals | 2022 People | 778 Companies | 24 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Global Secondaries Funds | | | | | | |
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NYSE-listed fintech company Green Dot is attracting interest from PE firms looking to take the business private, Fortune reported.
TA Associates is in advanced discussions to acquire FD Technologies, a UK-based data analytics company, for around £24.50 per share.
Peppertree Capital Management, a growth firm focused on infrastructure like cellphone towers, has agreed to be acquired by TPG for up to $242 million in cash and $418 million in equity.
Astorg has agreed to buy Solabia Group, a French biotechnology ingredient solutions provider, from TA Associates.
UK-based PE firm Endless is in talks to acquire the Allied Bakeries business from Associated British Foods. | | | | | |
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VC-backed data catalog platform developer Data.World has been acquired by NYSE-listed ServiceNow.
Apollo Global Management-backed Aspen Insurance is expecting to price its IPO at about $30 per share, Bloomberg reported.
Hong Kong-listed Xpeng, a China-based electric carmaker, is planning an IPO for its flying car unit, Bloomberg reported. | | | | | |
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TPG Angelo Gordon closed on about $2.5 billion for its fourth European real estate fund.
Mainsail Partners raised $1.5 billion at the close of its seventh flagship fund targeted at investments in software companies.
Vivo Capital closed on more than $740 million for the Public Fund, its latest fund focused on investing in life science companies.
Greece-based Marathon Venture Capital raised €75 million for its third flagship fund.
Gaw Capital Partners and Blue Mountain Bridge Capital are planning new funds to invest in large commercial properties and developers in Hong Kong, Reuters reported. | | | | | |
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| Nasdaq-listed Grab is looking to acquire GoTo, an Indonesia-based food delivery company, Reuters reported. | | | | | |
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