Tag: Capital Markets
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The Apollo Atlantic Aviation Deal: KKR Doubles Its Money Without Selling Out
Apollo and GIC bought into KKR-backed Atlantic Aviation at close to $10 billion, a window into how private equity is manufacturing liquidity in 2026.
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Shein’s Hong Kong IPO: A $100 Billion Story Lists at $26.5 Billion
Shein priced its Hong Kong IPO at $26.5 billion, 73 per cent below its 2022 private valuation, and fell 9 per cent on debut. Inside the growth collapse, the de minimis shock and what the listing says about the new tariff economy.
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The $17 Billion Aon USI Acquisition: KKR Finds the Exit Private Equity Has Been Missing
Aon has agreed to buy USI Insurance Services from KKR for $17 billion in cash, funded entirely with debt, at 14.5 times synergised earnings. Four days after the PayPal buyout collapsed, the more important lesson of the week was about which exit doors are actually open.
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The PayPal Takeover Collapse: How a 40 Per Cent Rally Killed the Biggest LBO Never Done
Advent and Stripe walked away from a $53 billion pursuit of PayPal, and the shares fell 12.7 per cent. Inside the deal that repriced itself out of existence, what it says about the limits of the 2026 buyout market, and what PayPal must now prove standalone.
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The mRNA Cancer Vaccine Breakthrough: $92 Billion Repriced on a Result Nobody Has Seen
Moderna and Merck’s personalised mRNA cancer vaccine met its goals in the Phase 3 INTerpath-001 melanoma trial, the first late-stage success for the technology. Roughly $92 billion of market value moved on an announcement that contained no efficacy figure at all.
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The Fed Starts Counting: Inside the $1.3 Trillion Private Credit Direct Lending Market
The Dallas and New York Feds are building the first official window into a $1.3 trillion direct lending market, in the same fortnight Ares raised a record $36bn while gating its retail fund. Inside a market that is not shrinking so much as changing hands.
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The $16 Billion Kuwait Pipeline Deal: Private Capital Signs a 20-Year Bet Mid-Conflict
Blackstone, Brookfield and KKR have signed a $16 billion, 20.5-year lease-and-leaseback covering Kuwait’s crude pipelines: the largest foreign investment in Kuwaiti history, signed mid-conflict. Inside Project Peregrine, and what it says about how patient capital is pricing the Gulf.
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BlackRock Record AUM: Inside the $15.3 Trillion Quarter
BlackRock printed a record $15.3 trillion of assets, but nearly nine tenths of the jump was the market, not new money. Inside the AUM bridge, the HPS and GIP engines, and what the record says about the cycle.
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The Apollo easyJet Takeover Bid: A £5.7 Billion Auction for UK plc
Apollo’s 715p proposal tops Castlelake’s 690p and turns easyJet into a contested £5.7bn auction. Inside the deal-risk gap, the Takeover Code clock, and what the bid says about London’s valuation problem.
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SK Hynix’s Nasdaq Listing: A $26.5 Billion Record and the Korea Discount Test
SK Hynix raised $26.5 billion in the largest first-time US share sale by a foreign company, debuting 13% up. Why the order book, the Korea discount and the aftermarket now matter to the whole AI trade.