ILPA's draft asked for 30 business days. Its final guidance says 20.

The July draft set a 30 business day floor for LP elections in continuation deals. The October text sets 20, and says a strong auction may replace a fairness opinion.

Apollo hired three managing directors. Carlyle supplied one of them.

Apollo hired three managing directors, one of them from Carlyle. Advent's head of tech strategy now works at the OpenAI venture Advent helped fund.

IRR vs MOIC: same fund, two very different stories

A 2.5x multiple is a 20% IRR in five years and under 10% in ten. Private equity quotes both because each hides what the other shows.

EQT will pay about 20 times EBIT to take Cleanaway private

A$9.3bn enterprise value, about 20 times FY26 EBIT, and a price that sat still through up to nine weeks of exclusivity. The financing is not disclosed.

Private equity distribution waterfall: a worked example

Capital back, then the pref, then the catch-up, then 80/20. On a $100 million fund returning $250 million, investors take $220 million. Here is every tier, with numbers.

Advent sold its last CCC shares at $7.79. GTCR will pay $7.75.

GTCR and Elliott are paying $7.75 a share for CCC. Advent sold its final stake last November at $7.79, down from a $10 SPAC-era price.

Thoma Bravo's Proofpoint pays 53 times free cash flow for Varonis

Proofpoint will pay $49.75 a share for Varonis, 52% above the June close. The multiple is 53 times free cash flow, and the first-half cash flow fell.

EQT's fee-generating assets rose €40bn in a quarter. Coller was €34bn.

Fee-generating assets rose €40bn in the quarter. Strip out the Coller acquisition and the gain is about €6bn.

Two buyout veterans have launched a national security private equity firm

Watch Point Capital has a one-page website and two founders from Madison Dearborn and Platinum Equity. Here is what we can say about the new defence-focused firm.

GP financing, explained. How managers borrow against fees and carry, and why it is so hard to find below $30m

GP financing is a loan or preferred instrument provided at the manager level, to the general partner, the management company or a sponsor affiliate, rather than to the fund. It is secured on what those entities and their owners actually hold, which means equity in the management company, the right

If I were running AI diligence on a PE portfolio right now, I would not ask "are you using AI?"

I would ask which level of the spectrum you are actually on. Because most portcos think they are a 4. They are a 2. And the gap between those two numbers is where the write-down lives. I have sat in enough board meetings where the CEO confidently describes their

If I were building a PE operating model from scratch, I wouldn't start with a value creation plan.

I'd start by killing the theatre. Most operating models are built backwards. There's an ops team that is really a reporting team. There's a "value creation" function that is one person, a recycled PowerPoint, and a heroic ability to say "cross-