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The Wire

Private equity deal news and insights from the London newsroom

Jul 10, 2025

 

Blackstone’s Cirsa IPO, Nordic listings hint at Europe rebound; Partners Group to take majority in non-bank lender

Good morning, Nina Lindholm here with the Europe Wire from the London newsroom.

 

The public markets have seen “an unprecedented sequence of shocks,” said Ariel White-Tsimikalis, partner at Goodwin, in a recent panel discussion. It’s no wonder that some IPOs have struggled to make it through the turbulence. This morning, we delve into some of the recent listings and listing attempts, and Houlihan Lokey’s Christopher Richert tells us what some of the right tactics are to push an IPO past the finish line.

 

Next, we take a leap over to India, where Partners Group has agreed to acquire a majority stake in a non-bank lender.

 

To finish, we return to Europe, where Main Capital-backed Whitevision has picked up a document processing provider.

 

Removing uncertainty

Private equity firms are starting to find the European IPO market reopening as an exit route after a long period of quiet, with a handful of listings over the last few weeks. But not all deals are making it over the line – which aside from turbulence in the public markets over the last few months, suggests that some pricing tactics might be working better than others, Christopher Richert, director in Houlihan Lokey’s Equity Capital Solutions practice, told me.

 

To learn what pricing tactic has aided recent listings and how Blackstone's Cirsa fared in its IPO, check out the premium Wire coverage.

 

Read the full story to learn details about recent IPO postponements and Richert’s outlook for future listings.

 

Credit demand

Moving away from Europe. India’s digital boom is drawing interest from global and domestic private equity investors, industry experts told PE Hub’s Irien Joseph in her recent feature focused on the country.

 

Partners Group is the latest to bet on that boom, as the firm has agreed to acquire a majority stake in Mumbai-based Infinity Fincorp Solutions.

 

For the investment size and secondary purchase details, check out the full Wire coverage.

 

Adding on

Back over in Europe, Main Capital-backed Whitevision has acquired a document processing provider FileLinx.

 

Want to learn about the business and how it expands Whitevision's product offering? Check out the premium Wire coverage.

 

That’s all from me this morning. Michael Schoeck will write to you with the US edition later today, and Irien Joseph is in the Europe chair tomorrow morning.

 

Cheers,

Nina

 

 

Read the full Wire commentary on PE Hub ...

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Today's must reads

> Houlihan Lokey’s Christopher Richert: Fixed-price approach aiding IPO exits More...
> What's next for private equity? AI agents, says West Monroe's Keith Campbell More...
> Mid-market picking up ‘dramatically’ in Europe More...
> Altus’s Thomas Groh: ‘We remain confident in the long-term attractiveness of the US manufacturing sector’ More...
> PE seizes Europe’s digital infra frontier as sovereignty and AI fuel buzz More...

Also of note (may require subscriptions)

 

India insight: Four homegrown GPs you should know. With LP interest on the rise, PEI profiles four of the country's most notable private equity managers. (Private Equity International) 

 

US renewables face up to post-IRA reality: With IRA tax credits just about intact until 2027, the US could join Europe in embracing a subsidy-free renewables market. (Infrastructure Investor)  

 

NYCERS sets 2030 climate solutions investment target: The US pension is now aiming to have deployed $8.7bn by 2030. (New Private Markets)  

 

Blackstone is creating a private credit secondaries unit: President and COO Jon Gray sees 2025 as busiest year for secondaries deployment. (Private Debt Investor) 

 

Madison Realty Capital’s skyline-changing deals: The New York-based real estate private equity firm is a construction lender, and much more, co-founder Josh Zegen tells The PERE Podcast.

Deals

> Investcorp reinvests in HWG Sababa via €240m single-asset CV More...
> Partners Group to buy stake in India’s Infinity Fincorp Solutions More...
> Main-backed Whitevision in third add-on deal with FileLinx More...
> BGF pumps capital into UK’s Rapidrop Global More...
> Riverside Company-backed Vomela acquires direct mail automation and printing firm PFL More...
> CBGF makes growth equity investment in Minus Waste Solutions More...
People
> Partners Group opens Miami office More...
> WCAS taps Brian Kane as senior advisor for healthcare group More...
> Education Growth Partners promotes Stefan Szanto to partner More...

They said it

“The recovery is still broadly very slow-moving, with the Nordics leading the pack. But we’ve seen transactions in the Netherlands, Spain and Switzerland.”

— Christopher Richert, director, Houlihan Lokey’s Equity Capital Solutions practice, on the state of the IPO market

 

Today's letter was prepared by Nina Lindholm

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