Private equity deal news and insights from the London newsroom

Dealmaking slows as GPs digest tariffs, says Bain & Co; Infinitas Capital readies three portcos for listing

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

We start the week by delving into Bain & Company’s Private Equity Midyear report, freshly released this morning. As PE Hub had an early look, I’ll give you my highlights, which include the impact of tariffs on dealmaking and liquidity issues.

Next, we have a slew of potential listings and de-listings. First up, Infinitas Capital plans to list three of its portfolio companies.

We then look at an ongoing take-private process, where KKR has made a conditional increase to its bid for a Frankfurt-listed IT services provider.

Creative dealmaking

The impact of US tariff has held back deals and exits, according to Bain & Company’s Private Equity Midyear report.

Read the premium version of the Wire to find out Q1 figures and Q2 projections, as well as facts and figures on the exit market in 2025.

Triple listing

Let’s not count IPOs out just yet. Infinitas Capital, a Swiss single-family office, is bringing three companies to market this year.

Read the details on each in the premium version of the Wire.

Could this be a sign of the IPO market opening up? Send me your thoughts at nina.l@pei.group. Earlier this year GPs seemed skeptical on IPOs providing an exit route.

Higher bid

Moving over to the other side. KKR has increased its offer for Frankfurt-listed Datagroup, an IT services provider. But the new price has certain conditions.

Find out what the conditions are in the premium version of the Wire.

KKR is keeping busy with take-private bids. In May, the firm went after London-based GlobalData, a data, insights and analytics platform, competing against ICG.

However, last week, KKR said it would not make an offer for GlobalData.

That’s all from me. Rafael Canton will write to you later with the US Wire, while Craig McGlashan is on Europe duty tomorrow.

Cheers,

Nina

Read the full Wire commentary on PE Hub ...

Today's must reads

Also of note (may require subscriptions)

European managers amass more capital on the PEI 300: Aggregate capital raised by Europe-based firms reached $698bn, up $40bn from last year’s ranking. (Private Equity International)

Emerging managers: Independent sponsors are having their moment in the sun. In an era of anemic fundraising, hanging up a shingle and going deal by deal is working quite well for these managers. (Buyouts)

AIMCo on the success of AirTrunk sale and midstream performance: The Canadian institution is now more focused on existing asset performance, as new dealmaking processes slow. (Infrastructure Investor)

Roundtable: UK real estate keeps calm and carries on. The unsettled global situation has undermined the optimism surrounding UK real estate at the beginning of the year, but roundtable participants say the market’s comparative stability remains its strength. (PERE)

APG and Colesco on the rise of impact credit: In this episode of the New Private Markets Podcast, Menno van den Elsaker, head of alternative credits at APG, and Colesco CIO Danny Vroegop discuss how their two organizations are working to scale debt.

“We are extremely proud to support Kanaan Sellers Group as they continue to demonstrate their ability to create lasting value. As they prepare to enter the public markets, we look forward to their continued success as they lead the next wave of eCommerce consolidation.”

— Robin Lauber, founder, Infinitas Capital

Today's letter was prepared by Nina Lindholm

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