Good evening,

Finally, some proof of life in private equity! While there's plenty of tyre-kicking - and even more dry powder - KKR put pen to paper on a surprising $3.1 billion deal, proving COVID-19 restrictions don't have to bring M&A deals to a halt.

And surprisingly, it was at Commonwealth Bank of Australia and will have the private equiteers take control of CBA's $135 billion superannuation manager Colonial First State. We revealed the deal on Wednesday morning, and take a look at how it could end up a big money-spinner for KKR.

Another American buyout firm, Madison Dearborn Partners, provides the next proof of life. It has kicked off a $725 million debt deal to fund its proposed acquisition of disability services business APM. It's the first chunky leveraged finance package we've seen hitting the market since the COVID-19 outbreak.

Elsewhere, we delve back into Virgin Australia ahead of the first bid date.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk Editors